Dear folks who wish you owned your own home

[somdrenter]

So at first you dissed me for making that statement, but now you agree with me?



Here's my logic: if all that data is public it would serve as the equivalent of a neighborhood watch. Just like the cops can't be everywhere and get the citizens to help report crime, the housing industry could be policed much the same way, but that can be accomplished only if the information is available for viewing.

We all know the savvy neighbors look at the property records of new buyers in a neighborhood out of sheer curiosity anyway.

Sh@#, any local fraud that was somewhat news worthy only made it to light because of a few local bloggers, not the NAR or its constituencies.

 

[Baja28]

And I’m going to use the money I saved by renting, to add to my current down payment funds for a well cared for foreclosure….or maybe this month we’ll take a trip out west…..or maybe I too will add it to the toy fund…what’s your point Mike?? Do you not believe there was a housing bubble? Do you simply not believe that Tax Payers are bailing out homeowners? Your current comments do not reflect the reality that has come to light in the last few months. Sure, 12 months ago I could somewhat understand the “tin foil hat” comments, but now, with the trillions the government is dolling out to pay for this mess? Come on Mike…something went awry..care to pontificate or just continue with the Jr. High antics?

I have and still fail to see where renting is cheaper and better than owning. My mortgage payment was cheaper than any rent payment anywhere. It was $792.00/month. I doubled up on it and paid off the place in half the time.

Where can you rent a nice, 2500 sq. ft. house for $800.00/month??

I never said nothing went awry....it did. Banks and dum dums made/accepted loans that never should have happened. And they should be allowed to go bankrupt too.

I am disputing you and Genius statements that you're getting rich by renting. If you have all this income that allows you to pay rent ($1,500.00/mth) and sock away a toy fund then you'd have bought a house long before now. I'm not buying it.

 

[somdrenter]

I have and still fail to see where renting is cheaper and better than owning. My mortgage payment was cheaper than any rent payment anywhere. It was $792.00/month. I doubled up on it and paid off the place in half the time.

Where can you rent a nice, 2500 sq. ft. house for $800.00/month??

I never said nothing went awry....it did. Banks and dum dums made/accepted loans that never should have happened. And they should be allowed to go bankrupt too.

I am disputing you and Genius statements that you're getting rich by renting. If you have all this income that allows you to pay rent ($1,500.00/mth) and sock away a toy fund then you'd have bought a house long before now. I'm not buying it.

Baja, I don’t know what to tell ya. I didn’t say I was getting “rich” by renting (another one of your straw man arguments) What I did say, is that I am renting at ~½ the cost of buying a comparable home. (well, prices have gone down a little, so maybe not quite ½ anymore)

A $792/month mortgage payment…….$792….…and this was during the bubble years? The average home price in 08 for Saint Mary’s was $324,123.00. That’s a little over 3.5x income…in other words a price/income ratio high enough to easily qualify for the current housing bailout. That is of course, unless you put down one hefty down payment.

With a house payment of $792, hell yea, the current average family income should have little problem in paying that off rather quickly. I can see now where you’re seeing some discrepancy in the housing bubble mess and your current situation.

Is my rent/purchase/income ratio indicative of everyone? Absolutely not. Is your $792/month/income/average home price ratio indicative of current market situations? I would hope you would agree that it is not.

 

[chuckster]

And I’m going to use the money I saved by renting, to add to my current down payment funds for a well cared for foreclosure….or maybe this month we’ll take a trip out west…..or maybe I too will add it to the toy fund…what’s your point Mike?? Do you not believe there was a housing bubble? Do you simply not believe that Tax Payers are bailing out homeowners? Your current comments do not reflect the reality that has come to light in the last few months. Sure, 12 months ago I could somewhat understand the “tin foil hat” comments, but now, with the trillions the government is dolling out to pay for this mess? Come on Mike…something went awry..care to pontificate or just continue with the Jr. High antics?

I to have been sitting back, renting, waiting for the bubble to burst. I could not believe all of the greed and crazyness that caused the bubble in the first place. Well now is my time to strike with rates below 5% and bank owned houses selling for less than half of what they sold for 2 years ago. The two houses that I have looked at are over 3600 sq ft with an original cost of $400,000 in 2006-07. My offers have gone in around $200,000 with ALL closing paid by the bank. One came back with the bank asking for $3000. more than I want to pay so I increased my offer by $1000. Should hear back next week if they are going to take it. Oh yea, I can also get that $8000. credit from IRS and when I figured my taxes for 2008, because I can claim the purchase this filing, I will receive $7900. in cash back. Do I feel sorry for the people who got tied up in all the greed of the housing bubble? No way. I am glad that we rented and waited for the big burst

 

[BoyGenius]

I to have been sitting back, renting, waiting for the bubble to burst. I could not believe all of the greed and crazyness that caused the bubble in the first place. Well now is my time to strike with rates below 5% and bank owned houses selling for less than half of what they sold for 2 years ago. The two houses that I have looked at are over 3600 sq ft with an original cost of $400,000 in 2006-07. My offers have gone in around $200,000 with ALL closing paid by the bank. One came back with the bank asking for $3000. more than I want to pay so I increased my offer by $1000. Should hear back next week if they are going to take it. Oh yea, I can also get that $8000. credit from IRS and when I figured my taxes for 2008, because I can claim the purchase this filing, I will receive $7900. in cash back. Do I feel sorry for the people who got tied up in all the greed of the housing bubble? No way. I am glad that we rented and waited for the big burst

You know Baja doesn't quite understand how guys like you are getting rich, but oh well, it makes him feel good trying to keep you down.

 

[somdrenter]

I to have been sitting back, renting, waiting for the bubble to burst. I could not believe all of the greed and crazyness that caused the bubble in the first place. Well now is my time to strike with rates below 5% and bank owned houses selling for less than half of what they sold for 2 years ago. The two houses that I have looked at are over 3600 sq ft with an original cost of $400,000 in 2006-07. My offers have gone in around $200,000 with ALL closing paid by the bank. One came back with the bank asking for $3000. more than I want to pay so I increased my offer by $1000. Should hear back next week if they are going to take it. Oh yea, I can also get that $8000. credit from IRS and when I figured my taxes for 2008, because I can claim the purchase this filing, I will receive $7900. in cash back. Do I feel sorry for the people who got tied up in all the greed of the housing bubble? No way. I am glad that we rented and waited for the big burst

 

[chuckster]

You know Baja doesn't quite understand how guys like you are getting rich, but oh well, it makes him feel good trying to keep you down.

The other thing is, if I do not get one of the houses that I now have bids on, oh well. There are so many houses in the same situation that we can keep on looking and bidding until something connects. Now if I find one that I really want, then I might have to increase the bid some but the ball is in a buyers court.
What pisses me off right now are the home owners who think that they are still going to make a killing selling their houses. If you paid $120,000 for your house 3 years ago, what makes you think for a second that it is worth $255,000 now. Houses are not lottery tickets. Think some people are still watching old reruns of "Flip My House" and think they are going to cash in.
Had on property agree to pay the closing costs but wanted to increase the price of the house by that much. Are you kidding me? Not gonna happen. Well now thay realize that the house might not sell as fast as they thought and they want me to look at their property again before they get stuck with 2 mortgage payments because they have to move. They should have taken my first offer because the next one, if I do it, will be less. Sorry for that

 

[somdrenter]

They should have taken my first offer because the next one, if I do it, will be less. Sorry for that

Absolutely. If the seller is calling you back, your offer should be less

 

[BoyGenius]

Columbia Commons Town Houses

46361 Block of Columbus Drive, Lexington Park, year built 1991.

Initial Sales Price: 05/13/1991, Price: $84,930

High Price Point: 03/08/2006, Price: $180,000

Low Price Point: 12/28/2001, Price: $56,000

Current Foreclosure Asking Price: $97,900

- Property Finder

 

[jetmonkey]

Columbus Drive, Lexington Park, year built 1991.

Initial Sales Price: 05/13/1991, Price: $84,930

High Price Point: 03/08/2006, Price: $180,000

Current Foreclosure Asking Price: $97,900

- Property Finder

Wow, that's going to be a great deal for someone

 

[BoyGenius]

Wow, that's going to be a great deal for someone

I don't know about that, I was just fixing to edit in the low price point: $56,000.

 

[somdrenter]

 

[somdrenter]

 

[Wenchy]

I don't know about that, I was just fixing to edit in the low price point: $56,000.

Are you buying it?

It's darn cute in the picture. I don't know the area and I figure the pic was not taken recently (photo says 2006...I'm thinking 1991 when it was first built)

 

[HighTechRedneck]

Well damn, I wish I could buy some property. But I'm sure Oh Great Leader will make a move that will make the economy just get worse. Just when it's starting to even out, he wants to give 1 Billion to the IMF or something.

 

[somdrenter]

Well damn, I wish I could buy some property. But I'm sure Oh Great Leader will make a move that will make the economy just get worse. Just when it's starting to even out, he wants to give 1 Billion to the IMF or something.

Awww come on, take the plunge. Ya get $8k to do so and a bailout if you can’t (or won’t) pay your mortgage.

 

[HighTechRedneck]

Awww come on, take the plunge. Ya get $8k to do so and a bailout if you can’t (or won’t) pay your mortgage.

Hmm, maybe I'll just lose my job, and collect some money from Obama, and do that haha
I only make around 8K a year right now But I really like working where I do.

If I get a better paying job anytime soon I definitely planned on looking into it.

 

[somdrenter]

Hmm, maybe I'll just lose my job, and collect some money from Obama, and do that haha
I only make around 8K a year right now But I really like working where I do.

If I get a better paying job anytime soon I definitely planned on looking into it.

And to think, not too long ago you’d easily “qualify” for a half-million-dollar McMansion….and a bailout to boot.

 

[BoyGenius]

And to think, not too long ago you’d easily “qualify” for a half-million-dollar McMansion….and a bailout to boot.

And that was before he got his latest pay raise.

 

[somdrenter]

For Housing Crisis, the End Probably Isn’t Near

The glut of foreclosed homes creates a self-reinforcing cycle. Falling prices lead to more foreclosures. Foreclosures lead to an excess supply of homes for sale. The excess supply then leads to further price declines. Jan Hatzius, the chief economist at Goldman Sachs, says that the “massive amount of excess supply” means that home prices nationwide will probably fall an additional 15 percent. ...

...They don’t have as far to fall today [compared to a year ago], but the great real estate crash is not over, either. So if you are part of the 30 percent of American households who rent and you’re trying to decide when to buy, relax.

The New York Times >