Real estate continues to plummet, prices are decreasing rapidly. Bottom expected in 2010 (investments, fees)
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Do you really really really believe that everyone who is losing their homes are doing so because they bought more then they can afford?
That sounds like some exceptionally filthy wealthy long pointy nosed person talking and I know that ain't you. Is it?
There are many who had successfull businesses that are now dying due to the severe depression. There are many who were layed off due to the severe depression and cant find more work cause there is none. There are those who might have been injured or sick and dont qualify for disability.
The list goes on. Only the very wealthy dont feel the effects of this depression/recession depending on where you live. But dont blame normal citizens for what lenders did to this economy. To point fingers at those who earn less is a very ugly person.
So you think you'll gain points by calling names?
As for the rest, give me a possible reason why people would be "losing" their homes unless they cant afford it, just name one.. If people could afford their homes, they wouldnt be facing foreclosure.
You simply fail to understand how the "smart" buyers are buying. I consider myself a smart buyer, I just closed on a 6,000 sf home that appraised for over $200,000. I paid $125,000, put $10,000 into it, and the property appraised for $250K, Property values would have to plummet to the point that the government collapses for this home to drop that far.
Say they do they, the new home mortgage is cheaper then the last mortgage I had considering that I've consolidated several homes into one, (rented out a facility to work in), so even if the home drops to $50,000 value, I'm still ahead because I'll sell my first home that I bought 5 years ago and paid off, to pay off the new mortgage.
Truly "smart" buyers are buying now knowing that properties might drop, and that they want their equity going into it, not waiting for the resale. This is whats causing a lot of the problems now.. "smart" buyers looking for major deals, leaving the average home owner who cant afford to cut their homes to compete is stuck holding onto their homes because they cant sell.
I just fail to see the word smart in the same sentence as buying a home that will positively lose value in the coming year or 2.
But........only the wealthy will survive. The poor will perish. Your govt will continue to gain power and strength over we the peons.
Oh and you think the govt will have to collapse first before we lose that much value? Have you checked your govt spending? How about their debt? Consumer credit is at its highest since the invention of Visa and Mastercard.
Ten thousand nuclear war heads and the most technologically trained army in the world will not be able to stop America's economic disaster. An implosion that will come from the moral rot inside her heart. A physical army cannot stop the wave of spiritual destruction we are in for.
Many have found that the defense of liberty is a hard price to pay. While others found it much easier to surrender to the big chains of government. And we all are seeing the demise of our culture due to big boy Dictator in the White House.
Screwem all !!!!!!
Aside from all your money, it is very sad what is happening to our country as well as our economy. It is so sad.
As for the rest, give me a possible reason why people would be "losing" their homes unless they cant afford it, just name one.. If people could afford their homes, they wouldnt be facing foreclosure.
I never called you anything but I guess you had to read my post to find that out.
You want reasons? I gave you 3 but again you had to read it to find that out.
I wish you success in life but just one time you need to experience pain. Loss of job, serious injury and so on. Everyone needs to feel that one time to understand how others get through life. You appear to be putting others down who have less then you. Do you know how mad that makes people?
I never called you anything but I guess you had to read my post to find that out.
You want reasons? I gave you 3 but again you had to read it to find that out.
I wish you success in life but just one time you need to experience pain. Loss of job, serious injury and so on. Everyone needs to feel that one time to understand how others get through life. You appear to be putting others down who have less then you. Do you know how mad that makes people?
Not one reason you listed would protect a renter either.. so please try again.
I just fail to see the word smart in the same sentence as buying a home that will positively lose value in the coming year or 2.
But........only the wealthy will survive. The poor will perish. Your govt will continue to gain power and strength over we the peons.
Oh and you think the govt will have to collapse first before we lose that much value? Have you checked your govt spending? How about their debt? Consumer credit is at its highest since the invention of Visa and Mastercard.
Ten thousand nuclear war heads and the most technologically trained army in the world will not be able to stop America's economic disaster. An implosion that will come from the moral rot inside her heart. A physical army cannot stop the wave of spiritual destruction we are in for.
Many have found that the defense of liberty is a hard price to pay. While others found it much easier to surrender to the big chains of government. And we all are seeing the demise of our culture due to big boy Dictator in the White House.
Screwem all !!!!!!
Aside from all your money, it is very sad what is happening to our country as well as our economy. It is so sad.
You calling someone who bought at $125,000 home wealthy? Wow.. where do you live that homes in this price range are only for the rich?
I say they are not smart. They are fools. Those buying now are thinking: "Wow this house sold for $600K 3 years ago and now it's on the market for $300K. So I will buy it....what a great bargain".
But what that buyer failed to see is that the house they just bought for $300K that he thinks is a bargain will only be worth $250K next year. And so goes another abandonment and then another foreclosure.
I do not have any sympathy for these idiot investors who are buying right now. I just see even more foreclosures hitting the market.
If an area has had the same median price for 10 months straight, inventory has gone down by 15% since the beginning of the year and sales have remained steady then there is good reason to believe that the market has stabilized.
But when you have blinders on and can only see the whole U.S. as one market and not the thousands of different markets it actually is you might not realize what is actually going on.
Guess what!!
some people are buying houses now because they WANT A HOME. They have good to excellent credit, manage their finances well, buy based on one income, focus well within their approved parameters....the sky is NOT falling for everyone! Maybe they get a good deal, or maybe it loses value over time...but in the grand scheme of lfe, IT IS their HOME and they are grateful and proud for what they have.
Every buyer isn't looking to steal from the seller, nor is every buyer on some hidden investment high.
Nothing in life is guaranteed, but home ownership is a treasured event for many, regardless of the economy and the price of eggs in china.
Mr/Mrs recently had twins and needed a larger house. They were disappointed when the sale of their current house was 10% less than it would have been a year ago. They turned around and snagged a house that would have sold in the $800's a year ago and paid only $725K.
They are thrilled with what they view as a chance of a lifetime opportunity to get their "forever" home at a price they could afford.
They were motivated.
They got real about pricing their former home and got sold.
They had enough equity to make take the next step in the neighborhood and school district they wanted for their children. They were ready to put down roots.
They plan to stay in their new home for many years and are not concerned that it may lose value in the short run.
They are not alone.
And this is not limited to higher end homes.
I just fail to see the word smart in the same sentence as buying a home that will positively lose value in the coming year or 2.
But........only the wealthy will survive. The poor will perish. Your govt will continue to gain power and strength over we the peons.
Oh and you think the govt will have to collapse first before we lose that much value? Have you checked your govt spending? How about their debt? Consumer credit is at its highest since the invention of Visa and Mastercard.
Ten thousand nuclear war heads and the most technologically trained army in the world will not be able to stop America's economic disaster. An implosion that will come from the moral rot inside her heart. A physical army cannot stop the wave of spiritual destruction we are in for.
Many have found that the defense of liberty is a hard price to pay. While others found it much easier to surrender to the big chains of government. And we all are seeing the demise of our culture due to big boy Dictator in the White House.
Screwem all !!!!!!
Aside from all your money, it is very sad what is happening to our country as well as our economy. It is so sad.
Nowhere in that jumbled array of words, that went on for so long, yet said so little was there any reasoning to back up your statement that a home bought now will positively lose value in the next year.
Oceanside isn't very nice and historically has been a pretty cheap place to live. What has changed over the last 6-7 years to justify the increased prices? Nothing really. The prices are still higher than historic norms. Given that and the fact that there is a lot of foreclosure activity I'm pretty amazed you think there is no way prices can decline more.
How can your mortgage payment put your taxable income at $10k? That would mean your mortgage payment is something like 80% of your income. Also, you aren't at the highest tax bracket if you don't make more than 100k. You'd have to make over 357k to be in the highest tax bracket. You are either in the 25% or the 28% bracket.
I have been to Oceanside and quite frankly I wouldn't live in some of the neighborhoods I've seen, low housing costs or not. This is a military town and the downtown area looks like it. One of the few places in the US where I saw hookers parading around in front of the movie theatre complex not far from the beach.
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