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Old 10-07-2017, 07:06 PM
 
6,192 posts, read 7,318,906 times
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Quote:
Originally Posted by NyWriterdude View Post

And so much for the advice of some posters telling everyone to buy. Those who defaulted on their mortgages clearly have LOST considerable sums of money. Heaven forbid someone lose their job, because an extended period of unemployment means one cannot pay the mortgage and then the house goes into foreclosure.

That's why you're not supposed to be mortgaged to death. That's why you don't overbuy.

But people will do so anyway.

I do not make anywhere near six figures but if I lost my job I would have no problem paying my mortgage and maintenance on just my husband's salary because we bought what we could legitimately afford if one of us was out of work. And we made sure we still had savings after the d/p. I didn't get any type of dream house. Many of these people do not have sob stories where I would actually feel sorry for them because most of them set themselves up for it.

And you also have plenty of people playing the system.

BTW-What do you want renters to do if they lose their jobs? I mean, many homeowners get to stay in their houses much longer than renters do during eviction proceedings so hey you might be better off.
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Old 10-07-2017, 07:14 PM
 
31,682 posts, read 26,579,007 times
Reputation: 24515
Quote:
Originally Posted by city living View Post
That's why you're not supposed to be mortgaged to death. That's why you don't overbuy.

But people will do so anyway.

I do not make anywhere near six figures but if I lost my job I would have no problem paying my mortgage and maintenance on just my husband's salary because we bought what we could legitimately afford if one of us was out of work. And we made sure we still had savings after the d/p. I didn't get any type of dream house. Many of these people do not have sob stories where I would actually feel sorry for them because most of them set themselves up for it.

And you also have plenty of people playing the system.

BTW-What do you want renters to do if they lose their jobs? I mean, many homeowners get to stay in their houses much longer than renters do during eviction proceedings so hey you might be better off.

One of the better things to come out of the past mortgage/financial crisis is now things have tightened up. Banks and anyone else doing home lending want to see two or several months of funds in the bank *after* closing costs and so forth. In short if getting a home means spending every single dime you can lay hands upon, chances are the application will be denied. That and or be prepared to pay more in points and or interest.
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Old 10-07-2017, 07:39 PM
 
25,556 posts, read 23,851,694 times
Reputation: 10119
Quote:
Originally Posted by BoogeyDownDweller View Post
Capitalism has a recession built into it about every 10 years where millions of people lose their jobs, homes, pensions and lives are destroyed. Last one was about 10 years ago, and so we are overdue
This. Despite the denial of certain people on City Data who must feel good about themselves by pushing how middle class they are and putting down poor people. It's the so called middle class that takes the brunt of every recession. The real rich people party in a recession. Example during the 2008 collapse NYU and Columbia were able to do major real estate expansions. They will again during the next real estate collapse. Other major institutions will also purchase.

Before the 2001 and 2008 recessions, it was the average little investor, so smuggle his "middle class" status who argued there could not be a recession. The real one percent knew there would be though, so they protected their money and hedged their bets. The average little investor has no real ability to do this.

As for Chinese money, the Japanese badly got stung on investments they made in the US in the 80s. In short Americans saw them as unsophisticated suckers. The same with the Chinese, and just as Japanese money flowing to trophies in the US did not last, neither will Chinese.
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Old 10-07-2017, 07:41 PM
 
Location: Between the Bays
10,786 posts, read 11,261,135 times
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Legally, NY likes to painfully tear the bandaid off slowly, rather than just rip it off and find a way to move forward.
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Old 10-07-2017, 07:42 PM
 
25,556 posts, read 23,851,694 times
Reputation: 10119
Quote:
Originally Posted by city living View Post
That's why you're not supposed to be mortgaged to death. That's why you don't overbuy.

But people will do so anyway.

I do not make anywhere near six figures but if I lost my job I would have no problem paying my mortgage and maintenance on just my husband's salary because we bought what we could legitimately afford if one of us was out of work. And we made sure we still had savings after the d/p. I didn't get any type of dream house. Many of these people do not have sob stories where I would actually feel sorry for them because most of them set themselves up for it.

And you also have plenty of people playing the system.

BTW-What do you want renters to do if they lose their jobs? I mean, many homeowners get to stay in their houses much longer than renters do during eviction proceedings so hey you might be better off.
Renters don't lose anything if they lose their jobs long term. A homeowner will lose their house.

There were a lot of people who thought they did all the right things, and said all the right things like you did. And they weep and wail every recession.......................

For starters it is possible for both spouses to lose their jobs............
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Old 10-07-2017, 07:43 PM
 
Location: Between the Bays
10,786 posts, read 11,261,135 times
Reputation: 5272
I hear that around me, foreclosed properties are barely even going for any bit of a discount. Been told that prices aren't worth getting into a bidding war over.
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Old 10-07-2017, 08:16 PM
 
31,682 posts, read 26,579,007 times
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Quote:
Originally Posted by G-Dale View Post
I hear that around me, foreclosed properties are barely even going for any bit of a discount. Been told that prices aren't worth getting into a bidding war over.

For much of NYC days of finding a "cheap" foreclosed property are long gone.


Many "flippers" are out there working their contacts to find those in pre-foreclosure and or in financial distress in hopes of getting a property somewhat on the cheap, but even then that does not always work.


Large problem is big investors/money are and have moved into the game, and they rarely wait for things to reach court house steps as it were. Rather because they often buy distressed properties in bulk things come right from HUD, Fannie/Freddie, banks or whoever is holding the note.


Those that do manage to get their hands on a foreclosed property (without doing their homework) often find they are in same situation as previous homeowner; the home is worth less (and that can be much less) than what they paid. This limits any potential upside.
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Old 10-07-2017, 08:24 PM
 
Location: New York, NY
12,742 posts, read 8,191,133 times
Reputation: 7054
Quote:
Originally Posted by city living View Post
That's why you're not supposed to be mortgaged to death. That's why you don't overbuy.

But people will do so anyway.

I do not make anywhere near six figures but if I lost my job I would have no problem paying my mortgage and maintenance on just my husband's salary because we bought what we could legitimately afford if one of us was out of work. And we made sure we still had savings after the d/p. I didn't get any type of dream house. Many of these people do not have sob stories where I would actually feel sorry for them because most of them set themselves up for it.

And you also have plenty of people playing the system.

BTW-What do you want renters to do if they lose their jobs? I mean, many homeowners get to stay in their houses much longer than renters do during eviction proceedings so hey you might be better off.
Your story is nice but you bought how many years ago? Buying is *much* more expensive now and not everyone has a boyfriend or girlfriend to chip in, so it isn't all about buying more than you can afford.
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Old 10-07-2017, 08:50 PM
 
Location: New York, NY
12,742 posts, read 8,191,133 times
Reputation: 7054
Quote:
Originally Posted by NyWriterdude View Post
Renters don't lose anything if they lose their jobs long term. A homeowner will lose their house.

There were a lot of people who thought they did all the right things, and said all the right things like you did. And they weep and wail every recession.......................

For starters it is possible for both spouses to lose their jobs............
People can run their mouths or whatever, but bought years ago in Mitchell Lama housing.
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Old 10-07-2017, 11:35 PM
 
25,556 posts, read 23,851,694 times
Reputation: 10119
Quote:
Originally Posted by pierrepont7731 View Post
People can run their mouths or whatever, but bought years ago in Mitchell Lama housing.
Oh yeah, and still likely haven't paid off their mortgages.

Interview with Byron Wien on the economy and markets - Business Insider

In that article they mentioned the fed stopped it's asset purchases that were helping to prop up the economy (essentially printing money). Every 8-15 years the US has a big recession. So last one started in 2008. Meaning we are soon do for one.

Oh, by the way, everyone talked big in 1999 and the market crashed hard a couple of years later. Everyone ran their mouthes in 2005 and 2006, and then the market soon crashed (2008).

The fact that foreclosures already are at the number at the start of the previous recession (and rising) isn't a good indicator. The next recession is going to be horrible because those who bought in recent years paid a lot more for their properties than was going in 2008, so the market became even more unsustainable.

Those police officers who feel secure in their employment shouldn't, de Blasio is pressured by the social justice warriors to reduce the criminal justice system and you know he'll get reelected and find ways to deliver.
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