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So you think houses are going down soon.

Original post by Espo22

Ok well as many of you probably have been reading in the paper or seeing on the news, there are alot of problems going on. Lately, ive been seeing the effects. FH's close friend and his fiancee who work for the same company are now out of work bc their company went bankrupt, they are mortgage brokers. Basically giving out loans that people can't cover and other things.

At work, we trade mortgage securities and the prices have changed alot and not in a good way. Its hectic today.

They say bc of such high costs its stopping people from buying, or people buy houses and then realize later they can't really afford it, and homes are getting foreclosed and so on.

So there is a chance that homes are gonna go down bc of the effects its having. I mean its a cycle in the economy that always happens and this is why people are able to predict what is going to happen. Prices go up high but its gonna get to the point where people are spending less bc of it, they aren't putting it back in rotation, businesses suffer, then bc of that, prices go lower, people spend more and you all know, not gonna write it all out lol
Espo22 Posted:

Re: So you think houses are going down soon.

Prices have seriously gotten ridiculous...In astoria, right by FH's house they put up new apartments and they're selling for $900,000 thats insane. Then in LIC which most parts have become untouchable they put up these lofts, one sold for 3.2 million. Even the studios are selling for about $600,000, this is just ridiculous.

BNBride60 Posted:

Re: So you think houses are going down soon.

Posted by Soon2beMrsC

I really hope the prices go down soon...FH and I have been keeping our eyes open even though its early but everything in the areas we like is sooo expensive Not to mention that the houses that we can afford are so small and not worth the money. We really didnt want to have to start off in an apartment wasting money on rent but thats what I think we are going to have to do. Maybe we will stay in an apartment for a year and use the wedding money plus whatever we save up adding to that for our down payment.

They do say you dont have to put a down payment if you are a first time buyer but we dont want to get killed on our mortgage payment.

Has anyone ever heard of renting with the option to buy?


I just saw some houses on South Oyster Bar Road in Hicksville with realtor signs out front that said things about renting with the option to buy. These were on a main road, not sure if you are OK with that, but it'd be worth taking a drive by if you are really interested in that idea, if for no other reason than to find out which realty co. this is. It was South Oyster Bay Road in between Woodbury Road and Old Country Road.
TheFutureMrsM Posted:

Re: So you think houses are going down soon.

Honestly i am happy we bought last august.
Right now our house is being ripped down and rebuilt.

We got a 30 year fixed mortgage so we dont have to worry about it adjusting in a few years.

Our payments are low. compared to what we used to pay in rent.

I am glad we rented for 2 years though, i highly recccomend doing that. just so you can live with eachother and get a feel of the neighbrohood u want to live in.

For those who havnt bought yet, it could be great if houses go down alot, but then again, hearing about those layoffs is scary because we could be going into a recession or worse a depression
BNBride60 Posted:

Re: So you think houses are going down soon.

The other thing people can do is move out east. I'm originally from Port Jeff, and there is a 4 bedroom colonial for sale down the black from my FILs for around $500,000. Meanwhile, I live in Huntington about 45 minutes west and the house across the street from me is for sale for $450,000 and it's like 1/2 the size of the house in PJ.

Espo22 Posted:

Re: So you think houses are going down soon.

Posted by ChristineAaron08

Newsday had an article a few weeks ago about the housing bubble bursting. Its good for buyers, but not for sellers. All the people who got equity loans and all are upside-down on their mortgages and will lose $ if they sell. (well, not all, but some). Nassau and Suffolfk were listed as places that prices were supposed to go down abuot 6% over the next few years.

I think it was Delta Funding and another mortgage co that went under last week, right? They got busted on predatory lending, I think.

Foreclosures are up. A lot of banks I work with are creating departments just to deal with mortgagors and keep them out of foreclosure. The bank stands to lose between $30K and $50K per home in a foreclosure so they eally dont want people to go into foreclosure.

The problem with buying a foreclosure is tht you cant see the inside of the house. It could be gutted and destroyed and yuo dont always know what you are getting. Also, a lot of them are recent mortgages and are high b/c of the banks giving hight refis in the last couple of years.

So if the bid starts at the mortgage balance plus atty fees and costs, its alreay up there and not always worth it.


is delta funding in LI? hmmmm not sure the name of the company FH's friend and his fiancee worked for but yeah it just went under
Snowflake08 Posted:

Re: So you think houses are going down soon.

where i am in forest hills, the attached homes start at 700,000
the new ones near me, right near forest hills high school are between 1 and 3 million
its insane

the 2 bedroom apartments where we are (garden apt. not a building) have the bedrooms upstairs and everything else downstairs plus a basement so thats what we want for now
ChristineAaron08 Posted:

Re: So you think houses are going down soon.

Posted by Espo22

Posted by ChristineAaron08

Newsday had an article a few weeks ago about the housing bubble bursting. Its good for buyers, but not for sellers. All the people who got equity loans and all are upside-down on their mortgages and will lose $ if they sell. (well, not all, but some). Nassau and Suffolfk were listed as places that prices were supposed to go down abuot 6% over the next few years.

I think it was Delta Funding and another mortgage co that went under last week, right? They got busted on predatory lending, I think.

Foreclosures are up. A lot of banks I work with are creating departments just to deal with mortgagors and keep them out of foreclosure. The bank stands to lose between $30K and $50K per home in a foreclosure so they eally dont want people to go into foreclosure.

The problem with buying a foreclosure is tht you cant see the inside of the house. It could be gutted and destroyed and yuo dont always know what you are getting. Also, a lot of them are recent mortgages and are high b/c of the banks giving hight refis in the last couple of years.

So if the bid starts at the mortgage balance plus atty fees and costs, its alreay up there and not always worth it.


is delta funding in LI? hmmmm not sure the name of the company FH's friend and his fiancee worked for but yeah it just went under


I think the other was called first fidelity or something like that. I think they were in mellville in LI, I only caught the end on news 12
AS Posted:

Re: So you think houses are going down soon.

Posted by Jess125483

Posted by MPAS

Posted by Jess125483

Posted by MPAS

My parents are looking for a house, they have been waiting for a while so the prices can go down. Is it easy to get a foreclosed house?


My parents bought a foreclosed house and I also work for an attorney who referees foreclosures. It really depends. You have to have a lot of liquid cash. You need to be able to produce a bank check for 10% of the purchase price on the day of the foreclosure auction. You also need to have the money to hire an attorney to bring an ejectment action against the people living there, because in most cases they don't vacate willingly. Also, a lot of these houses need work to be liveable OR they are liveable and then the residents mess it up before they leave (e.g., cut the pipes and flood the house) before they move out.


Was it easy for your parents to get that foreclosed house? Do you have to go to an auction or find them online? Were your parents happy with the price they got it for compared to buying a house on the market??


You can learn about foreclosures in the local newspaper and online. The traditional foreclosure takes place in the Supreme Court in your county. It happens very quickly and you have to be financially prepared and ready to act. A court attorney will read off the property addresses, a rep from the bank will stand up and state the outstanding balance of the mortgage, and then you will bid. If you ever go just to watch, you'll see a lot of the houses just go back to the bank and nobody bids on them. This is because sophisticated bidders have researched, know the house is in bad shape, know the house is in a bad area, etc. Then you'll see bidding wars on other pieces of property. Essentially, you really have to research before you go there. There are no pictures of the property during the auction or anything, you have to know beforehand. You also have to be able to turn around and go immediately to your bank, get a bank check and come back that same day to leave your deposit.

My Dad is a lawyer, so for him buying a foreclosed piece of property was fairly easy because he knew the procedures. They got a great price, BUT - parts of the ceiling were falling in, the carpets needed replacement, the pipes to the pool were cut, the tiles in the kitchen were cracked, etc, etc. My parents were in a financial state to repair these things, so it was good for them. But, if you just barely have enough money to buy a house, then this would NOT be good idea.


Thats so great for your parents. It would be good for mine too bec my dad is in construction and knows how to fix damages houses and all that. I would love to get a foreclosed house, but dont know where to look. Most of the foreclosed websites cost money and may turn out being BS sites just to take your money. Thanks for the info, really helpful
ChristineAaron08 Posted:

Re: So you think houses are going down soon.

Posted by Jess125483

The other thing people can do is move out east. I'm originally from Port Jeff, and there is a 4 bedroom colonial for sale down the black from my FILs for around $500,000. Meanwhile, I live in Huntington about 45 minutes west and the house across the street from me is for sale for $450,000 and it's like 1/2 the size of the house in PJ.


we plan to move out east to either Smithtown or Centereach. We are not sure about Centereach though- IDK how the schools/area are.

You can get so much more for you $ in Suffolk.
Espo22 Posted:

Re: So you think houses are going down soon.

Posted by TheFutureMrsM

Honestly i am happy we bought last august.
Right now our house is being ripped down and rebuilt.

We got a 30 year fixed mortgage so we dont have to worry about it adjusting in a few years.

Our payments are low. compared to what we used to pay in rent.

I am glad we rented for 2 years though, i highly recccomend doing that. just so you can live with eachother and get a feel of the neighbrohood u want to live in.

For those who havnt bought yet, it could be great if houses go down alot, but then again, hearing about those layoffs is scary because we could be going into a recession or worse a depression


i dont think we'll go into a depression again but unfortunately this is the natural cycle. Then things will pick up again. Less money you put towards a house more money you are putting back into the economy. Prices so high now, regular ppl basically work to pay their bills and not putting that much in rotation.
BNBride60 Posted:

Re: So you think houses are going down soon.

Posted by MPAS

Posted by Jess125483

Posted by MPAS

Posted by Jess125483

Posted by MPAS

My parents are looking for a house, they have been waiting for a while so the prices can go down. Is it easy to get a foreclosed house?


My parents bought a foreclosed house and I also work for an attorney who referees foreclosures. It really depends. You have to have a lot of liquid cash. You need to be able to produce a bank check for 10% of the purchase price on the day of the foreclosure auction. You also need to have the money to hire an attorney to bring an ejectment action against the people living there, because in most cases they don't vacate willingly. Also, a lot of these houses need work to be liveable OR they are liveable and then the residents mess it up before they leave (e.g., cut the pipes and flood the house) before they move out.


Was it easy for your parents to get that foreclosed house? Do you have to go to an auction or find them online? Were your parents happy with the price they got it for compared to buying a house on the market??


You can learn about foreclosures in the local newspaper and online. The traditional foreclosure takes place in the Supreme Court in your county. It happens very quickly and you have to be financially prepared and ready to act. A court attorney will read off the property addresses, a rep from the bank will stand up and state the outstanding balance of the mortgage, and then you will bid. If you ever go just to watch, you'll see a lot of the houses just go back to the bank and nobody bids on them. This is because sophisticated bidders have researched, know the house is in bad shape, know the house is in a bad area, etc. Then you'll see bidding wars on other pieces of property. Essentially, you really have to research before you go there. There are no pictures of the property during the auction or anything, you have to know beforehand. You also have to be able to turn around and go immediately to your bank, get a bank check and come back that same day to leave your deposit.

My Dad is a lawyer, so for him buying a foreclosed piece of property was fairly easy because he knew the procedures. They got a great price, BUT - parts of the ceiling were falling in, the carpets needed replacement, the pipes to the pool were cut, the tiles in the kitchen were cracked, etc, etc. My parents were in a financial state to repair these things, so it was good for them. But, if you just barely have enough money to buy a house, then this would NOT be good idea.


Thats so great for your parents. It would be good for mine too bec my dad is in construction and knows how to fix damages houses and all that. I would love to get a foreclosed house, but dont know where to look. Most of the foreclosed websites cost money and may turn out being BS sites just to take your money. Thanks for the info, really helpful


Honestly, just get your local paper! The foreclosures are all listed in there - they have to be. There is a 'publication' requirement. Then, when you see the house, if you are in love, go take a drive by it and see what it looks like. Also, if the house is in Nassau, you don't even have to leave your house to see it!!! Just go to this website and search for the address, you can see a pic of the house, the taxes, the value, etc. etc.:

http://www.nassaucountyny.gov/mynassauproperty/main.jsp
Autumn08 Posted:

Re: So you think houses are going down soon.

Posted by ChristineAaron08

Posted by Jess125483

The other thing people can do is move out east. I'm originally from Port Jeff, and there is a 4 bedroom colonial for sale down the black from my FILs for around $500,000. Meanwhile, I live in Huntington about 45 minutes west and the house across the street from me is for sale for $450,000 and it's like 1/2 the size of the house in PJ.


we plan to move out east to either Smithtown or Centereach. We are not sure about Centereach though- IDK how the schools/area are.

You can get so much more for you $ in Suffolk.


Smithtown and Centereach are considered out east? Yikes! I'm a country girl!
Espo22 Posted:

Re: So you think houses are going down soon.

Posted by ChristineAaron08

Posted by Espo22

Posted by ChristineAaron08

Newsday had an article a few weeks ago about the housing bubble bursting. Its good for buyers, but not for sellers. All the people who got equity loans and all are upside-down on their mortgages and will lose $ if they sell. (well, not all, but some). Nassau and Suffolfk were listed as places that prices were supposed to go down abuot 6% over the next few years.

I think it was Delta Funding and another mortgage co that went under last week, right? They got busted on predatory lending, I think.

Foreclosures are up. A lot of banks I work with are creating departments just to deal with mortgagors and keep them out of foreclosure. The bank stands to lose between $30K and $50K per home in a foreclosure so they eally dont want people to go into foreclosure.

The problem with buying a foreclosure is tht you cant see the inside of the house. It could be gutted and destroyed and yuo dont always know what you are getting. Also, a lot of them are recent mortgages and are high b/c of the banks giving hight refis in the last couple of years.

So if the bid starts at the mortgage balance plus atty fees and costs, its alreay up there and not always worth it.


is delta funding in LI? hmmmm not sure the name of the company FH's friend and his fiancee worked for but yeah it just went under


I think the other was called first fidelity or something like that. I think they were in mellville in LI, I only caught the end on news 12


hmmm that one might've been the one, i know they def do work in that area so has to be.
ChristineAaron08 Posted:

Re: So you think houses are going down soon.

QUOTE]

Thats so great for your parents. It would be good for mine too bec my dad is in construction and knows how to fix damages houses and all that. I would love to get a foreclosed house, but dont know where to look. Most of the foreclosed websites cost money and may turn out being BS sites just to take your money. Thanks for the info, really helpful



I know a lot are advertized in NY law journal. Im trying to think of where else the publish them. I will think and get back to you.
ChristineAaron08 Posted:

Re: So you think houses are going down soon.

Posted by Autumn08

Posted by ChristineAaron08

Posted by Jess125483

The other thing people can do is move out east. I'm originally from Port Jeff, and there is a 4 bedroom colonial for sale down the black from my FILs for around $500,000. Meanwhile, I live in Huntington about 45 minutes west and the house across the street from me is for sale for $450,000 and it's like 1/2 the size of the house in PJ.


we plan to move out east to either Smithtown or Centereach. We are not sure about Centereach though- IDK how the schools/area are.

You can get so much more for you $ in Suffolk.


Smithtown and Centereach are considered out east? Yikes! I'm a country girl!


Well I just call it 'out' east b/c its east of massapequa...lol
Autumn08 Posted:

Re: So you think houses are going down soon.

Posted by ChristineAaron08

Posted by Autumn08

Posted by ChristineAaron08

Posted by Jess125483

The other thing people can do is move out east. I'm originally from Port Jeff, and there is a 4 bedroom colonial for sale down the black from my FILs for around $500,000. Meanwhile, I live in Huntington about 45 minutes west and the house across the street from me is for sale for $450,000 and it's like 1/2 the size of the house in PJ.


we plan to move out east to either Smithtown or Centereach. We are not sure about Centereach though- IDK how the schools/area are.

You can get so much more for you $ in Suffolk.


Smithtown and Centereach are considered out east? Yikes! I'm a country girl!


Well I just call it 'out' east b/c its east of massapequa...lol


I know lol

Espo22 Posted:

Re: So you think houses are going down soon.

Posted by Snowflake08

where i am in forest hills, the attached homes start at 700,000
the new ones near me, right near forest hills high school are between 1 and 3 million
its insane

the 2 bedroom apartments where we are (garden apt. not a building) have the bedrooms upstairs and everything else downstairs plus a basement so thats what we want for now


FH's likes those houses in forest hills by austin, you know when it turns to cobblestone streets by the LIRR and you go straight down where it turns residential. I was like uhmmm yeah do you have any clue what those houses cost
BNBride60 Posted:

Re: So you think houses are going down soon.

Posted by ChristineAaron08

Posted by Autumn08

Posted by ChristineAaron08

Posted by Jess125483

The other thing people can do is move out east. I'm originally from Port Jeff, and there is a 4 bedroom colonial for sale down the black from my FILs for around $500,000. Meanwhile, I live in Huntington about 45 minutes west and the house across the street from me is for sale for $450,000 and it's like 1/2 the size of the house in PJ.


we plan to move out east to either Smithtown or Centereach. We are not sure about Centereach though- IDK how the schools/area are.

You can get so much more for you $ in Suffolk.


Smithtown and Centereach are considered out east? Yikes! I'm a country girl!


Well I just call it 'out' east b/c its east of massapequa...lol


LOL, I'm from even further east - Port Jeff!!! I don't think it's 'out east' but I went to college at NYU and law school at St. John's, so everyone was from Nassau/Queens and they'd always say 'wow - you're from the sticks!!' Guess I just started thinking 'yeah, i AM from the sticks!!'

The Centereach schools are OK - they're not great, but I wouldn't say there is anything fundamentally wrong with them. I have 5 or 6 cousins that went thru that district - one went on to Harvard. Port Jeff is one of the top NY school districts (not PJ Station, but Porf Jeff). It's a pricey area, but it's definitely possible to get a more afordable cute little ranch house there.
iwannabmrsD Posted:

Re: So you think houses are going down soon.

Posted by Snowflake08

what is stated income??

they are building luxury condos 2 blocks from where we are now; set to open next summer so we're looking into that for now
also the condos in HB


stated income is just that.. u state u'r income instead of proving it through documents.. it's also called a no doc mortgage.. the downside to it is that the interest rate is slightly higher for a stated but it's used normally for people who own their own business.. part of the reason why mortgage companies are collapsing (from what i've read) is this kind of alt-A mortgage which is normally used for entreprenaurs and business owners but during th housing boom it was extended to just bout every tom **** and harry.. so folks stated their income to get into these bigger houses and now they can't afford them..
Lori-Chris2008 Posted:

Re: So you think houses are going down soon.

We moved into our condo first. Both him and I never lived away from home till then. We did the condo first, which is almost like a house the size of it. We love it. Its out a little more east then I would like, but it was just a start. Its great for me, FH and the doggie. We have so much room, two stories, 1 1/2 bathrooms. three bedroom. Its great! I just wish it was a little more central LI.

This way we come home from our HM and we dont have to worry bout moving.

Then we will save and once we talk kids and stuff we will then decide to look for a house. I love the smithtown and commack area. thats my hood, but hey ya go where ya can afford. I def though want a good school district.

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