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JWM in SD
Participant“So far I have been spot on in my area though I readily admit that I missed the steep and fast decline in the outlying areas like Escondido and Chula Vista.”
So far, but the credit / lending mess is not anywhere near over. The FDIC is beefing up staff to deal with 150 bank failures in the next two years. That will leave a mark on the economy.
Missing Escondido and Chula Vista is pretty bad IMHO. That is enough to impugn your credibility in my eyes. Those two areas were some of the most overbuilt and risky areas in SD and was often singled out by the residen housing bears. How you could miss on those two and yet claim to be an expert is beyond me.
Participant“So far I have been spot on in my area though I readily admit that I missed the steep and fast decline in the outlying areas like Escondido and Chula Vista.”
So far, but the credit / lending mess is not anywhere near over. The FDIC is beefing up staff to deal with 150 bank failures in the next two years. That will leave a mark on the economy.
Missing Escondido and Chula Vista is pretty bad IMHO. That is enough to impugn your credibility in my eyes. Those two areas were some of the most overbuilt and risky areas in SD and was often singled out by the residen housing bears. How you could miss on those two and yet claim to be an expert is beyond me.
Participant“So far I have been spot on in my area though I readily admit that I missed the steep and fast decline in the outlying areas like Escondido and Chula Vista.”
So far, but the credit / lending mess is not anywhere near over. The FDIC is beefing up staff to deal with 150 bank failures in the next two years. That will leave a mark on the economy.
Missing Escondido and Chula Vista is pretty bad IMHO. That is enough to impugn your credibility in my eyes. Those two areas were some of the most overbuilt and risky areas in SD and was often singled out by the residen housing bears. How you could miss on those two and yet claim to be an expert is beyond me.
Participant“So far I have been spot on in my area though I readily admit that I missed the steep and fast decline in the outlying areas like Escondido and Chula Vista.”
So far, but the credit / lending mess is not anywhere near over. The FDIC is beefing up staff to deal with 150 bank failures in the next two years. That will leave a mark on the economy.
Missing Escondido and Chula Vista is pretty bad IMHO. That is enough to impugn your credibility in my eyes. Those two areas were some of the most overbuilt and risky areas in SD and was often singled out by the residen housing bears. How you could miss on those two and yet claim to be an expert is beyond me.
ParticipantRustico,
So let me get this straight, you are now advocating the use of high ltv loans as affordibility products again???? Is that not what got the market into the mess it is right now? Are you telling me that if I use one of those loans that a realtor won’t steer me to higher priced homes to take advantage of that? Because if that is what you are saying then we are right back at square one and you might as well set the calendar back to 2006 again and throw every fundamental issue established here on this site out the window because apparently you and the other two resident realtors have not learned a damn thing.
20% down was used as a standard in years past because the typical renter could not produce it and an investor could as well as service the 80% as debt. That was the difference between a renter and an owner when the fundamentals made sense “market wide”.
ParticipantRustico,
So let me get this straight, you are now advocating the use of high ltv loans as affordibility products again???? Is that not what got the market into the mess it is right now? Are you telling me that if I use one of those loans that a realtor won’t steer me to higher priced homes to take advantage of that? Because if that is what you are saying then we are right back at square one and you might as well set the calendar back to 2006 again and throw every fundamental issue established here on this site out the window because apparently you and the other two resident realtors have not learned a damn thing.
20% down was used as a standard in years past because the typical renter could not produce it and an investor could as well as service the 80% as debt. That was the difference between a renter and an owner when the fundamentals made sense “market wide”.
ParticipantRustico,
So let me get this straight, you are now advocating the use of high ltv loans as affordibility products again???? Is that not what got the market into the mess it is right now? Are you telling me that if I use one of those loans that a realtor won’t steer me to higher priced homes to take advantage of that? Because if that is what you are saying then we are right back at square one and you might as well set the calendar back to 2006 again and throw every fundamental issue established here on this site out the window because apparently you and the other two resident realtors have not learned a damn thing.
20% down was used as a standard in years past because the typical renter could not produce it and an investor could as well as service the 80% as debt. That was the difference between a renter and an owner when the fundamentals made sense “market wide”.
ParticipantRustico,
So let me get this straight, you are now advocating the use of high ltv loans as affordibility products again???? Is that not what got the market into the mess it is right now? Are you telling me that if I use one of those loans that a realtor won’t steer me to higher priced homes to take advantage of that? Because if that is what you are saying then we are right back at square one and you might as well set the calendar back to 2006 again and throw every fundamental issue established here on this site out the window because apparently you and the other two resident realtors have not learned a damn thing.
20% down was used as a standard in years past because the typical renter could not produce it and an investor could as well as service the 80% as debt. That was the difference between a renter and an owner when the fundamentals made sense “market wide”.
ParticipantRustico,
So let me get this straight, you are now advocating the use of high ltv loans as affordibility products again???? Is that not what got the market into the mess it is right now? Are you telling me that if I use one of those loans that a realtor won’t steer me to higher priced homes to take advantage of that? Because if that is what you are saying then we are right back at square one and you might as well set the calendar back to 2006 again and throw every fundamental issue established here on this site out the window because apparently you and the other two resident realtors have not learned a damn thing.
20% down was used as a standard in years past because the typical renter could not produce it and an investor could as well as service the 80% as debt. That was the difference between a renter and an owner when the fundamentals made sense “market wide”.
Participant“All I know is that trying to project that people do not have cash is close minded”
Why? Projecting that everyone does have adequate cash purchase is any less myopic? Neither one is true of course.
No one has yet to address my original question in its entirety. The market cannot be sustained by selling houses to each other within a particular strata. If the first time buyer is not engaged then ultimately the market will crumble. This has already been demonstrated at the lower pricing tiers. To ignore the importance of the downpayment and its source is to ignore why the exotic loans became affordibility products in the first place.
You know better than that.
Participant“All I know is that trying to project that people do not have cash is close minded”
Why? Projecting that everyone does have adequate cash purchase is any less myopic? Neither one is true of course.
No one has yet to address my original question in its entirety. The market cannot be sustained by selling houses to each other within a particular strata. If the first time buyer is not engaged then ultimately the market will crumble. This has already been demonstrated at the lower pricing tiers. To ignore the importance of the downpayment and its source is to ignore why the exotic loans became affordibility products in the first place.
You know better than that.
Participant“All I know is that trying to project that people do not have cash is close minded”
Why? Projecting that everyone does have adequate cash purchase is any less myopic? Neither one is true of course.
No one has yet to address my original question in its entirety. The market cannot be sustained by selling houses to each other within a particular strata. If the first time buyer is not engaged then ultimately the market will crumble. This has already been demonstrated at the lower pricing tiers. To ignore the importance of the downpayment and its source is to ignore why the exotic loans became affordibility products in the first place.
You know better than that.
Participant“All I know is that trying to project that people do not have cash is close minded”
Why? Projecting that everyone does have adequate cash purchase is any less myopic? Neither one is true of course.
No one has yet to address my original question in its entirety. The market cannot be sustained by selling houses to each other within a particular strata. If the first time buyer is not engaged then ultimately the market will crumble. This has already been demonstrated at the lower pricing tiers. To ignore the importance of the downpayment and its source is to ignore why the exotic loans became affordibility products in the first place.
You know better than that.
Participant“All I know is that trying to project that people do not have cash is close minded”
Why? Projecting that everyone does have adequate cash purchase is any less myopic? Neither one is true of course.
No one has yet to address my original question in its entirety. The market cannot be sustained by selling houses to each other within a particular strata. If the first time buyer is not engaged then ultimately the market will crumble. This has already been demonstrated at the lower pricing tiers. To ignore the importance of the downpayment and its source is to ignore why the exotic loans became affordibility products in the first place.
You know better than that.
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