Mortgage Crisis...Anyone directly effected?

[m2m]

- WTF!?!? maaaaaan what are they doing to people out there in california!?!

It's no joke out here, real tragic shit going on. I drive through neighborhoods and see five for sale signs per block.

I bought my house a year and a half ago for 490k (after upgrades). Now I see the cheapest houses in this area selling for 400 before upgrades, so I lost about 40k so far. I'm not too pissed, even with HOA and property tax my payments are only 1,600 a month, which is less than a lot of apartments in this area (which is an even sadder story).

Had I waited I could have gotten the house cheaper but my payments wouldn't have changed cuz interest rates are higher than when I bought. But it woulda made this bitch easier to sell down the road. Just means I gotta live here a little longer than I expected.

 

[Nobody]

I saw this shit coming a mile away.

People saw what was going on with housing in New York, and ran with it into places that were underdeveloped, or not comparable to one of the largest cities in the world.

NY hasn't seen a hit at ALL. Prices have went up 30% in Manhattan and around 8% in Brooklyn. 1 Bedroom apartments selling for 800,000 in Brooklyn on the CHEAP end in a good neighborhood close to manhattan.

 

[afroyale]

by my house 3 years ago 550k and had like 100k equity

now this house is wort 350k o less and keep going down whith thousand foreclosures everywhere here on bay area ca. my payment went up from 3500 to 5000 so i say fuck that shit.
plus 7000 tax propertis at year its a no no...been living free for the last 7 monts my credit went down from 710 to 535

 

[afroyale]

It's no joke out here, real tragic shit going on. I drive through neighborhoods and see five for sale signs per block.

I bought my house a year and a half ago for 490k (after upgrades). Now I see the cheapest houses in this area selling for 400 before upgrades, so I lost about 40k so far. I'm not too pissed, even with HOA and property tax my payments are only 1,600 a month, which is less than a lot of apartments in this area (which is an even sadder story).

Had I waited I could have gotten the house cheaper but my payments wouldn't have changed cuz interest rates are higher than when I bought. But it woulda made this bitch easier to sell down the road. Just means I gotta live here a little longer than I expected.

Dude, please elaborate for the board how a $490,000 home only yields a $1,600 mortgage payment. Liar liar, pants on fire!

Mortgage Calculator: http://www.bankrate.com/brm/mortgage-calculator.asp

 

[CybaCipha]

Dude, please elaborate for the board how a $490,000 home only yields a $1,600 mortgage payment. Liar liar, pants on fire!

Mortgage Calculator: http://www.bankrate.com/brm/mortgage-calculator.asp

He must've put a nice sized down payment. I put 55% down on my Brooklyn shit almost 10 years ago. My building cost about the same as his when I got it but my payments are a lot less.

Then there's NYC taxes, insurance and I pay to heat the whole building so its still no joke every month.

 

[afroyale]

He must've put a nice sized down payment. I put 55% down on my Brooklyn shit almost 10 years ago. My building cost about the same as his but my payments are alot less. I couldn't do that now.

Oh yeah riiight! He put down a $245K down payment. Puleassse!

 

[BDR]

God Bless her.. she is a smart hard working woman. That house is her retirement fund.. good for her. I am sure the equity right now is something serious she can sell flip move to the south and buy the next place outright!

Other people who were too young or not smart enough are bleeding in NYC.
The American Dream of house ownership is more and more overrated and unattainable for some living in key states were prices are outrageous.

The smartest move to own a owner occupied house is to really HAVE at least 20% down payment! If you ain't built for that... your ass might be fucked.\

105% funding days killed a lot of undisciplined people...

Bro she is quit lucky and what is missing is that a lot of people tried to become mini real estate brokers instead of getting a 30 yr fixed rate mortgage is staying there or at least after 10 to 15 yrs sell and get the equity out of that.

 

[^SpiderMan^]

I knew you were coming.You were one of the few that predicted this shit.

 

[HellBoy]

I watch House hunters on HGTV and they have some small ass houses in CA for 750k!

I dont know what those cats do for a living but damn!

 

[DEBO0187]

i here you, same thing with Buffalo. I bought my house for $32,000 and when I tell friends in NYC how much I paid they get sick. My home is not in a ghetto either. nice part of town, hardwood floors, copper plumbing. I am doing some home improvement on it in a few weeks, replacing all the windows, putting glass blocks in the basement.

I have heard that Detroit was similar to Buffalo as far as economy goes, but if you got a good job, you could grab a nice house on the cheap.

nigga trust me, you live in a shack, 32000 upscale home??

 

[EPDC]

nigga trust me, you live in a shack, 32000 upscale home??

don't believe me if you don't want to, but here, this is the real estate agency I bought my home through. look at the prices.
http://realtyusa.com/Result.php?PT=36
search prices from $30,000 to $50,000 in Buffalo all areas.

 

[DEBO0187]

nigga trust me, you live in a shack, 32000 upscale home??

i guess you right, I just dont like what they look like

 

[EPDC]

i guess you right, I just dont like what they look like

A pic of my $32,000.00 house. Exterior

 

[DEBO0187]

cant complain for 30000 doesnt look bad for the money, mississippi 30000 looks way worse