Why the housing market will continue to crash (pic) - GoFuckYourself.com

mb · 04-28-2006, 11:09 AM

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.

QualityMpegs · 04-28-2006, 11:17 AM

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.

clickclickclick · 04-28-2006, 11:26 AM

as long as ur not the last moron holding it, thats all that really matters.

fuck the market.

white-rob-like-whoa · 04-28-2006, 11:30 AM

Hahaha.. nice TV... even when I had a small living room I had a MASSIVE tv...

dynastoned · 04-28-2006, 11:31 AM

i predict mass foreclosure up the ass in the very near future. too many people on $50k a year income buying houses for $350k+..

CheneyRumsfeld · 04-28-2006, 11:33 AM

buying opportunity

clickclickclick · 04-28-2006, 11:34 AM

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.

SolidScripting · 04-28-2006, 11:35 AM

Quote:

Originally Posted by CheneyRumsfeld

buying opportunity

coming to a theater near you

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

dynastoned · 04-28-2006, 11:38 AM

Quote:

Originally Posted by CheneyRumsfeld

buying opportunity

damn straight.

DaddyHalbucks · 04-28-2006, 11:43 AM

Rhode Island leads the nation in foreclosures.

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

Barefootsies · 04-28-2006, 12:08 PM

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.

Sosa · 04-28-2006, 12:34 PM

some peple are just fucking stupid getting loans they know damn well they can't afford.

Furious_Female · 04-28-2006, 12:49 PM

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.

SilentKnight · 04-28-2006, 12:56 PM

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.

Manowar · 04-28-2006, 12:57 PM

thats one tiny tv

marketsmart · 04-28-2006, 01:02 PM

Quote:

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..

mb · 04-28-2006, 01:25 PM

Quote:

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.

$5 submissions · 04-28-2006, 01:28 PM

Should be interesting to see how the market looks in about a year.

Dagwolf · 04-28-2006, 01:30 PM

To hell with houses, buy LAND! It's a limited edition collectible. They're not making it anymore.

Enema · 04-28-2006, 03:51 PM

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.

Violetta · 04-28-2006, 03:55 PM

haha... love that tv-rig

chaze · 04-28-2006, 03:59 PM

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.

woj · 04-28-2006, 04:09 PM

can't wait for the prices to drop so I can pick some RE up myself...

RayBonga · 04-28-2006, 05:05 PM

SilentKnight · 04-28-2006, 05:08 PM

Quote:

Originally Posted by RayBonga

Good one

xNetworx · 04-28-2006, 05:09 PM

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!

Scott McD · 04-28-2006, 05:10 PM

We are trying to find a place just now, but the prices are ridiculous...

SilentKnight · 04-28-2006, 05:11 PM

Quote:

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.

$5 submissions · 04-28-2006, 05:21 PM

Quote:

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

Drake · 04-28-2006, 05:59 PM

Quote:

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.

minusonebit · 04-28-2006, 09:17 PM

Quote:

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.

latinasojourn · 04-28-2006, 11:13 PM

Quote:

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.

Matt_WildCash · 04-29-2006, 12:52 AM

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.

$5 submissions · 04-29-2006, 08:07 PM

Quote:

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.

Kevin - The PNN · 04-29-2006, 09:52 PM

Yup - most people are house poor. They live paycheck to paycheck.

Choppa · 04-30-2006, 01:13 AM

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

mb · 04-30-2006, 05:52 AM

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

OldSchoolJim · 04-30-2006, 05:56 AM

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....

04-28-2006, 11:09 AM	#1
mb Confirmed User Join Date: May 2001 Location: San Diego Posts: 1,550	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.

04-28-2006, 11:17 AM	#2
QualityMpegs Confirmed User Join Date: Feb 2003 Location: Orlando, Florida Posts: 3,521	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

04-28-2006, 11:26 AM	#3
clickclickclick Confirmed User Join Date: Jan 2005 Posts: 1,227	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.

04-28-2006, 11:30 AM	#4
white-rob-like-whoa Confirmed User Join Date: Mar 2006 Location: AMERICA, FUCK YES! Posts: 508	Hahaha.. nice TV... even when I had a small living room I had a MASSIVE tv... __________________ BUY MY SIG. MOTHERFUCKER! [email protected]

04-28-2006, 11:34 AM	#7
clickclickclick Confirmed User Join Date: Jan 2005 Posts: 1,227	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.

04-28-2006, 11:31 AM	#5
dynastoned mmm yeah! Industry Role: Join Date: Feb 2005 Location: roseville, ca Posts: 5,061	i predict mass foreclosure up the ass in the very near future. too many people on $50k a year income buying houses for $350k+..

04-28-2006, 11:33 AM	#6
CheneyRumsfeld Confirmed User Join Date: Sep 2004 Posts: 1,341	buying opportunity

04-28-2006, 11:43 AM	#10
DaddyHalbucks A freakin' legend! Industry Role: Join Date: Feb 2004 Location: Las Vegas, Nevada USA Posts: 18,975	Rhode Island leads the nation in foreclosures. We had a huge run-up in prices --and now the decline. __________________ Boner Money

04-28-2006, 12:08 PM	#11
Barefootsies Choice is an Illusion Industry Role: Join Date: Feb 2005 Location: Land of Obama Posts: 42,635	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. __________________ Should You Email Your Members? Link1 \| Link2 \| Link3 Enough Said. "Would you rather live like a king for a year or like a prince forever?"

04-28-2006, 12:34 PM	#12
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	some peple are just fucking stupid getting loans they know damn well they can't afford.

04-28-2006, 12:49 PM	#13
Furious_Female Confirmed User Industry Role: Join Date: Oct 2002 Location: Upstate, New York Posts: 8,187	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. __________________ Skype: j3nn.com ICQ 160370494 My current favorite high-converting sponsor: CrakRevenue

04-28-2006, 12:56 PM	#14
SilentKnight Megan Fox's fluffer Industry Role: Join Date: Oct 2005 Location: shooting pool in Elysium Posts: 24,818	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.

04-28-2006, 12:57 PM	#15
Manowar jellyfish Join Date: Dec 2003 Posts: 71,528	thats one tiny tv

04-28-2006, 01:28 PM	#18
$5 submissions I help you SUCCEED Industry Role: Join Date: Nov 2003 Location: The Pearl of the Orient Seas Posts: 32,195	Should be interesting to see how the market looks in about a year. __________________ Need a NON-ADULT income stream? We build your YOUTUBE CHANNEL for only $20 per video! For Hire: $3/hour or $400 per month Marketing Specialist Virtual Assistants

04-28-2006, 01:30 PM	#19
Dagwolf President of Canada Join Date: Sep 2003 Location: Leaving Hell, Entering Limbo Posts: 23,141	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.

04-28-2006, 03:51 PM	#20
Enema Confirmed User Join Date: May 2004 Location: Australia Posts: 599	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.

04-28-2006, 03:55 PM	#21
Violetta Affiliate Join Date: Jul 2004 Posts: 28,735	haha... love that tv-rig __________________ M&A Queen

04-28-2006, 03:59 PM	#22
chaze Confirmed User Industry Role: Join Date: Aug 2002 Posts: 9,752	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.

04-28-2006, 04:09 PM	#23
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	can't wait for the prices to drop so I can pick some RE up myself... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

04-28-2006, 05:05 PM	#24
RayBonga too cool for highschool Join Date: Nov 2005 Location: East side, West side, Worldwide! Posts: 12,164

04-28-2006, 05:09 PM	#26
xNetworx So Fucking What Industry Role: Join Date: Jan 2004 Location: Whore Island Posts: 14,445	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!

04-28-2006, 05:10 PM	#27
Scott McD Too lazy to set a custom title Join Date: Nov 2002 Location: Glasgow, Scotland Posts: 67,795	We are trying to find a place just now, but the prices are ridiculous... __________________ I Buy My High Quality Traffic Here, You Should Too!

04-29-2006, 12:52 AM	#33
Matt_WildCash Confirmed User Join Date: Jan 2003 Posts: 1,699	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. __________________ Try the New XMovies.com and make more $$$ with your Traffic

04-29-2006, 09:52 PM	#35
Kevin - The PNN Confirmed User Join Date: Jun 2005 Location: ICQ: 306431492 Posts: 1,364	Yup - most people are house poor. They live paycheck to paycheck. __________________ www.ThePNN.com The Porn Niche Network

04-30-2006, 01:13 AM	#36
Choppa Confirmed User Join Date: Mar 2006 Location: Webmasters send sexyads.com your dating traffic and live the webmaster dream!! sexyads.com = $$$$$$$$$$ Sexyads adult personals at their greatest since 1997 Earn $$$$$$ today and become one of the thousands of Sexyads Affiliates Posts: 4,079	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 __________________ SexyAds: 10 years in business and still going strong. Become an affiliate today! Choppas ICQ: 283 090 747 Want to know more? [email protected]

04-30-2006, 05:52 AM	#37
mb Confirmed User Join Date: May 2001 Location: San Diego Posts: 1,550	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

04-30-2006, 05:56 AM	#38
OldSchoolJim Confirmed User Join Date: Nov 2004 Posts: 3,117	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....