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permabear
Participant[quote=dd123]Yeah, but with all these govt intervention, I don’t see the prices going down though I don’t see them going up either…[/quote]
If you make $140k and you feel priced out, who the hell else is buying a home as a first-time homebuyer? That’s the only question worth asking. All the other stuff is just confusion.
The govt can only push on a string long enough. The blog link I posted above shows prices are turning down again, in spite of all the stimulus.
Don’t worry. Ask yourself what sounds most likely:
1. Housing prices suddenly start shooting up 10% a year
2. Housing prices stay more or less flat
3. Housing prices begin to weaken again and trend downIf it’s either #2 or #3, this means inflation will be making housing cheaper for you. So keep diligently putting money in the bank – as much as possible – until you feel you can buy a home in a decent area. “Cheapest home in the best area” and all that.
In the meantime, there’s some nice stuff for rent in Scripps Ranch and 4S Ranch, both very nice communities with great schools, for under $3000 a month. If you’re renting at $3k, making $140k, you should be able to save $2k/month if you budget.
You may also enjoy this recent poll: http://piggington.com/where_will_real_estate_be_in_3_years
Participant[quote=dd123]Yeah, but with all these govt intervention, I don’t see the prices going down though I don’t see them going up either…[/quote]
If you make $140k and you feel priced out, who the hell else is buying a home as a first-time homebuyer? That’s the only question worth asking. All the other stuff is just confusion.
The govt can only push on a string long enough. The blog link I posted above shows prices are turning down again, in spite of all the stimulus.
Don’t worry. Ask yourself what sounds most likely:
1. Housing prices suddenly start shooting up 10% a year
2. Housing prices stay more or less flat
3. Housing prices begin to weaken again and trend downIf it’s either #2 or #3, this means inflation will be making housing cheaper for you. So keep diligently putting money in the bank – as much as possible – until you feel you can buy a home in a decent area. “Cheapest home in the best area” and all that.
In the meantime, there’s some nice stuff for rent in Scripps Ranch and 4S Ranch, both very nice communities with great schools, for under $3000 a month. If you’re renting at $3k, making $140k, you should be able to save $2k/month if you budget.
You may also enjoy this recent poll: http://piggington.com/where_will_real_estate_be_in_3_years
ParticipantBack on the original topic, it definitely sounds like the banks themselves have thrown the game.
Related to the “Wells will dump soon” thread, it’s the GSE’s that are supposedly cracking down on delinquent loans:
http://www.dsnews.com/articles/wells-fargo-puts-stop-to-short-sale-extensions-2010-10-01
http://www.dsnews.com/articles/fannie-mae-says-foreclosure-delays-represent-breach-by-servicer-2010-09-02This would mean an end to the 2+ year squatters that have become the norm – an end to “extend and pretend”. Banks would have to write down losses.
But how to stop this? Call the entire foreclosure process itself into question.
ParticipantBack on the original topic, it definitely sounds like the banks themselves have thrown the game.
Related to the “Wells will dump soon” thread, it’s the GSE’s that are supposedly cracking down on delinquent loans:
http://www.dsnews.com/articles/wells-fargo-puts-stop-to-short-sale-extensions-2010-10-01
http://www.dsnews.com/articles/fannie-mae-says-foreclosure-delays-represent-breach-by-servicer-2010-09-02This would mean an end to the 2+ year squatters that have become the norm – an end to “extend and pretend”. Banks would have to write down losses.
But how to stop this? Call the entire foreclosure process itself into question.
ParticipantBack on the original topic, it definitely sounds like the banks themselves have thrown the game.
Related to the “Wells will dump soon” thread, it’s the GSE’s that are supposedly cracking down on delinquent loans:
http://www.dsnews.com/articles/wells-fargo-puts-stop-to-short-sale-extensions-2010-10-01
http://www.dsnews.com/articles/fannie-mae-says-foreclosure-delays-represent-breach-by-servicer-2010-09-02This would mean an end to the 2+ year squatters that have become the norm – an end to “extend and pretend”. Banks would have to write down losses.
But how to stop this? Call the entire foreclosure process itself into question.
ParticipantBack on the original topic, it definitely sounds like the banks themselves have thrown the game.
Related to the “Wells will dump soon” thread, it’s the GSE’s that are supposedly cracking down on delinquent loans:
http://www.dsnews.com/articles/wells-fargo-puts-stop-to-short-sale-extensions-2010-10-01
http://www.dsnews.com/articles/fannie-mae-says-foreclosure-delays-represent-breach-by-servicer-2010-09-02This would mean an end to the 2+ year squatters that have become the norm – an end to “extend and pretend”. Banks would have to write down losses.
But how to stop this? Call the entire foreclosure process itself into question.
ParticipantBack on the original topic, it definitely sounds like the banks themselves have thrown the game.
Related to the “Wells will dump soon” thread, it’s the GSE’s that are supposedly cracking down on delinquent loans:
http://www.dsnews.com/articles/wells-fargo-puts-stop-to-short-sale-extensions-2010-10-01
http://www.dsnews.com/articles/fannie-mae-says-foreclosure-delays-represent-breach-by-servicer-2010-09-02This would mean an end to the 2+ year squatters that have become the norm – an end to “extend and pretend”. Banks would have to write down losses.
But how to stop this? Call the entire foreclosure process itself into question.
ParticipantParticipantParticipantParticipantParticipantParticipant[quote=dd123]Thank You Guys,.
With an annual income of ~140K/year with a family of 4 ( 2 kids-> 3 yr and 6 yr ), I feel I am totally priced out of market here.
Primarily looking for a 1500 sqft/3 BR house with decent yard in a good/decent school district.I don’t see prices going down anytime soon and buying a foreclosed property seems my way out if it is possible[/quote]
Waiting it out is the best thing you can do right now. I just sold a house I bought in 2003 for a profit and am renting – voluntarily.
Participant[quote=dd123]Thank You Guys,.
With an annual income of ~140K/year with a family of 4 ( 2 kids-> 3 yr and 6 yr ), I feel I am totally priced out of market here.
Primarily looking for a 1500 sqft/3 BR house with decent yard in a good/decent school district.I don’t see prices going down anytime soon and buying a foreclosed property seems my way out if it is possible[/quote]
Waiting it out is the best thing you can do right now. I just sold a house I bought in 2003 for a profit and am renting – voluntarily.
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