Florida Housing market Thread (Miami: mortgage, credit, loan)

[NY62]

Originally Posted by rich renter

arent the ones holding out the ones with at least 20% to put down?

It does not matter all rates are going up.Prime and subprime.

[hiknapster]

It's true, NY62, that there will be a sweet spot to buy, but with this amount of inventory on the market, ARMS about to reset, and foreclosures at record levels, well, this ain't it. I don't see the bottom of the market coming anytime soon.

[NY62]

Originally Posted by hiknapster

It's true, NY62, that there will be a sweet spot to buy, but with this amount of inventory on the market, ARMS about to reset, and foreclosures at record levels, well, this ain't it. I don't see the bottom of the market coming anytime soon.

True but people are refinancing those arms and thats good for me not everyone is selling at losses or walking away. the bottom is not going to be 50 thousand dollar houses. I am just saying be carefull.

[hiknapster]

Well, that is good for you, NY62, my friend from New York! How are you? It's good to "talk" to you, again!

I have no idea how much prices will drop, but I sure wouldn't want to take a chance and buy a house. Not now. Not even up here in Tennessee.

[Muggy]

Originally Posted by NY62

It does not matter all rates are going up.Prime and subprime.

Fine. So rates are going up. The prices are just going to have to keep going down. Buy now because rates are going up? H E L L O. That doesn't a matter to me. I'll keep renting.

Do you understand the catch-22 of your logic set?

[CHEWY12]

NY62 when will the interest rates go up? can you clue us all in on this.

[firemed]

Originally Posted by Muggy

Fine. So rates are going up. The prices are just going to have to keep going down. Buy now because rates are going up? H E L L O. That doesn't a matter to me. I'll keep renting.

Do you understand the catch-22 of your logic set?

Lets look at this, If rates go up and you have 20k in a silly C/D at 6.5%. each year you would still make more per year then a over priced home with a loss each year with a loan at 5%. If the price is lower due to the higher rates the more cash you put down the lower the loan. But you could do financing at a lower rate down the road. This is a great time to save money and let the rates go up to save more money. Even the deep pockets hate to lose money each year and will put cash were the gain is. Yeah its a catch -22.

[hiknapster]

NYChiefsfan must be stuck in traffic, so I'll go ahead and post the big housing news for today:

Countrywide Financial, the nation’s largest mortgage lender, said today that more borrowers with good credit histories were falling behind on their loans and that the housing market might not begin recovering until 2009 because of an unprecedented drop in house prices.

What caught investors by the greatest surprise was a stunning rise in delinquencies on home equity loans, lines of credit and second mortgages to homeowners with good, or prime, credit. Until recently, most mortgage industry officials had been saying the problems with defaults would largely be contained to borrowers with weak, or subprime, credit.

Most defaults, company executives noted, were not caused by the resetting of adjustable rate mortgages to higher interest rates.

“So far what we have seen in delinquency are not resets at all,” Mr. Mozilo said.

http://www.nytimes.com/2007/07/24/bu...d-lend.html?hp

[CHEWY12]

Its geting more dificult to hide the elephant under the carpet everyday.It was a rough day on wall street today but according to the talking heads everything is fine noting to worry about. Interesting times ahead for us all.

What do you have in your wallet cash or credit?

[firemed]

Originally Posted by CHEWY12

Its geting more dificult to hide the elephant under the carpet everyday.It was a rough day on wall street today but according to the talking heads everything is fine noting to worry about. Interesting times ahead for us all.

What do you have in your wallet cash or credit?

With all the boomers getting ready to pull 401ks to retire and some to get out of the realestate mess. It will be interesting thats for sure !