Why minor drops in interest rate mean nothing….
The difference in a 30 year mortgage at 4.25% with a payment $983.88 a month and a 30 year payment at 4.0% at 954.83 is $29.05. About the price of a delivery extra large pizza and a coke.
So lowering the rate is not going to get me or millions of employed with excellent credit like me buying any houses. All this does is keep prices up and makes sure the banks can sell off these foreclosures at a higher prices to the government. And I wont buy at these high prices without some kind of government subsidy for me or stopping the subsidies that got us into this fucked up mess. And, let’s not forget, some kind of resolution on the mortgage fraud that’s endemic in the system.
And it is coming!
Right now we don’t know exactly what is will be but it is absolutely coming.
Who do you think is going to win the argument? 150 million voters or the scum who control our system?
I’m betting right now on the scum running the system and that’s why I’m waiting for my check.