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FIND YOUR DREAM HOME OR APARTMENT

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Jan 1, 2012 9:33PM
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Think I'll move to the USA - you can't even buy a tumble down toilet in Sydney AUS for $500,000
Dec 27, 2011 10:20PM
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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.

Dec 26, 2011 8:27AM
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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.

Dec 22, 2011 11:12PM
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They say interrest rates are down. Where are the buyers? They don't want to get shafted like 40,000,000 other americans have done . Take my advice of one who lost my home due to a loan modification which is a scam by the banks. The modification that oboma set fourth was ok , but the banks which have been on tv for forging documents and scaming the american public charging fees you don't owe and then acting like it is all your fault is a load of crap. Nobody cares about the  welfare of the poor and middle class. The rich is not going to take a dime with them when God calls their number, but they will answer to a higher power and if they don't make thing right which will probably not happen, an asbestoes suit will not fly where their destiny lies. Bible says it is easier for a camel to go through the eye of a needle than a rich man to enter into heaven.In other words his money is his God. Also a fool and his money is soon parted.  
Dec 20, 2011 10:00PM
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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.

 

Dec 20, 2011 6:27PM
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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!!

Dec 20, 2011 6:27PM
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Winners: Banks
Losers: Everyone else
Dec 20, 2011 6:20PM
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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. 

 

Dec 20, 2011 5:55PM
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Janice you are right--there's no one problem or solution. Many people were given loans they knew they couldn't afford--didn't have to understand the paperwork to understand they can't go from paying $600 in rent to $1000 mortgage in one fell swoop. How dumb is it to let someone else and a 'calculator' tell you what you can pay and can't pay? 

I was licensed as a Broker in 05 and I remember all of the Teachers saying this market is going to implode. They told States, Representatives, anyone who'd listen and most did not. So you have a big pile of irresponsible people, irresponsible lenders, irresponsible Govt and eventually it all goes belly up.  I have friends who had good loans, good mortgages and they leveraged the equity too often, too soon for furniture, vacations, cars, trinkets and then couldn't afford the mortgage when the ARM changed or market value fell. They've lost their homes. I have coworkers walking away from homes b/c they are so upside down but it's mostly their own faults. 

My husband and I own our home outright from diligent saving and being willing to live in 980sq ft for a while. We are now looking at homes in another State due to pending job transfer. The region is seriously 50% or more short sale and foreclosures of really nice homes. Yet we're having tremendous trouble getting one of them. We've walked away from 2 short sale attempts because of the Banks and red tape. We're totally qualified with scores in high 700's, money in hand, offered just $3k under the asking price and still spent 6 months waiting on Banks only to be out of time and having to start over b/c all of the paper work was old by time Bank got to it. Horrible short sale processes. 
Dec 20, 2011 5:40PM
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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...nothin​g 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.

Dec 20, 2011 4:31PM
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I think the housing crisis can be attributed to people entering a process they didn't understand. Real estate agents and mortgage brokers are not experts in anything, but often people look at them as experts. If someone tells you you can afford a $200,000 home on a $17,000 a year salary with no down payment. And they slice and dice it and it appears you can afford it, you're going to go for it. That's just human nature. You have to tell the people you are dealing with what you want and what you will not accept. And understand, you are borrowing money; it's not a gift or a grant, you have to pay it back whether you live in the house or not. Before I bought my home, I read books about home buying, mortgages and interest rates. I went through three mortgage consultants and four real estate agents. And things still went wrong. Real estate agents and mortgage consultants are good at selling. They want you to buy their line. And because you are not a financial expert, you buy it. You've got to figure out what your price is and you've got to be firm. Be prepared to rent for the rest of your life if you must.  A bad home purchase can be the start of financial ruin. And when things go wrong, those very people who begged you to trust them will blame you for the failure. They've got their commissions and they are gone.
Dec 20, 2011 4:22PM
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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.

Dec 20, 2011 3:10PM
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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.

Dec 20, 2011 1:28PM
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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.

Dec 20, 2011 12:28PM
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 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!

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Loser: Your right to life, liberty and the pursuit of happiness. There will be far more losers in residential real estate as long as we have exclusionary zoning. No one has a right to tell you what size home you can have or that your home has to conform to existing housing. You won't hear exclusionary zoning talked about at the presidential debates this election or the last. You won't see 60 Minutes do a segment on exclusionary zoning. Exclusionary zoning is America's dirty little secret. Just follow the money. Greedy mortgage lenders are making a killing. Greedy local governments are getting more property taxes. Snooty snotty homeowner's associations can exclude anyone who works for less money and has the good sense to live within his/her means. Those engaged in reaping commissions on real estate transactions want to churn the market and accelerate the buying and selling. If the housing market was free then I wouldn't have spent 18 years in a mobile home park. If I could've just placed my singlewide mobile home on a lot and paid property taxes like everyone else then I could've saved $45,000 compared to paying a monthly lot rent to the mobile home park. At least when I lost my job in Oct 2008 I could retire. I had a plan B. I moved my singlewide 300 miles south to an area that allowed it and am saving $3000/yr now just paying property taxes. Rather than flush a lot of money down a mortgage toilet I had my singlewide paid in full in less than 2 years. With upgrades I have about $30,000 into my singlewide. I put most of the rest of my earnings into single premium immediate life annuities so I have income for life and was able to retire rather than getting foreclosed on and becoming homeless. Can we end exclusionary zoning now? Please do so before there is a complete monetary collapse.
Dec 20, 2011 10:56AM
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You can buy a condo in vegas for 27K?  I think I should move there.  In So Cal a cheap condo is 300K even now.
Dec 20, 2011 9:49AM
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I think that given the current economic crisis in the housing market, the state of Illinois should allow people to raffle off their homes.  I would be willing to do so in order to pay off my mortgage, get enough to put 20% down on a new home and give the remainder to charity.
Dec 20, 2011 9:37AM
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I know the Vegas housing market is bottoming out, but there are people that are buying homes and condos 2 and three at a time. I bought a condo in june for 27,500 that was over 5 times that price 4 years ago. I know there will be a long wait for a rebound but at these prices? I'll be happy to live in it with the cost of assoc. dues as my monthly cost of housing, Plus you can't beat the weather, the amount of entertainment on and off the strip, from concerts to shows to just about anything you want to do.
Dec 20, 2011 9:28AM
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Definately an up for me.  Moved to Las Vegas last year and bought a beautiful home in Hollywood heights with panoramic view of valley and strip, nice pool and on a large lot for $64 per sq ft.  The other  identical house in our neighborhood just sold for $25k more than I paid for mine and has no pool and limited view. Most in the comminity vacated or lost  their homes when the crash came but all have been resold and the neighborhood has been restored to its former nice community. A definite up for the whole neighborhood.
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