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October 11, 2007 at 12:58 PM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88143October 11, 2007 at 11:49 AM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88102
patientlywaiting
Participant” Can the bank sue the person for the loss or are they basically free and clear of tha thuge loss? ”
No, the bank can’t sue if the mortgage was as non-recourse purchase loan. But they can sue if the house was refinanced. That prevents owners from refinancing and walking away with equity money leaving the bank to hold the bag.
I don’t remember the exact code section but it’s a left-over from the depression era.
What does it have to do with honesty? A contract is a contract. What does it say? The bank will treat you per the letter of the contract. You might as well do the same to them.
What you say is a good idea but most buyers have refinanced a few times, so they are out of luck.
October 11, 2007 at 11:49 AM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88107Participant” Can the bank sue the person for the loss or are they basically free and clear of tha thuge loss? ”
No, the bank can’t sue if the mortgage was as non-recourse purchase loan. But they can sue if the house was refinanced. That prevents owners from refinancing and walking away with equity money leaving the bank to hold the bag.
I don’t remember the exact code section but it’s a left-over from the depression era.
What does it have to do with honesty? A contract is a contract. What does it say? The bank will treat you per the letter of the contract. You might as well do the same to them.
What you say is a good idea but most buyers have refinanced a few times, so they are out of luck.
October 11, 2007 at 9:35 AM in reply to: State’s housing market agony predicted to deepen next year #88032ParticipantSo what’s new? Didn’t we all know this?
Of course the article has the obligatory postive “I think we’re at the bottom now for resale activity” at the end.
But at least this report tries to put it in context with: “After the recession in the early 1990s, it took the state’s housing market eight years to rebound.” How long will take to rebound this time around considering the magnitude of the run-up?
October 11, 2007 at 9:35 AM in reply to: State’s housing market agony predicted to deepen next year #88037ParticipantSo what’s new? Didn’t we all know this?
Of course the article has the obligatory postive “I think we’re at the bottom now for resale activity” at the end.
But at least this report tries to put it in context with: “After the recession in the early 1990s, it took the state’s housing market eight years to rebound.” How long will take to rebound this time around considering the magnitude of the run-up?
ParticipantThis is a great neighborhood to watch.
Some people have argued that $100/sf construction costs + land will be the floor price of houses.
This house includes the land for $97/sf. Does that mean that the land has negative value?
ParticipantThis is a great neighborhood to watch.
Some people have argued that $100/sf construction costs + land will be the floor price of houses.
This house includes the land for $97/sf. Does that mean that the land has negative value?
Participanttg, you’re right about the bait and switch sales tactics on short sales.
It also a good opportunity for the Realtors to get families’ hopes of owning a home up. Then when the bank says no to the offer, the buyers will be too emotionally exhausted to resist further. Finally, they’ll settle on the next best house to end all the work of house hunting.
Participanttg, you’re right about the bait and switch sales tactics on short sales.
It also a good opportunity for the Realtors to get families’ hopes of owning a home up. Then when the bank says no to the offer, the buyers will be too emotionally exhausted to resist further. Finally, they’ll settle on the next best house to end all the work of house hunting.
ParticipantRent a nice condo Downtown SD with a bay view. It’s perfect for retirees or near-retirees. You can find good deal there.
If the market doesn’t drop to where it makes sense to buy, then there’s nothing wrong with renting forever and let the landlord subsidize your retirement.
I agree with 2010-2012 time frame for a bottom.
ParticipantRent a nice condo Downtown SD with a bay view. It’s perfect for retirees or near-retirees. You can find good deal there.
If the market doesn’t drop to where it makes sense to buy, then there’s nothing wrong with renting forever and let the landlord subsidize your retirement.
I agree with 2010-2012 time frame for a bottom.
October 10, 2007 at 1:01 PM in reply to: So you still think that a 50% correction or more is crazy??? #87851ParticipantI agree with ibjames. We need to stop thinking in terms of SD and California.
If SD drops 50%, that doesn’t been the national economy will suffer the same fate.
Look at Las Vegas, Phoenix or Florida. The prices are 1/2 San Diego’s but the prices keep on dropping.
I think that a 50% nominal drop is very likely.
October 10, 2007 at 1:01 PM in reply to: So you still think that a 50% correction or more is crazy??? #87854ParticipantI agree with ibjames. We need to stop thinking in terms of SD and California.
If SD drops 50%, that doesn’t been the national economy will suffer the same fate.
Look at Las Vegas, Phoenix or Florida. The prices are 1/2 San Diego’s but the prices keep on dropping.
I think that a 50% nominal drop is very likely.
ParticipantI don’t agree with it but that’s pretty smart strategy. Pandering to the public and taking advantage of their fears. What’s new?
Carl Rove perfected the art and Rahm Emanuel is simply learning the lesson. The country suffers but the goal is to get your party to win.
ParticipantI don’t agree with it but that’s pretty smart strategy. Pandering to the public and taking advantage of their fears. What’s new?
Carl Rove perfected the art and Rahm Emanuel is simply learning the lesson. The country suffers but the goal is to get your party to win.
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