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'The time has come' to lower interest rates: Fed Chair Jerome Powell [NPR] (www.npr.org)

submitted 2 months ago* (last edited 2 months ago) by theangriestbird@beehaw.org to c/usnews@beehaw.org

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[–] NeccoNeko@beehaw.org 7 points 2 months ago (2 children)

In 2009, I was incredibly fortunate to be in a position to buy a home. By 2018, its increased value allowed me to purchase a second, larger home, move my family into it, and rent out our first one. Later, I refinanced both properties, reducing the interest rates by about 2% each.

All our children are on the autism spectrum. If we can keep these two homes, we plan to eventually sell them and place the proceeds in a special trust to support our children after we’re gone. Or, they might live in one or both of them—time will tell. Either way, knowing they have this safety net gives us peace of mind.

I hope others are as fortunate as we’ve been, with even more and better opportunities to secure a home and build a stable future for themselves.

[–] altima_neo@lemmy.zip 6 points 2 months ago

Nah, people are screwed. There's no way new home buyers can reasonably afford a home right now. Home prices skyrocketed to the point where no one can save for a down payment.

[–] theangriestbird@beehaw.org 3 points 2 months ago (2 children)

I hope others are as fortunate as we’ve been, with even more and better opportunities to secure a home and build a stable future for themselves.

Unfortunately, because capitalism is a zero-sum game, your fortune actually specifically means that others won't have the same opportunity. I hate it here!

[–] Domiku@beehaw.org 2 points 2 months ago

Ideally, we want a society in which real estate doesn’t need to be a store of wealth because we have strong social safety systems. I don’t blame an individual with difficult circumstances for playing the game to take care of their family (to an extent).