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bsrsharma
ParticipantIf you can't do basic math maybe you shouldn't own a house.
How does it make you feel to know she might have worked with Carriers/Destroyers/Submarines/Missiles/Bombs/Aircraft… may be even Nukes?
bsrsharma
ParticipantTG – Please keep this updated. I am interested in seeing 3 car garage homes transition to below 300K. I believe that will indicate an approaching “stationary point” { bottom of the curve}
bsrsharma
ParticipantTG – Please keep this updated. I am interested in seeing 3 car garage homes transition to below 300K. I believe that will indicate an approaching “stationary point” { bottom of the curve}
bsrsharma
ParticipantI don’t think that spending bill will get 60 votes in Senate. Bush’s threat is good but won’t be needed.
But in the scheme of things, $900M is really small potatos. Even @ $100K a pop, they can help a maximum of 9000 homeowners. There are that many troubled borrowers in a Town. This is a Trillion $ mess; A Billion $ is only sufficient for wallpaper to cover the real cracks.
bsrsharma
ParticipantI don’t think that spending bill will get 60 votes in Senate. Bush’s threat is good but won’t be needed.
But in the scheme of things, $900M is really small potatos. Even @ $100K a pop, they can help a maximum of 9000 homeowners. There are that many troubled borrowers in a Town. This is a Trillion $ mess; A Billion $ is only sufficient for wallpaper to cover the real cracks.
bsrsharma
ParticipantSpeaking of Walmart, I visited one last weekend and it was so crowded I had to rub shoulders with many shoppers. {Before anyone criticizes me for patronizing Walmart – I have to rely on Walmart for a couple of essentials e.g. Our cat’s preferred litter and my pre-electric shave lotion}
bsrsharma
ParticipantSpeaking of Walmart, I visited one last weekend and it was so crowded I had to rub shoulders with many shoppers. {Before anyone criticizes me for patronizing Walmart – I have to rely on Walmart for a couple of essentials e.g. Our cat’s preferred litter and my pre-electric shave lotion}
bsrsharma
ParticipantAnother interesting dimension. There were many Truth In Lending Act (TILA) violations in the frenzy days and it will come back to haunt the lenders in the form of invalidated mortgages/rate increases, sticking another fork in MBS market. I think, all MBSs are generally worth little now. Nonconforming / Jumbo mortgages will rapidly become a thing of the past.
bsrsharma
ParticipantAnother interesting dimension. There were many Truth In Lending Act (TILA) violations in the frenzy days and it will come back to haunt the lenders in the form of invalidated mortgages/rate increases, sticking another fork in MBS market. I think, all MBSs are generally worth little now. Nonconforming / Jumbo mortgages will rapidly become a thing of the past.
bsrsharma
ParticipantGolf – You may not find anything listed; but what they may sell for may be much different. If you are a motivated buyer and walk in with say, a check for $250K for a 2500 sqft home, it will be one stupid bank/builder/seller to say no. In times like these, the market turns into a Bazaar and list prices mean little. During RTC days, nobody blinked when an offer 100K less than list came and the house was sold (30-50% below list; good houses were 200K – 300K then)
bsrsharma
ParticipantGolf – You may not find anything listed; but what they may sell for may be much different. If you are a motivated buyer and walk in with say, a check for $250K for a 2500 sqft home, it will be one stupid bank/builder/seller to say no. In times like these, the market turns into a Bazaar and list prices mean little. During RTC days, nobody blinked when an offer 100K less than list came and the house was sold (30-50% below list; good houses were 200K – 300K then)
bsrsharma
ParticipantWhat concerns me is how much disguised tax money will be used to now back up higher FHA limits for conforming loans. Just think how much money would be lost if all of these loans were conforming. It wouldn't me MBS investors holding the bag, it would be the taxpayers.
SDR, I am a little confused about your using "tax money/taxpayer". Whether FHA or GSE Conforming, I don't see a (large) taxpayer impact. This whole circus is all about redistribution of risk and post facto redistribution of wealth (from lenders to borrowers). One can have justifiable abhorrence at that, but why involve taxpayers in the discussion?
bsrsharma
ParticipantWhat concerns me is how much disguised tax money will be used to now back up higher FHA limits for conforming loans. Just think how much money would be lost if all of these loans were conforming. It wouldn't me MBS investors holding the bag, it would be the taxpayers.
SDR, I am a little confused about your using "tax money/taxpayer". Whether FHA or GSE Conforming, I don't see a (large) taxpayer impact. This whole circus is all about redistribution of risk and post facto redistribution of wealth (from lenders to borrowers). One can have justifiable abhorrence at that, but why involve taxpayers in the discussion?
bsrsharma
ParticipantWhy did you stop at 99? 2000 on should be interesting too.
What are the vertical transitions at Dec 94 & Jan 99? Prices doubled and fell by half instantaneously?
Still vividly shows senselessness of real estate “value”. Buy low and sell high a couple of times and with a million $ tax free, one can retire well. Add in the leverage of mortgage and mortgage interest tax deduction, this sure beats the headache of stock market investing.
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