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Originally posted by Shakka Tell me about it. We moved into a new house a couple of years ago. A couple of houses have sold on our street since, but more recently there have been 2 homes for sale since last summer that still haven't sold. It's a bit concerning. We plan on staying in this neighborhood for another 3 years max. I think things should calm down by then, but I can only hope that prices hold up and we can get out at breakeven or a small profit.

come on man you are suppose to be professionals.

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Originally posted by metalgearsolid come on man you are suppose to be professionals.

Professional whats?

yeah man, good post

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Originally posted by Shakka I can only hope that prices hold up and we can get out at breakeven or a small profit.

I think that many people, with children, may get themselves "overmorgaged" (such as myself) to enable their kids to go a better school or have a neighborhood that you don't mind walking alone in. It seems to be a trade off, sacrificing YOUR financial future to give your kids a good childhood (...and then they throw you in a nursing home)

I'm nervous that the older practice of selling the "big" house, when you retire, and making enough profit to live the good life, may be over...at least in upstate New York.

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Originally posted by Shakka all the people I know having babies right now, it seems like 99% of them are having boys

..got two girls, much easier than boys IMO


.....for now

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Originally posted by zookeeper ..got two girls, much easier than boys IMO .....for now

Right--until the first boy comes over to take her out on a date, and then having to pay for a wedding. Other than that I'm really looking forward to it. At least my dog is a boy, which helps balance out the hormones in the house.

Congradulations Shakka and Firestarter on your first child .

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Vernato

Here is the stuff that really makes me nervous about being overmorgaged, and if I have to dump the house in a hurry, I'd better keep it in top sellable condition.

Have you seen this?...



http://www.businessweek.com/the_thr...g_inventor.html


Better not have a house that is "funny looking"

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Originally posted by zookeeper Here is the stuff that really makes me nervous about being overmorgaged, and if I have to dump the house in a hurry, I'd better keep it in top sellable condition. Have you seen this?... http://www.businessweek.com/the_thr...g_inventor.html Better not have a house that is "funny looking"

Yup. Exacerbated by so many people that jumped into the housing bubble as investors and speculators. When you don't live in the house, the dynamic works completely differently.

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Originally posted by Shakka Yup. Exacerbated by so many people that jumped into the housing bubble as investors and speculators. When you don't live in the house, the dynamic works completely differently.

Thankfully we aren't as screwed up here in Canada and the outlook isn't as bleak mainly due to the fact that we don't have this 'Interest Only Mortgage' which is doing a lot of damage down there.
Those people that really couldn't afford their mortgage now REALLY can't afford it when interest rates rise and they're stuck paying on a principal they've never paid anything on.
They're essentially renting their own house from the bank if that makes any sense.

In fact, they're predicting that it's only going to flatten out up here with a weak rise...

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"...End? No, the journey doesn't end here. Death is just another path...one that we all must take.
The grey rain-curtain of this world rolls back, and all change to silver glass...and then you see it...
...white shores...and beyond...the far green country under a swift sunrise."

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Originally posted by Fir3start3r Thankfully we aren't as screwed up here in Canada and the outlook isn't as bleak mainly due to the fact that we don't have this 'Interest Only Mortgage' which is doing a lot of damage down there. Those people that really couldn't afford their mortgage now REALLY can't afford it when interest rates rise and they're stuck paying on a principal they've never paid anything on. They're essentially renting their own house from the bank if that makes any sense. In fact, they're predicting that it's only going to flatten out up here with a weak rise...

Even worse is the negative amoritzation/option ARM loans. You want the definition of scary--there it is. People get seduced into the idea that their payments will be so much lower that they become blind to the huge risks. Even worse is that products like this only encourage people to continue buying more house than they can possibly afford, backed up by the belief that housing prices can only go up up and away. Where are you now Juzfugen??

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what you call mania is the samething that happened in the 90's with the tech boom. Every decade there is a flourishing industry that get heavily invested in - tech, oil, realestate, and money. Heres a little hint for ya real estate ALWAYS appreciates.

Ouch.

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Originally posted by Shakka Where are you now Juzfugen??

Living in a cardboard box, outside the local Starbucks, leaching off the WiFi, watching old Tony Robbins videos on YouTube.