The coming financial crisis

ice grillin you · July 29, 2008, 10:26:52 AM

actually the housing market wont rebound for another year or two...phreak youre in a golden position of wanting to buy and not needing to sell...if you can afford it id buy asap

Seabiscuit36 · July 29, 2008, 10:34:02 AM

The projections i've been told are late 2009 for a majority of the country with FL and California around 2010-2011. All this does is keep things where they are at, and your boy Barry will get to feel the wrath of the market correction.

Cerevant · July 29, 2008, 11:07:24 AM

Actually, I'd wait until prices start to turn up again - there might be a long way to fall yet...

QuoteNEW YORK — Home prices tumbled by the steepest rate ever in May, according to a closely watched housing index released Tuesday, as the housing slump deepened nationwide.

The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history.

No city in the Case-Shiller 20-city index saw price gains in May, the second straight month that's happened. The monthly indices have not recorded an overall home price increase in any month since August 2006.

Home values have fallen 18.4 percent since the 20-city index's peak in July 2006.

ice grillin you · July 29, 2008, 11:41:18 AM

phreak shouldnt wait....he has nothing to dump...if he can afford it he should be full steam ahead and buying now

a lot tho matters where you live...i live in an area where the housing market hasnt been affected nearly as much and was able to sell pretty easily and at a decent price...which is why national housing numbers are pretty meaningless

Wingspan · July 29, 2008, 11:58:48 AM

Exactly...if you are not selling a place to buy another, and you plan to be in the house for at least 5 years, then it really doesn't matter. Now is as good a time as any to buy.

I would advice to actually go take some classes (if they even offer them anymore) on the ins and outs of a mortgage, and real estate. It helps with mortgage points, and gets you a solid deal, and you'll be comfortable with you decision because you will actually understand what you are buying.

Seabiscuit36 · July 29, 2008, 12:28:59 PM

Phreak even though they are a major cause of the current crisis, Freddie Mac has great info

Preparing for Home Ownership
What is a Mortgage

Cerevant · July 29, 2008, 01:54:43 PM

If the housing prices are falling faster than they ever have, why wouldn't you wait until they bottom out?

Seabiscuit36 · July 29, 2008, 01:56:01 PM

Bennigans is No More.... Why can this not be Applebees, i hate that place

ice grillin you · July 29, 2008, 02:05:31 PM

i was wondering what was up the one by me closed a couple months ago...gonna be a potbelly

they are both putrid...but applebees is the worst EVER

i dont like the things but ive heard from more than one person that the bennigans monte christo was money

PoopyfaceMcGee · July 29, 2008, 02:11:09 PM

Quote from: ice grillin you on July 29, 2008, 02:05:31 PM
i dont like the things but ive heard from more than one person that the bennigans monte christo was money

Add me to the list. I've only ever been to a Bennigan's once, but I have fond memories of that sandwich.

Seabiscuit36 · July 29, 2008, 02:15:13 PM

Steak and Ale was owned by the parent company of Bennigans, so they are closing up as well. I never ate there, but people used to always say good things about the place.

Father Demon · July 29, 2008, 02:23:47 PM

One of the times I agree with IGY - national numbers mean nothing when it's time to decide to buy. Look at the local scene only. If you have nothing to sell, then there's nothing wrong with buying now IMO. Even if we reach the bottom a year from now and it rebounds, any long-term home buyer will be fine. Trying to time the housing market is just as difficult as timing the stock market.

ice grillin you · July 29, 2008, 02:41:34 PM

Quote from: Seabiscuit36 on July 29, 2008, 02:15:13 PM
Steak and Ale was owned by the parent company of Bennigans, so they are closing up as well. I never ate there, but people used to always say good things about the place.

used to eat there all the time when i was a young buck...salad bar was off the meter

PoopyfaceMcGee · July 29, 2008, 02:58:20 PM

File this one under "people that deserve foreclosure"

1. They get a shiny new house built for them by "Extreme Makeover: Home Edition."
2. They take out a mortgage/equity loan for $450,000 against their new home to start a construction business.
3. Business fails, loan defaults, house foreclosure imminent.

PhillyPhreak54 · July 29, 2008, 11:58:40 PM

My target to buy is two years. The housing market here has always been pretty good as far as cost of living goes, which is one of the reasons I moved back here. And now that the market has slumped I hope to get a sweet deal. But I am not ready yet. I want a bigger down payment and I want to find a place I want, not buy a place just because I want to buy. It will be something that I am comfortable with and something I know I will be in for awhile.