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View Poll Results: When will the housing Bust end in FL?
By the end of this year 21 8.30%
Spring 2008 28 11.07%
Summer 2008 16 6.32%
Fall 2008 17 6.72%
Winter 2008 12 4.74%
Spring 2009 29 11.46%
Summer 2009 18 7.11%
Fall 2009 11 4.35%
Winter 2009 9 3.56%
Sometime in 2010 38 15.02%
Sometime in 2011 13 5.14%
Sometime in 2012 11 4.35%
2013 or later 30 11.86%
Voters: 253. You may not vote on this poll

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Old 07-24-2007, 02:46 PM
 
553 posts, read 1,760,535 times
Reputation: 104

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Quote:
Originally Posted by rich renter View Post
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.

 
Old 07-24-2007, 03:00 PM
 
Location: The Conterminous United States
22,553 posts, read 47,241,467 times
Reputation: 13382
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.
 
Old 07-24-2007, 03:09 PM
 
553 posts, read 1,760,535 times
Reputation: 104
Quote:
Originally Posted by hiknapster View Post
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.
 
Old 07-24-2007, 03:19 PM
 
Location: The Conterminous United States
22,553 posts, read 47,241,467 times
Reputation: 13382
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.
 
Old 07-24-2007, 03:24 PM
 
944 posts, read 3,532,349 times
Reputation: 578
Quote:
Originally Posted by NY62 View Post
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?
 
Old 07-24-2007, 03:32 PM
 
Location: Some where on the pacific coast
185 posts, read 682,907 times
Reputation: 67
NY62 when will the interest rates go up? can you clue us all in on this.
 
Old 07-24-2007, 03:41 PM
 
2,141 posts, read 6,340,034 times
Reputation: 588
Quote:
Originally Posted by Muggy View Post
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.

Last edited by firemed; 07-24-2007 at 04:00 PM..
 
Old 07-24-2007, 03:44 PM
 
Location: The Conterminous United States
22,553 posts, read 47,241,467 times
Reputation: 13382
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
 
Old 07-24-2007, 03:54 PM
 
Location: Some where on the pacific coast
185 posts, read 682,907 times
Reputation: 67
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?
 
Old 07-24-2007, 04:05 PM
 
2,141 posts, read 6,340,034 times
Reputation: 588
Quote:
Originally Posted by CHEWY12 View Post
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 !
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