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permabear
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.
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.
Participant[quote=BigGovernmentIsGood]People who are even slightly under water should stop paying their mortgage. You can win two ways. First, you may never get foreclosed on. Second, you might be able to beat the forecloser in court. Either way, there’s a decent chance that you could wind up never making another payment on your house again.[/quote]
You are completely right. Which is sad. We now have a culture in this country – thanks to the lovely “businesses” that now do this all the time – where as soon as something goes wrong, blame somebody else and make them eat it.
Combined with the Fed’s blatantly overt efforts to completely debase our currency, it makes me wonder why my family bothers trying to practice fiscal prudence at all. We live in a modest house, nowhere near the max we can afford, and save 30% of our income for the future (college/retirement).
But maybe we should just run out and buy new BMW’s instead.
Participant[quote=BigGovernmentIsGood]People who are even slightly under water should stop paying their mortgage. You can win two ways. First, you may never get foreclosed on. Second, you might be able to beat the forecloser in court. Either way, there’s a decent chance that you could wind up never making another payment on your house again.[/quote]
You are completely right. Which is sad. We now have a culture in this country – thanks to the lovely “businesses” that now do this all the time – where as soon as something goes wrong, blame somebody else and make them eat it.
Combined with the Fed’s blatantly overt efforts to completely debase our currency, it makes me wonder why my family bothers trying to practice fiscal prudence at all. We live in a modest house, nowhere near the max we can afford, and save 30% of our income for the future (college/retirement).
But maybe we should just run out and buy new BMW’s instead.
Participant[quote=BigGovernmentIsGood]People who are even slightly under water should stop paying their mortgage. You can win two ways. First, you may never get foreclosed on. Second, you might be able to beat the forecloser in court. Either way, there’s a decent chance that you could wind up never making another payment on your house again.[/quote]
You are completely right. Which is sad. We now have a culture in this country – thanks to the lovely “businesses” that now do this all the time – where as soon as something goes wrong, blame somebody else and make them eat it.
Combined with the Fed’s blatantly overt efforts to completely debase our currency, it makes me wonder why my family bothers trying to practice fiscal prudence at all. We live in a modest house, nowhere near the max we can afford, and save 30% of our income for the future (college/retirement).
But maybe we should just run out and buy new BMW’s instead.
Participant[quote=BigGovernmentIsGood]People who are even slightly under water should stop paying their mortgage. You can win two ways. First, you may never get foreclosed on. Second, you might be able to beat the forecloser in court. Either way, there’s a decent chance that you could wind up never making another payment on your house again.[/quote]
You are completely right. Which is sad. We now have a culture in this country – thanks to the lovely “businesses” that now do this all the time – where as soon as something goes wrong, blame somebody else and make them eat it.
Combined with the Fed’s blatantly overt efforts to completely debase our currency, it makes me wonder why my family bothers trying to practice fiscal prudence at all. We live in a modest house, nowhere near the max we can afford, and save 30% of our income for the future (college/retirement).
But maybe we should just run out and buy new BMW’s instead.
Participant[quote=BigGovernmentIsGood]People who are even slightly under water should stop paying their mortgage. You can win two ways. First, you may never get foreclosed on. Second, you might be able to beat the forecloser in court. Either way, there’s a decent chance that you could wind up never making another payment on your house again.[/quote]
You are completely right. Which is sad. We now have a culture in this country – thanks to the lovely “businesses” that now do this all the time – where as soon as something goes wrong, blame somebody else and make them eat it.
Combined with the Fed’s blatantly overt efforts to completely debase our currency, it makes me wonder why my family bothers trying to practice fiscal prudence at all. We live in a modest house, nowhere near the max we can afford, and save 30% of our income for the future (college/retirement).
But maybe we should just run out and buy new BMW’s instead.
Participant[quote=CA renter]Interesting…I also heard that one of the biggest banks has gotten some sort of authorization to hold inventory off the market for five years. They aren’t even going to rent them out, apparently. They are going to board them up and maintain them for five years. [/quote]
It would not surprise me based on history. In the Great Depression 1.0, people were actually paid to knock down homes in order to rid communities of dilapidated properties inhabited by squatters. Plus, it helped reduce inventory.
The modern equivalent that banks are now undertaking is to make homes unavailable – vacant – basically the same thing, assuming the banks can carry the costs. In the Great Depression 1.0, banks went out of business, which rendered that approach moot.
Participant[quote=CA renter]Interesting…I also heard that one of the biggest banks has gotten some sort of authorization to hold inventory off the market for five years. They aren’t even going to rent them out, apparently. They are going to board them up and maintain them for five years. [/quote]
It would not surprise me based on history. In the Great Depression 1.0, people were actually paid to knock down homes in order to rid communities of dilapidated properties inhabited by squatters. Plus, it helped reduce inventory.
The modern equivalent that banks are now undertaking is to make homes unavailable – vacant – basically the same thing, assuming the banks can carry the costs. In the Great Depression 1.0, banks went out of business, which rendered that approach moot.
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