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Old 04-14-2010, 07:59 PM
 
177 posts, read 357,172 times
Reputation: 55

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I heard some positive news from another friend today.

She bought a single house in Spring Valley for 85K last August. She paid this house by conventional loan with 30% downpayment. The price was decided by the appraiser and was accepted by both parties. She rented her house to somebody else for 6 months, $975 for each month. She was netting at least $450 a month. After the lease ended in March, she listed her house for sale immediately and has been in contract already. The new buyer will pay by conventional loan also. This time the appraisal came in at 100K, which is 17% higher than last year.

When she bought the house in August, people told her that she was destined to lose money and it was just a very stupid decision. Now she proves them wrong. No wonder she is kinda happy now.
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Old 04-15-2010, 03:27 AM
 
2,724 posts, read 4,764,096 times
Reputation: 1042
Quote:
Originally Posted by mresort View Post
I heard some positive news from another friend today.

She bought a single house in Spring Valley for 85K last August. She paid this house by conventional loan with 30% downpayment. The price was decided by the appraiser and was accepted by both parties. She rented her house to somebody else for 6 months, $975 for each month. She was netting at least $450 a month. After the lease ended in March, she listed her house for sale immediately and has been in contract already. The new buyer will pay by conventional loan also. This time the appraisal came in at 100K, which is 17% higher than last year.

When she bought the house in August, people told her that she was destined to lose money and it was just a very stupid decision. Now she proves them wrong. No wonder she is kinda happy now.
WOW!!! That's awesome...

I bid on 30 homes and bid 3-5% OVER comps(market value) and got outbid by specuvestors on every single one. Your friend must have some serious mojo!
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Old 04-15-2010, 10:13 PM
 
177 posts, read 357,172 times
Reputation: 55
Quote:
Originally Posted by eventusstultorummagister View Post
WOW!!! That's awesome...

I bid on 30 homes and bid 3-5% OVER comps(market value) and got outbid by specuvestors on every single one. Your friend must have some serious mojo!
No, she wasn't.
She bought it from an equity seller. Many people keep focusing on the foreclosure market and completely overlook the traditional market.
And keep in mind that the house was bought in last summer. At that time we had plenty of inventory and the financial market hadn't fully stablize yet. The DOW was at 8,000 vs 11,000 as of today.
Actually I am pretty amazed that the appraisal has gone up 15K from last summer.
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Old 04-16-2010, 09:27 AM
 
34 posts, read 158,175 times
Reputation: 26
Default Pesculating?

Hey eventusstultorummagister, I looked up Pesculating and got nothing, so I'll assume the "s" jumped two spots to the right. Yes?
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Old 04-16-2010, 10:00 AM
 
Location: North Las Vegas
1,631 posts, read 3,951,794 times
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Hey guys and gals, big news on wallstreet SEC filed fraud charges against Goldman Sacs this is effecting the stock market right now and who knows affect home sales again.
CNBC Mobile Home
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Old 04-16-2010, 10:18 AM
 
Location: Las Vegas
3,728 posts, read 9,474,424 times
Reputation: 1323
Default From today's RJ

New article from today's RJ


Apr. 16, 2010
Copyright © Las Vegas Review-Journal

New-home sales rise 37 percent in Las Vegas



New-home sales rise 37 percent in Las Vegas - Business - ReviewJournal.com
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Old 04-16-2010, 10:21 AM
 
285 posts, read 785,300 times
Reputation: 219
It's about time. This explains the cold reception Harry Reid got the other day by GS executives. Even Dirty Harry couldn't call off the dogs on this one. It's definitely having an effect on the stock market but I'm not sure how it effects the housing market. This is punishment for prior deeds that in part caused the mess we are currently tyring to dig out of.
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Old 04-16-2010, 12:04 PM
 
1,347 posts, read 2,448,565 times
Reputation: 498
Quote:
Originally Posted by dano View Post
This is punishment for prior deeds that in part caused the mess we are currently tyring to dig out of.
Dano, it's more closely related to something I referenced in a post back in May, 2009.
Quote:
Originally Posted by tony soprano

Goldman Sachs has made it through this mess relatively unscathed. They were shorting subprime paper during the same time they were securitizing it.

//www.city-data.com/forum/8954916-post1092.html
Amongst other things, the SEC complaint says that Goldman failed to disclose that one of their clients stood to gain from the failure of the mortgage securities they were selling to investors. FWIW, I mentioned that specific client in another post.
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Old 04-16-2010, 12:34 PM
 
285 posts, read 785,300 times
Reputation: 219
Quote:
Originally Posted by tony soprano View Post
Dano, it's more closely related to something I referenced in a post back in May, 2009. Amongst other things, the SEC complaint says that Goldman failed to disclose that one of their clients stood to gain from the failure of the mortgage securities they were selling to investors. FWIW, I mentioned that specific client in another post.
Right. They also need to follow the money that Paulson (former CEO of GS) gave to AIG. I believe they were insuring CDOs held by GS and others including foreign banks. Once our tax-payer dollars to given to AIG, these clients were made whole. They also need to investigate all the money that was made by political operatives who drove Fanny & Feddie into the ground.

This should only be the beginning.
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Old 04-16-2010, 02:49 PM
 
Location: Las Vegas
91 posts, read 260,802 times
Reputation: 66
not true you can get a move in forclosure for around 115,000 or even cheaper in a great area I live in the north west part of town las year I paid 133,000 for my house the same house just went for 111,000 but cash is king right now the house that was bought for 111,000 had offers of 128,000 but the 111,000 was pay in cash. but **** I am paying lower in all of my bills that I was paying rent back in NY and far as I am concern this is better then Florida you do nor need to worry about Hurricanes.
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