This is why I hate poor people.
 

http://www.msnbc.msn.com/id/22116043/


here's an idea, don't give low interest loans to retards and then go crying to mommy when things don't work out.

I know its fucking absurd. Smart people use this time to buy lotsof stuff, and widen the gap. I know im buying soon, and as long as the market keeps declining its like putting money in my pocket

Exactly dont make the rest of us pay to sure up the low rates of people who bought into houses at 250 or more % than they are worth and are using 70-80% of there income to support the mortage on the introductory rate. Loki come on you can't tell me the market is not blaoted and inflated. I am going no where near anything until i see a price i like not doing so is spending money out of your pocket needlessly.

amen...or shalom

no just amen, it doesnt work like that

oh and happy Hanukkah guys :p

Sorry to say it guys, but I love the way the US handle the economy. The more the $ is falling, the more go-fast-Miata-candy I get for my Euros.

Where is the student loan vAPR outcry? This 14% on $54k is killing me.

I love when the market starts falling.. I save a ton and buy a shitload of funds and stocks. Then the market comes back up.. and boom.. money :)

no shit. If I weren't sending $600+ per month to student loans, I'd have a house with a lift in the garage.

fucking greenspan. he caused all this. dropped prime to like 4% and now we're all screwed and have debt up to our eyeballs.

my appologeez, i is not familor with the joo words

I love my new house.

I want to come down there and buy a house, 300k+ for an old 800sq/ft condo up here is insane!

LOL

Freeze the interest rate. Thats funny. Its just another reason to not invest in MBS anymore.

Time for a better job

At a certain point the poor/stupid people can start to bring the whole economy down. If this wasn't big enough then the gov. wouldn't step in.

You gotta think, the politicians have money to make also. No one benefits from a big economic recession (except Wallyworld).

I agree that it sets a bad precedent. I just bought a house w/ a fixed 5.84 rate. I don't expect the gov. to bail me out if I can't make a payment. I actually did my homework before buying.

Chris

free market = government stay the fuck away assholes.

Damn, good rate. My first is at 6 and some change. But I got the house well under market, so I'm not going to bitch about $50/month.

6.5% with no down payment :) 7-ARM, better freaking pick back up before then so i can sell.

I dont hate poor people, I hate stupid people.

The whole deal does piss me off. I bought a house that was very modest that I can easily afford... Just so I'd know I'd never have this kind of issue. Now, thanks to all the stupid people that have an income of $40k buying a $300k house, MY tax dollars are going to step in and encourage thier stupidity. I was responsible, what do I get? the shaft apparently.

I had some freind in this situation. They complained about how they could not afford their house, together they made less than me and had a much bigger place... they continued to buy useless crap at walmart until the day they got kicked out of their house! Give these people some help, and then they will go of to buy a new hummer, on my dime.

I just want them busted down, cheaper houses for my pickings :) Almost bought a house earlier for 350, now its at 325, Ill wait till im in the safe 300's before I buy. (we want a mortgage that my g/f and I can each handle invidvidually if one of us looses our jobs)

A 800sq/ft condo in Vancouver would cost around 450K to start and if you gotta live in downtown Vancouver,they start off at 650K(depending where it is,and if you want a view of the ocean than it's more).

That's one shitty thing about the American economy going down,cause ours shot through the roof when that happened.

meg and I looked at a house a year ago at 395. Said it'd be a good buy at 320 but the realtor chuckled. Now it's 310 and still not sold. Ha.

For shitsngiggles I signed up for a "how to buy foreclosures" class at the local college.

Sheesh. Even today, $400k will just barely get you into a smallish condo out in San Marcos, and a proper 3 bedroom home in Carlsbad (on a postage-stamp sized lot) is more like $800 - $900k.

A 5 bedroom house on a corner lot 2 blocks away from me just sold for 1.1 million!

The price of house's are just getting fucking insane here.

The fucking olympics is to blame for most of this shit.

I think I'm being overly conservative in my house-hunting. Oh well; maybe some desperate "investor" will need to unload their "flip" house right where I'm looking for cheap.

my sister just got a bad ass 2400' house in Plano with 3 bedrooms, a pool, and 2 car garage for $185k. Its a nice part of town too.

I just invested some cash into a flip in Dallas. Hopefully I won't get fucked.

haha 2 blocks from me is michael jordan's house im still not buying above


Highland Park Il has double the median household income of sans marcos. I cant find information on the housing.

Actually it's not the "poor" people who caused the subprime mess, it's the "semi rich" people who bought investment properties and pushed the rediculous house prices who are to blame. From what I read there's no proposals to help them out.

Loki,Michael Jordan has a house here too,along with Shaq o'neal,Oprah winfrey($15 million on a small private island just off the coast of Vancouver),Jean Claude Van Damn($40 million two story penthouse in downtown Vancouver) Robin williams,David lee roth,Phil collins and many many other celebs to name.

Biggest problem is that regardless of whether people were stupid/poor, if there is a bailout, #1 it'll certainly come from our tax dollars and #2 if you bail these people out, they'll continue to make stupid decisions and expect to get bailed out again in the future. We'll never learn.

Actually that is a very valid point. Upper middle class people have been able to finance very expensive homes that would typically be out of their price range because of the super low rate ARMs and easy qualification. Builders couldn't pump out these homes fast enough. Now that rates are going up and financing is tightening, there are tons of unsold new homes on the market. When the economy slows down, construction slows down, which slows down the economy even more.

Of course, getting into a house you can't afford based on hopes, dreams, and wanna-be status is STUPID.

MJ also has a house kind of near me, in Waterfalls Country Club. His neighbors include Truitt Cathy and Neil Bortz. I did a lot of work in that neighborhood. BIG MONEY. BTW, Truitt Cathy flies in and out in a cow-spotted helicopter. Very cute.

Wow i was really hoping you would see the futility of doing this. EVERY PLACE HAS RICH PEOPLE!! EVERY PLACE HAS POOR PEOPLE!! SO SHUT THE FUCK UP ALREADY!

I know every place has poor people and rich people,so don't tell me to shut the fuck up.

You try to be nice to people and this is the shit you get.fuck off loki.

Voluntary? hahaha.

I think this is just election year BS. Who's really holding the bag here? Not the folks who bought an overpriced house with zero down, that's for sure. It's the lenders (who created the goofball loan products in the first place) and investors (who fund or buy the loans). Nobody's going to seriously propose that the government bail out the mortgage industry and investors.

Prices have another 10-15% to drop. Watch and wait and stack ya chips up, then you can afford 20% down just like a grown up.

im thinking about getting a condo or small house in next couple of years when prices drop. there should be 20-30% price drop on real estate in los angeles by end of next year or maybe mid 2009

Bush doesn't have to do it. It's 100% Clinton that's pushing it. They probably expect it to be damaging to the Democrats if they get elected into office and have to fix their own stupidity.....but I expect the next plan for us to voluntarily allow illegals to sleep in our beds and wash them with sponges for the next 4 years....

While that is true, amazingly the rate of new-home construction has not slowed very much in this area. While the zero-down, interest-only mortgages are no longer being actively promoted every time you turn on a radio or look at a billboard, people are still finding ways to finance homes, and builders are still clearing land and erecting cookie-cutter neighborhoods.

In the area where I live (coastal northern San Diego county) home prices seem to have stabilized, but I don't really think they've dropped much.

The thing that really gets me about housing transactions out here isn't so much the actual prices themselves, but the realtor commissions. Sellers can still expect to pay the usual 6%, despite the fact that 6% of a million and 6% of 250k are very different commissions for what amouts to the same amount of work on the part of the agents. I can tell you that everybody else in Carlsbad is not making 4x the salary of their equivalent counterpart in Dallas.

Yeah cause we are doing so much to stop that now.

oh and that reminds me. SPIKE SHUT THE FUCK UP BITCH!

that is all

loki fuck off! or else I will spend $50 CAD and make you my bitch.

I dont even know what that means, but your monopoly money isnt any good here.

its just that i really really enjoying telling you to shut up.

:rly:
so who's gonna fix Bush's stupidity?

Me too I really do enjoy telling people to shut up too!!! I guess we both have something in common.

Monopoly money? Fuck the Canadian dollar is worth more than the American peso.I went down to Washington state the other day with $100 and bought half the fucking state.

Ok we can be friends. ANd yes our economy sucks. Im just gonna invest in china as much as possible. Cause at some point they have to revalue their dollar and ill be rich, not just rich, but chinese rich

it's not like i like Bush, but I hate democrats. fucking pussies.

CLinton fucking rocked, Hil-Bot sucks

even if the democrats institute a bail-out plan, they'll have plenty of funding....

from the DoD.

clinton wasn't a pussy, man knew how to roll....

I heard a great quote somewhere about Bill. Paraphrased: "Even on a bad day, Clinton was at 73% approval rating. Bush can't seem to get above 40"

scott dont hate the democrats. hate the fat asses who shop at walmart that hate the democrats.

i hate bleeding heart liberals...how bout that.

i'm all for lazie-fare, and state's rights.


we aren't freaking communists. seesh.

[QUOTE=Joe Perez;182516]
In the area where I live (coastal northern San Diego county) home prices seem to have stabilized, but I don't really think they've dropped much.
QUOTE]

It's really hard to judge the market right now based on listings because houses are selling well below list price after negotiation.

For example, about 5 months back a friend and I were looking to buy a house in Milpitas (Silicon Valley) for investment. We found a 4Bed 3Bath house with 1450 sq ft living space and 6K lot. The houses was sold in Jan of 2006 for $650K. Zillow estimate when we were looking was $680K. We made a low ball offer of $615K since it was a short sell and the housing market getting soft. After months of waiting for a reply from the bank they finally accepted our offer but my friend's VC company bellied up during that time so we dropped it. Just a few days ago the bank's agent contacted our agent and asked if we wanted it for $560K. Stuff like that never gets posted so the listing price is not always accurate.

maybe its time for me to start looking for a house. slap a nice down and get my payments low payments on nice low fixed Int rate, 15yr mortgage.

I hate republicans, democrats, Walmart and people who shop at Walmart, along with many other statistical groups.

No on has destroyed state rights worse then the republicans in the past 10 years. I am all for states rights, unfortunately no politician seems to be.

i hate everyone, including james.

I shop at Wal-Mart :(

eh I got screwed no my lil house, had to do a no-doc loan since I didn't have a ton of credit history at the time and only had my job for like 5 months and was buying my house on my own. $125k for an 1100sq-ft house with $0 down and a fixed 30y rate of 8.475%. Its not that the house payment itself is bad, its the mother fucking Citizens insurance down here in FL. Since they are the only fuckers writing new policies in this state, you pretty much have no choice to get raped. My insurance payment is almost half the house payment! WTF!

I feel your pain... I was in the same boat. Excellent credit and job history, but the student loans screwed me over on the debt/asset ratio. Primary is at 7.5% secondary is at 8.5%. Insurance +taxes + homeowners association dues = mortgage payment each month. It's insane how much insurance costs. $125K house (paid $92K), not in the 100 year flood plane, in a neighborhood where a house has not burned since built in '83. I'm paying almost $1K/year in insurance. I'm hoping to refinance soon and see if I can consolidate my student loans into the house note at a lower interest (student loans are stupid high APR 7-16%).

holy crap thats high. My stu loans are like 3%