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Old 06-30-2008, 08:08 PM
 
69,360 posts, read 57,147,172 times
Reputation: 9371

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Quote:
Originally Posted by desertsun41 View Post
Ain't that the truth !! Nor do the Mcmansion owners even feel the pinch of the high gas prices.
Thats what I've been trying to explain to a few individuals on the politics thread. As a McMansion owner myself, I dont even have a gas bill to heat the home. Heating bills could go through the roof and my 6,000 sf home heating bills would not be affected.
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Old 06-30-2008, 08:11 PM
 
69,360 posts, read 57,147,172 times
Reputation: 9371
Quote:
Originally Posted by Humanoid View Post
How is that? The McMansions built over the last 7 years or so have been in communities that are fairly far from work centers. The houses are also unnecessarily large and they get hit again by increasing energy costs.

People that buy McMansions aren't rich. They are homes targeted at middle-class so why exactly will they not feel the pinch?
Sorry but my home is large, but not unnecessarily large. In fact I'm thinking about adding onto it next year. Just for the pool...

p.s. I dont live far from work centers either. In fact to get to work I simply walk out of my bedroom, into my office and walaa.. i'm there.. no gas used either..
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Old 06-30-2008, 08:20 PM
 
Location: Drury Lane
823 posts, read 2,582,947 times
Reputation: 250
Default Is this a thread about cars or houses?

OK enough of the McMansion thing. I liked the comparison at first but IMO this thread is off topic.
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Old 06-30-2008, 10:05 PM
 
Location: Los Angeles Area
3,306 posts, read 3,557,114 times
Reputation: 592
Quote:
Financing terms have nothing to do with foreclosure rates.
Huh? Been drinking? Yes a 80/20 100% financing deal has the same default rate as a loan with LTV of 80%, well...perhaps on mars but not here on earth. Anyhow, 100% financing always existed in some form but you paid for the additional risk. 100% financing was much much less common 10 years ago then it was during the housing bubble. The majority of foreclosures have been 100% financing deals (usually a piggyback type deal).

Quote:
Sorry but my home is large, but not unnecessarily large. In fact I'm thinking about adding onto it next year. Just for the pool...
Yes I'm sure you truly require 6000 sf, its necessary in fact that you have that much space. Regardless, the bigger the house the bigger the cooling and heating bills (Of course as Philip T mentioned it is at least possible to convert a McMansion, unlike large autos).
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Old 07-01-2008, 02:16 AM
 
Location: Northridge/Porter Ranch, Calif.
22,704 posts, read 28,372,829 times
Reputation: 6680
Quote:
Originally Posted by darstar View Post
You need to get out on the Big Road once in a while........I'll keep my large car. IF I lived in LA ( and I would not for a Million Bucks ) , I guess I would take mass transit.
I own three large cars and live in LA. (But not in the L.A. basin.)
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Old 07-01-2008, 02:35 AM
 
Location: Los Angeles Area
3,306 posts, read 3,557,114 times
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Quote:
I own three large cars and live in LA. (But not in the L.A. basin.)
In other words you don't live in LA, you live in McMansion filled Porter Ranch. As noted McMansions and large cars go hand and hand.
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Old 07-01-2008, 04:05 AM
 
655 posts, read 758,004 times
Reputation: 240
I'm keeping my SUV. It actually gets 22 mpg and I refuse to give it away to some greedy SUV pimp. Plus I'll be producing my own ethanol here in about 5 weeks and then it will cost me half what it does for you to drive a Prius!!!
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Old 07-01-2008, 06:19 AM
 
893 posts, read 502,144 times
Reputation: 431
Here is one I think you'll see. The auto dalers giving away a free motorcycle with the puchase of a truck or SUV. You heard it here first!
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Old 07-01-2008, 07:07 AM
 
69,360 posts, read 57,147,172 times
Reputation: 9371
Quote:
Originally Posted by Humanoid View Post
100% financing was much much less common 10 years ago then it was during the housing bubble. The majority of foreclosures have been 100% financing deals (usually a piggyback type deal).
The 100% financing is not the reason why people are losing their homes. The reason why they are losing their homes is because people who were not qualified to purchase homes obtained financing. It is not because of the method people used to get financed, its because of the qualifications were greatly lowered, artificially boosting home prices.

Not sure where you got your facts about the majority of foreclosures have been 100% financing deals because that is incorrect. The majority have been homes that were refinanced and cashed out on.

Quote:
Originally Posted by Humanoid View Post
Yes I'm sure you truly require 6000 sf, its necessary in fact that you have that much space. Regardless, the bigger the house the bigger the cooling and heating bills (Of course as Philip T mentioned it is at least possible to convert a McMansion, unlike large autos).
Sorry, but my home cost less to heat and cool then yours, continue to deny facts but that doesnt mean they arent true.
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Old 07-01-2008, 04:57 PM
 
Location: Los Angeles Area
3,306 posts, read 3,557,114 times
Reputation: 592
Quote:
The 100% financing is not the reason why people are losing their homes.
100% financing is directly related to the current foreclosure crisis. Its not just because they were given loans they should not have been given, but also because they have no skin in the game. Walking away becomes that much easier when you contributed nothing but a signature. I'm not sure where you get your information (well....I can guess) but statistically the default rates increase as the LTV increases. This is what the data from FHA, Fannie Mae etc show. 100% is going to become very rare again, even FHA wants to get rid of their down payment assistance program. Guess what the reason is? Just guess. The default rates are too high! Anyhow, what you are saying conflicts with years worth of data.

Quote:
Not sure where you got your facts about the majority of foreclosures have been 100% financing deals because that is incorrect. The majority have been homes that were refinanced and cashed out on.
Not in California, most have been subrprime 100% deals. There was nothing to cash out. Although, certainly what you are mentioning makes up a big part of it too. Perhaps things are different in other states.

Quote:
Sorry, but my home cost less to heat and cool then yours, continue to deny facts but that doesnt mean they arent true.
How so? Either you 1.) Don't heat or cool your house, or 2.) You generate your own power then something doesn't add up. Instead of being vague explain the situation.
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