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Old 11-30-2007, 04:25 PM
 
69,372 posts, read 53,615,406 times
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Quote:
Originally Posted by Sgoldie View Post
Good luck, but keep in mind that there's still a lot of baby boomer retirement dollars out there looking for a place to be put.
Exactly what I'm counting on over the long haul.. Write a check, pay cash for the properties.. negotiate like crazy because you can close within days.. Then hold off on the long haul on the resale..
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Old 11-30-2007, 05:25 PM
 
2,197 posts, read 6,593,924 times
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Quote:
Originally Posted by pghquest View Post
All to many people right now are lowering their prices, because they got stuck with bad mortgages.
You can kiss that thought goodbye, if this new mortgage amnesty plan passes next week. The talking heads seem to think it's close... very, very close. It will freeze the teaser interest rate on many subprime and alt-A loans to keep people in their homes. (They're pretty vague about who exactly gets to keep what, but quick to point out that those who "need" help will get it.) People who got in over their heads (and generally lied like a rug to do it) will get to pay that low teaser rate for the next 3-5 years... while borrowers who bought less of a house-- because that was what they could afford-- and took out a full-doc fixed-rate loan to do it will continue to pay several percentage points higher as a reward for being honest and responsible.

If this happens, accountability will be totally out the window, fewer sellers will face foreclosure, prices will not fall as much as they should and inventories will deplete faster at higher price points. Cheaters will prosper, taxpayers will pay the price and conscientious borrowers will learn what happens when you actually play by the rules in the new Bail-Me-Out Benny economy. Be sure and write your congressman and say, "thanks."
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Old 11-30-2007, 06:09 PM
 
Location: Happy wherever I am - Florida now
3,359 posts, read 10,637,475 times
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I don't think that's such a bad idea as long as it's the banks, who made the money on the loans, who are picking up the slack and not the taxpayers.

It will allow for a couple of things, one, giving time for people's income to increase to where they can handle the future increased loan payments, two, to give them more time to sell if they can, three, allow them to possibly save for a downpayment so they can qualify for a regular mortgage, and four, to spread the fall in values out to a less shocking and economy rocking bunch. It's actually a decent way to mitigate the crisis, better than devaluing our money even further.
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Old 11-30-2007, 06:17 PM
 
Location: Tucson
42,837 posts, read 77,132,636 times
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Quote:
Originally Posted by pghquest View Post
All depends on where you live.

Locally I seen a house drop from $799K to $199K within 6 months..
No kiddin'?! I'd like to see some proof.
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Old 11-30-2007, 07:03 PM
 
Location: Stillwater, Oklahoma
13,047 posts, read 12,477,510 times
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From living in one of the most highly undesirable states to move to in the union--Oklahoma, a state that may lose yet another congressman in 2010--my county assessor recently raised the value of my home by 19%. So if you're a homeowner in a better state to live in than Oklahoma, such as Florida or California and your house price is plunging, I'm very happy that I have less reason to envy you now!
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Old 11-30-2007, 07:17 PM
 
2,197 posts, read 6,593,924 times
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Quote:
Originally Posted by Sgoldie View Post
I don't think that's such a bad idea as long as it's the banks, who made the money on the loans, who are picking up the slack and not the taxpayers.

It will allow for a couple of things, one, giving time for people's income to increase to where they can handle the future increased loan payments, two, to give them more time to sell if they can, three, allow them to possibly save for a downpayment so they can qualify for a regular mortgage, and four, to spread the fall in values out to a less shocking and economy rocking bunch. It's actually a decent way to mitigate the crisis, better than devaluing our money even further.
I would agree with you in theory, except it's hideously unfair that people who did not take out these bonehead loans are paying a higher rate of interest than those who lied (or omitted) their a**es off. A lot of them they didn't even make a down payment, so their money isn't at risk.

If we continue to reward bad behavior and blithely bail out people who make poor decisions, who's going to do the right thing? Let's see-- lie and buy whatever you want with other people's money, don't read the fine print (or maybe even the big print) and rely on everybody else to bail you out, here's a nice, juicy carrot. Be honest and upright, play by the rules and live within your means-- whack, you get the stick!

Actions have consequences. They always have, and they still should. And if that means people losing their houses, well, that sucks, but no one should ever gamble without knowing what they stand to lose.
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Old 11-30-2007, 07:26 PM
 
69,372 posts, read 53,615,406 times
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Quote:
Originally Posted by sierraAZ View Post
No kiddin'?! I'd like to see some proof.
Property listed at $795,000 at SJS Listing:

Just sold for $186,200
Allegheny County Assessment (http://www2.county.allegheny.pa.us/realestate/History.asp?CurrBloLot=0213M00081000000&HouseNum=7 177&Street=ohio%20river&SingleResult=True - broken link)

I dont lie..
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Old 11-30-2007, 09:07 PM
 
Location: Old Town Alexandria
14,506 posts, read 23,188,178 times
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Pittsburgh and Michigan are areas- you will see this. Thanks to outsourcing and other problems;It is an exception.
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Old 12-01-2007, 01:29 PM
HDL
 
Location: Seek Jesus while He can still be found!
3,090 posts, read 5,856,658 times
Reputation: 8078
Out of curiousity pghquest, I checked your links and it looks like a neighbor bought the home and he is in the mortgage business or possibly just paid cash. Either way, it does NOT seem like a normal sale IMHO, but one where there are extenuating circumstances.

Of course, I could be wrong (LOL). Maybe another poster in your area can tell us more about 'this' particular sale. That assessor link sure has a lot of info!

Quote:
Originally Posted by pghquest View Post
Property listed at $795,000 at SJS Listing:

Just sold for $186,200
Allegheny County Assessment (http://www2.county.allegheny.pa.us/realestate/History.asp?CurrBloLot=0213M00081000000&HouseNum=7 177&Street=ohio%20river&SingleResult=True - broken link)

I dont lie..
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Old 12-01-2007, 10:05 PM
 
69,372 posts, read 53,615,406 times
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Quote:
Originally Posted by HDL View Post
Out of curiousity pghquest, I checked your links and it looks like a neighbor bought the home and he is in the mortgage business or possibly just paid cash. Either way, it does NOT seem like a normal sale IMHO, but one where there are extenuating circumstances.

Of course, I could be wrong (LOL). Maybe another poster in your area can tell us more about 'this' particular sale. That assessor link sure has a lot of info!
I can assure you that nothing is up with "this" particular sale.. I know it because I followed this listing all the way down, offered $189K when the asking price was $299K.. and was told that there is no way they would sell anywhere near that.. Third time this has happened to me locally.
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