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
jgl
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Re: So you think houses are going down soon.
Posted by Espo22
Posted by MiciB115
Posted by Espo22
LOL im from queens so all of LI is east for me...nassau is like ok not that far, depending which part. Suffolk would be real hard on us. My commute is long now and from suffolk it would be bad, and same for FH. We go to massapequa alot and when FH mentioned it i was like uhmmm thats a little further than i was thinking about
I'm in the same boat as you. I'm in Queens and FH is in LI. He's on the boarder though and he works in his town (lucky). I have to commute into the city and I'm next to grand central station not Penn so it's a pain for me to get to from Queens let alone Nassau. We'll be looking in western nassau near his town. I will eventually leave my job, but for the next few years it won't be much fun commuting.
Yeah I work in Jersey so imagine from far out in li i mean now i take 3 trains and takes at least an hour. THere are times though i just miss the LIRR train i take it to queens though and it will take me 2 hours
i feel your pain. we need to find a house closer to my job. im in maasapequa park going into Elmhurst.. the drive stinks!!!
jgl
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Re: So you think houses are going down soon.
Posted by Future Mulligan
Posted by jboothin2008
This is why we are moving to NH about 1-2 years after we are married. I love my family and will miss them, but every time I start to think I don't want to move, I read smething like this thread and say, see, this is why I am moving. In the area of NH we are looking at, you cna get a 3 bedroom house on 1-2 acres for $175-200K with taxes less than $2k a year. It's sick. Cost of living is less, salaries are only a little less than here, and the standard of living - and how my kids will grow up - will be so much better and safer.
Part of me is dreading leaving my family, but part of me CAN'T WAIT because of how wonderful it is there.
(I know it won't all be great - no place is perfect.)
FH and I are planning to move to Florida. We bought a 1/4 acre of property there this past November and after the wedding we'll probably have enough money to have a brand new home built. My parents recently moved down there and they LOVE IT. I'm not sure how much I will like living in Florida but I do know that we will love having a huge brand new custom built home, a big backyard, and an inground pool. Those are things that we would never be able to afford in Staten Island/NY. Plus FH can transfer to the Florida office and keep his salary - so money will not be an issue - the best part is I will definitley be able to stay home when its time to have babies - another thing that we would never be able to do here....I don't know how people afford living here - FH does really well and my salary isn't too bad either - we are making well over 100K between the two of us but houses out here are sooooo expensive - anything decent is around 400K in my neighborhood - and thats with no backyard! Hopefully the market does come down so everyone can afford to have a beautiful home in a nice area......
thats awesome.. i would seriously consider moving to FL ( i knowmy parents would) But FH says no.!
kimnsteve
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Re: So you think houses are going down soon.
i god i hope they go down...or else we are buying a cardboard box to raise our kids in!
Espo22
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Re: So you think houses are going down soon.
Posted by jgl
Posted by Espo22
Posted by MiciB115
Posted by Espo22
LOL im from queens so all of LI is east for me...nassau is like ok not that far, depending which part. Suffolk would be real hard on us. My commute is long now and from suffolk it would be bad, and same for FH. We go to massapequa alot and when FH mentioned it i was like uhmmm thats a little further than i was thinking about
I'm in the same boat as you. I'm in Queens and FH is in LI. He's on the boarder though and he works in his town (lucky). I have to commute into the city and I'm next to grand central station not Penn so it's a pain for me to get to from Queens let alone Nassau. We'll be looking in western nassau near his town. I will eventually leave my job, but for the next few years it won't be much fun commuting.
Yeah I work in Jersey so imagine from far out in li i mean now i take 3 trains and takes at least an hour. THere are times though i just miss the LIRR train i take it to queens though and it will take me 2 hours
i feel your pain. we need to find a house closer to my job. im in maasapequa park going into Elmhurst.. the drive stinks!!!
what is it about 45 mins without traffic?
GinaZ
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Re: So you think houses are going down soon.
FH and i already said if houses dont go down significantly that we are gonna have to move away. It just stinks that in north Carolina you can get a 4000sq ft 5 year old home on .5-1.0 acres for $350,000 and here you can barely get a 1 bedroom apartment for that much! I just want to be able to raise my kids in a nice environment. Its very frustrating how high stuff is here!
jgl
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Re: So you think houses are going down soon.
Posted by Espo22
Posted by jgl
i feel your pain. we need to find a house closer to my job. im in maasapequa park going into Elmhurst.. the drive stinks!!!
what is it about 45 mins without traffic?
ive made it home in 50 with NO traffic but that was a FLUKE usually going takes an hour to hour and 15, coming home.. an hour and half or more.. forget if it rains or snows
Espo22
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Re: So you think houses are going down soon.
Posted by jgl
Posted by Espo22
Posted by jgl
i feel your pain. we need to find a house closer to my job. im in maasapequa park going into Elmhurst.. the drive stinks!!!
what is it about 45 mins without traffic?
ive made it home in 50 with NO traffic but that was a FLUKE usually going takes an hour to hour and 15, coming home.. an hour and half or more.. forget if it rains or snows
yeah and the traffic is always bad...have you ever thought of taking the LIRR. You can take it to the woodside stop, it would take less time
jgl
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Re: So you think houses are going down soon.
Posted by Espo22
Posted by jgl
Posted by Espo22
Posted by jgl
i feel your pain. we need to find a house closer to my job. im in maasapequa park going into Elmhurst.. the drive stinks!!!
what is it about 45 mins without traffic?
ive made it home in 50 with NO traffic but that was a FLUKE usually going takes an hour to hour and 15, coming home.. an hour and half or more.. forget if it rains or snows
yeah and the traffic is always bad...have you ever thought of taking the LIRR. You can take it to the woodside stop, it would take less time
i have thought about it.. i do comute with someone so that helps so we take turns driving - saves on gas!!! I have to figure it out.. im not sure which would cost me more$ and a lot of times i bring a lot of stuff back and forth!
Espo22
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Re: So you think houses are going down soon.
Posted by jgl
Posted by Espo22
Posted by jgl
Posted by Espo22
Posted by jgl
i feel your pain. we need to find a house closer to my job. im in maasapequa park going into Elmhurst.. the drive stinks!!!
what is it about 45 mins without traffic?
ive made it home in 50 with NO traffic but that was a FLUKE usually going takes an hour to hour and 15, coming home.. an hour and half or more.. forget if it rains or snows
yeah and the traffic is always bad...have you ever thought of taking the LIRR. You can take it to the woodside stop, it would take less time
i have thought about it.. i do comute with someone so that helps so we take turns driving - saves on gas!!! I have to figure it out.. im not sure which would cost me more$ and a lot of times i bring a lot of stuff back and forth!
yeah the LIRR is expensive so not like it will save you ALOT. But certain days you can take it if it cuts down on your commute time, plus you can just sit back relax and even sleep on the train
jgl
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Re: So you think houses are going down soon.
thats true!!! i should talk to my friend about it! we could nap!!!
jessandjimiswedding
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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
the company was American Home Mortgage. i work right next door and it literally cleared out overnight.
beachbum05
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Re: So you think houses are going down soon.
Wanna talk about 'out east?' I told FH I want to look for a house in Sag Harbor
I just lovvvvvvve it there. sigh. But Sag Harbor is freaking $.
Right now we're subletting our apt in manhattan (moving back into it in May 08). Our rent is ridiculous, but I think it's probably less than a mortgage payment would be right now!
Maybe we'll just rent for the rest of our lives.
Autumn08
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Re: So you think houses are going down soon.
Posted by beachbum05
Wanna talk about 'out east?' I told FH I want to look for a house in Sag Harbor
I just lovvvvvvve it there. sigh. But Sag Harbor is freaking $.
Right now we're subletting our apt in manhattan (moving back into it in May 08). Our rent is ridiculous, but I think it's probably less than a mortgage payment would be right now!
Maybe we'll just rent for the rest of our lives.
I read about a couple who does this on purpose. It must have been in my parents money magazine or something. They liked it because they could afford areas they normally wouldn't be able to afford, they can afford to travel more, they put more $ into retirement to make up for not having the equity.
Soon2beAlberti
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Re: So you think houses are going down soon.
reading this thread is scaring me. we just bought a 4BR home (with another couple who is FH's Best friend and my old friend from HS) and we gave it a 5yr flip plan...we have talked about flipping after 2yrs instead and now I think we may have to set that in stone if this drop comes to fruition in 2 yrs. we shall see. We were hoping to invest to upgrade with minor renovations and then sell split the profits and invest in a home for just FH and I. Then again...we are right on border of RVC and for Nassau cty its a good investment bc its fairly prime location. I really hope it works out, our future is bankin on it.
beachbum05
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Re: So you think houses are going down soon.
Posted by Autumn08
I read about a couple who does this on purpose. It must have been in my parents money magazine or something. They liked it because they could afford areas they normally wouldn't be able to afford, they can afford to travel more, they put more $ into retirement to make up for not having the equity.
Honestly, its not the worst idea. One of my BM's grew up in Peter Cooper Village (east 20's in Manhattan). Her parents have lived there since they were married 30+ years ago. They pay $700/month for their rent controlled 3 bedroom apartment. ( )
Because of that they were able to buy a house in the hamptons, save money on a car, and travel frequently!!
Depends on what lifestyle you're looking for...
Autumn08
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Re: So you think houses are going down soon.
Posted by beachbum05
Posted by Autumn08
I read about a couple who does this on purpose. It must have been in my parents money magazine or something. They liked it because they could afford areas they normally wouldn't be able to afford, they can afford to travel more, they put more $ into retirement to make up for not having the equity.
Honestly, its not the worst idea. One of my BM's grew up in Peter Cooper Village (east 20's in Manhattan). Her parents have lived there since they were married 30+ years ago. They pay $700/month for their rent controlled 3 bedroom apartment. ( )
Because of that they were able to buy a house in the hamptons, save money on a car, and travel frequently!!
Depends on what lifestyle you're looking for...
Wow! I love going to the city but I don't think I could live there. But even some suburban communities, not only are the houses expensive but the taxes are ridiculous! I'm sure even to live in neighborhoods like that couples rent so the kids can go to school in the district. It's true, it depends on the lifestyle you want.
TrueLoveIn2008
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Re: So you think houses are going down soon.
Posted by Future Mulligan
i forgot to mention that of course i will miss my friends and family in NY but at the same time i want to do whats right for FH and i.....and i want to do what will be best for when we have a family......i love NY so much - and i used to think that i would never move away but i when i think about the lifestyle we can have in Florida it makes me feel much more confident in our plan to move away....plus i'll be with close to my parents and sister who i miss so much!
This is exactly how I feel! I love the beauty of LI, I love the familiarality of it -- and it's not like New Hampshire is that far. I can do weekend trips. And I hear you about the lifestyle - I just think about all the things I am going to be able give my children and I am not so upset about moving anymore. :)
Future Mulligan
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Re: So you think houses are going down soon.
new york is so expensive - it is definitley frustrating......the rent i pay for a 1 bedroom apartment is my parents mortgage in florida - and they have a 5 bedroom house! its insane! i dont know how people afford homes out here on their own - god bless them!
Espo22
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Re: So you think houses are going down soon.
Posted by jessandjimiswedding
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
the company was American Home Mortgage. i work right next door and it literally cleared out overnight.
it really S*cks. I know we saw him on sunday and he was talking to his fiancee on the phone saying ready for interviews tomorrow. I couldn't even imagine that happening 3 months before the wedding. I know he has alot of money saved up but doesn't want to dip into that
Espo22
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Re: So you think houses are going down soon.
Posted by Future Mulligan
new york is so expensive - it is definitley frustrating......the rent i pay for a 1 bedroom apartment is my parents mortgage in florida - and they have a 5 bedroom house! its insane! i dont know how people afford homes out here on their own - god bless them!
thats the problem, MOST can't afford it but they buy it anyways and this is a big part of the problem right now. Homes are getting foreclosed or people find themselves in bad situations. Its like in their heads they convince themselves oh if we do this and that and just don't spend money on other things we can afford it, but in reality things always come up in life and you can't always guarantee what your expenses will be
