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#1
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Net Worth of Average Canadian Household Far Exceeds US Household Since2011
So how are those illegal "wars" do'in for ya?
If the mission was to bankrupt yourselves as a nation, then it's "Mission Accomplished!" Why you haven't thrown Bush and his neo-con puppet-masters in jail yet is a mystery. ======================================== http://www.dailyfinance.com/2012/07/...re-now-richer/ The U.S. may bill itself as the land of opportunity, but right now, Canadians are making out better. That's according to a column in the Toronto-based Globe and Mail, which reports, "Over the past five years, net worth per Canadian household has exceeded net worth per American household (total combined value of liquid and real estate assets minus debt) for the first time." According to Environics Analytics, a Canadian marketing and analytical services firm, the average household net worth in Canada was $363,202 in 2011; the figure for the U.S. was $319,970. That means the average Canadian household is more than $40,000 richer than its American counterpart. "And these are not 60-cent dollars," The Globe and Mail notes, "but Canadian dollars more or less at par with the U.S. greenback." Making matters worse for the recession-ravaged U.S., these figures do not take into account the public sector debt that will someday come due for citizens of both countries; government debt as a percentage of GDP is higher in the U.S. than it is in Canada. The reasons for the disparity in wealth are as depressing for Americans as the news itself: Instead of "a sudden surge of productivity or entrepreneurial genius" north of the border, the paper cites "the 2008 economic crisis and the collapse of the U.S. housing market." Indeed, the crash in U.S. home prices means that Canadians own real estate that is on average worth $140,000 more than that held by Americans. They also own twice as much property and have nearly four times as much equity in it after mortgages are taken into account. One small bright spot for residents of the beleaguered U.S.: Americans still have greater liquid assets than Canadians. But even this statistic serves mainly to underscore the magnitude of the housing market catastrophe. Public policy may be in part to blame: As The Globe and Mail points out, "Canadian leaders rejected mortgage interest deductibility," making it somewhat harder for citizens to get so deep into mortgage debt. Moreover, subprime mortgages -- those ignes fatui of the American economy -- did not catch on in Canada the way they did here. All of which leaves our "thrifty, socialist neighbors to the north" -- who have long eschewed both the dynamism and the risk of the American system in favor of higher taxes, greater regulation and a sturdier social safety net -- looking pretty clever right now. Still, it's worth observing, as The Globe and Mail does, that Canadians are "taking on more debt than [their] supposedly more spendthrift American cousins." Early this year, it was reported that economic mobility -- the centerpiece of America's self-image -- is actually greater in Canada and Western Europe than in the U.S. According to The New York Times, "The mobility gap has been widely discussed in academic circles, but a sour season of mass unemployment and street protests has moved the discussion toward center stage." "It's becoming conventional wisdom that the U.S. does not have as much mobility as most other advanced countries," said one economist. "I don't think you'll find too many people who will argue with that." |
#2
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Net Worth of Average Canadian Household Far Exceeds US HouseholdSince 2011
Ed wrote: So how are those illegal "wars" do'in for ya? If the mission was to bankrupt yourselves as a nation, then it's "Mission Accomplished!" Why you haven't thrown Bush and his neo-con puppet-masters in jail yet is a mystery. ======================================== http://www.dailyfinance.com/2012/07/...re-now-richer/ The U.S. may bill itself as the land of opportunity, but right now, Canadians are making out better. That's according to a column in the Toronto-based Globe and Mail, which reports, "Over the past five years, net worth per Canadian household has exceeded net worth per American household (total combined value of liquid and real estate assets minus debt) for the first time." According to Environics Analytics, a Canadian marketing and analytical services firm, the average household net worth in Canada was $363,202 in 2011; the figure for the U.S. was $319,970. That means the average Canadian household is more than $40,000 richer than its American counterpart. "And these are not 60-cent dollars," The Globe and Mail notes, "but Canadian dollars more or less at par with the U.S. greenback." Making matters worse for the recession-ravaged U.S., these figures do not take into account the public sector debt that will someday come due for citizens of both countries; government debt as a percentage of GDP is higher in the U.S. than it is in Canada. The reasons for the disparity in wealth are as depressing for Americans as the news itself: Instead of "a sudden surge of productivity or entrepreneurial genius" north of the border, the paper cites "the 2008 economic crisis and the collapse of the U.S. housing market." Indeed, the crash in U.S. home prices means that Canadians own real estate that is on average worth $140,000 more than that held by Americans. They also own twice as much property and have nearly four times as much equity in it after mortgages are taken into account. One small bright spot for residents of the beleaguered U.S.: Americans still have greater liquid assets than Canadians. But even this statistic serves mainly to underscore the magnitude of the housing market catastrophe. Public policy may be in part to blame: As The Globe and Mail points out, "Canadian leaders rejected mortgage interest deductibility," making it somewhat harder for citizens to get so deep into mortgage debt. Moreover, subprime mortgages -- those ignes fatui of the American economy -- did not catch on in Canada the way they did here. All of which leaves our "thrifty, socialist neighbors to the north" -- who have long eschewed both the dynamism and the risk of the American system in favor of higher taxes, greater regulation and a sturdier social safety net -- looking pretty clever right now. Still, it's worth observing, as The Globe and Mail does, that Canadians are "taking on more debt than [their] supposedly more spendthrift American cousins." Early this year, it was reported that economic mobility -- the centerpiece of America's self-image -- is actually greater in Canada and Western Europe than in the U.S. According to The New York Times, "The mobility gap has been widely discussed in academic circles, but a sour season of mass unemployment and street protests has moved the discussion toward center stage." "It's becoming conventional wisdom that the U.S. does not have as much mobility as most other advanced countries," said one economist. "I don't think you'll find too many people who will argue with that." Hmmm. All I know where I am, we have labor shortage, house prices keep going up. People still spend money, city population is increasing steadily. Above all I like the weather getting warmer and warmer. I almost forgot how to use snow blower sitting in the tool shed getting rusty..... For a starter reducing the power of unions may be a good idea. |
#3
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Net Worth of Average Canadian Household Far Exceeds US Household Since 2011
Ed wrote:
So how are those illegal "wars" do'in for ya? If the mission was to bankrupt yourselves as a nation, then it's "Mission Accomplished!" Why you haven't thrown Bush and his neo-con puppet-masters in jail yet is a mystery. No mystery. Read the the Supreme Court rulings in the Prize Cases. The President may wage war anytime he pleases against anyone he desires for any (or no) reason. For example, Bill Clinton, as president, waged war against more countries than any president since Roosevelt (Bosnia, Serbia, Haiti, Afghanistan, Iraq, Somalia, Albania, and Sudan). |
#4
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Net Worth of Average Canadian Household Far Exceeds US Household Since 2011
On Tue, 17 Jul 2012 22:02:08 -0600, Tony Hwang wrote:
Ed wrote: So how are those illegal "wars" do'in for ya? If the mission was to bankrupt yourselves as a nation, then it's "Mission Accomplished!" Why you haven't thrown Bush and his neo-con puppet-masters in jail yet is a mystery. ======================================== http://www.dailyfinance.com/2012/07/...re-now-richer/ The U.S. may bill itself as the land of opportunity, but right now, Canadians are making out better. That's according to a column in the Toronto-based Globe and Mail, which reports, "Over the past five years, net worth per Canadian household has exceeded net worth per American household (total combined value of liquid and real estate assets minus debt) for the first time." According to Environics Analytics, a Canadian marketing and analytical services firm, the average household net worth in Canada was $363,202 in 2011; the figure for the U.S. was $319,970. That means the average Canadian household is more than $40,000 richer than its American counterpart. "And these are not 60-cent dollars," The Globe and Mail notes, "but Canadian dollars more or less at par with the U.S. greenback." Making matters worse for the recession-ravaged U.S., these figures do not take into account the public sector debt that will someday come due for citizens of both countries; government debt as a percentage of GDP is higher in the U.S. than it is in Canada. The reasons for the disparity in wealth are as depressing for Americans as the news itself: Instead of "a sudden surge of productivity or entrepreneurial genius" north of the border, the paper cites "the 2008 economic crisis and the collapse of the U.S. housing market." Indeed, the crash in U.S. home prices means that Canadians own real estate that is on average worth $140,000 more than that held by Americans. They also own twice as much property and have nearly four times as much equity in it after mortgages are taken into account. One small bright spot for residents of the beleaguered U.S.: Americans still have greater liquid assets than Canadians. But even this statistic serves mainly to underscore the magnitude of the housing market catastrophe. Public policy may be in part to blame: As The Globe and Mail points out, "Canadian leaders rejected mortgage interest deductibility," making it somewhat harder for citizens to get so deep into mortgage debt. Moreover, subprime mortgages -- those ignes fatui of the American economy -- did not catch on in Canada the way they did here. All of which leaves our "thrifty, socialist neighbors to the north" -- who have long eschewed both the dynamism and the risk of the American system in favor of higher taxes, greater regulation and a sturdier social safety net -- looking pretty clever right now. Still, it's worth observing, as The Globe and Mail does, that Canadians are "taking on more debt than [their] supposedly more spendthrift American cousins." Early this year, it was reported that economic mobility -- the centerpiece of America's self-image -- is actually greater in Canada and Western Europe than in the U.S. According to The New York Times, "The mobility gap has been widely discussed in academic circles, but a sour season of mass unemployment and street protests has moved the discussion toward center stage." "It's becoming conventional wisdom that the U.S. does not have as much mobility as most other advanced countries," said one economist. "I don't think you'll find too many people who will argue with that." I've moved interstate three times, now, in five years. Hmmm. All I know where I am, we have labor shortage, house prices keep going up. People still spend money, city population is increasing steadily. Where I am, there isn't a labor shortage, per se, but the population increases steadily. The housing prices are still going down, though. :-( Above all I like the weather getting warmer and warmer. I almost forgot how to use snow blower sitting in the tool shed getting rusty..... I sold mine and moved South... For a starter reducing the power of unions may be a good idea. ....to a right-to-work state. |
#5
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Net Worth of Average Canadian Household Far Exceeds USHouseholdSince 2011
" wrote:
As for Canada: According to some experts, as lenders lower their standards, Canadians increasingly face mortgage risk. In a time where household debt is at an all-time high and the economy is considered unstable at best, lenders are loosening their standards when they should be, perhaps, being a little stricter. That is so full of horse **** it's not even funny. Our federal gov't has been changing the mortgage rules in small steps over the past few years, the most recent change just went into effect about a week ago. You now need to put 20% down to get a mortgage in Canada. For the average american, that is a jaw-dropping amount. These minimum down payments, combined with the lack of mortgage deductability, combined with the lack of inventory over-building means that we will not see the sort of decline in home prices in Canada that is killing you americans. We also have federal mortgage insurance (CMHC) that you MUST pay into (and will cover you) if you put down less than 25%. That insurance, by the way, doesn't cover homes costing more than a million dollars. Oh, and get a load of this: =============== So Much For "Housing Has Bottomed" - Shadow Housing Inventory Resumes Upward Climb http://www.zerohedge.com/news/so-muc...s-upward-climb Appropriately coming just after today's Housing Starts data, which captured MSM headlines will blast was "the highest since 2008" is the following chart from this morning's Bloomberg Brief, which shows precisely the reason why "housing has bottomed" - and it has nothing to do with organic demand rising. No, it has everything with excess inventory once again starting to pile up, which means that the imbalance in the supply and demand curves is purely a function of shadow inventory being stocked away, and that there is once again no true clearing price. From Bloomberg: The shadow inventory of homes – those in foreclosure plus those 90 days late on mortgage payments – is on the rise again, a further indication that the supply side has not yet healed. Accoring to RealtyTrac, foreclosure starts jumped 6 percent on a year ago basis in the second quarter, the first year-over-year increase since 2009. There are roughly 4.16 million homes that could begin to flow to market. Once one takes the number of homeowners 30- to 90-days late on their mortgage payments and includes the likely default of those that have negative equity on their homes, there is a strong possibility more than 6.5 million additional foreclosures will enter the pipeline. The addition of homes that banks may be holding back suggests a much larger number. Laurie Goodman of Amherst Securities Group has testified before Congress that it could be as high as between 8 and 10 million. ================== You are so ****ed as a country over your housing and mortgage situation - created by George W-****ing Bush. He made sure your gov't went bankrupt by STARTING 2 illegal "wars" and then he made sure the average american went bankrupt by incentivising an insane level of home building and sub-prime mortgages. http://www.youtube.com/watch?v=kNqQx7sjoS8 http://www.youtube.com/watch?v=GkAtUq0OJ68 The American Dream. Alive and well - in Canada. |
#6
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Net Worth of Average Canadian Household Far Exceeds US Household Since 2011
On Tue, 17 Jul 2012 22:02:08 -0600, Tony Hwang
wrote: Ed wrote: So how are those illegal "wars" do'in for ya? If the mission was to bankrupt yourselves as a nation, then it's "Mission Accomplished!" Why you haven't thrown Bush and his neo-con puppet-masters in jail yet is a mystery. ======================================== http://www.dailyfinance.com/2012/07/...re-now-richer/ The U.S. may bill itself as the land of opportunity, but right now, Canadians are making out better. ... "It's becoming conventional wisdom that the U.S. does not have as much mobility as most other advanced countries," said one economist. "I don't think you'll find too many people who will argue with that." Hmmm. All I know where I am, we have labor shortage, house prices keep going up. People still spend money, city population is increasing steadily. Above all I like the weather getting warmer and warmer. I almost forgot how to use snow blower sitting in the tool shed getting rusty..... For a starter reducing the power of unions may be a good idea. Right, can't have those unions screwing up corporate profits. Let's just let the wealthy decide how much the rest of us should get paid. I'm sure they'll be fair as more of our jobs get exported so their profits can increase. |
#7
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Net Worth of Average Canadian Household Far Exceeds US HouseholdSince 2011
On 7/18/2012 9:48 AM, dgk wrote:
On Tue, 17 Jul 2012 22:02:08 -0600, Tony Hwang wrote: Right, can't have those unions screwing up corporate profits. Let's just let the wealthy decide how much the rest of us should get paid. I'm sure they'll be fair as more of our jobs get exported so their profits can increase. How about I decide what wage I should be paid and the union can stop interfering in my life and go pick on others. If my employer decides I'm not worth what I ask then he can counter-offer or I can take my talents elsewhere. |
#8
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Net Worth of Average Canadian Household Far Exceeds US Household Since 2011
On Wed, 18 Jul 2012 14:06:06 -0400, Duesenberg wrote:
On 7/18/2012 9:48 AM, dgk wrote: On Tue, 17 Jul 2012 22:02:08 -0600, Tony Hwang wrote: Right, can't have those unions screwing up corporate profits. Let's just let the wealthy decide how much the rest of us should get paid. I'm sure they'll be fair as more of our jobs get exported so their profits can increase. How about I decide what wage I should be paid and the union can stop interfering in my life and go pick on others. If my employer decides I'm not worth what I ask then he can counter-offer or I can take my talents elsewhere. What a unique idea - personal responsibility. Nah, it'll never fly. |
#9
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Net Worth of Average Canadian Household Far Exceeds US HouseholdSince 2011
On Wed, 18 Jul 2012 11:07:54 -0700 (PDT), "
wrote: That is so full of horse **** it's not even funny. That may be true, but it fits right in with all the crap a certain clown from Canada posts about the USA. Don't you GET it yet?! This IS HomeRoid that you reply to. NNTP-Posting-Host: ZVLixJy4SS9H8fL7lJAMVg.user.speranza.aioe.org X-Mailer: Mozilla 4.79 [en] (Win98; U) A troll, a thief, a liar and a waste of sperm. He now cross post for attention, because SOME people in AHR has his number. PDFTT |
#10
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Net Worth of Average Canadian Household Far Exceeds US HouseholdSince 2011
Joe wrote:
" wrote: As for Canada: According to some experts, as lenders lower their standards, Canadians increasingly face mortgage risk. In a time where household debt is at an all-time high and the economy is considered unstable at best, lenders are loosening their standards when they should be, perhaps, being a little stricter. That is so full of horse **** it's not even funny. Our federal gov't has been changing the mortgage rules in small steps over the past few years, the most recent change just went into effect about a week ago. You now need to put 20% down to get a mortgage in Canada. For the average american, that is a jaw-dropping amount. These minimum down payments, combined with the lack of mortgage deductability, combined with the lack of inventory over-building means that we will not see the sort of decline in home prices in Canada that is killing you americans. Shows how much you care about your fellow citizens. In the U.S., liberals wanted to bring more (everyone?) into the middle class. How to do that? Well, the biggest defining factor of the "middle class" is that members own their own home. So, if we can get, liberals thought, everyone to be a home owner, then everyone would be in the middle class! Simple, eh? So the federal government mandated that lending institutions arrange to have a significant portion of their portfolio in "previously underserved" people and communities. These institutions couldn't stay in business unless they found a way to have upwards of 30% of their clients minorities, etc. They found a way, unlike the barbaric and uncaring Canadians, to lift almost everyone into the middle class. |
#11
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Net Worth of Average Canadian Household Far Exceeds US HouseholdSince 2011
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#12
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Net Worth of Average Canadian Household Far Exceeds US HouseholdSince 2011
Bert Hyman wrote:
They found a way, unlike the barbaric and uncaring Canadians, to lift almost everyone into the middle class. Of course, now many of those "previously underserved" people have now lost their homes and are living in the streets. Yes, let's hear Heybub's response to that. But he is wrong to suggest that Canada is not or did not "lift" everyone into middle class - if by that he means an increase in home ownership. Canada, the "barbaric and uncaring" country, now has a higher percentage of home ownership than the US did at the height of the US mortgage and over-building fiasco. We managed to "do it right". We achieved higher rates of home ownership without the criminal fraud perpetrated by the "too big to fail" US banks and their re-packaged sub-prime mortgages. http://www.youtube.com/watch?v=kNqQx7sjoS8 http://www.youtube.com/watch?v=GkAtUq0OJ68 Why do you keep leaving out those youtube links Heybub? They show your god-like monkey talking about his "no black/latino left behind" strategy to bring the american dream to minorities - or was that his plan to bring votes to repubicans? Instead of the american dream, Bush gave you the american nightmare. He started the war on americans - but for some reason the media kept calling the "war on terror". |
#13
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Net Worth of Average Canadian Household Far Exceeds US HouseholdSince 2011
On Wed, 18 Jul 2012 14:47:32 -0500, "HeyBub"
wrote: Joe wrote: " wrote: As for Canada: According to some experts, as lenders lower their standards, Canadians increasingly face mortgage risk. In a time where household debt is at an all-time high and the economy is considered unstable at best, lenders are loosening their standards when they should be, perhaps, being a little stricter. That is so full of horse **** it's not even funny. Our federal gov't has been changing the mortgage rules in small steps over the past few years, the most recent change just went into effect about a week ago. You now need to put 20% down to get a mortgage in Canada. For the average american, that is a jaw-dropping amount. These minimum down payments, combined with the lack of mortgage deductability, combined with the lack of inventory over-building means that we will not see the sort of decline in home prices in Canada that is killing you americans. Shows how much you care about your fellow citizens. In the U.S., liberals wanted to bring more (everyone?) into the middle class. How to do that? Well, the biggest defining factor of the "middle class" is that members own their own home. So, if we can get, liberals thought, everyone to be a home owner, then everyone would be in the middle class! Simple, eh? So the federal government mandated that lending institutions arrange to have a significant portion of their portfolio in "previously underserved" people and communities. These institutions couldn't stay in business unless they found a way to have upwards of 30% of their clients minorities, etc. They found a way, unlike the barbaric and uncaring Canadians, to lift almost everyone into the middle class. I hope your tongue is firmly in your cheek. "middle class" and "home owner" are not synonomous. And having a large percentage of "home owners" owing more than their house is worth, and loosing every penny they put into the "American Dream" shifts many REAL middle class Americans into Poverty. The middle class american problem is they have seen home ownership and a mortgage as an easy way to buy toys and a luxury lifestyle, because as long as they can continue to make the payments, they can keep borrowing more and more money against the ever-increasing value of their home. Until the value drops, and the interest rates go up, and/or they loose their job because they have stopped buying what their neighbours build, choosing instead to buy and throw away off-shore built junk. Canadians have historically looked at home ownership differently - as an investment that will give them money to live on when they sell it after they retire motgage free. |
#14
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Net Worth of Average Canadian Household Far Exceeds US Household Since 2011
On Wed, 18 Jul 2012 14:06:06 -0400, Duesenberg wrote:
On 7/18/2012 9:48 AM, dgk wrote: On Tue, 17 Jul 2012 22:02:08 -0600, Tony Hwang wrote: Right, can't have those unions screwing up corporate profits. Let's just let the wealthy decide how much the rest of us should get paid. I'm sure they'll be fair as more of our jobs get exported so their profits can increase. How about I decide what wage I should be paid and the union can stop interfering in my life and go pick on others. If my employer decides I'm not worth what I ask then he can counter-offer or I can take my talents elsewhere. I've managed reasonably well that way for over 44 years. I've changed jobs often enough, but never been unemployed. |
#15
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Net Worth of Average Canadian Household Far Exceeds US Household Since 2011
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#16
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Net Worth of Average Canadian Household Far Exceeds US Household Since 2011
On 18 Jul 2012 21:31:13 GMT, Bert Hyman wrote:
In BubHey wrote: Instead of the american dream, Bush gave you the american nightmare. The push by the government to force lenders to give mortgages to unqualified borrowers certainly didn't start with the Bush administration (either of them). Bert, You replied to an idiot. Home Guy has no "street cred" here; nor has he ever had any. He is a public insult to decent Canadians. |
#17
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Net Worth of Average Canadian Household Far Exceeds US HouseholdSince 2011
Bert Hyman wrote:
Instead of the american dream, Bush gave you the american nightmare. The push by the government to force lenders to give mortgages to unqualified borrowers certainly didn't start with the Bush administration (either of them). (community reinvestment act) Which is something you repubicans like to constantly point out. But something you always fail to say is how Bush put that program on steroids in a way that no previous president ever did. |
#18
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Net Worth of Average Canadian Household Far Exceeds US Household Since 2011
On Wed, 18 Jul 2012 18:41:45 -0400, Bubba wrote:
Bert Hyman wrote: Instead of the american dream, Bush gave you the american nightmare. The push by the government to force lenders to give mortgages to unqualified borrowers certainly didn't start with the Bush administration (either of them). (community reinvestment act) Which is something you repubicans like to constantly point out. Only because it's something you loopy lefties try to forget. But something you always fail to say is how Bush put that program on steroids in a way that no previous president ever did. Absolute nonsense. He was warning, all along, about the dangers of Fannie and Freddie. |
#19
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Net Worth of Average Canadian Household Far Exceeds US Household Since 2011
On Wed, 18 Jul 2012 19:11:19 -0400, "
wrote: On Wed, 18 Jul 2012 18:41:45 -0400, Bubba wrote: Bert Hyman wrote: Instead of the american dream, Bush gave you the american nightmare. The push by the government to force lenders to give mortgages to unqualified borrowers certainly didn't start with the Bush administration (either of them). (community reinvestment act) Which is something you repubicans like to constantly point out. Only because it's something you loopy lefties try to forget. But something you always fail to say is how Bush put that program on steroids in a way that no previous president ever did. Absolute nonsense. He was warning, all along, about the dangers of Fannie and Freddie. You mean like this? http://www.youtube.com/watch?v=GkAtUq0OJ68 And this? http://www.youtube.com/watch?v=kNqQx7sjoS8 -- Vic |
#20
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Net Worth of Average Canadian Household Far Exceeds US HouseholdSince 2011
On Wed, 18 Jul 2012 11:07:54 -0700 (PDT), "
wrote: Which of course in nonsense. Most people put 20% or more down when they buy a house in the USA. Just because they handed out loans with no money down, or just a small percentage to SOME people doesn't mean that was what most people were doing. Prove it with stats. I don't buy it. I put 20% down in '76. In '97 I put 10% down. A son just bought a house in '12 with 10% down. We were always hearing about nothing down, interest only, etc, in the U.S. during the bubble. Hardly a revelation. -- Vic |
#21
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Net Worth of Average Canadian Household Far Exceeds US Household Since 2011
On Wed, 18 Jul 2012 19:08:51 -0500, Vic Smith
wrote: On Wed, 18 Jul 2012 19:11:19 -0400, " wrote: On Wed, 18 Jul 2012 18:41:45 -0400, Bubba wrote: Bert Hyman wrote: Instead of the american dream, Bush gave you the american nightmare. The push by the government to force lenders to give mortgages to unqualified borrowers certainly didn't start with the Bush administration (either of them). (community reinvestment act) Which is something you repubicans like to constantly point out. Only because it's something you loopy lefties try to forget. But something you always fail to say is how Bush put that program on steroids in a way that no previous president ever did. Absolute nonsense. He was warning, all along, about the dangers of Fannie and Freddie. You mean like this? http://www.youtube.com/watch?v=GkAtUq0OJ68 And this? http://www.youtube.com/watch?v=kNqQx7sjoS8 Another loopy lefty who can't read. No, I meant his several speeches, including two SoyU speeches, where he wanted Congress to reign in Freddit and Fannie. ...but to go on with your BDS. |
#22
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Net Worth of Average Canadian Household Far Exceeds US HouseholdSince 2011
On Wed, 18 Jul 2012 19:15:46 -0500, Vic Smith
wrote: On Wed, 18 Jul 2012 11:07:54 -0700 (PDT), " wrote: Which of course in nonsense. Most people put 20% or more down when they buy a house in the USA. Just because they handed out loans with no money down, or just a small percentage to SOME people doesn't mean that was what most people were doing. Prove it with stats. I don't buy it. I put 20% down in '76. In '97 I put 10% down. A son just bought a house in '12 with 10% down. We were always hearing about nothing down, interest only, etc, in the U.S. during the bubble. Hardly a revelation. ANd this crap of putting 20% down on a 200,000 house, and getting$40.000 back towards closing costs. Common as dirt in the USA - and that translates to ZERO DOWN when all is said and done. The mortgage is for the full inflated value of the house. That stunt should be totally outlawed. |
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