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Good luck, but keep in mind that there's still a lot of baby boomer retirement dollars out there looking for a place to be put.
Exactly what I'm counting on over the long haul.. Write a check, pay cash for the properties.. negotiate like crazy because you can close within days.. Then hold off on the long haul on the resale..
All to many people right now are lowering their prices, because they got stuck with bad mortgages.
You can kiss that thought goodbye, if this new mortgage amnesty plan passes next week. The talking heads seem to think it's close... very, very close. It will freeze the teaser interest rate on many subprime and alt-A loans to keep people in their homes. (They're pretty vague about who exactly gets to keep what, but quick to point out that those who "need" help will get it.) People who got in over their heads (and generally lied like a rug to do it) will get to pay that low teaser rate for the next 3-5 years... while borrowers who bought less of a house-- because that was what they could afford-- and took out a full-doc fixed-rate loan to do it will continue to pay several percentage points higher as a reward for being honest and responsible.
If this happens, accountability will be totally out the window, fewer sellers will face foreclosure, prices will not fall as much as they should and inventories will deplete faster at higher price points. Cheaters will prosper, taxpayers will pay the price and conscientious borrowers will learn what happens when you actually play by the rules in the new Bail-Me-Out Benny economy. Be sure and write your congressman and say, "thanks."
I don't think that's such a bad idea as long as it's the banks, who made the money on the loans, who are picking up the slack and not the taxpayers.
It will allow for a couple of things, one, giving time for people's income to increase to where they can handle the future increased loan payments, two, to give them more time to sell if they can, three, allow them to possibly save for a downpayment so they can qualify for a regular mortgage, and four, to spread the fall in values out to a less shocking and economy rocking bunch. It's actually a decent way to mitigate the crisis, better than devaluing our money even further.
From living in one of the most highly undesirable states to move to in the union--Oklahoma, a state that may lose yet another congressman in 2010--my county assessor recently raised the value of my home by 19%. So if you're a homeowner in a better state to live in than Oklahoma, such as Florida or California and your house price is plunging, I'm very happy that I have less reason to envy you now!
I don't think that's such a bad idea as long as it's the banks, who made the money on the loans, who are picking up the slack and not the taxpayers.
It will allow for a couple of things, one, giving time for people's income to increase to where they can handle the future increased loan payments, two, to give them more time to sell if they can, three, allow them to possibly save for a downpayment so they can qualify for a regular mortgage, and four, to spread the fall in values out to a less shocking and economy rocking bunch. It's actually a decent way to mitigate the crisis, better than devaluing our money even further.
I would agree with you in theory, except it's hideously unfair that people who did not take out these bonehead loans are paying a higher rate of interest than those who lied (or omitted) their a**es off. A lot of them they didn't even make a down payment, so their money isn't at risk.
If we continue to reward bad behavior and blithely bail out people who make poor decisions, who's going to do the right thing? Let's see-- lie and buy whatever you want with other people's money, don't read the fine print (or maybe even the big print) and rely on everybody else to bail you out, here's a nice, juicy carrot. Be honest and upright, play by the rules and live within your means-- whack, you get the stick!
Actions have consequences. They always have, and they still should. And if that means people losing their houses, well, that sucks, but no one should ever gamble without knowing what they stand to lose.
Just sold for $186,200
Allegheny County Assessment (http://www2.county.allegheny.pa.us/realestate/History.asp?CurrBloLot=0213M00081000000&HouseNum=7 177&Street=ohio%20river&SingleResult=True - broken link)
Out of curiousity pghquest, I checked your links and it looks like a neighbor bought the home and he is in the mortgage business or possibly just paid cash. Either way, it does NOT seem like a normal sale IMHO, but one where there are extenuating circumstances.
Of course, I could be wrong (LOL). Maybe another poster in your area can tell us more about 'this' particular sale. That assessor link sure has a lot of info!
Just sold for $186,200
Allegheny County Assessment (http://www2.county.allegheny.pa.us/realestate/History.asp?CurrBloLot=0213M00081000000&HouseNum=7 177&Street=ohio%20river&SingleResult=True - broken link)
Out of curiousity pghquest, I checked your links and it looks like a neighbor bought the home and he is in the mortgage business or possibly just paid cash. Either way, it does NOT seem like a normal sale IMHO, but one where there are extenuating circumstances.
Of course, I could be wrong (LOL). Maybe another poster in your area can tell us more about 'this' particular sale. That assessor link sure has a lot of info!
I can assure you that nothing is up with "this" particular sale.. I know it because I followed this listing all the way down, offered $189K when the asking price was $299K.. and was told that there is no way they would sell anywhere near that.. Third time this has happened to me locally.
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(LOL). Maybe another poster in your area can tell us more about 'this' particular sale. That assessor link sure has a lot of info!
