Posted on 09/22/2006 8:47:25 PM PDT by churchillbuff
I bought my dream Bell Jet Ranger II thinking my five jobs would pay for it. It was a real babe magnet, too. I could zip to work or the theater right over all the traffic. Damned if the cost of fuel and helipads and the loss of two jobs didn't dash my dreams. Damned Bush economy! Damned financiers!
Well yes and no.
It's easy to say they're at fault, should have read the fine print and so on - yes, indeed they should have. The article states their Realtor gave assurances they trusted about rate changes and of course they wanted to believe that.
However, such ridiculously easy to obtain mortgage funding is only a step away from loan sharking IMHO, do the loan companies truly believe borrowers like this can repay over the long term ? No, but they don't care, they'll just sell the note anyway.
Despite the slogans, can Realtors be trusted or are they too just in it for their own gain ? Recognising of course that the Realtor most often acts for the seller.
Most first time buyers don't know much, I know I didn't, but back when I bought my first you had to have a down payment and meet seemingly firm tests about income etc to qualify, that is all out of the window these days.
Stories like this couple's will be very common quite soon, more's the pity.
North Highlands is a hell hole.
correct...
In my area, my upper 80's salary translates into a 225K california lifestyle...
Life is about choices. These folks need to do like thier Grandfathers did and make some......
Anyone that get an interest-only adjustable-rate loan with today's low fixed rates is a blooming idiot.
They were so excited to get the house, they would have signed anything.
I live in an overpriced area in California. I was shocked by how little real estate went down in 2000-2003 when our economy was terrible.
The get posted on FR for comment. They don't reflect that attitude of the people that posted them. That's the way FR has always worked. Nothing wrong with putting up this article.
Now kids, let's not place any of the responsibility for this situation on John and Karen. They are just victims of a greedy bank.
When I was a young single man in Orlando, 1 bedroom apts in complexes went for $350 and up. I had already learned my lesson about getting a place that I could only afford if I had a roommate (and something happened to that roomie). So I searched until I found a 1 bedroom garage apt for $150.
Now, if I were like these people, I would have taken two jobs and a roommate in order to live in a spacious 3 bedroom house. Then cried victim when I lost one job and my roommate split.
It's too bad for these people, but I'll spend my pity on real victims. There is no cure for stupid.
Do you know the percentage of stock market capital that is margined?
Generally that is true. But when prices get so high people can no longer buy them, regardless of their desire for them, then they're bound to drop because the demand drops.
"It's easy to say they're at fault, should have read the fine print and so on - yes, indeed they should have. The article states their Realtor gave assurances they trusted about rate changes and of course they wanted to believe that.
However, such ridiculously easy to obtain mortgage funding is only a step away from loan sharking IMHO, do the loan companies truly believe borrowers like this can repay over the long term ? No, but they don't care, they'll just sell the note anyway.
Despite the slogans, can Realtors be trusted or are they too just in it for their own gain ? Recognising of course that the Realtor most often acts for the seller.
Most first time buyers don't know much, I know I didn't, but back when I bought my first you had to have a down payment and meet seemingly firm tests about income etc to qualify, that is all out of the window these days.
Stories like this couple's will be very common quite soon, more's the pity."
You are either extremely intelligent, or you are in the profession, and are aware of the tremendous profits mortgage companies have been making........often at the expense of the unaware, unsavvy buyer.
First mistake of many. Realtors don't understand finance (as a rule) and are possibly the worst person to ask. Besides, they have an inherent conflict of interest. I'm a former mortgage broker (6.5 years) quit beginning of August this year and I'm studying for my Series 7 license. Would anyone like to talk about this, or ask questions of someone who truly knows what they're talking about?
Give me a link if you find it, but it's no biggy if you don't.
I sent it too ya already
B U M P
The paranoia always is. Thanks for the link! :-)
I realize that but I was simply trying to point out that if supply and demand was true for gold/silver why does it not apply to housing as well?
The reason I asked is:
My wife and I are planning to sell in the Spring for a larger home in the best school district. I am pretty confident that the market where I live is still undervalued in comparison to other markets around the country (and near my city) and I can probably pay 50% down on the nicer home and still keep a 15 year fixed note.
Maybe I am just an optimist but I don't think the real estate market is going to drop back 10 years anytime soon for the very reason that the other poster thought gold/silver was not going anywhere. Supply and demand and frankly nice homes within 30 minutes of downtown might be more rare than an ounce of precious metal in the future.
At the very least.... 10 years from now I will not have to put a pricetag on all the hours I spend in traffic sitting in my car vs spending that time with my family. Even if I don't make lots of money on my "house" that will still be better than cold metal sitting in my gun safe.
80-something grand a year is a nice living in the Midwest. It barely gets you by on the coasts.
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