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Thread: Home price drops exceed Great Depression: Zillow

  1. #211
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Dirty Harry View Post
    It wouldn't have happened without record low interest rates.
    Record low interest rates?
    I pay on two loans for my home - a joint amount of 17% for the interest. 11% on one - 6% on the other.

    We have a crappy loan with crappy clauses and blah blah - and I, at the time we bought the house, left all the decisions up to my husband (believing he knew what he was doing) and we're somehow managing to make our payments - haven't had any problems, yet.

    But 'low rates' - no - just stupid people (myself included)
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Aunt Spiker View Post
    Record low interest rates?
    I pay on two loans for my home - a joint amount of 17% for the interest. 11% on one - 6% on the other.

    We have a crappy loan with crappy clauses and blah blah - and I, at the time we bought the house, left all the decisions up to my husband (believing he knew what he was doing) and we're somehow managing to make our payments - haven't had any problems, yet.

    But 'low rates' - no - just stupid people (myself included)
    30 year fixed rates went from 8.5 down to 5.5 after '01. This fueled the re-financing frenzy and then the building boom. Had rates remained at 8 percent or above new home construction would have remained stable. No bubble would have occured.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Aunt Spiker View Post
    Record low interest rates?
    I pay on two loans for my home - a joint amount of 17% for the interest. 11% on one - 6% on the other.

    We have a crappy loan with crappy clauses and blah blah - and I, at the time we bought the house, left all the decisions up to my husband (believing he knew what he was doing) and we're somehow managing to make our payments - haven't had any problems, yet.

    But 'low rates' - no - just stupid people (myself included)
    DAMN!!You cant refinance at a lower rate?
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

  4. #214
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by donc View Post
    DAMN!!You cant refinance at a lower rate?
    Nope - not yet.

    We've fallen into a few traps - first was our stupidity - lots of that, no denying.

    Another factor is that when we bought the house our credit was **** - so we qualified for a *home* loan - but after we had the home we didn't qualify for an expected *improvement* loan.
    Now - we've improved our credit sigificantly, resolved quite a bit of debt - we're on the up and up - BUT we entered into the other problems: the house isn't worth spit - never was worth anything, most certainly isn't worthy anything now.

    We bought it 'as is' to fix it up - it was suppose to be a family-project (my husband and I) but things happened (he deployed, was injured, blah blah) - we still live here, house is partially 'done' and we've already pumped tens of thousands into the damn thing - I've spent hundreds of hours on it by myself - Insert regret here.
    So - because it's partially-done we don't qualify for a loan of any type to assist with improvement. Its' pocket-expense or nothing.

    We've tried twice to improve - and though I've continually worked *on* the house we've yet to get it to a place where it's decent enough to qualify for a loan for further improvement.

    And would that be smart? Going into more debt on top of debt to improve it so then we can refinance it at a lower rate? I decided we did enough damage already and stopped working on it after I finished our master-bath.

    Right now we're making it - but I don't know how much longer that'll last. . . I know when our lesser-loan taps out. So instead of pumping more money into the home every year I'm pumping it into that part of the loan so we can pay it off and not suffer when it balloons in 5 years.

    Other things that happened - we were annexed into the town nearby, which has risen our taxes - increased property 'value' per acreage but that doesn't make the "home" worthy more than what we bought it for. . . and so on - lots of stuff.

    That's what happens when you make crappy quick decisions without knowing ALL the details and planning things out carefully for yourself.

    Right now we're talking about selling off the land - it's not much, but it's some - and using that to get out from under the house altogether.
    Last edited by Aunt Spiker; 01-27-11 at 04:34 PM.
    A screaming comes across the sky.
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Dirty Harry View Post
    It wouldn't have happened without record low interest rates.
    Lower monthly payments was the key factor for many, but there other elements to consider... Down payment, percentage of monthly income, credit rating, assessed value... etc.

    ricksfolly

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Aunt Spiker View Post
    Nope - not yet.

    We've fallen into a few traps - first was our stupidity - lots of that, no denying.

    Another factor is that when we bought the house our credit was **** - so we qualified for a *home* loan - but after we had the home we didn't qualify for an expected *improvement* loan.
    Now - we've improved our credit sigificantly, resolved quite a bit of debt - we're on the up and up - BUT we entered into the other problems: the house isn't worth spit - never was worth anything, most certainly isn't worthy anything now.

    We bought it 'as is' to fix it up - it was suppose to be a family-project (my husband and I) but things happened (he deployed, was injured, blah blah) - we still live here, house is partially 'done' and we've already pumped tens of thousands into the damn thing - I've spent hundreds of hours on it by myself - Insert regret here.
    So - because it's partially-done we don't qualify for a loan of any type to assist with improvement. Its' pocket-expense or nothing.

    We've tried twice to improve - and though I've continually worked *on* the house we've yet to get it to a place where it's decent enough to qualify for a loan for further improvement.

    And would that be smart? Going into more debt on top of debt to improve it so then we can refinance it at a lower rate? I decided we did enough damage already and stopped working on it after I finished our master-bath.

    Right now we're making it - but I don't know how much longer that'll last. . . I know when our lesser-loan taps out. So instead of pumping more money into the home every year I'm pumping it into that part of the loan so we can pay it off and not suffer when it balloons in 5 years.

    Other things that happened - we were annexed into the town nearby, which has risen our taxes - increased property 'value' per acreage but that doesn't make the "home" worthy more than what we bought it for. . . and so on - lots of stuff.

    That's what happens when you make crappy quick decisions without knowing ALL the details and planning things out carefully for yourself.

    Right now we're talking about selling off the land - it's not much, but it's some - and using that to get out from under the house altogether.
    I believe that I would be setting in the office of the Head of the largest loan when he comes to work and let him have a go at lowing your interest rate. Imply that if you don’t get it, he (his CORP) will more than likely be the proud new owner of YOUR former abode. With the stack of REO,s on his desk’s, the last thing he wants to look at is a partially finished rehab; If you really want to dig into his side a bit ask how many” partially finished rehabs “he has in his portfolio now.

    As for as the tax assessment, get on Zillow - Real Estate, Homes for Sale & Real Estate Values and check out the comps around your house,then go see your county/city assessor and get the tax rate adjusted to the what is now more than likely a 20% decrease in assessed valuation.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

  7. #217
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Dirty Harry View Post
    And if all that money wasn't so cheap it wouldn't have happened either.
    If you want to get to the real nuts and bolts Every aspect of the meltdown can be traced back to the New Deal.
    From the ashes.

  8. #218
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Phoenix View Post
    If you want to get to the real nuts and bolts Every aspect of the meltdown can be traced back to the New Deal.
    Wrong. Cheap, easy money and artificially stimulated demand created the housing bubble of '01 to '06. The collapse of that bubble created the meltdown. It should not have happened but Greenspan and Bush decided to use the housing sector to pull us out of the recession of '01. The housing sector had been stable up until that point with home values following inflation rates.
    There was no housing bubble before the recession of '01. Hell, Greenspan even claimed there was no bubble after '01. Shows what a fool he was.

  9. #219
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Phoenix View Post
    If you want to get to the real nuts and bolts Every aspect of the meltdown can be traced back to the New Deal.
    Which has it's roots further back.

    All in all - a faulted source of our issues is Nationalism - and the idea that "we're such a great country, we shouldn't have these social problems - here, let's fix everyone."
    A screaming comes across the sky.
    It has happened before, but there is nothing to compare it to now.
    Pynchon - Gravity's Rainbow

  10. #220
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Dirty Harry View Post
    Wrong. Cheap, easy money and artificially stimulated demand created the housing bubble of '01 to '06. The collapse of that bubble created the meltdown. It should not have happened but Greenspan and Bush decided to use the housing sector to pull us out of the recession of '01. The housing sector had been stable up until that point with home values following inflation rates.
    There was no housing bubble before the recession of '01. Hell, Greenspan even claimed there was no bubble after '01. Shows what a fool he was.
    At point in the history of the United States did we decide to start printing money based on a whim instead of backed by a commodity? 1934. Part of the New Deal. Not to mention FDIC and FHA.
    From the ashes.

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