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HLS
ParticipantBecause govt programs like FHA allow people to buy houses solely because they want to, and some people are afraid if they dont buy now they will be priced out forever.
Others are buying because they want to get $8000+ credit from the govt (before that bailout goes away) not realizing that they are overpaying for the house and it will probably be worth $10,000 less by the time they move in.
This is a very nice 60K-80K house in many parts of the country, that would rent for $500-$600 a month.
Foolishness replaced common sense for many long ago. (Millions of NOD’s ago)
ParticipantHow much money are you spending on a house and how did you choose the person that you chose to advise you about the largest financial transaction of your life ?
Did you ask them to explain your options and if so, what did they tell you….
What % down payment do you have ?ParticipantHow much money are you spending on a house and how did you choose the person that you chose to advise you about the largest financial transaction of your life ?
Did you ask them to explain your options and if so, what did they tell you….
What % down payment do you have ?ParticipantHow much money are you spending on a house and how did you choose the person that you chose to advise you about the largest financial transaction of your life ?
Did you ask them to explain your options and if so, what did they tell you….
What % down payment do you have ?ParticipantHow much money are you spending on a house and how did you choose the person that you chose to advise you about the largest financial transaction of your life ?
Did you ask them to explain your options and if so, what did they tell you….
What % down payment do you have ?ParticipantHow much money are you spending on a house and how did you choose the person that you chose to advise you about the largest financial transaction of your life ?
Did you ask them to explain your options and if so, what did they tell you….
What % down payment do you have ?ParticipantThere should come a time when there won’t be chaotic bidding on lower priced homes, and there will be plenty to choose from.
That will be sign of sanity returning, it’s probably going to take a while (IF the govt allows it to happen)I remember the late 1980’s very well. Homes in the 90K-100K range rented for $800 a month. There was no chaotic bidding. There were plenty available.
They made sense as investments. Most smart investors didn’t even consider a condo as a rental.Hard for many people to believe there was a time when:
A house was a place to live and not a road to riches or an ATM machine.
A smaller % of the population owned, people who rented weren’t looked down upon as losers.
For those who did own rentals, nobody in their right mind had anything other than basic bread and butter rentals, 2br-3br basic homes. McManisons hardly existed.
Only a small % of ppl owned stocks or mutual funds.The NEW American dream for many is wishing that they had no money in the stock market and were tenants with no mortgage debt, property taxes, insurance, HOA fees, sub HOA fees and Mello Roos payments…..
The govt propaganda has worked its magic on millions of sheeple… HLS
ParticipantThere should come a time when there won’t be chaotic bidding on lower priced homes, and there will be plenty to choose from.
That will be sign of sanity returning, it’s probably going to take a while (IF the govt allows it to happen)I remember the late 1980’s very well. Homes in the 90K-100K range rented for $800 a month. There was no chaotic bidding. There were plenty available.
They made sense as investments. Most smart investors didn’t even consider a condo as a rental.Hard for many people to believe there was a time when:
A house was a place to live and not a road to riches or an ATM machine.
A smaller % of the population owned, people who rented weren’t looked down upon as losers.
For those who did own rentals, nobody in their right mind had anything other than basic bread and butter rentals, 2br-3br basic homes. McManisons hardly existed.
Only a small % of ppl owned stocks or mutual funds.The NEW American dream for many is wishing that they had no money in the stock market and were tenants with no mortgage debt, property taxes, insurance, HOA fees, sub HOA fees and Mello Roos payments…..
The govt propaganda has worked its magic on millions of sheeple… HLS
ParticipantThere should come a time when there won’t be chaotic bidding on lower priced homes, and there will be plenty to choose from.
That will be sign of sanity returning, it’s probably going to take a while (IF the govt allows it to happen)I remember the late 1980’s very well. Homes in the 90K-100K range rented for $800 a month. There was no chaotic bidding. There were plenty available.
They made sense as investments. Most smart investors didn’t even consider a condo as a rental.Hard for many people to believe there was a time when:
A house was a place to live and not a road to riches or an ATM machine.
A smaller % of the population owned, people who rented weren’t looked down upon as losers.
For those who did own rentals, nobody in their right mind had anything other than basic bread and butter rentals, 2br-3br basic homes. McManisons hardly existed.
Only a small % of ppl owned stocks or mutual funds.The NEW American dream for many is wishing that they had no money in the stock market and were tenants with no mortgage debt, property taxes, insurance, HOA fees, sub HOA fees and Mello Roos payments…..
The govt propaganda has worked its magic on millions of sheeple… HLS
ParticipantThere should come a time when there won’t be chaotic bidding on lower priced homes, and there will be plenty to choose from.
That will be sign of sanity returning, it’s probably going to take a while (IF the govt allows it to happen)I remember the late 1980’s very well. Homes in the 90K-100K range rented for $800 a month. There was no chaotic bidding. There were plenty available.
They made sense as investments. Most smart investors didn’t even consider a condo as a rental.Hard for many people to believe there was a time when:
A house was a place to live and not a road to riches or an ATM machine.
A smaller % of the population owned, people who rented weren’t looked down upon as losers.
For those who did own rentals, nobody in their right mind had anything other than basic bread and butter rentals, 2br-3br basic homes. McManisons hardly existed.
Only a small % of ppl owned stocks or mutual funds.The NEW American dream for many is wishing that they had no money in the stock market and were tenants with no mortgage debt, property taxes, insurance, HOA fees, sub HOA fees and Mello Roos payments…..
The govt propaganda has worked its magic on millions of sheeple… HLS
ParticipantThere should come a time when there won’t be chaotic bidding on lower priced homes, and there will be plenty to choose from.
That will be sign of sanity returning, it’s probably going to take a while (IF the govt allows it to happen)I remember the late 1980’s very well. Homes in the 90K-100K range rented for $800 a month. There was no chaotic bidding. There were plenty available.
They made sense as investments. Most smart investors didn’t even consider a condo as a rental.Hard for many people to believe there was a time when:
A house was a place to live and not a road to riches or an ATM machine.
A smaller % of the population owned, people who rented weren’t looked down upon as losers.
For those who did own rentals, nobody in their right mind had anything other than basic bread and butter rentals, 2br-3br basic homes. McManisons hardly existed.
Only a small % of ppl owned stocks or mutual funds.The NEW American dream for many is wishing that they had no money in the stock market and were tenants with no mortgage debt, property taxes, insurance, HOA fees, sub HOA fees and Mello Roos payments…..
The govt propaganda has worked its magic on millions of sheeple… HLS
ParticipantRAY,
FHA is a minor PITA. CHFA is a major PITA.
Program sounds good to some, but a real hassle to deal with and most lenders dont want to deal with the govt red tape.JP…
Cheaper homes are selling because in general people with less money are more foolish than people with more money.
Obviously it is easier to qualify for lower amount loans than higher amount loans.There are ONLY multiple offers on homes that appear to be underpriced (this week)
There are not multiple offers on most listings.The verbal blather about days on market is simply idiotic. If a house is priced right it will get offers within days, sometimes hours or minutes.
If the price is stupid(as most are) it won’t get an offer for weeks, months or maybe years while some sellers chase the market down, spending thousands a month in carry costs, because they refuse to “lose money”I have never seen so many intelligent people being dragged into making foolish decisions based on emotion. It’s nothing more than a tri-fecta of the greater fool theory, a Ponzi scheme and government intervention all intersecting. Time will tell who is right.
The reality is that the housing market has collapsed only to be offset by the govt intervention to create the illusion that the market is stable through various financing schemes combined with consumer’s desire to feel entitled to something that they cannot afford which will utlimately balance out the collapse someday in the future.
Until then it’s a game of musical chairs of people buying and selling, most with no understanding of what they are really doing.
It’s exactly like the stock market. People involved with substantial amounts of money that are really clueless about what they are doing, but following the herd and doing it anyway.
With FHA income IS verified and the no appraisals are on refi’s only on certain loans. This is solely being done so nobody has to admit the loss, just pretend like all is well. (Mark to market would recognize the collapse immediately) HLS
ParticipantRAY,
FHA is a minor PITA. CHFA is a major PITA.
Program sounds good to some, but a real hassle to deal with and most lenders dont want to deal with the govt red tape.JP…
Cheaper homes are selling because in general people with less money are more foolish than people with more money.
Obviously it is easier to qualify for lower amount loans than higher amount loans.There are ONLY multiple offers on homes that appear to be underpriced (this week)
There are not multiple offers on most listings.The verbal blather about days on market is simply idiotic. If a house is priced right it will get offers within days, sometimes hours or minutes.
If the price is stupid(as most are) it won’t get an offer for weeks, months or maybe years while some sellers chase the market down, spending thousands a month in carry costs, because they refuse to “lose money”I have never seen so many intelligent people being dragged into making foolish decisions based on emotion. It’s nothing more than a tri-fecta of the greater fool theory, a Ponzi scheme and government intervention all intersecting. Time will tell who is right.
The reality is that the housing market has collapsed only to be offset by the govt intervention to create the illusion that the market is stable through various financing schemes combined with consumer’s desire to feel entitled to something that they cannot afford which will utlimately balance out the collapse someday in the future.
Until then it’s a game of musical chairs of people buying and selling, most with no understanding of what they are really doing.
It’s exactly like the stock market. People involved with substantial amounts of money that are really clueless about what they are doing, but following the herd and doing it anyway.
With FHA income IS verified and the no appraisals are on refi’s only on certain loans. This is solely being done so nobody has to admit the loss, just pretend like all is well. (Mark to market would recognize the collapse immediately) HLS
ParticipantRAY,
FHA is a minor PITA. CHFA is a major PITA.
Program sounds good to some, but a real hassle to deal with and most lenders dont want to deal with the govt red tape.JP…
Cheaper homes are selling because in general people with less money are more foolish than people with more money.
Obviously it is easier to qualify for lower amount loans than higher amount loans.There are ONLY multiple offers on homes that appear to be underpriced (this week)
There are not multiple offers on most listings.The verbal blather about days on market is simply idiotic. If a house is priced right it will get offers within days, sometimes hours or minutes.
If the price is stupid(as most are) it won’t get an offer for weeks, months or maybe years while some sellers chase the market down, spending thousands a month in carry costs, because they refuse to “lose money”I have never seen so many intelligent people being dragged into making foolish decisions based on emotion. It’s nothing more than a tri-fecta of the greater fool theory, a Ponzi scheme and government intervention all intersecting. Time will tell who is right.
The reality is that the housing market has collapsed only to be offset by the govt intervention to create the illusion that the market is stable through various financing schemes combined with consumer’s desire to feel entitled to something that they cannot afford which will utlimately balance out the collapse someday in the future.
Until then it’s a game of musical chairs of people buying and selling, most with no understanding of what they are really doing.
It’s exactly like the stock market. People involved with substantial amounts of money that are really clueless about what they are doing, but following the herd and doing it anyway.
With FHA income IS verified and the no appraisals are on refi’s only on certain loans. This is solely being done so nobody has to admit the loss, just pretend like all is well. (Mark to market would recognize the collapse immediately) HLS
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