Fed empties the Armory, expends all ammo, housing has bottomed. SD RE will cost more in August of 09 than it does now.

[peterb]

I think Mr Mortgage hits on a very important point, refi’s tend to need equity to get the deal done. That train has left the station for many people now.
With unemployment rising and home prices dropping, who wants to risk entering the market even if rates are low and prices are down. It’s still a big debt load on a depreciatiing asset that is highly iliquid. Not the kind of move most people make that dont have a warm and fuzzy feeling about the economy.
So here’s our conundrum, those in,cant get out, those out, dont want to get in. Not much of a market.
If the govt hurry’s and nationalizes the mortgage market at say 2% interest, 100% LTV on all existing mortgages, no doc needed. That would probably put a floor under it for a while. What, maybe $12T in total? This would go a long way towards helping the problem.
From a purely investment point of view, one should never buy into a very leveraged position until there’s strong confirmation of an uptrend in both the investment and the general economic conditions. This is basic successful investing. Anything else is exremely risky investing. Bottom fishing in real estate is not wise. It’s way too expensive to be wrong.

[TheBreeze]

[quote=sdrealtor]Breeze,
You are an idiot.
[/quote]

And you are a sleazeball realtor. How about you drop the Internet toughguy act and try to keep the conversation civilized? I didn’t even address you in my post and would prefer it if sleazeball realtors didn’t reply to my posts. k, thx.

[quote=sdrealtor]
As far as I know SD R is a renter as is Urbanrealtor. Rustico built his own house and I’ve owned mine for about 10 years. Who’s the realtor on this board that bought during the bubble? Inquiring minds want to know.
[/quote]

I recall a discussion a year or so ago where a realtor on this board admitted buying during the bubble. I think he said the value of his house had dropped between $100K and $200K.

I don’t recall which idiot realtor it was. In any event, it’s not like it was a rare event. There were tons of realtors and mortgage brokers who drank the Kool-Aid.

[quote=sdrealtor]
BTW, Wells fargo is quoting 4.875 with 0 points on their website as I type. Tommorrow they should be lower.
[/quote]

Great. Now all you need to do is con some hapless buyer with a 720+ FICO and a 30% down payment into buying. Good luck with that.

[quote=sdrealtor]
The funny thing is that Mr Mortgage bought Casey Serrin’s website and is lacking in credibility IMO.
[/quote]

Is this the Web site?

http://iamfacingforeclosure.com/

What exactly is wrong with buying a Web site that has a lot of traffic and changing it’s focus?

[quote=sdrealtor]
He’s operating an online business and has a vested interest in you buying what he’s selling.[/quote]

How does that differ from what you do? Mr. Mortgage brings a fuckton of free data and analysis to the table. What exactly do you bring to the table, other than your ability to name-call which most people grow out of in junior high?

[TheBreeze]

[quote=sdrealtor]Breeze,
You are an idiot.
[/quote]

And you are a sleazeball realtor. How about you drop the Internet toughguy act and try to keep the conversation civilized? I didn’t even address you in my post and would prefer it if sleazeball realtors didn’t reply to my posts. k, thx.

[quote=sdrealtor]
As far as I know SD R is a renter as is Urbanrealtor. Rustico built his own house and I’ve owned mine for about 10 years. Who’s the realtor on this board that bought during the bubble? Inquiring minds want to know.
[/quote]

I recall a discussion a year or so ago where a realtor on this board admitted buying during the bubble. I think he said the value of his house had dropped between $100K and $200K.

I don’t recall which idiot realtor it was. In any event, it’s not like it was a rare event. There were tons of realtors and mortgage brokers who drank the Kool-Aid.

[quote=sdrealtor]
BTW, Wells fargo is quoting 4.875 with 0 points on their website as I type. Tommorrow they should be lower.
[/quote]

Great. Now all you need to do is con some hapless buyer with a 720+ FICO and a 30% down payment into buying. Good luck with that.

[quote=sdrealtor]
The funny thing is that Mr Mortgage bought Casey Serrin’s website and is lacking in credibility IMO.
[/quote]

Is this the Web site?

http://iamfacingforeclosure.com/

What exactly is wrong with buying a Web site that has a lot of traffic and changing it’s focus?

[quote=sdrealtor]
He’s operating an online business and has a vested interest in you buying what he’s selling.[/quote]

How does that differ from what you do? Mr. Mortgage brings a fuckton of free data and analysis to the table. What exactly do you bring to the table, other than your ability to name-call which most people grow out of in junior high?

[TheBreeze]

[quote=sdrealtor]Breeze,
You are an idiot.
[/quote]

And you are a sleazeball realtor. How about you drop the Internet toughguy act and try to keep the conversation civilized? I didn’t even address you in my post and would prefer it if sleazeball realtors didn’t reply to my posts. k, thx.

[quote=sdrealtor]
As far as I know SD R is a renter as is Urbanrealtor. Rustico built his own house and I’ve owned mine for about 10 years. Who’s the realtor on this board that bought during the bubble? Inquiring minds want to know.
[/quote]

I recall a discussion a year or so ago where a realtor on this board admitted buying during the bubble. I think he said the value of his house had dropped between $100K and $200K.

I don’t recall which idiot realtor it was. In any event, it’s not like it was a rare event. There were tons of realtors and mortgage brokers who drank the Kool-Aid.

[quote=sdrealtor]
BTW, Wells fargo is quoting 4.875 with 0 points on their website as I type. Tommorrow they should be lower.
[/quote]

Great. Now all you need to do is con some hapless buyer with a 720+ FICO and a 30% down payment into buying. Good luck with that.

[quote=sdrealtor]
The funny thing is that Mr Mortgage bought Casey Serrin’s website and is lacking in credibility IMO.
[/quote]

Is this the Web site?

http://iamfacingforeclosure.com/

What exactly is wrong with buying a Web site that has a lot of traffic and changing it’s focus?

[quote=sdrealtor]
He’s operating an online business and has a vested interest in you buying what he’s selling.[/quote]

How does that differ from what you do? Mr. Mortgage brings a fuckton of free data and analysis to the table. What exactly do you bring to the table, other than your ability to name-call which most people grow out of in junior high?

[TheBreeze]

[quote=sdrealtor]Breeze,
You are an idiot.
[/quote]

And you are a sleazeball realtor. How about you drop the Internet toughguy act and try to keep the conversation civilized? I didn’t even address you in my post and would prefer it if sleazeball realtors didn’t reply to my posts. k, thx.

[quote=sdrealtor]
As far as I know SD R is a renter as is Urbanrealtor. Rustico built his own house and I’ve owned mine for about 10 years. Who’s the realtor on this board that bought during the bubble? Inquiring minds want to know.
[/quote]

I recall a discussion a year or so ago where a realtor on this board admitted buying during the bubble. I think he said the value of his house had dropped between $100K and $200K.

I don’t recall which idiot realtor it was. In any event, it’s not like it was a rare event. There were tons of realtors and mortgage brokers who drank the Kool-Aid.

[quote=sdrealtor]
BTW, Wells fargo is quoting 4.875 with 0 points on their website as I type. Tommorrow they should be lower.
[/quote]

Great. Now all you need to do is con some hapless buyer with a 720+ FICO and a 30% down payment into buying. Good luck with that.

[quote=sdrealtor]
The funny thing is that Mr Mortgage bought Casey Serrin’s website and is lacking in credibility IMO.
[/quote]

Is this the Web site?

http://iamfacingforeclosure.com/

What exactly is wrong with buying a Web site that has a lot of traffic and changing it’s focus?

[quote=sdrealtor]
He’s operating an online business and has a vested interest in you buying what he’s selling.[/quote]

How does that differ from what you do? Mr. Mortgage brings a fuckton of free data and analysis to the table. What exactly do you bring to the table, other than your ability to name-call which most people grow out of in junior high?

[TheBreeze]

[quote=sdrealtor]Breeze,
You are an idiot.
[/quote]

And you are a sleazeball realtor. How about you drop the Internet toughguy act and try to keep the conversation civilized? I didn’t even address you in my post and would prefer it if sleazeball realtors didn’t reply to my posts. k, thx.

[quote=sdrealtor]
As far as I know SD R is a renter as is Urbanrealtor. Rustico built his own house and I’ve owned mine for about 10 years. Who’s the realtor on this board that bought during the bubble? Inquiring minds want to know.
[/quote]

I recall a discussion a year or so ago where a realtor on this board admitted buying during the bubble. I think he said the value of his house had dropped between $100K and $200K.

I don’t recall which idiot realtor it was. In any event, it’s not like it was a rare event. There were tons of realtors and mortgage brokers who drank the Kool-Aid.

[quote=sdrealtor]
BTW, Wells fargo is quoting 4.875 with 0 points on their website as I type. Tommorrow they should be lower.
[/quote]

Great. Now all you need to do is con some hapless buyer with a 720+ FICO and a 30% down payment into buying. Good luck with that.

[quote=sdrealtor]
The funny thing is that Mr Mortgage bought Casey Serrin’s website and is lacking in credibility IMO.
[/quote]

Is this the Web site?

http://iamfacingforeclosure.com/

What exactly is wrong with buying a Web site that has a lot of traffic and changing it’s focus?

[quote=sdrealtor]
He’s operating an online business and has a vested interest in you buying what he’s selling.[/quote]

How does that differ from what you do? Mr. Mortgage brings a fuckton of free data and analysis to the table. What exactly do you bring to the table, other than your ability to name-call which most people grow out of in junior high?

[stockstradr]

I have to agree with posts from The Breeze regarding outlook for home prices, and the foolishness of buying a home now.

My outlook on the real estate market was more optimistic three months ago, but since then the economic data turned sharply down and it looks really ugly at this point.

[stockstradr]

I have to agree with posts from The Breeze regarding outlook for home prices, and the foolishness of buying a home now.

My outlook on the real estate market was more optimistic three months ago, but since then the economic data turned sharply down and it looks really ugly at this point.

[stockstradr]

I have to agree with posts from The Breeze regarding outlook for home prices, and the foolishness of buying a home now.

My outlook on the real estate market was more optimistic three months ago, but since then the economic data turned sharply down and it looks really ugly at this point.

[stockstradr]

I have to agree with posts from The Breeze regarding outlook for home prices, and the foolishness of buying a home now.

My outlook on the real estate market was more optimistic three months ago, but since then the economic data turned sharply down and it looks really ugly at this point.

[stockstradr]

I have to agree with posts from The Breeze regarding outlook for home prices, and the foolishness of buying a home now.

My outlook on the real estate market was more optimistic three months ago, but since then the economic data turned sharply down and it looks really ugly at this point.

[ralphfurley]

[quote=esmith]How about we stop panicking and try to do some level-headed analysis.

– Knowing that you can get a 5% 30-year fixed mortgage, what would be your total monthly payment if you bought a median house today? Let’s say 20% down…
[/quote]
I heard the argument that many of the people that should be buying today with 20% down, already jumped in the game a couple years ago with fancy financing. So there aren’t many up and comers with a good chunk of change down. Not enough to buy up all the inventory out there and the wave of foreclosures about to hit us.

[quote=esmith]
– When was the last time houses were this cheap?
[/quote]
I still don’t think housing prices are 2-3 times the median income for any given area, are they? [shrug] I don’t think they are even 4 times in any area.

With other costs rising (health care, gas, food, etc.), people don’t have as much money to spend on mortgages. Not to mention most people in my generation have a great deal of debt (student loans, car loans, credit cards run up, etc.).

My guess is that most people under 35 can’t afford a mortgage unless they eat cup ‘o noodles every day of the week.

[ralphfurley]

[quote=esmith]How about we stop panicking and try to do some level-headed analysis.

– Knowing that you can get a 5% 30-year fixed mortgage, what would be your total monthly payment if you bought a median house today? Let’s say 20% down…
[/quote]
I heard the argument that many of the people that should be buying today with 20% down, already jumped in the game a couple years ago with fancy financing. So there aren’t many up and comers with a good chunk of change down. Not enough to buy up all the inventory out there and the wave of foreclosures about to hit us.

[quote=esmith]
– When was the last time houses were this cheap?
[/quote]
I still don’t think housing prices are 2-3 times the median income for any given area, are they? [shrug] I don’t think they are even 4 times in any area.

With other costs rising (health care, gas, food, etc.), people don’t have as much money to spend on mortgages. Not to mention most people in my generation have a great deal of debt (student loans, car loans, credit cards run up, etc.).

My guess is that most people under 35 can’t afford a mortgage unless they eat cup ‘o noodles every day of the week.

[ralphfurley]

[quote=esmith]How about we stop panicking and try to do some level-headed analysis.

– Knowing that you can get a 5% 30-year fixed mortgage, what would be your total monthly payment if you bought a median house today? Let’s say 20% down…
[/quote]
I heard the argument that many of the people that should be buying today with 20% down, already jumped in the game a couple years ago with fancy financing. So there aren’t many up and comers with a good chunk of change down. Not enough to buy up all the inventory out there and the wave of foreclosures about to hit us.

[quote=esmith]
– When was the last time houses were this cheap?
[/quote]
I still don’t think housing prices are 2-3 times the median income for any given area, are they? [shrug] I don’t think they are even 4 times in any area.

With other costs rising (health care, gas, food, etc.), people don’t have as much money to spend on mortgages. Not to mention most people in my generation have a great deal of debt (student loans, car loans, credit cards run up, etc.).

My guess is that most people under 35 can’t afford a mortgage unless they eat cup ‘o noodles every day of the week.

[ralphfurley]

[quote=esmith]How about we stop panicking and try to do some level-headed analysis.

– Knowing that you can get a 5% 30-year fixed mortgage, what would be your total monthly payment if you bought a median house today? Let’s say 20% down…
[/quote]
I heard the argument that many of the people that should be buying today with 20% down, already jumped in the game a couple years ago with fancy financing. So there aren’t many up and comers with a good chunk of change down. Not enough to buy up all the inventory out there and the wave of foreclosures about to hit us.

[quote=esmith]
– When was the last time houses were this cheap?
[/quote]
I still don’t think housing prices are 2-3 times the median income for any given area, are they? [shrug] I don’t think they are even 4 times in any area.

With other costs rising (health care, gas, food, etc.), people don’t have as much money to spend on mortgages. Not to mention most people in my generation have a great deal of debt (student loans, car loans, credit cards run up, etc.).

My guess is that most people under 35 can’t afford a mortgage unless they eat cup ‘o noodles every day of the week.

[Author]

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