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AK
ParticipantDepends on how it’s structured and used I guess … IMO I don’t know that IO is any better or worse than an equivalent fully-amortized ARM.
Assuming even the pathetic 3% annual raises that seem to be standard these days, you’re looking at about a 27% increase in income at the end of an 8-year IO period. I doubt the increase to a fully amortized payment is as large as 27%.
(Rate shock is another matter entirely, of course.)
ParticipantDepends on how it’s structured and used I guess … IMO I don’t know that IO is any better or worse than an equivalent fully-amortized ARM.
Assuming even the pathetic 3% annual raises that seem to be standard these days, you’re looking at about a 27% increase in income at the end of an 8-year IO period. I doubt the increase to a fully amortized payment is as large as 27%.
(Rate shock is another matter entirely, of course.)
ParticipantI guess it all depends on the definitions of “vast majority” and “most households” in Fedspeak. Like, if the subprime default rate rises to 15%, that still might fall within a colloquial definition of “vast majority.”
ParticipantI guess it all depends on the definitions of “vast majority” and “most households” in Fedspeak. Like, if the subprime default rate rises to 15%, that still might fall within a colloquial definition of “vast majority.”
ParticipantI’d like to think that I wouldn’t put up with that kind of treatment.
But IIRC the article did say that New Century paid well.
ParticipantThe guy quoted in the article is right.
They are living the American Dream … privilege without responsibility.
ParticipantI suppose a 60 to 90 day delay could:
(a) Help someone find competent legal representation in cases of bona fide fraud or abusive servicing.
(b) Help an FB find new housing thus (maybe) keeping them off the streets or off the dole and reducing the direct cost to the state government.
(c) Discourage legitimate lenders from doing business in Massachusetts.
ParticipantThe bearish Chris Thornberg left UCLA recently so this ain’t the same Anderson Forecast we’ve seen in past years …
Sort of like the FOMC without inflation hawk Jeffrey Lacker.
ParticipantDing ding! We have a winner! Zillow reports that 335 Windy closed at $307K on April 10. Last asking price was $299K, so I assume there were some incentives involved.
By way of comparison 357 Windy sold March 22 for $320K, and 307 Windy (a 3/2) sold the same day for $345K.
ParticipantI think the question’s too complicated to answer at this point.
Weak dollar means higher gas prices (all things being equal of course) which kills property values in outlying areas.
Weak dollar means U.S. wages are lower relative to other countries, which reduces the incentive for immigration.
Since just about everything we buy is imported, weak dollar leaves less $$$ to pay for housing. So FBs will have a harder time making their payments.
A weak dollar would help the manufacturing sector, if we had any to speak of. Maybe in Seattle … people still buy stuff from Boeing and Microsoft.
I see how it could help some industries, such as education and cosmetic surgery.
But yeah, maybe wealthy foreigners will swoop in to buy San Diego and Miami condos at (to them) ludicrously cheap prices.
ParticipantOT … great quote from a commenter at Calculated Risk:
I can’t tell me how often I’ve been told by my peers and clients that I’ve got to be more optimistic.
In the last couple of decades people have been brainwashed into thiking that optimism implies everything turning out fine while, in my book, it means having the psychological fortitude to overcome hardship.
D. | 04.25.07 – 8:44 am |
ParticipantI saw a reference to “inium” in a previous post.
Is the “George Carlin” filter really recognizing the unabbreviated form of “condo” as the name of a male birth control device?
Let’s try it …
condominium
Guess not.
ParticipantVery good observation about the map data temeculaguy.
I worked in the newspaper industry for years … based on that experience, I’d guess that no one in the newsroom had the necessary mathematical skills to calculate the ratio of foreclosures to population or households.
ParticipantWow, lots of ideas!
I really like Critter’s suggestion of “housing hibernator” because it seems to evoke a friendly, non-threatening image of bears … sort of a big, goofy, salmon-munching Disney-like image. Plus as Critter says it show that we’re not doing anything wrong … we’re just fattening up and trying to get through the winter!
But if pressed I’ll fall back on JohnAlt91941’s phrase “pro real estate, anti bubble.”
I’ll shout it to the rooftops. “I’M A HOUSING HIBERNATOR!”
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