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PD
ParticipantIf you have stockpiles of cash, why would you ever get an IO? You must be counting on appreciation.
ParticipantI had a prepayment penalty but I only had to pay it if I refinanced. When I sold, I did not have to pay the prepayment penalty even though we were within the prepayment penalty period. If you are thinking of selling, contact your lender and find out if you can sell without paying the penalty.
August 8, 2006 at 8:31 AM in reply to: lowest price drop vol. 3 — at last, the rollercoaster is headed doooowowwwnnnnn #31216ParticipantSome are going up because sellers are still in denial. These are asking prices, not sales prices. I think some of the unchanged cities are interesting. For instance the lowest SFR in Coronodo is the same price and I assume it is the same house – and not selling.
Thanks for the info!ParticipantIt seems like some people are thinking that a 15% reduction can be computed by simply wiping away 15% of the gain. It doesn’t work that way. A 15% reduction equates to a heck of a lot more money than simply wiping away 15% of the gain.
A 15% or 20% reduction would certainly be the bubble bursting!!!
ParticipantFor “the long term” to work out for you, you have to plan to stay in the house and be certain that nothing in your situation will force a sale. Many people won’t be able to afford the long term because they financed for the short term.
Participantsdsundevil, do you understand anything about the mean or historical real estate trends?
Are you a realtor?ParticipantI sold my house because both my husband and I predict a crash. We made our bet and think it will pay off. Don’t we all want our financial moves to pay off? I feel very bad for those people who are going to get hurt and don’t wish that on anyone. However, you can’t hold back the tide so you better start swimming.
August 7, 2006 at 9:42 AM in reply to: U-T: “Caught in the Middle” – making ends meet on $50K/year #31047ParticipantStudies show that married couples save significantly more money per person and end up better off than if they stayed single.
ParticipantDuring the last RE bottom, I knew a group of people who acquired the five model homes of a development that went bankrupt before building anything else. The streets behind them were done, complete with lights yet nothing was built there for years.
ParticipantI think that we are seeing a rolling wave in San Diego right now but that it will morph into a tsunami around Christmas when the recession starts.
ParticipantHer post is a good indication that panic has not yet set in. Most Americans think our economy is just zooming along and will continue to do so and that home prices can’t go down. When the economy starts to really shudder and they see one too many new comps at a very low price, then the ball will really get rolling.
Will the panic be a large, rolling wave or one giant tsunami?ParticipantI bet the inventory they show on their books is valued at peak prices.
If they begin giving big incentives but keep the base price the same, then I assume they can continue to report that the unsold inventory is worth the base price when it is actually worth less.
ParticipantPause – but I think the train is already moving downhill without any brakes.
ParticipantZK, Powayseller and I have had some serious wrangles. Although I think she contributes a significant amount of important information to this site, I am not a mindless supporter. When she stomps off to her room and slams the door, I don’t stand outside begging her to come out and play again.
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