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August 30, 2007 at 10:26 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? #82695
mgubnyc1
Participantsorry for not clarifying, this was listed a few days ago for 475K see above tread dated Aug 25th
Participanthttp://www.redfin.com/stingray/do/printable-listing?listing-id=1030025
Hey Temecula Guy, what happened here? looks like this one went into escrow!!! this is probably due to the exposure we gave it on Piggingtons, some investor er (sucker) must have seen it and ran over there thinking there getting a deal, would you agree this is worth at the mose 350K, it backs to the old school townhomes on murrieta hot springs.
Participantthis will only slow down the whole process and drag it out.
IMHO how the hell is that “average American” making 65K a year (thanks JC) going to come up with a plan to pay back 450K or even in some cases 650K????? the only way this family can continue to live in that house is to keep that neg-am-int only loan!!! oh wait,i understand, George lets them live in the house for another 2 years and the tax payers (you and I) can pay the difference, GREAT IDEA
Participantit’s on the ocean & you walk out your den directly onto the beach.
ParticipantI Agree with Lendingbubble, who in their right mind is going to invest is Jumbo Mortgages, anyone wanting to refinance a jumbo laon is going to HAVE TO pay a preimum, not sure about conforming loans! but I think more people have Jumbo loans they need to refinance.
what was that word greenspan used when the bond rates were all fucked up 2 years ago? culundrum? maybe were going to have another culundrum!!
ParticipantIs it possible that if the fed does lower the rate 1%, mortgage rates won’t be any lower. I always thought that mortgage rates were tied to the 10yr bond
ParticipantSince the mortgage rates are somehow tied to the this 10yr bond why haven’t the rates come down?
ParticipantIt may be ridcilous but it is true, if you live in San Diego and have a household income of 65K and your a first time buyer you just flat out can’t afford to buy a house.
On the otherhand if you live, let’s say, Fayetteville AR you shouldn’t have a problem buying a home, but you’ll have a problem finding a job there paying 65K. Not fair is it!ParticipantCome on compare apples to apples try the income’s with other countries like Canada, England, certain European Countries and you will see that 65K is not the within the top 2%
ParticipantSo you think someone making 65K a year should buy a house, even they were to buy one at 250K with a 20% deposit it doesn’t work. Here we go again let’s give people loans to buy homes they can’t afford.
This is no different then giving the guy making 130K a year a 500K loan
Sorry but if you only make a small salary then you had better have a lot of cash or you could wait for home prices to fall to 1980 levels.ParticipantEasy stockstradr, Jack played a bad guy in that movie that ended up in jail! first of all I’m glad for you that you sold your house at the right time and made lots of money and 2nd I would hate to be one of your friends these days.
Since you seem to have quite an insight of what is going on could you please explain to me why you think the North East is not experianceing the same terrible decreases as the Mid West the West and the South.
I live in the North East and I have to be honest I am not seeing the “blood in the streets” you are seeing in the West
in fact the prices seem to be holding steady.I took from MSN this morning.
“Sales were off 1.7% in the Northeast from a year ago, down 11.5% from a year ago in the Midwest, 11.5% in the South and 9.1% in the West.
The median sales price of a single-family home declined 1% from a year ago to $228,600. The median condo sales price actually rose 2.4% from a year ago to $230,600, mostly due to gains in the Northeast and Midwest. The median price in the West fell 3.2% to $264,500.”ParticipantEasy stockstradr, Jack played a bad guy in that movie that ended up in jail! first of all I’m glad for you that you sold your house at the right time and made lots of money and 2nd I would hate to be one of your friends these days.
Since you seem to have quite an insight of what is going on could you please explain to me why you think the North East is not experianceing the same terrible decreases as the Mid West the West and the South.
I live in the North East and I have to be honest I am not seeing the “blood in the streets” you are seeing in the West
in fact the prices seem to be holding steady.I took from MSN this morning.
“Sales were off 1.7% in the Northeast from a year ago, down 11.5% from a year ago in the Midwest, 11.5% in the South and 9.1% in the West.
The median sales price of a single-family home declined 1% from a year ago to $228,600. The median condo sales price actually rose 2.4% from a year ago to $230,600, mostly due to gains in the Northeast and Midwest. The median price in the West fell 3.2% to $264,500.”ParticipantEasy stockstradr, Jack played a bad guy in that movie that ended up in jail! first of all I’m glad for you that you sold your house at the right time and made lots of money and 2nd I would hate to be one of your friends these days.
Since you seem to have quite an insight of what is going on could you please explain to me why you think the North East is not experianceing the same terrible decreases as the Mid West the West and the South.
I live in the North East and I have to be honest I am not seeing the “blood in the streets” you are seeing in the West
in fact the prices seem to be holding steady.I took from MSN this morning.
“Sales were off 1.7% in the Northeast from a year ago, down 11.5% from a year ago in the Midwest, 11.5% in the South and 9.1% in the West.
The median sales price of a single-family home declined 1% from a year ago to $228,600. The median condo sales price actually rose 2.4% from a year ago to $230,600, mostly due to gains in the Northeast and Midwest. The median price in the West fell 3.2% to $264,500.”ParticipantWOW! if you are right and this is only worth 300K then at least half of the people in murrieta/temecula never mind Hemit, Wildomar and French Valley they are all upside down and by 100’s of thousands of dollars. Are you guy’s sure about this? this is going to get very, very ugly!
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