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peterb
ParticipantHistorically, median home prices in SD county have been around 7 times annual median income. Given the economic conditions of stagflation, restrictive credit and increasing unemployment, this multiple may swing lower towards the national historical average of 4 or 5 times annual income. At today’s prices, we are still about 11 times annual income. So seeing a 40% reduction seems completely possible by 2009. Especially with the current speed of the price reductions we’ve been seeing since June 2007.
ParticipantHistorically, median home prices in SD county have been around 7 times annual median income. Given the economic conditions of stagflation, restrictive credit and increasing unemployment, this multiple may swing lower towards the national historical average of 4 or 5 times annual income. At today’s prices, we are still about 11 times annual income. So seeing a 40% reduction seems completely possible by 2009. Especially with the current speed of the price reductions we’ve been seeing since June 2007.
ParticipantHistorically, median home prices in SD county have been around 7 times annual median income. Given the economic conditions of stagflation, restrictive credit and increasing unemployment, this multiple may swing lower towards the national historical average of 4 or 5 times annual income. At today’s prices, we are still about 11 times annual income. So seeing a 40% reduction seems completely possible by 2009. Especially with the current speed of the price reductions we’ve been seeing since June 2007.
ParticipantHistorically, median home prices in SD county have been around 7 times annual median income. Given the economic conditions of stagflation, restrictive credit and increasing unemployment, this multiple may swing lower towards the national historical average of 4 or 5 times annual income. At today’s prices, we are still about 11 times annual income. So seeing a 40% reduction seems completely possible by 2009. Especially with the current speed of the price reductions we’ve been seeing since June 2007.
ParticipantWhy walk when you can be evicted?
Since one’s credit is going to be trashed either way, why walk when one can wait anywhere from 8 to 10 months to be evicted after they’ve quit paying the lender? That’s effectively free rent for that whole time. The county usually notifies the occupant at least 7 days before physical eviction takes place….more than enough time to get out of the house without incident. Seems like this would be the most cost effective thing to do if you really dont care about the debt and credit. And, quite often the new owner will even pay you to leave before the eviction so as to get into the property as early as possible.ParticipantWhy walk when you can be evicted?
Since one’s credit is going to be trashed either way, why walk when one can wait anywhere from 8 to 10 months to be evicted after they’ve quit paying the lender? That’s effectively free rent for that whole time. The county usually notifies the occupant at least 7 days before physical eviction takes place….more than enough time to get out of the house without incident. Seems like this would be the most cost effective thing to do if you really dont care about the debt and credit. And, quite often the new owner will even pay you to leave before the eviction so as to get into the property as early as possible.ParticipantWhy walk when you can be evicted?
Since one’s credit is going to be trashed either way, why walk when one can wait anywhere from 8 to 10 months to be evicted after they’ve quit paying the lender? That’s effectively free rent for that whole time. The county usually notifies the occupant at least 7 days before physical eviction takes place….more than enough time to get out of the house without incident. Seems like this would be the most cost effective thing to do if you really dont care about the debt and credit. And, quite often the new owner will even pay you to leave before the eviction so as to get into the property as early as possible.ParticipantWhy walk when you can be evicted?
Since one’s credit is going to be trashed either way, why walk when one can wait anywhere from 8 to 10 months to be evicted after they’ve quit paying the lender? That’s effectively free rent for that whole time. The county usually notifies the occupant at least 7 days before physical eviction takes place….more than enough time to get out of the house without incident. Seems like this would be the most cost effective thing to do if you really dont care about the debt and credit. And, quite often the new owner will even pay you to leave before the eviction so as to get into the property as early as possible.ParticipantWhy walk when you can be evicted?
Since one’s credit is going to be trashed either way, why walk when one can wait anywhere from 8 to 10 months to be evicted after they’ve quit paying the lender? That’s effectively free rent for that whole time. The county usually notifies the occupant at least 7 days before physical eviction takes place….more than enough time to get out of the house without incident. Seems like this would be the most cost effective thing to do if you really dont care about the debt and credit. And, quite often the new owner will even pay you to leave before the eviction so as to get into the property as early as possible.ParticipantWith about $550B in mortgages set to adjust this year, all sectors will have trouble meeting this requirement. Whether the loan is Prime, Alt-A or subprime. Having a high FICO score does not mean you didnt lie about your “stated income”. Most of these loans are 1 to 3 years old, so the odds are good that most are upside down at or at best 0$ equity. Combine this with a recession and the new “Debt Relief Act of 2008” and I think the lenders are going to be owning a lot more realestate this year compared to 2007!
ParticipantWith about $550B in mortgages set to adjust this year, all sectors will have trouble meeting this requirement. Whether the loan is Prime, Alt-A or subprime. Having a high FICO score does not mean you didnt lie about your “stated income”. Most of these loans are 1 to 3 years old, so the odds are good that most are upside down at or at best 0$ equity. Combine this with a recession and the new “Debt Relief Act of 2008” and I think the lenders are going to be owning a lot more realestate this year compared to 2007!
ParticipantWith about $550B in mortgages set to adjust this year, all sectors will have trouble meeting this requirement. Whether the loan is Prime, Alt-A or subprime. Having a high FICO score does not mean you didnt lie about your “stated income”. Most of these loans are 1 to 3 years old, so the odds are good that most are upside down at or at best 0$ equity. Combine this with a recession and the new “Debt Relief Act of 2008” and I think the lenders are going to be owning a lot more realestate this year compared to 2007!
ParticipantWith about $550B in mortgages set to adjust this year, all sectors will have trouble meeting this requirement. Whether the loan is Prime, Alt-A or subprime. Having a high FICO score does not mean you didnt lie about your “stated income”. Most of these loans are 1 to 3 years old, so the odds are good that most are upside down at or at best 0$ equity. Combine this with a recession and the new “Debt Relief Act of 2008” and I think the lenders are going to be owning a lot more realestate this year compared to 2007!
ParticipantWith about $550B in mortgages set to adjust this year, all sectors will have trouble meeting this requirement. Whether the loan is Prime, Alt-A or subprime. Having a high FICO score does not mean you didnt lie about your “stated income”. Most of these loans are 1 to 3 years old, so the odds are good that most are upside down at or at best 0$ equity. Combine this with a recession and the new “Debt Relief Act of 2008” and I think the lenders are going to be owning a lot more realestate this year compared to 2007!
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