Why the housing market will continue to crash (pic)

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  • mb
    Confirmed User
    • May 2001
    • 1550
    #1

    Why the housing market will continue to crash (pic)

    Too many people getting in way over their heads are now being forced to sell...



    This 3 bed/2.5 bath 2,482 sqft property in San Elijo Hills, a master planned community in San Marcos, North County San Diego, was purchased June 2005 for $750,000. After 10 months of subsiding on frozen burritos and watching TV from the 13 inch set back from the college dorm years, this proud homeowner finally started missing her payments and a notice of default was issued on 3/2006. Of course, the loan was a zero down, 80/20 loan with the 1st being $600,000 and the 2nd at $150,000.

    This property is currently on sale for $779,750, listed since 4/10/06. FYI, the original owners bought this home in 11/2001 for $387,000 and sold it for a 90% profit over a 3.5 years of holding time. Apparently past performances do not guarantee future earnings and sometimes it is a bit too late to get into real estate.
    Tags: None
    • QualityMpegs
      Confirmed User
      • Feb 2003
      • 3521
      #2
      Well, at least I will be buying a house once prices have dropped quite a bit. I should be buying a first home this summer.

      PAYSITES CATEGORIZED AND THUMBNAILED BY NICHE - 69767780

        Comment

        • clickclickclick
          Confirmed User
          • Jan 2005
          • 1227
          #3
          as long as ur not the last moron holding it, thats all that really matters.

          fuck the market.
          if you need more than 3 clicks to get to a join page, something is wrong ;)

          p.s. i still bring the sales whores here.

            Comment

            • white-rob-like-whoa
              Confirmed User
              • Mar 2006
              • 508
              #4
              Hahaha.. nice TV... even when I had a small living room I had a MASSIVE tv...
              BUY MY SIG. MOTHERFUCKER!

              [email protected]

                Comment

                • dynastoned
                  mmm yeah!
                  • Feb 2005
                  • 5061
                  #5
                  i predict mass foreclosure up the ass in the very near future. too many people on $50k a year income buying houses for $350k+..

                    Comment

                    • CheneyRumsfeld
                      Confirmed User
                      • Sep 2004
                      • 1341
                      #6
                      buying opportunity

                        Comment

                        • clickclickclick
                          Confirmed User
                          • Jan 2005
                          • 1227
                          #7
                          why are y'all so stupid

                          a slow market just means you gotta work harder to sell ur place.

                          geeze real estate is a slow market because its INDIVIDUALLY based.
                          if you need more than 3 clicks to get to a join page, something is wrong ;)

                          p.s. i still bring the sales whores here.

                            Comment

                            • SolidScripting
                              Confirmed User
                              • Apr 2006
                              • 120
                              #8
                              Originally posted by CheneyRumsfeld
                              buying opportunity

                              coming to a theater near you





                              let's just hope the correction isn't TOO severe


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                                • dynastoned
                                  mmm yeah!
                                  • Feb 2005
                                  • 5061
                                  #9
                                  Originally posted by CheneyRumsfeld
                                  buying opportunity
                                  damn straight.

                                    Comment

                                    • DaddyHalbucks
                                      A freakin' legend!
                                      • Feb 2004
                                      • 18975
                                      #10
                                      Rhode Island leads the nation in foreclosures.

                                      We had a huge run-up in prices --and now the decline.
                                      Boner Money

                                        Comment

                                        • Barefootsies
                                          Choice is an Illusion
                                          • Feb 2005
                                          • 42635
                                          #11
                                          It's about time that realty market adjusted. They've been driving everything to the moon for years. It's time for it to become more realistic.

                                          As for me.. a perfect buying opportunity is just around the corner.

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                                            Comment

                                            • Sosa
                                              In Tushy Land
                                              • Oct 2002
                                              • 40149
                                              #12
                                              some peple are just fucking stupid getting loans they know damn well they can't afford.

                                                Comment

                                                • Furious_Female
                                                  Confirmed User
                                                  • Oct 2002
                                                  • 8187
                                                  #13
                                                  lol I have that same Sony trinitron... used to be our kitchen TV, Sony does make the best TVs

                                                  But anyway, yeah... real estate prices continue to be out of control in NY... a widowed lady down the road from here sits with a small $179k house on the market asking/expecting $400k for it My area is a rural, under developed, under advanced area 100 miles north of the city... I point and laugh when we drive by.
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                                                    Comment

                                                    • SilentKnight
                                                      Megan Fox's fluffer
                                                      • Oct 2005
                                                      • 24818
                                                      #14
                                                      Real estate is booming in our area lately....big time. Houses comparable to ours on the street are going for 60-80k higher than what we originally paid for ours 5 years ago. For a small town with a lacklustre economy - that's pretty good these days.

                                                        Comment

                                                        • Manowar
                                                          jellyfish  
                                                          • Dec 2003
                                                          • 71528
                                                          #15
                                                          thats one tiny tv

                                                            Comment

                                                            • marketsmart
                                                              HOMICIDAL TROLL KILLER
                                                              • Dec 2004
                                                              • 20419
                                                              #16
                                                              Originally posted by SilentKnight
                                                              Real estate is booming in our area lately....big time. Houses comparable to ours on the street are going for 60-80k higher than what we originally paid for ours 5 years ago. For a small town with a lacklustre economy - that's pretty good these days.
                                                              when the market does correct itself, it will be the areas that have had the largest growth that will be hit the hardest. california, arizona, nevada, etc..

                                                              slow growth areas like yours will not be as effected..

                                                                Comment

                                                                • mb
                                                                  Confirmed User
                                                                  • May 2001
                                                                  • 1550
                                                                  #17
                                                                  Originally posted by SilentKnight
                                                                  Real estate is booming in our area lately....big time. Houses comparable to ours on the street are going for 60-80k higher than what we originally paid for ours 5 years ago. For a small town with a lacklustre economy - that's pretty good these days.

                                                                  Yes, booming over the last 5 years. But no market is heading north these days. Everything is correcting itself. You see reports on median prices going up, but that's year-over-year which doesn't mean squat when looking at today's market. Inventory is what needs to be looked at. San Diego just set a new record for the most number of homes on the market EVER.

                                                                    Comment

                                                                    • $5 submissions
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                                                                      • Nov 2003
                                                                      • 32195
                                                                      #18
                                                                      Should be interesting to see how the market looks in about a year.

                                                                        Comment

                                                                        • Dagwolf
                                                                          President of Canada
                                                                          • Sep 2003
                                                                          • 23141
                                                                          #19
                                                                          To hell with houses, buy LAND! It's a limited edition collectible. They're not making it anymore.
                                                                          Sleep well, and dream of large women.

                                                                            Comment

                                                                            • Enema
                                                                              Confirmed User
                                                                              • May 2004
                                                                              • 599
                                                                              #20
                                                                              The market around here booms every 10 years.

                                                                              Just had a boom, so no more buying for 5 years. Time to throw cash at shares/stocks.

                                                                                Comment

                                                                                • Violetta
                                                                                  Affiliate
                                                                                  • Jul 2004
                                                                                  • 28735
                                                                                  #21
                                                                                  haha... love that tv-rig
                                                                                  M&A Queen

                                                                                    Comment

                                                                                    • chaze
                                                                                      Confirmed User
                                                                                      • Aug 2002
                                                                                      • 9774
                                                                                      #22
                                                                                      Ha funny stuff.

                                                                                      But it depends on the area, some spots will always go up no matter what the market does.

                                                                                      That's where I invest.

                                                                                      80/20 on a $750 house, shit that's crazy.

                                                                                      must of been $4000 a month interest only.
                                                                                      Like the desert needs the rain
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                                                                                        • woj
                                                                                          <&(©¿©)&>
                                                                                          • Jul 2002
                                                                                          • 47882
                                                                                          #23
                                                                                          can't wait for the prices to drop so I can pick some RE up myself...
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                                                                                            • RayBonga
                                                                                              too cool for highschool
                                                                                              • Nov 2005
                                                                                              • 12164
                                                                                              #24

                                                                                                Comment

                                                                                                • SilentKnight
                                                                                                  Megan Fox's fluffer
                                                                                                  • Oct 2005
                                                                                                  • 24818
                                                                                                  #25
                                                                                                  Originally posted by RayBonga



                                                                                                  Good one

                                                                                                    Comment

                                                                                                    • xNetworx
                                                                                                      So Fucking What
                                                                                                      • Jan 2004
                                                                                                      • 14445
                                                                                                      #26
                                                                                                      Scottsdale is getting waaaaaaaaaaaay overpriced. My buddy just bought a 1300 sq foot condo for 600k... preconstruction!! Granted its very modern and nice but still.. its fucking Arizona!

                                                                                                        Comment

                                                                                                        • Scott McD
                                                                                                          Too lazy to set a custom title
                                                                                                          • Nov 2002
                                                                                                          • 67798
                                                                                                          #27
                                                                                                          We are trying to find a place just now, but the prices are ridiculous...


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                                                                                                            Comment

                                                                                                            • SilentKnight
                                                                                                              Megan Fox's fluffer
                                                                                                              • Oct 2005
                                                                                                              • 24818
                                                                                                              #28
                                                                                                              Originally posted by mb
                                                                                                              Yes, booming over the last 5 years. But no market is heading north these days. Everything is correcting itself. You see reports on median prices going up, but that's year-over-year which doesn't mean squat when looking at today's market. Inventory is what needs to be looked at. San Diego just set a new record for the most number of homes on the market EVER.
                                                                                                              That may be true in some locales, no doubt. Here locally the buyers are outnumbering the sellers 2:1 - one of our neighbours had 11 bids on their house and it sold within 4 days of being listed.

                                                                                                              I'm just baffled what's fueling it lately. All the major industry has pulled out in recent years. The only employment left is mostly service sector crap (Burger King - min. wage). Mostly its considered a bedroom community, with commuters heading elsewhere each day.

                                                                                                              Mind you - its a nice peaceful and quiet town and central to a lot of popular tourist destinations. Very little crime. Ideal place to raise kids.

                                                                                                                Comment

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                                                                                                                  • Nov 2003
                                                                                                                  • 32195
                                                                                                                  #29
                                                                                                                  Originally posted by RayBonga
                                                                                                                  Hilarious! Any pics of "Mr. Internet Bubble"? When he popped back in 2000, I lost my dot bomb job and pushed me into webmastering full time

                                                                                                                    Comment

                                                                                                                    • Drake
                                                                                                                      Hello world!
                                                                                                                      • Mar 2003
                                                                                                                      • 12508
                                                                                                                      #30
                                                                                                                      Originally posted by chaze
                                                                                                                      Ha funny stuff.

                                                                                                                      But it depends on the area, some spots will always go up no matter what the market does.

                                                                                                                      That's where I invest.

                                                                                                                      80/20 on a $750 house, shit that's crazy.

                                                                                                                      must of been $4000 a month interest only.
                                                                                                                      Makes you wonder how she was able to secure that mortgage. I guess she made a really good income but had no savings at all to lean on, or lost her job.

                                                                                                                        Comment

                                                                                                                        • minusonebit
                                                                                                                          So Fucking Banned
                                                                                                                          • Feb 2006
                                                                                                                          • 7391
                                                                                                                          #31
                                                                                                                          Originally posted by mb
                                                                                                                          Too many people getting in way over their heads are now being forced to sell...



                                                                                                                          This 3 bed/2.5 bath 2,482 sqft property in San Elijo Hills, a master planned community in San Marcos, North County San Diego, was purchased June 2005 for $750,000. After 10 months of subsiding on frozen burritos and watching TV from the 13 inch set back from the college dorm years, this proud homeowner finally started missing her payments and a notice of default was issued on 3/2006. Of course, the loan was a zero down, 80/20 loan with the 1st being $600,000 and the 2nd at $150,000.

                                                                                                                          This property is currently on sale for $779,750, listed since 4/10/06. FYI, the original owners bought this home in 11/2001 for $387,000 and sold it for a 90% profit over a 3.5 years of holding time. Apparently past performances do not guarantee future earnings and sometimes it is a bit too late to get into real estate.

                                                                                                                          Fuck, people really are stupid. There is little if any hope for the human race these days.

                                                                                                                            Comment

                                                                                                                            • latinasojourn
                                                                                                                              Confirmed User
                                                                                                                              • Oct 2003
                                                                                                                              • 3191
                                                                                                                              #32
                                                                                                                              Originally posted by mb
                                                                                                                              Too many people getting in way over their heads are now being forced to sell...



                                                                                                                              This 3 bed/2.5 bath 2,482 sqft property in San Elijo Hills, a master planned community in San Marcos, North County San Diego, was purchased June 2005 for $750,000. After 10 months of subsiding on frozen burritos and watching TV from the 13 inch set back from the college dorm years, this proud homeowner finally started missing her payments and a notice of default was issued on 3/2006. Of course, the loan was a zero down, 80/20 loan with the 1st being $600,000 and the 2nd at $150,000.

                                                                                                                              This property is currently on sale for $779,750, listed since 4/10/06. FYI, the original owners bought this home in 11/2001 for $387,000 and sold it for a 90% profit over a 3.5 years of holding time. Apparently past performances do not guarantee future earnings and sometimes it is a bit too late to get into real estate.

                                                                                                                              interesting. i hope the prior owners did not carry the 2nd DT. if they did they did not get 90% profit, and unless they they traded up or did tax deferred exhange they might not have done very well at all.

                                                                                                                              very risky for sellers to do OWC with highly leveraged buyers.

                                                                                                                                Comment

                                                                                                                                • Matt_WildCash
                                                                                                                                  Confirmed User
                                                                                                                                  • Jan 2003
                                                                                                                                  • 1699
                                                                                                                                  #33
                                                                                                                                  Yep same thing happened here in Australia, Double x 100 % price rise over 8 years amazing. When it dried up our share market went through the roof.

                                                                                                                                  Now that the USA is slowing in the house market look for the USA share market to hit record highs over the coming 2 years.

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                                                                                                                                    • $5 submissions
                                                                                                                                      I help you SUCCEED
                                                                                                                                      • Nov 2003
                                                                                                                                      • 32195
                                                                                                                                      #34
                                                                                                                                      Originally posted by Matt_WildCash
                                                                                                                                      Yep same thing happened here in Australia, Double x 100 % price rise over 8 years amazing. When it dried up our share market went through the roof.

                                                                                                                                      Now that the USA is slowing in the house market look for the USA share market to hit record highs over the coming 2 years.
                                                                                                                                      Good point. The reverse happened in 2000 when the Net bubble burst, people pulled out of stocks into housing. It might be time to go the other way again.

                                                                                                                                        Comment

                                                                                                                                        • Kevin - The PNN
                                                                                                                                          Confirmed User
                                                                                                                                          • Jun 2005
                                                                                                                                          • 1364
                                                                                                                                          #35
                                                                                                                                          Yup - most people are house poor. They live paycheck to paycheck.
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                                                                                                                                            • Choppa
                                                                                                                                              Confirmed User
                                                                                                                                              • Mar 2006
                                                                                                                                              • 4079
                                                                                                                                              #36
                                                                                                                                              yeah we had a similair surge here between 2002-2005 where home prices surged 90%...this is no gaurantee in this current economical crisis though
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                                                                                                                                                • mb
                                                                                                                                                  Confirmed User
                                                                                                                                                  • May 2001
                                                                                                                                                  • 1550
                                                                                                                                                  #37
                                                                                                                                                  Part of the problem is the print media. They spin the stories to reflect a "soft landing" or a "return to normal". This is simply not true. Things are tanking and inventories across the country are at record levels. They spin the stories because real estate related advertising is the largest % of ad revenue for newspapers.

                                                                                                                                                  marc

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                                                                                                                                                    • OldSchoolJim
                                                                                                                                                      Confirmed User
                                                                                                                                                      • Nov 2004
                                                                                                                                                      • 3117
                                                                                                                                                      #38
                                                                                                                                                      I have been out looking since december...and i have seen MANY of the same houses STILL up for sale.....RE agent says 4 months is now the average in my part of Fla....lots of "reduced" signs is peeps yards....

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