Originally Posted By jonvn "Get over it folks, the party is over and won't be back for many, many years." What is likely going to happen is that the bottom will drop out of the condo world, yet again. And those folks who thought they were getting some sort of great deal will have learned the hard way why you should NEVER buy a condo or townhome.
Originally Posted By jonvn Oh, and a website you may all find itneresting: <a href="http://www.zillow.com" target="_blank">http://www.zillow.com</a> Home prices and trends for your area. Enter your address, see what it's figured to be worth.
Originally Posted By fkurucz <<What is likely going to happen is that the bottom will drop out of the condo world, yet again. >> I think that knife has been in freefall for some time alredy.
Originally Posted By fkurucz <<Oh, and a website you may all find itneresting: <a href="http://www.zillow.com" target="_blank">http://www.zillow.com</a> Home prices and trends for your area. Enter your address, see what it's figured to be worth.>> YMMV. Houses in my neck of the woods are selling for about 10-20% less than what zillow says they are worth. And we didn't get the hyper-apreciaition here either. Yet I am seeing houses here (in Colorado) selling at 2002 prices. Good thing real estate prices always goes up (TM)!
Originally Posted By Mr X Interestingly enough, the mortgage industry is lobbying hard to make zillow illegal. Gee...I wonder why?
Originally Posted By vbdad55 well for one - you can scour an area you want to live in and find FSBO's - and the real estate industry doesn't want to give up that 6% kiling they make for doing very little most of the time - I have bought and sold my last 2 homes without a realtor - get a real estate attorney to close for you - save $25K -
Originally Posted By fkurucz I saw this on another blog. It tickeled my funny bone: "This one is in honor of the new quarter. (Remember the phrase “jingle mailâ€, for mailing the keys to your underwater house back to the bank?) Christmas 2007 (tune of Jingle Bells) ——————————————- Dashing to the store There’s a poor guy in my way Nailed him with my door Don’t tip the valet Buy the plasma now Soon I’ll have that yacht Jacuzzi party on the bow But guess what I forgot Oh, jingle mail, jingle mail Fling it all away Oh what fun it was to ride The bubble of the day, hey! Jingle mail, jingle mail Wife left me today Now I’ll move to South Central And say “I’m in L.A.â€
Originally Posted By Mr X >>I have bought and sold my last 2 homes without a realtor - get a real estate attorney to close for you - save $25K -<< That's great advice. FSBO's? What's that?
Originally Posted By debtee When we came to USA for a trip in 2003 we were getting US 52 cents for each of our aussie dollars. It sucked! I just changed up some money yesterday into US$ and got US 80 cents for every one of my dollars! It's expected to go higher by Christmas! This shows me the US economy is not as strong as it was a few years back!
Originally Posted By SuperDry <<< This shows me the US economy is not as strong as it was a few years back! >>> You must not get the "Things are going just great!" cable news channel down there, although it is owned by one of your own.
Originally Posted By fkurucz <<< This shows me the US economy is not as strong as it was a few years back! >>> I guess that's what happens when you an $800,000,000,000 annual trade deficit.
Originally Posted By Mr X **You must not get the "Things are going just great!" cable news channel** Also known as the pschizophrenia network. "THEY KNOW NOTHING! THEY KNOW NOTHING! IT'S ARMAGEDDON OUT THERE!"
Originally Posted By fkurucz from cnn.money.com: "Deliquencies hit 5.12 percent of all outstanding mortgages, up from 4.39 percent a year ago, the Mortgage Bankers Association (MBA) said in a quarterly survey." 1 out of 20 mortgages is delinquent. I expect most of them to foreclose and I expect the percentage to rise.
Originally Posted By SuperDry And with many ARMs giving the teaser rate for 2-3 years, there will be a steady supply of newly-delinquent loans over the next couple of years. It will certainly be an interesting time for the housing market.
Originally Posted By Mr X Jobs number came in way hot on Friday...market tanked. It's a REAL challange to pay for that ARM reset when you don't have any income! Yikes. SD, re BB, sure about this?
Originally Posted By vbdad55 The jobs continue to stream 'off shore' mainly ignored by the press -- but when 7M are already gone, and the flow continues - there is going to be a crisis in that even when people find jobs replacing the white collar ones that are leaving, they are lower paying services jobs - again not one candidate except Kucinich covers this topic at all -- all in the big corps pockets
Originally Posted By Mr X Huckabee has commented on the situation. He's a guy to keep an eye on (and I'm usually on the Democrat side...BUT...). The off shore deal is bad enough (thanks VB for bringing up THAT also valid point!), but coupled with the current situation it could mean BIG trouble in the markets and for the economy looking forward (Countrywide looking at firing a full 20% of their workforce! That's a huge WOW! That's late breaking, Friday news, so it had NOTHING to do with the numbers as reported in the morning. Look for a run on the bank (again) come monday morning).
Originally Posted By Mr X I would love to hear from Dougdubya at this point. Bush has hung his hat on "economic stability" as a buffer for his utter failures as a "world leader". Now, the economy might just go into the trash thanks to him. If it did...I'd say that's a fitting capstone on this most horrible presidency. If it didn't...it will in a year or two, and it will still be his fault (republican deflection techniques notwithstanding).
