Sep
30
Unreasonable home prices and mortgages will cause a major recession?
Filed Under Renting & Real Estate
KnottedBrain asked:
Having to pay $700,000 (not including taxes, lawyer fees, engineer, and a bunch of things) for a home that is really worth only $250,000 (and really was listed at that price a few years ago) is going to cripple the economy. Taking out loans in huge amounts will result in skyrocketing mortgage payments and massive (and unfair, imo) profits for the banking industry. The banking industry makes an insane amounts of money and does not adjust their interest rates accordingly with the public that has deposited their money into the bank.
PERCY
Having to pay $700,000 (not including taxes, lawyer fees, engineer, and a bunch of things) for a home that is really worth only $250,000 (and really was listed at that price a few years ago) is going to cripple the economy. Taking out loans in huge amounts will result in skyrocketing mortgage payments and massive (and unfair, imo) profits for the banking industry. The banking industry makes an insane amounts of money and does not adjust their interest rates accordingly with the public that has deposited their money into the bank.
PERCY