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Thread: Real Estate Crash thread
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05-26-2006, 12:30 AM #1
Real Estate Crash thread
Well, I'm not allowed to delete this post, but, I can say, go fuck yourselves, everybody!
Last edited by Benny Profane; 05-01-2022 at 06:55 PM.
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05-26-2006, 03:56 AM #2
sweet soon I'll be able to buy some land and start my way to baronhood
Its not that I suck at spelling, its that I just don't care
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05-26-2006, 04:42 AM #3Squatch GuestOriginally Posted by ak_powder_monkey
although i think you need serfs.
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05-26-2006, 07:11 AM #4
But Alan Greenspan is not the MAN any more:
http://en.wikipedia.org/wiki/Chairma...ederal_Reserve
13. Alan Greenspan² (August 11, 1987 – January 31, 2006)
14. Ben Bernanke (February 1, 2006 – )
So I take it he made these remarks as a private citizen? Currently Ben Bernanke is the most powerful man in the world. I agree that Greenspan could still make markets tumble if he wanted to, but ... he ain't in charge anymore.Ski Shop - Basement of the Hostel
Do not tell fish stories where the people know you; but particularly, don't tell them where they know the fish.
Mark Twain
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05-26-2006, 07:36 AM #5
What an awesome time to start a new line of work as a mortgage broker!
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05-26-2006, 07:42 AM #6....................
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- May 2005
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I was hoping that Delta would fold so all the pilots and flight attendants would have to put their Park City condos and houses in old town on the market at the same time. I was willing to forfeit all my Delta FF miles for this. Unfortunately, it didn't happen last time it looked close, but hope springs eternal.
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05-26-2006, 07:43 AM #7Originally Posted by skiing-in-jackson
One thing I will tell you - even now, he's got a lot more insight than any of us do, that's for sure. He's probably got more insight than Bernanke..
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05-26-2006, 08:08 AM #8Funky But Chic
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- Sep 2001
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- The Cone of Uncertainty
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Benny's got the schadenfreude machine working again I see.
So I'm guessing the ex got the house, Benny?
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05-26-2006, 08:23 AM #9
bingo. but she can't touch the 401k.
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05-26-2006, 09:36 AM #10Originally Posted by Theodore
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05-26-2006, 09:44 AM #11Registered User
- Join Date
- Apr 2006
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good info
great blog on current real estate conditions
http://thehousingbubbleblog.com/
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05-26-2006, 09:46 AM #12Originally Posted by RootSkier
"The next big thing to worry about: foreclosures. It doesn’t seem like a source of anxiety yet, but the numbers are climbing. Keep the scale in perspective as you look at some of these articles from across the country. We are coming off a low base.
Sacramento: “We’re not seeing a lot of people at that foreclosure stage yet, but we’re sure seeing a lot of people who are headed that way,” said Jeff Tarbell, president of Sacramento-based ATM Mortgage.
Las Vegas: “Assistant Clark County Recorder Charles Harvey calls the spike in foreclosures significant. He said, ‘As the interest rate increased, we have seen an increase in the number of foreclosures.’” (Tip courtesy of Ben Jones at the Foreclosure Report blog. )
The economists I’ve talked to say that the bulk of adjustable-rate mortgages don’t start to trigger until next year. That’s when the nail-biting begins."
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05-26-2006, 09:57 AM #13Originally Posted by Benny Profane
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05-26-2006, 10:13 AM #14Originally Posted by RootSkier
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05-26-2006, 10:24 AM #15
vegas bad, very bad
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05-26-2006, 11:08 AM #16
What kind of moron ever thought the Vegas market could hold out?
Where I am, in MT, there is currently a serious biotech boom going on, one federal and one private, it is a big retirement/second home community, and the market never got as crazy. I think we are looking at a slight slowdown but no major crashes here.
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05-26-2006, 11:11 AM #17Originally Posted by Theodore
We have two mortgages (separate houses), one at 5.875 and one at 6. I would be shitting if my rates were going up but my property values weren't.
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05-26-2006, 12:57 PM #18Originally Posted by RootSkier
Different ARMs go off of different indexes for their rates. These can be t-bills, CD's, COFI, or LIBOR. In recent history(last decade or so) the COFI has been the most steady.
When the "fixed" period is over, they start adjusting. This usually means up, especially now, since most people bought or refi'd a few years ago when the rates bottomed out. They usually adjust every 6-12 months on a set formula for the new rate. A lot of them have limits or caps. This limits how much they can adjust in 1 period and also limits the lifetime adjustment.
For instance take a 2/28 ARM with 3/1/6 caps.
That means the first time it adjusts, it can't go up or down more than 3%, each adjustment after that can't move more than 1% and over the lifetime of the loan it can't vary by more than 6% of your original rate.
No other costs should come due. Only thing that should change is taxes. If your loan has a prepay clause in it and you prepay, then you pay a penalty for that, usually a sizable one at that.
Looking into a fixed rate might not be a bad idea with the market cooling off. Might want to talk to a local broker and see what they can offer. This should be free, and more knowledge never hurt no one....
Hope this helps.
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05-26-2006, 01:09 PM #19Originally Posted by SquatchIts not that I suck at spelling, its that I just don't care
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05-26-2006, 01:29 PM #20Originally Posted by ak_powder_monkey
Slave master. Wait til the boys on teh ihatewhiteguys.com forums find out about this...
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05-26-2006, 01:31 PM #21Originally Posted by Theodore
I guess my question was bad, though. What happens with an interest only ARM at 3 or 5 years? At some point, don't you have to start paying the principal? At that point, wouldn't your payment go up dramatically?
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05-26-2006, 01:47 PM #22
30 year fixed at 5 1/8. I'm happy.
According to the analysts we interviewed the crashes will be in the smaller markets, with NY, Boston, LA, DC, SF etc. still seeing gains, altho more modest than before.
Since I don't plan on moving out of my house until I retire I don't care, really. We're already up 30% in 3 years, which helps with the Home Equity line we'll need eventually for renovations, but other than that I don't need my house to make a shitton of moolah.... my first one did that!
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05-26-2006, 02:05 PM #23Originally Posted by RootSkier
So, those poor bastards who got into a house for the sake of getting a house and have their financial picture set using their interest only loan are in for a painful wake up call when they start eating into the principle.
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05-26-2006, 02:12 PM #24
Vancouver market is insane. Up 80% in 5 years. I'm on track to be mortgage free in 3 years - I want that financial security. Planning on dumping other RE holdings and taking my profits. Maybe go buy some Dynafit Comforts or something.
Its just too nuts.
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05-26-2006, 02:47 PM #25
I would too. When I finally buy a house here in the next couple years I plan on paying it off ASAP. I HATE having debt.
Kansas - First Of The Rectangle States
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