MayhemStreetRiders
Open to the public => Open to the Public => : CORONA February 14, 2009, 04:51:56 PM
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http://www.cnbc.com/id/15840232?video=1024219334
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damn it nick, that was down right scary from begining to end, thanks though
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pretty scary for folks trying to live out of their means. trying to live like a baller when you know you should be in an apartment! lol! in these times im glad i live in el paso! we havent been hit that hard. im in the market to get a new house. the sq ft. is as low as $60.00 in nice areas here.
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my dad is trying to buy a house right now.
the houses he is looking at use to be 250k-300k
now they are 100k-175k
right now is a good time to buy if you can afford it.
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Jose, I dont think right now is a good time to buy, at least here in SOCAL. Here are 5 reasons not to buy now.
"1. Prices are still dropping
Data shows that prices are still dropping in many markets. If you buy today, your home could be worth less in a year or even two.
2. This sale will be on for a while
this housing recovery could look like an "L" -- once a bottom hits, prices will flat line
3. You may not stay put
If prices continue to drop, you might have to be in that home for longer than you thought in order for the investment to make financial sense.
4. Your job could be the next to go
But even if you're comfortable with your own job security, investigate how your future neighbors are faring.
5. Your cash reserves will be eaten up
If your down payment would deplete your rainy day fund, keep saving for a while before house hunting
But if you insist on buying now, good luck getting a loan.... happy hunting.
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i know what you are saying but im taking advice from a friend and his friend who majored in economics and international business.
him and his friend are rich now because they forseen this shit happening. people didnt listen to them when they told them to pull their money out of stocks and all that shit.
i still cant believe their are rich people that invest in the stock market to do bad. those fuckers got even more rich. my friend says that is a small part the economy is the way it is.
the loan part is true but my dad got approved.
but he is still house hunting.
im taking all of my advice from these guys not to say you are wrong because sometimes i show these guys the stuff you post and they agree with some of it but they always have and outcome or an answer to what you post.
but they say right now is the time to get a 401k plan and invest in a money market.
but thanks for the info it all helps to get an idea on what to do. keep it coming
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if it makes business sense then do it. the people selling the houses are losing by not waiting for the market to bounce back. if you plan on living there for at least 10 years i believe you will see a return on your investment. nick how much is your house worth and how much did you pay for it. i can guarantee that it is worth at least 120k less than what you paid for it. your not gonna sell it because it doesnt make business sense at the moment. in a few years you will recoup that loss.
like my homeslice dj kwik sez if it dont make dollars then it dont make sense!
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How can you gaurantee anything, the damm government cant even gaurantee shit like Social Security for us when we retire, even though we have been paying into it all along. Hell, even the State of CA is sending out IOU's on income tax refunds...lol guess what now, its time to put more dependents on, so you get taxed less throughout the year and break even or owe a little to them at the end of the year... lol I payed 323K for my pad and now, 7 years later, its worth about the same, give or take.... we all understand that we should not sell at a loss, but right now, frankly there is no more bigger sukkas out there to buy all these overpriced houses, thats why prices are falling... along with much more difficult to get a loan due to the fact that you have to prove your income now. It is so easy to see how much someone paid for their house, its public info and can easily be found on Zillow.com, or Redfin.com.... check it out.
EX. #1
This house in my neighborhood was sold in 2002 for 326K, then in 2003 for 384K, then in 2006 for 586K and now cant even sell for 365K.....because its still for sale.
http://www.zillow.com/homedetails/charts/17760933_zpid/
http://www.zillow.com/homedetails/1491-San-Almada-Rd-Corona-CA-92882/17760933_zpid/
EX #2
This house is also in my neighborhood and was sold in 2007 for 734K, and now cant sell for the asking price of 750K big ones... its been on the market for over 400 days, clearly this seller is in lala land and refuses to see reality, I dont easily, blindly do "gaurantees" like you, but I will bet this house wont sell for that price "in a few years".
http://www.redfin.com/CA/Corona/3501-Santo-Thomas-Cir-92882/home/4238455
Let me be clear, these examples are not the extremes, they are the norm.... :cry:
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"i know what you are saying but im taking advice from a friend and his friend who majored in economics and international business."
This one is just funny... :lol:
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"i know what you are saying but im taking advice from a friend and his friend who majored in economics and international business."
This one is just funny... :lol:
it may be funny to you but for a person like me that knows little about economics they showed me the proof i needed to open my eyes.
if you majored and work in this stuff i would go along with you too.
but i could copy and paste a lot of stuff i dont know anything about.
not saying you dont know im just saying thats all.
but like is said any info is better then no info
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kepep fighting, im getting alot of good info.
nick knows me, he knows i love that almighty dolla
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Thanks Nick, I been shopping for a house for some time now. I actually put a bid on a house for $25K over asking price. But I was still outbid. Now we look, take many things in consideration and we are offering about asking price, but we keep losing. Yeah their are many houses out there, but their is still a bunch of people buying also. One house in Downey had 7 offers on the first day. It ended up having 27 offers and mine was in top 5. I still didn't get the house, but many many people are going to capitalize on the mistake others made trying to buy what they can't afford. My range is $290-$310K and need 3 bedrooms and 2 baths. I like when people say the prices are going to go down lower, no one can really say that, unless they have a crystal ball. Their are no guarantees in the world, they could go down or up. The thing for me is this, I am not buying a house to make money. I am buying a house to put my family in. Location for me is important, so I dont mind paying 25K extra to get in there.
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Weech, Im sure the houses you put bids on were nice houses and thats probably why there were multiple bids on it, but one must becareful of phantom bids. It is obvious when a house is priced to sell, it does, unfortunately for many today, in order to sell, they must sell at a loss, which doesnt make sense. You can look at it like this......you missed your opportunity on a great house, or you have the opportunity to buy a nicer house down the road, IF price keep falling like they are. As far as people saying prices will go lower, after consulting with my crystal ball, I believe they are correct..... Buying a house can be sometimes emotional, but patience, and after looking at dozens if not hundreds of perspective houses to buy, you will know when a great deal lands on your lap....which ever way you go, whether you buy today or later, Im sure you'll get a good deal, since your a tight ass...lol jk Happy hunting.
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:( OK NICK we havent hit the bottom yet . Ca is DOOM!!!!!!!!! get out now most house are at half the price of the highes value :cry: :cry: :cry: :cry: Most house lost to banks dont sell for ask price because they have to try to recover the lost. That why we have phantom bids nobody wants to lose money :!: :!: :!: Facts are we are in deep Shit :!: :!: :!: :!: :!: more to come are kid have a high dropout rate , are old people have no health care not to say suicide is going up . drug and drink use is at all time high . the only + is the end of the world is come soon :roll: :roll: :roll: :roll: :roll: :roll:
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HA!
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:shock: the end is here :shock: The sky is falling LOL :!: :!: :!:
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Nah, the Obama administration will give it a bailout or stimulus package...lol
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That shit is Bull SHIT the only reason they keep tell you that shit is to keep the peoples hope up :!: the only reasons he is in office is to cover the retreat of the last crook :shock: :shock: The man is up when you are sleep . :D :D :D :D Remember let them eat cake :lol: :lol: :lol: :lol: :lol: :lol: :lol: Also remember people, people of color always get it second hand never new :!: :!: :!: :!: :!: :!:
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I been hearing all kinds of crisis going on .My wifeys house out in dallas has not sold in almost 3 years(and now its worse) ...at the same time we have been saving for a 30% DP for a crib out here in chi .Those searches have stoped .There is no way ill get into some shit when the worse is yet to come ....houses may be cheap and everyone wants to jump at that but in reallity it aint hit hard yet so in my opinion it be best to hold on what you have .Work is never guarantee anywhere . Just my 2 dimes :)
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You are right nick. Oh wifey told me you stopped by. I took kids to jiu-jitsu class, sorry I missed you. Anyways, Nick is right. To find a good deal takes patience. But when opportunity knocks you better be ready to grab the bull by the horns. This is why we are going to save 10% and get a conventional loan rather than a FHA loan. For those that do not know the difference think of it like this.
You having a FHA loan is like going to get a big fat juicy steak. You have 3 other guys wanting that steak. Your FHA loan is like paying that steak with food stamps while the others have cash money. LOL who do you think will get the steak.....here is a hint......not you and your food stamp.
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i am currently working with a bank on a short-sale. i will hopefully get a response this week. i am getting a good ass deal. im going to end up paying about 70 percent of the appraised value. it will already have equity by the time i buy it. im not listening to nick. lol
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SW, CA is a way different than where your at, we are definetly a bubble state, not sure too much about Texas, whether or not prices went throught the roof like here. Regardless, lending is a national phenomena, effecting every state, some like CA to a higher degree, therefore there is pressure for prices to keep falling. As far as buying a short sale, from what I hear its like pulling teeth, and good luck on getting a response, although you may be lucky. I just dont understand why anyone would buy a short sale in this market, most likely they are short selling is because they cannot afford the house or are way underwater, therefore if it doesnt sell soon, it will become a foreclosure, with a higher chance of it being a lower price. There is a benny for getting a short sale though, generally the house doesnt sit for long periods of time without it being maintained, but the benny's of a foreclosure are, you can put in some sweat equity and be much better off. Either way you go, do your own research on Zillow or Redfin, they have forums where you can ask any question, and you will get different views on whatever topic you post, you might find me on there as well. Im sure youll be fine, happy hunting.
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fuckit...just rent a house....and spend your money on fun shit like bikes, boats, travel trailers, and beer..... :wink:
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and shampoo
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SW, CA is a way different than where your at, we are definetly a bubble state, not sure too much about Texas, whether or not prices went throught the roof like here. Regardless, lending is a national phenomena, effecting every state, some like CA to a higher degree, therefore there is pressure for prices to keep falling. As far as buying a short sale, from what I hear its like pulling teeth, and good luck on getting a response, although you may be lucky. I just dont understand why anyone would buy a short sale in this market, most likely they are short selling is because they cannot afford the house or are way underwater, therefore if it doesnt sell soon, it will become a foreclosure, with a higher chance of it being a lower price. There is a benny for getting a short sale though, generally the house doesnt sit for long periods of time without it being maintained, but the benny's of a foreclosure are, you can put in some sweat equity and be much better off. Either way you go, do your own research on Zillow or Redfin, they have forums where you can ask any question, and you will get different views on whatever topic you post, you might find me on there as well. Im sure youll be fine, happy hunting.
nick you make alot of sense, but sometimes i think you over analyze shit especially with the housing market. you say your house has not depreciated? you were right in the middle of the collapse and it didnt affect you? i call bull on that one. IE is where it started
why would someone buy a short sale? cuz it makes sense to pay less for a house than what it is appraised at. simple economics. even if homes prices keep falling you will not really feel it until it dips below what you paid for it. which might never happen. thanks for the advice though.
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Huh, your obviously not understanding what I have written. Either way you look at it, I have been in my house since 2002... if you look at any price graph of the IE, prices began to go insane in late 2003, early 2004.. and now are back down to almost 2002 levels, so yes, my house along with the rest of Southern California are in a free fall of price declines with no end in sight yet, and yes it has effected me as well as everyone else. As far as buying a short sale because its selling for cheaper than a appraisal, thats absolutely ignoramus. Houses in 2007 had appraised in the 600K range in my neighborhood.... I will bet that wont happen again for a very long time... check out this 10yr graph and tell me Im "bull". lol
CORONA 10YR PRICE GRAPH Green line is the national average, brown line is Corona's average.
(http://i14.photobucket.com/albums/a350/LA_MAYHEM/Random/corona10yrgraph.jpg)
http://www.zillow.com/local-info/CA-Corona-home-value/
EL PASO 10YR PRICE GRAPH, Green line is the national average, brown line is El paso's average, as you can see, El Paso is way below the national norm, talk about GHETTO...lol Hell, you can buy a house out there for the price of a car...say it aint so....lol
(http://i14.photobucket.com/albums/a350/LA_MAYHEM/Random/elpaso10yrgrahp.jpg)
http://www.zillow.com/local-info/TX-El-Paso-home-value/
Like one of my special sources says, "DONT BELIEVE THE HYPE"
http://www.youtube.com/watch?v=ASjH7X-jAY4
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nick you are absolutely correct. i bowdown to your enormous knowledge of all things. i hope you never come visit el paso. i won't feel worthy. rolling up in your car thats worth more than my house :cry: :roll: you baller you :lol:
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Im just cutting and pasting information that back up my thoughts on housing, so its not my knowledge, its the internet's...lol As you all can assume, I am a pessimist on housing right now, but one day, the light will shine, thats when Ill be yelling BUY BUY BUY.. after I bought something on the cheap...lol
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find me a house Nick. NOT in Corona
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Im not a RE agent sukka...lol
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Here you go Rick. Beach House property
(http://image48.webshots.com/49/3/10/60/341531060CZwyUY_ph.jpg)
Try clicking on the link if they take it down again...
http://image48.webshots.com/49/3/10/60/341531060CZwyUY_ph.jpg
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Cant see shit FernZ..
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Fixed
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linky no worky chavala.
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Fugg that sheeeet, Rick never mine they must've sold that house lol
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LOL I am sure it was a pimp house Fernalga
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How bout Detroit... check this out
$2000 for a house
http://www.zillow.com/homedetails/9408-Hartwell-St-Detroit-MI-48228/62445333_zpid/
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yeah...my home has lost about 80K.....
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http://www.redfin.com/CA/Gardena/803-W-148th-Pl-90247/home/7333004
Close to home...
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Looks koo for 3 beds 2 bath. Im sure they take a high 200k offer
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Anyone a new homeowner yet? ;D
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Looks koo for 3 beds 2 bath. Im sure they take a high 200k offer
Fernie, they actually took 275K...lol Check out the link.
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:P
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Ah crazy
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;D
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How bout Detroit... check this out
$2000 for a house
http://www.zillow.com/homedetails/9408-Hartwell-St-Detroit-MI-48228/62445333_zpid/
sold for 1,800.oo
monthly payment $8
WOW
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no mames!
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My co worker is from Detroit and says shit it wack. There are some streets that only have 2-3 house in it, the rest are either vacant, burnt down or gone!
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Guy must have lived by Eminem's hood...
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Bringing this old thread back to life.... so, wheres the new homeowners at? I know of at least 2 or 3 of you who have bought since this thread was started.... post up your thoughts and experiences with the rest of us if you like...
maybe include some insight on the process of home buying....
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Bringing this old thread back to life.... so, wheres the new homeowners at? I know of at least 2 or 3 of you who have bought since this thread was started.... post up your thoughts and experiences with the rest of us if you like...
maybe include some insight on the process of home buying....
Watch it.... Nick will google map/zillow everything about the transaction... :D :D
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haha, what up Dave... Housing is what I enjoy looking into... for some reason, well, since I bought my pad in 2002... its kinda like a hobby, although I have only bought one property in my life, but Im sure it wont be my last. Also, you are right, I will google facts that may be stated, to verify its accuracy..lol
;)