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Old 09-19-2014, 09:54 PM
Status: "Stand with Hong Kong" (set 1 day ago)
 
Location: Laguna Niguel, Orange County CA
9,752 posts, read 7,627,822 times
Reputation: 7751

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I'm telling you we are in uncharted territory. No one knows with certainty what will happen but there are many very powerful forces conspiring to keep housing prices very high:

The Federal Government
Federal Reserve
Investors
BIG BANKS (see also Federal Government mentioned above)
Local/state government which need revenue streams
Home builders want high prices to make max profit
The pity industry/government that needs to lament high prices (no matter what they are, including following the crash) to push for "affordable"aka subsidized housing
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Old 09-20-2014, 06:37 AM
 
18,108 posts, read 19,861,860 times
Reputation: 26532
Quote:
Originally Posted by LuvSouthOC View Post
I'm telling you we are in uncharted territory. No one knows with certainty what will happen but there are many very powerful forces conspiring to keep housing prices very high:

The Federal Government
Federal Reserve
Investors
BIG BANKS (see also Federal Government mentioned above)
Local/state government which need revenue streams
Home builders want high prices to make max profit
The pity industry/government that needs to lament high prices (no matter what they are, including following the crash) to push for "affordable"aka subsidized housing

I'm not arguing these facts. There are definitely a lot of forces applying pressure to the housing market. In 24 years of looking/following the housing market ( from a layman POV) I have never seen a more manipulated market as I see today and the past 3-4 years.
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Old 09-20-2014, 08:40 AM
 
Location: So Ca
15,615 posts, read 14,886,129 times
Reputation: 13541
Quote:
Originally Posted by BRinSM View Post
interest rates are headed back up again, expect sales prices to remain flat or fall very soon.
"A funny thing's happened to mortgage rates this year. They've gone down." (Not to say that they'll stay there...) Mortgage rates hover near 2014 lows | Interest.com
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Old 09-20-2014, 01:46 PM
 
7 posts, read 28,976 times
Reputation: 10
Now, in case anyone is wondering, the reason why I've been so researching this area is due to my interest in moving there sometime in the next 3-7 years. If prices continue rising at such fast clip, affordability will prevent me from making such move.
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Old 09-20-2014, 06:45 PM
 
18,108 posts, read 19,861,860 times
Reputation: 26532
Quote:
Originally Posted by mike tyson1 View Post
Now, in case anyone is wondering, the reason why I've been so researching this area is due to my interest in moving there sometime in the next 3-7 years. If prices continue rising at such fast clip, affordability will prevent me from making such move.

3-7 years is a long time away. In three years rates could double or triple.
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Old 09-21-2014, 09:32 AM
 
Location: So Ca
15,615 posts, read 14,886,129 times
Reputation: 13541
Quote:
Originally Posted by Electrician4you View Post
3-7 years is a long time away. In three years rates could double or triple.
Let's hope not, although they're already climbing.
Freddie Mac: 30-year mortgage rate jumps to 4.23% from 4.12% last week - LA Times
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Old 09-21-2014, 10:44 AM
 
Location: Southern California
4,417 posts, read 5,264,989 times
Reputation: 2167
Don't ask me to explain it, sometimes the Jumbo loans, the ones not sold to Fannie and Freedie, have lower rates than conventional.
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Old 09-21-2014, 11:35 AM
 
3,859 posts, read 2,713,777 times
Reputation: 7099
Quote:
Originally Posted by Electrician4you View Post
In order to make houses affordable back in the bubble days they made crazy loans. They can't do that right now ALTHOUGH I just had a flier rubber banded to my door knob and right there on the back it said stated income loans and some percentage rates. I still have the ad.
I remember back in those days when OC affordability got down to 11%, maybe even lower. Wonder how they can do those stated loans again, I thought there were Federal rules now preventing that.
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Old 09-21-2014, 12:41 PM
 
18,108 posts, read 19,861,860 times
Reputation: 26532
Quote:
Originally Posted by KaraG View Post
I remember back in those days when OC affordability got down to 11%, maybe even lower. Wonder how they can do those stated loans again, I thought there were Federal rules now preventing that.
The only way I can see it done is if its a private lender. And banks CAN give whatever loan they want really as long as they accept full risk for the loan. Its a matter of them being able to sell that loan to somene else or have it backed by the Feds. The reason banks follow fed guidelines is because of that guarante on loans that default and the ability to bundle in MBS to sell off to someone else and transfer the risk. Nobody wants toxic loans
Here is the flyer that was hanging on my door knob



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Old 09-21-2014, 05:30 PM
Status: "Stand with Hong Kong" (set 1 day ago)
 
Location: Laguna Niguel, Orange County CA
9,752 posts, read 7,627,822 times
Reputation: 7751
No income verification
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