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TAMPA - You would think that poor people, those who can't afford to make a down payment, would be the first to lose their homes in a housing crisis.
You'd be wrong.
Since 2006, nearly 1,000 very-low to moderate-income people have bought homes in Hillsborough and Pinellas counties with government assistance.
Only 10 have lost their homes to foreclosure.
It's a staggeringly small number compared with the total foreclosure cases - 62,112 - filed in Hillsborough and Pinellas between January 2006 and January 2009.
Across the country, millions of Americans have lost or are in danger of losing their homes. Many bought houses that exceeded their income, financing the properties with adjustable-rate mortgages that grew too costly or interest-only loans that prevented them from acquiring any equity.
Low-income, first-time homebuyers, however, aren't allowed to buy more house than they can afford.
Poor people are always in a recession. They dont go into Wal-mart and complain to the cashiers that they had to get rid of their nanny and personal trainer.
Poor people are always in a recession. They dont go into Wal-mart and complain to the cashiers that they had to get rid of their nanny and personal trainer.
...or pull their kids out of private school, or trade in the Mercedes for a Malibu, or stop buying food from Whole Foods, or stop eating out 5x a week at $40/plate restaurants, or...
Actually I think it's interesting that the quote/unquote poor folks are still living in their homes where as those with higher incomes are losing them. Typically the upper class likes to blame the poor for their problems (and taxes).
Everybody lies to blame everybody else for their problems it seems. As long as inflation stays low or we have this deflation ;alot of people will avoid the real pain as in the 70's recession.But it ios like to start rising as the economy satrts backup in a few years. If anybody knew they would be rich and too busy making money to be here.
Or buy more house than they could ever hope to afford. These people are grounded in reality, unlike the majority of the fools that borrowed more than they could ever imagine repaying.
Ain't it the truth! I'm pretty poor myself (TA salary... even lower than a McWage slave), and I don't feel affected by this downturn because I've been living the recession lifestyle. Actually, I'm able to afford some luxuries now because of deflation. Either way, I was able to be happy sans money before and I'll be able to now. Just need friends, fam, or other good company, maybe a few beers and some music and I'm havin' a ball!
I mean it's funny: the times people remember being happiest tend to be when they're children, and in their adulthood it's in their 20s and in college(or similar age setting). These two periods of life are known for a lack of money, yet folks always miss being these ages.
I mean it's funny: the times people remember being happiest tend to be when they're children, and in their adulthood it's in their 20s and in college(or similar age setting). These two periods of life are known for a lack of money, yet folks always miss being these ages.
Wow, you're absolutely right (for the most part). I never really thought about that before.
"when you ain't got nothing, you got nothing to lose" - Bob Dylan
Of course poor people won't be effected. Generally, they are a class that lives on entitlements. You make under a certain level and you don't pay taxes, you get credits, you get entitlements. Under the Obama plan, for better or worse (and that's an ideology issue that probably shouldn't be discussed here) there lot will most definetly improve - but they will stay poor.
It's always the working middle class that suffers the most in these recessions. The middle class may move down to the poor class, but the poor will not move down to "more poor" before entitlements and safety nets take over.
My wife and I have been "poor" most of our post-college lives and every single year we've paid taxes, if I recall correctly around 10%-15% of our AGI according to Turbotax. The first year after graduation I earned $15,000 and my wife around $12,000. This was 2004, so recently.
I'm not sure what entitlements you're talking about, but I never saw any!!
I was homeless five years ago. I have a fixed income now, which despite the general idea that disability is some huge sum, is considerably below the poverty line. But its quite true that things haven't changed for me. I am very thrify now just as I have been all along.
But you see I don't feel poor. I have a house around me, food and safety and warmth. I have very few extras but when you've had to deal with finding the above the extras are not a big thing. I equate a sum of cash to what it will buy. Some item that I want vrs a steak I can cut into four meals? Steak wins hand down.
The middle class who did not run up credit because they had to have it NOW, and who did not buy a 4k sf house just to have it, and who are not worried about joining the people at tent city understand that money isn't the stuff in your monopoly game and you have to make decisions and weigh alternatives. And take care of the important stuff first.
Those that didn't know this stuff are learning fast and will never forget. Yes this is terrible for a lot of people, maybe not a "good" thing. But everything that happens has a reason. Later as time goes on we will not be the nation we've been with all the excess. The lesson being learned now is valuable. You don't need the huge house, the boat, the two cars and to eat out every night. People are learning about the important stuff and tomorrow (should things get better for some reason) they will still remember. And we will not go back to the disastor that we made ourselves built out of excess and greed.
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