For those who own houses

[TLALOC]

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Yea unfortunatley me n my wife couldnt do that cuz she previously owned a house....Her credit score is way higher than mine, so we opted to put her down as primary on the house. :angry:

I told her to wait but with our 4th kid in the making we couldnt really live in a 2 bedroom apt for much longer, i wish we would of waited tho b/c of the current conditions!

 

[ColdBlooded]

http://www.hud.gov/

Local Homebuying Programs

In addition to HUD's mortgage insurance programs, there may be programs sponsored by your state or local government or other organizations. Select the state that interests you:

http://www.hud.gov/buying/localbuying.cfm

 

[I. Cold]

2010 till it turns around is my conservative estimate

it wont take that long. no way.

 

[El Duende]

Nehemiah (government program) does it based on debt to income, not credit. If your income is high enough you can buy it on your own and add her name 2 years down the line.

 

[RAVAGE]

dude, ive been looking for ahwhile and Im going to go with either ah HUD home or ah Bank Repo Home you can get Houses for hella cheap. When I buy ah home its going to be easy for me cuz I have good credit and got hella cash for ah down payment, Im probly goig to pay 3/4 of the house or 2/3 so I can include the taxes and all that other shit into my monthly payment. My range is ah house for $100,000 to $250,000. I just gatta have 4 or 5 beds and 2-3 baths. I wouoldnt buy brand new. I dont see any good of that price wise.

 

[ColdBlooded]

it wont take that long. no way.

You're right Jim Cramer.

 

[I. Cold]

You're right Jim Cramer.

Ahh.. I forgot, the all knowing Mr Rictus is the only one allowed to make predictions. I should have known you know everything about everything, including events in the future. How bout you take a look at housing history and find a dought that has lasted as long as what you're predicting.

Maybe if you spend half as much time doing a little bit of research as you do patronizing people on this board, you wouldnt look like the pompous piece of shit that you do.

 

[PoLLo LoC831]

so pretty much its like getting a car you need a Good score for the low apr!

 

[RevoL]

lol at dood thinking the housing market is going to come back before 2010. thats only 2 years from now, and we still have another 2yr wave of foreclosures coming. if ur thinking that we're at the bottom point and this is lowest prices will fall you're in for a big loss especially in places where it boomed like cali and florida. more foreclosures = lower prices and once all those shitty loans are foreclosed on, all that inventory of homes still needs to be bought up to balance out the market before prices start to go up again. this shit aint gonna happen overnight.

and if you're hoping for another boom like the one we've seen where people were makin a couple hundred racks in 2-3 years it aint gonna happen. the only reason the market boomed like that to begin with was because people who really couldn't afford homes were buying them thru all the "creative financing" no money down, stated income stated assets loans they were basically handing out to anyone with a social. this created a sellers market that really shouldn't have been. say good bye to those loans, only people with money or good credit can buy now. real estate is a long term investment.

 

[RevoL]

you want to make some money in real estate right now, go buy a couple 3-4plex and rent em out. home prices are down, rent is high, perfect time.

 

[I. Cold]

lol at dood thinking the housing market is going to come back before 2010. thats only 2 years from now, and we still have another 2yr wave of foreclosures coming. if ur thinking that we're at the bottom point and this is lowest prices will fall you're in for a big loss especially in places where it boomed like cali and florida. more foreclosures = lower prices and once all those shitty loans are foreclosed on, all that inventory of homes still needs to be bought up to balance out the market before prices start to go up again. this shit aint gonna happen overnight.

and if you're hoping for another boom like the one we've seen where people were makin a couple hundred racks in 2-3 years it aint gonna happen. the only reason the market boomed like that to begin with was because people who really couldn't afford homes were buying them thru all the "creative financing" no money down, stated income stated assets loans they were basically handing out to anyone with a social. this created a sellers market that really shouldn't have been. say good bye to those loans, only people with money or good credit can buy now. real estate is a long term investment.

at least this guy provided an explanation..

but you're over analyzing it. its not rocket science. right now, home prices are down 20% (here in AZ) than what they were a couple years ago. Lower prices = more buyers. You dont think there arent creative financing plans right now? especially with how difficult of a time home builders are having trying to get people to buy homes? cmon now... I dunno where this "only people with good credit can buy now" shit is coming from cuz I see advertisements all the time trying to lure first time buyers using the same strategies. Nothings really changed. here in az, in the west valley, there were so many contractors building homes up the ass and now they dont got enough people buying.. so they're practically giving them away to people, as you put, who merely have a social security number.

its just a matter of people gaining confidence in the market and investing in real estate. If you dont think that will happen to 2010, thats your opinion. But there has never been a drought that's occurred thats this significant for this long.

 

[I. Cold]

And that's why I'm eager to buy as soon as I can because I'm afraid if I wait too long, the market will rebound and it will no longer be a buyers market.

 

[PsyDaL]

you want to make some money in real estate right now, go buy a couple 3-4plex and rent em out. home prices are down, rent is high, perfect time.

shhhhhhh a magician never reveals his secrets lol. For reals tho im coppin a duplex off my sister who trying to put her daughter into college and dont wanna deal with it no more....

 

[RuthlessRap.com]

lol at dood thinking the housing market is going to come back before 2010. thats only 2 years from now, and we still have another 2yr wave of foreclosures coming. if ur thinking that we're at the bottom point and this is lowest prices will fall you're in for a big loss especially in places where it boomed like cali and florida. more foreclosures = lower prices and once all those shitty loans are foreclosed on, all that inventory of homes still needs to be bought up to balance out the market before prices start to go up again. this shit aint gonna happen overnight.

and if you're hoping for another boom like the one we've seen where people were makin a couple hundred racks in 2-3 years it aint gonna happen. the only reason the market boomed like that to begin with was because people who really couldn't afford homes were buying them thru all the "creative financing" no money down, stated income stated assets loans they were basically handing out to anyone with a social. this created a sellers market that really shouldn't have been. say good bye to those loans, only people with money or good credit can buy now. real estate is a long term investment.

Yup, we're talking a minimum of 4-5 years for the market to STABILIZE. For places like the Central Valley your talking probably 10 years or more until they hit the values they were at in 2006. There won't be any flipping of houses for at least a few years.

There is a record number of homes in default right now, which means more bank-owned houses in the next few years. And the new legislation isn't going to help most people, because it requires you to prove that you DIDN'T lie about your income when you got your loan. That was purposely put in there to hurt the browns and blacks even more. It is also going to get rid of Nehemiah, the down payment assistance program. It's going to be rough for a few years.

 

[RevoL]

not really over analyzing it, it is what it is. there's nothing we can do to stop the next wave of foreclosures. people will be hesitant to purchase a home in an area where there are 2-3 foreclosures popping every month. how can you have confidence in the market if the homes coming on the market are lowering the value of the neighborhood. what's going to cause buyers to start pulling the trigger again? a no money or 3% down FHA loan? i doubt it. if you bought a home today, for 300K, and next month 2 foreclosures comparable to yours come on the market for 280K, and sit for 6 months and finally sell for 220K and 205K, you think your property is still worth 300K? this is happening every day and will continue to happen until all those loans are foreclosed on or the gov't does something about it. you say that there has never been a drought that's occurred this significant for this long, well we also haven't seen a drop in prices this great since the depression. just because real estate is a cycle doesn't mean it cycles the same time every time.

 

[RuthlessRap.com]

at least this guy provided an explanation..

but you're over analyzing it. its not rocket science. right now, home prices are down 20% (here in AZ) than what they were a couple years ago. Lower prices = more buyers. You dont think there arent creative financing plans right now? especially with how difficult of a time home builders are having trying to get people to buy homes? cmon now... I dunno where this "only people with good credit can buy now" shit is coming from cuz I see advertisements all the time trying to lure first time buyers using the same strategies. Nothings really changed. here in az, in the west valley, there were so many contractors building homes up the ass and now they dont got enough people buying.. so they're practically giving them away to people, as you put, who merely have a social security number.

its just a matter of people gaining confidence in the market and investing in real estate. If you dont think that will happen to 2010, thats your opinion. But there has never been a drought that's occurred thats this significant for this long.

Loans are 10 times harder to get now than they were in 2006. Stated income loans (where you don't have to prove what you make) are almost gone.I bought a house in March. They told me I would need 5% to get in the house. My credit's not the best, but it's not the worst either. I have a decent amount of money I report on taxes. When we were already in the process they raised the down payment amount to 10% and then to 20%, so I had to borrow money to put a down payment on my house. In 2006 I could've bought 5 homes at 5% down with almost no questions asked.

It's not going to pick up any time soon unless the government makes a big change in the way they do loans and in the way they help out the people that are losing their homes.

 

[RuthlessRap.com]

they signed a 3 month deal w/ agent... dudes mom just died, he wants to get it off asap.. trust me its worth it still.. its in the country , with property. cant lose value specially when i remodel that shit.. if u bought ur house like 6 yrs ago u in good shape with value, its the cats that bought houses in the past 3 yrs thats lost money.. so if i buy now when its at its lowest peak its only gonna go up!!!

im cashing out all my stocks to buy a house cause i lost soo much money in the stocks cuzz they r hella low.... imm buy a house with that $$$ and sell it in 4-5 yrs get my money back i lost in the market fatser with property then stocks, according to my financial advisor

I'm not trying to tell you what to do or anything like that, but if the house is put on the market at a certain price, and doesn't sell within the first few weeks, that means it's not worth that much anymore. And it's only depreciating in value right now. I can promise you that in 4-5 years the house will probably be worth a little more than what you paid for it right now.

 

[RevoL]

And that's why I'm eager to buy as soon as I can because I'm afraid if I wait too long, the market will rebound and it will no longer be a buyers market.

believe me you're not going to miss it, it won't happen overnight. the days of homes selling with 15 offers from 1 open house are gone.

 

[Dz Nutts Radio]

I'm not trying to tell you what to do or anything like that, but if the house is put on the market at a certain price, and doesn't sell within the first few weeks, that means it's not worth that much anymore. And it's only depreciating in value right now. I can promise you that in 4-5 years the house will probably be worth a little more than what you paid for it right now.

its on the market for 400, he gonna let it go to me for 350. if ur sittin on 1/4 acre it will not deprciate, unless u live in some piece of shit ass town. the market IS going to go back up.
ill let u know when i got 100,000 profit in a couple yrs from now..
havent u seen flip that house..

 

[RuthlessRap.com]

its on the market for 400, he gonna let it go to me for 350. if ur sittin on 1/4 acre it will not deprciate, unless u live in some piece of shit ass town. the market IS going to go back up.
ill let u know when i got 100,000 profit in a couple yrs from now..
havent u seen flip that house..

haha, flip that house. That shit was on this morning when I was getting ready for work. I just bought a house on 1/3 of an acre for $135,000, but that's in Modesto. :ermm: I'm guessing you're buying in the bay, right?