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HelloKitty,
Also check dcu.org. They offer better rates than Patelco.
http://www.time.com/time/magazine/article/0,9171,1661682,00.html
Not even the Real Estate Agents
"The housing market in Detroit is a mess. Such a mess that nobody tries to deny it, not even the real estate agents. "The market is very, very bad," laments Jennifer Weight, hosting a deserted Sunday open house in the suburb of Bloomfield Hills. "It's terrible."
"In metropolitan Detroit, the 11% drop in home prices over the past year was just one more sign of a local economy in decline thanks to the troubles of the auto industry. In San Diego, the drop of 7.3% came out of the clear blue sky. The city still has jobs to offer. Beaches too."
OK, so 7.3% plus 3% or so for inflation, so a real decline of about 10% in San Diego?
@hithere
Yes I see the 6.72 for the jumbo with .5 but if you click on the 'choose rates' feature you can adjust the rate for your State/LTV.
I used CA/10% down payment and it gave 7.22
the 6.72 rate is 80% ltv(20% down)
Sorry for the confusion.
Allah,
You posted the link and then again you clarified. Yes under federal law Credit Unions can't file for bankruptcy. In crisis time like you cited above, they get merged with another one but the customers are protected.
"However, investors refuse to buy riskier loans. So, lenders have had nowhere to unload subprime, jumbo, and other nontraditional mortgages. There's no sign that's easing, as secondary markets for riskier assets have been frozen since the middle of the summer."
Hellokitty,
That's right. I have a loan with Patelco. They are mainly based in San Francisco/Sacramento area. I can tell you a trick. If you really looking for a loan, call them....don't do online appln. You get to talk to the loan officer they assign to you and you can play different options like 80+10+10 to make that 7.22 no point APR even better.
HelloKitty and SKIBUM,
What I was saying that 20% down payment requirement is overstated. If somebody has good FICO, they can get JUMBO with 5%, the sub-prime borrowers are having problem.
Skibum,
No apology anticipated - I love a roaring tease...
What instrument is problematic, as I've been at this for a while. Studied harpsichord and clavichord with I. Kipnis undergraduate, then organ 'period practice' with A. Heiller and Albert deKlerk post-grad. I'm enormously fond of piano, but can't say I cut much of a figure. Omnibus answer is 'keyboards'.
I remember in 1996 SoCal felt a lot like Detroit at least it seems that way now. They 'lost' auto worker jobs and SoCal lost the aerospace jobs.
It seems to me web 2.0 will crash when goog says 'we are not buying any more companies'. The next day 1000 start ups will shut down. They are that powerful it seems. I suppose a huge recession and large decrease in ad revenue could cause them to do this at some point....
The next boom people talk about all the time may be the unemployment boom. How to retrain for new career boom. How can I extend my welfare/gov benefit/unemployment checks boom. Customize your resume boom. How to network for a job seminars,etc.
Does KKR's (at long last) completion of the Boots deal suggest the liquidity freeze is thawing a bit? Are there implications for MBS? Dammit where's Randolph?
It seems house price in Cupertino just doesn't seem to drop..how come Cupertino remain immune to the turmoil? There are still 30 offers to a one million dollar house...is it because there of all the compaines and their stock options..? It's just killing me..
With all this disparaging of mortgage brokers, someone should stick up for them?! Obviously, you don't want to go to someone working out of a back room, but the volume guys depend on getting people good deals and having satisfied customers refer them to their friends. I tend to think there aren't many folks who can beat my no fee refi (conforming-30yr. fixed) rate done near the bottom of the rate cycle. Then again, maybe I am naive and got hosed by junk fees... but I would have no problem going into battle with my broker (if, ya know, he was marching in front of me :-))
SFWoman,
The Time article is quoting S&P Case/Shiller Home Price Index numbers, so the reality is probably even worse, as they have overbuilt condos, which aren't even included in the the Index (and of course, new homes/condos are not included either).
I know of two cases where Dumbo-loans have been held up. I referred to one of them in another thread too.
Case 1. A pending-sale in Saratoga broke down because buyer could not get financing for an 850K mortgage. The seller agreed to give buyer additional time to look for other funding, but it still did not work. (July-August)
Case 2: A buyer who tried to get pre-approval could not get a reasonable rate for a 600K loan because his wife had started working recently after a three year break. They have phantom-equity of 400K in their current home, plus a sizable down-payment. They were also baited-and-switched by several mortgage-brokers who promised a 6.5-to-6.875 rate, but then tried to sell them 8% loans.
Re: the RandyH-Allah spat, it is a shame. Both of you have contributed useful and interesting insight, and it looks like your difference of opinion wasn't _that_ different. We all sometimes end up arguing past the point of tedium, so why not stop flogging the poor dead horse?
SP
skibum,
You should send the Chronicle some fan mail, look at how they are setting up the DQ numbers: Bay Area home sales plunge 25%.
Bubbleswamy, it seems that people in Cupertino work too much and do not watch the news. Certainly there is a lot of money out there, but once the sentiment becomes commonplace the decline will ensue. It is merely a matter of time before the bloodletting commences.
EBGuy,
Did you refi your 1st or 2nd? I have re-fied my 2nd recently. It's an amazing deal from Wachovia directly through mail. I think they send offers to qualified customers. Whwn the market rate for 2nd (fixed rate home equity loan) is around 8%, they offered 6.95% 30 year fixed with no closing cost.
Certainly there is a lot of moneyliquidity out there, but once the sentiment becomes commonplace the decline will ensue.
Nowadays money is made mostly in natural resources.
You posted the link and then again you clarified. Yes under federal law Credit Unions can’t file for bankruptcy. In crisis time like you cited above, they get merged with another one but the customers are protected.
That was all supposed to be in one post, but I screwed up and hit the submit button before completing it. :lol:
Yes; the depositors are protected to $100k through the FDIC just like most banks.
What if there isn't another credit union that is willing to merge with them? They can go under, they just can't file for bankruptcy protection.
Peter P Says:
No one should remain on death row for more than six months. Some innocent people may be wrongfully executed, but come on, how many people get killed on the highway every day?
oh well, as long as you don't mind it happening to you, that's the litmus test...
apart from the difference that car accidents are accidents, and the death penalty is deliberate and wilful...
oh well, as long as you don’t mind it happening to you, that’s the litmus test…
This is why it should be swift. In case it happens to the wrong person at least there will be minimal pain.
Allah,
As a borrower, I wish that happens to me. My credit union goes under and I don't need to repay ......that's perfect.
It seems to me web 2.0 will crash when goog says ‘we are not buying any more companies’. The next day 1000 start ups will shut down.
Didn't Google sort of announce the opposite the other day?
Peter P Says:
This is why it should be swift. In case it happens to the wrong person at least there will be minimal pain.
which could be you. and who will be the arbiters of this 'logan's run' world? and what about the lawsuits for wrongful execution by the families when a little more digging and investigation after the incompetent or corrupt cops shows the party was innocent? so this is utopia?
It seems house price in Cupertino just doesn’t seem to drop..how come Cupertino remain immune to the turmoil? There are still 30 offers to a one million dollar house…is it because there of all the compaines and their stock options..? It’s just killing me..
Bubbleswamy,
Oh, I don't know. Maybe you could go back to your Realtor playbook and find the answer yourself. It's probably one of these choices:
- real estate prices ALWAYS go up
- Cupertino is SPECIAL. (Just drive down beautiful Stevens Creek Blvd to see for yourself)
- They're not making anymore land in Cupertino
- Rich foreign immigrants are buying like crazy.
Actually, that last one may really be true.
so this is utopia?
Not more so than the one envisioned by Karl Marx.
which could be you.
It could be me eating contaminated Fugu too. :)
Peter P,
I am so going to buy you Battle Royal (the Japanese movie) for X-Mas.
randy is dead :cry:
long live randy! :D
i think allah and randy were actually in agreement, they just couldn't untie the gordian knot...
i think allah is actually OK, and has done some good posts, not a troll, so i think both will be back once this little spat is cleared up...
I am so going to buy you Battle Royal (the Japanese movie) for X-Mas.
I heard good things about that movie.
I just watched Equilibrium (2002, Christian Bale). It is a rather good movie. :)
Rich foreign immigrants are buying like crazy.
Rich Middle-east/Russian immigrants may be buying like crazy in London.
I am going to say this one more time: the Bay Area is completely unattractive to truly rich people.
I suppose I should post on the old thread - Just got a whole load of listings from an agent - tons of them have been reduced and only one sold for more than asking all the rest were for less - Sunnyvale/Blossom Valley/South San Jose - there is hope yet!!!
The Bay Area is attractive if:
1) you are geographically tied to your job, or
2) you can afford only one residence
Neither applies to rich people, except a few over-controlling types.
i note incarceration rates in the US are already an order of magnitude higher than in any comparable Western country, and second only to Russia... possibly boosted by drug offences, but so what? things like confiscating and auctioning or crushing people's cars for drug dealing or illegal mods don't happen anywhere else either... (not to say that this wouldn't be a deterrent effect, I would actually like to see aspects of that implemented here, more control over racers and provisional drivers, etc)
but in other countries, you can draw down unemployment benefits for as long as you are unemployed, so you will be less tempted to turn to crimes of desperation -- there's a fine line between discouraging 'welfare dependency' and outright cruelty...
If there ever were a time in history when we desperately need high paying functional jobs it would be now. But lets import a few more million Chindians!
Immigration ought to be market-driven. We need to open the labor market to international competition. Protectionism does not work.
How about an auction-based immigration quota, if we need a quota at all?
Logans Run is an awsome awsome flick.
If we are treating people based on Sci Fi movies then "judge dred"(slyvester stalone) crimnal treatment is more humane. You freeze a criminal permanently so if hes proven innocent you just unfreeze him. But if Dred catches you in the act he shoots on site!
However "zardoz"(sean connery) is also another option for those who wish to exterminate the wrong doers (and everyone for any infraction).
You freeze a criminal permanently so if hes proven innocent you just unfreeze him.
I thought that was Demolition Man.
Some change in the Palo Alto scene: a week ago, I posted about a home on Amarillo, that came on the market, got the sold sign within a few days, even a "Open house canceled, house sold" taunt sitting there for a couple of days. Well, the "SOLD" sign has been quietly removed on that house as of this week, but it still has the For Sale sign. Looks like someone had trouble getting a mortgage ...
Another house on the same block has come on the market in the last week too.
Auction based immigration quota? ARE YOU FUCKING INSANE?
I know, there should not be any quota at all. Protectionism will only backfires.
Look at what Jones Act has done to the US shipbuilding industry?
Re: the RandyH-Allah spat, it is a shame. Both of you have contributed useful and interesting insight, and it looks like your difference of opinion wasn’t _that_ different. We all sometimes end up arguing past the point of tedium, so why not stop flogging the poor dead horse?
SP,
Randy has many issues. If you read through all the comments, you will notice a few things:
It was Randy that interrupted my post which was a response to another poster. Instantly attacking me out of the blue as if we both froze over during our fight a year and a half ago (in which he chose to put me in his rss filter :lol: because he THOUGHT that I insulted him) and suddenly thawed to the same old argument as if nothing has changed since then. That filter seemed to work well for both of us for at least a year and a half :) .
He threatens me with his "moderator privileges" just because he disagrees with my views. I don't agree with everyones views, but if I can't resolve my differences with them, I use my God-given common sense (something Randy seems to lack), to agree to disagree and move on. Instead, he expects me to say I am wrong instead. There are hundreds of posts here every day and I highly doubt anyone reads every single one of them; if you don't agree with someone, just skip over their thread :roll: , don't try to overpower their opinion. Everyone has a right to their opinion whether it turns out they are right or wrong. Randy has a superiority complex and doesn't like anything that interferes with his view; when he feels his ego is threatened, he attacks. What can I say?
It was Randy who has been doing all the name calling while I haven't done any name calling at all (go take a look, it's all in black and white); yet he accuses me of being the hater? Obviously, it is HE who is the hater; guys got serious problems. I love everyone!
Randy just needs to lighten up and respect others opinions; even if he doesn't like them. Arrogance and self-righteousness have no place on a discussion forum. For christs sakes, be a man, not a cry-baby!
As a borrower, I wish that happens to me. My credit union goes under and I don’t need to repay ……that’s perfect.
When a company goes under, its liabilities and assets are never distroyed, they just change hands (you will pay someone else); but if you are in the process of closing on a house and the institution that issued the loan goes under in the process, you can be stuck without a loan and lose the house; which in the case of the market we are in can actually be a good thing....you will be saved from buying an overpriced house. I bet alot of people who got shutout of a loan during AHM's demise will find in a year or so, that they were spared.
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There have been several stories in the press lately about how it's getting hard to get a jumbo loan (>$417,000) lately, even with stellar credit and 20% down.
Have you run into anyone personally who had trouble getting a jumbo loan? What does this mean for Bay Area real estate? Did sales just completely stop?
Patrick
#housing