[logline]

Originally Posted by Scott456

The story started with Bush bailed out banks, then Obama continued the bail-out and asked nothing from the bank in return. No regulation, no investigation, no jail terms, no penalty.

...and no need to halt year-end bonuses and outrageous salaries.

Back on topic, keep an eye on the Case-Shiller housing numbers due out on Tuesday morning.

[Californiapch]

Originally Posted by Scott456

The story started with Bush bailed out banks, then Obama continued the bail-out and asked nothing from the bank in return. No regulation, no investigation, no jail terms, no penalty.

I remember something now. I was not looking for a home a while back so never paid attention as much.

Brian

[von949]

Originally Posted by Scott456

The story started with Bush bailed out banks, then Obama continued the bail-out and asked nothing from the bank in return. No regulation, no investigation, no jail terms, no penalty.

Sent from my iPhone while driving using Tapatalk.

[lvoc]

Originally Posted by logline

...and no need to halt year-end bonuses and outrageous salaries.

Back on topic, keep an eye on the Case-Shiller housing numbers due out on Tuesday morning.

I think we are actually there CS wise. But remember they run a 60 day delay and a 90 day rolling average so it may be July before it shows.

Overall SFR hit a low in early February and is now up about 10%. REOs are up a little less than that, shorts are down 4 or 5% and Classics are up over 10%. The ratios have also swung to almost equal. REO inventory is down to a week and a half but sales continue at around 1100. The sales percentage has swing to classics with their significantly higher price. The differential also appears to be increasing. Short sales appear to be approaching REOs. A couple more months and they may be one category.

Have we actually hit the bottom? Who knows. But we certainly have had prices increasing for a quarter.

Inventory in Sun City Summerlin which has very little impact from REOs or shorts has its inventory down to 100 units. Lowest in at leat five years and maybe more.

Weird times

[eventusstultorummagister]

Originally Posted by von949

Sent from my iPhone while driving using Tapatalk.

nice

[eventusstultorummagister]

Originally Posted by logline

The banks have lost NOTHING. The taxpayers on the other hand...

First they came for the Communists but I was not a Communist so I did not speak out.

Then they came for the Socialists and the Trade Unionists but I was not one of them, so I did not speak out.

Then they came for the Jews but I was not Jewish so I did not speak out.

And when they came for me, there was no one left to speak out for me.

[latin_racer]

Been reading up on this thread and it seems more active so i'll post here a quote from a thread I posted a few days ago.

Hello. New Member here and found this forum using google search.

My wife has been looking to buy a house (FHA) for about 3-4 month and submitted plenty of reasonable offers and some above the listing price. Since Las Vegas has low inventory people are buying like crazy and fighting for houses with crazy bids. We understood that offers that went above the appraised home price would have to be paid out of pocket. So our offer was a little above the listing price. My wife got frustrated and decided to check out a community (Talus at Sunrise Highlands). She loved the community (close to family members) and decided to buy a new home instead. All paperwork are done and the home will be built 60-75 days. The builder is Harmony Homes.

2,201 sq ft / 2 Story Home

- Purchase price with Incentive came out to $158,290
- The lot premium was brought down from $3k to $2k (5244 sq ft - Estimate)

In my own little mind i'm feeling buyers remorse and i'm looking for advice. Maybe it's because I wanted a house with a pool and getting a new home won't have this. Can be added later but it can be costly.

So i'm still feeling like I should back out and try to recover some of my down payment if possible (today marks 1 week since paperwork got turned in). Am i getting a good deal? Will the value of this house drop significant in a year or so? I sent quite a few offers for old homes which all got rejected and the inventory is quite low to this date. My biggest problem is that most new homes have small lot size. I also wanted a pool. Seems like i'm a picky buyer.

The loan and everything is in my wife name. Say I can rent this property in 1-2 yrs, would I be able to use my credit to buy another home as FHA?

[airics]

Originally Posted by latin_racer

Say I can rent this property in 1-2 yrs, would I be able to use my credit to buy another home as FHA?

Check your hoa docs, you may not be able to rent it out per the rules.... also check your loan docs, you probably did this as owner occupied...so the answer would be doubt it at least for 3-5 years...

[WestieJeff]

Owner occupancy cause generally requires occupancy for 12 months. It should say it right in the paperwork. After 12 months, rent away, fully within the rules.

Not sure if you'll be able to buy if your wife uses FHA today, even though it is on her own. You may be able to to, the issue is that even when apply for a mortgage without your spouse, FHA requires running and considering their credit as well. Not sure if that affects your ability to get the loan at all. Also, realize if it is possible, you'd have to qualify for the loan solely off your own income without using your wife's.

Originally Posted by airics

Check your hoa docs, you may not be able to rent it out per the rules.... also check your loan docs, you probably did this as owner occupied...so the answer would be doubt it at least for 3-5 years...

[WestieJeff]

Sounds like you're having a case of buyer's remorse. That's normal for most people.

Nobody knows if the value will drop considerably in a year. It seems unlikely to me, but cases could be made for prices declining, staying the same, or going up. I know that isn't helpful, but realize nobody can answer that question for you.

Basically I'd say you have to be comfortable with what your purchasing even if prices do drop 10%. If you'll hate your situation (because you don't like the home, etc.) then maybe it isn't the right house for you.

Originally Posted by latin_racer

Been reading up on this thread and it seems more active so i'll post here a quote from a thread I posted a few days ago.




So i'm still feeling like I should back out and try to recover some of my down payment if possible (today marks 1 week since paperwork got turned in). Am i getting a good deal? Will the value of this house drop significant in a year or so? I sent quite a few offers for old homes which all got rejected and the inventory is quite low to this date. My biggest problem is that most new homes have small lot size. I also wanted a pool. Seems like i'm a picky buyer.

The loan and everything is in my wife name. Say I can rent this property in 1-2 yrs, would I be able to use my credit to buy another home as FHA?