You think name calling will elevate you as better person ?
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Real estate horror stories
- Thread starter Adobian
- Start date
You think name calling will elevate you as better person ?
Quote from gnome:
Taxes aren't the most important issue. It's buying power of your money. It increased a bit, not not enough to puff your chest out.
Half a million tax free is half a million. There is no two ways about it. Its lot of dough, lots of $100 bills..
You won't be able to get that if you worked all your life and kept renting from Uncle Joe.
Here is an interest stat:
The networth of an average renter in the US is $6,350 and the networth of a homeowner is $160,000.
At least thats what I remember, you can correct me on it if you have newer figures.
Quote from Adobian:
Anyone wants to share real stories ? I keep hearing people in the San Francisco Bay Area saying it's not so bad.
This is a NEGATIVE thread started by renter who is probably shut out from the home ownership for some reason. I have seen losers like these in my line of work and lending . They always blame the world and have this sour taste in life.
Quote from day7793:
You ain't gonna buy anything now if you donot have a 10% down payment and 700 plus fico scores and verified income.
Good Luck
Read your sentence again.
Who can afford to buy your house?
How many people have fico 700+?
How many have 10% for a down payment?
Which banks are giving ARMs or NegAms or interest only?
So how much does your house worth?
Did you get that figure from zillow?
Quote from Cutten:
Seeing as he probably borrowed most of the purchase price, in 1988 dollars, he should feel damned good.
I'm telling ya! Its cool when the banks agree to give you something right now, and then let you pay them back with dollars that are losing value faster and faster. Here, Mr. Banker, have some more money...it's worth half of what you thought it would be worth right now...
SM
Quote from traderdragon2:
day7793,
Stop being a fucking idiot already. gnome is a trader. Traders dont buy shit that is about to go down 30% you fucking moron. What part of HE DOESNT WANT TO LOSE MONEY dont you udnerstand?
Who let the tard in here? Shut the fuck up already. You sound like paris hiltons purse dog, you little twit.
It's only January but this should finish 2008 as one of the top 10 posts of the year.
Quote from Adobian:
I keep hearing people in the San Francisco Bay Area saying it's not so bad.
It's not so bad here, at least not yet. Most people were buying houses with option ARMs and 5 to 7 year resets, they're still paying teaser rates. The mythology around here is that housing prices never drop significantly in the Bay Area, until those teaser rates start resetting it may just hold true.
I think we're going to get nailed in the 2010 or so, when a lot of those houses are underwater and can't be refinanced out of their balloon payments. There are a few ways out though, for example if there's a strong recovery in housing before then, or rock bottom interest rates and renewed interest in mortgage lending, or if the tech industry bucks the trend of the oncoming recession.
Martin
Quote from day7793:
This is a NEGATIVE thread started by renter who is probably shut out from the home ownership for some reason. I have seen losers like these in my line of work and lending . They always blame the world and have this sour taste in life.
My net worth is only about $250K. No home ownership. Most of my income from a stable IT job in Silicon Valley goes into investment somewhere else. I am looking to buy. Let me know when.
Quote from Sparohok:
It's not so bad here, at least not yet. Most people were buying houses with option ARMs and 5 to 7 year resets, they're still paying teaser rates. The mythology around here is that housing prices never drop significantly in the Bay Area, until those teaser rates start resetting it may just hold true.
I think we're going to get nailed in the 2010 or so, when a lot of those houses are underwater and can't be refinanced out of their balloon payments. There are a few ways out though, for example if there's a strong recovery in housing before then, or rock bottom interest rates and renewed interest in mortgage lending, or if the tech industry bucks the trend of the oncoming recession.
Martin
What about Sacramento and Stockton, Martin ?
http://patrick.net/housing/contrib/percent_in_foreclosure.html
Number of listing in Foreclosures in CA.
http://www.erica.biz/2008/real-esta...losures-strikes-the-bay-area/?ref=patrick.net
Nice article about the SF Bay Area
http://patrick.net/housing/contrib/bankowned.html
Graphic gory details.
http://patrick.net/housing/contrib/discounts.html
Number of listing in Foreclosures in CA.
http://www.erica.biz/2008/real-esta...losures-strikes-the-bay-area/?ref=patrick.net
Nice article about the SF Bay Area
http://patrick.net/housing/contrib/bankowned.html
Graphic gory details.
http://patrick.net/housing/contrib/discounts.html