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Old 06-27-2008, 04:29 AM
 
3,283 posts, read 4,664,213 times
Reputation: 753

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Quote:
Originally Posted by rluey29 View Post
I agree 20% down is a rediculous request.

so you expect the banks to take this massive risk of loaning out other peoples money without the borrower putting his neck on the line? if the banks weren't as irresponsible as they were, offering no money down 100% mortgages, they wouldn't be in the mess they're in. homes in california and everywhere else would still be affordable and as a country we wouldn't be in as much debt as we are to the rest of the world (home equity spurred consumer spending. just check the tags of almost everything you bought. very little say made in usa- hence debt to rest of the world)

20% should be the bare minimum for flawless credit! when this happens i will be able to afford a home. my tax dollars can go and do something useful instead of propping up private banks (bear stearns et al), the money i save can get a decent return and the rate of inflation will represent growing demand for products, not growing demand for products and an irresponsible federal reserve chairman!

rant over!

 
Old 06-27-2008, 09:12 AM
 
10,604 posts, read 14,150,780 times
Reputation: 17199
Quote:
Originally Posted by rluey29 View Post
I agree 20% down is a rediculous request.
No, actually it was always the standard. Only recently were things changed.

Believe it or not people actually used to live in apartments and save up one spouse's salary for a long time for the down payment and closing costs. And drove one car (and it wasn't a luxury model) and didn't take vacations, and actually WAITED to have a kid till after they got the house etc.

THEN when they finally got the house there was no such thing of HELOC and taking all your equity OUT. This was a trick played on people by financial institutions.

And it's not a "request" it's a requirement, and not every person is ready for homeownership as was just proven this past decade.
 
Old 06-27-2008, 12:06 PM
 
670 posts, read 1,510,387 times
Reputation: 269
When you wrote this:
Quote:
Originally Posted by rluey29 View Post
I agree 20% down is a rediculous request.
You were agreeing to this:

Originally Posted by crystalblue
that would prevent many non-homeowners from ever buying a place in many of Americas larger cities.

in Cali, 20% of 600k is 120k, just for a downpayment

and if the avg family in Cali is making 100k a yr (to be very generous), then they could only afford a home for 300k tops.

not many of those left.
---

I think you should both check where California"s median price is headed.
For all those over 40 on this forum, 20% down is not "rediculous" rather, it is what makes sense.
_
 
Old 06-27-2008, 12:48 PM
 
132 posts, read 386,770 times
Reputation: 47
Slight rebuttal on comments about CA home prices and incomes...

The median home price in CA as of May is $339,000... not $600,000 as quoted before...

Median home price in California drops 30% in May - Los Angeles Times

Avg CA income for a family of 4 is $$70,712

IM-2007-02 (State Median Income Estimates for Optional Use in Federal Fiscal Year 2007 LIHEAP Program and Mandatory Use in Federal Fiscal Year 2008 LIHEAP Programs) (http://www.acf.hhs.gov/programs/ocs/liheap/guidance/information_memoranda/im07-02.html - broken link)
 
Old 06-27-2008, 01:20 PM
 
670 posts, read 1,510,387 times
Reputation: 269
Default The future of Real Estate!



A struggling single parent and real estate agent is trying to sell her house and find a husband. She’s auctioning off both her home and herself in a package deal on eBay and Craigslist.


Home for sale includes wife | WFTS-TV | First in HD

_
 
Old 06-27-2008, 09:32 PM
 
Location: Reality
1,049 posts, read 1,735,103 times
Reputation: 259
Quote:
Originally Posted by jbravo View Post


A struggling single parent and real estate agent is trying to sell her house and find a husband. She’s auctioning off both her home and herself in a package deal on eBay and Craigslist.


Home for sale includes wife | WFTS-TV | First in HD

_
Haha shipping is 500k and bid is 0.99. At least she knows how to ebay. I wonder how many mail ordered russian brides one can get for $500k...
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