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
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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.
Yup you were right, i just asked FH and he told me. Yeah while we were in florida his friend called and told him they found out that day and that day they closed
ZCHM08
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Re: So you think houses are going down soon.
my parents and i were having the same discussion this morning......the market is definitely going down - FAST!
Which is GREAT for all of us!!!!
Espo22
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Re: So you think houses are going down soon.
Posted by ZCHM08
my parents and i were having the same discussion this morning......the market is definitely going down - FAST!
Which is GREAT for all of us!!!!
yeah im definitely going to keep an eye out now.
ZCHM08
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Re: So you think houses are going down soon.
Posted by Espo22
Posted by ZCHM08
my parents and i were having the same discussion this morning......the market is definitely going down - FAST!
Which is GREAT for all of us!!!!
yeah im definitely going to keep an eye out now.
Good luck! Where are you planning to look?
Meaghan729
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Re: So you think houses are going down soon.
I think right now is a great time to buy. If you find the right seller, they will negotiate AND interest rates are still low.
People with good credit will still be able to get mortgages.
Once interest rates go up, housing prices will come down a bit probably, but yuor mortgage will cost you more!
just remember, the last housing downturn in the late 1980s, prices only came down about 8%. on a $400K house, thats $32K. While thats a large amount, over the course of a 30 year mortgage its only about $200/month
Espo22
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Member since
Re: So you think houses are going down soon.
Posted by ZCHM08
Posted by Espo22
Posted by ZCHM08
my parents and i were having the same discussion this morning......the market is definitely going down - FAST!
Which is GREAT for all of us!!!!
yeah im definitely going to keep an eye out now.
Good luck! Where are you planning to look?
I don't even know what I am doing yet but if i find a deal thats hard to pass up i might have to consider it. My dad owns a couple of apartments and FH and I wanted to just take over the payments. One of them is a low mortgage bc he put alot down so it would be perfect bc we wouldnt have to put any money down or go through any of that and with the mortgage so low it will help us to save. Which works out since FH and i are not ready yet to move out east, it would be hard for us with both of our jobs. I own an apartment too, the one i am in which is real big, 2 bedrooms, 2 full baths, dining room, big kitchen and everything but my parents are separated and i live with my mom so she'll stay there
