House of cards.

[CORONA]

http://www.cnbc.com/id/15840232?video=1024219334

[Double_G]

damn it nick, that was down right scary from begining to end, thanks though

[swmayhem]

pretty scary for folks trying to live out of their means. trying to live like a baller when you know you should be in an apartment! lol! in these times im glad i live in el paso! we havent been hit that hard. im in the market to get a new house. the sq ft. is as low as $60.00 in nice areas here.

[SirHitmanG]

my dad is trying to buy a house right now.
the houses he is looking at use to be 250k-300k
now they are 100k-175k
right now is a good time to buy if you can afford it.

[CORONA]

Jose, I dont think right now is a good time to buy, at least here in SOCAL. Here are 5 reasons not to buy now.

"1. Prices are still dropping
Data shows that prices are still dropping in many markets. If you buy today, your home could be worth less in a year or even two.

2. This sale will be on for a while
this housing recovery could look like an "L" -- once a bottom hits, prices will flat line

3. You may not stay put
If prices continue to drop, you might have to be in that home for longer than you thought in order for the investment to make financial sense.

4. Your job could be the next to go
But even if you're comfortable with your own job security, investigate how your future neighbors are faring.

5. Your cash reserves will be eaten up
If your down payment would deplete your rainy day fund, keep saving for a while before house hunting

But if you insist on buying now, good luck getting a loan.... happy hunting.

[SirHitmanG]

i know what you are saying but im taking advice from a friend and his friend who majored in economics and international business.

him and his friend are rich now because they forseen this shit happening. people didnt listen to them when they told them to pull their money out of stocks and all that shit.

i still cant believe their are rich people that invest in the stock market to do bad. those fuckers got even more rich. my friend says that is a small part the economy is the way it is.

the loan part is true but my dad got approved.
but he is still house hunting.

im taking all of my advice from these guys not to say you are wrong because sometimes i show these guys the stuff you post and they agree with some of it but they always have and outcome or an answer to what you post.

but they say right now is the time to get a 401k plan and invest in a money market.

but thanks for the info it all helps to get an idea on what to do. keep it coming

[swmayhem]

if it makes business sense then do it. the people selling the houses are losing by not waiting for the market to bounce back. if you plan on living there for at least 10 years i believe you will see a return on your investment. nick how much is your house worth and how much did you pay for it. i can guarantee that it is worth at least 120k less than what you paid for it. your not gonna sell it because it doesnt make business sense at the moment. in a few years you will recoup that loss.
like my homeslice dj kwik sez if it dont make dollars then it dont make sense!

[CORONA]

How can you gaurantee anything, the damm government cant even gaurantee shit like Social Security for us when we retire, even though we have been paying into it all along. Hell, even the State of CA is sending out IOU's on income tax refunds...lol  guess what now, its time to put more dependents on, so you get taxed less throughout the year and break even or owe a little to them at the end of the year... lol   I payed 323K for my pad and now, 7 years later, its worth about the same,  give or take.... we all understand that we should not sell at a loss, but right now, frankly there is no more bigger sukkas out there to buy all these overpriced houses, thats why prices are falling... along with much more difficult to get a loan due to the fact that you have to prove your income now.  It is so easy to see how much someone paid for their house, its public info and can easily be found on Zillow.com, or Redfin.com.... check it out.

EX. #1

This house in my neighborhood was sold in 2002 for 326K, then in 2003 for 384K, then in 2006 for 586K and now cant even sell for 365K.....because its still for sale.

http://www.zillow.com/homedetails/charts/17760933_zpid/

http://www.zillow.com/homedetails/1491-San-Almada-Rd-Corona-CA-92882/17760933_zpid/

EX #2

This house is also in my neighborhood and was sold in 2007 for 734K, and now cant sell for the asking price of 750K big ones... its been on the market for over 400 days, clearly this seller is in lala land and refuses to see reality, I dont easily, blindly do "gaurantees" like you, but I will bet this house wont sell for that price "in a few years".

http://www.redfin.com/CA/Corona/3501-Santo-Thomas-Cir-92882/home/4238455

Let me be clear, these examples are not the extremes, they are the norm.... :cry:

[CORONA]

"i know what you are saying but im taking advice from a friend and his friend who majored in economics and international business."
 
This one is just funny... :lol:

[SirHitmanG]

"i know what you are saying but im taking advice from a friend and his friend who majored in economics and international business."
 
This one is just funny... :lol:

it may be funny to you but for a person like me that knows little about economics they showed me the proof i needed to open my eyes.

if you majored and work in this stuff i would go along with you too.

but i could copy and paste a lot of stuff i dont know anything about.
not saying you dont know im just saying thats all.

but like is said any info is better then no info

[Double_G]

kepep fighting, im getting alot of good info.

nick knows me, he knows i love that almighty dolla

[weechona]

Thanks Nick, I been shopping for a house for some time now.  I actually put a bid on a house for $25K over asking price.  But I was still outbid.  Now we look, take many things in consideration and we are offering about asking price, but we keep losing.  Yeah their are many houses out there, but their is still a bunch of people buying also.  One house in Downey had 7 offers on the first day.  It ended up having 27 offers and mine was in top 5.  I still didn't get the house, but many many people are going to capitalize on the mistake others made trying to buy what they can't afford.  My range is $290-$310K  and need 3 bedrooms and 2 baths.  I like when people say the prices are going to go down lower, no one can really say that, unless they have a crystal ball.  Their are no guarantees in the world, they could go down or up.  The thing for me is this, I am not buying a house to make money.  I am buying a house to put my family in.  Location for me is important, so I dont mind paying 25K extra to get in there.

[CORONA]

Weech, Im sure the houses you put bids on were nice houses and thats probably why there were multiple bids on it, but one must becareful of phantom bids. It is obvious when a house is priced to sell, it does, unfortunately for many today, in order to sell, they must sell at a loss, which doesnt make sense. You can look at it like this......you  missed your opportunity on a great house, or you have the opportunity to buy a nicer house down the road, IF price keep falling like they are.  As far as people saying prices will go lower, after consulting with my crystal ball, I believe they are correct..... Buying a house can be sometimes emotional, but patience, and after looking at dozens if not hundreds of perspective houses to buy, you will know when a great deal lands on your lap....which ever way you go, whether you buy today or later, Im sure you'll get a good deal, since your a tight ass...lol jk  Happy hunting.

[domino]

OK NICK we havent hit the bottom yet . Ca is DOOM!!!!!!!!! get out now  most house are at half  the price of the highes value  :cry:  :cry:  :cry:  :cry: Most house lost to banks dont sell for ask price because they have to try to recover the lost. That why we have phantom bids nobody wants to lose money :!:  :!:  :!: Facts are we are in deep Shit  :!:  :!:  :!:  :!:  :!: more to come are kid have a high dropout rate , are old people have no health care not to say suicide is going up . drug and drink use is at all time high . the only + is the end of the world is come soon :roll:  :roll:  :roll:  :roll:  :roll:  :roll:

[CORONA]

HA!