Comments on: Why the United States Is More Prone to Housing Problems http://thefinancebuff.com/2008/10/why-the-united-states-is-more-prone-to-housing-problems.html like a friend telling you about money ... Sat, 13 Mar 2010 15:10:17 -0600 http://wordpress.org/?v=2.8 hourly 1 By: sewall http://thefinancebuff.com/2008/10/why-the-united-states-is-more-prone-to-housing-problems.html/comment-page-1#comment-1060 sewall Wed, 22 Oct 2008 17:00:53 +0000 http://thefinancebuff.com/2008/10/why-the-united-states-is-more-prone-to-housing-problems.html#comment-1060 I don't live in NY but my in-laws do. They say that a refinance comes with very high taxes and fees. I'm sure the details are available online somewhere. The upshot is that what I was able to refinance (for nothing!) to a lower rate mortgage (in MA), they were stuck with a higher rate one because the additional taxes/fees (which were five figures on a six-figure mortgage) didn't pass the break-even test. I don’t live in NY but my in-laws do. They say that a refinance comes with very high taxes and fees. I’m sure the details are available online somewhere. The upshot is that what I was able to refinance (for nothing!) to a lower rate mortgage (in MA), they were stuck with a higher rate one because the additional taxes/fees (which were five figures on a six-figure mortgage) didn’t pass the break-even test.

]]> By: TFB http://thefinancebuff.com/2008/10/why-the-united-states-is-more-prone-to-housing-problems.html/comment-page-1#comment-1059 TFB Wed, 22 Oct 2008 16:49:21 +0000 http://thefinancebuff.com/2008/10/why-the-united-states-is-more-prone-to-housing-problems.html#comment-1059 sewall - I didn't know it's very expensive to refinance in New York (state or city?). Can you tell us what makes it much more expensive than other areas? According to <a href="http://www.bloomberg.com/apps/data?pid=avimage&iid=ibDX8eWtKfZs" rel="nofollow">this foreclosure map</a>, New York is not among the areas hardest hit by foreclosures. sewall – I didn’t know it’s very expensive to refinance in New York (state or city?). Can you tell us what makes it much more expensive than other areas?

According to this foreclosure map, New York is not among the areas hardest hit by foreclosures.

]]> By: sewall http://thefinancebuff.com/2008/10/why-the-united-states-is-more-prone-to-housing-problems.html/comment-page-1#comment-1058 sewall Wed, 22 Oct 2008 16:24:22 +0000 http://thefinancebuff.com/2008/10/why-the-united-states-is-more-prone-to-housing-problems.html#comment-1058 There are certain states or cities where it is very expensive to refinance (NY for example). This would imply lower problems with overextended homeowners in such areas. Any evidence of that? There are certain states or cities where it is very expensive to refinance (NY for example). This would imply lower problems with overextended homeowners in such areas. Any evidence of that?

]]> By: RobertSeattle http://thefinancebuff.com/2008/10/why-the-united-states-is-more-prone-to-housing-problems.html/comment-page-1#comment-1057 RobertSeattle Wed, 22 Oct 2008 15:14:27 +0000 http://thefinancebuff.com/2008/10/why-the-united-states-is-more-prone-to-housing-problems.html#comment-1057 How about over a 30 year period, we slowly remove the mortgage interest deduction? Only 97% the first year, 94% the next, etc. Would be relatively painless this way. How about over a 30 year period, we slowly remove the mortgage interest deduction? Only 97% the first year, 94% the next, etc. Would be relatively painless this way.

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