patrick.net

I dont pretend to know more about the US housing-ecosystem than the banks who seem to be even manipulating it. Very simplistically speaking, if the banks are going to insist on 20% down payment even at a time when they need to sell their inventory so badly, it tells me that they are expecting that much drop in prices at least. We are still not talking about the commercial real estate (hear about those borders stores, other empty stores?), medical bills, student loan problems, national debt, threat to dollar's value, possible end to mortgage interest deduction in taxes, etc. If prices drop that much new supply will surely add to the weight and then no body knows how bad the spiral down might be....but then elections are approaching, so things may not get really bad untill after the elections are done... so overall this summer would be a good time to sell. Kapish?

MoneySheep says

I have been homeowner and renter. Let me tell you, I'd rather be a renter any day. Not only are renting costs much less, there are hugh hassels in owning. I know I will do better financially in 15 years when I rent.

Then you bought poorly. Every friend I have who is buying now is saving at a minimum, 15-20%, at a max, almost 50% in one case.

Your broad statement is incorrect.

The government is going to keep interest rates well below 5% for mortgages for years to come... Even if it means causing inflation across the board.

Great way to pay off debt is to cause inflation right?

I purchased a house in 2007 in a town that was started in 2003. Before the economy crashed, these houses were selling between 600k - 900k. I thought that purchasing this 3600sf house for 500k was a great deal already, but unfortunately price still keeps dropping. There are a lot of short sale and forclosure which is really bringing down the value of our house a lot. On top of this forclosures and short sale, there is an approval to build a natural gas power plant about 2 1/2 miles away from this town, which made it worse. Currently the value of my house is pretty much evens out on my loan. I have the house on the market now, but my asking price is a little on a high side to pay off the realtor fees, which in reality we walk out with nothing. It's already been almost a week on the market and doesn't seem like it's going anywhere. I'm thinking if I should consider short sale to just get out of this high mortgage, or should I just wait and see what happens?

Los Angeles Renter says

I have to disagree... Try googling anything postive about housing! You would be very hard pressed to find 1 postive article out of 100 negative blogs or articles... (well, as long as you avoid realtor we sites... They dont count).

most of it is just people whining that their house isn't a magical box providing them infinite free money. Too many just don't understand how money is actually made, nor care as long as they get it for nothing. There is a lot of that stupidity is still around, not everyone let go of the pipe dream.

Hysteresis says

APOCALYPSEFUCK is Tony Manero says

With cannibal anarchy imminent, there are other more important questions to consider.

like: white meat? or dark meat?

I love you apocalypsfuck.

commonsense says

What I see is that ignorance is still big bliss in the States.

Say more. What do you mean?

Katy Perry says

rentingforever says

Patrick, Stop posting the left-wing garbage from reddit and focus on real news.

if I created a site like this I'd post anything I F$%King felt like. you can always create your own site and post anything you'd like. so either do it or shut your trap.
peace.

I am enjoying the posts this morning. I love Katy Perry, too :-)

frustrated says

I thought that purchasing this 3600sf house for 500k was a great deal already

and still frustrated?

frustrated says

natural gas power plant about 2 1/2 miles away from this town

frustrated says

I'm thinking if I should consider short sale to just get out of this high mortgage, or should I just wait and see what happens?

You just answered your own question. I'd say squat and let it foreclose, don't pay a penny to bank - live free.

frustrated says

I purchased a house in 2007 in a town that was started in 2003. Before the economy crashed, these houses were selling between 600k - 900k. I thought that purchasing this 3600sf house for 500k was a great deal already, but unfortunately price still keeps dropping. There are a lot of short sale and forclosure which is really bringing down the value of our house a lot. On top of this forclosures and short sale, there is an approval to build a natural gas power plant about 2 1/2 miles away from this town, which made it worse. Currently the value of my house is pretty much evens out on my loan. I have the house on the market now, but my asking price is a little on a high side to pay off the realtor fees, which in reality we walk out with nothing. It's already been almost a week on the market and doesn't seem like it's going anywhere. I'm thinking if I should consider short sale to just get out of this high mortgage, or should I just wait and see what happens?

Let me guess, Mountain House, CA? I would short sale and get out ASAP. Gas prices will only go up and the commute traffic over Altamont pass is projected to double in 10 years or so. Also the quiet train tracks north of town will be reopened soon (if not already). When the power plant goes live prices will probably go down more. Try to find a sucker to buy your house and take advantage of the lower prices nearer your work. I don't see anything that would lead to increased prices out there for a long long time.