Individuals over 200K, couples over 250K - BOHICA!

[Ban Hammer 12,835]

WASHINGTON – House Democrats at work on health legislation are narrowing in on an income tax surcharge on the highest-paid wage earners to help pay the cost of subsidizing insurance for the 50 million who lack it.

...

The surtax would apply to individuals with adjusted gross income of more than $200,000 and couples over $250,000.

http://news.yahoo.com/s/ap/20090709/ap_on_...h_care_overhaul

so much for the 250k mark promised in the campaign.

Thou hast been pwned again.

And compromised here.

And here from the campaign site:

• Middle class families will see their taxes cut – and no family making less than $250,000 will see their taxes increase. The typical middle class family will receive well over $1,000 in tax relief under the Obama plan, and will pay tax rates that are 20% lower than they faced under President Reagan. According to the Tax Policy Center, the Obama plan provides three times as much tax relief for middle class families as the McCain plan.
• Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest 2% of families to give back a portion of the tax cuts they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility. But no family will pay higher tax rates than they would have paid in the 1990s. In fact, dividend rates would be 39 percent lower than what President Bush proposed in his 2001 tax cut.
• Obama’s plan will cut taxes overall, reducing revenues to below the levels that prevailed under Ronald Reagan (less than 18.2 percent of GDP). The Obama tax plan is a net tax cut – his tax relief for middle class families is larger than the revenue raised by his tax changes for families over $250,000. Coupled with his commitment to cut unnecessary spending, Obama will pay for this tax relief while bringing down the budget deficit.

what about single moms making between 200-249k a year? no filing jointly there, yet still a family.

[w¡n9Nµ7 §£@¥€r 123]

You can get quite a bit of decent 3 bedroom housing stock for slightly under 300K in my neck of the woods these days. Back in 2005, 300K got you nothing but teardowns.

But then you'd have to live next to some persian shoe

Right and you won't even be living in the city. More like a 2nd ring suburb of the city.

[Trompe le Monde 1,107]

If you make $64K a year per household, you'll never be able to afford to buy a house in L.A..

Or much of anything. The NYC area is similar. 64K is just barely above poverty.

Nor in Chicago. To qualify for a good mortgage here you need a household salary of about 75K.

And yet families in the 40K range seem to be OK- even in places like LA and NYC.

If you make $64K a year per household, you'll never be able to afford to buy a house in L.A..

Or much of anything. The NYC area is similar. 64K is just barely above poverty.

San Francisco is even worse when it comes to housing.

So I hear.

SF is hell if you intend to buy I hear.

I have friends who live in S.F. and they think it's absolute heaven there. I go to visit and it's like being trapped in purgatory. To qualify for a mortgage in L.A. to purchase a home on the west side of town (The no-driveby shooting part of town), you'll need to have roughly $100k household yearly income. There are mititgating factors that can reduce this though, but not much below $90k.

Yeah but, even with housing crashing that still won't buy much on the Westside! Maybe a 2-bed condo built in the 70s near the Fox Hills mall

Actually, I have family that lives a stones throw from the Fox Hills mall..... $800K+ there.

there are condo developments on Jefferson going for about $250-$350k, down about 30% from a year ago. They are older (built in 70s and 80s) and probably need a lick of paint. A few "Culver City adjacent" places as well. I have been monitoring the westside situation religiously for the past year or so.

this guy predicts that CC will be the next big foreclosure hot spot:

http://www.doctorhousingbubble.com/real-ho...using-disaster/

Edited July 9, 2009 by Trompe le Monde

[HAL 9000 96]

You can get quite a bit of decent 3 bedroom housing stock for slightly under 300K in my neck of the woods these days. Back in 2005, 300K got you nothing but teardowns.

Where I'm around about 300K will get you a remodeled 2.5.

[w¡n9Nµ7 §£@¥€r 123]

You can get quite a bit of decent 3 bedroom housing stock for slightly under 300K in my neck of the woods these days. Back in 2005, 300K got you nothing but teardowns.

Where I'm around about 300K will get you a remodeled 2.5.

Could you have said that 4 years ago?

/holy ####### 2005 was four years ago!!!

[AlHayatZween 2]

You can get quite a bit of decent 3 bedroom housing stock for slightly under 300K in my neck of the woods these days. Back in 2005, 300K got you nothing but teardowns.

Yeah, prices in Jersey (Central Jersey) have gone down a bit, and are looking affordable.

But we are going to Louisiana to buy a cardboard house on stilts for like 80 bucks.

[The_Dude 1,142]

there are condo developments on Jefferson going for about $250-$350k, down about 30% from a year ago. They are older (built in 70s and 80s) and probably need a lick of paint. A few "Culver City adjacent" places as well. I have been monitoring the westside situation religiously for the past year or so.

this guy predicts that CC will be the next big foreclosure hot spot:

http://www.doctorhousingbubble.com/real-ho...using-disaster/

Thats my neck of the woods, grew up there and have quite a bit of family still living there. They finally put an end to the persian palaces in the city, but haven't seen many foreclosures. The condos on Jefferson, is that like Lakeside, Tara Hill, and Raintree? I'd avoid tara hill, but the other two are quite nice.

As for foreclosures, I don't know that it will be a boom of them, but there are certainly a lot of people who mistimed their purchases.

Edited July 9, 2009 by Rob and Mel

[HAL 9000 96]

WASHINGTON – House Democrats at work on health legislation are narrowing in on an income tax surcharge on the highest-paid wage earners to help pay the cost of subsidizing insurance for the 50 million who lack it.

...

The surtax would apply to individuals with adjusted gross income of more than $200,000 and couples over $250,000.

http://news.yahoo.com/s/ap/20090709/ap_on_...h_care_overhaul

so much for the 250k mark promised in the campaign.

Thou hast been pwned again.

And compromised here.

And here from the campaign site:

• Middle class families will see their taxes cut – and no family making less than $250,000 will see their taxes increase. The typical middle class family will receive well over $1,000 in tax relief under the Obama plan, and will pay tax rates that are 20% lower than they faced under President Reagan. According to the Tax Policy Center, the Obama plan provides three times as much tax relief for middle class families as the McCain plan.
• Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest 2% of families to give back a portion of the tax cuts they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility. But no family will pay higher tax rates than they would have paid in the 1990s. In fact, dividend rates would be 39 percent lower than what President Bush proposed in his 2001 tax cut.
• Obama's plan will cut taxes overall, reducing revenues to below the levels that prevailed under Ronald Reagan (less than 18.2 percent of GDP). The Obama tax plan is a net tax cut – his tax relief for middle class families is larger than the revenue raised by his tax changes for families over $250,000. Coupled with his commitment to cut unnecessary spending, Obama will pay for this tax relief while bringing down the budget deficit.

what about single moms making between 200-249k a year? no filing jointly there, yet still a family.

A tragedy. Those single moms will have to work a third job to pay the mortgage AND pay for junior's Ivy League edumacation.

[w¡n9Nµ7 §£@¥€r 123]

You can get quite a bit of decent 3 bedroom housing stock for slightly under 300K in my neck of the woods these days. Back in 2005, 300K got you nothing but teardowns.

Yeah, prices in Jersey (Central Jersey) have gone down a bit, and are looking affordable.

But we are going to Louisiana to buy a cardboard house on stilts for like 80 bucks.

Yeap, I'm in Central Jersey. My neighboring unit just sold for 290k, was near 400 in 2005. ** Louisiana, move to Middlesex County instead

[HAL 9000 96]

You can get quite a bit of decent 3 bedroom housing stock for slightly under 300K in my neck of the woods these days. Back in 2005, 300K got you nothing but teardowns.

Where I'm around about 300K will get you a remodeled 2.5.

Could you have said that 4 years ago?

/holy ####### 2005 was four years ago!!!

Time flies man.

4 years ago the price would have been about the same, ironically.

[AlHayatZween 2]

You can get quite a bit of decent 3 bedroom housing stock for slightly under 300K in my neck of the woods these days. Back in 2005, 300K got you nothing but teardowns.

Yeah, prices in Jersey (Central Jersey) have gone down a bit, and are looking affordable.

But we are going to Louisiana to buy a cardboard house on stilts for like 80 bucks.

Yeap, I'm in Central Jersey. My neighboring unit just sold for 290k, was near 400 in 2005. ** Louisiana, move to Middlesex County instead

Haha! i wish...

By the time we get back here, prices will probably be through the roof again.

By my parents' in Ocean County, there are 2-3 bedrooms in good school districts going for @ 200K. They are old, but have character... i like character.

[w¡n9Nµ7 §£@¥€r 123]

By my parents' in Ocean County, there are 2-3 bedrooms in good school districts going for @ 200K. They are old, but have character... i like character.[/font][/color]

Ocean's the boonies though, you can't commute into NYC from Ocean. Around here you're just 5 minutes away from a 40 minute train ride!

[AlHayatZween 2]

By my parents' in Ocean County, there are 2-3 bedrooms in good school districts going for @ 200K. They are old, but have character... i like character.[/font][/color]

Ocean's the boonies though, you can't commute into NYC from Ocean. Around here you're just 5 minutes away from a 40 minute train ride!

NYC doesn't need me anymore...

There are gang members in Lakewood who need people like me to bring them to private pools!

[w¡n9Nµ7 §£@¥€r 123]

By my parents' in Ocean County, there are 2-3 bedrooms in good school districts going for @ 200K. They are old, but have character... i like character.[/font][/color]

Ocean's the boonies though, you can't commute into NYC from Ocean. Around here you're just 5 minutes away from a 40 minute train ride!

NYC doesn't need me anymore...

There are gang members in Lakewood who need people like me to bring them to private pools!

But yo.. Louisiana????

[Trompe le Monde 1,107]

there are condo developments on Jefferson going for about $250-$350k, down about 30% from a year ago. They are older (built in 70s and 80s) and probably need a lick of paint. A few "Culver City adjacent" places as well. I have been monitoring the westside situation religiously for the past year or so.

this guy predicts that CC will be the next big foreclosure hot spot:

http://www.doctorhousingbubble.com/real-ho...using-disaster/

Thats my neck of the woods, grew up there and have quite a bit of family still living there. They finally put an end to the persian palaces in the city, but haven't seen many foreclosures. The condos on Jefferson, is that like Lakeside, Tara Hill, and Raintree? I'd avoid tara hill, but the other two are quite nice.

I have seen listings for Lakeside and Raintree for about that much. Also Indian Wood Drive off Jefferson and Green Valley Circle and Canterbury Drive off Centinela. The odd building on Overland.

I haven't seen any single family houses yet for much below $600k-$800