housing makt still in the pits

[SOREHOOF]

Originally Posted by pgardn

I had it beat into me not to think of a house
as an investment way back in the Savings and Loan
crisis.
A house is a place to live.

Much better than an apartment in
that you will get something back if
you can pay for it.

People taking other loans against houses
that were way overvalued have learned
a very hard lesson.

Have they? If they get a mortgage bailout, I'm afraid they won't. Sometimes the only thing that forces people to live within their means is when they no longer have any means. I had the same thing beat into me.

Originally Posted by SOREHOOF

Have they? If they get a mortgage bailout, I'm afraid they won't. Sometimes the only thing that forces people to live within their means is when they no longer have any means. I had the same thing beat into me.

Lots of houses here foreclosed on.
Some very nice prices available to be
picked up on at the expensive of people
living in places they could not afford.

[SOREHOOF]

A lot of these foreclosures are on 2nd homes that people don't want to dip into their savings or investments to save, or are waiting to see if our benevolent Govt. will throw them a bone. Of course some are primary homes of people who lost their jobs, and I have no problem with helping them out.

[SOREHOOF]

There is nothing wrong with renting.

[ddthetide]

Originally Posted by SOREHOOF

There is nothing wrong with renting.

i rented for 26 yrs. until Very recently. the reason we bought, prices Finally fell to where we could afford something we Wanted, in a neighborhood we Wanted to live and we're paying about what we were paying per month in rent.
we got this place, $20k Below asking price, because it had been on the market 2 yrs starting a 3rd. AND, it was Almost $100k cheaper than 4-5 yrs ago.

Originally Posted by ddthetide

i rented for 26 yrs. until Very recently. the reason we bought, prices Finally fell to where we could afford something we Wanted, in a neighborhood we Wanted to live and we're paying about what we were paying per month in rent.
we got this place, $20k Below asking price, because it had been on the market 2 yrs starting a 3rd. AND, it was Almost $100k cheaper than 4-5 yrs ago.

This is how it is supposed to work.
Congrats on your new home.
I hope this type of thing happens in the
rest of the country.

It is a nice feeling that the money you
pay every month is going to something
you own.

[ddthetide]

Originally Posted by pgardn

This is how it is supposed to work.
Congrats on your new home.
I hope this type of thing happens in the
rest of the country.

It is a nice feeling that the money you
pay every month is going to something
you own.

IMO, most homes here are still over priced. we just got luck and found the right person.
2 problems here, many people are VERY upside with their mortgages and the state and county tax rate. about $250 a month of our mortgage goes to pay the taxes (this house is only 6-7 yrs old). one development we looked at, taxes would have been $375-400 per month and the neighborhood was not as nice as this one.

Originally Posted by SOREHOOF

A lot of these foreclosures are on 2nd homes that people don't want to dip into their savings or investments to save, or are waiting to see if our benevolent Govt. will throw them a bone. Of course some are primary homes of people who lost their jobs, and I have no problem with helping them out.

The houses I am looking at are primary residences
of mostly older people in a coastal city.
I would guess their 401K did not meet requirements
for longer ownership given the current climate.
This is kinda sad imo.

The high end houses in the same place are 2nd homes.
These will probably not be sold quickly. They are not
worth near as much as the banks think right now.
Guess they are holding out till things get better.

A very small survey of a big problem.
As mentioned earlier each area in the US
has its own little story.