There go the comps in my neighborhood

[2Driver]

Funny, just 24 months ago this was all about no end in sight and postings of new boats coming out of molds. What difference 2 years make.

[uLtRADeNniS]

Unless you plan on selling your home anytime soon it does not matter. If you do then that sucks.
Yep!
That only effects the people that are gonna sell in your neighborhood in the next few years.
But think about it...If you do sell your home and buy something new...You'll get a great deal on something else...catch 22. You wont be losing like the news channels and papers keep saying.
Now if your LTV is high..and you plan on moving in the next few years..SELL NOW AND GET SOMETHING ELSE! lol
Sorry but GOOD. Im watching one that started at 1.6 ....now at 1.3 ....IF I could get it for 8 ~ 9 I would be one happy camper.
Now what if rates go up? Your talking about a $500k price reduction...now if rates go up due to the prices dropping that far... do you think you payment would be the same or higher? Now if your are buying cash..then yes it would be the shiat! Are you? Remember when rates were 18%??

[XFactor]

Looks like its time for the housing market values in Kalifornia...to get more in line with reality.....and the rest of the Country.......The party.....is over...
Housing in CA will NEVER be inline with the rest of the counrty. There will always be greater demand in CA than others states. FACT!!

[Jbb]

Housing in CA will NEVER be inline with the rest of the counrty. There will always be greater demand in CA than others states. FACT!!
...........Even when its under water...?

[C-2]

Funny, just 24 months ago this was all about no end in sight and postings of new boats coming out of molds. What difference 2 years make.
Yup
We are constantly reminded how all of us ‘outside” the industry don’t know shiat.
But not knowing shiat and relying on the representations of the mortgage and realtor peeps who *knew * their shiat has left a lot of us high and dry.
“Hey, we didn’t force them to sign the loan.”, or “They didn’t have to buy/sell”.
Kinda funny how that works, ehh?
In typical HB fashion, I will be waiting for all the HB peeps to come on and say how they never ill-advised any of their clients. Nope, not one of them.
This should get a rise out of a few peeps. :cry:

[XFactor]

...........Even when its under water...?
When the big earthquake happens and CA finally breaks away from the rest on the cont US, values will go up. More beachfront property.

[HocusPocus]

When the big earthquake happens and CA finally breaks away from the rest on the cont US, values will go up. More beachfront property.
if it breaks along the san andreas fault line then i will be alot closer to the ocean.

[DeltaSigBoater]

When the big earthquake happens and CA finally breaks away from the rest on the cont US, values will go up. More beachfront property.
We're gonna go chill with Hawaii Alaska can come too :idea: (http://www.endofworld.net/)

[LhcBrad]

I bet the neighbors next to this house are not happy. These were $325,000 when new now starting bid at $50,000 just a short 2 years later. This is Merced
Im guessing the house bids up to $150,000 its not in bad shape.

[uLtRADeNniS]

Yup
We are constantly reminded how all of us ‘outside” the industry don’t know shiat.
But not knowing shiat and relying on the representations of the mortgage and realtor peeps who *knew * their shiat has left a lot of us high and dry.
“Hey, we didn’t force them to sign the loan.”, or “They didn’t have to buy/sell”.
Kinda funny how that works, ehh?
In typical HB fashion, I will be waiting for all the HB peeps to come on and say how they never ill-advised any of their clients. Nope, not one of them.
This should get a rise out of a few peeps. :cry:
Im not a Mortgage Lender.. although I do know the scenario. Most people will call up a lender and tell them what they want. And in the past few year, with all these different programs.. lenders where able to deliver. Most people will not sit down with a lender and actually be willing to sit down and figure out what strategy would be the best thing for them. Whether it be a different program, price range, or waiting longer till they can ACTUALLY afford what they are buying.
So you cant really put alot of blame on the lenders..sure alot of them were unexperienced and didn't know what they are doing and charged alot of fees to up their sales commission. Now again, that would be the consumers fault IMO. Wouldn't you do a little research on someone or a company before you sign loan documents, or let alone sit down with them and fill out a credit application. Think about it..If you were having a pool put in..wouldn't you find out a little info about ABC Pool Co before you wrote them a check? Look at how many questions alot of ask about different boat builders when on the market. Is funny that people will spend more time into buying a boat or planning a vacation, but strongly overlook a mortgage.
IMO...people don't loose their homes because of the program they were put in. They loose it because they cant make the payment. Period! Common sense people..Don't buy a home in rising market, then use your home as a modern day ATM machine do buy boats and cars, vacations or whatever. Then people want to go back and blame the lender when its all part of their lack of a financial education. It gets me that we live in such a weathly country but have no real financial education in public schools...But thats for another day or another thread. I don't understand that people like to buy homes when the market is high...then sell when its low?!?! Smart investors buy low and sell high..IMO.
Just my .02