To New Castle or not to New Castle, that is the question?!! (Philadelphia: mortgage)

[irish8]

Originally Posted by goodgirl49

I guess that's capitalism for you! The strength of the local market lends itself to greater or lesser demand and then in areas with greater demand, the prices go up.

Ireland is a capitalist country too but you still would not find the discrepencies you would find in the States. I don't wanna sound all weepy but you have to feel for all those families in the US who can't afford to meet repayments and are having their homes foreclosed. I find it repulsive and amoral. What the hell happens to these families? I don't know exactly the system in the US but here if that did happen they would recieve immediate housing from the state. European governments tends to have a more social outlook than the US I think.

What I don't understand is why Americans aren't helping Americans, or maybe they are and I am just ignorant to the fact. If I can buy a forecloseure for $10000, surely the US administration can pay $10000 per family and buy that home from those banks and the rehouse those families in "their" own homes....might sound like a fanciful idea but very practical I think. Why doesn't Uncle Sam start acting like an uncle? Then they do not have any mortgage to worry about and can get on withn their lives.

Imagine how traumatic it must be for kids to have to leave their homes like that and how confidence blowing it is for the parents, or parent. It is a god damn crying shame.

Sorry to get all off topic. I was just saying to my wife yesterday that if we had say an extra $10000 then we could try to help by rehousing a family, giving them back their own home, giving them back some semblence of dignity. But we barely have enough cash to cover our own house purchase. Sorry to get off topic about my original question about New Castle.

[goodgirl49]

A lot of the economic difficulty we are in right now has to do with the fact that mortgage lending was out of control and people were being approved for loans that they couldn't afford to pay back. When interest rates went up, and so did monthly payments, they were foreclosed. I agree that those people took a risk that they shouldn't, but they knew it for the most part. For the most part we are on our own to buy houses, though there are some government programs that you must qualify for by income. A lot of younger people are in the position of not being able to afford their own homes in the United States. There were a lot of greedy mortgage lenders here, and right now the industry isn't doing so well. Likely, my husband and I will have to help our children buy their homes, unless we stay in this house till we die and then they can inherit it.

[irish8]

Originally Posted by goodgirl49

A lot of the economic difficulty we are in right now has to do with the fact that mortgage lending was out of control and people were being approved for loans that they couldn't afford to pay back. When interest rates went up, and so did monthly payments, they were foreclosed. I agree that those people took a risk that they shouldn't, but they knew it for the most part. For the most part we are on our own to buy houses, though there are some government programs that you must qualify for by income. A lot of younger people are in the position of not being able to afford their own homes in the United States. There were a lot of greedy mortgage lenders here, and right now the industry isn't doing so well. Likely, my husband and I will have to help our children buy their homes, unless we stay in this house till we die and then they can inherit it.

It's all messed up isn't it. Maybe your kids could buy there own home now (sorry, I have no idea of their ages or circumstances or your circumstance), foreclosed homes are going for $10000, in pretty good condition too.

Anyway, I am still amazed at house prices in the US. We will almost definetly be buying a house there shortly. We might keep it, we might rent it, we might "flip" it (I had never heard about flipping houses until a few days ago)

By the way, do you happen to know (and you may not, that's ok) does a buyer get a home inspection and title search done before paying the 10% deposit or after? Thanks

[goodgirl49]

Originally Posted by irish8

It's all messed up isn't it. Maybe your kids could buy there own home now (sorry, I have no idea of their ages or circumstances or your circumstance), foreclosed homes are going for $10000, in pretty good condition too.

Anyway, I am still amazed at house prices in the US. We will almost definetly be buying a house there shortly. We might keep it, we might rent it, we might "flip" it (I had never heard about flipping houses until a few days ago)

By the way, do you happen to know (and you may not, that's ok) does a buyer get a home inspection and title search done before paying the 10% deposit or after? Thanks

I can't really answer your question about the title search. Thanks for your suggestions about my children buying foreclosed homes, but at least for the time being, both of them want to stay in California where job opportunities are better for them, and their friends and family are here for the most part. My son did live for awhile in Pittsburgh and went to college there, but returned as he felt job opportunities in graphic design were more numerous and better paying here. They might be able to get a foreclosed home here, but not at the low prices as New Castle, PA for example.

[Tallysmom]

Originally Posted by irish8

Ireland is a capitalist country too but you still would not find the discrepencies you would find in the States. I don't wanna sound all weepy but you have to feel for all those families in the US who can't afford to meet repayments and are having their homes foreclosed. I find it repulsive and amoral. What the hell happens to these families? I don't know exactly the system in the US but here if that did happen they would recieve immediate housing from the state. European governments tends to have a more social outlook than the US I think.

What I don't understand is why Americans aren't helping Americans, or maybe they are and I am just ignorant to the fact. If I can buy a forecloseure for $10000, surely the US administration can pay $10000 per family and buy that home from those banks and the rehouse those families in "their" own homes....might sound like a fanciful idea but very practical I think. Why doesn't Uncle Sam start acting like an uncle? Then they do not have any mortgage to worry about and can get on withn their lives.

Imagine how traumatic it must be for kids to have to leave their homes like that and how confidence blowing it is for the parents, or parent. It is a god damn crying shame.

Sorry to get all off topic. I was just saying to my wife yesterday that if we had say an extra $10000 then we could try to help by rehousing a family, giving them back their own home, giving them back some semblence of dignity. But we barely have enough cash to cover our own house purchase. Sorry to get off topic about my original question about New Castle.

The whole subprime thing and foreclosure thing is far more complicated than every one wants to make it. Its basis is greed... greed on the buyers, many of whom bought many houses in a get rich scheme (in some zip codes it's estimated as many as 35% of the homes were bought by speculators wanting to make a buck), greed on the mortgage brokers who told the buyers it was okay to lie on their apps because everyone was doing it, and greed on the lenders who made bad loan after bad loan after bad loan -- and turned them around and packaged them to the big banks who sold them to the world....

Which was the beginning of the worldwide economy dump.

Then you have the endless people who decided to use their house as an ATM -- I can refi and pay off my credit cards -- and buy a BMW... and go to ARUBA!! Hey look -- I got more equity -- I can refi and pay off my credit cards again -- This time a Mercedes! And go to some fancy place I can't think of the name of...

The bad part is that some people are going to get HURT by this.... but unfortunately the press isn't talking about them. They're still talking about the people that willing dug themselves into this mess, and now expect us to feel sorry for them and bail them out.

No one bailed us out when my husband lost his job in 1983. I worked more hours, we cooked from scratch, we didn't go out and we cut back as much as we can -- and jeez -- guess what -- we banked money. Enough to move out to California. And when he lost his job out here due to cut backs -- no helped us again. We cut back as much as we could, we cooked from scratch and once again -- we ended up banking more money.

Sort of makes sound like we spend lots, if all we have to do is cut back. Nope -- we've always saved at least 15% of our income in a pay yourself first manner. We do not run credit card bills, unless it's an emergency, and then we figure out a repayment schedule of not more than three months. Haven't had to do that in YEARS.

[goodgirl49]

Tallysmom.

You do have it a little easier than most because you don't have children. I know you have lots of cats, but they don't cost quite as much!

[irish8]

Originally Posted by Tallysmom

The whole subprime thing and foreclosure thing is far more complicated than every one wants to make it. Its basis is greed... greed on the buyers, many of whom bought many houses in a get rich scheme (in some zip codes it's estimated as many as 35% of the homes were bought by speculators wanting to make a buck), greed on the mortgage brokers who told the buyers it was okay to lie on their apps because everyone was doing it, and greed on the lenders who made bad loan after bad loan after bad loan -- and turned them around and packaged them to the big banks who sold them to the world....

Which was the beginning of the worldwide economy dump.

Then you have the endless people who decided to use their house as an ATM -- I can refi and pay off my credit cards -- and buy a BMW... and go to ARUBA!! Hey look -- I got more equity -- I can refi and pay off my credit cards again -- This time a Mercedes! And go to some fancy place I can't think of the name of...

The bad part is that some people are going to get HURT by this.... but unfortunately the press isn't talking about them. They're still talking about the people that willing dug themselves into this mess, and now expect us to feel sorry for them and bail them out.

No one bailed us out when my husband lost his job in 1983. I worked more hours, we cooked from scratch, we didn't go out and we cut back as much as we can -- and jeez -- guess what -- we banked money. Enough to move out to California. And when he lost his job out here due to cut backs -- no helped us again. We cut back as much as we could, we cooked from scratch and once again -- we ended up banking more money.

Sort of makes sound like we spend lots, if all we have to do is cut back. Nope -- we've always saved at least 15% of our income in a pay yourself first manner. We do not run credit card bills, unless it's an emergency, and then we figure out a repayment schedule of not more than three months. Haven't had to do that in YEARS.

It's great that you are so resiliant, I think in the US you have to be, I get the impression that it's sink or swim in the States. I heard a saying before "a hand up, not a hand out" (don't know who said it?....some politican) Anyway, if we could help someone get their home back we would, but in our present situation, we can't.

I don't mean helping the family who went to whatchamacallit island on holiday or whatever, I'm talking about the single mother with three kids who works 2 jobs, 60 hours a week and is always worrying about where the next paycheck is coming from or will her home be taken or wondering if she can afford nice gifts at xmas for the kids..................Would I help someone like this out, in a heartbeat.

I was listening to John Edwards recently mumble on about some poor woman who had to dress her kids up in heavy jackets when they went to sleep because she had to choose between food or heating. Hey, John, why don't you shut the **** up and put your money where your mouth is!

Something is wrong with America. And I don't mean that phoney Mitt "I have 7 wifes" Romney's Washington Is Broken crapola, I mean at the very foundation of the society something is wrong. How can a country spend billions of $ on war, sending her brave men and women off to a desert to die for oil, when at home there's no health cover for millions of Americans, people are forced to choose between food or heat, masses of homeless without a roof over their heads. That's where the money is needed, in America, not in Iraq.

I've heard of a so-called No Child Left Behind Programme.......what the ****, there's millions of kids left behind, the next generation of America's prisions, gangs and ghettos. The cycle will go on and on and on and on, until everyone is living in guarded gated communities, the prisons are holding tens of millions of Americans and there's mass rioting from Detroit to Dallas and LA to Atlanta.

Anyway, I'm ranting!..... Sorry. You know life is so much easier here in Ireland (it seems) My wife and I are students, university is free here, we actually get paid by the government while we study, all in all we get a bout $42k a year.....for doing what.....pretty much nothing. We don't have to work part time, we live in a reasonably nice apartment which we rent in one of the best areas of the city, we can afford to go on holiday pretty much when we want to, we have our credit cards and now thanks to a bank loan and our savings (we're very good savers too) we can afford to buy a house in the States. Life is good here, if it's like that here, then why oh why can't it be like that in the richest and most powerful country on the face of the planet.

[Tallysmom]

Originally Posted by goodgirl49

Tallysmom.

You do have it a little easier than most because you don't have children. I know you have lots of cats, but they don't cost quite as much!

Absolutely right -- but we still would have been saving...

I don't want to this to sound self righteous -- in all honesty, it's a fear thing. Well -- fear? More like abject terror.

My family was the typical family of the 60's. Daddy worked and Mom stayed home. When he walked through the door at 6PM sharp, a home cooked dinner was on the table. We were pretty sheltered as kids -- in fact -- at 48, I am pretty old fashioned for a cocky pagan liberal in California.

When I was 21, my father died. He was 57. Fell asleep and never woke up. That was an awful time in my life -- made worse by the memory of my mother sitting at her desk with a handful of bills, crying that she didn't know how she was going to make it.

She had never worked, and all she had was a part time low paid library clerk position, with no benefits. If she had 50 grand to her name at that point I would be surprised -- because they had two other daughters they paid for college for, and two weddings out of the way. I was the last one -- and I was just starting college at Penn State Main, after paying my way through Butler County Community College for two years. Thank heavens I did... I got a loan for my student fees.

She couldn't collect Social Security until she was 62.... 10 years.... although I got a little from SS, until I was 22.

Those were very scary times. And the thought of that being me -- let's just use that phrase "blood runs cold".

And Friday -- I spent Friday in the local ER, watching my beloved hooked up to a heart monitor, getting EKG'ed and CAT scanned and blood tests.... and one treadmill stress test.... weak, tired, scared and in pain...

So this whole thing has sort of hit me in the face as it were... Brent's fine, by the way -- well -- he has a very treatable pericarditis -- inflammation of the sac around the heart. Painful, but not fatal, if he does what he's supposed to do.

Just wanted to add -- one of the ways my mom made it through was having me stay home. After we married, we lived with my mom for a long time -- she didn't charge rent, but we had to pay the utilities, and we bought food every other week. Good deal for her, and us...

[johnnytang24]

Originally Posted by irish8

Statistics say Aliquippa is at and under US average but word of mouth tells a very different story. It is a pity. Ireland is quite safe, the police here don't even carry guns! New Castle is not so far from Pittsburgh, commuting to work would not be problematic at all. And if we buy and things don't work out we could always sell later on.

I don't know if you realize it, but New Castle is over 50 miles away from Pittsburgh. If you have no reason to be living in New Castle besides the price, there are other places just as cheap, but closer to Pittsburgh.

[Geeo]

Hi Irish8:

I was born in New Castle and live in Pittsburgh now. New Castle is a relatively safe town, depending of course which neighborhood you are talking about. I would steer clear of any house that is selling for $10,000, because it's probably not in a gret area. But you can still gte a very nice house in a good neighborhood in New Castle for as little as $75,000 - $100.000. The North Hill area on New Caslte is nice, and an area called Neshannock is the nicest part of town. Even there, you could probably find something very nice in the price range you want.

New Castle is about an hour from downtown Pittsburgh and 40 minutes from its northern suburbs and the airport, where more and more people from New Castle work. There is public transportation from New Castle to Pittsburgh via an express commuter bus, and the drive is not bad if you will be using a car.