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November 16, 2007 at 2:30 PM in reply to: Why would someone sell at a loss instead of just walking away? #100377November 16, 2007 at 2:30 PM in reply to: Why would someone sell at a loss instead of just walking away? #100379
kev374
ParticipantThree letters – IRS.
If it’s a recourse debt then I believe it creates tax liability for the amount of loss charged off by the lender. And IRS will garnish your wages and freeze your bank accounts and whereever you try to flee they will find you and collect what you owe them by force.
So they may be trying to limit the losses rather than let it foreclose and the bank selling it for next to nothing.
ParticipantFor places that I follow it now costs about 2/3 to 3/4 as much to rent as to “own”.
No, it doesn’t, not here in Irvine at least. You can rent a 3 bedroom, 1700sqft house for $2400/mo. That same house will cost $650,000 to buy. PITI+HOA+Maintainance+Mello Roost will at least be $7000/mo. with current jumbo rates and zero down, and that is if you can EVEN get a loan for the full amount.
ParticipantFor places that I follow it now costs about 2/3 to 3/4 as much to rent as to “own”.
No, it doesn’t, not here in Irvine at least. You can rent a 3 bedroom, 1700sqft house for $2400/mo. That same house will cost $650,000 to buy. PITI+HOA+Maintainance+Mello Roost will at least be $7000/mo. with current jumbo rates and zero down, and that is if you can EVEN get a loan for the full amount.
ParticipantFor places that I follow it now costs about 2/3 to 3/4 as much to rent as to “own”.
No, it doesn’t, not here in Irvine at least. You can rent a 3 bedroom, 1700sqft house for $2400/mo. That same house will cost $650,000 to buy. PITI+HOA+Maintainance+Mello Roost will at least be $7000/mo. with current jumbo rates and zero down, and that is if you can EVEN get a loan for the full amount.
ParticipantFor places that I follow it now costs about 2/3 to 3/4 as much to rent as to “own”.
No, it doesn’t, not here in Irvine at least. You can rent a 3 bedroom, 1700sqft house for $2400/mo. That same house will cost $650,000 to buy. PITI+HOA+Maintainance+Mello Roost will at least be $7000/mo. with current jumbo rates and zero down, and that is if you can EVEN get a loan for the full amount.
ParticipantFor places that I follow it now costs about 2/3 to 3/4 as much to rent as to “own”.
No, it doesn’t, not here in Irvine at least. You can rent a 3 bedroom, 1700sqft house for $2400/mo. That same house will cost $650,000 to buy. PITI+HOA+Maintainance+Mello Roost will at least be $7000/mo. with current jumbo rates and zero down, and that is if you can EVEN get a loan for the full amount.
Participant2. the house price will not go down 30%, not mentioned the rent cost set a limit for how low the house price can be (comparing rent a house to own a similar house, it dones’t make sense to compare renting a 1 br apartment to owning a 3-4 br house with private yard)
Of course it will go down but not 30%, perhaps more like 40-50%.
Cost of ownership is not just the mortgage payment! What about property taxes, HOA, maintainence/repairs, insurance. All those are absent in rents. If you figure in the whole amount of owning it is now over double that of renting an equivalent place.
Participant2. the house price will not go down 30%, not mentioned the rent cost set a limit for how low the house price can be (comparing rent a house to own a similar house, it dones’t make sense to compare renting a 1 br apartment to owning a 3-4 br house with private yard)
Of course it will go down but not 30%, perhaps more like 40-50%.
Cost of ownership is not just the mortgage payment! What about property taxes, HOA, maintainence/repairs, insurance. All those are absent in rents. If you figure in the whole amount of owning it is now over double that of renting an equivalent place.
Participant2. the house price will not go down 30%, not mentioned the rent cost set a limit for how low the house price can be (comparing rent a house to own a similar house, it dones’t make sense to compare renting a 1 br apartment to owning a 3-4 br house with private yard)
Of course it will go down but not 30%, perhaps more like 40-50%.
Cost of ownership is not just the mortgage payment! What about property taxes, HOA, maintainence/repairs, insurance. All those are absent in rents. If you figure in the whole amount of owning it is now over double that of renting an equivalent place.
Participant2. the house price will not go down 30%, not mentioned the rent cost set a limit for how low the house price can be (comparing rent a house to own a similar house, it dones’t make sense to compare renting a 1 br apartment to owning a 3-4 br house with private yard)
Of course it will go down but not 30%, perhaps more like 40-50%.
Cost of ownership is not just the mortgage payment! What about property taxes, HOA, maintainence/repairs, insurance. All those are absent in rents. If you figure in the whole amount of owning it is now over double that of renting an equivalent place.
Participant2. the house price will not go down 30%, not mentioned the rent cost set a limit for how low the house price can be (comparing rent a house to own a similar house, it dones’t make sense to compare renting a 1 br apartment to owning a 3-4 br house with private yard)
Of course it will go down but not 30%, perhaps more like 40-50%.
Cost of ownership is not just the mortgage payment! What about property taxes, HOA, maintainence/repairs, insurance. All those are absent in rents. If you figure in the whole amount of owning it is now over double that of renting an equivalent place.
November 15, 2007 at 9:36 AM in reply to: Home prices back to 2003 levels – according to the UT #99752ParticipantAccording to THIS link from DataQuick we’re back to Spring 2005 levels.
Here it the thing, the article says the SoCal median is $444,000 and the typical mortgage payment is $2111. A 30yr loan on 444k with $88,000 down at 6.8% would be $2,320 which is the basic mortgage payment only. And I know most are not putting 20% down, how did they arrive at this low figure?
November 15, 2007 at 9:36 AM in reply to: Home prices back to 2003 levels – according to the UT #99830ParticipantAccording to THIS link from DataQuick we’re back to Spring 2005 levels.
Here it the thing, the article says the SoCal median is $444,000 and the typical mortgage payment is $2111. A 30yr loan on 444k with $88,000 down at 6.8% would be $2,320 which is the basic mortgage payment only. And I know most are not putting 20% down, how did they arrive at this low figure?
November 15, 2007 at 9:36 AM in reply to: Home prices back to 2003 levels – according to the UT #99847ParticipantAccording to THIS link from DataQuick we’re back to Spring 2005 levels.
Here it the thing, the article says the SoCal median is $444,000 and the typical mortgage payment is $2111. A 30yr loan on 444k with $88,000 down at 6.8% would be $2,320 which is the basic mortgage payment only. And I know most are not putting 20% down, how did they arrive at this low figure?
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