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| poornewb |
 Posted: Tue Aug 15, 2006 9:33 am Post subject: |
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Investing Manager
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| Great so my 250k home will soon be in the bario!! |
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| yandig |
| Posted: Tue Aug 15, 2006 9:49 am Post subject: |
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Investing Manager
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Out here in Oregon, both house and land prices continue to climb. We've been hearing for a couple of years now that there is going to be a housing bubble, but I haven't seen it yet. Perhaps it's different in the more populous cities.
Earth-land is a limited commodity, so it does figure to keep rising in value, especially for the desirable plots. |
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| Grimreaper |
| Posted: Wed Aug 23, 2006 3:28 am Post subject: |
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CFO
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This existing home sales report coming out at 10 o'clock could be a market moving event.....based on the way fokes tend to trade on the obvious. let's see if we get the first whiff of falling home prices.  |
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| Grimreaper |
| Posted: Thu Nov 02, 2006 2:39 am Post subject: |
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CFO
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Nice! Last week's 10% nationwide price drop on increased sales of existing homes lit da candle. Yesterday's foreclosure report makes it so ya kin almost smell da pending carnage.....and ta be honest witcha....I luvit!  I'll hasta admit, I guess I luvit mo cause I purrdickted it.  Let's see, we have idiots tryin ta sell their homes and holding da line on price competing wit banks who need to sell cause they doan care to hold foreclosures on da books. Hmmmm....use this info ta see if ya kin figure out what happens ta home prices in da not too distant future.  |
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| Grimreaper |
| Posted: Mon Nov 20, 2006 9:54 am Post subject: |
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CFO
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Aha! Today we see not only another decline in the number of "existing" homes sold but our first decline in year over year price nationwide...1.2%....who'da thunk it?!!   |
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| Grimreaper |
| Posted: Fri Dec 01, 2006 4:09 am Post subject: |
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CFO
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I was channel surfin last night and saw C-span was doing a segment on high risk mortgage lenders so I watched it. Basically it appears that lending disclosures were kept so lax under the Bush regime that many fokes who bought since 2003 were basically forced into "indentured servitude" by da slick mortgage industry because o'da wave of ARM's in recent years. Banks were not required to even publish what the maximum payment could rise to anywhere on the mortgage documents for instance. Don't get me wrong...I still think that as a consumer you should be your own watchdog...but I can also see how many unsuspecting buyers may have been a tad "cloudy" about what would happen when that first rate adjustment occurs. Lots o'these loans were basically setup by the banks to insure that the borrower would be forced to refinance when the new mumphly payment went into effect...and to incur another round of rediculous fees to refi. That's almost criminal...but it is no surprise that it happened during a time when all restraints were cast aside by a govmint leadership that pulled out all stops to make sho da masses were kept under the ether of great economic conditions. The problem we will see going forward as outlined by one o'da guests on the show last night was that if home prices even slow marginally it will be impossible for many homeowners to refi out of these high risk loans because of bank equity requirements....plus the statistics about foreclosures of these types of loans will soon cause da new Congress to take a closer look at the practice...possibly tightening lending standards in da future. The rate of foreclosure for those who refi the initial loan actually doubles! Expect inventories of homes for sale to increase. The good news for new buyers is that the way to eliminate inventories is to either lower prices....or make the homes more affordable by lowering rates. I seriously doubt that the Fed can do anything but continue to lower rates at this point. There is no other choice just based on what is happnin in the RE mawket.
Sidenote: A beeeyotch from WM was on the panel to give her side of the story from da lender's POV....of course she was agin more disclosure because she felt it "may actually limit a borrower's freedom of choice" Keep following WM over the next year...BIG trouble ahead for that POS. |
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| poornewb |
| Posted: Fri Dec 01, 2006 4:24 am Post subject: |
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Investing Manager
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Well maybe the smart people out there can seize the oppurtunity and buy up these forclosures and then RENT them back to the po po po dumb buyers.
Gotta look at it from the bright side.
Sometimes keepin up with the jones can really suck. |
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| Grimreaper |
| Posted: Fri Dec 01, 2006 5:01 am Post subject: |
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CFO
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| poornewb wrote: | Well maybe the smart people out there can seize the oppurtunity and buy up these forclosures and then RENT them back to the po po po dumb buyers.
Gotta look at it from the bright side.
Sometimes keepin up with the jones can really suck. |
True enuff! Da problum I see is that da supposed "smawt people" think that the end is almost at hand for da RE mawket if you judge by all da banter on CNBC. Leads me to baleave there is very little diffrunce betwixt smawt fokes n po fokes mosta da time. |
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| poornewb |
| Posted: Fri Dec 01, 2006 5:52 am Post subject: |
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Investing Manager
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Only difference I see in the smart and the poor is money management and a little luck and timing!
Hey dont think im saying its time to jump on the band wagon just yet. Im having a hard time getting people to beleive that the REIT market is still going down when here in Texas were still moving at our 2% pace. But my neighbor is in one of those arms and he's scrambling to get refinaced!
HMMMM my first tenant possibly!!! |
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| Grimreaper |
| Posted: Sun Dec 10, 2006 9:19 am Post subject: |
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CFO
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Freddie Mac reporting dat fo da week just ended:
1) A 4.9% increase in the number of mortgage loan apps year over year as...
2) The 30 year fixed rate @ 6.11% dropped to the lowest level since Jan and....
3) The ave. new purchase mtg price jumped to $228K (since last report), a price dat was off by 6.7% from 1 year ago yet.....
4) New purchase app mtgs were off by 13%+ from a year ago and refi mtgs were up 13%+.
Conclusion?  "Mr Mort Gage-lender, 2 years ago when I was buyin this place you sent an appraiser out who told me 'sure...it looks like a $275000 house to me, even though no house in this area ever sold for more than $250000, don't worry, we'll get ya finanaced'.......now that I want to refi out of my self adjusting ARM you are telling me you can't get me financed cause the equity/loan ratio is too low on this POS house I had to have at any price?!!" |
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| frusnak |
| Posted: Sun Dec 10, 2006 12:02 pm Post subject: |
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CFO
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I have had three mortages and each one was fixed rate. My heloc is adjustable but I'm not using, just wanted a line of credit before the bottom fell out of the housing market. ARMS just scare me.  |
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| Im Not Warren Buffett |
| Posted: Sun Dec 10, 2006 12:05 pm Post subject: |
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CFO
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| One interesting thing I've noticed is that alot of the real estate ad links you see on the front page bring you to a long line of "just reduced" homes. I think that is a sufficient barometer for the slowdown... |
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| frusnak |
| Posted: Sun Dec 10, 2006 12:07 pm Post subject: |
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CFO
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| There is a market for homes in the $150,000.00 and lower market. The high end homes $325,000.00+ homes are really slow, at least in my area. |
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| Grimreaper |
| Posted: Mon Dec 11, 2006 3:01 am Post subject: |
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CFO
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| I wassa watchin an episode o'Flip Dat House yesterday and it did nuthin but verify my contention dat fokes in Cali are retarted! These 2 clowns bought a 900 sq ft woodframe "teardown" house in Rio Rivera (sumthin like dat) for $325000!!! Then they sank a whole chitload o'cash into renovations and thunk they wassa gonna make $$$ on it. The very next show was about a couple who bought another 900 sq ft piece o'crap in Sunland for $400K and then sank $80K into it in hopes of selling it for $510K!!! The only thing that could possibly solve planet California's situation would be a giant sunami. |
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| Grimreaper |
| Posted: Tue Jan 09, 2007 3:21 pm Post subject: |
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CFO
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I'm sure I sound "abrupt" when I say the biggest morons on da planet live in Cali. I found this site today www.flippersintrouble.blogspot.com
Check it out and you will see why I say it. I see 4 Malibu homes burned taday but in order to rectify the situation I think sumthin mo drastic will be needed...jist my opinyun though. |
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