Housing For All Calvert [HFAC] Just a comment

[residentofcre]

I went the meeting for HFAC last night. Great turn out... the room was packed and the speakers were awesome.

Did you know that if you make less than $20.00 an hour you may not be able to find an apartment or a home? With the cost of fuel rising like it is that $ value may rise with it. In the old days, according to the speakers, the leasing agents and loan agents use to look for no more than 1/3 of your gross income to go to housing... according to the speakers last night that may go to 1/2....

This topic got me right in the heart.... I just thought I'd put this out there...

 

[Spoiled]

I live at home or in a dorm currently, depending on the month. However, next year I'll be living in an apartment, I’m still getting a free ride. I do care about the price of housing and apartments for the future and the good of our economy here in Southern Maryland.


I edited this post because it is apparently too difficult for some people to read a text when apostrophes are not used and forward slashes are used in place of conjunctions.

 

[vraiblonde]

Maryland is horrible as far as affordable housing goes. My son in TX just bought a 1,200 sq. ft. 3 BR, 2 BA with a fireplace and huge fenced in yard for...ready?...$84,000.

So when I see shacks going for upwards of $200,000 I about get sick. Housing bubbles are all well and good, but when you price people out of the market, it becomes a problem. Tthere's no such thing as a "starter home" in Maryland anymore - you either make $60K or you're not buying a house.

 

[2ndAmendment]

Interest rates and Realtor/seller greed. When the interest rates dropped, rather than looking to whether the property had actually increased in value, the Realtors figured the the buyer could still use 1/3 of their income.

The average home was not priced so that 1/3 of the income was necessary for the average buyer to buy a home. The Realtors saw an opportunity to increase their income; they do get 6% or so. The sellers have no idea what the home is worth, so the Realtor props up the market to absorb all available income, 1/3 of income. $150,000 homes selling for $250000, etc. They said on Fox Saturday that 43% of home buyers in 2005 did so with no money down loans.

Now when the bubble bursts as it has been in some markets, the recent buyers are upside down, they owe more than the property is worth. If they are lucky, there is not a clause that makes them come up with the deficit. If they are not, then the lender can force them to come of with the bucks to come even or to a certain percentage.

If you are one of the unlucky ones and have to come up with the bucks and cannot, you are foreclosed on; bye, bye new home.

 

[mrweb]

I live at home/in a dorm still.. Next year ill be living in an appartment, so right now im still getting a free ride, however i do care for the future

Danm it hurts to read what our "upper education" folks write. It must be hard to live in a dorm still. WTF is a dorm still? Moreover, why are you going to be sick in whatever an appartment is?

I am sure thankful I didn't send my kid to Towson. Education can be your friend my boy.

 

[vraiblonde]

The Realtors saw an opportunity to increase their income; they do get 6% or so.

I'd be curious if that's what it is. I work with a lot of RE agents, so I'll have to ask one of them. They'd tell me and be honest about it because they know I'm a businessperson, too, and wouldn't begrudge them the chance to make a buck or two.

 

[residentofcre]

Housing for All Calvert

To me... the result is more important than the reason at this point...

There are 1000 hard working people who can't affored to get an apartment or a home here in Calvert County. Last night a 4th grade teacher said that he has to commute to Calvert because he can't afford the rent here.

We pay our teachers some of the top salaries in the State and they can't afford the rent?

Any suggestions on what to do for these people?

 

[mrweb]

I live at home or in a dorm currently, depending on the month. However, next year I'll be living in an apartment, I’m still getting a free ride. I do care about the price of housing and apartments for the future and the good of our economy here in Southern Maryland.


I edited this post because it is apparently too difficult for some people to read a text when apostrophes are not used and forward slashes are used in place of conjunctions.

Hey, you are learning. Green for you in place for the grey you gave me.

 

[2ndAmendment]

I'd be curious if that's what it is. I work with a lot of RE agents, so I'll have to ask one of them. They'd tell me and be honest about it because they know I'm a businessperson, too, and wouldn't begrudge them the chance to make a buck or two.

 

[Railroad]

Doesn't matter whether Calvert or St. Mary's or anyplace in a 2 or 3 state area - housing prices are high and getting higher. I'm all set, but my kids are struggling with rent (let alone getting to the point where they could buy starter properties).

 

[mrweb]

Housing For All Calvert... 01-24-2006 08:46 AM annoying, thats how you are.....

Shouldn't that read, "Annoying, that's what you are."

At least use proper grammer and punctuation in your red.

 

[pixiegirl]

Interest rates and Realtor/seller greed. When the interest rates dropped, rather than looking to whether the property had actually increased in value, the Realtors figured the the buyer could still use 1/3 of their income.

The average home was not priced so that 1/3 of the income was necessary for the average buyer to buy a home. The Realtors saw an opportunity to increase their income; they do get 6% or so. The sellers have no idea what the home is worth, so the Realtor props up the market to absorb all available income, 1/3 of income. $150,000 homes selling for $250000, etc. They said on Fox Saturday that 43% of home buyers in 2005 did so with no money down loans.

Now when the bubble bursts as it has been in some markets, the recent buyers are upside down, they owe more than the property is worth. If they are lucky, there is not a clause that makes them come up with the deficit. If they are not, then the lender can force them to come of with the bucks to come even or to a certain percentage.

If you are one of the unlucky ones and have to come up with the bucks and cannot, you are foreclosed on; bye, bye new home.

I totally agree and delt with is firsthand when we bought our first house. Before we started looking we set a price limit for ourselves. I called a realtor because she had a property in one of those housing mags that was in our price range and we were interested in. Well, that house was no longer available of course. We were told that we'd find nothing in our price range and that we should look at "monthly payment" opposed to bottom line price. We ended up buying a house that was at the very top end of our monthly payment comfort with a 100% financed adjustable rate interest only loan. Luckily for us after a few months I became very uncomforatable with the loan and didn't care for the house as well. We were locked into our rate for two years but I steadily watched interest rates rise and KNEW we would be in trouble at some point if we didn't get out of that loan. We sold and made a butt load of money on that house. Come to find out that the shady a$$ loan also had a prepayment penalty of 6 months worth of payments! Live and learn.

We got a house that was better suited for us put most of the profit from the sale of the last house down and went with a conventional fixed rate loan. I sleep much better at night.

The unfortunate thing for most people is though that the prices are NUTS around here. Had we not had the money to put down on this house we'd of been hard pressed to afford it and combined we make over $100k a year. We don't live in a mansion by far either. A 3 bed/2 bath rambler on .8 of an acre. Even at $60k a year I'd venture to say that most people could not afford to buy a house alone.

 

[MMDad]

Housing For All Calvert... 01-24-2006 08:46 AM annoying, thats how you are.....

Shouldn't that read, "Annoying, that's what you are."

At least use proper grammer and punctuation in your red.

What a maroon! How classic! Please to be defining "grammer". It's not in my dictionary!

 

[willie]

Housing For All Calvert... 01-24-2006 08:46 AM annoying, thats how you are.....

Shouldn't that read, "Annoying, that's what you are."

At least use proper grammer and punctuation in your red.

It's GRAMMAR!

 

[mrweb]

Housing For All Calvert... 01-24-2006 08:46 AM annoying, thats how you are.....

Shouldn't that read, "Annoying, that's what you are."

At least use proper grammer and punctuation in your red.

Housing For All Calvert... 01-24-2006 12:35 PM Stupid, that's what you are....

You are welcome.

 

[MMDad]

Housing For All Calvert... 01-24-2006 12:35 PM Stupid, that's what you are....

You are welcome.

Are you still whining about getting red? As stupid and obnoxious as you are, you should get used to it. I've given too much green today, but as soon as I can I'll give you some red. I'll even sign it.