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FIND YOUR DREAM HOME OR APARTMENT
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Janice.. and thot.., i think you guys hit the right spot with that. what homebuyers and owners need to understand is you can not increase the debt with-out reducing life styles or increasing the income. somethins gotta give. high cost of inflation with lack of compensation is a huge contributing factor leaving too many in dispair.
And to Excuse Me.....it seems to me you had a couple of bad folks helping you out, however mortgage brokers are far more scrutinized for writing loans based on the rules set forth by the banks they do buisiness with. we have requirements that we have to meet including state and national exams along with continuing ed that Banks do not have to adhere to and some of your bank loan officers could not pass the exams. the overall is more complex than to pinpoint one or the other.
Florida Dave... agree with you for the most part, however what makes one qualified? Having assests is not the only piece of the puzzle. New home buyers need to understand that if they need to reduce thier rent by $50 they can not just sign a new lease on the apartment across the street and forget about renewing the existing one.
Hey how about this, lets bring jobs back to America, lets tap our own natuaral resources and maybe just maybe we wont have to borrow money from china to pay who of course china.
America is "On Sale" now because of the super low interest rates...it's time to buy.
Yes, it's not Obama's fault that the housing market is in the toilet bowl...it's the fault of any legislature that wants those who don't qualify to pay back a mortgage to get a mortgage. The gov't let the reins loose on banks/mortgage companies to get unqualified people into a home. The unqualified people were so greedy to get a home that they convinced themselves that they could afford the un-affordable. The old axiom is still true: you can't con an honest person.
Simple rule: earn more than you need, spend less then you earn, put your money to work for you. Stop blaming others, take responsibility for your actions/in-actions and move on.
I don't think the housing fiasco is over. Homes are way too over priced still yet. The awful truth is that you can't expect a 10% annual return on your investment in a home. Investing in a home is not like investing in the stock market. Most of that 10% should be that you had a roof over your head and a facsimile of something you could call your own. 1% annually would be more like it. If you live in it a long time then you will get more out of it. If we're going to get things back in order, we need to begin somewhere and housing seems to be a legitimate beginning. I do feel sorry for folks who over-borrowed, but that the reality is what it is and we need to face up to it.
Anybody see the video at you tube about the mortgage scam on YouTube? (apparently I can't post the link). Watch it and you will see who has benefited from the lender's being so free with their mortgage approvals...and guess who's paying for it!!
I am listenig to you talk about the housing crisis and I have to say that some of the stories are true but not always the case. I have a home that for the longest time was paying one set price and another mortgage company purchased my account and it went up by $500.00. That is a big jump. We have called and talked to everyone and no luck. I get laid off to make matters worse. We then decide to remodifiy our loan. big mistake. we sign he contract with lower payments and the first bill is now $800.00 higher than before. So I ask whose fault is this. Not mine and the is legal.
Dear excuse me-really! I have been in the real estate business for 23 years. I have never heard of anyone being approved for a 200K house on a $17,000 a year salary, unless there was a substantial amount of cash involved or used Vinny on the corner. Please consumers take some responsibility! Since we are talking real estate- One of the issues that has affected our market are homeowner's using their equity or should I say "anticipated" future equity like a revolving charge card. Sure they say they are going to consolidate debt but then go out and incur more debt, buy a boat or take that vacation. Then they are surprised with the market turn they are upside down in their home; walk away, resulting in foreclosure...nothing to do with the type of loan they were talked into!
There is not one problem or solution. Another issue - Do you know that I can personally attest to the fact that many offers are being written on short sales that could save value in most areas but they're being ignored, stalled by Banks or so much red tape- Buyers end up walking away. Again killing market values.
I pay the bank for my home in Las Vegas every month, made sure when I purchased this home I could afford it, that was 12 years ago and the scenery has changed quite a bit. Can't understand why no one wants to refinance a home that I am going to keep regardless of the climate. Las Vegas is a wonderful place to live, but the real estate market along with the banks have tried to destroy our community. I am thankful that every home in my association is still occupied, because my neighbors say they will not take their homes away from them. What has happened to America, it is not Obama's fault (I vote all over the board and didn't vote for him); however, it is what happened before he became president. What lame people want to blame him, not his fault, look at the previous administrations, did you get it, administrations, it is all cumulative and not helping by pointing fingers and printing money because the average taxpayer still doesn't get refinanced.
Obama had nothing to do with all these folks losing their home (David Fox). When banks were handing out money hand over fist, to any idiot who makes $8 an hour to buy a $200,000 house built over night, what did they expect? And... here we have 'grown' adults making "that" decision…” Oh yeah, I can afford it if the banks will give me the money.”
REALLY!!!! Come on people. When you think you need a tv in every room, two nice cars in the drive, a computer in all those room too, and live paycheck to paycheck?…. You think that’s the American way? That’s plane STUPID!!! Get a grip Folks! DOWN-SIZE and maybe you can keep that house.
I had 14 acres, built a nice simple 1700 sqft ranch home on it (solar and wind powered I might add), living WELL within my means… and guess what… thanks to this so-called ECOMOMY (idiots who make $8 an hour purchasing $200,000 homes)… I had to sell it to keep from losing it! Did you hear that? SOLD it to keep from missing that 1st mortgage payment. 2 ½ years after building it. I’m the ADULT! Take notice. There’s a lesson here.
Happy Holidays! Spend that MONEY you don't have.
I retired in 2007 and started flipping houses. I am on number 5 now. Made
19,000, lost 15000, made 34,000, and made 12,000. All including the one i'm on were
foreclosed houses. All were junk before I started and I made them beautiful, The one I'm on had mold and water leaks all over the house.
I have looked at over 200 houses in the five years, most of which were forclosed on. I got
five out of this bunch which were worth fixing. Does that tell you anything about those
who get forclosed on. I know there are many good people out there who have lost their
house because of the economy, (thanks Obama) but what I've seen in those 200 were
people who would have lost their hovel no mater what.
8 Comments that is it ? I guess this stuff is just not as important as the
"Terri Schiavo" case ! And speaking of FLORIDA nothing said or thought of there?
I bought a distressed house in S.L.C. that was @ the bottom 8 years ago, 67 K . It was empty for 3 years, gutted by "Scrappers" and had bird's and animals living in it. I put in $36 K in parts and all the labor my self. The State has de- valued it $44 K every year, last 3 years in a row, taxes are the same I think. It is now worth $ 2,000.00 more than I owe Wells Fargo ,
YEA BUDDY I AM ONE OF THE WINNERS!