[Floridian to relocate]

do you hope it is swift so your rent may go down . you and tallrick sit there happy while people losse he homes and you think that is funny . i just do not see why people like you knock people and are glad that it as gone wrong for them. shows me that you sit in you rented places no jobs and like to see people do no better than you. people like you are what makes fl a bad place to be i hope your world crashes and people find it funny

[riveree]

Originally Posted by Muggy

http://www.sptimes.com/2007/05/13/Bu..._for_the.shtml


"Four potential clients who called last week all had the same problem: They used their home equity as an ATM and now are almost broke."

It's this last one that bugs me....what have people been thinking?!

I had a discussion with a neighbor recently about some of the homes for sale in our neighborhood. One house in particular was skewing the numbers because they were throwing it on the market for about $50k less than market value (for personal reasons) - it sold right away of course.

My neighbor said 'I'm glad I don't have to compete against that house - I couldn't sell that low, I don't have enough equity'. I guess I said 'whaaaat?' As it turns out, they took a good chunk of their equity out for a car and to make some improvements...to a house that's not even 4 years old yet (not necessary improvements)....and who knows what else they spent it on.

So, yeah, I agree, the sad stories have not even begun .

[SKB]

Originally Posted by Floridian to relocate

do you hope it is swift so your rent may go down . you and tallrick sit there happy while people losse he homes and you think that is funny . i just do not see why people like you knock people and are glad that it as gone wrong for them. shows me that you sit in you rented places no jobs and like to see people do no better than you. people like you are what makes fl a bad place to be i hope your world crashes and people find it funny

Wow, I can see your point and you need to perhaps understand my side of the story over here. Let me try to explain.

My husband of now seven years was offered a job promotion back in 2002 to Montreal, Canada after careful consideration we came. We thought we would have a good chance at saving some money to buy a home when we moved back to the US in five years. Our plans were we would work really hard and save as much money to pay as much cash as possible for a home.

My husband works a job with The Department Of Homeland Security and Customs to keep the USA safe from terrorism and guess what else? He was deployed to Iraq for six months last year as he also works a second job as a reservist in the Air Force as a security policeman. He patrolled the highways of Iraq in his Humvee for six months and got shot at on numerous occasions.

I busted my butt working a very stressful difficult job in the collection industry. My real occupation is nothing remotely close, but we took this position in Canada to get ahead financially so, I gladly took any job that I could get in a bilingual Provence that doesn't hire non French speaking people.

Guess what happened while we were here locked into his five year contract? The housing bubble happened. Our dream of buying a moderate priced home of 150,000 died. The home we wanted went from 150,000 to 398,000+++ in the five years we moved here.

I am not happy to see anyone lose their homes, but perhaps some financial fore site on what one can afford and one can not afford would have helped many. A lot of people bought homes they could not afford.

We made plans to save and be responsible, we knew that buying a 398,000 would be something we would not be interested in. Funny even though my husbands salary could afford such a large mortgage it is something WE WOULD NEVER DO.

The foreclosure process will hurt but in the end it will be the best thing to happen to someone that is sitting in a home they can not afford. I can imagine the stress they feel, probably like the stress I felt watching the price of homes going up.
The foreclosure will sit on their credit report for seven years and will be considered a very black mark to lenders. In a couple of years that black mark will mean less and less and they will be able to borrow again.

Most of the people going into foreclosure never invested any of their own money as they had 100% financing, so they are really losing nothing in the end.
They will pick up the pieces of their pride and go and find a nice rental. Perhaps this can be a great learning lesson for many.

Maybe you would like to read some books that I have read that talk about living within your means.

The Millioniare Next Door by Thomas J. Stanley and William D. Danko
Richest Man in Babylon by George S. Clason

I highly recommend these books.

Best of luck to you and I hope you can now understand why I feel the way I do.

[tallrick]

Originally Posted by Floridian to relocate

do you hope it is swift so your rent may go down . you and tallrick sit there happy while people losse he homes and you think that is funny . i just do not see why people like you knock people and are glad that it as gone wrong for them. shows me that you sit in you rented places no jobs and like to see people do no better than you. people like you are what makes fl a bad place to be i hope your world crashes and people find it funny

This kind of thinking is what got Florida in this mess. People are not losing THEIR homes the bankers are taking back the homes they rented to people. Meanwhile the real thieves are the counties levying exorbinant property taxes. This bubble has hurt a lot of people, including me. A crash would do wonders to restore Florida's place in the world.

[zee909]

There are also people losing their homes because property tax and HOI increases have pushed their monthly payments up by $800 -$1000 a month.Some of them have been in their homes for more than 10 years and never refinanced.

[firemed]

Originally Posted by zee909

There are also people losing their homes because property tax and HOI increases have pushed their monthly payments up by $800 -$1000 a month.Some of them have been in their homes for more than 10 years and never refinanced.

Property tax and HOI increases were due to the housing bubble. The millage did not change, it went down in most areas. But the value of your home went up so much so fast the taxes went up with it, I feel sorry for people that were stuck in the middle of this. But the people that paid 900K or more for a home and are crying about the taxes. Well you should have bought a house you could afford.

[Floridian to relocate]

skb let me see if i am right here . you left fl to get a better paying job for your husband and to get a head. which is great good for you i hope it worked for you. but now you do not like the house prices and hope that people go bust bank repos . so you can come back with your new found wealth. if you liked the house for 150k 5 years ago you should have got it then . some people would like to have it all . you gambled and got greedy and now you can not or will not pay the prices for the house you like. when did you stop buying gas for the car what price did you say thats to much i will only pay what it was 5 years ago same for food ,elec , insurance, cars, they have all gone up .stay where you are if its nice. as for me i do very well thank you i make very good money have a very small mortgage . the reason i will go from fl is the people to many are looking to get it all and put nothing back

[Muggy]

Originally Posted by tallrick

I hope that the fallout is so bad that I will never see another real estate bubble during the rest of my life.

0-----5-----10

--------------/

[dreamofmonterey]

Originally Posted by riveree

It's this last one that bugs me....what have people been thinking?!

I had a discussion with a neighbor recently about some of the homes for sale in our neighborhood. One house in particular was skewing the numbers because they were throwing it on the market for about $50k less than market value (for personal reasons) - it sold right away of course.

My neighbor said 'I'm glad I don't have to compete against that house - I couldn't sell that low, I don't have enough equity'. I guess I said 'whaaaat?' As it turns out, they took a good chunk of their equity out for a car and to make some improvements...to a house that's not even 4 years old yet (not necessary improvements)....and who knows what else they spent it on.

So, yeah, I agree, the sad stories have not even begun .

lol- a car that depreciates over 50% in less than a year- and they rip the money from the house....

That is just ridiculous.



sunny

[jbravo]

Originally Posted by tallrick

This kind of thinking is what got Florida in this mess. People are not losing THEIR homes the bankers are taking back the homes they rented to people. Meanwhile the real thieves are the counties levying exorbinant property taxes. This bubble has hurt a lot of people, including me. A crash would do wonders to restore Florida's place in the world.

Originally Posted by Floridian to relocate

skb let me see if i am right here . you left fl to get a better paying job for your husband and to get a head. which is great good for you i hope it worked for you. but now you do not like the house prices and hope that people go bust bank repos . so you can come back with your new found wealth. if you liked the house for 150k 5 years ago you should have got it then . some people would like to have it all . you gambled and got greedy and now you can not or will not pay the prices for the house you like. when did you stop buying gas for the car what price did you say thats to much i will only pay what it was 5 years ago same for food ,elec , insurance, cars, they have all gone up .stay where you are if its nice. as for me i do very well thank you i make very good money have a very small mortgage . the reason i will go from fl is the people to many are looking to get it all and put nothing back

Originally Posted by SKB

...I am not happy to see anyone lose their homes, but perhaps some financial foresite on what one can afford and one can not afford would have helped many. A lot of people bought homes they could not afford.

We made plans to save and be responsible, we knew that buying a 398,000 would be something we would not be interested in. Funny even though my husbands salary could afford such a large mortgage it is something WE WOULD NEVER DO.


Most of the people going into foreclosure never invested any of their own money as they had 100% financing, so they are really losing nothing in the end.
They will pick up the pieces of their pride and go and find a nice rental. Perhaps this can be a great learning lesson for many.
Best of luck to you and I hope you can now understand why I feel the way I do.

I lived in South Florida during this time, peole were buying with monopoly $$$.
I tried to buy a property with CASH and could NOT compete! I just refused to pay what they asked (200K) even though I did have the money. Yet, three bidders ahead of me with 104% (yes, one hundred and four percent) financing thought nothing of it. One of them got the property, not me.
Now, if they were smart and flipped the property in a month, then great for them.
Even though I did good in the bubble (ok, very good) I always kick myself in my rear thinking about how much MORE $$$ I could have made.
But, the thought was always there that the music would stop. And in Elementary school I never won that game (musical chairs.)
Fast forward 3 years (I sold everything in 04) and the last fools holding the bag get caught when the s*** hits....
Most who will be hurt did buy on speculation and/or were irresponsibly using their houses as ATM.
A few, a very few, just plainly overpaid for their houses and were neither greedy or irresponsible.

I guess that I do not have to point out the person in this forum whom I think is wrong.