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boatsntoys
11-07-2007, 08:51 AM
:mad: Saw people moving out a few houses down. Had the house listed for almost two years. Retired couple. They have a two year old appraisel for 1.2
He kept lowering the price, but always to about 50,000 over market. Now he just wanted to get out of dodge in his new motorhome. Took an offer of 710,000. Gonna screw all of us on our home values:mad:

Magic34
11-07-2007, 08:53 AM
:mad: Saw people moving out a few houses down. Had the house listed for almost two years. Retired couple. They have a two year old appraisel for 1.2
He kept lowering the price, but always to about 50,000 over market. Now he just wanted to get out of dodge in his new motorhome. Took an offer of 710,000. Gonna screw all of us on our home values:mad:
It only lasts 6 months.

Jbb
11-07-2007, 08:54 AM
Looks like its time for the housing market values in Kalifornia...to get more in line with reality.....and the rest of the Country.......The party.....is over...:p

yopengo
11-07-2007, 08:56 AM
:mad: Saw people moving out a few houses down. Had the house listed for almost two years. Retired couple. They have a two year old appraisel for 1.2
He kept lowering the price, but always to about 50,000 over market. Now he just wanted to get out of dodge in his new motorhome. Took an offer of 710,000. Gonna screw all of us on our home values:mad:
Sorry but GOOD. Im watching one that started at 1.6 ....now at 1.3 ....IF I could get it for 8 ~ 9 I would be one happy camper. :D

Havasu1986
11-07-2007, 08:56 AM
:mad: Saw people moving out a few houses down. Had the house listed for almost two years. Retired couple. They have a two year old appraisel for 1.2
He kept lowering the price, but always to about 50,000 over market. Now he just wanted to get out of dodge in his new motorhome. Took an offer of 710,000. Gonna screw all of us on our home values:mad:
Well at least its on your side of the freeway. :D

Mrs. Bordsmnj
11-07-2007, 08:57 AM
Just hold out awhile. They values will go back up eventually. :)

boatsntoys
11-07-2007, 09:05 AM
I have this nightly dream , that I sold my house 2 years ago. Then bought it back from the buyer for only the equity I had at that time. SHIT! then the alarm goes off and I'm back to my 3800.00 payment. Gonna start sleeping 10 hrs. a night instead of 7!

boatsntoys
11-07-2007, 09:08 AM
I was gonna be a real estate TYCOON!
But turned into a real estate BAFFOON!

Jyruiz
11-07-2007, 09:31 AM
And it is only going to get worse.

thumbs
11-07-2007, 09:46 AM
:mad: Saw people moving out a few houses down. Had the house listed for almost two years. Retired couple. They have a two year old appraisel for 1.2
He kept lowering the price, but always to about 50,000 over market. Now he just wanted to get out of dodge in his new motorhome. Took an offer of 710,000. Gonna screw all of us on our home values:mad:
Unless you plan on selling your home anytime soon it does not matter. If you do then that sucks.

2Driver
11-07-2007, 09:57 AM
Funny, just 24 months ago this was all about no end in sight and postings of new boats coming out of molds. What difference 2 years make.

uLtRADeNniS
11-07-2007, 10:03 AM
Unless you plan on selling your home anytime soon it does not matter. If you do then that sucks.
Yep!
That only effects the people that are gonna sell in your neighborhood in the next few years.
But think about it...If you do sell your home and buy something new...You'll get a great deal on something else...catch 22. You wont be losing like the news channels and papers keep saying.
Now if your LTV is high..and you plan on moving in the next few years..SELL NOW AND GET SOMETHING ELSE! lol
Sorry but GOOD. Im watching one that started at 1.6 ....now at 1.3 ....IF I could get it for 8 ~ 9 I would be one happy camper. :D
Now what if rates go up? Your talking about a $500k price reduction...now if rates go up due to the prices dropping that far... do you think you payment would be the same or higher? Now if your are buying cash..then yes it would be the shiat! Are you? Remember when rates were 18%??

XFactor
11-07-2007, 10:04 AM
Looks like its time for the housing market values in Kalifornia...to get more in line with reality.....and the rest of the Country.......The party.....is over...:p
Housing in CA will NEVER be inline with the rest of the counrty. There will always be greater demand in CA than others states. FACT!!

Jbb
11-07-2007, 10:11 AM
Housing in CA will NEVER be inline with the rest of the counrty. There will always be greater demand in CA than others states. FACT!!
...........Even when its under water...?

C-2
11-07-2007, 10:15 AM
Funny, just 24 months ago this was all about no end in sight and postings of new boats coming out of molds. What difference 2 years make.
Yup
We are constantly reminded how all of us ‘outside” the industry don’t know shiat.
But not knowing shiat and relying on the representations of the mortgage and realtor peeps who *knew * their shiat has left a lot of us high and dry.
“Hey, we didn’t force them to sign the loan.”, or “They didn’t have to buy/sell”.
Kinda funny how that works, ehh?
In typical HB fashion, I will be waiting for all the HB peeps to come on and say how they never ill-advised any of their clients. Nope, not one of them.
This should get a rise out of a few peeps.:eek: :cry: :eek:

XFactor
11-07-2007, 10:19 AM
...........Even when its under water...?
When the big earthquake happens and CA finally breaks away from the rest on the cont US, values will go up. More beachfront property. :D

HocusPocus
11-07-2007, 10:26 AM
When the big earthquake happens and CA finally breaks away from the rest on the cont US, values will go up. More beachfront property. :D
if it breaks along the san andreas fault line then i will be alot closer to the ocean. :D

DeltaSigBoater
11-07-2007, 10:27 AM
When the big earthquake happens and CA finally breaks away from the rest on the cont US, values will go up. More beachfront property. :D
We're gonna go chill with Hawaii :D Alaska can come too :idea: (http://www.endofworld.net/)

LhcBrad
11-07-2007, 10:27 AM
I bet the neighbors next to this house are not happy. These were $325,000 when new now starting bid at $50,000 just a short 2 years later. This is Merced
Im guessing the house bids up to $150,000 its not in bad shape.

uLtRADeNniS
11-07-2007, 10:42 AM
Yup
We are constantly reminded how all of us ‘outside” the industry don’t know shiat.
But not knowing shiat and relying on the representations of the mortgage and realtor peeps who *knew * their shiat has left a lot of us high and dry.
“Hey, we didn’t force them to sign the loan.”, or “They didn’t have to buy/sell”.
Kinda funny how that works, ehh?
In typical HB fashion, I will be waiting for all the HB peeps to come on and say how they never ill-advised any of their clients. Nope, not one of them.
This should get a rise out of a few peeps.:eek: :cry: :eek:
Im not a Mortgage Lender.. although I do know the scenario. Most people will call up a lender and tell them what they want. And in the past few year, with all these different programs.. lenders where able to deliver. Most people will not sit down with a lender and actually be willing to sit down and figure out what strategy would be the best thing for them. Whether it be a different program, price range, or waiting longer till they can ACTUALLY afford what they are buying.
So you cant really put alot of blame on the lenders..sure alot of them were unexperienced and didn't know what they are doing and charged alot of fees to up their sales commission. Now again, that would be the consumers fault IMO. Wouldn't you do a little research on someone or a company before you sign loan documents, or let alone sit down with them and fill out a credit application. Think about it..If you were having a pool put in..wouldn't you find out a little info about ABC Pool Co before you wrote them a check? Look at how many questions alot of ask about different boat builders when on the market. Is funny that people will spend more time into buying a boat or planning a vacation, but strongly overlook a mortgage.
IMO...people don't loose their homes because of the program they were put in. They loose it because they cant make the payment. Period! Common sense people..Don't buy a home in rising market, then use your home as a modern day ATM machine do buy boats and cars, vacations or whatever. Then people want to go back and blame the lender when its all part of their lack of a financial education. It gets me that we live in such a weathly country but have no real financial education in public schools...But thats for another day or another thread. I don't understand that people like to buy homes when the market is high...then sell when its low?!?! Smart investors buy low and sell high..IMO.
Just my .02

Jbb
11-07-2007, 10:56 AM
When the big earthquake happens and CA finally breaks away from the rest on the cont US, values will go up. More beachfront property. :D
Noted!
:D

Boatcop
11-07-2007, 11:05 AM
...........Even when its under water...?
Hell. You'd pay those kind of prices just to have any water all.

Jbb
11-07-2007, 11:07 AM
Hell. You'd pay those kind of prices just to have any water all.
Indeed!....:jawdrop:...The upside is...Im gonna make a killing selling waterless car wash....cause you cant wash your car...and the car washes will soon close!...
silver lining...

Boatcop
11-07-2007, 11:18 AM
Indeed!....:jawdrop:...The upside is...Im gonna make a killing selling waterless car wash....cause you cant wash your car...and the car washes will soon close!...
silver lining...
Yep. When life give you lemons...................
Say "What the fock is this $hit? I didn't ask for any god damn lemons! Take your focking lemons and shove them up your focking arse." :mad:
err.... I mean make lemonade.
Sorry.
:D

Jbb
11-07-2007, 11:24 AM
Yep. When life give you lemons...................
Say "What the fock is this $hit? I didn't ask for any god damn lemons! Take your focking lemons and shove them up your focking arse." :mad:
err.... I mean make lemonade.
Sorry.
:D
There will be no lemonade!...Lemonade is a frivilous waste of life sustaining water...:jawdrop:

hoolign
11-07-2007, 11:42 AM
I have this nightly dream , that I sold my house 2 years ago. Then bought it back from the buyer for only the equity I had at that time. SHIT! then the alarm goes off and I'm back to my 3800.00 payment. Gonna start sleeping 10 hrs. a night instead of 7!
3800 dollar mortgage payment HOLY CRAP MAN! I don't know how you do it?? I'm choked at myself for not putting more down and getting my payment to the 1200 mark! I'm at 1800 for a 800 k house :jawdrop: :jawdrop:

Cole Trickle
11-07-2007, 11:44 AM
3800 dollar mortgage payment HOLY CRAP MAN! I don't know how you do it?? I'm choked at myself for not putting more down and getting my payment to the 1200 mark! I'm at 1800 for a 800 k house :jawdrop: :jawdrop:
You either put a ton down or your screwed in about 2 years:D:D:eek: :mad:

Boatcop
11-07-2007, 11:48 AM
There will be no lemonade!...Lemonade is a frivilous waste of life sustaining water...:jawdrop:
But at least you'll have a $hitload of pecans.
Drought Helping Ga. Pecan Crop
The Associated Press
ALBANY, Ga. - The record drought gripping the Southeast isn't all bad news: It's meant nearly perfect weather for growing pecans in Georgia.
The state is on pace to be the nation's top pecan producer this year, with shellers predicting more than 125 million pounds harvested, said pecan horticulturist Lenny Wells of the University of Georgia's agriculture extension.
Georgia was the nation's third-leading pecan producer last year. The nation's two other top producers , New Mexico and Texas , are not expected to grow nearly as much, Wells said.
New Mexico's crop is predicted to be about 80 million pounds, and Texas is expected to harvest 73 million pounds, Wells said.
Texas has had heavy rains this year, which encourage disease in pecan crops, Wells said.
This year, Georgia had a spring freeze that destroyed a few orchards close to Augusta, but the drought , combined with irrigated orchards and some August and September rains , have been kind to the pecan crop.
The nation produced nearly 189 million pounds of pecans in 2006 in the Pecan Belt , a 15-state growing region located in the southeastern and southwestern United States. The pecan harvest is expected to begin in late November and will last about six weeks.

SOCALDETAIL1
11-07-2007, 12:48 PM
Funny, just 24 months ago this was all about no end in sight and postings of new boats coming out of molds. What difference 2 years make.
YUP. Most of what I detail now is because people just are not buying new or their selling their stuff.

boatsntoys
11-07-2007, 12:50 PM
3800 dollar mortgage payment HOLY CRAP MAN! I don't know how you do it?? I'm choked at myself for not putting more down and getting my payment to the 1200 mark! I'm at 1800 for a 800 k house :jawdrop: :jawdrop:
450,000 5.9% 20 years. add the taxes and insurance and there I am at 3800 and change. Really sucks! When 'I sold my house 4 years ago I should have paid cash for a smaller house...............BUT NOOOOOO.............I had to be the big baller. Now my actual cash down payment equity is starting to get eaten at. Wasn't bad when it was just the increase in value equity. IF this contiinues, I'll be calling the bank about a short sale:(
With my neighbor selling his house so cheap, reality is starting to hit home.
At 710 he probably only netted about 650 ??
I paid 745 for my house 4 years ago, was supposed to have been a good deal then.

DogMan
11-07-2007, 01:04 PM
For the most part, it's a lousy time to sell...."and" a lousy time to buy...its called a correction, and there is more to come in the next couple of years. :jawdrop:

BoatPI
11-07-2007, 02:08 PM
Read an article in the past few days that said the only properties hold decent are along the O.C. coastline.

Rexone
11-07-2007, 02:32 PM
:mad: Saw people moving out a few houses down. Had the house listed for almost two years. Retired couple. They have a two year old appraisel for 1.2
He kept lowering the price, but always to about 50,000 over market. Now he just wanted to get out of dodge in his new motorhome. Took an offer of 710,000. Gonna screw all of us on our home values:mad:
Got news for you. No one got screwed. Reality was just re-discovered. The only one that might have screwed you is someone who brainwashed you and your neighbors into thinking your inflated home prices represented real value or reality. My guess is everyone who bought homes there that are now worth $710000 paid much less than that say 15 years ago. High inflated numbers are not real value (unless you cash out and don't buy another house at the time and choose to live in a trailer). Anyone who believed that the high inflated numbers were real value was just naive. This probably includes a good portion of the mortgage industry newbies which are now out of work.
I remember less than 2 years ago reading threads here defended staunchly by RE people that values would continue to rise and if anything a slight flattening period might ensue before the rise to the stars continued. Substanial correction.. no way, too much demand for housing in CA they said. Same thing was said about Havasu. I drove through Havasu the other day and saw dozens and dozens of homes with signs on them that I'm sure are not even close to 2 years agos inflated values, and still not selling.
History repeats regardless of how rosy things look. And the rosier it looks the harder the correction. Always has been this way. RE value will increase again (LONG TERM). It will turn and increase at a realistic level for awhile and then have a huge run up prior to the next correction. Could be 10-20 year cycle but it will happen.

bchbum
11-07-2007, 05:38 PM
If the market will stay down for 7-8 more years I'll have my house paid off & can buy a lake house . I look at these big over the top homes & think how their kids will never want to move out . Mines small so it won't be a big deal for them to go .

2Driver
11-07-2007, 05:55 PM
Arizona auctions off parcels of land around town for developers to buy. Last year was a record year for selling off state land as developers bided for prime parcels.
Last week another prime parcel by Desert Ridge went up for live auction by the State. Not a single person was there to bid. Not one. :eek:

TRIMMIN
11-07-2007, 06:46 PM
Same thing here in Vegas. BLM had their sale last week for 15 pieces. Sold one and was over in 20 mins. Three years ago you couldn't get near the building. The Gooberment still thinks it's 2004. They need to wake up too.

totenhosen
11-07-2007, 08:39 PM
Where is Gary Watts and his 15% appreciation is in the bag?