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I just heard on NPR that "Hope for Homehowners" has apparently not helped a single "Homeowner." Yayyy! I exclaim as sighs of happiness issue happily from my smiling mouth! This sounds mean, but people like me now have a chance to get the houses WE want with good interest rates and hopefully AFFORDABLE (70-100K) prices.
I did not work hard and sacrifice to give away money. Like any smart person, I will try to get the best deal on a house. Afterall, who knows what will happen in the future? Job loss, illness, needy relatives... I am not rich, and I can't afford to lose my downpayment, or have my credit ruined by buying an extremely expensive place.
If the government wants to make it hard for me to get a good deal, then Shame On 'em!
I have seen some really wonderful houses that are sitting, and a really FANTASTIC foreclosure recently (finally!). The DH and I went to look at some houses, and they were my DREAM house, in an neighborhood I like, well built and on big lots and there were 3 or so of them just SITTING. Happiness!!! I have been looking at foreclosures for a while but this one is in an area I want to live in. The house is huge, over 5 bedrooms, LOTS of land, brick construction, a POOL, close to everything, over 10 acres of land! It's still a leetle too expensive for me, though! Hopefully the man and I will still be gainfully employed while prices go lower. Now if My darned investments would just do a little better...
This bodes well for the future. And I don't mean a future where I have to spend 1/2 a MILLION for the house I want, but a future where I can get a really nice house at a GREAT price in a neighborhood I like where I can raise my big family which one day I may be able to afford and have room for my servants! SMILES. BIG BIG SMILES.
(no spell check)
The problem I see is that many neighborhoods in the last decades were built and in ten years they went down hill in many places. That is one reasons so many bought in gated and HOA neighborhoods.I know alot of my relatives who saw their neighborhoods change hands twice in ten years and each time the neighborrhood got a litle less upkeep as the people buying were often first time buyers and previously rented. They basically had no idea of the work needed and money to keep a house up.I thnik this is what we may see in many areas thast are having so many foreclosures. The people buying don't have ;in many cases ;the resources to keepup the houses. Up keep is getting higher ;not lower.
I wouldn't expect to get much more for it in the future simply because the U.S. economy isn't going to improve much as the nation transforms into a third world or second world country. Personally, my purpose in buying such a property would be to simply have a decent home that is less expensive than rent and larger and nicer than a two bedroom apartment. I wouldn't expect it to appreciate much and it might even depreciate further.
I'm laughing, you are kidding, aren't you? A third world country? Please tell me you're kidding!
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,591,098 times
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Quote:
Originally Posted by kinkytoes
I just heard on NPR that "Hope for Homehowners" has apparently not helped a single "Homeowner." Yayyy! I exclaim as sighs of happiness issue happily from my smiling mouth! This sounds mean, but people like me now have a chance to get the houses WE want with good interest rates and hopefully AFFORDABLE (70-100K) prices.
I did not work hard and sacrifice to give away money. Like any smart person, I will try to get the best deal on a house. Afterall, who knows what will happen in the future? Job loss, illness, needy relatives... I am not rich, and I can't afford to lose my downpayment, or have my credit ruined by buying an extremely expensive place.
If the government wants to make it hard for me to get a good deal, then Shame On 'em!
I have seen some really wonderful houses that are sitting, and a really FANTASTIC foreclosure recently (finally!). The DH and I went to look at some houses, and they were my DREAM house, in an neighborhood I like, well built and on big lots and there were 3 or so of them just SITTING. Happiness!!! I have been looking at foreclosures for a while but this one is in an area I want to live in. The house is huge, over 5 bedrooms, LOTS of land, brick construction, a POOL, close to everything, over 10 acres of land! It's still a leetle too expensive for me, though! Hopefully the man and I will still be gainfully employed while prices go lower. Now if My darned investments would just do a little better...
This bodes well for the future. And I don't mean a future where I have to spend 1/2 a MILLION for the house I want, but a future where I can get a really nice house at a GREAT price in a neighborhood I like where I can raise my big family which one day I may be able to afford and have room for my servants! SMILES. BIG BIG SMILES.
(no spell check)
Sounds like you want the tricked out McMansion with a McDonald's price tag. Good luck there...
(I thought the name of this post was "sellers are delusional"....)
I agree. This is an unhealthy market and a lot of people are getting hurt.
The only ones I don't have sympathy for are the wheeler dealers who did what they did purely for the money. Anyone who bought a home to live in acted sincerely and regardless of how misguided some of them were, it's sickening to watch them struggle in this aftermath.
Right, I don't feel sorry for the greedy ones. The people that lost their jobs and are losing their homes, is the ones my heart goes out too. It's hard to lose your home, one of your biggest investments....it's hurting families everywhere.
And all 3 of these add up to 63% who did not earn any MORE than 4%.
Nope. Read what I wrote again. Each category includes the group above it. The "less than 3.5%" group includes all of the "less than 3%" group plus 7% more in the 3-3.5% range. The "less than 4%" group includes the 20% in the less than 3.5% group, plus an additional 12% in the 3.5-4% appreciation range.
So basically, your claim that "much of the nation" is running at roughly 3% annual appreciation for the last 10 years is wrong, unless you somehow consider 13%,20%, or to stretch, 32% of cities to be "much of the nation". Seems like a bit of a fib to me.
Again, where are you getting the data you're using to back up your claims?
Quote:
Some cities within the 25 states you gave, reporting 6% gains is hardly the majority.
So according to your data, exactly how many MSAs reported annual appreciation rates at more than double the 3% you said was the norm in "much of the country"? I know the answer, but I'll give you a chance to show you're actually looking at data and not just making stuff up that sounds good. Was this "hardly the majority" group bigger or smaller than the set of cities that you claimed made up "much of the nation"?
All these fuzzy claims sound good if you don't think about them too much, but the more you look, the more you realize that there's nothing concrete there at all.
Quote:
I can GUARENTEE you most suburbs DID not see 5.8% appreciation.
Based on what you've posted that's been compared to real data, I'd prefer actual numbers instead of your GUARANTEE. What is the correct number here? It's easy to assert that someone else is wrong, but let's see you do some work and back up these assertions.
Quote:
As for getting back to income to affordability ratios. Someone posted an article about how those figures are distorted, depending on how much someone puts down. The affordability is how much "mortgage" they can afford, NOT home.
Yes, you've tried to use this approach with data from the peak of the housing bubble, and it showed that lots of areas which were supposedly "affordable" in 2005 have gone down in price. Since that method obviously doesn't produce any useful results, I figured you'd move on and catch up to the rest of us with something that wasn't giving you obviously wrong results
Quote:
We are talking and argueing about the unrealistic beliefs that all housing should be affordable on average levels.
You might be talking about that issues, but no one else is. No one else is making the claim that all houses will be affordable to all people. You've been specifically corrected about it numerous times - in this thread even - so I'm not sure why you think this line of thought is relevant to anyone but you.
What we're saying is that when the average house isn't affordable to the average house buyer, you've got a market out of equilibruim. All of the data shows that this is the case in a number of locations across the country. The stats show that in areas where this disconnect continues, sales continue to drop. For example, prices haven't dropped enough in DuPage County, IL to attract a sufficient number of buyers, so sales are down by a third or more compared to last year.
In other areas, where prices have dropped (Southern CA, for instance), sales pick up again as prices drop to an affordable level for buyers. It's a wonderful example of how supply and demand works - I don't see what is so hard to understand.
Right, I don't feel sorry for the greedy ones. The people that lost their jobs and are losing their homes, is the ones my heart goes out too. It's hard to lose your home, one of your biggest investments....it's hurting families everywhere.
i agree, but if the government got out of the way and stopped bailing out the banks those foreclosed homes would be finding their way back onto the market at much lower prices. the situation we have now is banks sitting on tons of vacant inventory while people become homeless!
I just heard on NPR that "Hope for Homehowners" has apparently not helped a single "Homeowner." Yayyy! I exclaim as sighs of happiness issue happily from my smiling mouth! This sounds mean, but people like me now have a chance to get the houses WE want with good interest rates and hopefully AFFORDABLE (70-100K) prices.
I did not work hard and sacrifice to give away money. Like any smart person, I will try to get the best deal on a house. Afterall, who knows what will happen in the future? Job loss, illness, needy relatives... I am not rich, and I can't afford to lose my downpayment, or have my credit ruined by buying an extremely expensive place.
If the government wants to make it hard for me to get a good deal, then Shame On 'em!
I have seen some really wonderful houses that are sitting, and a really FANTASTIC foreclosure recently (finally!). The DH and I went to look at some houses, and they were my DREAM house, in an neighborhood I like, well built and on big lots and there were 3 or so of them just SITTING. Happiness!!! I have been looking at foreclosures for a while but this one is in an area I want to live in. The house is huge, over 5 bedrooms, LOTS of land, brick construction, a POOL, close to everything, over 10 acres of land! It's still a leetle too expensive for me, though! Hopefully the man and I will still be gainfully employed while prices go lower. Now if My darned investments would just do a little better...
This bodes well for the future. And I don't mean a future where I have to spend 1/2 a MILLION for the house I want, but a future where I can get a really nice house at a GREAT price in a neighborhood I like where I can raise my big family which one day I may be able to afford and have room for my servants! SMILES. BIG BIG SMILES.
(no spell check)
It doesn't sound like those homes are going to drop to 70-100k prices no matter how long you wait. I don't know your market but I don't think those places exist. Secondly, this is what's wrong with our society...wishing bad on others to help ourselves out. You hope lots of people lose their jobs and their homes so you can personally gain. Merry Christmas everyone! Sorry, but that post really irks me.
Me, too, Brandon. I mean, really, READ what you said! You are wishing bad on others so that you can get a home that is, evidently, more than you can afford ($70-100,000?). You are, to boot, demonstrating the same sense of entitlement that got a lot of the folks you're wishing misery on into trouble in the first place.
I'm laughing, you are kidding, aren't you? A third world country? Please tell me you're kidding!
Have you been reading the newspapers lately? In case you missed it:
"Big Company X to lay off 20,000 employees."
"Big Company Y to lay off 10,000 employees."
"Twenty little companies to lay off 500 employees each."
"Almost 700,000 jobs lost in November" (The about 530,000 number plus the conservatively estimated 150,000 new jobs needed each month to keep pace with population explosion.)
"U.S. National Debt hits record levels."
Is there any reason to believe that the American economy will recover from all of its problems? Does this nation still maintain the basis for having a first world economy and widespread middle class prosperity? Manufacturing won't pull us out of this since those jobs were all sent to India, China, and Mexico. Knowledge-based jobs have also been outsourced or filled by foreigners on H-1B and L-1 visas. In the meantime we are "enriching" ourselves by allowing millions of impoverished people to enter the country. ("Got tens of millions of poor people in your country? Solution--import more poor people!")
The only reason to believe that property values will increase is simply that an increasing population raises the demand for and value of land. However, at issue is whether that population increase will outweigh the nation's increasing amounts of poverty. The nation may have more people who need housing but will they be able to buy any of it?
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