Why buy a home to lose money on it the next day? 19 million homes vacant.

Quote from flipflopper:

The mortgages were owned by a bk'd mortgage company and group of investors on the east coast bought up their entire portfolio of several hundred homes. This home had a first for 950K and a second for 225K.

I came in with no broker offered REO broker an extra half point to rep me. Also got 25K back to remove contigencies.

That's the deal. Believe it or not.
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Awesome deal.

Congratulations.
 
Quote from stock_trad3r:

Densely populated areas such as the Bay Area, Manhattan, Aspen, have not been hit by the housing crunch because there is huge demand and a shortage of room.
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Quite the opposite, idiot.
 
Quote from Trading4Alpha:

Not only are there 19 million empty homes, but:

1. At least 20% of the home buying population has been knocked out of the market by more restrictive lending standards (e.g., credit scores, employment checks, etc.).
2. The other 80% now face higher down payments which slows the rate of home buying because these folk must now save and wait to buy.
3. The long-term demographics look bad because Baby Boomers will steadily become net-sellers of property as they retire and downsize.
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All true and fundamental to our situation...

However, the Gummint is BUSTING ITS BALLS to try to get credit "flowing again" at somewhere near the rate of activity prior to the start of the contraction.

Likely not to happen, regardless of their effort. More likely, a SUBSTANTIAL slow down in credit and consumer spending... waayyy more than the Adminstration perceives... could easily settle out at -20% below the prior peak... that would devastate Gummint tax receipts...
 
Quote from stock_trad3r:

yea but in most areas home values are actually rising and or flat because of scarcity of land and urban migration. Densely populated areas such as the Bay Area, Manhattan, Aspen, have not been hit by the housing crunch because there is huge demand and a shortage of room.
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Good God......

Someone should start a "Stupidest Post of the Year" thread in chit chat, and nominate this.

Cuz even though it's only the 1st week Of Feb, I believe we may have a winner.....
 
Quote from wilburbear:

305 million people in the U.S., comprised of all ages and all income groups. And 19 million vacant homes.
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At 16.05 persons per vacancy that should just about take care of the illegal immigrant housing problem.

:)
 
Quote from flipflopper:

Hmmmm.... yeah.... I'm pretty sure.
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Fair enough, congratulations on a hell of a deal if bay area means the same thing to me as it does to you. Would you mind sharing the zip code?
 
Quote from DrPepper:

I have seen some financial advisors in the last few months actually recommending selling your home if you can get a decent price and renting. They predict that home prices may be going much lower and that you can get into a nicer home at a lower price in the future.

It is a great time to buy foreclosed houses cheap, rent them, get a ton of tax breaks and wait 7-10 years for a bullish real estate cycle to sell them at a profit. I just can't stand the idea of being a landlord (been there, done that).
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well I want to be the first person to thank everyone for listening to these guys.. because i just bought a wonderful house on the beach in florida for 25K :D my first house at 22 and its ALREADY payed off... hahaha maybe this whole collapse isnt so bad after all.... also i wouldnt trust a Financial Advisor with any of my money or any of my financial decisions as most of them have no idea what they are talking about. I forget the actual percentage of Financial advisors who are actually qualified for there jobs but i know its low.... I may just buy the house down the street for 20k lol literally a FSBO sign on the house for 20k... and just jam some inbred in there and charge em 250 bucks rent and not to F shit up or ill throw him out
 
Quote from nukethewhales31:

well I want to be the first person to thank everyone for listening to these guys.. because i just bought a wonderful house on the beach in florida for 25K :D my first house at 22 and its ALREADY payed off... hahaha maybe this whole collapse isnt so bad after all.... also i wouldnt trust a Financial Advisor with any of my money or any of my financial decisions as most of them have no idea what they are talking about. I forget the actual percentage of Financial advisors who are actually qualified for there jobs but i know its low.... I may just buy the house down the street for 20k lol literally a FSBO sign on the house for 20k... and just jam some inbred in there and charge em 250 bucks rent and not to F shit up or ill throw him out
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Stop your lying there are no beach houses in fla for 25k. Post a picture and details or go back to yahoo with the losers
 
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