- This topic has 203 replies, 33 voices, and was last updated 17 years, 3 months ago by
mgubnyc1.
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August 23, 2007 at 9:23 PM #80337August 23, 2007 at 9:26 PM #80188
JPJonesParticipantmgubnyc1:
“JC with 65k a year you will have a hard time buying a house anywhere in the USA. You have to earn more money!”
Ok MG. We’ll all just go right out and ask our bosses for raises so we can afford to buy a house in this market.
Right…
You’ve stated a lot of the right reasons to be upset about this housing bust, but I think you’re directing your frustration in the wrong direction. The market will correct. Housing, stocks, whatever the market, someone always gets left holding the empty bag at the end of the cycle. They can only feel sorry for themselves for so long before they have to move on.
Start moving.
What I really don’t get is where the sentiment is coming from. These people that are supposedly losing their houses have’t been fired or laid off (yet?). They aren’t just being sent out to the streets and left to rot. They still have the means of supporting themselves and their families. Shoot, the rental market should be a breath of fresh air after paying their previously insane mortgage payments before the foreclosure. They’ll have plenty of excess income to save up and buy a house the old fashioned way once the forecloser drops off their credit records in 7 years. Wow. What a penalty, huh?
A lot of these so-called “victims” are making out like bandits, walking away with 10’s and even 100’s of thousands of dollars in toys that they won’t pay anything on past the taxes, if that. Whatever the circumstances, I refuse to have any sympathy for those that lost or will lose their shirts buying into housing as an investment rather than a place to live.
Speaking of people that are out of a house because they can’t afford one in this market, what do you have to say about my DINC 150-200k family that can’t afford a decent sized house in a good neighborhood because of this mess? Should we lower our standards and move to the ghetto, or settle for a shitty 2-box condo that stretches us to our financial limits? I’d like to see how you can rationalize an excuse for my situation.
August 23, 2007 at 9:26 PM #80317JPJonesParticipantmgubnyc1:
“JC with 65k a year you will have a hard time buying a house anywhere in the USA. You have to earn more money!”
Ok MG. We’ll all just go right out and ask our bosses for raises so we can afford to buy a house in this market.
Right…
You’ve stated a lot of the right reasons to be upset about this housing bust, but I think you’re directing your frustration in the wrong direction. The market will correct. Housing, stocks, whatever the market, someone always gets left holding the empty bag at the end of the cycle. They can only feel sorry for themselves for so long before they have to move on.
Start moving.
What I really don’t get is where the sentiment is coming from. These people that are supposedly losing their houses have’t been fired or laid off (yet?). They aren’t just being sent out to the streets and left to rot. They still have the means of supporting themselves and their families. Shoot, the rental market should be a breath of fresh air after paying their previously insane mortgage payments before the foreclosure. They’ll have plenty of excess income to save up and buy a house the old fashioned way once the forecloser drops off their credit records in 7 years. Wow. What a penalty, huh?
A lot of these so-called “victims” are making out like bandits, walking away with 10’s and even 100’s of thousands of dollars in toys that they won’t pay anything on past the taxes, if that. Whatever the circumstances, I refuse to have any sympathy for those that lost or will lose their shirts buying into housing as an investment rather than a place to live.
Speaking of people that are out of a house because they can’t afford one in this market, what do you have to say about my DINC 150-200k family that can’t afford a decent sized house in a good neighborhood because of this mess? Should we lower our standards and move to the ghetto, or settle for a shitty 2-box condo that stretches us to our financial limits? I’d like to see how you can rationalize an excuse for my situation.
August 23, 2007 at 9:26 PM #80340JPJonesParticipantmgubnyc1:
“JC with 65k a year you will have a hard time buying a house anywhere in the USA. You have to earn more money!”
Ok MG. We’ll all just go right out and ask our bosses for raises so we can afford to buy a house in this market.
Right…
You’ve stated a lot of the right reasons to be upset about this housing bust, but I think you’re directing your frustration in the wrong direction. The market will correct. Housing, stocks, whatever the market, someone always gets left holding the empty bag at the end of the cycle. They can only feel sorry for themselves for so long before they have to move on.
Start moving.
What I really don’t get is where the sentiment is coming from. These people that are supposedly losing their houses have’t been fired or laid off (yet?). They aren’t just being sent out to the streets and left to rot. They still have the means of supporting themselves and their families. Shoot, the rental market should be a breath of fresh air after paying their previously insane mortgage payments before the foreclosure. They’ll have plenty of excess income to save up and buy a house the old fashioned way once the forecloser drops off their credit records in 7 years. Wow. What a penalty, huh?
A lot of these so-called “victims” are making out like bandits, walking away with 10’s and even 100’s of thousands of dollars in toys that they won’t pay anything on past the taxes, if that. Whatever the circumstances, I refuse to have any sympathy for those that lost or will lose their shirts buying into housing as an investment rather than a place to live.
Speaking of people that are out of a house because they can’t afford one in this market, what do you have to say about my DINC 150-200k family that can’t afford a decent sized house in a good neighborhood because of this mess? Should we lower our standards and move to the ghetto, or settle for a shitty 2-box condo that stretches us to our financial limits? I’d like to see how you can rationalize an excuse for my situation.
August 23, 2007 at 10:03 PM #80208cyphire
ParticipantAlex_angel…. I not sure that your reality fits where the market is going.
We bought a house in Carmel Valley in 2001 for 810K. Sold it in 2004 for 1.4M. My neighbors paid 300K in 1992. My broker told me to get a 1.16% mortgage floating with the LIBOR. I got a 10 year arm at about 5% instead. When I bought my last house got a 1.5M mortgage at 5.5% for 10 years (interest only). Now a 30 year is 7.5% or more (if you can qualify and get it).
Pardee does own all that land (for 20 years or more). They might sit on it. But all those lovely CV houses at 1.5M need to be financed somehow. And a lot of those people worked as Realtors, Mortgage brokers, etc. There was NO reason for the prices to go up like they did. There are lots of lots still for sale, lots being sat on, Pardee only has 1 derby hill home for sale (that I could see)… They will wait till someone buys it and then put up the next one. This could happen all while prices fall and fall and fall.
Wait till all the people in CV start losing all their equity. Wonder what will happen?!!! Every single neighbor in our street in CV redid their entire home with new kitchens, pools, baths, extensions, landscaping. They didn’t save up for it, they refinanced. They also bought a crapload of vacation homes, 3rd cars, timeshares, vacations, boats, and toys. They didn’t intend to sell, they have watched their equity go up, so did their mortgages. As the equity shrinks, the spending will go down, as the houses on the market get hammered, the sentiment will change.
Oh the arrogance to think that prices can only go up! How much are these houses worth jammed 6 feet away from each other, crappy pipes, crap construction, 6000-9000 foot lots, when interest rates are 8%…
August 23, 2007 at 10:03 PM #80338ParticipantAlex_angel…. I not sure that your reality fits where the market is going.
We bought a house in Carmel Valley in 2001 for 810K. Sold it in 2004 for 1.4M. My neighbors paid 300K in 1992. My broker told me to get a 1.16% mortgage floating with the LIBOR. I got a 10 year arm at about 5% instead. When I bought my last house got a 1.5M mortgage at 5.5% for 10 years (interest only). Now a 30 year is 7.5% or more (if you can qualify and get it).
Pardee does own all that land (for 20 years or more). They might sit on it. But all those lovely CV houses at 1.5M need to be financed somehow. And a lot of those people worked as Realtors, Mortgage brokers, etc. There was NO reason for the prices to go up like they did. There are lots of lots still for sale, lots being sat on, Pardee only has 1 derby hill home for sale (that I could see)… They will wait till someone buys it and then put up the next one. This could happen all while prices fall and fall and fall.
Wait till all the people in CV start losing all their equity. Wonder what will happen?!!! Every single neighbor in our street in CV redid their entire home with new kitchens, pools, baths, extensions, landscaping. They didn’t save up for it, they refinanced. They also bought a crapload of vacation homes, 3rd cars, timeshares, vacations, boats, and toys. They didn’t intend to sell, they have watched their equity go up, so did their mortgages. As the equity shrinks, the spending will go down, as the houses on the market get hammered, the sentiment will change.
Oh the arrogance to think that prices can only go up! How much are these houses worth jammed 6 feet away from each other, crappy pipes, crap construction, 6000-9000 foot lots, when interest rates are 8%…
August 23, 2007 at 10:03 PM #80362ParticipantAlex_angel…. I not sure that your reality fits where the market is going.
We bought a house in Carmel Valley in 2001 for 810K. Sold it in 2004 for 1.4M. My neighbors paid 300K in 1992. My broker told me to get a 1.16% mortgage floating with the LIBOR. I got a 10 year arm at about 5% instead. When I bought my last house got a 1.5M mortgage at 5.5% for 10 years (interest only). Now a 30 year is 7.5% or more (if you can qualify and get it).
Pardee does own all that land (for 20 years or more). They might sit on it. But all those lovely CV houses at 1.5M need to be financed somehow. And a lot of those people worked as Realtors, Mortgage brokers, etc. There was NO reason for the prices to go up like they did. There are lots of lots still for sale, lots being sat on, Pardee only has 1 derby hill home for sale (that I could see)… They will wait till someone buys it and then put up the next one. This could happen all while prices fall and fall and fall.
Wait till all the people in CV start losing all their equity. Wonder what will happen?!!! Every single neighbor in our street in CV redid their entire home with new kitchens, pools, baths, extensions, landscaping. They didn’t save up for it, they refinanced. They also bought a crapload of vacation homes, 3rd cars, timeshares, vacations, boats, and toys. They didn’t intend to sell, they have watched their equity go up, so did their mortgages. As the equity shrinks, the spending will go down, as the houses on the market get hammered, the sentiment will change.
Oh the arrogance to think that prices can only go up! How much are these houses worth jammed 6 feet away from each other, crappy pipes, crap construction, 6000-9000 foot lots, when interest rates are 8%…
August 23, 2007 at 10:19 PM #80210mgubnyc1
Participantjc you live in America, anything could happen, you may even wil a lotto. What if you were born in Iran or Iraq would your chances of a nice home be any better?
I agree home prices did go out of control, but more so in certain locations. For example percentage wise homes very close to major cities like LA and New York saw less of an increase compared to lets say a home in Murrieta or simular that increased 3 X or more in value in less then 4 years. I really hope were not going to see hugh reductions in prime real-estate. your not going to see homes on Newport Beach selling for 700K your dreaming, but if we do wake up and see this were fucked!August 23, 2007 at 10:19 PM #80341Participantjc you live in America, anything could happen, you may even wil a lotto. What if you were born in Iran or Iraq would your chances of a nice home be any better?
I agree home prices did go out of control, but more so in certain locations. For example percentage wise homes very close to major cities like LA and New York saw less of an increase compared to lets say a home in Murrieta or simular that increased 3 X or more in value in less then 4 years. I really hope were not going to see hugh reductions in prime real-estate. your not going to see homes on Newport Beach selling for 700K your dreaming, but if we do wake up and see this were fucked!August 23, 2007 at 10:19 PM #80365Participantjc you live in America, anything could happen, you may even wil a lotto. What if you were born in Iran or Iraq would your chances of a nice home be any better?
I agree home prices did go out of control, but more so in certain locations. For example percentage wise homes very close to major cities like LA and New York saw less of an increase compared to lets say a home in Murrieta or simular that increased 3 X or more in value in less then 4 years. I really hope were not going to see hugh reductions in prime real-estate. your not going to see homes on Newport Beach selling for 700K your dreaming, but if we do wake up and see this were fucked!August 23, 2007 at 10:31 PM #80219JC
ParticipantDear Mr. Mgubnyc1,
I do not mean to be rude, but I am going to go ahead and give you an “F” on reading comprehension. Well, that is assuming that you are sincere about the content of your posts that were in response to mine. Either way, I am done with you. You are not interesting to converse with.
August 23, 2007 at 10:31 PM #80349ParticipantDear Mr. Mgubnyc1,
I do not mean to be rude, but I am going to go ahead and give you an “F” on reading comprehension. Well, that is assuming that you are sincere about the content of your posts that were in response to mine. Either way, I am done with you. You are not interesting to converse with.
August 23, 2007 at 10:31 PM #80372ParticipantDear Mr. Mgubnyc1,
I do not mean to be rude, but I am going to go ahead and give you an “F” on reading comprehension. Well, that is assuming that you are sincere about the content of your posts that were in response to mine. Either way, I am done with you. You are not interesting to converse with.
August 23, 2007 at 10:38 PM #80225sdcellar
ParticipantAhhh Alex, there you go with your “price point” theory again.
Hey everybody, go out and buy new construction. You’ll be safe because the price is set. See, you’ve got no wiggle room and future buyers will certainly understand and be willing to pay a premium because you were so smart to avoid nasty old used houses.
August 23, 2007 at 10:38 PM #80355ParticipantAhhh Alex, there you go with your “price point” theory again.
Hey everybody, go out and buy new construction. You’ll be safe because the price is set. See, you’ve got no wiggle room and future buyers will certainly understand and be willing to pay a premium because you were so smart to avoid nasty old used houses.
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