[mgubnyc1]

I saw premium properties in Balboa Island (part of Newport Beach) sell for 50 percent off their peak prices of 1989-1990. I was amazed. I’m sure it can, and will happen again.

Cashman, who is this good for? what if they fall 80% would that make it an even better deal for you?

how about all the other prime real-estate around the country, what if they also fall 50%, then intrest rates drop to 0% and still no one is buying, then investors all over the world take thier money out of the country and were fall into one of the worst depressions ever, would you like that to? becareful what you wish for!

[mgubnyc1]

I saw premium properties in Balboa Island (part of Newport Beach) sell for 50 percent off their peak prices of 1989-1990. I was amazed. I’m sure it can, and will happen again.

Cashman, who is this good for? what if they fall 80% would that make it an even better deal for you?

how about all the other prime real-estate around the country, what if they also fall 50%, then intrest rates drop to 0% and still no one is buying, then investors all over the world take thier money out of the country and were fall into one of the worst depressions ever, would you like that to? becareful what you wish for!

[mgubnyc1]

I’d like to be able to afford a house 10 miles East of the 5. Currently I cannot because I’m not willing to lever my personal balance sheet to ridiculous levels.

Stan

Well stan if the banking industry was more responsible and more importantly ACCOUNTABLE when intrest rates were low I think you could have, I don’t think the prices would have jumped as fast.

JC, maybe you should look into a better paying job? I agree homes are a little expensive, but why should good people lose value in their homes so you could afford to live there?
why should the honest hardworking family guy lose 100K??
Those mortgage companies that allowed people to overpay and cash out at escrow with 100K and a neg am intrest only loan someone should have to pay that honest hardworking family guy that overpaid for the house next door because of it!! I also think realators ond their brokers should also have some accountabiliy, they all knew what was going on!

[mgubnyc1]

I’d like to be able to afford a house 10 miles East of the 5. Currently I cannot because I’m not willing to lever my personal balance sheet to ridiculous levels.

Stan

Well stan if the banking industry was more responsible and more importantly ACCOUNTABLE when intrest rates were low I think you could have, I don’t think the prices would have jumped as fast.

JC, maybe you should look into a better paying job? I agree homes are a little expensive, but why should good people lose value in their homes so you could afford to live there?
why should the honest hardworking family guy lose 100K??
Those mortgage companies that allowed people to overpay and cash out at escrow with 100K and a neg am intrest only loan someone should have to pay that honest hardworking family guy that overpaid for the house next door because of it!! I also think realators ond their brokers should also have some accountabiliy, they all knew what was going on!

[mgubnyc1]

I’d like to be able to afford a house 10 miles East of the 5. Currently I cannot because I’m not willing to lever my personal balance sheet to ridiculous levels.

Stan

Well stan if the banking industry was more responsible and more importantly ACCOUNTABLE when intrest rates were low I think you could have, I don’t think the prices would have jumped as fast.

JC, maybe you should look into a better paying job? I agree homes are a little expensive, but why should good people lose value in their homes so you could afford to live there?
why should the honest hardworking family guy lose 100K??
Those mortgage companies that allowed people to overpay and cash out at escrow with 100K and a neg am intrest only loan someone should have to pay that honest hardworking family guy that overpaid for the house next door because of it!! I also think realators ond their brokers should also have some accountabiliy, they all knew what was going on!

[mgubnyc1]

one thing I don’t understand about Piggington’s why is it everyone loves bad news? Is it because your all waiting to pick a deal on a house somewhere west of the 5 at 1989 prices? is that the only reason you want the prices to fall further, because if it is you guy’s are all crazy, homes west of the 5 will not tumble like the Inland Empire or Las Vegas, keep on dreaming? that 2.5 million home may fall to 1.8 or 1.9 but if you can’t afford the 2.5 you probably can’t afford 1.9 even if it does fall that low. I agree all of those inland empire homes etc… are way overpriced but that does not mean all the real-estate in the USA is overpriced and should fall. IMO the only reason things got so out of control is because of all the fraud, and the exotic mortgages and intrest only loans these companies were giving to anyone with a pulse! It was not because the rates were low. If the mortgage industry loaned money responsibly we wouldn’t be in this situation no mater how low intrest rates fell. CW they shouldn’t get bailed out, this is only adding fuel to the fire.
The dam mortgage companies are still financing 100% LTV, intrest only etc… as long as it is conforming that is.
I don’t know what the answer is but having our prime real-estate in the USA lose value is not the answer or good for anyone.

[mgubnyc1]

one thing I don’t understand about Piggington’s why is it everyone loves bad news? Is it because your all waiting to pick a deal on a house somewhere west of the 5 at 1989 prices? is that the only reason you want the prices to fall further, because if it is you guy’s are all crazy, homes west of the 5 will not tumble like the Inland Empire or Las Vegas, keep on dreaming? that 2.5 million home may fall to 1.8 or 1.9 but if you can’t afford the 2.5 you probably can’t afford 1.9 even if it does fall that low. I agree all of those inland empire homes etc… are way overpriced but that does not mean all the real-estate in the USA is overpriced and should fall. IMO the only reason things got so out of control is because of all the fraud, and the exotic mortgages and intrest only loans these companies were giving to anyone with a pulse! It was not because the rates were low. If the mortgage industry loaned money responsibly we wouldn’t be in this situation no mater how low intrest rates fell. CW they shouldn’t get bailed out, this is only adding fuel to the fire.
The dam mortgage companies are still financing 100% LTV, intrest only etc… as long as it is conforming that is.
I don’t know what the answer is but having our prime real-estate in the USA lose value is not the answer or good for anyone.

[mgubnyc1]

one thing I don’t understand about Piggington’s why is it everyone loves bad news? Is it because your all waiting to pick a deal on a house somewhere west of the 5 at 1989 prices? is that the only reason you want the prices to fall further, because if it is you guy’s are all crazy, homes west of the 5 will not tumble like the Inland Empire or Las Vegas, keep on dreaming? that 2.5 million home may fall to 1.8 or 1.9 but if you can’t afford the 2.5 you probably can’t afford 1.9 even if it does fall that low. I agree all of those inland empire homes etc… are way overpriced but that does not mean all the real-estate in the USA is overpriced and should fall. IMO the only reason things got so out of control is because of all the fraud, and the exotic mortgages and intrest only loans these companies were giving to anyone with a pulse! It was not because the rates were low. If the mortgage industry loaned money responsibly we wouldn’t be in this situation no mater how low intrest rates fell. CW they shouldn’t get bailed out, this is only adding fuel to the fire.
The dam mortgage companies are still financing 100% LTV, intrest only etc… as long as it is conforming that is.
I don’t know what the answer is but having our prime real-estate in the USA lose value is not the answer or good for anyone.

[mgubnyc1]

poetic justice, what are you a poet? what are we talking about here?? If the State or Federal goverment make it possible for these people to reduce their payments and stay in those homes, they won’t have to worry about the IRS or the debt forgiveness 1099 there won’t be one!

[mgubnyc1]

poetic justice, what are you a poet? what are we talking about here?? If the State or Federal goverment make it possible for these people to reduce their payments and stay in those homes, they won’t have to worry about the IRS or the debt forgiveness 1099 there won’t be one!

[mgubnyc1]

poetic justice, what are you a poet? what are we talking about here?? If the State or Federal goverment make it possible for these people to reduce their payments and stay in those homes, they won’t have to worry about the IRS or the debt forgiveness 1099 there won’t be one!

[mgubnyc1]

This may be why economy hasn’t plunged into a recession.
Yes I agree a hell of alot more people lost more money then made, and even more people threw it it away, but there are lots of people that made alot of money very quickly, very easily. I just don’t want to see my tax dollars ending up paying their mortgage payments!!!

[mgubnyc1]

This may be why economy hasn’t plunged into a recession.
Yes I agree a hell of alot more people lost more money then made, and even more people threw it it away, but there are lots of people that made alot of money very quickly, very easily. I just don’t want to see my tax dollars ending up paying their mortgage payments!!!

[mgubnyc1]

This may be why economy hasn’t plunged into a recession.
Yes I agree a hell of alot more people lost more money then made, and even more people threw it it away, but there are lots of people that made alot of money very quickly, very easily. I just don’t want to see my tax dollars ending up paying their mortgage payments!!!

[mgubnyc1]

I only know from what I saw when I lived in Murrieta, I bought in 2003 and sold in August of 06. Got the hell out of there!!
Trust me not everyone cashed out and moved away. Alot are still sitting with cash (under their mattress for all I know) waiting for their loan to reset, do you really think they will give that money back to stay in that piece of crap stucco box worth 1 or 2 hundred thousand less then what they paid????
I personely saw 4 neighbors each make close to 200K. I know for a fact the other homes they bought after they sold the ones on my street were zero down. Now I see 2 of these homes in foreclosure. I really don’t think these people are worried about how to hide the money. In the first place 5 or 6 years ago they never even dreamed they would have 1 or 2 hundred thousand in cash, they ain’t given it up!!

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