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I am saying the market was ridiculous for the average person to own a home.
Prices need and will bottom out ..
Not all sub primers were scammers but I will say they were very greedy don't hang your hat where your hand can't reach...
Buying a house in the 50's selling over 30 yrs later is one thing but buying in 2002 and expecting 5 -10 time more in 2007 is bloody ridiculous
I wonder what those with the big line of equity credit that went on the fancy vacation and just had to have that 4th car added to the collection are doing now .......
I need clarification. When you say 'sub primers' are you referring to the buyers, or the lenders?
But there is a difference. Many buyers are out there looking for people who have no choice but to sell, whether it be to avoid foreclosure, moving for work reasons, or because they are building somewhere else. Perhaps taking advantage of people in this position IS just business, doesn't make it any less predatory.
I think many buyers in NJ are simply looking for an affordable home, instead of the crappy apartment or condo they are living in. I wouldn't call that predatory.
Sure you can buy a McMansion in NC for 1/4 the price of NJ and your next door neighbor just parked a new double wide right in your line of site.
You should really broaden your horizons a bit- your double-wide comment is akin to all the comments people make about NJ being full of f-bomb-spouting guidos and oil refineries- and just as far from the truth.
You should really broaden your horizons a bit- your double-wide comment is akin to all the comments people make about NJ being full of f-bomb-spouting guidos and oil refineries- and just as far from the truth.
Damn right. Who wants to park their double-wide next to some damn yankee?
You should really broaden your horizons a bit- your double-wide comment is akin to all the comments people make about NJ being full of f-bomb-spouting guidos and oil refineries- and just as far from the truth.
Sorry but I have visited NC many times and what I said holds true in many areas. Without building zoning this is what you get.
I live in Somerset county, Guido central, but no oil refineries that I know of.
was it ok for sellers to yank buyers' chains with bidding wars 5 years ago and prey on their emotions? why is it that nowadays it's "screw buyers" when the sellers were *literally* screwing buyers for so long?
You misunderstand, if you believe that somehow sellers were "yanking buyers chains". Sellers can ask for whatever price they want to ask, but it's ALWAYS the Buyer that determines the value of a house. Those were BUYERS outbidding each other, paying 5, 10, sometimes 20% above the sellers asking price. Sellers said, "You an have my house if you pay me $X." And when one buyer said "OK, here's $X, the guy in line behind him said "Wait, don't sell it to him for $X, I'll pay you $(10% over X)."
Sellers can never screw buyers when it comes to price. Buyers always have to option to not purchase the house. (Indeed, many buyers are excercising that option as we speak.) And is it somehow wrong for a seller to take every penny of what someone is willing to pay for their house? Most people who sold homes during these last 8 or 10 boom years would have sold their homes at much lower prices. Because they had decided it was time to move, wheter to a bigger house, a better neighborhood, a different school district, or any of a thousand other reasons. But they had no reason to take less, becasue buyers were knocking each other over for the right to pay more for the house.
And by the way, it's THOSE BUYERS who are very much out in front now, crying that they paid too much, or didn't expect teh interest rate to go so high. Aren't THEY more to blame than the people who simply took the money that was offered for their property?
It is painful to read threads like this where people that don't even understand the simple concept of the time value of money spout off nonsense like "house prices always go up" and then finish with more nonsense about "evil buyers trying to screw sellers".
The market is what it is. It was driven by greed and stupidity and now the bubble is bursting. Any year where your house value increase doesn't match the rise in inflation is actually a LOSS, in inflation-adjusted terms.
And by the way, it's THOSE BUYERS who are very much out in front now, crying that they paid too much, or didn't expect teh interest rate to go so high. Aren't THEY more to blame than the people who simply took the money that was offered for their property?
Amen. And I am pretty pissed off right now about the decision made by the president to convert these ARMs to fixed rate mortgages. That penalizes someone such as myself who opted for a conventional 30 year fixed loan, took my difference and put my money into a mutual fund, whose value is partiallly determined by these mortgage companies, who are now essentially getting the $h*t end of the stick as a result of this decision. Where does government interference end? Anyone who is capable of having a job, family, etc, had to know prior from entering into such an agreement (ARM rate) what the risks were. These folks are absolutely more to blame, with a small assist from Washington D.C.
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