My house is my house

[AVGWarhawk]

Originally Posted by The Third Man

You need a down payment now?

Not always...sometimes you can roll it all into the loan!

Originally Posted by AVGWarhawk

Not always...sometimes you can roll it all into the loan!

I put down 20%. But that was I had it and didn't want to pay another middleman.

I think Ducimus just hasn't realised the possibilities.

[AVGWarhawk]

The housing market is in such shambles today I would think banks would do just about anything to get a home off their roles.

[SteamWake]

Originally Posted by The Third Man

You need a down payment now?

LOL funny boy...

Getting a mortgage right now is rough... really rough. Simply put the banks arent lending because the rates are so low and the margins suck.

Now getting a second mortgage...

By the way I saw you listed 300K as the 'low' end of home prices in Ca. That is about twice what the 'low' end of homes in Florida. My current house we paid 150,000.00 for. Yea it needs a little work but its a nice house in a decent neighborhood.

[AVGWarhawk]

Getting a mortgage right now is rough... really rough. Simply put the banks arent lending because the rates are so low and the margins suck.

It is more so that the banks want to lend however the insurers of the loan want the banks to keep the amount loaned on hand in case the loan is defaulted on by a high risk customer. By doing this the bank can not make money. Hence loans are very hard to obtain if you are considered a high risk. It is more important then ever to keep your credit clean.

[SteamWake]

Its not just high risk patrons. Small buisnesses and pepole with good credit have alot more hoops to jump through to secure loans now.

By the way did you see that 50% of the pepole whom recieved federal aid to help with their high risk mortagages have defaulted?

http://www.washingtonpost.com/wp-dyn...082005643.html

Shocking I know.

Well it was a good election year stunt if nothing else. But it sure isnt going to help matters.

[mookiemookie]

Read it today and couldn't agree more:

The U.S. housing sector is clearly double-dipping — that dive to 3.83 million units in July undercut the “depression” low of January 2009 by 15%! The lesson for the government is that their ‘tax goodies’ do nothing more than distort the market rather than actually help out.

[AVGWarhawk]

Originally Posted by SteamWake

Its not just high risk patrons. Small buisnesses and pepole with good credit have alot more hoops to jump through to secure loans now.

By the way did you see that 50% of the pepole whom recieved federal aid to help with their high risk mortagages have defaulted?

http://www.washingtonpost.com/wp-dyn...082005643.html

Shocking I know.

Well it was a good election year stunt if nothing else. But it sure isnt going to help matters.

Not shocked at all. It was good money being thrown after bad money. It was a cash grab and handled poorly.

[August]

Originally Posted by AVGWarhawk

Not shocked at all. It was good money being thrown after bad money. It was a cash grab and handled poorly.

On the other hand it did help 50% of the people in the program.

Half empty or half full it's still holding half of the water...

[AVGWarhawk]

Good point August!

[tater]

It would "help" virtually anyone if the government simply paid off their mortgage. The government had no business messing with contractual arrangements.

I have little sympathy for people unwilling to take the single largest purchase in their lives seriously enough to understand it. Anyone capable of being victimized by "predatory" lending (a BS term if ever there was one) should not have been buying a home in the first place.

Ducimus is right about CA, it's insanely expensive, and unlike these idiots wanting to be bailed out for a bad CHOICE they made, he made the (100% correct) choice not to buy under those conditions. The one place I sort of differ is his statement that he could have been generating equity. While that is true, it's not all positive (owning vs renting). You are on the hook for repairs, etc, and remodeling is very expensive. In addition in a situation like right now, you could have bought at a high, and now be "underwater." While that is not a big deal in general, assuming you can live in the house for the foreseeable future, it absolutely makes you less mobile. So all things considered, you might well be ahead for not buying, ducimus.

The year the market really tanked, we were remodeling the house, and so all that money would have been invested, instead. So we look at the remodel as costing like half what it did, cause had it been invested, we'd have taken a bath

It's nice in the current market to be able to jump on a job offer, for example. Impossible if you cannot sell your house.

[Castout]

Originally Posted by Ducimus

There's a reason why this place is nicknamed, "cantaffordya".

...that's a smart ass funny

[Ducimus]

Originally Posted by The Third Man

I think Ducimus just hasn't realised the possibilities.

Oh i thought about stuff alot, looked around. In the end I decided that it was all too much. In my mind a house should cost 150,000 to 300,000 dollars. I make that apraisle based on my parents. They built a custom home in the late 80's, and paid 300,000 dollars for it. That was alot of money. I care little what the market was at the time I was looking, because i knew it was insane, and obscene. When a house in the F'ing getto costs as much as when my parents bult their home, that speaks volumes. Absolutely insane!

Originally Posted by tater

Ducimus is right about CA, it's insanely expensive, and unlike these idiots wanting to be bailed out for a bad CHOICE they made, he made the (100% correct) choice not to buy under those conditions.

When the housing bubble burst, I laughed. All those tears about peoples investments? I laughed again. Infact, the housing bubble bursting made me pretty freaking giddy. People whined - I cackled, pointed, and laughed.

The one place I sort of differ is his statement that he could have been generating equity. While that is true, it's not all positive (owning vs renting). You are on the hook for repairs, etc, and remodeling is very expensive.

I can do the labor, (I was a journeyman structural specialist in Air force ) but id still be out building materials, delivery, permits, etc.

So all things considered, you might well be ahead for not buying, ducimus.

I'm still biding my time. Three reasons. One, waiting for things to get cheaper. I know it sounds mean, but the more i hear about foreclosures, the more i'm smiling. For two, I might be moving to Utah in may/june 2011. Three, I'm thinking there's still such a thing as GI home loan. I don't know the details, other then you can only have one, and you have to qualify for that loan just like any other. I think the advantage was no downpayment or low interest rate, i forget.

Originally Posted by Castout

...that's a smart ass funny

I'd think it funny too, if it wasn't so true.

[tater]

I talked to a guy (civilian) heading up spending 500M$ in Clovis on the SOCOM facility... he said there are loads of federal jobs (high paying) with no takers for anyone remotely technical (civilian contractors). 300 grand would buy you the best house in Clovis.

Course they go wanting cause no one wants to live in Clovis

[Ducimus]

Course they go wanting cause no one wants to live in Clovis

I'm gonna guess it's hotter then two mites ****ing in a wool sock there.