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Anyone who is renting, with the ability to buy and not doing so because they are waiting for the bottom or that "guarantee" are absolutely hurting this situation, not helping it. Unless you put your money in a low interest CD, where else are you guaranteed not to lose or for that matter, definitely gain money.
So real estate is guaranteed not to lose money?
Wow.
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And this "fear" was created by the "not so qualified" buyers who got us into this mess and drove all the values down.
Right.. all those unqualified buyers who drove values down.
There is a difference between fear and attitude that any transaction deserves a "guarantee" to not lose value. A home is a place to live. And as a whole, if you stay in it long enough, you'll be almost "guaranteed" to sell it for more than you paid, even in todays market.
And might I add that the banks are NOT helping at this point! All that money and they are NOT giving it to the American people, like they were supposed to....
Remember there are only 2 guarantees in life. Every other 'guarantee' is etched in jello.
All that money and they are NOT giving it to the American people, like they were supposed to....
Remember there are only 2 guarantees in life. Every other 'guarantee' is etched in jello.
All that money and they are NOT giving it to the American people, like they were supposed to....
What, another entitlement program?
Jello - that's funny.
The CEO from CitiGroup was being chewed out by the committee for not loaning money recently on TV. His response was "Thought you wanted us to loan it to people who could actually pay it back ? "
I think you need to read again. I said the buyers are almost demanding that type of guarentee, and wanting to offer on ficticious amounts they think the home value will fall to, and wanting the seller to absorb that "maybe" of that happening, now. So if the home rises in value, shouldn't buyers be offering more, as the seller should return the same "guarentee" of not taking less now, than it will be worth next year? That's the same comparison, in a nutshell!
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Right.. all those unqualified buyers who drove values down.
Absolutely, by defaulting and walking away from something they never owned in the first place (because of no "skin in the game" ie: money in it!)
Remember there are only 2 guarantees in life. Every other 'guarantee' is etched in jello.
All that money and they are NOT giving it to the American people, like they were supposed to....
What, another entitlement program?
What? I hope you're kidding. You do understand what I was saying, I hope. There are millions and millions of american people who are andalways have been repsonsible consumers, and they are being punished the same as those who were and are not. There is great power in those that can help, but the financial sectors are making that nearly impossible at this point. Nothing "entitled" about it. Small businesses are having their lines of credit cut off, even though they've NEVER missed a payment, are current, and have put money back into the company as opposed to borrowing against it. Did you by chance listen to the town hall meeting last Thurs. with Obama and that particular question addressed? Tax wise, it appears as if these many types of business are profiting greatly, until they realize profits have gone back into the companies, not the owners pocket. So in case you didn't understand, re-read, please.
The CEO from CitiGroup was being chewed out by the committee for not loaning money recently on TV. His response was "Thought you wanted us to loan it to people who could actually pay it back ? "
What a crazy Idea, paying back money you borrow.
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ANd what a smart-a$$ answer, if so. Then I guess they should base NOTHING else on their criteria, except to check is one has paid their mortgage in past. In other words, what does being 30 days late on a department store credit card, one time, have to do with potentially not paying back a loan? Credit scores are measured in a$$ backward ways, leaving something like this as a "mark". My sister and brother-in-law had this very scenario. Ridiculous. So the CEO from CitiGroup can kiss my wealthy A$$! He proved my point, exactly! And god forbid he give up any part of his million dollar yearly wages!
And this "fear" was created by the "not so qualified" buyers who got us into this mess and drove all the values down.
Whoa !
The bubble was an abberation- a fluke of nature, if you will. Speculation inflated the bubble, as it does all bubbles.
The folk with little to no skin in the game and those who lent to them were the greatest speculators of all.
Next in line of speculators were the folks who extracted premature equity from their homes because they ad their lenders believed that their home values were going to appreciate indefinitiely, at the then current and unprecidented rates.
Speculation fueled home value appreciation and the entire economy.
And now, the speculators have left the market. Lenders are not willing to fund them. What's left are buyers and there are many, who are afraid of commiting to something with almost certain, depreciation.
This fear will cause the market to over-correct, in most areas. When a market reaches a tipping point ( unique to an area) the buyers will come off the fence as they are beinging to do, in some areas. The deals, in some areas, are just too fabulous to pass by, especially at today's interest rates.
Cohdane,
I thought I knew you better than this...
You're quoting Barry? I won't go there...LOL
You know me all too well. I'll admit I quoted him, despite the fact that I have a healthy bit of skepticism about the study's conclusion.
Do properties lose value because homes near them foreclose? Or do homes foreclose because the homes are losing value?
Chicken and egg.
In any event, unless the foreclosure is a classic eyesore, it doesn't seem like the average buyer would have any idea it was a foreclosure. (As I type this, I'm remembering two properties out here with kicked in garage doors adjacent to $700k+ homes. Ugh.)
Fairmarket, here! Househappy (my wife) is out with the girls, shopping. It's spring break and weather is crappy. Girls are shopping and boys are home, veggin'- surprise.
Cohdane, Are you still looking at the North Shore? I assume you must have your reasons for concentrating there. But you do realize you'd get so much more house down here in the western suburbs. Your 8-900k would serve you well in my community and the nice ones surrounding it. I can't remember why you are shopping on the NS. What happened to the house you were looking at with the tall base cabinets? Did you ever make an offer?
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