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Property has been overvalued for a long time in hot markets such as Manhattan and San Francisco. The value comes from people wanting to buy there and willing to pay the price for it. A junky old 2/1 home should not be worth over $1 million anywhere but there are markets where that is the value.
In many places prices are just getting back to where they were before the crash and with cost of living going up in 10 years it's not something crazy or reckless. So you are up to 30% uncertain if your market is overvalued. My area still has room to grow and older homes and smaller homes and starter homes are doing the best because builders do not want to build affordable homes.
There are still places where older homes are still for sale for $50K. Not places where you can earn $100K a year easily. But places where is you have a solid job and work from home you can move there and do really well. Also it doesn't take a lot of income to qualify for a $50K home, even working for minimum wage may qualify you if you don't have a high debt to income ratio and good credit. It's crazy when I see the occasional listing where an older home is rented for $650 a month while others live in medium size towns and can't even rent a studio for that.
If people are lining up to pay over $1 million for tiny homes in these markets and multiple offers at that doesn’t that mean that’s the value ?
Something is only worth what people are willing and able to pay.
These expensive metros like NYC SF LA don’t make sense financially for most people .
People are mostly living there for lifestyle reasons .
Lot’s of people hoping prices are going to come down a lot or hope government will build “affordable “ housing for them but it’s not going to happen . Only the lucky few will win the affordable housing lotto .
If people are lining up to pay over $1 million for tiny homes in these markets and multiple offers at that doesn’t that mean that’s the value ?
Something is only worth what people are willing and able to pay.
These expensive metros like NYC SF LA don’t make sense financially for most people .
People are mostly living there for lifestyle reasons .
Lot’s of people hoping prices are going to come down a lot or hope government will build “affordable “ housing for them but it’s not going to happen . Only the lucky few will win the affordable housing lotto .
and that is the value which is why prices there are not going to crash.
Government doesn't even have affordable housing for seniors on a fixed income in most place.
It may and Trump is the one trying to change things in the Dodd Frank Act to make it easier to get mortgages. As it stands now lenders are liable to make sure that applicants are eligible for the mortgage.
I was not aware that the Republicans in charge, from regulators to Congress to POTUS, were pushing for changes in Dodd-Frank that would lower the threshold to qualify for a mortgage.
I must have missed the program where the government provides affordable housing for seniors on a fixed income.
Gardens boasts a well maintained and attractive 231 units. The three-story brick building sits across from a well groomed 6.8 acre park. For over 30 years, Gardens has provided safe, affordable and pristine housing to qualified Section 8 elderly residents (62 years or older) or disabled.
Apartment Features:
The kitchens were upgraded in 2010. Emergency pull cords are provided in the bathroom and bedroom. Floors are tiled or carpeted. Each unit is cable and FIOS-ready. All utilities (except cable, FIOS and telephone) are included in the rent. There are two modern laundry rooms per floor.
Community Amenities:
Thew community is a home offering a lovely, well used community room with a dance floor, state-of-the-art computer center, game room, library and a pottery room. In the spring, residents enjoy a large patio with grills and a beautiful gazebo. The 19-passenger bus takes residents on scheduled shopping and other trips. Assigned resident parking is also available.
This apartment accepts HUD subsidies. For HUD subsidized apartments, if you qualify for low income housing and they have available apartments, rent is based on 30% of your Adjusted Gross Income.
Last edited by LifeIsGood01; 06-04-2018 at 07:01 PM..
I was not aware that the Republicans in charge, from regulators to Congress to POTUS, were pushing for changes in Dodd-Frank that would lower the threshold to qualify for a mortgage.
Trump said during a White House event Tuesday he wants to give banks the freedom to loan to customers deemed too risky under Dodd-Frank, the sweeping post-crisis financial rules enacted in 2010.
Gardens boasts a well maintained and attractive 231 units. The three-story brick building sits across from a well groomed 6.8 acre park. For over 30 years, Gardens has provided safe, affordable and pristine housing to qualified Section 8 elderly residents (62 years or older) or disabled.
thanks. I misread your post as if they generally provided housing to a LOT of fixed income senior citizens. Of course they offer it to those who need financial assistance since they're in poverty.
Trump said during a White House event Tuesday he wants to give banks the freedom to loan to customers deemed too risky under Dodd-Frank, the sweeping post-crisis financial rules enacted in 2010.
I'm not precisely sure where it stands, but there's a proposal to allow smaller banks to have lower capital requirements. There's a topic in the Economics forum, if you're interested.
Small banks aren't the problem. It was always the big banks, and the big investment houses, and the large mortgage generating outfits like Countrywide. From 9/08 to about 2012, the pendulum swung too far the other way. For basically all of 2009, the only people that got non-FHA/FNMA loans had 20%+ down, > 750 credit, and mortgages of < 200% of local median price.
otherwise, I haven't seen anything that suggests what the Hill posited in that pretty fluffy article.
But I have seen FHA/FNMA propose and even enact lower credit score and higher DTI ratios for a currently-small % of mortgagees.
I'm not precisely sure where it stands, but there's a proposal to allow smaller banks to have lower capital requirements. There's a topic in the Economics forum, if you're interested.
Small banks aren't the problem. It was always the big banks, and the big investment houses, and the large mortgage generating outfits like Countrywide. From 9/08 to about 2012, the pendulum swung too far the other way. For basically all of 2009, the only people that got non-FHA/FNMA loans had 20%+ down, > 750 credit, and mortgages of < 200% of local median price.
otherwise, I haven't seen anything that suggests what the Hill posited in that pretty fluffy article.
But I have seen FHA/FNMA propose and even enact lower credit score and higher DTI ratios for a currently-small % of mortgagees.
Yeah more greed with the bigger banks . Pressure from Wall Street to make certain numbers and also the selling off of loans and offering all these mortgaged backed securities and shady things .
Seems some of the smaller banks keep their loans in house so they would actually care about the quality and not do the liar loans like the big banks .
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