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JWM in SD
Participant“There is a bit of an uncomfortable-ness that has folks on this web site cheering every down side of the American economic indicators, and expressing feelings of happiness when the real estate and other markets start to crash”
Cheering every down side?!?!?! You mean like cheering the fact that the dollar has declined almost 10% in a year?? I sure as hell am not cheering that. I will cheer when I see some douchebag realtor or mortgage broker who has screwing people for the past 5 years get their comeuppance. Unfortunately, people are going to lose their homes…nobody was complaining on the way up were they? Were they? No.
Participant“There is a bit of an uncomfortable-ness that has folks on this web site cheering every down side of the American economic indicators, and expressing feelings of happiness when the real estate and other markets start to crash”
Cheering every down side?!?!?! You mean like cheering the fact that the dollar has declined almost 10% in a year?? I sure as hell am not cheering that. I will cheer when I see some douchebag realtor or mortgage broker who has screwing people for the past 5 years get their comeuppance. Unfortunately, people are going to lose their homes…nobody was complaining on the way up were they? Were they? No.
Participant“I think zero liquid assets is a better term to use.”
Yes, that’s a better way to put it. Thanks. I don’t know for certain that they haven’t used their house as an ATM, but I don’t see glaring evidence of it. No fancy cars, no extreme remodeling of the house, although they’ve taken a lot vacations.
Participant“I think zero liquid assets is a better term to use.”
Yes, that’s a better way to put it. Thanks. I don’t know for certain that they haven’t used their house as an ATM, but I don’t see glaring evidence of it. No fancy cars, no extreme remodeling of the house, although they’ve taken a lot vacations.
ParticipantFSD, that’s probably true. There is no easy way to measure. The only stat I can offer is the negative national savings rate.
I can offer an anecdote from circa Spring 2005 though. My wife and I had been in San Diego for six months at that point and my in-laws, who own a small, old, tract house in Diamond Bar were visiting SD for the weekend and stayed in our apartment. We got into a discussion about RE prices in SoCal and I had stated that I had about $50K saved at that point and my SIL’s immediate reaction was that that was “nothing” in terms of a downpayment. Now keep in mind that my wife and I have combined income that is almost double what theirs was / is. Well of course she was comparing the 50K to a moveup buyer in SoCal who might several hundred thousand as result of swapping out their already inflated bubble house for another. It was ironic hearing that from them because they near -0- liquid net worth. It’s all in the house. Now mind you they are not FBs. They bought their house in 2001 at what would be considered a reasonable price (not by me, but I’m from the MidWest so I expect to get value for my $).
ParticipantFSD, that’s probably true. There is no easy way to measure. The only stat I can offer is the negative national savings rate.
I can offer an anecdote from circa Spring 2005 though. My wife and I had been in San Diego for six months at that point and my in-laws, who own a small, old, tract house in Diamond Bar were visiting SD for the weekend and stayed in our apartment. We got into a discussion about RE prices in SoCal and I had stated that I had about $50K saved at that point and my SIL’s immediate reaction was that that was “nothing” in terms of a downpayment. Now keep in mind that my wife and I have combined income that is almost double what theirs was / is. Well of course she was comparing the 50K to a moveup buyer in SoCal who might several hundred thousand as result of swapping out their already inflated bubble house for another. It was ironic hearing that from them because they near -0- liquid net worth. It’s all in the house. Now mind you they are not FBs. They bought their house in 2001 at what would be considered a reasonable price (not by me, but I’m from the MidWest so I expect to get value for my $).
ParticipantHoly shit, that is what…a mile or so from the 15 off Winchester??? Wow, that’s almost worth the commute….
ParticipantHoly shit, that is what…a mile or so from the 15 off Winchester??? Wow, that’s almost worth the commute….
Participant“I am confused on why she didn’t use the VA loan if she was in the NAVY. Last time I checked you could have 417K of VA loan. Almost no down payment and fixed, low interest rates. Why??”
Why? Ask the mortgage broker who put her into the loan…I’ll bet he has an answer..ahahahahaha
Participant“I am confused on why she didn’t use the VA loan if she was in the NAVY. Last time I checked you could have 417K of VA loan. Almost no down payment and fixed, low interest rates. Why??”
Why? Ask the mortgage broker who put her into the loan…I’ll bet he has an answer..ahahahahaha
October 11, 2007 at 1:05 PM in reply to: So you still think that a 50% correction or more is crazy??? #88144Participant“I was joking, but it does sound like the typical justification for buying a house, doesn’t it?”
Yes, it does sound like that it. The scary thing in retrospect is that the issues you cited were amongst the more tame agruments that permabulls used circa 18 to 24 mos ago when a lot of us earned battle scars. If you go to Housing Panic or Irvine Housing Blog, you will still see some that kind of post.
October 11, 2007 at 1:05 PM in reply to: So you still think that a 50% correction or more is crazy??? #88148Participant“I was joking, but it does sound like the typical justification for buying a house, doesn’t it?”
Yes, it does sound like that it. The scary thing in retrospect is that the issues you cited were amongst the more tame agruments that permabulls used circa 18 to 24 mos ago when a lot of us earned battle scars. If you go to Housing Panic or Irvine Housing Blog, you will still see some that kind of post.
October 11, 2007 at 11:35 AM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88096ParticipantCash and time vs. Debt and Stucco Box.
Who wins and who loses???
Take a wild guess……….
October 11, 2007 at 11:35 AM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88101ParticipantCash and time vs. Debt and Stucco Box.
Who wins and who loses???
Take a wild guess……….
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