[Rt.66]

Seen above the skyline of Temecula a spotlight casts the shape of the horse outside PF Changs and TG knows he is needed to come to the defense of TV RE fantasies.

Quick help, a member of TVMOD squad has actually posted a damning picture of what’s really happening and needs back-up.

[Rt.66]

Seen above the skyline of Temecula a spotlight casts the shape of the horse outside PF Changs and TG knows he is needed to come to the defense of TV RE fantasies.

Quick help, a member of TVMOD squad has actually posted a damning picture of what’s really happening and needs back-up.

[Rt.66]

Seen above the skyline of Temecula a spotlight casts the shape of the horse outside PF Changs and TG knows he is needed to come to the defense of TV RE fantasies.

Quick help, a member of TVMOD squad has actually posted a damning picture of what’s really happening and needs back-up.

[Rt.66]

Seen above the skyline of Temecula a spotlight casts the shape of the horse outside PF Changs and TG knows he is needed to come to the defense of TV RE fantasies.

Quick help, a member of TVMOD squad has actually posted a damning picture of what’s really happening and needs back-up.

[Rt.66]

Seen above the skyline of Temecula a spotlight casts the shape of the horse outside PF Changs and TG knows he is needed to come to the defense of TV RE fantasies.

Quick help, a member of TVMOD squad has actually posted a damning picture of what’s really happening and needs back-up.

[Rt.66]

OMG! Wow eclipxe are you sure you did not mistakenly type in a Detroit zip code?

I admire your positivity; anyone who can paint that picture anything but bleak is unique. Those “nothing but dirt” mysteries are foreclosed on lots, an entire development gone to foreclosure.

No mystery on the occupied foreclosure issue either or haven’t you heard that people are staying in houses free for 18 months and spending the loot at PF Changs??? The folks I’ve encountered who are living for free do indeed take good care of the homes; wouldn’t you want to give the bank a reason to let you stay free longer?

Now add in the shadow inventory and the picture gets worse.

Sure that picture is GD1 horrible right now, but that’s just the start. Right now we are at the beginning of a huge wave of ARM resets that won’t even peak until 2011 and will keep on spreading pain thru 2012. When more and more of your neighbors get ARM notices saying they can no longer pay the minimum payment and their monthly nut shoots up 50%, 60%, what do you see happening? What would you do if your house was worth $200k LESS than what you owe the bank, and now the bank wants a much bigger chunk of your paycheck to stay in that insanely underwater house?

How about the guy who bought just six months ago? What will he do in a year when his house is worth $80K less than he paid and he see’s he can simply buy across the street, jingle-mail the keys to the anchor, and be $80k ahead?

Its a good thing that you are not an “investor” as rents are falling too, so today’s cash-flow rentals will be 2010s underwater foreclosures.

[Rt.66]

OMG! Wow eclipxe are you sure you did not mistakenly type in a Detroit zip code?

I admire your positivity; anyone who can paint that picture anything but bleak is unique. Those “nothing but dirt” mysteries are foreclosed on lots, an entire development gone to foreclosure.

No mystery on the occupied foreclosure issue either or haven’t you heard that people are staying in houses free for 18 months and spending the loot at PF Changs??? The folks I’ve encountered who are living for free do indeed take good care of the homes; wouldn’t you want to give the bank a reason to let you stay free longer?

Now add in the shadow inventory and the picture gets worse.

Sure that picture is GD1 horrible right now, but that’s just the start. Right now we are at the beginning of a huge wave of ARM resets that won’t even peak until 2011 and will keep on spreading pain thru 2012. When more and more of your neighbors get ARM notices saying they can no longer pay the minimum payment and their monthly nut shoots up 50%, 60%, what do you see happening? What would you do if your house was worth $200k LESS than what you owe the bank, and now the bank wants a much bigger chunk of your paycheck to stay in that insanely underwater house?

How about the guy who bought just six months ago? What will he do in a year when his house is worth $80K less than he paid and he see’s he can simply buy across the street, jingle-mail the keys to the anchor, and be $80k ahead?

Its a good thing that you are not an “investor” as rents are falling too, so today’s cash-flow rentals will be 2010s underwater foreclosures.

[Rt.66]

OMG! Wow eclipxe are you sure you did not mistakenly type in a Detroit zip code?

I admire your positivity; anyone who can paint that picture anything but bleak is unique. Those “nothing but dirt” mysteries are foreclosed on lots, an entire development gone to foreclosure.

No mystery on the occupied foreclosure issue either or haven’t you heard that people are staying in houses free for 18 months and spending the loot at PF Changs??? The folks I’ve encountered who are living for free do indeed take good care of the homes; wouldn’t you want to give the bank a reason to let you stay free longer?

Now add in the shadow inventory and the picture gets worse.

Sure that picture is GD1 horrible right now, but that’s just the start. Right now we are at the beginning of a huge wave of ARM resets that won’t even peak until 2011 and will keep on spreading pain thru 2012. When more and more of your neighbors get ARM notices saying they can no longer pay the minimum payment and their monthly nut shoots up 50%, 60%, what do you see happening? What would you do if your house was worth $200k LESS than what you owe the bank, and now the bank wants a much bigger chunk of your paycheck to stay in that insanely underwater house?

How about the guy who bought just six months ago? What will he do in a year when his house is worth $80K less than he paid and he see’s he can simply buy across the street, jingle-mail the keys to the anchor, and be $80k ahead?

Its a good thing that you are not an “investor” as rents are falling too, so today’s cash-flow rentals will be 2010s underwater foreclosures.

[Rt.66]

OMG! Wow eclipxe are you sure you did not mistakenly type in a Detroit zip code?

I admire your positivity; anyone who can paint that picture anything but bleak is unique. Those “nothing but dirt” mysteries are foreclosed on lots, an entire development gone to foreclosure.

No mystery on the occupied foreclosure issue either or haven’t you heard that people are staying in houses free for 18 months and spending the loot at PF Changs??? The folks I’ve encountered who are living for free do indeed take good care of the homes; wouldn’t you want to give the bank a reason to let you stay free longer?

Now add in the shadow inventory and the picture gets worse.

Sure that picture is GD1 horrible right now, but that’s just the start. Right now we are at the beginning of a huge wave of ARM resets that won’t even peak until 2011 and will keep on spreading pain thru 2012. When more and more of your neighbors get ARM notices saying they can no longer pay the minimum payment and their monthly nut shoots up 50%, 60%, what do you see happening? What would you do if your house was worth $200k LESS than what you owe the bank, and now the bank wants a much bigger chunk of your paycheck to stay in that insanely underwater house?

How about the guy who bought just six months ago? What will he do in a year when his house is worth $80K less than he paid and he see’s he can simply buy across the street, jingle-mail the keys to the anchor, and be $80k ahead?

Its a good thing that you are not an “investor” as rents are falling too, so today’s cash-flow rentals will be 2010s underwater foreclosures.

[Rt.66]

OMG! Wow eclipxe are you sure you did not mistakenly type in a Detroit zip code?

I admire your positivity; anyone who can paint that picture anything but bleak is unique. Those “nothing but dirt” mysteries are foreclosed on lots, an entire development gone to foreclosure.

No mystery on the occupied foreclosure issue either or haven’t you heard that people are staying in houses free for 18 months and spending the loot at PF Changs??? The folks I’ve encountered who are living for free do indeed take good care of the homes; wouldn’t you want to give the bank a reason to let you stay free longer?

Now add in the shadow inventory and the picture gets worse.

Sure that picture is GD1 horrible right now, but that’s just the start. Right now we are at the beginning of a huge wave of ARM resets that won’t even peak until 2011 and will keep on spreading pain thru 2012. When more and more of your neighbors get ARM notices saying they can no longer pay the minimum payment and their monthly nut shoots up 50%, 60%, what do you see happening? What would you do if your house was worth $200k LESS than what you owe the bank, and now the bank wants a much bigger chunk of your paycheck to stay in that insanely underwater house?

How about the guy who bought just six months ago? What will he do in a year when his house is worth $80K less than he paid and he see’s he can simply buy across the street, jingle-mail the keys to the anchor, and be $80k ahead?

Its a good thing that you are not an “investor” as rents are falling too, so today’s cash-flow rentals will be 2010s underwater foreclosures.

[Rt.66]

[quote=patientrenter]No one has a crystal ball, so it’s a question of odds. With that, here are my thoughts.

If you want to give yourself the best odds of the best financial outcome, then you should wait. All the negative factors that hit the lower end of the SD market haven’t percolated through to the high end yet. (A few people here think they never will but, as I said, it’s a question of judging the odds…)

Psychologically, it’s a completely different story. Most people who bought houses in the last few years paid with what I will call “Monopoly money”. That’s why they could bring themselves to write a check for $1 million for a dumpy place. For every 100 people who wrote that check, there were only a few who had actually saved most of that money by spending that much less than their net earnings stripped of capital gains. Most of the others borrowed most of the money, expecting to pay the loans back painlessly from a higher future sale price, or they used prior gains from previous home price appreciation (“equity”). It was therefore easy money, and they spent it more freely.

Based on your comments, I am guessing that you have a large pot of money for this next home purchase, and a lot of that money came for substantial prior home price appreciation. Each $1 of your housing pot didn’t come from a $1 saved by scouring the supermarket shelves for good deals, or taking cheap vacations, or some other self-denial. It came from high previous asset price appreciation, which was pretty painless, so it “feels” OK to spend a lot of it without counting the pennies.

With that (cheap, and worth every every penny) psycholgical profile, I’d say that you should just find a place you like, and make sure that a loss of 30% of the price would not exceed your prior gains.[/quote]

Great Post, it deserves its own thread and discussion. I vote you make a Monopoly money thread.

[Rt.66]

[quote=patientrenter]No one has a crystal ball, so it’s a question of odds. With that, here are my thoughts.

If you want to give yourself the best odds of the best financial outcome, then you should wait. All the negative factors that hit the lower end of the SD market haven’t percolated through to the high end yet. (A few people here think they never will but, as I said, it’s a question of judging the odds…)

Psychologically, it’s a completely different story. Most people who bought houses in the last few years paid with what I will call “Monopoly money”. That’s why they could bring themselves to write a check for $1 million for a dumpy place. For every 100 people who wrote that check, there were only a few who had actually saved most of that money by spending that much less than their net earnings stripped of capital gains. Most of the others borrowed most of the money, expecting to pay the loans back painlessly from a higher future sale price, or they used prior gains from previous home price appreciation (“equity”). It was therefore easy money, and they spent it more freely.

Based on your comments, I am guessing that you have a large pot of money for this next home purchase, and a lot of that money came for substantial prior home price appreciation. Each $1 of your housing pot didn’t come from a $1 saved by scouring the supermarket shelves for good deals, or taking cheap vacations, or some other self-denial. It came from high previous asset price appreciation, which was pretty painless, so it “feels” OK to spend a lot of it without counting the pennies.

With that (cheap, and worth every every penny) psycholgical profile, I’d say that you should just find a place you like, and make sure that a loss of 30% of the price would not exceed your prior gains.[/quote]

Great Post, it deserves its own thread and discussion. I vote you make a Monopoly money thread.

[Rt.66]

[quote=patientrenter]No one has a crystal ball, so it’s a question of odds. With that, here are my thoughts.

If you want to give yourself the best odds of the best financial outcome, then you should wait. All the negative factors that hit the lower end of the SD market haven’t percolated through to the high end yet. (A few people here think they never will but, as I said, it’s a question of judging the odds…)

Psychologically, it’s a completely different story. Most people who bought houses in the last few years paid with what I will call “Monopoly money”. That’s why they could bring themselves to write a check for $1 million for a dumpy place. For every 100 people who wrote that check, there were only a few who had actually saved most of that money by spending that much less than their net earnings stripped of capital gains. Most of the others borrowed most of the money, expecting to pay the loans back painlessly from a higher future sale price, or they used prior gains from previous home price appreciation (“equity”). It was therefore easy money, and they spent it more freely.

Based on your comments, I am guessing that you have a large pot of money for this next home purchase, and a lot of that money came for substantial prior home price appreciation. Each $1 of your housing pot didn’t come from a $1 saved by scouring the supermarket shelves for good deals, or taking cheap vacations, or some other self-denial. It came from high previous asset price appreciation, which was pretty painless, so it “feels” OK to spend a lot of it without counting the pennies.

With that (cheap, and worth every every penny) psycholgical profile, I’d say that you should just find a place you like, and make sure that a loss of 30% of the price would not exceed your prior gains.[/quote]

Great Post, it deserves its own thread and discussion. I vote you make a Monopoly money thread.

[Rt.66]

[quote=patientrenter]No one has a crystal ball, so it’s a question of odds. With that, here are my thoughts.

If you want to give yourself the best odds of the best financial outcome, then you should wait. All the negative factors that hit the lower end of the SD market haven’t percolated through to the high end yet. (A few people here think they never will but, as I said, it’s a question of judging the odds…)

Psychologically, it’s a completely different story. Most people who bought houses in the last few years paid with what I will call “Monopoly money”. That’s why they could bring themselves to write a check for $1 million for a dumpy place. For every 100 people who wrote that check, there were only a few who had actually saved most of that money by spending that much less than their net earnings stripped of capital gains. Most of the others borrowed most of the money, expecting to pay the loans back painlessly from a higher future sale price, or they used prior gains from previous home price appreciation (“equity”). It was therefore easy money, and they spent it more freely.

Based on your comments, I am guessing that you have a large pot of money for this next home purchase, and a lot of that money came for substantial prior home price appreciation. Each $1 of your housing pot didn’t come from a $1 saved by scouring the supermarket shelves for good deals, or taking cheap vacations, or some other self-denial. It came from high previous asset price appreciation, which was pretty painless, so it “feels” OK to spend a lot of it without counting the pennies.

With that (cheap, and worth every every penny) psycholgical profile, I’d say that you should just find a place you like, and make sure that a loss of 30% of the price would not exceed your prior gains.[/quote]

Great Post, it deserves its own thread and discussion. I vote you make a Monopoly money thread.

[Rt.66]

[quote=patientrenter]No one has a crystal ball, so it’s a question of odds. With that, here are my thoughts.

If you want to give yourself the best odds of the best financial outcome, then you should wait. All the negative factors that hit the lower end of the SD market haven’t percolated through to the high end yet. (A few people here think they never will but, as I said, it’s a question of judging the odds…)

Psychologically, it’s a completely different story. Most people who bought houses in the last few years paid with what I will call “Monopoly money”. That’s why they could bring themselves to write a check for $1 million for a dumpy place. For every 100 people who wrote that check, there were only a few who had actually saved most of that money by spending that much less than their net earnings stripped of capital gains. Most of the others borrowed most of the money, expecting to pay the loans back painlessly from a higher future sale price, or they used prior gains from previous home price appreciation (“equity”). It was therefore easy money, and they spent it more freely.

Based on your comments, I am guessing that you have a large pot of money for this next home purchase, and a lot of that money came for substantial prior home price appreciation. Each $1 of your housing pot didn’t come from a $1 saved by scouring the supermarket shelves for good deals, or taking cheap vacations, or some other self-denial. It came from high previous asset price appreciation, which was pretty painless, so it “feels” OK to spend a lot of it without counting the pennies.

With that (cheap, and worth every every penny) psycholgical profile, I’d say that you should just find a place you like, and make sure that a loss of 30% of the price would not exceed your prior gains.[/quote]

Great Post, it deserves its own thread and discussion. I vote you make a Monopoly money thread.

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