I Hope The Housing Market Crashes

[Brooklynbomber]

selling a home you love and your kids love so you can trade the real estate market is idiotic.

do that if you have investment homes sure, but your primary residence? fucking stupid

hey you know what's funny...I read this EXACT same advice in the June 13, 2005 issue of time magazine.....you know the one

2 years later that cover is widely (and correctly) regarded as the peak of the housing boom

I listed my home I lived in as well as two rentals the very next day after seeing that cover story and reading the bullshit advice and they sold within a week....each is down currently over 30%....my primary home down $175,000K from what I sold if for


So save us from your bullshit advice in the future. it was the Mother-Of-All-Bubbles

 

[Holysmoke+]

hey you know what's funny...I read this EXACT same advice in the June 13, 2005 issue of time magazine.....you know the one

2 years later that cover is widely (and correctly) regarded as the peak of the housing boom

I listed my home I lived in as well as two rentals the very next day after seeing that cover story and reading the bullshit advice and they sold within a week....each is down currently over 30%....my primary home down $175,000K from what I sold if for


So save us from your bullshit advice in the future. it was the Mother-Of-All-Bubbles

Ill tell you what, maybe you were a greedy little bastard, you piece of shit.

maybe you dont have a wife and kids who like their home you piece of shit

maybe you missed the point of my thread you piece of shit

now talk shit again, and I'll have your face in front of lazerwagers junk using that mouth of yours :happyass:

 

[Brooklynbomber]

Ill tell you what, maybe you were a greedy little bastard, you piece of shit.

maybe you dont have a wife and kids who like their home you piece of shit

maybe you missed the point of my thread you piece of shit

now talk shit again, and I'll have your face in front of lazerwagers junk using that mouth of yours :happyass:

:lolBIG:

looks like we struck a chord

I notice you're from S. Florida, you must've bought in 2005...never too late to dump that pos...or did the bank already take it?. keep listening to CNBC, they'll save ya.

KMA & SMD

 

[Holysmoke+]

well I own a house in s. florida. I owned several others in 04/05 but sold them all. I made a nice chunk of change. My home has dropped 180k in value. but I bought it at 167k in 04, it went to 389k in 05 and dropped down to 200k I guess now.

but my family wants to root in this home so who cares what the market does.

sorry for being an ass in my last post

If you read my threads from 04/05 you will find I was buying and selling homes here.

 

[Brooklynbomber]

no problem man

and yes I do have a kid, but truth be told if I hadn't disliked the neighborhood and schools I would have kept my primary house too

my main point is when everybody is screaming buy buy buy and it is on magazine covers that is when I am selling

gl

 

[Hitman26]

Tough break Holy from 05 till now. I think a lot of people around here would love it if all real estate dropped to 10% of its current value just so they could say "I told you so" even though it would cause the greatest depression that the U.S. has ever seen and throw 99% of the population into strict poverty. But they would still want their gold stars for saying "I told you so." Misery really does love company.

 

[djmatt]

this won't happen with democrats in charge.. we'll just borrow more and fix more... right???

I'm not sure of the data but they were just discussing a bailout plan for some ARMs... anyone got any more info on this??
I'm going to night school to get my appraisals license.. lol

 

[Whoson1st]

Haven't read but the last few posts on this topic, so maybe someone has allready talked about this. When it became fashionable to use your house as an ATM Machine buying ...whatever...problems were bound to occur at some point. Just my opinion.
All banks are greedy--money is all they have to SELL!

 

[WVU]

If homes are declining in value the why the fuck am I paying over 12k per year in taxes on my primary residence?

Property taxes are a real problem here in Florida. They are scrambling to get something done about it, but it looks like we are not going to see a very big reduction. It will be interesting to see how the county assesses the value of my properties. I have never seen one get assessed for less than it did the year before.

 

[WVU]

this won't happen with democrats in charge.. we'll just borrow more and fix more... right???

I'm not sure of the data but they were just discussing a bailout plan for some ARMs... anyone got any more info on this??
I'm going to night school to get my appraisals license.. lol

Interest rates have gone down recently. You should be able to get a 30 year fixed at 6.25% pretty easily right now. While those are not rock bottom interest rates, they are still way below historical rates.

 

[Holysmoke+]

If homes are declining in value the why the fuck am I paying over 12k per year in taxes on my primary residence?

Property taxes are a real problem here in Florida. They are scrambling to get something done about it, but it looks like we are not going to see a very big reduction. It will be interesting to see how the county assesses the value of my properties. I have never seen one get assessed for less than it did the year before.

you ain't kidding. I am getting hosed in taxes. But not as bad as you.

You must have a home worth around 600k? Mine is valued at 225k by the appraiser and I pay 4k in taxes with my homestead exemption I pay based on 200k value.

I used to live in TN and our first home was a 2 bedroom 2 bath when we first married and we paid 300 dollars a year in taxes

 

[cincy_]

Haven't read but the last few posts on this topic, so maybe someone has allready talked about this. When it became fashionable to use your house as an ATM Machine buying ...

I once heard a guy call it "contrived wealth".

People buy a house for $300,000 ... then the guy next door sells his for $400,000 ... so they think they have "made" $100,000

... so they go buy a new $30,000 car, spend $30,000 finishing their basement and think they still have $40,000 leftover.

... the problem is that they do NOT have that money until they sell it. The price is not what someone asks for it ... it's the amount at which the transaction takes place ... and when you figure for profit, you have to account for expenses.

The $400,000 house may have required $30,000 in upgrades and $25,000 for the broker/agent ... and the guy bought it because it was a corner lot ... but THE SAME GUY ISN'T GOING TO BUY YOUR HOUSE TOO ... this isn't like saying Billy got $3,000 for his trade-in, so I will get $4,000 for mine.

 

[Holysmoke+]

The sad thing was all the builders who raped people in 04/05.

I would get a call every month from KB Homes saying bad news we don't have your permit yet, good news is you made $10,000.00 this month. They made it sound like that check was in our account already.

They did this to everyone. They hyped this market up so high that a home that I bought new at 167k in 04 sold for 520k in 05 from the builder. How do you think those buyers feel now? They owe 520k on a home worth 199k.

There are sale signs all over this city. They are almost all short sales. I tell you if you want to live in South Florida now is the time. You can get a 4 bedroom 3 bath 2350 sq feet under air for 159,900 brand new. That home sold for 349k last year and was sliced in half by a short sale.

 

[WVU]

The sad thing was all the builders who raped people in 04/05.

I would get a call every month from KB Homes saying bad news we don't have your permit yet, good news is you made $10,000.00 this month. They made it sound like that check was in our account already.

They did this to everyone. They hyped this market up so high that a home that I bought new at 167k in 04 sold for 520k in 05 from the builder. How do you think those buyers feel now? They owe 520k on a home worth 199k.

There are sale signs all over this city. They are almost all short sales. I tell you if you want to live in South Florida now is the time. You can get a 4 bedroom 3 bath 2350 sq feet under air for 159,900 brand new. That home sold for 349k last year and was sliced in half by a short sale.

where is this home you speak of?

 

[Fishhead]

If homes are declining in value the why the fuck am I paying over 12k per year in taxes on my primary residence?

Property taxes are a real problem here in Florida. They are scrambling to get something done about it, but it looks like we are not going to see a very big reduction. It will be interesting to see how the county assesses the value of my properties. I have never seen one get assessed for less than it did the year before.

Welcome to paradise..........not.

 

[Fishhead]

As WOOF stated, things are not going to improve in 2008...........and will actually get worse in most parts of the country.

Looking to buy, but not until August of 2008............at the very earliest.

 

[Holysmoke+]

where is this home you speak of?

email me wvu

 

[Dawoofdaddy]

fishhead, since youve waited this long to buy, you may as well wait until the blood is literally in the streets until you buy.

its not going to recover during 2008. this is a multi year bear market thats the result of a huge bubble and mania. all that speculative money has to be wiped out before any normalcy returns to the market.

residential houses are not atm machines...they are money pits. of course some specific areas rise in value, but as many areas will fall over long term.

research what happened with japanese real estate from the period 1989-2004.

residential in the entire country nominally fell on average 75% and commercial fell either 90 or 95%.

people are crying here after only a 10-20% haircut.

theyve yet to see what a real bear market looks like...they will soon enough.

dont get your pockets picked trying to catch a falling knife fishhead.

 

[Dawoofdaddy]

Interest rates have gone down recently. You should be able to get a 30 year fixed at 6.25% pretty easily right now. While those are not rock bottom interest rates, they are still way below historical rates.

Interest rates in Japan were nearly 0% for many years.

Meanwhile real estate collapsed.

Research it yourself if you dont believe me.

Also, the japanese actually had savings getting next to 0% interest and their stock market and real estate markets still collapsed 75% during the 15 year period 1989-2004.

Most Americans are net debtors, not savers, so where is the rainy day fund thats going to save real estate from collapsing?

The problem isnt interest rates dropping from here, the problem is the number of people that borrowed using adjustables when rates were much lower than today. Unfortunately, alot of those people are going to lose their homes.

I dont give two shits how many speculators lose their shirt, but it is sad that alot of hard working people that really didnt know what was happening are going to lose their homes.

 

[Dawoofdaddy]

If homes are declining in value the why the fuck am I paying over 12k per year in taxes on my primary residence?

Property taxes are a real problem here in Florida. They are scrambling to get something done about it, but it looks like we are not going to see a very big reduction. It will be interesting to see how the county assesses the value of my properties. I have never seen one get assessed for less than it did the year before.

This is something ive discussed for years.

Guys like holysmoke who arent going to move anyways, why would they ever be happy their homes value went through the roof to begin with, since their taxes would become more expensive?

Higher taxes are going to bury alot of people.

My property taxes have doubled the past 10 years and rose over 30% just this past reassessment.

Have the provided services doubled? Fuck no. They even charge extra to pick up the friggin garbage now.

Local govts were quick to raise taxes after property rose in value.

It will be like pulling a pitbulls teeth getting them to reduce property taxes now that values are falling.

This is another reason to vote for Ron Paul imho.

We need less politicians around to come up with with their stupid ideas how they are going to spend our money and tell us how they think we should live our lives.

www.ronpaul2008.com