The economy, is it good or bad. (Page 106/181)
aceman DEC 19, 08:03 AM
So, to sum it up, Steve. No, I'm not hurting.

Yes, this is still the effect of those dumb enough to get an ARM mortgage they couldn't afford. The rise in the foreclosures are with the ones that recently (past 5 years ) got financed into a mortgage that they knew deep down they couldn't afford when that interest rate jacked up on a house that was waaaaay overvalued to begin with. Someone would have to be nuts to buy my house for $235,000! Someone would probably be nuts for paying $210,000 for my house (Double in less than 10 years and I didn't put in more than $30,000 in improvements/renovations.) The market is correcting itself and that is killing the fools that bought the over-priced house hoping it would go up in value to flip it or figuring they'd be making more money to pay for that mortgage when it went up.

It's not like what you'd like to believe, Steve.............People with 10-20 years with their mortgage saying they can't afford their mortgage anymore and it defaults. That is a VERY MINUTE percentage of the foreclosures.
aceman DEC 19, 08:05 AM
Actually........It's not on the active market, Steve. I don't have it on the market right now as it isn't going to sell right now. I can finish up the remodelling in the basement, and I can list it March 1st as a new listing.

Would I have liked it sold this summer? Yes

Would I have liked it sold and closed on before December 31st? Yeah

Would "I" like it sold tomorrow? Yeah, but we don't want to pull the kids out of school and we don't want to be moving and buying a new house in the wintertime.

Am I concerned that it's more difficult to sell? Yes. Every month I have that house it's like losing money.

Am I losing sleep over it, having marital problems over it, etc? No.

[This message has been edited by aceman (edited 12-19-2007).]

84fiero123 DEC 19, 08:17 AM
Good luck, you are going to need it.

All those with the educations say this is not going to end anytime soon. Prices are going down, not good for anyone. No matter how long ago you bought.

------------------
Technology is great when it works,
and one big pain in the ass when it doesn't.
Detroit iron rules all the rest are just toys.

aceman DEC 19, 08:26 AM

quote
Originally posted by 84fiero123:


All those with the educations say this is not going to end anytime soon. Prices are going down, not good for anyone. No matter how long ago you bought.




I already stated that I'm going to get a reasonable return on my investment, Steve. Even if I sold for $160,000, I will make a 25% return on my investment. Even if I sell it for $130,000 I walk away with money in my pocket. So no matter how you look at it, I'm not in a desperate situation. I can rent it, keep it listed "forever", sell it below market value. Any way you look at it, I'm not hurting. I can hold out until the "not anytime soon" ends.
84fiero123 DEC 19, 08:34 AM
So this housing slump is not affecting everyone?

Sure sounds like it is affecting you ace.

Even if you can make a profit, in this market. You will be hard pressed to find a buyer for anything over what you paid for it.

Everyone is afraid to get burned. If the prices go down more after they buy they are not going to be happy.

If the prices go back up after you sell you are going to be pissed.

So this housing market is affecting all of us. If you are selling, buying, or just refinancing.

------------------
Technology is great when it works,
and one big pain in the ass when it doesn't.
Detroit iron rules all the rest are just toys.

Pyrthian DEC 19, 08:55 AM
the housing slump sucks. yes. terrible time to sell. great time to buy. but, guess what? normally, you buy & sell at nearly the same time anyways. so...if its a great time to sell, guess what? its a sucky time to buy. that end of it is silly to even talk about. do you want to get the most for your home, or do you want to get the most home for your $$$? right now is THE time to relocate - if thats in your cards. you will get the most home for your $$$. yes, you dont get much for your existing home - but - so what? it is relative to what you are buying, after all - AND - you get the low interest - AND - a low mortgage.
aceman DEC 19, 09:35 AM
Steve,
If I listed my house for $140,000 right now, I guarantee you that it would be sold in a couple of weeks.

I'd still be making a profit. My breakpoint is $125,000. The house 2 doors down (less sq footage and wood, not brick) went for $150,000 1 month after they listed it for $165,000. They wanted it dumped fast and didn't care about a profit (House paid off). I don't think I'll even ever break even on a house I've owned for 9 years.

I can hold the house, let my family live in Minneapolis and stay a geographical bachelor, if I wanted to. Or, I can sell for that $160,000 price to get rid of it quickly. Plus, I'm going from a market that the average house sells in my suburb for $175,000 to a market that the average house sells for $150,000. I'm not hurting Steve.
Phranc DEC 19, 10:15 AM
I bought at 108 10 years ago and am looking to sell at almost 300. Would that be hurting? At the peak I could have sold at just over 300. And thats for a condo. Is that 10k swing really a big deal?
Red88FF DEC 19, 11:20 AM

In his defense of my pointing out his hypocrisy of having a cow about Bush hammering out a deal for locked interest rates on the arm loans, he writes at the start of his post.


quote
Originally posted by 84fiero123:
But then the housing mess isn’t affecting anyone else but those who were stupid enough to get an ARM.



An ends his post with this beautiful 180 spin.


quote
Originally posted by 84fiero123:
This is affecting everyone, and not in a good way.



Why bother even responding to this kind of nonsense, I don't think even he understands his own argument.
aceman DEC 19, 11:55 AM
He doesn't understand his own argument. He's trying to take swipes at me. It's not working. Next he and Bill will come in and state:

That I'm making waaaay too much money

That I'm not "Middle-class, Average American"

That I see everything in rose colored glasses.

That there are people on fixed incomes not doing so well.