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May 31, 2011 at 9:14 AM in reply to: Excellent summation why housing market will be terrible for a long time #700949May 31, 2011 at 9:14 AM in reply to: Excellent summation why housing market will be terrible for a long time #701309ctr70Participant
The scary thing that popped out to me about Mark Hanson’s quote is we have possibly only made it though 25% of the short sales and foreclosures so far. Still 75% to go!
And who knows how many people have been sitting in their houses for 2-3 years not making payments where the bank hasn’t even filed a notice of default…so these don’t even show up in the stats! But I guess some of these would show up in the 90 day late stats?
And the fact that people can’t sell and pay 6% to a Realtor + closing costs unless they bought 10 years ago and never refied. And that is losing all the fix up they put in the house too (and closing costs when they bought). Even people who bought in 2009 and 2010 can’t sell without coming out of pocket for a huge amount. And forget about any money for a new down payment on a new house. In a flat appreciation market, even if you buy now a 50% of peak, you still may not be able to sell for years and years w/out a big loss b/c of the costs of selling.
May 31, 2011 at 9:08 AM in reply to: Excellent summation why housing market will be terrible for a long time #700112ctr70ParticipantI think it’s still a bad time to buy expensive primary residence properties. But I think rentals that have a solid positive cash flow could be a decent time to buy. It may get better, but now is probably not bad.
I’m not sure why anyone would want to put say $300k down to buy an expensive property in SD though. That $300k you put down could be only $150k in 5 years. Why would you make such a bad investment? And only to have a house payment higher than rent and all the maintenance duties of owning a house. And lock yourself into ownership for years and years without being able to sell w/out losing money. AND high income/high mortgage people may lose the mortgage interest deduction. AND Fannie Mae lowering the max mortgage to $625k in October. I would not want to own high end property.
May 31, 2011 at 9:08 AM in reply to: Excellent summation why housing market will be terrible for a long time #700209ctr70ParticipantI think it’s still a bad time to buy expensive primary residence properties. But I think rentals that have a solid positive cash flow could be a decent time to buy. It may get better, but now is probably not bad.
I’m not sure why anyone would want to put say $300k down to buy an expensive property in SD though. That $300k you put down could be only $150k in 5 years. Why would you make such a bad investment? And only to have a house payment higher than rent and all the maintenance duties of owning a house. And lock yourself into ownership for years and years without being able to sell w/out losing money. AND high income/high mortgage people may lose the mortgage interest deduction. AND Fannie Mae lowering the max mortgage to $625k in October. I would not want to own high end property.
May 31, 2011 at 9:08 AM in reply to: Excellent summation why housing market will be terrible for a long time #700797ctr70ParticipantI think it’s still a bad time to buy expensive primary residence properties. But I think rentals that have a solid positive cash flow could be a decent time to buy. It may get better, but now is probably not bad.
I’m not sure why anyone would want to put say $300k down to buy an expensive property in SD though. That $300k you put down could be only $150k in 5 years. Why would you make such a bad investment? And only to have a house payment higher than rent and all the maintenance duties of owning a house. And lock yourself into ownership for years and years without being able to sell w/out losing money. AND high income/high mortgage people may lose the mortgage interest deduction. AND Fannie Mae lowering the max mortgage to $625k in October. I would not want to own high end property.
May 31, 2011 at 9:08 AM in reply to: Excellent summation why housing market will be terrible for a long time #700944ctr70ParticipantI think it’s still a bad time to buy expensive primary residence properties. But I think rentals that have a solid positive cash flow could be a decent time to buy. It may get better, but now is probably not bad.
I’m not sure why anyone would want to put say $300k down to buy an expensive property in SD though. That $300k you put down could be only $150k in 5 years. Why would you make such a bad investment? And only to have a house payment higher than rent and all the maintenance duties of owning a house. And lock yourself into ownership for years and years without being able to sell w/out losing money. AND high income/high mortgage people may lose the mortgage interest deduction. AND Fannie Mae lowering the max mortgage to $625k in October. I would not want to own high end property.
May 31, 2011 at 9:08 AM in reply to: Excellent summation why housing market will be terrible for a long time #701304ctr70ParticipantI think it’s still a bad time to buy expensive primary residence properties. But I think rentals that have a solid positive cash flow could be a decent time to buy. It may get better, but now is probably not bad.
I’m not sure why anyone would want to put say $300k down to buy an expensive property in SD though. That $300k you put down could be only $150k in 5 years. Why would you make such a bad investment? And only to have a house payment higher than rent and all the maintenance duties of owning a house. And lock yourself into ownership for years and years without being able to sell w/out losing money. AND high income/high mortgage people may lose the mortgage interest deduction. AND Fannie Mae lowering the max mortgage to $625k in October. I would not want to own high end property.
May 8, 2011 at 6:16 PM in reply to: OT: You have got to be kidding me….What the hell happened to the Lakers #693640ctr70ParticipantEven with what you say, it’s hard to believe a team with Kobe Bryant, Pau Gasol, Lamar Odom, Ron Artest and Andrew Bynum on it can lose 4 straight to anyone.
May 8, 2011 at 6:16 PM in reply to: OT: You have got to be kidding me….What the hell happened to the Lakers #693718ctr70ParticipantEven with what you say, it’s hard to believe a team with Kobe Bryant, Pau Gasol, Lamar Odom, Ron Artest and Andrew Bynum on it can lose 4 straight to anyone.
May 8, 2011 at 6:16 PM in reply to: OT: You have got to be kidding me….What the hell happened to the Lakers #694325ctr70ParticipantEven with what you say, it’s hard to believe a team with Kobe Bryant, Pau Gasol, Lamar Odom, Ron Artest and Andrew Bynum on it can lose 4 straight to anyone.
May 8, 2011 at 6:16 PM in reply to: OT: You have got to be kidding me….What the hell happened to the Lakers #694471ctr70ParticipantEven with what you say, it’s hard to believe a team with Kobe Bryant, Pau Gasol, Lamar Odom, Ron Artest and Andrew Bynum on it can lose 4 straight to anyone.
May 8, 2011 at 6:16 PM in reply to: OT: You have got to be kidding me….What the hell happened to the Lakers #694826ctr70ParticipantEven with what you say, it’s hard to believe a team with Kobe Bryant, Pau Gasol, Lamar Odom, Ron Artest and Andrew Bynum on it can lose 4 straight to anyone.
ctr70ParticipantThe Mission Hills and surrounding area (inc. parts of Bankers Hill, Morley Field, parts of Hillcrest, western part of University Heights around Park) I think is the best place to live in San Diego. It is one of the few areas in San Diego County that has at least a little bit of character, historical charm, pedestrian oriented neighborhoods, mom & pop stores. And so centrally located.
As compared to say North County inland east of 5 (where I live now…can’t wait to move back towards Balboa Park!), that is the exact opposite…cookie cutter homes, strip centers with mostly national chains, 100% car oriented, hardly anyone walking the sidewalks. Completely lacking in any character, charm or soul. “Phoenix By the Sea”. Man they used to build much cooler neighborhoods in 1890!
ctr70ParticipantThe Mission Hills and surrounding area (inc. parts of Bankers Hill, Morley Field, parts of Hillcrest, western part of University Heights around Park) I think is the best place to live in San Diego. It is one of the few areas in San Diego County that has at least a little bit of character, historical charm, pedestrian oriented neighborhoods, mom & pop stores. And so centrally located.
As compared to say North County inland east of 5 (where I live now…can’t wait to move back towards Balboa Park!), that is the exact opposite…cookie cutter homes, strip centers with mostly national chains, 100% car oriented, hardly anyone walking the sidewalks. Completely lacking in any character, charm or soul. “Phoenix By the Sea”. Man they used to build much cooler neighborhoods in 1890!
ctr70ParticipantThe Mission Hills and surrounding area (inc. parts of Bankers Hill, Morley Field, parts of Hillcrest, western part of University Heights around Park) I think is the best place to live in San Diego. It is one of the few areas in San Diego County that has at least a little bit of character, historical charm, pedestrian oriented neighborhoods, mom & pop stores. And so centrally located.
As compared to say North County inland east of 5 (where I live now…can’t wait to move back towards Balboa Park!), that is the exact opposite…cookie cutter homes, strip centers with mostly national chains, 100% car oriented, hardly anyone walking the sidewalks. Completely lacking in any character, charm or soul. “Phoenix By the Sea”. Man they used to build much cooler neighborhoods in 1890!
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