Say you bought a house for $350,000 in July 2006 — those were the days of 100% financing, so you borrowed $350,000 on a 30-year fixed-rate mortgage at 6.8%. The house is now worth $280,000, but your mortgage balance is $334,000. The current rate for a 30-year fixed-rate loan, if you could get one, is [...]
[16 Sep 2010]
A short sale is going to be the only way for many people who bought at the peak and who are now underwater to move on with their lives if they have to relocate or downsize. From Jonathan J. Miller, president of the appraisal firm Miller Samuel and a market analyst in New York City [...]
[25 Jul 2010]
The delinquency rate on investment homes where the original mortgage was more than $1 million is now 23 percent. For cheaper investment homes, it is about 10 percent. That’s from yesterday’s New York Times piece, Biggest Defaulters on Mortgages Are the Rich. Makes sense, actually. Rich people can avoid the fallout of foreclosure more easily [...]
[10 Jul 2010]
Finally, always remember that it’s more important to be happy than to be rich. Sure, studies show that money generally increases well-being, and there’s nothing wrong with trying to have more, but don’t make choices that sacrifice your long-term happiness for the sake of a few bucks. Don’t work at a job you hate. Don’t [...]
[16 Apr 2010]
Photo by Louise Rosskam, from the Library of Congress. Found on Flickr. Ask yourself: Can I afford to buy a house without financing? If I can’t afford to buy a house without financing, would I mind living in a house or my desired neighborhood for 15, 25 or 30 years (the probable length of your [...]
[27 Feb 2010]
So now that credit card companies have to limit interest rates and overdraft fees, some industry analysts suggest that they will hike international transaction fees. And who will go to bat for us poor, widdle upper-income international travelers to get these fees regulated? Exactly. Which means your only one recourse is to use a card [...]
[24 Feb 2010]
Two years ago, I bought a house. Last week, DeKalb County confirmed that this was a financial disaster. For the last 10 years, pundits, personalities and the President proclaimed homeownership as the balm to soothe a range of ills, including community stability and the racial wealth gap. For the last 10 years, I listened intently [...]
[26 May 2009]
Tim Bray gives amazing advice on what techies can do when times get tough. Hit: move towards mobile. From the Future of Web Apps 2008 conference.
[30 Oct 2008]