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Read the comment from "James" about housing/homeownership in New York City, in particular Manhattan. He has broken things down quite well and sums things up pretty accurately. West Side Rag » OPEN THREAD WEDNESDAY: HEAT WAVE
Of course this applies mainly to NYC in particular Manhattan and perhaps the other "hot" areas in parts of Brooklyn and Queens.
Also, "mainly in NYC" should have been "only on the Upper West Side of NYC." His tale has no applicability outside of that odd and seemingly self-pitying little enclave.
Last edited by Major Barbara; 08-02-2015 at 07:12 AM..
Home-ownership has no bearing on the economy, and it is absurd to suggest that a successful economy requires a large percentage of people owning homes.
Completely agree, although it seems like many would like you to believe the whole economy is based on housing. Home ownership, when healthy, is good for communities and a society. However, many want the flexibility of being able to move when they need to for jobs, etc.
As a single guy, I'm not in a hurry or concerned about buying a property. My apartment works fine for me and is not a large % of my monthly income. I'm able to save and invest money that would otherwise be paying for home ownership items such as repairs. If I were to take a 30 year mortgage, I would essentially be renting from the bank for the first 10 years or so anyway.
In the current case people under 35 (mostly first time home buyers) are out of the market due to student debt and the economy. What has happened over the last 7 years since the crash is a huge distribution of wealth. Many of the large real estate investment groups have bought up tons of real estate and rented it out. Many got deals from Fannie and Freddie to buy thousands of properties at pennies on the dollar.
What has happened over the last 7 years since the crash is a huge distribution of wealth. Many of the large real estate investment groups have bought up tons of real estate and rented it out. Many got deals from Fannie and Freddie to buy thousands of properties at pennies on the dollar.
Can you be more specific about that? My partners and I are not aware of these Fannie/Freddie programs but would be quite interested in deals that would allow us to buy up significant numbers of properties at pennies on the dollar. Google didn't turn up anything for me...
Fannie/Freddie programs but would be quite interested in deals that would allow us to buy up significant numbers of properties at pennies on the dollar. Google didn't turn up anything for me...
I will add because I work in the industry and have spoke with legit sources that many of the distressed homes that were supposed to be kept and rented were sold well before the holding timeframe. Additionally, most of the time the discount was more than 25%.
There were also a couple of large real estate investment groups buying lots of these properties. One of the head guys at one of the companies even basically said so on a business program a few years back.
There were actual rental houses involved in that deal dug up from three and a half years ago, but in small numbers and sold with strict qualifying requirements.
Quote:
Originally Posted by LeavingMA
I will add because I work in the industry and have spoke with legit sources that many of the distressed homes that were supposed to be kept and rented were sold well before the holding timeframe. Additionally, most of the time the discount was more than 25%. There were also a couple of large real estate investment groups buying lots of these properties. One of the head guys at one of the companies even basically said so on a business program a few years back.
It's "have spoken", Maestro, and if the Great Recession did not at last teach you that what is said on cable business programs is apt to be nothing but a bunch of self-serving malarkey, then nothing ever will.
Last edited by Major Barbara; 08-07-2015 at 04:07 PM..
There were actual houses involved in that deal dug up from three and a half years ago, but in small numbers and sold with strict qualifying requirements.
It's "have spoken", Maestro, and if the Great Recession did not at last teach you that what is said on cable business programs is apt to be nothing but a bunch of self-serving malarkey, then nothing ever will.
Fine, believe what you want. I was simply adding from what I know and from many others have said, the pieces go together. Either way, Fannie packaged homes together (sometimes thousands at a time) and sold them to large real estate investment groups at a very discounted price.
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