I think that anybody who owns real estate should be scared to death about this! | |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
W.VA. 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | Almost heaven, west virginia Blue ridge mountains, shenandoah river Life is old there, older than the trees Younger than the mountains, blowing like a breeze Country roads, take me home To the place, I be-long West virginia, mountain momma Take me home, country roads All my mem’ries, gather ’round her Miner’s lady, stranger to blue water Dark and dusty, painted on the sky Misty taste of moonshine, teardrop in my eye Country roads, take me home To the place, I be-long West virginia, mountain momma Take me home, country roads I hear her voice, in the mornin’ hours she calls to me The radio reminds me of my home far a-way And drivin’ down the road I get a feeling’ That I should have been home yesterday, yesterday Country roads, take me home To the place, I be-long West virginia, mountain momma Take me home, country roads |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward 27 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
GREY LENSMAN 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | TYPICAL NO MENTION AT ALL OF THE GREATEST RISK, FALL IN HOUSE VALUE. SAY YOU BUY AT 250,000 WITH 5% DEPOSIT. BALANCE IS 237,500 YOU MORTGAGE (INCOME SAY 78,000) WITHIN 12 MONTHS PROPERTY DROPS 20% TO 200,000 AND YOU ARE IN NEGATIVE EQUITY. YOU GET OFFERED A NEW JOB AT 90K BUT YOU CANT AFFORD TO SELL TO MOVE. HAPPENED IN THE UK. PEOPLE TRAPPED FOR YEARS THEN EVICTED. GL |
star gazer 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
Emperor Kenton 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
...-... 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
Deacon Blue 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | This is Fanny Mae brining back the 40 year mortgage in an effort to diversify some of the 12 billion + losses it´s been trying to hide on the books. Why the SEC is investigating and FM still refuses to submit the reports that were due last October. A last ditch effort to stave off the collapse, FM goes down, all with mortgages do too. |
leia too 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | freedom´s just another word for nothing left to lose ;) glad we sold the house while the market was still strong . . . now we´re until we decide what to do next . . . edited to say: i think one of the "scariest" propositions i´ve ever heard of in terms of real estate is the "0%" interest rate mortgage - which translates to the buyer basically "gambling" that their equity will increase before a certain amount of time passes. it may be more common here in california where houses are higher (in price) than giraffes´ asses. |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | We had something here in N.E. Pa. a few years ago that basically caused some people just to walk away from their investment/vaction homes. Seems that back in the mid 90´s they were building houses in the Pocono Mountains and selling them to people at inflated prices. The shit hit the fan around 2001/2002 when the economy began to faulter and people were looking to re-fianance at a lower rate. The people would apply for the new loan and when the appraiser would show up they were apraising the houses below the price the buyer had paid 6 to 7 years earlier. Of course the principle balance on the loan was far more than the house was worth and the borrowers were turned down for the new loan. so people bought a house in 95 for $175,000 thinking it was worth at least $200k in 2002 only to find out the real appraised 2002 value was $150,000. The banks that held the original mortgages got wind of this and an investigation was made. It turns out that the developers were paying off the appraisers to inflate the value of the new homes so they could make more money. A lot of people just walked away from the properties and filed suit against the developers and appraisers. In the end the developers went to jail, the appraisers lost their businesses, the banks got screwed and the home owners lost their houses and investment. I went to a bank auction and bought 2 of these houses for a total of $80,000 plus back taxes. I was the only person at that auction and got the houses for the minumum bid. I only intended to buy one house because I expected biding on the one I wanted. I sold one house for $145k 3 months later and I now live in the other free and clear except for utilities and taxes. The only thing that bothers me and makes me sad sometimes is everytime I drive up my driveway I think of how my house may have been someone´s dream house lost because of someone elses greed. |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | Dumb quetion, can you not defer the mortgage and resell anyways? I am having a serious problem right now. My mom lives in Canada and rents, but does not work anymore because of disability. She has about 200k or less that I know of. If she doesn´t buy something soon she will be left with nothing in under 10 years. Id say it costs 25k a year to live, anything less and it´s going to hurt. So wtf to do. |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | I would rent for now. If you look at the total cost of home ownership where I live on an annual basis(taxes, instrance, mortgage, maint, etc..) it is fairly high. People have been willing to put up with high annual housing expenses because we have had really good appreciation. But in the last 6 months there have been no movement on house prices, so the appreciation is over. if you buy now, you are buying at the top of the market with lots of risk. This is just my opinion( I could not afford to buy the house I own now if I had to buy it at its current market price) I think a big correction is coming. |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
nerak 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | Yep mines piad for, it´s small but in a good neighborhood. Don´t plan on moving. Couple of years ago most people that my husband works with bought or built new homes, now their in some deep shit with the pay cuts and the fact that the bussness may go to India anytime. |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | 9:49, I hear ya. That´s what I have been telling her, wait for the collapse or at least a depreciation in prices and then buy when everyone else is hurting. Problem is where we live the prices will probably never hit rock bottom like they did 15 years ago when I was a little kid screaming at mom to buy something but noone was listening and mom as usual didnt have the cash. So fucking frustrating!! Anyway I hope the market crashes soon, I really do. |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
GalaxyGirl 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | I recently became a real estate owner myself and I feel for the people who convinced themselves they needed expensive homes. They, if anything should happen, would be screwed. Luckily, I purchased my home, outright for cash, for the tidy sum of 15,500. I own it completely, and will never have to pay a dime on it, except for taxes. It is a good home of over 1800 square feet and it is in a good city. I didn´t have to steal, scam anyone or do ungodly amounts of research to find it either, just semi-ungodly amounts :). And, I know that there are people who would have happily paid 10 times that for the same kind of house, and they would think they are getting a deal. But in the end, it is pride, and convenience and a simple lack of research that led people to these purchases. They did it to themselves really. Hell, a 40K house 6 years ago would be valued at 3 times that now. How could people not realize this was an unrealistic inflation? Yet, they still kept buying....I feel sorry for them in some ways, really, but in others, I don´t. If nothing else, maybe they will learn a lesson that money or image aren´t everything and that it can be tremedously healthy to lower your expectations. |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | I bought my house 10 years ago for 174,500. I refinanced 3 years ago from a 30 year to a 15 year mortgage. Principal balance is now 130,700 and dropping 800 bucks a month. House recently appraised for 400,000. I hope to sell it for 500,000 in 4 years, downsize and pocket 250,000. thats the plan anyway. |
GalaxyGirl 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | I bought it in November of 2004 which is not that very long ago. I bought through an auction and it was a foreclosure. The process was simple and not in the least confusing. There are MANY more homes like this one for sale at comparable rates. To the person who posted right above this one, you are lucky. Many people get lucky but it is a gamble. We had a neighborhood go in here about four years ago, selling homes for 120K and up and now many of the owners, who realize they are in over their heads are upset to find they can´t sell for more than 80-90K. That is happening all over the area here. In many places though, the real estate bubble is still in effect. A home that sold for 80K 10 years ago would sell for 250K today. To those who are involved in that, good for them. But still, it is a gamble. And still, I believe it is a matter of pride and keeping up with the Joneses that drives people to buy such ridiculously expensive homes. For some reason, people have been convinced it is their divine right and an absolute necessity to live a life of luxury. Oh well.... |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | I bought 10 acres for $400 an acre. Woods, trees, springs. beautiful. Built my own little cabin as I could afford it. Quite nice actually. Of course, I produce my own electricity. I pump 350 gals water once a week. And phones don´t work here. Who needs one? Such a sweet price to pay for freedom! I love it! |
Monique 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward 12/08/2005 10:15 AM Report Abusive Post Report Copyright Violation | |