Real Estate Crash thread

[Rideski]

Thanks guys. They say it's because there was an escrow analysis, but they don't have the results of it yet. So I'm just supposed to pay the higher amount and they will fix it later. Right. It would be an increase of $665 a year, I don't think my taxes or ins went up that much. Oh well, I have a refi in the works with my credit union now.

[schuss]

Thanks guys. They say it's because there was an escrow analysis, but they don't have the results of it yet. So I'm just supposed to pay the higher amount and they will fix it later. Right. It would be an increase of $665 a year, I don't think my taxes or ins went up that much. Oh well, I have a refi in the works with my credit union now.

Eh, check your insurance. I had mine go up by like $800, then I called them and they dropped it $700.

[H0G]

Well my deal got blown to hell. Asshole buyers couldn't get the loan because they "forgot" about having to pay child support. That killed their ratio.

So....that basically kills our home purchase unless I can pull off another miracle and sell it by this Sunday. Fingers crossed...

[liv2ski]

Well my deal got blown to hell. Asshole buyers couldn't get the loan because they "forgot" about having to pay child support. That killed their ratio.

They didn't forget, they just don't pay it, so didn't bring it up
GLWTS.

[Benny Profane]

OK, this one just killed me. This fucker and his wife think that they are entitled to a million dollar loan for a one bedroom apartment because he was in the Navy a few years. Jezuz krist. This will never end.


http://www.nytimes.com/2013/06/11/ny...ref=realestate

"I'm so sick of people saying "We support our troops" - Show me you support our troops!"


What an asshole. Thing is, they bought another home before this. Where's the equity from that?

[liv2ski]

^^^^Well the guy needs to pay attention. Like the article states, "And while there are many thousands of apartment buildings in the city, only 30 condominiums are approved for participation in the program. In Manhattan there are two".

You just can not get a VA/FHA loan on any condo project. It must have been previously reviewed by the agency and approved. Did the dipshat ask the project if they were going to jump through all the hoops to get the project approved? No, then STFU.
Some people are just fucking stupid.

[Benny Profane]

The condo and especially co-op market has always been especially hard to finance, even back to the early nineties, when people were giving away small apartments. You know that problem when you neighbor forecloses? Imagine half of a condo building walking away.

[Hugh Conway]

OK, this one just killed me. This fucker and his wife think that they are entitled to a million dollar loan for a one bedroom apartment because he was in the Navy a few years. Jezuz krist. This will never end.


http://www.nytimes.com/2013/06/11/ny...ref=realestate

"I'm so sick of people saying "We support our troops" - Show me you support our troops!"


What an asshole. Thing is, they bought another home before this. Where's the equity from that?

They knew a reporter at the times well enough to get an article printed up over their bullshit sob story. How's that any different than any of the other garbage in the Times these days?

[iceman]

http://www.nytimes.com/2013/06/11/ny...ref=realestate

Monica's kinda hot.

[Benny Profane]

Monica's kinda hot.

Sounds like a needy bitch, though.

[schuss]

Not to mention he's a finance guy who wants someone else to foot the down payment while he has the ability to walk away. What a dick.

[skier666]

I'm totally scratching my head on that article and why it even was written.

[RootSkier]

Here's one that is only tangentially related to this thread but fascinating nonetheless:

http://wallstreetonparade.com/2013/0...-secret-deals/

[iceman]

I'm totally scratching my head on that article and why it even was written.

I think it's because Monica's hot and Joe looks like Michael Douglas in "Falling Down".

[liv2ski]

Here's one that is only tangentially related to this thread but fascinating nonetheless:

http://wallstreetonparade.com/2013/0...-secret-deals/

Un Fucking Believable

Monica's kinda hot.

Uuugh, big hands

[cramer]

Here's one that is only tangentially related to this thread but fascinating nonetheless:

http://wallstreetonparade.com/2013/0...-secret-deals/

wow is all i can say.

[Mazderati]

Uuugh, big hands

Small dick? Vibes.

[liv2ski]

Had to think about that for a moment, good come back from a woman with big hands. But what was your point?

[liv2ski]

Here's your housing recovery:

http://research.stlouisfed.org/fredgraph.png?g=7iv

1960s sales levels with 50 million more people and mortgages a fraction of what they were then.

[Mazderati]

I wonder if a graph of all home sales tells a different story, with many once empty properties being picked up within the last few months. Tried to find a chart of existing home sales that stretches from the '80s to the first quarter of 2013 but didn't have any luck.

[H0G]

Supply has increased about 15-20% or so here in Denver, so the craze has slightly cooled. There are still some hot pockets.

We got 2 new offers on our home and still might be able to salvage our HUD purchase!

[4matic]

Appraisal on my short sale flip came in at $378k. Offer was for $400k or $5k over appraisal so final price $383k. I'm convinced the Appraiser went with the minimum price to bring the deal in. In retrospect I could have done a little better with the information I have now and had I been a little more patient with the offers. Rookie mistakes.

Net profit will come in around $115k so can't complain.

[mud]

I wonder if a graph of all home sales tells a different story, with many once empty properties being picked up within the last few months. Tried to find a chart of existing home sales that stretches from the '80s to the first quarter of 2013 but didn't have any luck.

not an exact chart but you can piece it together.

[icelanticskier]

Appraisal on my short sale flip came in at $378k. Offer was for $400k or $5k over appraisal so final price $383k. I'm convinced the Appraiser went with the minimum price to bring the deal in. In retrospect I could have done a little better with the information I have now and had I been a little more patient with the offers. Rookie mistakes.

Net profit will come in around $115k so can't complain.

congrats. i wouldn't be complaining either.

rog

[liv2ski]

I wonder if a graph of all home sales tells a different story, with many once empty properties being picked up within the last few months. Tried to find a chart of existing home sales that stretches from the '80s to the first quarter of 2013 but didn't have any luck.

Regardless, the story here is declining wages + lack of job growth = fucked long term housing market. The SFR builders know this and are being cautious in their approach so far. There are still lots of deals to be had for people with a long term ownership window, just not in San Diego.