[natty]

http://www.detnews.com/apps/pbcs.dll/artic...0360/&imw=Y

now what did i say before in that thread at IL regarding Todd Sina's 80 million baht house.. did i not say that the average americans CAN NOT afford to buy a house even though houses were sold left and right back then? today proves me totally right.. just because you're living in a house and paying mortgage or that the houses in your neighbor sold sooo fast does not mean that people who bought it could afford it.. instead they were putting 0 down and the first 5 years they were only paying equity, after that their mortgage either doubles or triple which then force them to foreclose...

[Dal]

I know. People were buying houses they couldn't even afford to begin with. That is why the economy has shot down because of the increase in foreclosures. It is sad how people want, want, want without thinking. I always say that you should only buy what you can afford. Buy below your income. Too bad.

Like my neighborhood, they built houses too fast and not enough people to buy. There are a couple of houses still sitting there for sale after two and a half years.

[natty]

j's area isn't bad because he live in an established and old neighborhood.. plus the area appeals to alot of people.. however where i bought my house, sure the area are nice and all but it's relatively new so there's a "bank owned" sign like almost every other house.. it's disheartening because now we have to worry about illegal activities too.. i mean i'm not so worried about the current value of my house since it's not like i'm selling it anytime soon anyways and i do believe that in about 5 years or so the housing market will bounce back.. it's just frustrating to see how many dumb people are among us as well as how many punks there are who love to take advantage of others.. i've always said that people seriously need to read.. reading and comprehending is essential, that way you don't mess up your life as well as others..

[noiki]

yeah there's lots of forclosures going on up here too na ja. the people themselves are victims of deception, led to believe they can afford a house they really can't. it's sad but that's why you need to do your research.

[Dal]

The whole subprime lending sucked/sucks. I hope people quit doing that.

I worry about vandalism too, but the town I live in is relatively small and the cops are always on the prowl.

I really believe the economy will bounce back as well, if the government quits poking its nose in banks. This country was established to get away from foreign countries not be owned by them. But it started happening after 50 years already and only has gotten worse. If left alone for banks to re-coupe themselves eventually the economy will get back to where it needs to be. Anyway, I should stop right now about the whole economy issue.

I read that article link, Natty, it is just really really sad. Wow.

[natty]

oh gosh dal i too believe that the government should keep out and not bail out those people as well as the banks.. but hey what can we say.. there are more people who love and expect handouts then there are responsible people..

noiki, the percentage of victims of deceptions are sooo low compares to those that are greedy.. people want to make quick cash so they go into the housing market by buying a couple of houses and turn around to sell them for profit.. problem is, some buy too many and waited too long... as for others, they are offered appealing incentives that are so hard to pass up.. for example.. those who do an ARM loan (adjustable rate mortgages) on let say a $400,000 house get about $8-10k incentives from the lender which they can spend on anything from furnishing the house to buying a new car, or "save it for a day when money is tight" vs those who let say put 200k down only get about $2,000... so those who are greedy (and there are continent loads of them) see the big dollar sign that they get back, thus make them sign up for the ARM loans.. and when they are explained what an arm loan is, they just brush it aside and think or was told "it's ok, no worries cus the housing market is soo good, i'll be able to turn it around and sell this before the 5 year is up and at that time i'll be able to have a down payment on another house"...

it's greed..

[lady0fdarkness]

recently there was a house that was sold on E-bay for a $1.75!! A whopping .75 cent more than this house.. lol...

this is just too sad.....

[annea]

yes houses are getting cheaper but the economy isnt looking too good. My parents were thinking of buying a house beause the prices are cheap since we are renting right now. I honestly have no clues on buying a house. I dont know how the system and all those stuff works. Is it a good idea to purchase a home right now? what to expect when buying a house?

[lady0fdarkness]

^^ Since it's pretty much a buyers market right now, I just bought a house a month ago. However, with the economy going down here, you want to make sure it's a house you will be able to afford. And if you weren't able to buy a house before, because of it's high prices, then yes.. I think the time to buy is now; assuming that you can afford it in the long run. And right now, the lenders got very very strict. Before I could even buy the house, they asked for all kinds of paper I didn't even know existed! So these are pretty much things you've got to be prepared for.

[lady0fdarkness]

Ohh.. and in addition, make sure you get a fixed rate loan. Some people who got an adjustable rate, ended up paying double their mortgage, 5-10 years down the line!

Good luck.

This post has been edited by lady0fdarkness: 15 October 2008 - 09:20 AM

[natty]

yes ladyofdarkness.. it is sad about that house on ebay.. and yeah this is totally a buyer's market right now.. those who have the money should buy up.. cus the housing market will turn around.. it may take a couple of years but it will.. cus look at 1992.. the house market almost crashed then too.. it stalled.. then it went back up.. and now it's stalling again.. i bought my first house house 4 years ago.. and heck i put down more then what it's worth right now i don't know if i should laugh or cry.. but it's ok.. it's not like i'm going to sell it or need to sell it.. 1 more year and it'll be pay off anyways. whoohoo..


so annea.. to answer your question.. yes it is a good time to buy.. however be very careful when buying.. make sure you know all the conditions.. find out if there are any leans on the house.. meaning for example. let say your house that you want is in a community with home association (you pay a certain fee for lawn and community maintenance).. and the house was in foreclose.. now lawn needs to be watered and cut.. so the bank that owns the house put a lean on it.. and all those bills will be the responsibility of the new owner..

right now it's kind of hard to get loans on home.. they thoroughly check everything now (which they should had before but because people and politics have been crying discrimination, alot of things were overlooked.. like income vs mortgage payment)...

[shampoo]

we're looking into buying a house too. but don't really know if we're qualify.

[annea]

thanks for the heads up Natty! we're in the same boat as you Shampoo...Dont know if my parents are qualify for it. My parents are tryin to save money in the bank for the down payment if we're qualify...

[KhoOnxNouxWanxJai]

You know -.-" my parents bought a house a few years back and like it sucks for them now! Because all their neighbors have foreclosed lmao like literally.. and the neighbors that haven't foreclosed have like 5 family to a house yes literally 5 family to a house to help pay mortgage payment.. it's lame because that totally drops the value of my parents home! Like ok .. the neighborhood that my parents lives in has a total about 25-30 houses .. out of all those houses the past year like in the past 6 months even about 20 of those houses went into foreclosure! LOL I'm like ok wtfreak .. lol so when u go there now only 5 or so houses actually have people living there and those 5 or so houses have like 5 or 6 families living in them .. i go there to see my parents all the time and like u see all these people outside im like good lord -.-" Lol... my parents have a fixed rate so they aren't really worried and they have about 4 years into paying the house off .. and luckily they put enough down instead of 0 down like lots of people around dallas did ... many of their neighbors either put 0 down or 500 down lol ... -.-"


Edit: We're thinking about purchasing another house at least 80 k and rent it out lol there is this nice 4 brdrm 3 baths for 89 k .. and in a good spot and central to everything would definitely be worth the investment! cause we can charge rent for like 1 k a month lol and put a good enough downpayment and get a fixed rate bam we would be getting at least a 70 percent profit every month lol -.-" all we have to do is worry about taxes...

This post has been edited by KhoOnxNouxWanxJai: 24 October 2008 - 09:04 PM

[annea]

how is the annual property/house tax calculated? price of your house+the size of it (sq. ft)? or does it depends on areas that you live in and state?