So yo basically i’ve been keeping up the best I can but it’s tough when economics and financial basics just aren’t taught to the bulk of the US. Even economics class at my public high school only grazed the surface of the juicy stuff that has torn the United States economy apart.
Anyway thanks to some hllrbrd links i’ve been catching up on what I missed in school and it’s looking pretty scary. Nina Loans, CDOs, Suprime this and that. If you’re trying to speak up at the adults table during thanksgiving check out these links.
This American Life (NPR) is a pretty nice start and highly suggested by myself.
This episode is great The Giant Pool of Money. If you want to download it directly to your computer right click/save as on this link.
If you wanna get informed on what’s going on with the Subprime crisis as a whole and enjoy a powerpoint style education click here to checkout a Google doc called “The Subprime Primer.”
NPR – Planet Money answers your questions.
Wikipedia breaks down the Mortgage Crisis here.
Fannie and Freddie Mac info here at NYmag.
only 1/4 households in california can afford to buy an entry level house. that is fucking absurd. 3/4 of us are slaves to landlords and piss money into the wind at the end of every month. That is just crazy.
This is probably where i’ll raise my kids and the complete story below.
State entry-level housing affordability at 24%
The percentage of households that could afford an entry-level home in California stood at 24 percent in the third quarter, unchanged from the same period a year ago, according to a report released Thursday.
The California Association of Realtors said the minimum household income needed to purchase an entry-level home at $482,910 in California in the third quarter of 2007 was $99,590, based on an adjustable interest rate of 6.56 percent and assuming a 10 percent down payment.
In Santa Clara County, 21 percent of households could afford an entry-level home, down from 26 percent in the same period last year but the same as the previous quarter.
First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $3,320 for the third quarter of 2007.
At 48 percent, the High Desert region was the most affordable in the state, followed by the Sacramento region at 46 percent.
Santa Barbara was the least affordable region in the state at 11 percent, followed by the Monterey region at 16 percent.
