NY Housing Article: Any thoughts? (loans, buying a house, deductible)

[56 Fighter]

Originally Posted by propain

Yeah, except you will buy it today at 5% and sell it tomorrow at 8%. Buying a 320K at 5% or 300K at 8%. Guess which choice is more affordable?

320k at 5% is more affordable but IDIOTIC if you can buy for 300 at 8%. The extra interest is still tax deductible and when rates eventually go back down because they are cyclical, you can refinance. And you bought your house for $20k less than the sucker who listened to you and bought today! Great advice champ!!

[workingclasshero]

now may be the time to buy as far as HOUSING prices.....but when you consider these tidbits maybe long island is not the best place

Albany....property taxes will go up
school taxes are going up higher than inflation
insurance prices are going up

then you have at the NATIONAL level....'cap and tax' which will drive LIPA rates through the roof, and gas prices could triple.....not to mention that obamy want to hit the housholds making over 250k up to over 50% tax


many many Long islanders are in over there heads...many with 500k mortgages on 400k homes.....'propain' might be OK right now...but can EVEN HE afford the TIDALWAVE of taxes coming soon





get out of N ew york before its too late

[56 Fighter]

Originally Posted by propain

Well shall see.

You cant play the waiting game forever. Sure, housing prices might drop 5-10% more but interest rates will increase. Probably to the point where its more expensive to own the home at a lower price than it would be to own it 5-10% higher.


3 signs the economy is rebounding - May. 18, 2009



Will the real estate market rebound soon? - by Melanie Grimes - Helium




Housing market rebounds to 'pre-recession levels'




Housing starts rebound in May while inflation stays in check; signs of stability at low levels






It all depends on who you listen to.

Nice set of articles pro-pain. The first one you link is just telling readers what to look for, not that anything has improved. The second one is garbage with incorrect information in it! The third article is from CANADA!!! The fourth article makes our point for us – it says overall median home prices will continue to fall and talks about the glut of unsold homes and home that won’t see relief until next spring 2010!
Thank you again for making my argument for me!

[56 Fighter]

By the way - in case anyone wants to read a LONG ISLAND SPECIFIC article on where the real estate market is going by an EXPERT economist, check out this link:

Long Island House Prices - Home Pricing Update, January 2009

The article cites the expert, Robert Shiller, and his prediction that home prices will bottom out next year and remain stagnant until 2013.

Game. Set. Match pro-pain.

[dman72]

Originally Posted by propain

See above bold and ask yourself why I became more aggressive toward you. You people really have a hard time understand the chain of events and who gets aggressive with who first. You dont think your comment to me was dismissive or Condescending?



The above bold might be harsh but it’s a reality. That reality spun you off into a tissy. Try to control your emotions.

Im talking about economic trends that you refuse to comment on. I’ve post many links and reasons why I think we are stable and now is a good time to buy.

What I find HILARIOUS is your masked attempt to state you have no stake in wishing house prices bottom out even more and how you want to return to 1962 house prices. Its just your opinion right? You have nothing to gain from it?

Please stop acting like you aren’t hoping and wishing house prices will tumble for your own personal gain. Its insulting.

I have stated many time and my many reason why I wanthome prices to stabilize and go up. Im sorry you find that opinion offensive. Maybe you should just ignore me since you cant seem to control your emotions. I could do without your banter as well.

Hyperbole, wishful thinking, links that prove nothing, if not the other persons point. It's all about what you want, and not anything factual.

I own a home AND wish to move into another home. If prices go up, I get more for my place. If they continue to go down, I keep it and rent it.

This whole argument has been going on because you were giving people "advice" to BUY NOW!!! BUY NOW!!! Advice which is based not on their best interests, but yours. Enough already.

[scottzilla]

Originally Posted by 56 Fighter

320k at 5% is more affordable but IDIOTIC if you can buy for 300 at 8%. The extra interest is still tax deductible and when rates eventually go back down because they are cyclical, you can refinance. And you bought your house for $20k less than the sucker who listened to you and bought today! Great advice champ!!

Don't forget 8-10K closing costs to refi.


edited for spelling.

[56 Fighter]

Originally Posted by scottzilla

Don't forget 8-10% closing costs to refi.

Are you sure they are that high?

[scottzilla]

Originally Posted by 56 Fighter

By the way - in case anyone wants to read a LONG ISLAND SPECIFIC article on where the real estate market is going by an EXPERT economist, check out this link:

Long Island House Prices - Home Pricing Update, January 2009

The article cites the expert, Robert Shiller, and his prediction that home prices will bottom out next year and remain stagnant until 2013.

Game. Set. Match pro-pain.

Lot's of "Experts" lost their shirts this past year. Just saying...
The truth is Robert Shiller is just another guy with an opinion.

[scottzilla]

Originally Posted by 56 Fighter

Are you sure they are that high?

Nope. I meant to type 8-10K in closing costs.

[56 Fighter]

Originally Posted by scottzilla

The truth is Robert Shiller is just another guy with an opinion.

He's an expert who studies the data for a living. I'd take his opinion over your buddy pro-pain's any day of the week