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Icon Mini Profile liaoyu03





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Post Posted: Sun Sep 09, 2007 9:20 pm    Post subject: Home ownership
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Here in Australia the dream of home ownership is getting beyond the reach of average everyday people due to overinflated prices driven up by investors and real estate agents along with government taxes.IS home ownership still a reality in your country for the "average joe"?
Icon Mini Profile larry





Joined: 27 Jun 2007

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Post Posted: Sun Sep 09, 2007 10:52 pm    Post subject:
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Hi Liaoyu,

Over here in U.S. there are many government and private institutions that offer loans even to average and lower income earners. Government institutions like FHA, Fannie Mae and NACA have set up specific guidelines so that borrowers with average/low income and even with low credit score can avail loans from such government approved lenders. Such government institutions provide insurance facilities to borrowers and in case a borrower defaults on the loan, the insurance policy will cover their payments.

So, I can say that home ownership is still a reality in this country.
Icon Mini Profile domainforsale





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Post Posted: Mon Sep 10, 2007 3:07 am    Post subject:
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Hi Liaoyu
i think it's almost impossible, unless you feel suicidal, and that coming from the fact that we are in a financial position to do so, but it would be ludicrous.

The first time buyer doesn't stand a chance. Young married couples will really feel the brunt. As for single young people it will for years to come only be a pipe dream.

Because of the political situation here, there is a very skeptical attitude, when it comes to buying land, in case of distribution, and where to buy. All these factors have got to be considerate, and for the average joe it is better to rent, at phenomenal rates than to buy. It is better to loose every month than to loose your whole life savings on the wrong plot of land.
Icon Mini Profile shiguzhen





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Post Posted: Mon Sep 10, 2007 7:59 am    Post subject:
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In the UK house prices are still rising at an alarming rate. When I bought my house I was lucky enough to be in a financial position to buy immediately, my house value has doubled in the past five years. If I was to try and buy this house now I wouldn't be able to afford it. These days it is almost impossible for people to get a foot onto the property ladder as more and more properties are being priced out of their reach.
A good example of this is my friends in London. They can only just afford a one bedroom flat (little more than a fancy large room) yet they both work and have saved up for a few years.
Icon Mini Profile shiguzhen





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Post Posted: Mon Sep 10, 2007 8:00 am    Post subject:
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In the UK house prices are still rising at an alarming rate. When I bought my house I was lucky enough to be in a financial position to buy immediately, my house value has doubled in the past five years. If I was to try and buy this house now I wouldn't be able to afford it. These days it is almost impossible for people to get a foot onto the property ladder as more and more properties are being priced out of their reach.
A good example of this is my friends in London. They can only just afford a one bedroom flat (little more than a fancy large room) yet they both work and have saved up for a few years.
Icon Mini Profile shiguzhen





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Post Posted: Mon Sep 10, 2007 8:00 am    Post subject:
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why was my respond repeated two times?
Icon Mini Profile miller_st
miller_st




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Post Posted: Mon Sep 10, 2007 11:31 am    Post subject:
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Quote:
why was my respond repeated two times?


You may have clicked the submit button twice. Smile
Icon Mini Profile Niicss
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Post Posted: Mon Sep 10, 2007 11:37 am    Post subject:
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Quote:
Here in Australia the dream of home ownership is getting beyond the reach of average everyday people due to overinflated prices driven up by investors and real estate agents along with government taxes.IS home ownership still a reality in your country for the "average joe"?


Some have other opinion but I will go with Larry.

There are many loan options which cater to the needs of people with low income and poor credit profiles.

So it would be wrong to say that "average joe" cannot be homeowners.

_________________
Good is the Enemy of Great.
Icon Mini Profile shiguzhen





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Post Posted: Mon Sep 10, 2007 11:51 pm    Post subject:
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ok ,i know.
by the way, It is getting hard here in the Uk to now
People are struggling to keep their Homes because of the Mortgages going up so much over the last couple of years
Some are paying nearly twice as much now to what they where paying 2 years ago and my Son is one of them.
Icon Mini Profile liaoyu03





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Post Posted: Tue Sep 11, 2007 12:06 am    Post subject:
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In the eighties our interest rates soared to 18% and many people hade to foreclose, those that with stood the high interest rates benefited and unfortunately they were the people that had the money to start with such as investors
levinson

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Post Posted: Tue Sep 11, 2007 12:35 pm    Post subject:
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Quote:
In the eighties our interest rates soared to 18% and many people hade to foreclose, those that with stood the high interest rates benefited and unfortunately they were the people that had the money to start with such as investors


Things have improved now, rates on frms are close to 7%
Icon Mini Profile liaoyu03





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Post Posted: Wed Sep 12, 2007 9:12 am    Post subject:
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thank you for everyone's respondence.
Icon Mini Profile mytompk





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Post Posted: Wed Sep 12, 2007 9:16 pm    Post subject:
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Most people just starting out in their adult life here cannot afford to start off on the house ownership ladder.
Building societies make it easier to borrow by allowing larger multiples of a persons wages than ever before. Terms of mortgages can go beyond the length of time that they used to and still people cannot afford it.
Rental of a houe or flat is so high,that a person renting is unlikely to have anything left to save for a downpayment on a house.
The government make rules about some of all new houses must be cheap affordable housing but ofcourse the moment the affordable housing is sold by the first time buyers,it is no longer affordable to the newbies.
Icon Mini Profile larry





Joined: 27 Jun 2007

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Post Posted: Wed Sep 12, 2007 10:05 pm    Post subject:
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Hi Liaoyu,

It's our pleasure to help you. If you have any further query, please feel free to ask.
Icon Mini Profile liaoyu03





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Post Posted: Fri Sep 14, 2007 7:51 am    Post subject:
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thanks larry, i am also learning knowledge about mortgage. i think i must have many problems to ask you.
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