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If you own a home....

Discussion in 'Sports and News' started by poindexter, Feb 11, 2008.

  1. Tom Petty

    Tom Petty Guest

    it's probably a well used phrase because it's correct.

    and schools don't teach folks to breath, either, but somehow most of us figure it out.


    just sayin'.
     
  2. poindexter

    poindexter Well-Known Member

    I would say that the 300-yard swath of land from the coast heading east, from San Diego to Malibu, is still some of the best land in the world (except Long Beach, where all the garbage from the LA river dumps into during every rain).

    You would agree with that, Petty, no?
     
  3. rpmmutant

    rpmmutant Member

    Santa Clarita. For those who are not familiar with the area, it's near Magic Mountain, otherwise known as Wally World from the Vacation movies.
     
  4. EStreetJoe

    EStreetJoe Well-Known Member

    You're right, I shouldn't be blasting the brokers the way I did at the end.
    They do need to advise clients of the risks inherent in ARMs.
     
  5. rpmmutant

    rpmmutant Member

    All I know is I woke up this morning to sunny skies and a forecast for 83 degrees in the afternoon. I played nine holes of golf after I got my kids to school and went home to get ready for work. There are very few places in the world that someone can do what I did in the middle of February. I'll take the immigrants and the warm, sunny winter days.
     
  6. Tom Petty

    Tom Petty Guest

    poin - i prefer the beaches in malibu and santa barbara. and yes, even though i don't like to step over people when i go to the ocean.
     
  7. Tom Petty

    Tom Petty Guest

    hey, don't reinvent what i said.

    i said the influx of immigrants and the departure of folks with money will not raise the prices of homes in that area, esp. when people who couldn't afford real estate were buying up empty homes left and right not all that long ago.

    i was pointing to a fact. don't make me out to look like a bigot.

    and finally, yes, we all know that 80-degree weather is the only quality-of-life factor involved when assessing any region. btw - i'm wearing shorts and a T, getting ready to go outside, as i type this. i hope you took your inhaler to the course with you.
     
  8. poindexter

    poindexter Well-Known Member

    Its where my parents live. The median price is $475k for zip 91351.

    40% haircut would take you to a median price of $285k.

    After lenders take their ass-beating, and start lending with common sense, it would take a downpayment of $57,000 (20% of $285k) and a mortgage of $228k. A 30 year fixed at 6% is a monthly payment of $1,366 - before taxes, association fees, etc.

    That sounds completely in the realm of possibilities to me, rpmmutant. It doesn't to you?

    Because the days of 0 down, or downpayment financed with a HELOC, and all the crazy teaser loans, those are going to be a thing of the past, my friend.

    If you can't buy a house with 20% down and pay a 30 year fixed, you aren't going to be able to buy a house. And housing prices will come down until people *can* afford a house based on those parameters.
     
  9. Birdscribe

    Birdscribe Active Member

    And it's a damn nice place to live, BTW. Believe me, we'd move there in a heartbeat.

    I live 40 minutes up the road, in a less-desirable -- yet still quite livable -- locale. A locale that is experiencing the aforementioned 35%-plus plunges in property.

    Yet, since my wife and I put 37% down on our 3,241-square foot home -- the byproduct of living in our previous home 14 years -- and since we're not planning on moving anytime soon, I'm not sweating this at all. You see, I've been through this before, and my soon-to-be-refinanced 6.5% 30-year fixed mortgage isn't going up, rather it's going down as soon as I come up for air.
     
  10. BYH

    BYH Active Member

    I find it very hard to believe these people didn't fuck up in college or in their early post-college years with credit cards and what not. No one starts buying beyond their means at 30-something.

    I fucked up, hard, with credit card debt when I was young and stupid in college and unemployed and broke following the dotcom bust. I'll be done paying off the cocksuckers at Bank of America--for the second time--in 12 months.

    I'll have to wait a while to buy a house, because a.) my credit needs time to recover b.) I'm a writer and c.) I'm erring on the side of extreme caution. I may not buy a house with cash, but I'm putting down a lot more than five percent. If that means I'm 50 when I buy a house, so be it. If that means I rent until I'm piddling in a bedpan, so be it. At least my biggest financial fuckup will have been $12K-$14K in credit card debt, not a foreclosure on a house.

    No sympathy for anyone who used new math to convince themselves they could afford a house. None.
     
  11. poindexter

    poindexter Well-Known Member

    I don't get what you are saying.

    The banks won't be making "crazy" loans.

    Housing prices will continue to go down *until* a significant portion of the population can afford a house at 20% down and the mortgage payment at a 30 year fixed.
     
  12. Tom Petty

    Tom Petty Guest

    poin - somebody has to pay on those notes. things will not stay tight for long.
     
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