Forbes: Housing Woes Hit High End Too

[JC]

A “little” expensive?? 🙂

Let’s do a quick reality check. If you want to buy a 250k home (good luck finding a decent condo for that price), you probably need to make > 80k in income and put 50k down.

Average income in these parts = roughly 65k and from what I read the savings rate is pretty poor.

I really do have a lot of sympathy for the average working guy (or girl) who may have been misled by unscrupulous brokers.

I actually experienced some pretty crappy behavior when I first went to get a loan a few years ago. I was approved for a large amount; however, it did occur to me that I would have to pay all of that back. Also, it really wasn’t that hard to do some quick calculations to see how much the loan would cost me.

So, I wonder if the accountability should not be shared? It seems that brokers, realtors, regular homebuyers and speculators all played a role in this?

P.S. I do fine income wise, but thanks for thinking of me. 😉

[mgubnyc1]

Because it should not be worth that in the 1st place

I agree, alot of people were cheated, and who allowed it?

yes, I think people should be allowed to profit on the sale of a property, but the whole real-estate mortgage industry in certain parts of the country mostly the south east and the west were creating a pyrmaid scheme and my point is the whole real-estate mortgage industry knew what was going on and allowed it to get to the point we are at. I don’t know how to fix it but having our PRIME property value drop 50 is not the answer.

[mgubnyc1]

Because it should not be worth that in the 1st place

I agree, alot of people were cheated, and who allowed it?

yes, I think people should be allowed to profit on the sale of a property, but the whole real-estate mortgage industry in certain parts of the country mostly the south east and the west were creating a pyrmaid scheme and my point is the whole real-estate mortgage industry knew what was going on and allowed it to get to the point we are at. I don’t know how to fix it but having our PRIME property value drop 50 is not the answer.

[mgubnyc1]

Because it should not be worth that in the 1st place

I agree, alot of people were cheated, and who allowed it?

yes, I think people should be allowed to profit on the sale of a property, but the whole real-estate mortgage industry in certain parts of the country mostly the south east and the west were creating a pyrmaid scheme and my point is the whole real-estate mortgage industry knew what was going on and allowed it to get to the point we are at. I don’t know how to fix it but having our PRIME property value drop 50 is not the answer.

[mgubnyc1]

JC with 65k a year you will have a hard time buying a house anywhere in the USA. You have to earn more money!

Anyone that took a loan they can not afford I do not feel sorry for and couldn’t care less if they lose the home.
Its the family that has their life savings into a home only watch it fade away only to find themselves upside down 200K even if they have only a 100K mortgage at 5% for 30years that family lost 200K and that is not right!!!!

[mgubnyc1]

JC with 65k a year you will have a hard time buying a house anywhere in the USA. You have to earn more money!

Anyone that took a loan they can not afford I do not feel sorry for and couldn’t care less if they lose the home.
Its the family that has their life savings into a home only watch it fade away only to find themselves upside down 200K even if they have only a 100K mortgage at 5% for 30years that family lost 200K and that is not right!!!!

[mgubnyc1]

JC with 65k a year you will have a hard time buying a house anywhere in the USA. You have to earn more money!

Anyone that took a loan they can not afford I do not feel sorry for and couldn’t care less if they lose the home.
Its the family that has their life savings into a home only watch it fade away only to find themselves upside down 200K even if they have only a 100K mortgage at 5% for 30years that family lost 200K and that is not right!!!!

[Arraya]

Its the family that has their life savings into a home only watch it fade away only to find themselves upside down 200K even if they have only a 100K mortgage at 5% for 30years that family lost 200K and that is not right!!!!

The market will determine what is right and he is pissed….

[Arraya]

Its the family that has their life savings into a home only watch it fade away only to find themselves upside down 200K even if they have only a 100K mortgage at 5% for 30years that family lost 200K and that is not right!!!!

The market will determine what is right and he is pissed….

[Arraya]

Its the family that has their life savings into a home only watch it fade away only to find themselves upside down 200K even if they have only a 100K mortgage at 5% for 30years that family lost 200K and that is not right!!!!

The market will determine what is right and he is pissed….

[lendingbubblecontinues]

here’s wishing mgubnyc’s house holds it’s value while the rest of the country drops 90%…how’s that mugubnyc–feel better now? 😉

[lendingbubblecontinues]

here’s wishing mgubnyc’s house holds it’s value while the rest of the country drops 90%…how’s that mugubnyc–feel better now? 😉

[lendingbubblecontinues]

here’s wishing mgubnyc’s house holds it’s value while the rest of the country drops 90%…how’s that mugubnyc–feel better now? 😉

[mgubnyc1]

At this moment I don’t own any property, sold my home CA last August to a guy who took a mortgage for over 680K and moved back to the east coast. Yes, I miss the weather but that is all.
by the way the property was in Murrieta, and as soon as his loan re-sets he will just walk away. He has several hundred thousand in cash from a previous sale of a property he owned for over 2 years so he doesn’t owe any tax’s on it. He’ll stay in the house until the bank bankrupt’s him and walk away free and clear, in a couple of years he’ll have his credit back. The guy works in a warehouse and makes around 50K a year his wife works at the local supermarket, cashier! not big spenders.
So I ask you this, why would anyone loan this guy 600K?
what was the motivation for the mortgage company? why would the state or federal goverments even consider to bail out these corporations? imo this is fraud, and it is still going on, the realtor the appraisor and mortgage company all let this happen. I don’t think anyone even knows how much fraud was and is going on, I also think things are going to get much, much worse. Nothing the federal goverment will do can fix this, it has to come to a head and I think the sooner the better. the longer this drags on the worse it’s going to be, I hope Ben raises the prime rate and bam the credit crunch happens, right away,then make the mortgage companies that made these crazy loans buy back the paper they sold, they’ll go bankrupt, let the stock market go through its corrections it will be painfull but we’ll get through it. its going to happen anyways, we may as well just get it over with.

[mgubnyc1]

At this moment I don’t own any property, sold my home CA last August to a guy who took a mortgage for over 680K and moved back to the east coast. Yes, I miss the weather but that is all.
by the way the property was in Murrieta, and as soon as his loan re-sets he will just walk away. He has several hundred thousand in cash from a previous sale of a property he owned for over 2 years so he doesn’t owe any tax’s on it. He’ll stay in the house until the bank bankrupt’s him and walk away free and clear, in a couple of years he’ll have his credit back. The guy works in a warehouse and makes around 50K a year his wife works at the local supermarket, cashier! not big spenders.
So I ask you this, why would anyone loan this guy 600K?
what was the motivation for the mortgage company? why would the state or federal goverments even consider to bail out these corporations? imo this is fraud, and it is still going on, the realtor the appraisor and mortgage company all let this happen. I don’t think anyone even knows how much fraud was and is going on, I also think things are going to get much, much worse. Nothing the federal goverment will do can fix this, it has to come to a head and I think the sooner the better. the longer this drags on the worse it’s going to be, I hope Ben raises the prime rate and bam the credit crunch happens, right away,then make the mortgage companies that made these crazy loans buy back the paper they sold, they’ll go bankrupt, let the stock market go through its corrections it will be painfull but we’ll get through it. its going to happen anyways, we may as well just get it over with.

[Author]

Posts