[lonestar2000]

The bottom line is, whether we’re optimistic or pessimistic, owning or renting, looking to move or looking to stay, the general housing prices are out of whack. As I said before, when the average Joe can’t afford the average house, we got a problem.

It is this situation that is currently correcting itself. One way or another the market must get back to fundamentals because the processes that were driving the insane price increases are no longer in place.

[lonestar2000]

Never fear:
http://money.cnn.com/2007/05/01/news/economy/homesales/index.htm?postversion=2007050110

[lonestar2000]

SDAppraiser:

If the OP wasn’t the target audience, then I must ask, who is? Bored 8 year olds who make financial transactions based on who can spell the worst?

If the realtor would have posted, “Hot Oral Sex” on the sign it would get equally as noticed, and still the realtor would be sitting inside staring at the paint dry.

If anything, a sign like this alienates people who just may be interested. Have you considered how many people will NOT go inside after seeing such a sign? Just how many potential clients are LOST due to such a stupid tactic?

I’m one such potential buyer, and I certainly would think twice about wasting my time with such a realtor.

[lonestar2000]

Let’s hope the government does not cave in on this. Sure, there are some families that are going to be left without homes, but that is what we have bankruptcy laws for. It would be too easy to take advantage of the situation if Uncle Sam wrote a blank check to clear these debts. Not to mention the fact that, people such as myself who cannot afford a house would end up paying (via taxes) for these mortage defaults. Sounds very ironic to me.

Latest tally on the vote:

1. Should subprime borrowers be bailed out?
Yes 7%
No 93%

total responses to this question: 6371

[lonestar2000]

If it smells like yesterday’s sushi, it probably is just that.

Stay well clear of these type of transactions.

[lonestar2000]

Oops, didn’t meant to post twice. 😀

[lonestar2000]

I think one of the best indicators is median price vs median income.

For instance, I make the median income for my area, but the median priced home is nearly 8x that much.

Considering the traditional, 30 year fixed rate loan products (which is the only one worth considering imho) — which states that you can borrow roughly 3x your yearly gross income — prices are thoroughly out of whack.

If the average Joe can’t afford the average house then we have a problem.

[lonestar2000]

What’s next, is that it’s going to get much worse before it gets better, even as the general media touts a turnaround.

The NAR would have you believe that now is the best time to buy, just to keep themselves in business. The truth is, now is the best time to wait and save as we watch the housing bubble implode.

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