Peter Schiff: Housing prices will go back to 2000 or lower…

[zk]

[quote=sdrealtor]Actually jenae’s sales were nopt used as comps for all other sales. All the agent sin the area knew there was something wrong with the sales [/quote]

OK, but did the appraisers know (and care)? If I remember, when stuff was going straight up, a lot of times appraisers really had to stretch to get an appraisal to come in where they needed it to. If they were bending the rules already, why would they pass up an opportunity to use one of those sales – which would legally pass for their purposes as a legitmate sale – as a comp?

[5yearwaiter]

Is any one else thinking about the new housing bill that gave flex to “whoever in the ARM need to refinance now may get blessed with 87 % of new apprisal value”?. As per this, do you still think the home prices may go down to 2000 level

[5yearwaiter]

Is any one else thinking about the new housing bill that gave flex to “whoever in the ARM need to refinance now may get blessed with 87 % of new apprisal value”?. As per this, do you still think the home prices may go down to 2000 level

[5yearwaiter]

Is any one else thinking about the new housing bill that gave flex to “whoever in the ARM need to refinance now may get blessed with 87 % of new apprisal value”?. As per this, do you still think the home prices may go down to 2000 level

[5yearwaiter]

Is any one else thinking about the new housing bill that gave flex to “whoever in the ARM need to refinance now may get blessed with 87 % of new apprisal value”?. As per this, do you still think the home prices may go down to 2000 level

[5yearwaiter]

Is any one else thinking about the new housing bill that gave flex to “whoever in the ARM need to refinance now may get blessed with 87 % of new apprisal value”?. As per this, do you still think the home prices may go down to 2000 level

[cr]

[quote=5yearwaiter]Is any one else thinking about the new housing bill that gave flex to “whoever in the ARM need to refinance now may get blessed with 87 % of new apprisal value”?. As per this, do you still think the home prices may go down to 2000 level[/quote]

The housing bill is a joke. It’s only a bail out for Fannie and Freddie, and it will do very little in CA. To be able to refinance at a lower rate the banks have to agree to take an additional 10% loss in a market like CA where prices have already dropped 30% or more. Even if the banks will do that the homeowner still has to qualify under 30 year fixed, while actually proving their income. Then when they go to sell up to 50% of their equity goes back to the government.

What do you think people are going to do? They’ll just stop paying and wait for the Sherriff to come knocking.

[cr]

[quote=5yearwaiter]Is any one else thinking about the new housing bill that gave flex to “whoever in the ARM need to refinance now may get blessed with 87 % of new apprisal value”?. As per this, do you still think the home prices may go down to 2000 level[/quote]

The housing bill is a joke. It’s only a bail out for Fannie and Freddie, and it will do very little in CA. To be able to refinance at a lower rate the banks have to agree to take an additional 10% loss in a market like CA where prices have already dropped 30% or more. Even if the banks will do that the homeowner still has to qualify under 30 year fixed, while actually proving their income. Then when they go to sell up to 50% of their equity goes back to the government.

What do you think people are going to do? They’ll just stop paying and wait for the Sherriff to come knocking.

[cr]

[quote=5yearwaiter]Is any one else thinking about the new housing bill that gave flex to “whoever in the ARM need to refinance now may get blessed with 87 % of new apprisal value”?. As per this, do you still think the home prices may go down to 2000 level[/quote]

The housing bill is a joke. It’s only a bail out for Fannie and Freddie, and it will do very little in CA. To be able to refinance at a lower rate the banks have to agree to take an additional 10% loss in a market like CA where prices have already dropped 30% or more. Even if the banks will do that the homeowner still has to qualify under 30 year fixed, while actually proving their income. Then when they go to sell up to 50% of their equity goes back to the government.

What do you think people are going to do? They’ll just stop paying and wait for the Sherriff to come knocking.

[cr]

[quote=5yearwaiter]Is any one else thinking about the new housing bill that gave flex to “whoever in the ARM need to refinance now may get blessed with 87 % of new apprisal value”?. As per this, do you still think the home prices may go down to 2000 level[/quote]

The housing bill is a joke. It’s only a bail out for Fannie and Freddie, and it will do very little in CA. To be able to refinance at a lower rate the banks have to agree to take an additional 10% loss in a market like CA where prices have already dropped 30% or more. Even if the banks will do that the homeowner still has to qualify under 30 year fixed, while actually proving their income. Then when they go to sell up to 50% of their equity goes back to the government.

What do you think people are going to do? They’ll just stop paying and wait for the Sherriff to come knocking.

[cr]

[quote=5yearwaiter]Is any one else thinking about the new housing bill that gave flex to “whoever in the ARM need to refinance now may get blessed with 87 % of new apprisal value”?. As per this, do you still think the home prices may go down to 2000 level[/quote]

The housing bill is a joke. It’s only a bail out for Fannie and Freddie, and it will do very little in CA. To be able to refinance at a lower rate the banks have to agree to take an additional 10% loss in a market like CA where prices have already dropped 30% or more. Even if the banks will do that the homeowner still has to qualify under 30 year fixed, while actually proving their income. Then when they go to sell up to 50% of their equity goes back to the government.

What do you think people are going to do? They’ll just stop paying and wait for the Sherriff to come knocking.

[Nor-LA-SD-guy]

Like most brokers who try to get you to buy into the hype, then sell into the panic.

Maybe fun to watch, but not a good way to make money, and even harder to go against.

good luck.

[Nor-LA-SD-guy]

Like most brokers who try to get you to buy into the hype, then sell into the panic.

Maybe fun to watch, but not a good way to make money, and even harder to go against.

good luck.

[Nor-LA-SD-guy]

Like most brokers who try to get you to buy into the hype, then sell into the panic.

Maybe fun to watch, but not a good way to make money, and even harder to go against.

good luck.

[Nor-LA-SD-guy]

Like most brokers who try to get you to buy into the hype, then sell into the panic.

Maybe fun to watch, but not a good way to make money, and even harder to go against.

good luck.

[Author]

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