Housing market slump?

[WRXtranceformed]

Exactly. That's what people were doing, buying a house they couldn't afford based on a sketchy loan program. Most of the shady lenders that were offering the shadiest programs are now out of business or will be shortly. Pretty much every lender had some kind of subprime programs they offered, but they were way too risky to both the lender and the customer so they're gone now across the board.

[.RJ]

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Some more links/info on the 'buying more than you can afford' implosion towards the bottom of this page:

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Things are dropping a lot quicker on the west siiiiiiide than they are around the DC area. Maybe the market will be completely un-fucked by the time I get out there.

[Ginger]

Things are dropping a lot quicker on the west siiiiiiide than they are around the DC area. Maybe the market will be completely un-fucked by the time I get out there.

Don't bet on it..


Bernanke just temporarily bailed out the market... bailed out isn't really the right term, though, he just pushed back the inevitable.

[.RJ]

he just pushed back the inevitable

Yup. No amount of gov't assitance is going to bail out people that bought more than they could afford, with sinking property values.

[WRXtranceformed]

The recent Feds drop in interest rates unfortunately had a negative effect on mortgage rates, due also in part to the falling dollar and investor worries... so we're still dealing with that. The conforming loan market has remained relatively stable however. I'm hoping that the rates drop a little bit before I lock in my interest rate in the next month or so.

[.RJ]

How's the housing market doing in Charlotte? Seems like in the areas that arent flooded with high prices/investors/speculating/flipping its been business as usual.

[Ginger]

The recent Feds drop in interest rates unfortunately had a negative effect on mortgage rates, due also in part to the falling dollar and investor worries... so we're still dealing with that.

The interest rate drop (and expected drop again later in the year) will really just make the dollar that much worse... *sigh*

[.RJ]

The interest rate drop (and expected drop again later in the year) will really just make the dollar that much worse... *sigh*

Doesnt matter, this is a problem and we have to fix it NOW! Think of all those people, they're victims and its not their fault!

If you look at the larger picture instead of fixing the current media hot buttons then they've failed... d'uh!

[WRXtranceformed]

How's the housing market doing in Charlotte? Seems like in the areas that arent flooded with high prices/investors/speculating/flipping its been business as usual.

You've got it. It's a little slow right now just because of the time of the year, but it's been awesome for the past several years. The lack of overinflation of home values and gradual but reasonable increases in home equity, as well as the amount of undeveloped land a little further south in the SC area, seem to be keeping things business as usual 8)

My friend who works for the same company down there made $200,000+ this past year, if that's any indication! Another friend of mine (my age) is thinking about quitting to start his own business and would be walking away from $120,000 in backlog hock:

[.RJ]

Can you get me a job working down there? :lol:

[WRXtranceformed]

Do it!! You've already got a place to stay

[Andy]

RJ, I don't know why you're dogging individuals. The fed interest rate drops helps banks and businesses which will help some individuals keep their homes but it's by no means a government assistance program for the masses.

I think it's more of an issue of relaxing investor fears and pushing money into the markets.

[Ginger]

RJ, I don't know why you're dogging individuals. The fed interest rate drops helps banks and businesses which will help some individuals keep their homes but it's by no means a government assistance program for the masses.

I think it's more of an issue of relaxing investor fears and pushing money into the markets.

Easing fears is why he did it.... but that doesn't mean it isn't bailing out poor decision making business and invidivuals (at least temporarily).

[.RJ]

RJ, I don't know why you're dogging individuals.

Dogging people that are spending beyond their means? Damn right I am. Dont take on a mortgage that you cant afford.

[Andy]

RJ, I don't know why you're dogging individuals.

Dogging people that are spending beyond their means? Damn right I am. Dont take on a mortgage that you cant afford.

Sure you can but all I'm saying is that the fed interest rate drop has more to do with protecting business than it has to do with government assistance for people living beyond their means. The majority of people have already lost/foreclosed on their homes already which is what led to the lack of liquidity in the market.

The government is protecting businesses that made bad decisions, not individual home buyers.

[.RJ]

The majority of people have already lost/foreclosed on their homes already

How do you figure? Its just starting to really hit.

[Ginger]

You mean the subprime lending market issue is all the fault of businesses?

[HAULN-SS]

October is supposed to be one of the big months for a lot of ARM resets. Everything I've read points to the worst of the market to come, which involves about a 11% drop in housing prices around the DC area, and a level out by spring.

[WRXtranceformed]

Good thing I'll be gone by then! ho ho

[.paul]

foreclosed homes + raping the bank is where it is at