Proposed "Bail out plan"
#101
Only have 1 thing to argue about that...prices are down, if anyone is buying at the "fair" market value then you are overpaying...
Must be buying foreclosures, short sales, and REO's (bank owned)....that is pretty much a safe bet. Many people are swiping these up like there's no tomm. Not enough people to move the market, but still many people.
Must be buying foreclosures, short sales, and REO's (bank owned)....that is pretty much a safe bet. Many people are swiping these up like there's no tomm. Not enough people to move the market, but still many people.
#102
Only have 1 thing to argue about that...prices are down, if anyone is buying at the "fair" market value then you are overpaying...
Must be buying foreclosures, short sales, and REO's (bank owned)....that is pretty much a safe bet. Many people are swiping these up like there's no tomm. Not enough people to move the market, but still many people.
Must be buying foreclosures, short sales, and REO's (bank owned)....that is pretty much a safe bet. Many people are swiping these up like there's no tomm. Not enough people to move the market, but still many people.
Anyway, my position on the bailout stands. I have to bailout what, a family? a half a family? That sucks royal dick, but I'm not a **** up who shot my load on a house I couldn't afford. Waaa, the banks are evil and told me I could afford it... I'm also offered new siding from sears , but I live in an apartment and that doesn't make sense.
I'm a pc, and I'm drunk(ish) and rambling on the interwebs.
Last edited by oilstain; 09-30-2008 at 02:19 AM.
#103
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oilstain, thanks for ranting on the as-is house so I didn't have to. the last thing someone who can only afford a 285k house needs is to spend an immediate 50k on a new roof, heat, a/c, and whatever other crazy **** is wrong with it.
by the way I did just buy a house here too. walking distance to metro. inside the beltway. the compromise was size to get an awesome price and location. which is fine with me. i spend all my time in the garage. oh... but i do have to build a garage.
by the way I did just buy a house here too. walking distance to metro. inside the beltway. the compromise was size to get an awesome price and location. which is fine with me. i spend all my time in the garage. oh... but i do have to build a garage.
#107
I too have like 6k sq ft...thats why I said IF I had the room...
Not really excess, consider it like a mancave...
In Miami we don't have basements, so garages double up in useage...
Can't wait to be back in NY.....not having a basement sucks...its like losing 1/3 of your home...More specifically, MY 1/3 of the home
#108
Do you guys realize that housing prices are NOT part of the CPI? (according to my Economics professor) Think about that for a minute..
http://en.wikipedia.org/wiki/Consumer_price_index
http://en.wikipedia.org/wiki/Consumer_price_index
#109
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Do you guys realize that housing prices are NOT part of the CPI? (according to my Economics professor) Think about that for a minute..
http://en.wikipedia.org/wiki/Consumer_price_index
http://en.wikipedia.org/wiki/Consumer_price_index
#112
Okay, are you ******* retarded? What are you talking about? The house you linked to is a 3 bedroom (and it looks like a crap-tacular split level) that is "Being sold strictly as is" or did you think a person will sleep in each bathroom. Anyway, the housing market is still awful, unless you take your chances on a foreclosure. Wow, it's down 10-20% of the 40% inflated price, what a great time to buy (as everyone tells me).
I might add that it has all (real) hardwood floors and only needs a new roof and some minor remodeling inside (some sheet rock needs to be replaced). It sold for $440,000 in 2006 and yes, it's down more than 20%, as it's 65% of it's last sold price. So yes, I am taking my chances on a foreclosure.
You make 40k a year. So do plenty of people. At that salary, that 285k house is WELL over half your income per year. You would be completely house poor. Luckily you have a subsidy of 3.5 TIMES your salary.
Your circumstances are so extraordinary, compared to normal people, that I don't even have a vague idea why you would bring them up.
Your circumstances are so extraordinary, compared to normal people, that I don't even have a vague idea why you would bring them up.
But yes, if you live close enough to DC you can use the public transportation. You pretty much have to. And it sucks. And you're still house poor.
Whatever, the Ravens suck, I'm going to bed.
Whatever, the Ravens suck, I'm going to bed.
I guess I am not doing too badly for as severely retarded you think I must be.
Mark
PS - I've been both poor and not poor, given the choice... I'll stick with being not poor.
#113
oilstain, thanks for ranting on the as-is house so I didn't have to. the last thing someone who can only afford a 285k house needs is to spend an immediate 50k on a new roof, heat, a/c, and whatever other crazy **** is wrong with it.
by the way I did just buy a house here too. walking distance to metro. inside the beltway. the compromise was size to get an awesome price and location. which is fine with me. i spend all my time in the garage. oh... but i do have to build a garage.
by the way I did just buy a house here too. walking distance to metro. inside the beltway. the compromise was size to get an awesome price and location. which is fine with me. i spend all my time in the garage. oh... but i do have to build a garage.
Mark
#114
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I was wondering if that was "your house" Mark... the MLS doesn't say much so I take it with a grain of salt as long as the house is sight-unseen. Lucky guess on the roof
I'm curious how the loan process has changed in the last month. Is it a big PITA now?
The good news for my place is that there's a house across the street (granted, it's been added onto a shitload) listed for 35% more than mine. It'd be nice to get some favorable comps up in here.
...
btw, have you guys seen this awesome SEPTEMBER MADNESS chart?
Goooooo BofA!
I'm curious how the loan process has changed in the last month. Is it a big PITA now?
The good news for my place is that there's a house across the street (granted, it's been added onto a shitload) listed for 35% more than mine. It'd be nice to get some favorable comps up in here.
...
btw, have you guys seen this awesome SEPTEMBER MADNESS chart?
Goooooo BofA!
#115
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**** me... I have got to stop looking at my 403(b). I have lost so much money this year.
C'mon rally!
You know, I think part of the problem with the bill not passing is that the President and Congress did not do a good job of explaining to the citizenry in layman's terms that the banks are not getting the money for free. Things are moving so fast that the 'public' does not understand the latest implications of the plan-du-jour, at least those that are not listening to the news. They assume they are getting screwed, and tell their Representative not to vote for it.
The proposal as I understand it is that the Treasury (the US Govt, you and I) will be buying the crappy mortgage shares, then when (if) the housing market turns around, and they go up in value, then the Govt sells them at a 'profit' and gets our money back. Details TBD of course.
Hopefully if this is the case, the bill is passed, and the shares end up being worth something, and they end up generating revenue, it will be used to pay down national debt, and Congress will not just spend it on something else.
C'mon rally!
You know, I think part of the problem with the bill not passing is that the President and Congress did not do a good job of explaining to the citizenry in layman's terms that the banks are not getting the money for free. Things are moving so fast that the 'public' does not understand the latest implications of the plan-du-jour, at least those that are not listening to the news. They assume they are getting screwed, and tell their Representative not to vote for it.
The proposal as I understand it is that the Treasury (the US Govt, you and I) will be buying the crappy mortgage shares, then when (if) the housing market turns around, and they go up in value, then the Govt sells them at a 'profit' and gets our money back. Details TBD of course.
Hopefully if this is the case, the bill is passed, and the shares end up being worth something, and they end up generating revenue, it will be used to pay down national debt, and Congress will not just spend it on something else.
#116
I think part of the problem the "public" has with the plan is that they don't believe CEOs should see a dime of our money for ******* things up. The whole thing is really funny to me. I'm someone who for the most part would like our government to be much more socialist than it is. Every one praises capitalism and the freemarket system as long as they're making money but as soon as there is a crisis socialism suddenly becomes okay. The hypocracy of this I don't think is lost on your average joe either. When the free market system ***** him the government is not offering a helping hand so why now and why should the people who created the problem be offered compensation?
I, myself am split on this situation. I understand that letting the economy fail will have ripple effects that will effect us all. On the other hand the skeptic in me doesn't believe this bailout will be the end or that it will be destributed properly and that in the end it may only allow for this bubble of fake numbers our econmy is riding on to continue just a little bit longer until we face yet another crisis.
I, myself am split on this situation. I understand that letting the economy fail will have ripple effects that will effect us all. On the other hand the skeptic in me doesn't believe this bailout will be the end or that it will be destributed properly and that in the end it may only allow for this bubble of fake numbers our econmy is riding on to continue just a little bit longer until we face yet another crisis.
#117
2 very good opinions right there...
I keep saying the same thing, if the homeowner's are uncertain as to whether or not they will lose their home they will continue to tighten their belts and therefore not boost the economy...
If they are reassured that this plan directly helps them keep their homes, then they will still be wary, but begin to inject dollars into the economy...the wheel will start spinning and eventually things will be better for all...
But as it stands, you're correct in the fact that the people dont know much about the plan...hell i dont even know much about it as details are sketchy. But what we all do know is that nothin has been proposed to make us feel like we have a def way to stay in our homes...
I keep saying the same thing, if the homeowner's are uncertain as to whether or not they will lose their home they will continue to tighten their belts and therefore not boost the economy...
If they are reassured that this plan directly helps them keep their homes, then they will still be wary, but begin to inject dollars into the economy...the wheel will start spinning and eventually things will be better for all...
But as it stands, you're correct in the fact that the people dont know much about the plan...hell i dont even know much about it as details are sketchy. But what we all do know is that nothin has been proposed to make us feel like we have a def way to stay in our homes...
#118
This has been a good thread.
Good luck with the house Mark, that's really exciting. My wife and I are anxiously awaiting buying our first home. I wish the best for you.
Being in the military is not what makes your circumstances different. Saying you make 44k a year (not including the $18,400 per year paid to you by the same people paying your salary) but having a house hold income of $180,000 is not normal. At ALL. Most households where the man makes 44 a year can hope to see 88 a year.
Your position is extraordinary. Be glad about it, but don't think that it's normal. Show of hands of those whose spouses make > $100,000? (I wish I could raise my hand :-) )
Snatching up foreclosures at good prices, that is getting to be pretty normal. But to me, even at that price, I'm just not feeling the bargain. I know for that area that's a great deal. But when I look at lol garages or this it makes me not want to live here.
Good luck with the house Mark, that's really exciting. My wife and I are anxiously awaiting buying our first home. I wish the best for you.
Being in the military is not what makes your circumstances different. Saying you make 44k a year (not including the $18,400 per year paid to you by the same people paying your salary) but having a house hold income of $180,000 is not normal. At ALL. Most households where the man makes 44 a year can hope to see 88 a year.
Your position is extraordinary. Be glad about it, but don't think that it's normal. Show of hands of those whose spouses make > $100,000? (I wish I could raise my hand :-) )
Snatching up foreclosures at good prices, that is getting to be pretty normal. But to me, even at that price, I'm just not feeling the bargain. I know for that area that's a great deal. But when I look at lol garages or this it makes me not want to live here.
#119
This has been a good thread.
Snatching up foreclosures at good prices, that is getting to be pretty normal. But to me, even at that price, I'm just not feeling the bargain. I know for that area that's a great deal. But when I look at lol garages or this it makes me not want to live here.
Snatching up foreclosures at good prices, that is getting to be pretty normal. But to me, even at that price, I'm just not feeling the bargain. I know for that area that's a great deal. But when I look at lol garages or this it makes me not want to live here.
Yes, I know it's not normal for everyone to have a spouse making 6 figures unless you run in the crowd that I do. Dual military families (with more rank than me by far) dual income Ph.D./J.D./M.D. households. It's a goofy world but when you are surrounded by highly educated people it becomes the norm rather quickly. My professors, colleagues, and friends in many cases make much more than my wife and I at this point. As I ride my SV1000 down Connecticut Ave past the million dollar houses with Porsche's, Lambo's and Hummer's... I often wonder, where did I go wrong. How did I miss the boat so badly... It's all relative.
Hopefully things will continue to work in our favor. The wife is finishing her Masters now and wants to get her J.D. and I am working on completing a Ph.D. myself. That will hopefully have long term financial implications for both of us. The fact is that you don't see too many poor lawyers and doctors, at least that has been my experience.
Mark