This housing market sucks!!

[moto-zen]

We recently applied for our first home. We were qualified based on the assumption that I would be getting a raise and the assumption that my wife would be making 2x her current income by the time we closed. Also, based on the assumption that we would have x amount of debt payed off by closing. This of course was all based on income before taxes, insurance, etc., and not take home dollars. Lax? I should say so.

We said no thanks by the way. We'll just keep renting till we can save enough cash. Than we'll walk in there and say "We'll pay THIS much pregnant doges!"

[Grampa]

where are you located?

mitt

our house droped a 100,000.00 in value from the time lm first bought it, till the time we refinanced. about 2 years time.

[silvy1200]

I thought only 1st time buyers qualified for an FHA backed loan?

not sure how that works. the first house was bought with 20% down and conventional loan. since this time we were limited, our lender/relocation company said this was an option for us.  

[silvy1200]

Maybe this link from the DMF politics forum 'subprime primer' needs to posted here too:

http://docs.google.com/TeamPresent?docid=ddp4zq7n_0cdjsr4fn&skipauth=true&pli=1

mitt

thanks! I really needed that today.

[cloudseeker]

where are you located?

mitt

Less than 2001 value is hard to believe.  I don't think it's gotten that bad just yet.

[NvrSummer]

Tell me about it, we've been house shopping for the past two months, only to be mixed up in this whole credit crisis.  Guess we'll do that same and just wait until we can plop down 20%.

Damn I can't wait to get out of this apartment though.

[Statler]

this market is great for buying. 

I don't have a lot of sympathy for people who overextended on houses.  it's nobody's business but your own to buy what you can afford.

everyone is blaming the lenders, but what about blaming the people who didn't bother to.....

blah blah blah....edited to stop the blathering.

(I will be buying at least two more properties before the end of the year)

[Grampa]

this market is great for buying. 

I don't have a lot of sympathy for people who overextended on houses.  it's nobody's business but your own to buy what you can afford.

everyone is blaming the lenders, but what about blaming the people who didn't bother to.....

blah blah blah....edited to stop the blathering.

(I will be buying at least two more properties before the end of the year)

is one a race track?

[superjohn]

It's a shame so many people got duped into the "hey, this'll be worth 25% more in a year. C'mon, you can do this adjustable thing and not even pay that much until you sell it and make a KILLING" scheme. Home ownership is a carrot held up to people that's so good that even smart people get all caught up in the emotions of it.

Anyway, back to the point. My advice is to move into a smaller apartment than you'd like with a lower rent and save a lot for a down payment. Prices will likely continue to fall for 12 to even 24 months, and interest rates are only going to go up or stay even at the best, so you don't want to borrow a lot anyway. Good luck.

[Popeye the Sailor]

this market is great for buying. 

I don't have a lot of sympathy for people who overextended on houses.  it's nobody's business but your own to buy what you can afford.

everyone is blaming the lenders, but what about blaming the people who didn't bother to.....

blah blah blah....edited to stop the blathering.

(I will be buying at least two more properties before the end of the year)

This is why we're looking to buy now, and ditto on the no pity for people who hung themselves out to dry.

[Charlief]

You should see the housing market in Boston.....

When I bought my home... 20% down was the norm back in 93.  Five more years of payments and it's all mine.

[Statler]

is one a race track?

not without a lottery win.   

But I'm young, so I'm working on it.

[Grampa]

I'm working on it.

like a ktm toaster draft 

[Statler]

like a ktm toaster draft 

ouch.


lawyer down.



help...



actually, that got finished, but then the DML sold to VS so it got put away.

perhaps it should be resurected for the DMF and give KTM a good talking to.  (but I want a X-bow).

nice memory though.   good to keep the DMF admins humble.

bastid.   

[Grampa]