Wrong Snoop, RENT your house at these higher than normal rental prices and buy your 2nd home. Wait for higher prices when they come then sell your first rented house if you want. This will work well because you will be living in your new house which the lenders like. The rental becomes an investment property but don't tell the first bank if you have a type of loan that requires you live in the house. Bottom line is all they care about is getting their monthly payments. if you don't like being a Landlord, find someone who agrees to fix problems and chop a little off their rent. Still a good deal.
Fishhead, when the Bagboy at the Supermarket even talks about how bad Real Estate is you know that it is time to buy. Don't try to pick the bottom cause you will miss it. The falling knife doesn't have to be caught because it is nearly touching the ground. In otherwords everyone is bearish on the market and news couldn't be worse. This means time to buy.
You are relying too much on Case-Shiller's comments. They are statisticians who look more in the past and report the numbers. It's your perogative to wait 1 year from now when interest rates rise 2 to 3 percentage if nothing else due to inflation. God Bless you if you are correct but don't wait til 5 minutes before game time to make your play at a bad line when you can get a better line Monday or Tuesday prior.
Boston,
In theory it works, but if no one rents my 1st house, then I'm on the hook for 2 mortgages. Real estate is still a risky place to be in right now.
I rather wait for 2-3 yrs if by chance I can payoff my 1st house, if the market is still in depressed state then I might take out a new mortgage for 2nd house.
In theory it works, but if no one rents my 1st house, then I'm on the hook for 2 mortgages. Real estate is still a risky place to be in right now.
I rather wait for 2-3 yrs if by chance I can payoff my 1st house, if the market is still in depressed state then I might take out a new mortgage for 2nd house.
Go into ANY realty office in the United States and ask them if they think now is a buying oppurtunity.
They are always on the take and say "sure it is". The fact is, these nitwits have cost thousands of Americans millions of dollars over the past 10 years................but to be fair, they are just trying to earn a buck like most every other struggling American.
True he is a Realtor but stated some pretty hard facts regarding the rent- buy ratio for monthly payments. Do you dispute the fact that paying rent is nearly a dime a month more than buying in the Chicago area Condo market paricularly around the loop?
Snoop, what I am trying to point out is that there is a great demand for rentals in general right now so the likelihood of renting to someone reputable is quite good. Ask your local realtor for advice.
Sorry Fishhead, judging by the amount
imp: of posts you had I thought you were a moderator. $$
$$
Snoop, what I am trying to point out is that there is a great demand for rentals in general right now so the likelihood of renting to someone reputable is quite good. Ask your local realtor for advice.
Sorry Fishhead, judging by the amount
imp: of posts you had I thought you were a moderator. $$$$
inflation seems like it's a give in over the course of the next 30 years (that is if we don't mad max ourselves by then)...in that environment taking on debt to be paid back over a long extended period of time is a solid strategy being that you will be using monopoly money to pay off the real money (not that is money is solid either but) that was originally extended...
like someone else said good luck getting a mortgage....i'm in the top tier for credit and dropped close to 35% down...still was a rollercoaster ride...5 years ago i would have been in and out faster then getting a fucking big mac at mcdonalds
like someone else said good luck getting a mortgage....i'm in the top tier for credit and dropped close to 35% down...still was a rollercoaster ride...5 years ago i would have been in and out faster then getting a fucking big mac at mcdonalds
just having the money isn't good enough make sure that it's clean (can be easily explained)...dont have any large deposits going in or out of your accounts for a month or two before you apply. youll need documentation on everything probably multiple times over...if you sell stocks in scottrade they not only want receipts of the sale but also the withdraw and then subsequent deposit...nothing is taken as "common sense" if you withdraw $500 from your back at 9am and deposit $501 at 9:01am youll have to explain where $501 came from even though it's obvious...
most of my issues stemmed for going to the racetrack on the weekends...i would withdraw $500-$1k on friday and then throw in whatever money i made in addition to the original withdraw...i had a REALLY good run for about a month...none of which triggered irs signers....so there was no documentation of anything...my adviser told me to just kinda freeze the account and behave for a few months and then they would start financing process once my accounts weren't as fishy....
the whole process was just kinda a nightmare...to me money is money but to the mortgage co's it seems like certain money is valued in certain ways which is fucking stupid imo...i live my life kinda outside the box so me and the mortgage co's have been a tough fit....
lemme know if you have any specific questions...hit me up via pm
most of my issues stemmed for going to the racetrack on the weekends...i would withdraw $500-$1k on friday and then throw in whatever money i made in addition to the original withdraw...i had a REALLY good run for about a month...none of which triggered irs signers....so there was no documentation of anything...my adviser told me to just kinda freeze the account and behave for a few months and then they would start financing process once my accounts weren't as fishy....
the whole process was just kinda a nightmare...to me money is money but to the mortgage co's it seems like certain money is valued in certain ways which is fucking stupid imo...i live my life kinda outside the box so me and the mortgage co's have been a tough fit....
lemme know if you have any specific questions...hit me up via pm
http://www.beaumontenterprise.com/b...s-to-Continue-Falling-Real-Estate-3627218.php
« Back to Article
Housing Prices to Continue Falling; Real Estate Report by Profit Confidential, a Leading Financial Newsletter
PRWeb
Published 01:00*p.m., Tuesday, June 12, 2012
*
It’s been four years in a row now that some economists have been calling the U.S. housing bottom without success. Lead contributor to Profit Confidential Michael Lombardi believes that the real estate shadow inventory and the fact that homeowners are paying mortgages worth less than the value of their homes are continued risks in the housing market.
New York, NY (PRWEB) June 12, 2012
It’s been four years in a row now that some economists have been calling the U.S. housing bottom without success. Lead contributor to Profit Confidential Michael Lombardi believes that the real estate shadow inventory and the fact that homeowners are paying mortgages worth less than the value of their homes are continued risks in the housing market.
“Until these issues play themselves out, I’m afraid the housing market is far from reaching a bottom here in the U.S.,” says Lombardi.
In the article “Why U.S. Housing Prices Will Fall Further,” Lombardi analyzes the economic data to back up his theory.
Looking at the Case-Shiller index, Lombardi concludes, “It fell again and the economists who created the index point out that, even though the rate of the fall in home prices slowed, home prices still managed to hit a new record low.”
Although there are improvements, Lombardi notes that 17 of the 20 major cities the index follows are still in a downtrend in terms of housing prices.
“The other critical factor is the shadow inventory that will hit the housing market over the next few years,” says Lombardi. The shadow inventory is comprised of bank-owned real estate and current homeowners who are delinquent on their mortgage payments.
“The number of homeowners who are delinquent over 60 days has increased from last year,” says Lombardi. “The real key is how quickly those bank-owned homes will hit the market.”
What is clear to Lombardi is that there are a lot of homeowners in distress in the housing market, and there are many homes in the hands of banks.
“If prices were to rise, some of these homeowners will then try to sell, further putting pressure on the housing market and home prices,” says Lombardi.
Profit Confidential, which has been published for over a decade now, has been widely recognized as predicting five major economic events over the past 10 years. In 2002, Profit Confidential started advising its readers to buy gold-related investments when gold traded under $300 an ounce. In 2006, it “begged” its readers to get out of the housing market... before it plunged.
Profit Confidential was among the first (back in late 2006) to predict that the U.S. economy would be in a recession by late 2007. The daily e-letter correctly predicted the crash in the stock market of 2008 and early 2009. And Profit Confidential turned bullish on stocks in March of 2009 and rode the bear market rally from a Dow Jones Industrial Average of 6,440 on March 9, 2009, to 12,876 on May 2, 2011, a gain of 99%.
To see the full article and to learn more about Profit Confidential, visit http://www.profitconfidential.com.
Profit Confidential is Lombardi Publishing Corporation’s free daily investment e-letter. Written by financial gurus with over 100 years of combined investing experience, Profit Confidential analyzes and comments on the actions of the stock market, precious metals, interest rates, real estate, and the economy. Lombardi Publishing Corporation, founded in 1986, now with over one million customers in 141 countries, is one of the largest consumer information publishers in the world. For more on Lombardi, and to get the popular Profit Confidential e-letter sent to you daily, visit http://www.profitconfidential.com.
Michael Lombardi, MBA, the lead Profit Confidential editorial contributor, has just released his most recent update of Critical Warning Number Six, a breakthrough video with Lombardi’s current predictions for the U.S. economy, stock market, U.S. dollar, euro, interest rates and inflation. To see the video, visit http://www.profitconfidential.com/critical-warning-number-six.
« Back to Article
Housing Prices to Continue Falling; Real Estate Report by Profit Confidential, a Leading Financial Newsletter
PRWeb
Published 01:00*p.m., Tuesday, June 12, 2012
*
It’s been four years in a row now that some economists have been calling the U.S. housing bottom without success. Lead contributor to Profit Confidential Michael Lombardi believes that the real estate shadow inventory and the fact that homeowners are paying mortgages worth less than the value of their homes are continued risks in the housing market.
New York, NY (PRWEB) June 12, 2012
It’s been four years in a row now that some economists have been calling the U.S. housing bottom without success. Lead contributor to Profit Confidential Michael Lombardi believes that the real estate shadow inventory and the fact that homeowners are paying mortgages worth less than the value of their homes are continued risks in the housing market.
“Until these issues play themselves out, I’m afraid the housing market is far from reaching a bottom here in the U.S.,” says Lombardi.
In the article “Why U.S. Housing Prices Will Fall Further,” Lombardi analyzes the economic data to back up his theory.
Looking at the Case-Shiller index, Lombardi concludes, “It fell again and the economists who created the index point out that, even though the rate of the fall in home prices slowed, home prices still managed to hit a new record low.”
Although there are improvements, Lombardi notes that 17 of the 20 major cities the index follows are still in a downtrend in terms of housing prices.
“The other critical factor is the shadow inventory that will hit the housing market over the next few years,” says Lombardi. The shadow inventory is comprised of bank-owned real estate and current homeowners who are delinquent on their mortgage payments.
“The number of homeowners who are delinquent over 60 days has increased from last year,” says Lombardi. “The real key is how quickly those bank-owned homes will hit the market.”
What is clear to Lombardi is that there are a lot of homeowners in distress in the housing market, and there are many homes in the hands of banks.
“If prices were to rise, some of these homeowners will then try to sell, further putting pressure on the housing market and home prices,” says Lombardi.
Profit Confidential, which has been published for over a decade now, has been widely recognized as predicting five major economic events over the past 10 years. In 2002, Profit Confidential started advising its readers to buy gold-related investments when gold traded under $300 an ounce. In 2006, it “begged” its readers to get out of the housing market... before it plunged.
Profit Confidential was among the first (back in late 2006) to predict that the U.S. economy would be in a recession by late 2007. The daily e-letter correctly predicted the crash in the stock market of 2008 and early 2009. And Profit Confidential turned bullish on stocks in March of 2009 and rode the bear market rally from a Dow Jones Industrial Average of 6,440 on March 9, 2009, to 12,876 on May 2, 2011, a gain of 99%.
To see the full article and to learn more about Profit Confidential, visit http://www.profitconfidential.com.
Profit Confidential is Lombardi Publishing Corporation’s free daily investment e-letter. Written by financial gurus with over 100 years of combined investing experience, Profit Confidential analyzes and comments on the actions of the stock market, precious metals, interest rates, real estate, and the economy. Lombardi Publishing Corporation, founded in 1986, now with over one million customers in 141 countries, is one of the largest consumer information publishers in the world. For more on Lombardi, and to get the popular Profit Confidential e-letter sent to you daily, visit http://www.profitconfidential.com.
Michael Lombardi, MBA, the lead Profit Confidential editorial contributor, has just released his most recent update of Critical Warning Number Six, a breakthrough video with Lombardi’s current predictions for the U.S. economy, stock market, U.S. dollar, euro, interest rates and inflation. To see the video, visit http://www.profitconfidential.com/critical-warning-number-six.
