Housing bubble 2.0?

[1srelluc]

The FHA has been allegedly covering up subprime defaults on a massive scale with accounting gimmicks. It looks legit bad.

Subprime means crap.

 

[Moonglow]

I have two places and have not missed a payment.

 

[martybegan]

The FHA has been allegedly covering up subprime defaults on a massive scale with accounting gimmicks. It looks legit bad.

Subprime means crap.

I'm going to be in the market for a house/co-op/condo, and a crash would help me immensely.

 

[1srelluc]

580 credit scores have been getting loans at 3.5% and default within a year but the fha is intervening to prevent them from being foreclosed.

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[1srelluc]

I'm going to be in the market for a house/co-op/condo, and a crash would help me immensely.

I hear that a lot (and while not picking on you in particular) a lot of people talk about waiting for a bubble burst to make money.

Odds are when a crash happens, they stay scared and remain on the sidelines.

Hell, if they wanted to make money in real-estate/land what have they been doing for the past few years?

Too late now......This time last year there were six homes for sale in my county.....SIX!

I quit counting at 60 the other day.....Homes are sitting at last year prices now.

 

[martybegan]

I hear that a lot (and while not picking on you in particular) a lot of people talk about waiting for a bubble burst to make money.

Odds are when a crash happens, they stay scared and remain on the sidelines.

Hell, if they wanted to make money in real-estate/land what have they been doing for the past few years?

Too late now......This time last year there were six homes for sale in my county.....SIX!

I quit counting at 60 the other day.....Homes are sitting at last year prices now.

Not to make money, to get my first house.

I live in NYC, I have $125k in the bank, and right now in the area I want the only thing I can afford due to the down payment requirements are condos in a pre-war large apartment complex. And that place has a 3 year wait for a garage spot.

I also have an 810 credit score.

 

[1srelluc]

Not to make money, to get my first house.

I live in NYC, I have $125k in the bank, and right now in the area I want the only thing I can afford due to the down payment requirements are condos in a pre-war large apartment complex. And that place has a 3 year wait for a garage spot.

I also have an 810 credit score.

Move to the hinterlands.

 

[martybegan]

Move to the hinterlands.

Got family here, can't do that.

Also all my work sites are in the 5 boros.

 

[gipper]

Not to make money, to get my first house.

I live in NYC, I have $125k in the bank, and right now in the area I want the only thing I can afford due to the down payment requirements are condos in a pre-war large apartment complex. And that place has a 3 year wait for a garage spot.

I also have an 810 credit score.

I didn’t think $125k could get you anything in NYC, even if the market crashes.

 

[martybegan]

I didn’t think $125k could get you anything in NYC, even if the market crashes.

$125k towards a down payment.

a 1 bedroom in a big apt building will run you $250k to $350k.

At least in decent neighborhoods.

 

[gipper]

$125k towards a down payment.

a 1 bedroom in a big apt building will run you $250k to $350k.

At least in decent neighborhoods.

Okay. That surprises me. I guess I’m thinking Manhattan, and the other boroughs are less expensive.

My brother lived in Stuyvesant Town 25 years ago and it was rather expensive then.

 

[martybegan]

Okay. That surprises me. I guess I’m thinking Manhattan, and the other boroughs are less expensive.

My brother lived in Stuyvesant Town 25 years ago and it was rather expensive then.

Actual houses themselves are still crazy except in really bad neighborhoods.

Anything but a row house or a bungalow is over $1M easy.