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2008-12-28 01:56:20
Dilbert_X
The X stands for
+1,822|6522|eXtreme to the maX
Its the banks fault for writing dumb loans.
Its the peoples fault for signing dumb loans.

I am planning to buy a house and maybe another car next year.
(I need another car for driving to the shooting club, I got a puncture last week which cost me $20 - the cost/benefit thing of getting another car flies like an eagle. I'm thinking a Series II Landrover)
Fuck Israel
2008-12-28 14:35:21
Harmor
Error_Name_Not_Found
+605|6965|San Diego, CA, USA
Until the inventory of homes is consumed there won't be a bottom in prices.  And once there is a bottom in prices and inventories shrink developers won't come into the market with new homes like they did 4 years ago.
2008-12-28 15:00:04
Dilbert_X
The X stands for
+1,822|6522|eXtreme to the maX
The US housing market is basically screwed for the next three or four years.
I don't think it will achieve its previous level for ten years at least.

Still, as the Rothchilds say 'When theres blood in the streets - buy property'
But wait a bit, its nowhere near bottom yet, and a lot of US housing stock - blueboard McMansions etc-  just isn't worth buying at all.
By the time the market recovers it will be of no value.

Last edited by Dilbert_X (2008-12-28 15:04:53)

Fuck Israel
2008-12-28 15:07:28
Kmar
Truth is my Bitch
+5,695|7017|132 and Bush

It's all local. My counties resale inventory is below 14k (13747 to be exact). That is the lowest I have seen in the last 18 months. That's a good thing.
Xbone Stormsurgezz
2008-12-29 07:46:15
Turquoise
O Canada
+1,596|6822|North Carolina

Dilbert_X wrote:

The US housing market is basically screwed for the next three or four years.
I don't think it will achieve its previous level for ten years at least.

Still, as the Rothchilds say 'When theres blood in the streets - buy property'
But wait a bit, its nowhere near bottom yet, and a lot of US housing stock - blueboard McMansions etc-  just isn't worth buying at all.
By the time the market recovers it will be of no value.
I think Kmarion's right on this one.  The American market is so large and varied by location that it depends on what area you're looking at.

Oddly enough, most of North Carolina has fared well through this housing crisis.  Apparently, the steady flow of Northerners coming down here to buy homes has kept values modest but stable.  A much bigger problem for us has been unemployment -- but that's been the case for the last 10 years or so.
2008-12-29 08:23:09
usmarine
Banned
+2,785|7178

Turquoise wrote:

I think Kmarion's right on this one.  The American market is so large and varied by location that it depends on what area you're looking at.
ya i basically said that before him but w/e
2008-12-29 08:27:06
Kmar
Truth is my Bitch
+5,695|7017|132 and Bush

usmarine wrote:

Turquoise wrote:

I think Kmarion's right on this one.  The American market is so large and varied by location that it depends on what area you're looking at.
ya i basically said that before him but w/e
NAR's slogan now is "Every market is different". It's not exactly late breaking news..lol.
Xbone Stormsurgezz
2008-12-29 08:28:17
usmarine
Banned
+2,785|7178

Kmarion wrote:

usmarine wrote:

Turquoise wrote:

I think Kmarion's right on this one.  The American market is so large and varied by location that it depends on what area you're looking at.
ya i basically said that before him but w/e
NAR's slogan now is "Every market is different". It's not exactly late breaking news..lol.
yes.........well i aint the one who doesnt understand that.  its teh grape
2008-12-29 09:32:12
cpt.fass1
The Cap'n Can Make it Hap'n
+329|7112|NJ
Well the bad loans, inflated housing market is based on a few things..

If you don't remember interest rates where and have been really low, so when the housing boom started you could borrow 250k for the same payment you could get for a 100k years earlier. So buyer beware? It was costing the same amount for the money.. Rates have even dropped lower now, making the adjustable rate mortgages even better if you haven't been late.. So that 6.5, 7% that you were sitting on, should have dropped down to a lower problem..

Issue's for our economy that the upside down loans are really causing..

The County reassessments of property values(this is a big one that I'm running into) is so out of wack that even fixing the housing market it will make it difficult for people to buy homes. Need bigger down payments, the sellers concession won't cover it. But then again the budgets are already drawn out for 2009 and this will leave your local government short on funds.

Movement. Since people can't sell there homes without short saleing(in some parts) they can't get down payments to move into a new house. On top of that they probably won't qualify for a loan with the short sale on their credit. What this is doing is freezing up the money where it is and if people are paying on time all the money is going to the banks and not stimulating our economy. So like traffic we're at a freeze, which cause recessions/depressions.
Also makes it so people get stuck in there situation and can't change there situation because they can't get out of a loan. So Job markets start to slump because even if people are working and making they're payments they're not moving up to bigger homes, they're not relocating for better jobs, they're stuck in whatever situation they are in. So jobs are lost.

It goes way deeper then just Bad Loans and pointing fingers, even the "good" loans are putting a strain on our economy.
2008-12-29 10:21:35
Kmar
Truth is my Bitch
+5,695|7017|132 and Bush

Interest on 30-year fixed loans average 5.04 percent now. The lowest since '03.
Xbone Stormsurgezz
2008-12-29 10:36:37
cpt.fass1
The Cap'n Can Make it Hap'n
+329|7112|NJ
yeah I just priced out a good deal.. It priced out at 4.75 on a 30 year fixed..

Problem with the great rates is noone qualifies for them, the home values tanking is making it very hard for borrowers to get the great loans.
2008-12-29 10:48:20
Kmar
Truth is my Bitch
+5,695|7017|132 and Bush

cpt.fass1 wrote:

yeah I just priced out a good deal.. It priced out at 4.75 on a 30 year fixed..

Problem with the great rates is noone qualifies for them, the home values tanking is making it very hard for borrowers to get the great loans.
And when we do get good prices on homes we have to worry about them appraising. Full circle my man.
Xbone Stormsurgezz
2008-12-29 10:54:01
cpt.fass1
The Cap'n Can Make it Hap'n
+329|7112|NJ
I know it sucks..

It's why this problem is so much deeper then just "Well banks gave out bad loans and people took them" problem, it is about 100% worse then the IT Bubble. It's literally paralyzing our economy.
2008-12-29 12:09:03
Lotta_Drool
Spit
+350|6600|Ireland

usmarine wrote:

sergeriver wrote:

usmarine wrote:

people took on stupid loans.  thats what ya get.
Banks gave stupid loans.  That's what you get.
people dont have to take what banks give them.  nobody is forced to buy a house.
The banks are being rewarded for preditiory lending.  People took on stupid loans in a corrupt market atmosphere created by the greed of banks.  I bought a house that was priced way higher than it was worth just because that was all there is.  My house then went up 25% and is now worth about what I bought it for and dropping.  If I lose my job I lose my house in this job market.  That is fine, but tell me WHY THE FUCK DOES THE BANK GET TO KEEP MY $170,000 HOUSE, THE $65,000 I'VE PAID THEM SO FAR, AND GET MONEY FROM THE GOVERNMENT?

You can shove your stupid post up your ass.  The system is corrupt and fucking over the people that are slaves of the system.  I can't wait to see the shooting start and some the "UNTOUCHABLE" elitist beheaded in the streets like the days of the French Revolution.
2008-12-29 12:10:30
usmarine
Banned
+2,785|7178

if you knew it was way over priced, why did you buy it?
2008-12-29 12:17:59
Lotta_Drool
Spit
+350|6600|Ireland

usmarine wrote:

if you knew it was way over priced, why did you buy it?
Because prices were still going up and I needed a place to live.  It was not a luxury item, it was a fucking roof over my families head in a world where the cost of the fucking roof had been going up my entire life.

I hope your perfect world stays perfect and isn't fucked up by a depression brought on by my irresponsibility.


WHY DID YOU BUY GASOLINE AT $4.00 A GALLON?

Last edited by Lotta_Drool (2008-12-29 12:19:12)

2008-12-29 12:19:00
Pug
UR father's brother's nephew's former roommate
+652|6958|Texas - Bigger than France

Lotta_Drool wrote:

usmarine wrote:

sergeriver wrote:


Banks gave stupid loans.  That's what you get.
people dont have to take what banks give them.  nobody is forced to buy a house.
The banks are being rewarded for preditiory lending.  People took on stupid loans in a corrupt market atmosphere created by the greed of banks.  I bought a house that was priced way higher than it was worth just because that was all there is.  My house then went up 25% and is now worth about what I bought it for and dropping.  If I lose my job I lose my house in this job market.  That is fine, but tell me WHY THE FUCK DOES THE BANK GET TO KEEP MY $170,000 HOUSE, THE $65,000 I'VE PAID THEM SO FAR, AND GET MONEY FROM THE GOVERNMENT?

You can shove your stupid post up your ass.  The system is corrupt and fucking over the people that are slaves of the system.  I can't wait to see the shooting start and some the "UNTOUCHABLE" elitist beheaded in the streets like the days of the French Revolution.
Is your house homesteaded?  If it is you can claim bankruptcy and keep your house...at least for a little while.

Second - The bank bought your house.  You are paying them back via the loan.  That's why they keep your house.
2008-12-29 12:21:58
Lotta_Drool
Spit
+350|6600|Ireland

Pug wrote:

Lotta_Drool wrote:

usmarine wrote:

people dont have to take what banks give them.  nobody is forced to buy a house.
The banks are being rewarded for preditiory lending.  People took on stupid loans in a corrupt market atmosphere created by the greed of banks.  I bought a house that was priced way higher than it was worth just because that was all there is.  My house then went up 25% and is now worth about what I bought it for and dropping.  If I lose my job I lose my house in this job market.  That is fine, but tell me WHY THE FUCK DOES THE BANK GET TO KEEP MY $170,000 HOUSE, THE $65,000 I'VE PAID THEM SO FAR, AND GET MONEY FROM THE GOVERNMENT?

You can shove your stupid post up your ass.  The system is corrupt and fucking over the people that are slaves of the system.  I can't wait to see the shooting start and some the "UNTOUCHABLE" elitist beheaded in the streets like the days of the French Revolution.
Is your house homesteaded?  If it is you can claim bankruptcy and keep your house...at least for a little while.

Second - The bank bought your house.  You are paying them back via the loan.  That's why they keep your house.
Very good point, the bank bought all these houses and it is their fault any way you look at it.  Why would the banks care though because Corporations don't need shelter for a family and the government bails them out.  Hell, they only could make money on the deal, our debt is their wealth.

Homesteaded?

Last edited by Lotta_Drool (2008-12-29 12:22:54)

2008-12-29 12:22:55
Kmar
Truth is my Bitch
+5,695|7017|132 and Bush

Lotta_Drool wrote:

usmarine wrote:

sergeriver wrote:

Banks gave stupid loans.  That's what you get.
people dont have to take what banks give them.  nobody is forced to buy a house.
The banks are being rewarded for preditiory lending.  People took on stupid loans in a corrupt market atmosphere created by the greed of banks.  I bought a house that was priced way higher than it was worth just because that was all there is.  My house then went up 25% and is now worth about what I bought it for and dropping.  If I lose my job I lose my house in this job market.  That is fine, but tell me WHY THE FUCK DOES THE BANK GET TO KEEP MY $170,000 HOUSE, THE $65,000 I'VE PAID THEM SO FAR, AND GET MONEY FROM THE GOVERNMENT?

You can shove your stupid post up your ass.  The system is corrupt and fucking over the people that are slaves of the system.  I can't wait to see the shooting start and some the "UNTOUCHABLE" elitist beheaded in the streets like the days of the French Revolution.
Your 65k went out the door when the bank wrote a check so that your neighbor could buy his house. Your deadbeat neighbor made one mortgage payment and never made another. The banks have been taking a loss ever since. The bank does not want your house. They would rather work with you rather then try to sell it again (if they can sell it at all). Short sales are up 82% over the last two years. That means the bank is selling foreclosed homes for less than what they bought them for. This is why banks were collapsing. I'm not saying that it's right, but that is what has happened. Many of these so called "elitist" are now unemployed.. as well they should be. Just look at the layoffs in the credit industry over the last year.

@Pug that varies by state.
Xbone Stormsurgezz
2008-12-29 12:27:32
Lotta_Drool
Spit
+350|6600|Ireland

Kmarion wrote:

Lotta_Drool wrote:

usmarine wrote:

people dont have to take what banks give them.  nobody is forced to buy a house.
The banks are being rewarded for preditiory lending.  People took on stupid loans in a corrupt market atmosphere created by the greed of banks.  I bought a house that was priced way higher than it was worth just because that was all there is.  My house then went up 25% and is now worth about what I bought it for and dropping.  If I lose my job I lose my house in this job market.  That is fine, but tell me WHY THE FUCK DOES THE BANK GET TO KEEP MY $170,000 HOUSE, THE $65,000 I'VE PAID THEM SO FAR, AND GET MONEY FROM THE GOVERNMENT?

You can shove your stupid post up your ass.  The system is corrupt and fucking over the people that are slaves of the system.  I can't wait to see the shooting start and some the "UNTOUCHABLE" elitist beheaded in the streets like the days of the French Revolution.
Your 65k went out the door when the bank wrote a check so that your neighbor could buy his house. Your deadbeat neighbor made one mortgage payment and never made another. The banks have been taking a loss ever since. The bank does not want your house. They would rather work with you rather then try to sell it again (if they can sell it at all). Short sales are up 82% over the last two years. That means the bank is selling foreclosed homes for less than what they bought them for. This is why banks were collapsing. I'm not saying that it's right, but that is what has happened. Many of these so called "elitist" are now unemployed.. as well they should be. Just look at the layoffs in the credit industry over the last year.

@Pug that varies by state.
$65K would buy at least 6 $200k homes in my neighborhood.  No person on my street has lost a house yet and near as I can tell the banks are collecting at least $1000 per month per house on my block and there is 20 houses. 

At least $20,000 a month on just my block.  Death to the Central banks.

Last edited by Lotta_Drool (2008-12-29 12:28:18)

2008-12-29 12:28:22
Pug
UR father's brother's nephew's former roommate
+652|6958|Texas - Bigger than France

Lotta_Drool wrote:

Very good point, the bank bought all these houses and it is their fault any way you look at it.  Why would the banks care though because Corporations don't need shelter for a family and the government bails them out.  Hell, they only could make money on the deal, our debt is their wealth.
I don't agree with this statement.

You could of rented.
2008-12-29 12:31:33
usmarine
Banned
+2,785|7178

Lotta_Drool wrote:

it was a fucking roof over my families head in a world where the cost of the fucking roof had been going up my entire life.

I hope your perfect world stays perfect and isn't fucked up by a depression brought on by my irresponsibility.


WHY DID YOU BUY GASOLINE AT $4.00 A GALLON?
townhome?  condo?  apartment?  rent a house since it was over priced?  i duuno, tons of options rather then taking something you know is fucked up.
2008-12-29 12:34:52
Lotta_Drool
Spit
+350|6600|Ireland

Pug wrote:

Lotta_Drool wrote:

Very good point, the bank bought all these houses and it is their fault any way you look at it.  Why would the banks care though because Corporations don't need shelter for a family and the government bails them out.  Hell, they only could make money on the deal, our debt is their wealth.
I don't agree with this statement.

You could of rented.
Yes, my choices were to rent my whole life or buy an over priced house.  I choose to cut spending on other things so my family wasn't raised in an apartment.

What was over priced in 1970 is a deal today though.  Just like $4.00 gas last summer will probably be a bargin this summer or the next.
2008-12-29 12:37:11
Kmar
Truth is my Bitch
+5,695|7017|132 and Bush

Lotta_Drool wrote:

Kmarion wrote:

Lotta_Drool wrote:


The banks are being rewarded for preditiory lending.  People took on stupid loans in a corrupt market atmosphere created by the greed of banks.  I bought a house that was priced way higher than it was worth just because that was all there is.  My house then went up 25% and is now worth about what I bought it for and dropping.  If I lose my job I lose my house in this job market.  That is fine, but tell me WHY THE FUCK DOES THE BANK GET TO KEEP MY $170,000 HOUSE, THE $65,000 I'VE PAID THEM SO FAR, AND GET MONEY FROM THE GOVERNMENT?

You can shove your stupid post up your ass.  The system is corrupt and fucking over the people that are slaves of the system.  I can't wait to see the shooting start and some the "UNTOUCHABLE" elitist beheaded in the streets like the days of the French Revolution.
Your 65k went out the door when the bank wrote a check so that your neighbor could buy his house. Your deadbeat neighbor made one mortgage payment and never made another. The banks have been taking a loss ever since. The bank does not want your house. They would rather work with you rather then try to sell it again (if they can sell it at all). Short sales are up 82% over the last two years. That means the bank is selling foreclosed homes for less than what they bought them for. This is why banks were collapsing. I'm not saying that it's right, but that is what has happened. Many of these so called "elitist" are now unemployed.. as well they should be. Just look at the layoffs in the credit industry over the last year.

@Pug that varies by state.
$65K would buy at least 6 $200k homes in my neighborhood.  No person on my street has lost a house yet and near as I can tell the banks are collecting at least $1000 per month per house on my block and there is 20 houses. 

At least $20,000 a month on just my block.  Death to the Central banks.
Well, they do have a 3.5 million dollar debt to collect . Your state isn't nearly as bad as most. Go to Cali or Fl and you cant find a street that doesn't have a half a dozen foreclosures on it.
Xbone Stormsurgezz
2008-12-29 12:43:03
Lotta_Drool
Spit
+350|6600|Ireland

usmarine wrote:

Lotta_Drool wrote:

it was a fucking roof over my families head in a world where the cost of the fucking roof had been going up my entire life.

I hope your perfect world stays perfect and isn't fucked up by a depression brought on by my irresponsibility.


WHY DID YOU BUY GASOLINE AT $4.00 A GALLON?
townhome?  condo?  apartment?  rent a house since it was over priced?  i duuno, tons of options rather then taking something you know is fucked up.
Do you have a house?  They were all over priced in 2004 when I got mine.

You should rent or something and raise your family with the mexicans learning spanish in the public school system.

 

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