jig
join:2001-01-05
Hacienda Heights, CA
| reply to laserjobs
Re: CA Real Estate Market Study
here was just something on the news about a new home loan tag. the state will loan you the 3% down and 3% of the closing costs for a 40 year mortgage.
seems like a stupid idea.
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A man compounded of law and gospel is able to cheat a whole country with his religion and then destroy them under color of law. -Ben Franklin |
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bobrk
You kids get offa my lawn
Premium
join:2000-02-02
San Jose, CA
 ·SONIC.NET
1 edit | reply to dogma
said by dogma  :Hey! I want one of those neat licence plate avatar's like you and Major Marco too. Quick whack at it. A real avatar editor would make the white part around the plate clear, but I don't know how to do that with windows tools.
Mine is an actual plate, though. 
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Iraq Coalition Deaths, Graphic | RC5 | bobrk |
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laserjobs
Premium
join:2004-05-02
Las Vegas, NV
 ·Cox HSI
| reply to bobrk
said by bobrk :Upside down!?  Never! That is the one good thing about it. Property values could go down to zero, but as long as you can make the payments, the house is still yours. You only lose if you sell. The problem is going to be for a bunch of new homeowners trying anything to get into a house for "Pride of Ownership". Creative lending like negative amortization, interest only, adjustable rate and teaser rate mortgages are going to be the big problem. Think of what is going to happen when a new homeowner has their 1% ARM adjust to 6%. As for investors they need to turn a profit so as the market cools they will need to off load these properties unless they have positive cash flow. It has been probably 3 years since I have seen positive cash flow properties in most areas. Rents in hot areas are around 50% of a new mortgage payments so investors are taking huge risks by speculating on appreciation only.
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dogma
Premium
join:2002-08-15
Boulder City, NV
| reply to bobrk
Hey! I want one of those neat licence plate avatar's like you and Major Marco too. |
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bobrk
You kids get offa my lawn
Premium
join:2000-02-02
San Jose, CA
·SONIC.NET
| reply to FutureMon
Upside down!? Never!
That is the one good thing about it. Property values could go down to zero, but as long as you can make the payments, the house is still yours. You only lose if you sell. |
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FutureMon
OW My Eyes
Premium,ExMod 2002-05
join:2000-10-05
Colorado Springs, CO
clubs: 
| reply to laserjobs
yeah you're probably right on that point. Which is why I'm moving back into a Fixed and getting some cash out now to do some improvements. It doesn't matter if I'm upside down on a fixed loan since I plan on staying in the home for quite some time. And even if the weasel does pop in my universe the value of my property will surely be back up to where it is now or even better before/if I ever do decide to sell.
- FM
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Undisputed BBR Karaoke Champion! Care to challenge me? |
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laserjobs
Premium
join:2004-05-02
Las Vegas, NV
·Cox HSI
| reply to FutureMon
said by FutureMon :There might be a bubble, but it's appears not ready to pop in Glendora, CA. Not to sound facetious but isn't everyone saying that their neighborhood is different and won't be effected by a housing bubble?
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Bush has spent more $$$ than all other presidents combined in over 200 years!!!
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major marco
Res Firma Mitescere Nescit
Premium
join:2003-02-13
Stepford, CA
clubs:
| reply to CurtesyFlush
said by CurtesyFlush :There are many more real neighborhoods in this state than the planned konzentrationlager style neighborhoods that crowd the coastal areas and OC from the People's Republik of Irvine on south. I actually grew up in one down in Capistrano. I've only ever seen San Diego, parts of Santa Cruz County, and the People's Republic of Orange County so I wouldn't know, cappy.
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CurtesyFlush
Bababooey, fafafooey, tatatoothy.
Premium
join:2002-08-23
Fontana, CA
| reply to major marco
There are many more real neighborhoods in this state than the planned konzentrationlager style neighborhoods that crowd the coastal areas and OC from the People's Republik of Irvine on south. I actually grew up in one down in Capistrano.
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I miss LaWanda Page something fierce. |
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aztecnology
O Rly?
Premium
join:2003-02-12
Murrieta, CA | reply to major marco
Glendora = relatively old
HOA = relatively new
and sometimes... never the twain shall meet - Kipling
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FutureMon
OW My Eyes
Premium,ExMod 2002-05
join:2000-10-05
Colorado Springs, CO
clubs:
| reply to major marco
Depends on where you buy. My home is not part of a gated community or a cookie cutter housing tract. It's one of the original properties built in 1961 right around the time the City of Glendora incorporated.
- FM
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Undisputed BBR Karaoke Champion! Care to challenge me? |
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major marco
Res Firma Mitescere Nescit
Premium
join:2003-02-13
Stepford, CA
clubs:
| reply to FutureMon
said by FutureMon :I signed docs on a refi just last week. Getting out of an interest only back on to a 30 year fixed. Got a 6.65% rate, and my house in Glendora appraised at 600k. If more of my lot was usable land they said it would have appraised at about 689k. Hold up a sec - you refi'd a home and yet don't belong to an HOA? How is that possible. I thought everyone in this state who bought a single family residence was automatically forced to belong to an HOA whether they wanted to or not. I have never known anyone who hasn't bitched about the nazi organization HOA.
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jig
join:2001-01-05
Hacienda Heights, CA | reply to FutureMon
did that process change your property tax status? |
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FutureMon
OW My Eyes
Premium,ExMod 2002-05
join:2000-10-05
Colorado Springs, CO
clubs:
| reply to No_Strings
I signed docs on a refi just last week. Getting out of an interest only back on to a 30 year fixed. Got a 6.65% rate, and my house in Glendora appraised at 600k. If more of my lot was usable land they said it would have appraised at about 689k.
There might be a bubble, but it's appears not ready to pop in Glendora, CA. Just last year the same place appraised at $450k (of course I've done quite a bit to clean it up since then too)
- FM
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Undisputed BBR Karaoke Champion! Care to challenge me? |
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No_Strings
Premium,Mod
join:2001-11-22
The OC
Host:
Wireless Networking
All Things Unix
Cox HSI
Qwest
Efficient
| reply to americanada
Wait a minute. All along, I'm thinking that RR Conductor is a rr conductor. I recall reading a big fanfare/flourish thread over a year ago about being accepted or hired or something. Have I been mislead, or did I simply assume too much? |
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americanada
VIP
join:2001-12-19
Covina, CA | reply to RR Conductor
Especially if you're not even working. |
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RR Conductor
RailRoadDude
Premium
join:2002-04-02
Redwood Valley, CA
·Comcast
1 edit | reply to No_Strings
Well, Conductor's and Engineer's can earn anywhere from 40K-100K, depending on time employed, seniority rank, time spent on long runs over the line (ie.San Diego to Barstow) vs. locals (ie.San Bernardino to San Jacinto and Perris) or yard jobs (ie.switching in Barstow or LA), etc. Of course, take taxes out, figure in food, utilities, kids, etc, and with the high prices of homes in many areas, it can be tough, or not even possible.
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»www.amtrak.com
»www.amtrakcalifornia.com |
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jig
join:2001-01-05
Hacienda Heights, CA
| reply to laserjobs
said by laserjobs :Also I am pretty sure there is a lot offshore investment in commercial real estate and if the dollar drops more there will be a bigger reason to pull out of American assets. i don't think so. a dropping american dollar is a reason FOR foreign investment in american assets (their currency buys more). maybe at the peak you'd want to get out with value, but the american dollar has been slipping for some time now (though with demos possibly getting the house and the presidency, that might turn around soon).
i know we're also talking rental income, but i think foreign investment in commercial property is more to get a solid foot in, not to get a high yield investment from. i may be wrong..
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A man compounded of law and gospel is able to cheat a whole country with his religion and then destroy them under color of law. -Ben Franklin |
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No_Strings
Premium,Mod
join:2001-11-22
The OC
Host:
Wireless Networking
All Things Unix
Cox HSI
Qwest
Efficient
| reply to laserjobs
That link describes a marketing ploy for a new development. I don't think it is a good example of the market for existing homes, although it's obvious that it's softening.
While the 50-year mortgage may be new, I took a 40/5% on our current house just to get a payment I was comfortable with and not be house poor. We refinanced to a 30 year fixed later when circumstances changed.
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Sex without love is an empty experience, but, as empty experiences go, it's one of the best.
-- Woody Allen |
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jinjimbob
Troy Mcclure
join:2001-11-13
| reply to laserjobs
said by laserjobs :said by jinjimbob :"SoCal is in for a big correction in prices." I have been hearing that for almost 5 years myself. They might stop going up as fast, but they won't go down. Then answer me this, what made the prices go sky high? Do you think the reversal of the same thing might cause the reverse effect? Here is a clue: Interest rates and lending practices While true the lenders are offering creative loans. But the 40 and 50 year loans really don't offer a lower payment.
People are moving to California from other countries, where they were used to substandard living conditions in cramp quarters. Whole families move here, club together to buy a huge house with a monstor mortgage, living in the same house with multiple generations.
Most of us wouldn't dream of this, its very un-American-like. But for newer Americans, they think splitting a $6k mortgage 6 ways between 6 wage earners is the best thing since sliced bread, and they feel lucky. |
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