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  • August 19, 2009 at 9:19 AM #447152
    HLS
    Participant

    Because govt programs like FHA allow people to buy houses solely because they want to, and some people are afraid if they dont buy now they will be priced out forever.

    Others are buying because they want to get $8000+ credit from the govt (before that bailout goes away) not realizing that they are overpaying for the house and it will probably be worth $10,000 less by the time they move in.

    This is a very nice 60K-80K house in many parts of the country, that would rent for $500-$600 a month.

    Foolishness replaced common sense for many long ago. (Millions of NOD’s ago)

    August 19, 2009 at 9:22 AM #446373
    blahblahblah
    Participant

    This is a very nice 60K-80K house in many parts of the country, that would rent for $500-$600 a month.

    I think the rent here for that place would be more than $1000/mo. They still overpaid in this case, people probably always will in certain neighborhoods.

    August 19, 2009 at 9:22 AM #446567
    blahblahblah
    Participant

    This is a very nice 60K-80K house in many parts of the country, that would rent for $500-$600 a month.

    I think the rent here for that place would be more than $1000/mo. They still overpaid in this case, people probably always will in certain neighborhoods.

    August 19, 2009 at 9:22 AM #446904
    blahblahblah
    Participant

    This is a very nice 60K-80K house in many parts of the country, that would rent for $500-$600 a month.

    I think the rent here for that place would be more than $1000/mo. They still overpaid in this case, people probably always will in certain neighborhoods.

    August 19, 2009 at 9:22 AM #446976
    blahblahblah
    Participant

    This is a very nice 60K-80K house in many parts of the country, that would rent for $500-$600 a month.

    I think the rent here for that place would be more than $1000/mo. They still overpaid in this case, people probably always will in certain neighborhoods.

    August 19, 2009 at 9:22 AM #447157
    blahblahblah
    Participant

    This is a very nice 60K-80K house in many parts of the country, that would rent for $500-$600 a month.

    I think the rent here for that place would be more than $1000/mo. They still overpaid in this case, people probably always will in certain neighborhoods.

    August 19, 2009 at 9:38 AM #446388
    HLS
    Participant

    In the 1980’s, houses that rented for $1000 a month sold for $125,000 +/-,,,,and there wasn’t any shortage of them. What has changed other than foolishness and govt manipulation ??

    I was so impressed that this house actually had room for a STACKED washer and dryer. Need to throw out the side by side…they failed to mention that with bunkbeds you this would be comfy for 6-10 occupants.

    Was this a 3.50% down FHA buyer ???
    Or did someone actually fork over the cash with 20% down that could have bought them a house free and clear elsewhere…

    August 19, 2009 at 9:38 AM #446582
    HLS
    Participant

    In the 1980’s, houses that rented for $1000 a month sold for $125,000 +/-,,,,and there wasn’t any shortage of them. What has changed other than foolishness and govt manipulation ??

    I was so impressed that this house actually had room for a STACKED washer and dryer. Need to throw out the side by side…they failed to mention that with bunkbeds you this would be comfy for 6-10 occupants.

    Was this a 3.50% down FHA buyer ???
    Or did someone actually fork over the cash with 20% down that could have bought them a house free and clear elsewhere…

    August 19, 2009 at 9:38 AM #446919
    HLS
    Participant

    In the 1980’s, houses that rented for $1000 a month sold for $125,000 +/-,,,,and there wasn’t any shortage of them. What has changed other than foolishness and govt manipulation ??

    I was so impressed that this house actually had room for a STACKED washer and dryer. Need to throw out the side by side…they failed to mention that with bunkbeds you this would be comfy for 6-10 occupants.

    Was this a 3.50% down FHA buyer ???
    Or did someone actually fork over the cash with 20% down that could have bought them a house free and clear elsewhere…

    August 19, 2009 at 9:38 AM #446991
    HLS
    Participant

    In the 1980’s, houses that rented for $1000 a month sold for $125,000 +/-,,,,and there wasn’t any shortage of them. What has changed other than foolishness and govt manipulation ??

    I was so impressed that this house actually had room for a STACKED washer and dryer. Need to throw out the side by side…they failed to mention that with bunkbeds you this would be comfy for 6-10 occupants.

    Was this a 3.50% down FHA buyer ???
    Or did someone actually fork over the cash with 20% down that could have bought them a house free and clear elsewhere…

    August 19, 2009 at 9:38 AM #447172
    HLS
    Participant

    In the 1980’s, houses that rented for $1000 a month sold for $125,000 +/-,,,,and there wasn’t any shortage of them. What has changed other than foolishness and govt manipulation ??

    I was so impressed that this house actually had room for a STACKED washer and dryer. Need to throw out the side by side…they failed to mention that with bunkbeds you this would be comfy for 6-10 occupants.

    Was this a 3.50% down FHA buyer ???
    Or did someone actually fork over the cash with 20% down that could have bought them a house free and clear elsewhere…

    August 19, 2009 at 9:55 AM #446398
    jpinpb
    Participant

    I wouldn’t do it. But it’s close to the Market Overview. But I have been seeing a few of these kind of sales lately.

    As HLS said, I think there is a little pressure on some buyers b/c they want the 8k incentive before it runs out and many people qualify under 500k, particular FHA, and b/c media is somewhat painting a better picture of things being bottom. Many are falling under that mentality that they are going to get priced out again.

    All the money the government has spent has succeeded at least for now to stablize prices somewhat, rather than a freefall.

    Now last night I just went through a list of NODs in over 10 ZIPs. There doesn’t seem to be much let-up. My question: What’s going to happen to all the NODs? Will they ALL get modified? Will the banks let them squat for years until we get back to peak? Will the government give more money so as to absorb the losses so banks can foreclose?

    Mish – Wave of foreclosure seems to suggest really 5 states are the worst performing re markets. How long can the rest of the country shell out money for 5 states?

    August 19, 2009 at 9:55 AM #446591
    jpinpb
    Participant

    I wouldn’t do it. But it’s close to the Market Overview. But I have been seeing a few of these kind of sales lately.

    As HLS said, I think there is a little pressure on some buyers b/c they want the 8k incentive before it runs out and many people qualify under 500k, particular FHA, and b/c media is somewhat painting a better picture of things being bottom. Many are falling under that mentality that they are going to get priced out again.

    All the money the government has spent has succeeded at least for now to stablize prices somewhat, rather than a freefall.

    Now last night I just went through a list of NODs in over 10 ZIPs. There doesn’t seem to be much let-up. My question: What’s going to happen to all the NODs? Will they ALL get modified? Will the banks let them squat for years until we get back to peak? Will the government give more money so as to absorb the losses so banks can foreclose?

    Mish – Wave of foreclosure seems to suggest really 5 states are the worst performing re markets. How long can the rest of the country shell out money for 5 states?

    August 19, 2009 at 9:55 AM #446929
    jpinpb
    Participant

    I wouldn’t do it. But it’s close to the Market Overview. But I have been seeing a few of these kind of sales lately.

    As HLS said, I think there is a little pressure on some buyers b/c they want the 8k incentive before it runs out and many people qualify under 500k, particular FHA, and b/c media is somewhat painting a better picture of things being bottom. Many are falling under that mentality that they are going to get priced out again.

    All the money the government has spent has succeeded at least for now to stablize prices somewhat, rather than a freefall.

    Now last night I just went through a list of NODs in over 10 ZIPs. There doesn’t seem to be much let-up. My question: What’s going to happen to all the NODs? Will they ALL get modified? Will the banks let them squat for years until we get back to peak? Will the government give more money so as to absorb the losses so banks can foreclose?

    Mish – Wave of foreclosure seems to suggest really 5 states are the worst performing re markets. How long can the rest of the country shell out money for 5 states?

    August 19, 2009 at 9:55 AM #447001
    jpinpb
    Participant

    I wouldn’t do it. But it’s close to the Market Overview. But I have been seeing a few of these kind of sales lately.

    As HLS said, I think there is a little pressure on some buyers b/c they want the 8k incentive before it runs out and many people qualify under 500k, particular FHA, and b/c media is somewhat painting a better picture of things being bottom. Many are falling under that mentality that they are going to get priced out again.

    All the money the government has spent has succeeded at least for now to stablize prices somewhat, rather than a freefall.

    Now last night I just went through a list of NODs in over 10 ZIPs. There doesn’t seem to be much let-up. My question: What’s going to happen to all the NODs? Will they ALL get modified? Will the banks let them squat for years until we get back to peak? Will the government give more money so as to absorb the losses so banks can foreclose?

    Mish – Wave of foreclosure seems to suggest really 5 states are the worst performing re markets. How long can the rest of the country shell out money for 5 states?

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