My credit is excellent. I have a VA Loan to use. Let the shit crash. I've been meaning to upgrade so let them joints get cheap again.
WARNING: Housing Bubble About To Burst
- Thread starter ViCiouS
- Start date
Causes right now the prices are going to deep... thats the problem right now.
When Trump took office and ended the making homes affordable act... Banks no longer have that fear that they had before. They have started going back to their old habits.
But back then...... If someone's house was foreclosed on.. The property value of the comps in the area... Still kept it as a price point where the average person could snap it up.
But now what I've been seeing is the people that purchased these houses during the last bubble... tore down the old house and rebuilt a much bigger place.... These people can't afford the houses that they created.
So where you once had a 120K house foreclosed on... You are now looking at a 325K to 425K house. There aren't alot of regular folks that can afford the starting bids on houses like that.
Just thinking about all those first time home buyer neighborhoods 
Nobody asking the real question so I'll go ahead and ask.....when did Jada Fire join TYT? 
Black people have no fear! The Tulsa real estate fund will fix this!!
City living is trending among cacs nationwide.
BRING IT I'M READY
Yeah ok buddy, I have 7 properties, no mortgage , 9 tenants and I use two units I use for Air BnB. I do well over 6 figures in RE alone and I started after the last crash. I go to auctions and I buy online. But I don't have a clue what I'm talking about because I don't c/s a video you posted.
Best believe in several years when there is a major market correct I'm be there to buy cash. But you're right I have no clue. Laughing all the way to bank.
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This is why I'm waiting on buying a house.
I normally ride with you, but the bold statement is somewhat misleading and not reflective of all states
I personally know more than three families that filed bankruptcy under the old Bush rules, used HARP to refinance the terms of their wells fargo non fixed loans, then negotiated the PRINCIPLE amount down to the appraised value at the lowest point (2008-2010). All three families made out like bandits, this last year when they sold the same houses at peak. There credit was fucked due to the bankruptcy, but shit they are cash positive, like a motherfucker
Obama was awesome for some that were diligent and worked the various programs.
I normally ride with you, but the bold statement is somewhat misleading and not reflective of all states
I personally know more than three families that filed bankruptcy under the old Bush rules, used HARP to refinance the terms of their wells fargo non fixed loans, then negotiated the PRINCIPLE amount down to the appraised value at the lowest point (2008-2010). All three families made out like bandits, this last year when they sold the same houses at peak. There credit was fucked due to the bankruptcy, but shit they are cash positive, like a motherfucker
Obama was awesome for some that were diligent and worked the various programs.
I normally ride with you, but the bold statement is somewhat misleading and not reflective of all states
I personally know more than three families that filed bankruptcy under the old Bush rules, used HARP to refinance the terms of their wells fargo non fixed loans, then negotiated the PRINCIPLE amount down to the appraised value at the lowest point (2008-2010). All three families made out like bandits, this last year when they sold the same houses at peak. There credit was fucked due to the bankruptcy, but shit they are cash positive, like a motherfucker
Obama was awesome for some that were diligent and worked the various programs.
that only worked for mortgages held by federal loans ......Salle or Freddie ect
for others, the best those plans could do is restructure the debts so that total monthly payments principal, interest, and escrow ( taxes and insurance) could not exceed 30 sumthing percent.
but many loans during the crash were purchased by private companies and those companies would only refinance and the original principal remained with any and all late shit tacked to the backend.
and bankruptcy judges did not have the power to lower principals to the actual new value.
which is why there were so many and continue to be so many foreclosures caused by walkways.
Trump and Republicans will blame it on "Blue Wave Speculation" fear. Their followers will accept that excuse and agree to bail out the banks again. Trump also loves low interest rates, so I can even imagine that this is being orchestrated for him and his friends to profit from the crash. Oligarchs win again, and the country becomes even more disillusioned and divided. The world is watching and they will rightfully blame the US for the fall, this will be detrimental to what's left of our reputation and the world will financially/economically turn it's back on us.
Came up on 2 last time... and rode my home in ought in 04 all the way down from 665k to 284k! It bounced back major.
Shits are collecting 15k a month in rent.
I'm waiting on the next crash, it will feed my family for the next generation.... hopefully
Man I hope so because homes are fucking high in my area. 1300 sq ft home going for 160k plus is crazy. 10 years ago when I bought a house they was cheap in this area. I don't think prices will drop much in my city because the school district is so damn good. Not a bad school in sight.
Canadian Cities Average House Prices April 2018
City Average House Price 12 Month Change
Vancouver, BC $1,092,000 + 14.3 %
Toronto, Ont $766,000 – 5.1 %
Calgary, Alb $431,000 + 0.1 %
Ottawa, Ont $382,000 + 8.3 %
City Average House Price 12 Month Change
Vancouver, BC $1,092,000 + 14.3 %
Toronto, Ont $766,000 – 5.1 %
Calgary, Alb $431,000 + 0.1 %
Ottawa, Ont $382,000 + 8.3 %
Because the Hedge Funds were buying them all up,outbidding everyone,and paying cash.
The regular folks could not compete.
This.
I’m confused . That’s dumb cheap 1300 square feet goes for 2 million here
Look... in cali that buys you a bathroom
If you finally get land is there a way to do a lot of you yourself being able to do a lot of building a house on it if you do not have a lot of money to have a house built on it?
^^^
Thankfully subprime loans are illegal in Canada. However, the USA is one of the biggest importers of Canadian lumber and other building materials. Once the bubble pops those businesses will take a serious hit, jobs will be lost, and fewer Canadians will get buying homes.
Inevitably, the Canadian government will loosen restrictions on foreign ownership to keep the economy going which will drive things up even higher.
Man who you tellin!
I'm looking to buy and the investors buying up everything cash, OVER LISTING PRICE!
@jagu, help me out. I got my pre-approval letter in April.
What you gon do different?
Are you an investor?
Regular folks won't be able to get a loan from banks, not enough to be able to compete with investors with cash
Yeah - lots of discussion the past year about the vacant homes, Airbnbs, etc. Fam's been encouraging to buy a 2nd property (for rental purposes), but there isn't any interest at the moment given these jacked-up prices. Doesn't seem sensible.
I don't wanna rent any longer tho! Shit is frustrating!
Then I have unique needs due to being a business owner
As hard as you work already do you really want to put landlord on your resume too?
If you do decide to go that route to make sure to check out this website first.
https://theminoritymindset.com
Check out the YouTube channel too. Jaspreet Singh is a very inspirational man.
I feel you on that. San Francisco is crazy expensive, but living here makes me a first call when promoters are trying to fill the last minute DJ gig.
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