BETO74 0 #1 May 27, 2008 Soooo.... my town home went from 260,000 to 220,000 to 200,000 now some people desperate selling for 160,000. Plus I bough pre construction3 years ago supposely very exclusive condo 360,000 now 260,000. Now ownwing a home equals to being double poor!!!! got to love what they did to this country!http://web.mac.com/ac057a/iWeb/AC057A/H0M3.html Quote Share this post Link to post Share on other sites
turtlespeed 212 #2 May 27, 2008 Quote Soooo.... my town home went from 260,000 to 220,000 to 200,000 now some people desperate selling for 160,000. Plus I bough pre construction3 years ago supposely very exclusive condo 360,000 now 260,000. Now ownwing a home equals to being double poor!!!! got to love what they did to this country! Sounds like a bad investment. You should have sunk the money into oil.I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun Quote Share this post Link to post Share on other sites
lawrocket 3 #3 May 27, 2008 My house has dropped $100k in value since we bought it - three years ago. Yep - at the PEAK of the market. Question - are you hurting now? Are you trying to sell your condo? Or are you sticking around in it for a few years? If you are sticking around for a few years, then you've got nothing to worry about, right? The price will go up. Your equity will increase. And you can sell it for some good money later on. You aren't poor unless you sell low. If you sell now, yes, you'll have lost money. If you buy low, you'll make it back off of someone else who sold low when that person maybe bought high. Yes, we BOTH bought at the peak of the market. It should not be a concern if you can afford to stay there. My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
DougH 270 #4 May 27, 2008 Unless you are planning on selling what does it matter? If you are planning to live there for an extended period of time it will go back up eventually."The restraining order says you're only allowed to touch me in freefall" =P Quote Share this post Link to post Share on other sites
peregrinerose 0 #5 May 27, 2008 That's what happens when you buy when prices are inflated. Buying while housing prices are spiking isn't all that bright, as sooner or later they are going to drop a bit. That's why I just bought my dream home a month ago. Not a lot of chance of the value dropping Do or do not, there is no try -Yoda Quote Share this post Link to post Share on other sites
BikerBabe 0 #6 May 27, 2008 yup, sucks. Luckily the home we're trying to sell is located in a state (NM) that wasn't overly affected by the inflated home prices of the last few years. We're actually probably going to make a profit! which will, of course, be used to buy a smaller, older, house with less land in the great state of california. I still think home prices here in CA are inflated. though i'm not sure if they will drop much further, to be honest. Of course, having lived in Ohio and New Mexico previously, where a 2500 sq ft house with an acre of land was at most 250k, perhaps my perspective is skewed Never meddle in the affairs of dragons, for you are crunchy and taste good with ketchup! Quote Share this post Link to post Share on other sites
JohnRich 4 #7 May 27, 2008 Quotegot to love what they did to this country! Who is "they"? Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #8 May 27, 2008 Quote That's what happens when you buy when prices are inflated. Buying while housing prices are spiking isn't all that bright, as sooner or later they are going to drop a bit. That's why I just bought my dream home a month ago. Not a lot of chance of the value dropping Except for more homes dumped on the market as option ARM resets increase through 2011, the banks stop playing games with all their REO properties, reality sinks in and the people who have to sell convert their paper losses to real losses, condo conversions come on the market because rents aren't keeping up with property values thus making rental properties a poor return on investments, the baby boomers retire and move into smaller more easily maintained properties, fewer people move into subdivisions located based on $1.50/gallon gasoline when they relocate, well-payed professionals who can afford homes get replaced by well-educated Chinese and Indians who cost 1/5 as much.... Quote Share this post Link to post Share on other sites
lawrocket 3 #9 May 27, 2008 QuoteQuotegot to love what they did to this country! Who is "they"? "They" are him. And me. And everyone who bought properties when they were overvalued. Or refinanced when overvalued. "They" are especially those who "bought more than they could afford." My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
squirrel 0 #10 May 28, 2008 Quote That's what happens when you buy when prices are inflated. Buying while housing prices are spiking isn't all that bright, as sooner or later they are going to drop a bit. That's why I just bought my dream home a month ago. Not a lot of chance of the value dropping yep...me too...i am back in the investing game...just picked up number 6 for 165,000...its a 3/2 on 2/3 acre, pool, and lots of trees...which is a good thing in the desert. now IS the time to buy. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
AggieDave 6 #11 May 28, 2008 Quote got to love what they did to this country! Who is "they"? They are the ones who bought more then what they could afford in the first place in a market of inflated real estate values. "They" should have been more fiscally responsible. Its not the lender's fault for people making really bad and uneducated decisions. The information is out there and easy to get, yet people got ARMs and interest only mortgages. Quite possibly the stupidest thing you could do. If that's what you have to do to purchase a home, then you shouldn't be spending that much money on a house. Sometimes I feel like I'm the only person in the country that understands this (although I know that I'm not the only one).--"When I die, may I be surrounded by scattered chrome and burning gasoline." Quote Share this post Link to post Share on other sites
TheAnvil 0 #12 May 28, 2008 Real estate can bite you, amigo! Worst is yet to come, I believe. This bubble is not done bursting. Glad my rentals are occupied. Not selling anytime soon. Vinny the Anvil Post Traumatic Didn't Make The Lakers Syndrome is REAL JACKASS POWER!!!!!! Quote Share this post Link to post Share on other sites
jtval 0 #13 May 28, 2008 "THEY " are Texans. It's always the damned texans.I only say that cause you're texan I have no other interest in this thread excpet that I just bought my 1st house. I will end up doing well, unless THEY strike again. My photos My Videos Quote Share this post Link to post Share on other sites
CazmoDee 3 #14 May 28, 2008 Paid $254,000 three years ago for a house near Zhills, couldn't give away now for 150K. Hoping the bank will take a short sale. I'm moving back to my townhouse in October.I'm behind the bar at Sloppy Joe's....See ya in the Keys! Muff 4313 Quote Share this post Link to post Share on other sites
normiss 622 #15 May 28, 2008 I never would have guessed Pasco county had ANY double-wides that expensive. Quote Share this post Link to post Share on other sites
Icon134 0 #16 May 28, 2008 I'm confused... does this state crisis have anything to do with the tornados in the midwest over the weekend? Livin' on the Edge... sleeping with my rigger's wife... Quote Share this post Link to post Share on other sites
squirrel 0 #17 May 28, 2008 QuotePaid $254,000 three years ago for a house near Zhills, couldn't give away now for 150K. Hoping the bank will take a short sale. I'm moving back to my townhouse in October. why walk away...are you in an ARM situation? number 1 rule of real estate...never be forced to sell...might as well go to vegas, the odds are better. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
tigra 0 #18 May 28, 2008 sigh........... I agree with you- I see it all the time. Its really all about greed and there is plenty to go around. It doesn't help that the loan originators typically get paid when the loan closes and there is little or no consequence to them if and when the borrowers default. I'll just add, not all ARMs are bad- the problem is the ones where the rate increases more frequently than the minimum required payment- and even with those, you can't blame the lenders. The borrowers sign the paperwork explaining EXACTLY how the loan works and every month they get a statement showing exactly what is happening to their interest rate and principal balance. Quote Share this post Link to post Share on other sites
JohnRich 4 #19 May 28, 2008 QuoteQuoteQuotegot to love what they did to this country! Who is "they"? "They" are him. And me. And everyone who bought properties when they were overvalued. Or refinanced when overvalued. "They" are especially those who "bought more than they could afford." That would be my answer too. But I have a feeling he was going to blame Republicans, or something... Quote Share this post Link to post Share on other sites
