Forum Replies Created
-
AuthorPosts
-
hipmatt
ParticipantBut the kids will still watch the hip-hop videos and aspire to the hip-hop lifestyle of being the thug and getting paid. I'm afraid that living buck wild will be in fashion for a long time to come.
Sad but true!
hipmatt
ParticipantTry PID.. an ETF that geared towards foreign value stocks..
The PowerShares International Dividend Achievers™ Portfolio (Fund) seeks to replicate, before fees and expenses, the International Dividend Achievers™ Index, which is designed to identify an international group of American Depository Receipts that have qualified as International Dividend Achievers™. These companies have increased their annual dividend for five or more consecutive fiscal years. The portfolio is rebalanced quarterly and reconstituted annually.
April 10, 2007 at 10:49 AM in reply to: Getting married in September 2007. When should we buy? #49662hipmatt
ParticipantHopefully we can wait for the market to bottom out in 2008. Thanks, Jimmy
Did a crystal ball tell you this? If we "bottom" sometime near 2008 then this will be the absolute shortest correction ever to the worlds largest and longest RE bubble.
This chart was Richs creation, but you see it will take more than 2 years to correct for a 10 year bubble.
[img_assist|nid=3095|title=Rich's Chart|desc=|link=node|align=middle|width=466|height=393]
April 10, 2007 at 10:41 AM in reply to: Getting married in September 2007. When should we buy? #49661hipmatt
ParticipantJimmy, try not to keep up with the Jones’ for a while and rent a house for at least three years. We shouldn’t see the bottom of this correction for at least 3 years. I know, all your other “married” buddies have a house and feel like they’re big players, but you will the baller in a few years if you rent. Besides for that price, you can rent a really nice house, WAY nicer than some 1500sqft home.
Congrats on saving your 70k. This is great and gives my some hope that at least a few people out there can still save.
hipmatt
ParticipantKerrie Russo kept her New Jersey house but learned a costly lesson after signing up for a 'negative amortization' loan that she says she did not fully understand.
Sorry Kerrie, but you, like many others aren't a victim here. You bought a house in which you could not afford with a normal loan. You then took out a risky loan which would allow you to afford the payment for while. How is that hard to understand? Then the payment went up and now you are a victim? Boo hoo… Yes you are a victim of greed and stupidity.
April 10, 2007 at 10:19 AM in reply to: I am confused, pls help me on how much this home should be worth #49656hipmatt
ParticipantZillow isn’t always accurate and is a lagging indicator most often. Anyways a home on Zillow for 1.9million could easily be worth 900k in a few years anyways, so 1.15 seems pretty smart.
hipmatt
ParticipantSeriously, I have a hard time figuring out who's more to blame for these situations. The mortgage companies and brokers who obviously sold mortgages to unqualified buyers that they KNEW would not be able to afford them… or the people who actually purchased these houses that they KNEW they couldn't afford. I refuse to accept the "I didn't know" excuse! It's BS!
I fully agree!!! And any problems that arise from this should be placed on their shoulders alone, NOT the taxpayers or any type of gov.
hipmatt
ParticipantAccepting the short sale will probably be a way better idea.
hipmatt
ParticipantI asked him why he was so bitter and he said he was upset at the press because he felt the press was scaring homesellers into selling at lower prices.
uhh, what is he pissed at the press for the last 5 years or more when the press has been telling everyone that RE is a can't loose investment, and that 100% financing was a good thing, and buying a home is a quick way to making millions instantly?
I actually attribute a large part of the lack of common sense, and the disregard for logical mathematics in regards to buying a home, and the "peer pressure" if you will that has been fed to the herd of sheep American public, due to the constant hype from the media.
All we have been hearing for years is …"home prices reached a new record high…., the median home price is up……, Jim and Pam have made $xxxK of easy money buy buying spec homes with 0 down, flip this house and make $100k in 3 weeks with the help of you dad and sister, rates are so low, so buy now..etc!
He should be thanking the press for their ridiculous acceptance of an insane housing bubble as "completely normal here in America or socal".
If the press was saying things like..housing goes up way faster than incomes….., toxic loans that anyone can get have been driving housing prices up despite the risks…., or huge housing correction imminent in the near future due to many factors….., RE market set up for even larger repeat of early 1990's market.
Oh well, that would have been nice.
hipmatt
ParticipantI fully agree that this is just the beginning, with subprime disappearing, and the fact that housing supply vs. population is WAY higher than ever before, we have just crested the top and it takes time to build up speed.
I have to disagree with SDR comments about not even seeing a 30% drop. This was the biggest boom ever, why won't it be the biggest bust ever? Just because a few of his favorite zip codes have modest listings, doesn't mean anything to stop the broader market.
ZipRealty recorded the biggest increases in the metro areas of Los Angeles (12.8%), San Francisco (12.2%) and Washington, D.C
When housing gets cheaper in LA, it gets cheaper in SD too. Its not that different.
hipmatt
ParticipantThere are a lot of really great and powerful stories on this thread that proves that RE actually does go down in value. This is possibly one of the most powerful threads I’ve seen here.
hipmatt
ParticipantGroups demand foreclosure moratorium http://www.chron.com/disp/story.mpl/business/4689460.html NEW YORK — Civil rights groups called Wednesday for a six-month moratorium on foreclosures resulting from high-risk loans given to people with shaky credit, arguing that lenders should help borrowers refinance their mortgages or face lawsuits. A coalition of advocacy groups said mortgage lenders should immediately halt foreclosures on so-called subprime mortgage loans made at high-interest rates to people with weak credit histories. The groups, at a news conference in Washington, D.C., said a predicted wave of foreclosures stems from "reckless and unaffordable loans" for which investors bear some responsibility. They also said lenders, real estate agents and investors who bought subprime loans could face lawsuits under a federal law prohibiting housing discrimination. Lenders, they said, should help homeowners affected by the problems in the high-risk mortgage market by allowing them to refinance their mortgages. "We know that there are safe and affordable loans that meet the needs of our communities," said Janet Murguia, president of the National Council of La Raza, the nation's largest Hispanic civil rights group. "We are calling on them to match families to the sustainable loans that they should have gotten in the first place. … There are homes of families that can be salvaged." John Robbins, chairman of the Mortgage Bankers Association, said many lenders are setting up payment plans to help avoid foreclosures among borrowers, many of whom have a hard time qualifying for refinancing. James Ballentine, director of housing and economic development at the American Bankers Association, said the call for a moratorium is an "overreaction" to problems in the mortgage market. He said there are many reasons borrowers default — including medical bills and the loss of jobs — that don't necessarily mean a lender took advantage of them. The advocacy groups said high-interest-rate subprime loans harm black and Hispanic home buyers the most, citing data from 2005 showing that subprime loans represented more than 50 percent of all mortgages taken out by black borrowers and 40 percent of Latino borrowers, compared with 19 percent of white borrowers.
hipmatt
Participantcawireman
This is sad but true.
A brainless homeowner facing foreclosure with negative equity has more power right now and is deemed more successful than a responsible renter/saver with over $100k in the bank, and yet they may be getting even more free hand outs and assistance by either the gov., wall street, banks, or any other area of private sector to help keep them in their homes.
What does that tell you about our economy/society/gov.?
hipmatt
ParticipantI’m kinda ok with the lenders bailing them out, cause I know it can’t really work and the losses will still be felt, but I have a huge problem with a taxpayer based bail out, or any sort of gov. bailout. This is a lender/lendee issue an that is it. It is mainly the lendee’s responsibility to know the terms of their loan before they sign.
We need to stop the f’n pitty party for these people. As said before, no one who used one of these loans for profit is complaining.
say NO to a gov. sponsored FDIC type insurance policy for homeowners or lenders though!
-
AuthorPosts
