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August 31, 2007 at 10:42 AM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #82797August 30, 2007 at 11:25 PM in reply to: San Diego area zips in “Top 500” foreclosure zip codes in US #82721
JWM in SD
Participant“Again, not saying things aren’t going to come down. Or that theres not opportunity ahead. But lets be realistic here. Generally, people that make more/save more can weather storms better.”
Yes, unless they lose all their money as a result of being invested in an imploded hedge fund.
August 30, 2007 at 11:14 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #82713ParticipantSorry SD Realtor, but I’m entitled to my opinion just as much as you are to yours. He doesn’t have to take any of my advice if he doesn’t want to.
But seriously, what is she going to do if he says no? Really, what? Divorce him? Maybe, but not likely.
You may not like the tone I take, but someone in that relationship has to take the responsibility for making sound decisions based on logic as opposed to emotion and obviously it’s not his wife.
August 30, 2007 at 11:10 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #82712Participant“JWM, we actually meet the 3 conditions you stated.”
Again, you are not paying attention.
The key is to continue to meet those criteria over the next several years not just meet them right now. Right now doesn’t matter…3 years from now is what matters.
August 30, 2007 at 11:05 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #82710ParticipantIf you want to see where you are headed listen this from the HP blog:
http://housingpanic.blogspot.com/
Listen to the audio excerpt from the Dr. Laura Show. A female FB calls in about how she and her husband were fighting over a house they can’t afford because the interest rate is reseting.
Orginally From Seattle Bubble:
If you can’t listen to the audio, here’s a partial transcript:
Ryan: When my husband comes home from work today—if he comes home, ’cause he’s calling and saying he’s not going to come home—I’m wondering how, or what to say to him. He had like, a flip out last night that continued into the morning. I actually had to leave with our kids because he was actually breaking things. This is not typical behavior of his at all, and I’m just really nervous—
Dr. Laura: Was he drinking?
Ryan: He doesn’t drink, no.
Dr. Laura: What do you think caused this big flip out?
Ryan: Well, we bought a house two years ago, and ever since we bought the house it’s always been “we bought it because you wanted it,” and every time we have financial struggles, it’s my fault because we bought a house that he said we shouldn’t buy, so… that’s… I guess the stresses of the house are getting more intense because our interest is going up so it’s been sort of like the past month I’ve been hearing him talk a lot about that.
Dr. Laura: Well, wait a minute. You mean, you bought a house when you really couldn’t afford it?
Ryan: There you go. [nervous laugh] Exactly. Exactly. And I kinda pushed to buy the house because I thought we could, even though I really should have listened to him…
You should take the time to listen to the entire three-and-a-half minute call (player below). Due to the format of Dr. Laura’s show, we don’t know where Ryan was calling from, but thanks to your friendly neighborhood housing bubble, situations like this are playing out across the country with increasing frequency.
August 30, 2007 at 10:56 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #82708ParticipantBut you will have accepted the principal risk of holding a likely depreciating asset for several years.
I’m sorry to have to put is this way: There is absolutely no reason the buy anything right now. NONE. Not when you can rent a comparably desired house in the interim and bank the savings…which you will need given where the economy is headed.
Like I said earlier. Take your balls out of her purse and put them back where they belong. Then tell her NO.
I had to do it a year ago. It can be done.
August 30, 2007 at 10:41 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #82702ParticipantYou don’t seem to grasp what might be happening with the economy right now. The right price point is what a similar place would rent for.
Wait at least 2 to 3 years and even then be very careful because the economy may be very different than it has been for the past several years.
You need the following:
Cash Savings
A high paying job not tied to the REIC
No DebtThese might sound very simple, but may be hard to achieve in the next few years.
August 30, 2007 at 10:32 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #82698ParticipantRe-attach your balls…just a suggestion.
ParticipantOnce again, the FED doesn’t give a shit about the price of someone’s SD condo or SFH.
August 30, 2007 at 9:50 AM in reply to: San Diego area zips in “Top 500” foreclosure zip codes in US #82565Participant“has a median income of $97,000”
That is HHI not individual incomes. Very big difference. Everybody seems to be confusing the two. That number is essentially a DINK couple with maybe $45 and $50K individual incomes.
Try having a couple of kids and supporting a 300 to 400K fixed 30 yr mortgage on that income and see how you long you last without tapping debt. Hint: not very long.
Participant“My guess is since every tom, dick and harry is starting a radio station, he’ll find a home.”
Maybe, but not in this market.
Participant“My guess is since every tom, dick and harry is starting a radio station, he’ll find a home.”
Maybe, but not in this market.
Participant“My guess is since every tom, dick and harry is starting a radio station, he’ll find a home.”
Maybe, but not in this market.
ParticipantLike I said, by the end of 2007 or Q1 2008 at the latest, George will no longer be part of the local media circus or have a greatly reduced role.
Watch what happens.
ParticipantLike I said, by the end of 2007 or Q1 2008 at the latest, George will no longer be part of the local media circus or have a greatly reduced role.
Watch what happens.
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