From Phoenix to Houston (the dream is dying)

[Zeta09]

Jimmy914

you seriously made me LMAO. Are you serious?? NO ONE has heard of the TRCC?? That is hilarious. No, I can't seem to move over there because the value of my house has decreased considerably (lucky us). Am I in negative equity territory? I don't think so but.....We are considering a re-fi just cuz rates here are still quite low. The appraisal will be very interesting if we decide to do it. The whole idea back then before the housing bust was to take the earnings and use the money to upgrade and capitalize on the Houston market, schools, atmosphere and be closer to my extended family to boot. Realistically, at that time, I had the loan paid down since I was paying down the principal so IF we were to have sold at that time I would have potentially bringing over $300K+ to put down on whatever we liked.

Although I wouldn't have put it all down (used some to live off of as we searched for jobs and settled in) but still the plan was solid. Oh but then there was this crazy thing called mortgage backed securities that went pop like water-ballons and oh boy everyone and their sister can't pay their Interest-only loan. Not sure if you all know the rest of the grizzly details about why it happened but you all know about how AZ, FL, MI, some parts of CA and the like are suffering.

Have we hit bottom? Who knows. They've got certain economists harping about we have and this and that but where were the economists models and algorithms before the downturn started? Too many silence clauses and confidentiality agreements for people who work with Wall Street firms and banks to really expose what was going on but part of what economists do is to argue about directions and theory so one would think that some ones' model would have exposed the inner-workings and crisis that ensued.

Anecdotally, I can say that it seems that the people who can capitalize have done so (renters, first-time buyers) but it's hardly flip central anymore like it was (remember that and all the shows to boot? Can't find one unless you look online). I am sure folks are still flipping but you have to have the capital and extremely good credit (or friends in the mortgage industry) but it's hardly Joe Blow off the street anymore that thinks its just spackle and nails.

Oh yeah I forgot about CostCo. I mean just on it's fundamental structure who wouldn't go to CostCo (or Sam's Club or Price Club) if you have kids. I've got two girls so far and lemme tell ya CostCo is my friend.

[jimmy914]

.....I'm still waiting.... surely somebody from Texas has heard of the Texas Residential Construction Commission. Although, why should we have heard of it? I mean, I guess we all assume there's a commission for everything under the sun, but I sure haven't seen anything on it in the news. Judging from the article, and the fact it was featured on NPR, makes me think there is probably a lot of mis-information, or exaggerations, in that story. I quit listening to NPR years ago because the news programs just seemed totally one-sided, sometimes bordering on propaganda.

[LizzySWW]

You got me! I've never heard of the TRCC! Never ever! :-)

[Zeta09]

jimmy914

News is the fact that Steven Green was sentenced today to serve life in prison. The problem becomes when whomever is talking turns to the two or three I-know-very-little-about-the-subject-really-but-I'm-getting-paid-to-act-like-I-do pricks that are supposed to provide "prospective" as IF every story and issue has only two sides. IF that is what you mean by propaganda then I agree with you. As far as misinformation IF YOU guys don't know about the TRCC then who does and what information is factual?

There was a homebuyers site (can't find or remember the link now) that was a kind of buyers beware sort of deal for Houston (really all of TX) homebuyers/owners that I had got the original TRCC information from and they were mired in controversy then. That's why I was curious about the whole issue in the first place since it's been nearly three years since I had last gathered information.

I guess I'll post on the AZ forums to see how many people know about the Registrar of Contractors here. Same idea just they seem to do alot more for the consumer/buyer and if anything at the least provide information on what to do if problems arise and how to file complaints.

[jimmy914]

So it's still unclear to me.... are you concerned about this because you're worried about getting a house with sub-standard construction quality? Somebody else could probably comment on this, but I know most other areas of the country I've been in seem to feature much poorer construction quality than what I see here. That's not my field, but having grown up with an architect father, I feel like I have some idea at least.

[Mommy/Artist/Lawyer]

I have read numerous stories about the TRCC debate in the Houston Chronicle over the last year and you have a valid concern. IMHO builders are producing an ever shoddier product and they are the ones who benefit from the TRCC, not consumers. This is a link to some current info. http://www.hadd.com/node/900