Look at This Headline
- American paychecks are rising again at a pace not seen since the 1990s.
The pay increase amounts to 4 percent on average over the past 12 months, and it comes at a very helpful time for millions of households.
For three years, pay increases haven't kept pace with the rising cost of living. Then came this year's housing slowdown, which has further squeezed family finances.
Those setbacks, however, are now being offset by rising income. Four percent may not sound like much, but you have to look back to 1997 to find a calendar year with a gain that big.
Equally significant, tamer energy prices mean that the "real" wage gains, after inflation, are above 3 percent for the past 12 months. That, too, hasn't happened since the 1990s, even though the economy has been expanding over the past five years.
posted by SCC at 12:03 AM
23 Comments:
Yea and I can see the difference on my city check already LMFAO
True Faith:
A United States Marine was attending some college courses between assignments. He had completed missions in Iraq and Afghanistan. One of the courses had a professor who was an avowed atheist and a member of the ACLU.
One day the professor shocked the class when he came in. He looked to the ceiling and flatly stated, "God, if you are real, then I want you to knock me off this platform. I'll give you exactly 15 minutes." The lecture room fell silent. You could hear a pin drop. Ten minutes went by and the professor proclaimed, "Here I am, God. I'm still waiting. "It got down to the last couple of minutes when an the Marine got out of his chair, went up to the professor, and cold-cocked him, knocking him off the platform. The professor was out cold. The Marine went back to his seat and sat there, silently. The other students were shocked and stunned and sat there looking on in silence. The professor eventually came to, noticeably shaken, looked at the Marine and asked, "What the hell is the matter with you? Why did you do that?"
The Marine calmly replied, "God was busy today protecting America's soldiers who are protecting your right to say stupid things and act like an idiot. ...............So, He sent me."
God Bless Our Troops
The pay increase amounts to 4 percent on average over the past 12 months, and it comes at a very helpful time for millions of households.
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Big deal I stil can't afford a house.
That 4% is garbage when looked upon REAL inflation.
SCC, whre can I find the official M3 figures?
Housing Bubble Smack-down
So, what does this mean for the homeowner whose future depends on the steady increase in his home equity? What can he expect?
Well, first of all, you can ignore all the gibberish you hear on the business channel about “soft landings” and a “temporary downturn”.
There’ll be no soft landings. This is the Big One; Real Estate Armageddon followed by a plague of locusts.
JUST LOOK AT THE NUMBERS! There’s a $10 trillion difference between the aggregate in 2000 and 2006! $4.5 trillion of that is new mortgage-debt! That’s more than a little “froth” as Greenspan likes to say. In an economy that’s currently growing at a feeble 1.6%, a plummeting housing market could pave the way for another (dare I say it) Great Depression.
SCC,
How do you extrapolate the news blurb you quoted with the Leftist/Media agenda and their attack on the current Administration?...your argument lacks any foundation....probably cause it's not an argument, just the ranting of someone reaching at straws for something to say to further his ideas.
Good news was mysteriously absent from the headlines for most of this year, especially in the run up to the election season, in spite of the fact that the market has been adding value all year, interest rates remain historically low, production remains high, inflation is non existent, etc.
Suddenly, everything is rosy because the democrats won? Sorry, that doesn't wash. We express our opinion here. We are reasonably astute observers and we read more news than just about anyone we've met. And we can read the subtle biases of the media pretty well.
The pay increase amounts to 4 percent on average over the past 12 months, and it comes at a very helpful time for millions of households.
Big deal I stil can't afford a house.
That 4% is garbage when looked upon REAL inflation.
11/21/2006 11:31:54 AM
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What do you mean you cant afford a house? HUD(Housing and Urban Development) has a program called "Officer next door" the city has a grant that you dont have to payback.
You sir or Ma'am should restate that statement to reflect...
Big deal I still can't afford a house where I WANT to live. So get rid of you you new car, paydown you credit cards, and stop spending so much time in a bar.
Be Creative....Buy a house in a so-so area with 5 of you buddies. Each puts up 5K, then after 5 years of living in that house sell it. Structure the agreement that each buddy gets his 5K back and split the equity 50-50. That means you get half and each a 10% split of the equity. Why does that work?
1) If you look at it the return on 5K in a CD for 5 years will pale in comparison to 10% cut of equity.
2)You as the major partner will live cheaper than rent (for 5 years) and then at the end of the term you still get 50% of the equity.
Now Im not a college educated super-cop that so often posts here. Im just one of those public high school educated realist. In 1992 I realized that this job will never allow me & my family to have the extras. That means while on my first IOD and wacked out on pain pills i would buy real estate courses. I know Im nuts....but my primary residence is paid for.
In the big scheme of things I not that smart obviously I wear a blue shirt. I know of at least 5 guys besides myself that paid more in taxes than the SUP made.
Your only limited by your own mind. No Money Down means not using you OWN money.
You could own property in 6 months if you work at it. JUST DO IT
hey leftisbest what are you going to do when the democrats are voted out in a couple years and we have mitt romney as president?
Gee didn't realize I was doing so well off on my CITY check, maybe i can give up one of these part time jobs.........what a crock!!
And you got JUST the right place for me, I bet.
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What do you mean you cant afford a house? HUD(Housing and Urban Development) has a program called "Officer next door" the city has a grant that you dont have to payback.
*** DNA for my skin color, or the skin color of my wife, or the skin color of my children I plan on having very soon. I would not, could not, should not do that to them.
You sir or Ma'am should restate that statement to reflect...
Big deal I still can't afford a house where I WANT to live.
**** And I never will. Thanks for playing, not only do you have to live in this shit-hole city, but now you can't afford to anyway.
So get rid of you you new car, paydown you credit cards, and stop spending so much time in a bar.
**** I love people like you. No clue, just run your mouth, the louder you talk, the smarter you sound to yourself. You got 2 for 3 smart guy. No CC debt, married, no time for bars. Yes new car, not driving future kids in a beat up 87 Old Cutlass just rub 3 pennies together.
Be Creative....Buy a house in a so-so area with 5 of you buddies. Each puts up 5K, then after 5
**** Ya, the the wife would LOVE that idea.
You could own property in 6 months if you work at it. JUST DO IT
**** Ok, pal, where do you live? Good for the goose but not the gander, right?
yzMore proof that New England Republicans are in danger of taking up permanent residence at the margins comes this morning when a member of the Connecticut House of Representatives switches from Republican to Democrat. North Stonington Republican Diana Urban, elected to a fourth term two weeks ago, often voted with Democrats in the legislature. Her departure from the ranks of the GOP reduces their number to 44 of 151.
Be Creative....Buy a house in a so-so area with 5 of you buddies. Each puts up 5K, then after 5 years of living in that house sell it. Structure the agreement that each buddy gets his 5K back and split the equity 50-50. That means you get half and each a 10% split of the equity. Why does that work?
YA, you could get one of those ARM loans!
zvgwhygjIn Response to:
And you got JUST the right place for me, I bet.
11/22/2006 10:29:49 AM
Nope sure dont. I will not get into a name calling contest with you, But like most of us coppers your close minded. Also your attitude has you painted into a corner.
I really like people like you LONG-TERM renters. By the way my wife was never happy either. Now? smiling ear to ear. Her only job is domestic related
My unsolicited advice to you is control you own destiny, dont let ignorance to finance and your job control you. I was brought up that if you make a dollar only spend 90 cents
Where do I live? Garcia Ridge. Could only afford to buy on the Southwest side at the time. Staying here cause i actually like it. Great Neighbors, bought at 93K and now have 200K in equity.
I wish you luck, and hope you can provide your family a home that will make you and the wife happy someday
Good Luck and stay safe
An open letter to this thread:
We took this job for varied reasons either for a steady paycheck with benefits, to help people, or what ever.
We later learned that this job pays enough to live thats it. Keep your nose above water. If we want the nicer things we have to hump a second job, send the wife to work etc. New contract brings small raises followed by higher FOP dues, higher city taxes etc.
We should all come to the realization that our benefits are eroding, senority rights, work assignment are on the block, HMO insurance or State Medicad are in the future. And the residency will never be lifted.
Some Indians came by begging & the settlers gave them some food to get them to go away. So Happy Thanksgiving!
Where do I live? Garcia Ridge. Could only afford to buy on the Southwest side at the time. Staying here cause i actually like it. Great Neighbors, bought at 93K and now have 200K in equity.
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Must be nice for you, congrats.
I'll cool down a bit, but I will speak my mind. I have looked down there in GR. Much like the northside (everywhere actually) it is over-priced. 4-6 for sale signs on every block and NO ONE will come down in price. haha ok.
IMHO, not impressed with GR. Looks to me like a neighborhood ready to be swallowed up in a waive of Garcias. Not in of itself a bad thing, if you don't mind the unpleasentries that goes along with with them from time to time. My south side friends tell me not to buy east of Midway. The West side of Midway will be just like the east in a few years. No point in buying in a hood that will be devalued soon. My advise for you is to dump it now, while you can.
My family is still on the north side and I anticipate needing their assistance with any future children, that is why staying near there will be #1 priority. No point in spending in gas money the price difference between a house on the south side v. a house on the north side. I should just live on the northside then.
For the time being, i am stuck renting and saving 2x my rent a month waiting for you greedy bastards to come the fact that NO house in GR is worth $293,000+. I don't care how much granate and stainless you got. I will atleast have a big down payment by then!
Times have changed. A home is no longer a home, its an ATM, an investment vehicle, a retirement plan, a comodity.
I just want a home.
Anonymous said...
An open letter to this thread:
We took this job for varied reasons either for a steady paycheck with benefits, to help people, or what ever.
We later learned that this job pays enough to live thats it. Keep your nose above water.
**** I see these newbies taking the power test at Homan Sq. i just shake my head. Hey, I'm glad for the seniority. But for us youngsters, this situation is deplorable.
I'll be here till 63. The greedy boomers will devour all medical assistance. Retirement for me? HA! The way the Shity hires, there will be ALOT of old wizzened grey haired coppers pushing beat cars, or what ever the fvck around in the year 2039!
If we want the nicer things we have to hump a second job,
**** Nicer things?? What, like a nice house is a safe, stable neighborhood??? Sh!t, I'm just learning that owning a home has become a luxury now. Either you're rich, or you were grandfathered in. The rest of us are just fvcked. Sorry! You were born just alittle too late!
send the wife to work etc.
**** Thanks "Women's Movement"!!!
And the residency will never be lifted.
**** I'll vote for any pol that will correct that civil rights violation!
I just want a home.
11/22/2006 10:59:11 PM
Understand your need to speak your mind. Thats what blogs are for!!
I totally understand having to stay where family support is. We are at different points in life. Your kids sound younger or your just starting a family. Ive only got 1- still in school, but on the flipside my parents and in-laws are getting older. Requiring more and more of our time.
Is my house worth 293K? Heck NO! but in a few years when I get ready to pull the pin someone will buy it. BTW no granite here or stainless steel way to much maintanance LOL!
And hey Im not a greedy bastard! My mom and Dad were married!!
Ive just been lucky while humping a side job I met an old guy who explained a few things. Dont work for your money have your money work for you. Really stuck in my head.
Basically Im saying if my dumb ass can do something anyone can.
look around and see all the semi-permanent for sale signs on condos especially.
talk to any tradesmen you know about the volume of work.
read about the big builders dumping previous land aquisitions and staying in cash.
think about the troubles the big 3 are having and consider the tricle down effect to suppliers etc.
look at your own paycheck and realize it dosen't go that far these days.
yeah, what a great economy.
Is my house worth 293K? Heck NO!
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Well, thanks for being honest. That's rare in this market.
but in a few years when I get ready to pull the pin someone will buy it.
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I'll tell you what you don't want to hear: I don't think you have a few years. Most current homeowners don't have a clue what the "have-nots" are observing.
I've been on the sidelines for a few years. Worked in the smoking hot Wriggleville / Linc Pk area and City Wide. I get to see the whole picture, from sea to shining sea.
Everything is over-priced.
I'll be ok, eventually. But I make good money. What about my friend that is a Catholic school teacher? He grosses $30,000. Here is what he's qualified to buy:
Chicago, IL $75,000 - 100,000
I know you don't care, you have a house. I'm the one left out in the cold. But go ahead look thru that link.
Cmon it aint even right. A boarded up house on State and 121st for $80,000??? If the US dollar is so worthless, how come he still only make 30 grand?!
eqcuoI'll tell you what you don't want to hear: I don't think you have a few years. Most current homeowners don't have a clue what the "have-nots" are observing.
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Serveral years ago, a corporation was formed called Southwest Equity Assurance and had to have a appraisal done. As most appraisals us comps Im insured for 293K as a few houses have sold in the area in the 300+ range. I personally think they are smoking crack but.....
Theres a husband/wife copper couple that moved in a few months ago down the block. They paid 325 I believe. Completly crazy is you ask me.
Ive said I dont know now young coppers on this job afford to buy a decent house in a decent area.
Look at that link- those houses are probably foreclosures bought by speculators.....Stay away from them for 2 reasons. Overpriced and Location. You and I will probably be dead before those areas are decent.
So good luck to ya.
Ive said I dont know now young coppers on this job afford to buy a decent house in a decent area.
Look at that link- those houses are probably foreclosures bought by speculators.....Stay away from them for 2 reasons. Overpriced and Location. You and I will probably be dead before those areas are decent.
So good luck to ya.
11/24/2006 12:15:20 AM
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Ya, sarcasim does not tranlate of the PC too well. I posted that link just to show anyone reading this thread what is out there for us.
I see it everyday and I look at prices online atleast every week.
Something has to be done. Either prices will have to come down, a revised Officer Next Door program, a huge tax incentive, or lifting the residency.
Proponants of the residency rule claim that unless the police are locals they wont care as much to what happens.
Well, how would a generation of tansient police help? Forever locked out of the housing market. Stuck between the City not paying them enough, and their seniors to greedy to allow them to move in next door. Moving from one apt to another never settling down and building communitiees, never to care about what goes on around them because it D.N.A.
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