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post #1 of 91 (permalink) Old 05-13-2010, 06:57 AM Thread Starter
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Housing price drop, new trend

Anyone catch 60 minutes last week? They had a pretty long piece on the trend of people just walking away from their mortgages.
Was really depressing. Many of the people were not people who bought with no money down or adj. rates that boomed, and from what I saw they were not laid off.
Basic situation was that they bought at the peak and now their house is worth 50% less. In other words they would be paying for the next 15 yrs just to start paying for what the house is worth. So what some are doing is walking away from the loan, letting the bank take it and dealing with the 6 or 7 years worth of having bad credit. In their eyes they see it as a smart business move to get away from a bad financial vehicle.
Mixed feelings on this, on one hand you have a legal contract you signed and agreed to but on the other hand, if your home lost 50%+ of its' value why would you continue to throw good money after bad. Nobody would pay 400K for a house they can get for 200K.
Not sure if they banker was exaggerating or not but they threw a figure of 50% of the mortgages that people are paying on time for every month are under water. Happy I am not in that 50% that is upside down but I feel for the folks who played by the rules and their homes dropped so much for no reason. All of us have experienced home value loss but these folks lost huger percentages. Another troubling effect is that the more people that walk away the more foreclosures, thus the more neighboring home values will drop.

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post #2 of 91 (permalink) Old 05-13-2010, 07:06 AM
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It's strange, in my cul-de-sac, 3 homes have bought off the market in less than a couple months. And the sellers were not giving the houses away either. Was starting to give me a good feeling about the housing crisis. Location is the killer. We got lucky, I bought last feb right at the absolute worst part of the downturn, and our condo in chicago is actually worth more.

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post #3 of 91 (permalink) Old 05-13-2010, 07:12 AM
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Re: Housing price drop, new trend

Happening quite a bit, the mortgage companies call it jingle mail, as they get an envelope in the mail with the keys in it.

A lot of these people tried to work through obamas restructuring plan, but that plan more often then not doesn't work for one reason or another. I know I tried it and was turned down. I'm now considering bankruptcy as a solution.

Any of you rich people on here care to throw me 100,000 to keep me from sinking?




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post #4 of 91 (permalink) Old 05-13-2010, 07:27 AM Thread Starter
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I know it sounds crazy but it would be interesting if the banks and gov reassessed home values and started fresh loans. Maybe the gov could cover the banks losses or deduct it from the bank bailout loans the banks owe the gov. Ex. your house was worth 400K when you bought, you took a 325K loan. Your place is worth 250K today. The bank draws up a new loan for the new value and prorates what you paid previously. The bank can deduct their loss from the debt they owe the gov for the bailout loans.
I know this is probably too simple and it is way more complicated but nobody want to default on a loan. There are tons of hardworking people who are just in a bad situation right now to which they had no part in contributing to.

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post #5 of 91 (permalink) Old 05-13-2010, 07:31 AM
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Obama rescue didn't help me either due to requiring they use some stupid software that puts the absolute minimum value on your home requiring points at closing and other ridiculous fees.

I am upside down by about 20%, I didn't buy a house for an investment but I certainly was hoping I could break even at least when I sold in 5 years to get something bigger.

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post #6 of 91 (permalink) Old 05-13-2010, 07:33 AM
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Happening quite a bit, the mortgage companies call it jingle mail, as they get an envelope in the mail with the keys in it.

A lot of these people tried to work through obamas restructuring plan, but that plan more often then not doesn't work for one reason or another. I know I tried it and was turned down. I'm now considering bankruptcy as a solution.

Any of you rich people on here care to throw me 100,000 to keep me from sinking?
Just curious. How did you get yourself in that situation?

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post #7 of 91 (permalink) Old 05-13-2010, 07:33 AM
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The whole thing sucks. I'm lucky enough not to be upsidedown in my mortgage but I just tried to refinance to a 15 year at a lower interest rate but my house appraised almost 20k less than it needed to. Fucking sucks because I blew 350 bucks on the appraisal.

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post #8 of 91 (permalink) Old 05-13-2010, 07:39 AM Thread Starter
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I wasn't upside down but the Obama plan did help me. I was at a high interest rate, the bottom fell out of the market and my equity I had in went down below 20% and the new interest rates were super low. However I couldn't refi without taking on PMI which I never had before, the Obama plan allowed me to do a one time refi without worrying about having less equity and avoid PMI. Saved 1% on my interest with the refi, helped a lot.

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post #9 of 91 (permalink) Old 05-13-2010, 07:43 AM
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The whole thing sucks. I'm lucky enough not to be upsidedown in my mortgage but I just tried to refinance to a 15 year at a lower interest rate but my house appraised almost 20k less than it needed to. Fucking sucks because I blew 350 bucks on the appraisal.
Exact same thing happened to me, called the bank, explained I wanted to take advantage of lower rates, they said no problem, they can streamline my current mortgage (basically just apply the rate i'd qualify for today). They sent out an appraiser, the place appraised for 20k less than I paid, they kept my application fee and said goodluck. What's frustrating is there is no more risk for them, they already hold the damn mortgage on my house! I got my tax bill the same week, THEY appraised it for 10k MORE than I paid. Funny how that works, $30k spread. Now I'm trying to figure out how to appeal the tax appraisal since I JUST had my unit appraised for much less. Somebodies appraisal is wrong and I'm getting screwed coming and going...

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post #10 of 91 (permalink) Old 05-13-2010, 07:44 AM
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They could have just paid off everyone's mortgage outright for less money than the 'bailout' costs us.

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post #11 of 91 (permalink) Old 05-13-2010, 07:48 AM Thread Starter
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They could have just paid off everyone's mortgage outright for less money than the 'bailout' costs us.
So true. Imagine all the shit we could have bought then with the extra cash we would have each month. The auto industry would be booming and retail at an all time high. If it is one thing we Americans are good at it is buying stupid shit when we have extra cash.

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post #12 of 91 (permalink) Old 05-13-2010, 08:02 AM
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Re: Housing price drop, new trend

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Originally Posted by ENutz

Just curious. How did you get yourself in that situation?
Wife was laid off for 2 years and I got a 30% paycut if you must know.

My wife is a special education teacher, we don't get too live off much like the rest of you double income folk.




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post #13 of 91 (permalink) Old 05-13-2010, 08:07 AM
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It's probably not all bad though...the sooner people turn those upside down mortgages around the sooner the economy can self-adjust and push ahead again. Sucks, but that's the mess we've gotten ourselves into.

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post #14 of 91 (permalink) Old 05-13-2010, 08:07 AM
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So true. Imagine all the shit we could have bought then with the extra cash we would have each month. The auto industry would be booming and retail at an all time high. If it is one thing we Americans are good at it is buying stupid shit when we have extra cash.
At the least , they could have paid off peoples school loans . That would have been a boost for sure.

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post #15 of 91 (permalink) Old 05-13-2010, 08:09 AM
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It's probably not all bad though...the sooner people turn those upside down mortgages around the sooner the economy can self-adjust and push ahead again. Sucks, but that's the mess we've gotten ourselves into.
We've gotten ourselfs into, or the banks got us into?

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post #16 of 91 (permalink) Old 05-13-2010, 08:09 AM
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We've gotten ourselfs into, or the banks got us into?
Both. The individuals that took the bad loans have culpability as well.

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post #17 of 91 (permalink) Old 05-13-2010, 08:10 AM
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Anyone catch 60 minutes last week? They had a pretty long piece on the trend of people just walking away from their mortgages.
Was really depressing. Many of the people were not people who bought with no money down or adj. rates that boomed, and from what I saw they were not laid off.
Basic situation was that they bought at the peak and now their house is worth 50% less. In other words they would be paying for the next 15 yrs just to start paying for what the house is worth. So what some are doing is walking away from the loan, letting the bank take it and dealing with the 6 or 7 years worth of having bad credit. In their eyes they see it as a smart business move to get away from a bad financial vehicle.
Mixed feelings on this, on one hand you have a legal contract you signed and agreed to but on the other hand, if your home lost 50%+ of its' value why would you continue to throw good money after bad. Nobody would pay 400K for a house they can get for 200K.
Not sure if they banker was exaggerating or not but they threw a figure of 50% of the mortgages that people are paying on time for every month are under water. Happy I am not in that 50% that is upside down but I feel for the folks who played by the rules and their homes dropped so much for no reason. All of us have experienced home value loss but these folks lost huger percentages. Another troubling effect is that the more people that walk away the more foreclosures, thus the more neighboring home values will drop.

Yeah I watched it and it was crazy. I want to know how the hell a 400K house drops down to 85K. I felt sorry for that older couple. Whats funny is the one young guy said him and his wife could still afford there house but since there house dropped so much in value tehy will just walk away from it and try again in 5 to 7 years cuz in the long run it will make more sense.
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post #18 of 91 (permalink) Old 05-13-2010, 08:17 AM
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Yeah I watched it and it was crazy. I want to know how the hell a 400K house drops down to 85K. I felt sorry for that older couple. Whats funny is the one young guy said him and his wife could still afford there house but since there house dropped so much in value tehy will just walk away from it and try again in 5 to 7 years cuz in the long run it will make more sense.
When I was living in Florida , you could buy houses that sold for 700k , for 350k . A house next to us was sold for 623k , but was worth about 325k .Its easy for people to walk away , because you can rent for less and save the difference . Its a better investment.

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post #19 of 91 (permalink) Old 05-13-2010, 08:19 AM
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Yeah I watched it and it was crazy. I want to know how the hell a 400K house drops down to 85K. I felt sorry for that older couple. Whats funny is the one young guy said him and his wife could still afford there house but since there house dropped so much in value tehy will just walk away from it and try again in 5 to 7 years cuz in the long run it will make more sense.
Because it was never really 'worth' 400K in the first place. There is this old trick called the 'pump and dump'.... and it doesn't have to involve women...

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post #20 of 91 (permalink) Old 05-13-2010, 08:38 AM
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Because it was never really 'worth' 400K in the first place. There is this old trick called the 'pump and dump'.... and it doesn't have to involve women...
Thing is these people lived there for 20 years. They didn't buy it inflated.
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post #21 of 91 (permalink) Old 05-13-2010, 08:49 AM
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Miami got hit really hard in all this mess, so I wouldn't be surprised. I think they were the worst hit in the nation. Things were booming big down there, so at one point, it was more of a rush to get shit built so people could buy. Then the bottom fell out and FUUUUUUUUUUUUUUUUU!

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post #22 of 91 (permalink) Old 05-13-2010, 08:53 AM
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The Obama plan didn't help me either and I was appraised 15K underside down. Did not want to pay PMI to just left alone at 6.5%

Should be fun when the grad school loans kick in, I did put money aside for that, but it is now worth half I put in.

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post #23 of 91 (permalink) Old 05-13-2010, 08:59 AM
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Exactly. And just like in poker, sometimes you get called out and it's the smart decision to fold

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post #24 of 91 (permalink) Old 05-13-2010, 09:00 AM
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Whats funny is the one young guy said him and his wife could still afford there house but since there house dropped so much in value tehy will just walk away from it and try again in 5 to 7 years cuz in the long run it will make more sense.
When I was watching him say stuff like that, I wanted to reach through the tv and strangle the fuck out of him.

What was very interesting is the discussion/debate about the morality of doing what he was doing. I guess I fall into the category of the people with a conscience and find it reprehensible, but then again, I am not in his situation.

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post #25 of 91 (permalink) Old 05-13-2010, 09:19 AM
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Thing is these people lived there for 20 years. They didn't buy it inflated.
What did they buy it for? 400K?

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post #26 of 91 (permalink) Old 05-13-2010, 09:22 AM
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........., but then again, I am not in his situation.
I think this is what people need to understand , its different for everybody.

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post #27 of 91 (permalink) Old 05-13-2010, 09:24 AM
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What did they buy it for? 400K?

I have no idea. But it was a very modest small house so I doubt it.
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post #28 of 91 (permalink) Old 05-13-2010, 09:28 AM
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I don't understand. If you are not on an ARM and you are employed and you can afford your payment, keep paying. You don't loose until you sell. Homes will start appreciating again. And if you can't get a lower rate, well that sucks, but if it is fixed you aren't any worse off. Just keeping paying.

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post #29 of 91 (permalink) Old 05-13-2010, 09:31 AM
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I don't understand. If you are not on an ARM and you are employed and you can afford your payment, keep paying. You don't loose until you sell. Homes will start appreciating again. And if you can't get a lower rate, well that sucks, but if it is fixed you aren't any worse off. Just keeping paying.
Unless you want to move,

For example, my girl friend and I each own condo's for what we pay into our two mortgages we could get a very nice house together, or atleast just pay into one mortgage since we pretty much spend all our time at one place anyways, but both our places are underwater so we're stuck until the market picks up, maybe 2 years maybe 5 years, who knows.

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post #30 of 91 (permalink) Old 05-13-2010, 09:32 AM
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I don't understand. If you are not on an ARM and you are employed and you can afford your payment, keep paying. You don't loose until you sell. Homes will start appreciating again. And if you can't get a lower rate, well that sucks, but if it is fixed you aren't any worse off. Just keeping paying.
I honestly cannot see the houseing market getting better this year. They said the market will not recover for a while (5- 7 years).
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