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I expected the usual dose of arrogance from the resident LIers.
The same types bashing people for buying too much house stick their necks out for the banks when someone strategically defaults. The banks were stupid for thinking that people would stay in an house when they owe $200K more than it's worth after 5 years of paying on time. If I was in that situation, I wouldn't stay in either when I see the situations some people are in in California and such.
Let's say I bought a house for 500K that will sell for 250K, still owe 450K? Now my wife loses her job and I can barely pay the mortgage.
I made a bad investment on a house, the bank made a bad investment in my willingness to pay for a wildly depreciated asset. The Shyster mortgage broker pulled a commission ripping both me and the bank off, as did someone down the line on Wall St.
Just part of the LI mentality. "ha ha, you're sucker, I was smart because I bought in 1992 and you didn't"
You weren't smart, your timing was lucky.
My personal opinion is that the market should be allowed to fall to where it belongs be based on historical norms. I don't think some guy in Vegas making 40K should be in a house 4 times the size of mine thanks to the government because I wasn't "stupid" like he was.
But, I also don't see how a guy who was pulling close to a million a year selling bad loans walked away with all that money..and now he's "hurting" too? (I speak from experience with one of my former co-workers husbands. Wife gets breast implants, both driving $60 thousand dollar cars big vacations, etc..now they have to sell their house an move out of state.)
Well, sounds like he spent a lot of money on things you didn't need to impress everyone. Meanwhile he's got a bunch of lawsuits pending for predatory lending. I don't feel bad for thieves and con men. I do feel a little bit for naive people who are losing their homes, although I didn't fall for the same nonsense..at least not to the lengths other people did.
I did have a mortgage guy try to convince me to get in at the top of what we could afford, if not over our heads, and that it was a no brainer because the market is just going to go up and up.
Actually, its pretty horrible for long term growth. We're so far out reach of young couples for family sized homes its having a net negative growth thats showing in age stats as well as echoing in school enrollment.
I think that's the other show waiting to drop for the Island.
Question, has there been an upsurge in sales of homes to people planning on renting them to others?
I think that's the other show waiting to drop for the Island.
Question, has there been an upsurge in sales of homes to people planning on renting them to others?
Hopefully soon. 2.5 more years then I'm out of here if not. Another professional couple bites the dust and a bit more of LI's tax base leaves permanently.
As far as home sales to rent, I don't think so. Not a lot of inventory where you'll make your money back on it. Even if you covered the mortgage note the taxes would be uncovered.
Hopefully soon. 2.5 more years then I'm out of here if not. Another professional couple bites the dust and a bit more of LI's tax base leaves permanently.
As far as home sales to rent, I don't think so. Not a lot of inventory where you'll make your money back on it. Even if you covered the mortgage note the taxes would be uncovered.
Exactly. The break even point on any rental purchased with a post 2005 or so mortgage would so high that most people who cold afford it would be looking to buy something now anyway.
It is plainly obvious why the demand-side is so often ignored in polite conversation: it is the consumer-driven aspect of the house price variable, over which neither the Fed, nor the Treasury, nor the FHA has any authority, and which is a function purely of expectations of the future. Alas, those right now are lousy and getting worse. We expect that Demand-side housing economics will take on progressively more importance in the future, as it becomes obvious that no amount of Supply-side tinkering will prevent another 20% drop in prices.
If you're too dumb to know how much house you can afford without any outside input then you shouldn't own a home.
Couple of years ago there was an article in Newsday about one of these couples that got "shystered" - he was a truck driver and she was a secretary and they bought an $800K house because they were told they could afford it.
Now, you know these two idiots had probably tried to buy, oh maybe a $200K house at some point and got turned down. But a few years later someone "tells them" they can afford $800K on less than $100K salary and it's not their fault? Sorry, not buying it.
My friend and I laugh at how we had to jump thru hoops in the early - mid 90s to qualify for mortgages and no one put down less than 10% - just wasn't done. And I don't believe that most of these people hadn't tried, at some point, to get a mortgage and were turned down. But then "someone" told them they could and they just went for it - thinking they would never get stuck with a mortgage they couldn't pay, and only they know what they were thinking.
I agree. Anyone could tell me what I would like to hear in terms of what I could have, but in the end I am the one who has to decide for herself whether or not I was financially capable of doing it.
Lots of people to blame, but no one wants to admit it's their own fault.
Written by "dman": I expect the usual dose of arrogance from the resident NYers. & Just part of the LI mentality. ha ha you're a sucker I was smart because I bought a house in 1992 and you didn't.
dman, if you don't like LIers and think we're so arrogant, and for some reason we're suckers because we don't do things like buy houses the same year you do, why are you in this forum? Are you just here to put us down, insult us, or make a big attempt at getting our goat. Why don't you just thrash out YOUR arrogance issues with your own locals where you live instead of coming here to insult us?
Written by "dman": I expect the usual dose of arrogance from the resident NYers. & Just part of the LI mentality. ha ha you're a sucker I was smart because I bought a house in 1992 and you didn't.
dman, if you don't like LIers and think we're so arrogant, and for some reason we're suckers because we don't do things like buy houses the same year you do, why are you in this forum? Are you just here to put us down, insult us, or make a big attempt at getting our goat. Why don't you just thrash out YOUR arrogance issues with your own locals where you live instead of coming here to insult us?
Well I didn't buy then, am looking to buy now, but if your paying what most of these homes are going for then you really are a sucker.
Written by "dman": I expect the usual dose of arrogance from the resident NYers. & Just part of the LI mentality. ha ha you're a sucker I was smart because I bought a house in 1992 and you didn't.
dman, if you don't like LIers and think we're so arrogant, and for some reason we're suckers because we don't do things like buy houses the same year you do, why are you in this forum? Are you just here to put us down, insult us, or make a big attempt at getting our goat. Why don't you just thrash out YOUR arrogance issues with your own locals where you live instead of coming here to insult us?
I guess the truth hurts, eh Judi?
By the way, I was projecting the "you're a sucker" comment on to those who criticize people who are struggling on LI, the critics using their own "success" as some indicator of other peoples shortcomings.
Meanwhile the only reason they can live here without struggling is because they bought before 2002.... out of pure dumb luck.
Remember any threads where certain people talked about how hard baby boomers had it?
.... and how "these young people today expect everything"? You know, the wildly presumptuous ones that have little basis in reality? .....when the truth is that baby boomers had it easier than any generation in US history, but think they didn't because people have flat panel tv's and cell phones now, when quality of life is really about jobs, healthcare, housing, being able to retire, leisure time, etc?
By the way, I was projecting the "you're a sucker" comment on to those who criticize people who are struggling on LI, using their own "success" as some indicator of other peoples shortcomings.
Meanwhile the only reason they can live here without struggling is because they bought before 2002.... out of pure dumb luck.
Remember any threads where certain people talked about how hard baby boomers had it?
.... and how "these young people today expect everything"? You know, the wildly presumptuous ones that have little basis in reality? .....when the truth is that baby boomers had it easier than any generation in US history, but think they didn't because people have flat panel tv's and cell phones now, when quality of life is really about jobs, healthcare, housing, being able to retire, leisure time, etc?
Yeah, it's so very true...
To this day the boomers who are cashing out and downsizing are helping this whole thing to limp along in its horribly broken state of debt-o-rama.
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The banks were stupid for thinking that people would stay in an house when they owe $200K more than it's worth after 5 years of paying on time. If I was in that situation, I wouldn't stay in either when I see the situations some people are in in California and such. 
