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CoronitaParticipantWell, according to CNN, using the “i-word” (illegal) is un-american… It’s as bad as using the n-word…
http://www.cnn.com/2014/07/04/opinion/kohn-immigration-words/
I think we went from the term “illegal aliens” to “illegal immigrants” to be more PC….But I suppose “illegal” is now un-PC…
We’ll probably change the term to something like “spontaneous extended stay visitors”….
I guess it’s just CNN trying to show its (fake) “racial sensitivity” …..Typical CNN…con news network…
CoronitaParticipantMeh… I’ve given up on the national issues….Looking at things, the only difference is what special interest group/lobbying group either our government officials are pandering to..
The only thing I care about are the local elections and state elections.Things like SCA-5…
CoronitaParticipantThe funny part is out of all the accounts, I think my kid’s 529 plan did pretty well… Slow and steady produced about 65% over about 7 years, with no involvement on my part
I stopped contributing regularly in case the unlikely events of tuition costing less than expected and/or kid gets a full ride merit scholarship(yeah right)…
CoronitaParticipantYou underestimate the amount of money floating in the Bay Area…
Folks that think income inequality and real estate is unaffordable is bad in San Diego, its much worse in the Bay Area….
You have a bunch of people that made it in banking and tech that have a lot of money, and you have bunch more people who are struggling to keep up.
We lost quite a number of people to Apple and Google recently. People willing to pick up their bags in SD and relocate to the bay area, despite the insane home prices…
Real estate prices in the Bay Area move in much different ways than they do down here. A lot of it (plus rental prices) are driven by the tech industry…If you think home prices are bad there, wait until you look at rental prices..
If you have a home in the bay area, you’d be best serve keeping it for the long term. Because unlike here, there really isn’t that much more places to build in the Bay Area, and housing will always be tight in tech capital.
CoronitaParticipantI’m averaging out about 7% ytd total….
CoronitaParticipant[quote=HLS]Flu,
You are touching on part of the concern of the report which is that many people cannot qualify to buy (even with almost nothing down) because of lending guidelines…
SO… should it be easier for people to qualify to buy ??There will ALWAYS tenants, in all parts of the country.
The macro housing market is not like San Diego/ So Cal though.I have a friend in FL who was told he could get $340K for his house last year. It’s been listed for sale and is still for sale. I think it is down to $249,000 and hardly anybody looks.
Nothing wrong with condition. He’s even willing to carry with a down payment.Many parts of the country have properties sitting. It’s not always easy to find tenants in many areas,
even when rent is $300-$500 a month.[/quote]*Should it be easier for people to qualify to buy who are sketchy on their finances?…..My opinion is, absolutely not.
But my opinion doesn’t matter…And frankly, when a big % of the population can’t qualify for a loan to buy a home…… You know that the government isn’t going to just sit there and not do anything.. You also know that subprime lending is a big business for banks… You know that they are going to be itchy to be loaning @ subprime again to fatten their bottom line. perhaps it won’t be as crazy as before (initially), but you know subprime will be back…The profit motives are just too compelling not to go at it again. Again, look no further than the auto industry… They’re at it again…
Can’t beat them… Join them.. That way, personally I won’t feel so bad the next time….
CoronitaParticipant[quote=The-Shoveler]I don’t think you can get to a sell worthy bubble/crash without No-down No-Nothing NINJA Loans.
You may want to sell a home for different reasons, but I don’t think I will see another housing crash like the last.
Maybe when they rope off an area for shanty towns (could happen in 25-50 or so years).[/quote]
We’ll, see another crash at some point. We just don’t know when….. 🙂
CoronitaParticipant[quote=spdrun]On the one hand, you have a liberal twit Mel Watt in charge of FHFA (even he is going incrementally, trying deeper loan mods in Detroit first, which has nothing to lose). On the other, you have Julian Castro at HUD who wants to wind down Fannie and Freddie. We also has QM come into force this year.
I think the net effect will be zero-sum. And why would you want higher prices? Wouldn’t you rather be able to buy MORE rental property and have more tenants?
My ideal world would be cheap homes and high rents.[/quote]
Cheap homes and high rent isn’t going to happen for the long term because cheap homes means people that would normally pay for high rent ends up buying, leaving you with people that can’t qualify to own or afford to own….
And I’m being more realistic. Short of some big event, I don’t think people who are “owners” these days are in a hurry to sell. They weathered a big meltdown, some bought more dirt cheap….There’s no panic, no itch to hurry up and sell…
CoronitaParticipant[quote=HLS]The housing market is a HUGE part of the economy in this country and correlates with the general mood of the country and a sense of wealth & security for many.
The govt has stepped in to create a market for mortgage backed securities along with govt subsidies, guarantees and insurance.
If there was no financing available for houses and
buyers had to pay cash, is there any doubt that houses would sell for less ?
If 50% down was required, they would sell for a bit more. If 25% down was required, prices would be even higher and when you get to almost nothing down, the prices become inflated.What’s ironic is that the responsible ALL CASH buyer who has worked hard and saved to buy a house,
has to pay the same price that someone with crappy credit and no down payment has to pay.Is it fair ?
If crazy financing didn’t exist, houses would sell for less. The prudent, responsible, all cash buyers would be able to buy 2 or 3 houses for the same amount of dollars and rent them out to those without the cash down.The availability of financing a purchase allows for an inflated price.
If student loans were not available, I believe that higher education would cost less and those that truly wanted one would figure out how to pay for it.
Part of me believes that there shouldn’t be any auto financing and that credit cards should be ‘charge cards’ and required to be paid in full every month, carrying a balance should not be allowed.[/quote]No it’s not fair.
But most americans being fiscally responsible? Come on…
Just look no further than the auto industry…
84-96+month new car loans?????Seriously?We have learned anything….Consequently…
If you can’t beat them, join them…If someone wants to take out a 100% financed loan and pay $300k for each of my condos, fine by me.. I’ll sell. I’ll wait for the next crash. And I’ll buy again….
Not my problem…
CoronitaParticipantSo if interest rates rise, but lending standards are relaxed in the future (again), what will the net effect be?
I suspect fiscally prudent people will probably opt out of buying inflated home prices. But fiscally prudent people probably don’t make up most of america….
Maybe this time it will be different. (This time I have homes to sell…)
Dear Fed Gods,
Please relax lending standards again so folks can bid up 1/1’s in MM up to $300k again… Meanwhile, I’ll patiently wait to see if that ever happens, while my tenants pays for the mortgages and leaves a little left over in the process.CoronitaParticipantYou know maybe I’m crazy. But i actually like being a landlord.. If I had 11 or so rental properties locally, I wouldn’t mind doing it versus going to work everyday….
Unfortunately, I’m still ways off from it.
CoronitaParticipantnever mind. I thought we were talking about a rental not a primary converted to a rental.
CoronitaParticipantPriced at $24/share
Openned at $31/share
Unfortunately, I didn’t get the full $10k allotment from Loyal3….Drat… Oh well..
Sell…
CoronitaParticipantsalaries suck…
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