Posted on 09/25/2006 8:41:42 AM PDT by GodGunsGuts
No.
Saying people would have saved money with an ARM during the past decade (of falling rates) is in no way saying that they should get them in the future. That's like saying "Gold has gone from $255 in 2000 to $590, people who bought at $255 profited" (fact) is a recommendation to buy gold now.
As a percentage of the original sales price...I was referencing the original sales price when quoting "up 250%". So when I say down 100% it is also of the original sales price. My house could go down 100% of the original sales price right now, and I would still be up a couple of hundred grand.
bttt
Only in selective markets and not across the board, in all price ranges.
It is the end of the world! /sarcasm
I zillowed my home tonight -- it's increased $29,000 in the last week. Florida seems to be hanging in there.
bttt
Where is your paradise? We live in California but realize retiring here probably isn't going to happen. We would are looking to the future to find a great climate for golf and tennis for our golden years.
Corpus Christi and the DFW area...but it's a big state with many different things to offer. The Austin area is gorgeous, as well as any where in East Texas. Spend some time doing the tour...and WELCOME!!
You are right about the plank. But then again, you don't know what I have had to put up with since crossing paths with a few others on this thread. Still, I apologized for my behavior and asked for forgiveness, but nobody took me up on it. What's a guy to do? Anyway, it's nice to meet you. So getting back to our previous discussion, what is this obvious point I've been missing?
Gee, I'm surprised he didn't mention that ARMs and interest only loans can be risky...or that existence exists...or that 2 + 2 = 4. Just think about all the truisms he left out so he could focus on the benefits of ADJUSTABLE RATE MORTGAGES!
Maybe this answer is down the thread, but here's my question:
A short while ago I read on one of these threads that something like 40% of houses in LA had reduced prices. I assume this meant houses on the market, not sold ones.
I am wondering if the lower prices as described here are the sold prices or just asking prices.
I refer you to the stats in post 186 for California overall. Hard to believe if they're true that the 40% figure for LA is true.
Spokane Washington is becoming a big spot for Californians to retire. Housing prices are very reasonable and the region is quite pretty.
My wife and I liked a home that had a contingent offer at $419K on it from a woman in San Diego who is selling her condo to buy this one.
We were looking at another one online today -
5 bedrooms, 4 baths, 3 car garage, 4000 sq ft, and its one of the more affordable homes in an upscale walled/gated community. Best school district in Spokane, beautiful landscaping, high quality finish inside and out, and it is on a level lot on a cul-de-sac. No idea what this would cost in California or some of the other crazy markets but I would bet it would be ridiculous. In Spokane it is $385,000.
The article references actual price declines.
though this would not have been the case, of course, had interest rates trended sharply upward.
LOL!
You are slow. A mortgage that adjusts downward when interest rates go down will save you money. But not if rates went up, of course. That was his point.
The price on that home in California would depend on area and condition of course. If it's not a pit, it would get at least $225-275 per square foot, rough estimate.
nice to meeet you...i'm amazed this thread got > 230 posts.
it's been so long, not sure there is a point anymore...
freepon
The median price in Orange County was over 700,000 last I looked.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.