Mr. and Mrs. Too Much Home Buyer
Do you like Bud Light’s “Real Men Of Genius” commercials (previously “Real American Heroes”)? You know, “Mr. All You Can Eat Buffet Inventor” and “Mr. Really Bad Toupee Wearer.” For a good laugh, check out “Real Financial Heroes: Mr. and Mrs. Too Much Home Buyer” on YouTube (thanks HousingPANIC). Double-click on the play arrow below to start the video (high-speed internet connection recommended).
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February 7th, 2008 at 9:49 pm
60% of household gross income is spent on mortgage, ouch.
How could they get that kind of loan in the first place? No wonder banks are running out of business. I thought the max loan isn’t more than 4 times of your annual gross income.
Plain stupid and short sighted.
February 11th, 2008 at 10:50 am
On September 12, 2007, the New York Times talked about how housing in eating up more income, despite a slowdown:
“Housing costs ate up more of the monthly paycheck for millions of Americans in 2006 than the year before, despite signs of a slowdown in the housing market, according to figures made public today by the Census Bureau…
Nationally, half of renters and more than one third of mortgage holders — 37 percent, up from 35 percent in 2005, or a rise of more than 1.5 million households — spent at least 30 percent of their gross income on housing costs, the level many government agencies consider the limit of affordability…
Fourteen percent of mortgage-holders spent at least half their income on housing in 2006, up from 13 percent last year, while among renters there was little change. In both years, 25 percent of renters spent half their income on housing…”
“Housing Costs Consumed More of Paychecks in 2006″
http://www.nytimes.com/2007/09/12/us/12housing.html
February 12th, 2008 at 12:25 am
Freakin’ hilarious…
Keep ‘em coming
February 12th, 2008 at 12:45 am
Oh, I’ve got plenty more where that came from…