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Discuss what's fucking going on, and which programs are best and worst. One-time "program" announcements from "established" webmasters are allowed. |
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#1 |
Confirmed User
Join Date: Jun 2006
Posts: 146
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More Disturbing Housing Market Data
more than half of Washington Mutual's ARM borrowers can't even pay their vig these days.
"The answer, at least from banks, is already clear: Float the loans. The following figures are from Washington Mutual's annual report: At the end of 2003, 1% of WaMu's option ARMS were in negative amortization (payments were not covering interest charges, so the shortfall was added to principal). At the end of 2004, the percentage jumped to 21%. At the end of 2005, the percentage jumped again to 47%. By value of the loans, the percentage was 55%." from a Barron's article. more stats: "Some more numbers: -- 32.6% of new mortgages and home-equity loans in 2005 were interest only, up from 0.6% in 2000 -- 43% of first-time home buyers in 2005 put no money down -- 15.2% of 2005 buyers owe at least 10% more than their home is worth -- 10% of all home owners with mortgages have no equity in their homes -- $2.7 trillion dollars in loans will adjust to higher rates in 2006 and 2007."
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#2 |
Confirmed User
Join Date: Feb 2003
Location: Getting messy...
Posts: 763
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need to find a way to make $$$ off those suckers...
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![]() Splosh Cash Wet and Messy Fetish Program I hate to advocate drugs, alcohol, violence, or insanity to anyone, but they've always worked for me. |
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#3 |
Die With Your Boots On
Join Date: Oct 2003
Location: Hawaii
Posts: 22,872
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Time to buy.
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#4 | |
Confirmed User
Join Date: Jun 2006
Posts: 146
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Quote:
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#5 |
Registered User
Join Date: Aug 2006
Posts: 60
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Yup, people who bought within the last 6 months are fucked if they need to sell their house anytime in the next few years. On the other hand, this is great for buyers :-)
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#6 |
lurker
Industry Role:
Join Date: Aug 2002
Location: atlanta
Posts: 57,021
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wait the economy is great lol
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#7 |
Registered User
Join Date: Aug 2006
Posts: 60
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Also, foreclosures are going to be crazy as more people owe more than their house is worth and walk away from it..
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#8 |
Confirmed User
Join Date: Mar 2004
Location: In a fucking big house
Posts: 4,961
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I'm saving and waiting. when I buy a house I want to pay in cash
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#9 |
Confirmed User
Join Date: May 2004
Location: BC
Posts: 484
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Just wait, the market WILL correct itself. Its going to happen, how much? I dunno, but prices here in Vancouver are crazy, obviously driven by the Olympics. Interesting fact my financial advisor told me; If you look at every place thats had the olympics, about 2-3 years before it happens, the real estate market has always crashed or gone down prior to the games. Great example, Sydney's market is STILL recovering.. For now, i'll keep renting, there will be plenty of selections on places in the not to near future ;) Thank god for all those no down payment mortgages..
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#10 | |
Confirmed User
Join Date: Apr 2002
Location: Houston
Posts: 5,651
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#11 | |
Doin fine
Industry Role:
Join Date: Oct 2005
Posts: 24,984
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Quote:
Not interest only loan. Put down 20,000.00 House is worth alot more than we paid. Have 65,000.00 in equity on it already since we bought in the right area at the right time. ![]() |
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#12 | |
<&(©¿©)&>
Industry Role:
Join Date: Jul 2002
Location: Chicago
Posts: 47,882
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Quote:
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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 |
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#13 |
Registered User
Join Date: Aug 2006
Posts: 60
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If you owned your house outright it seems like you would have a lot to lose if someone decided to sue your ass for all you have..
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#14 | |
Confirmed User
Join Date: Jun 2006
Posts: 146
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Quote:
if you have an investment making a higher return with your money than you are paying in mortgage interest, absolutely a bad idea to pay cash for a house.
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#15 |
Confirmed User
Join Date: Aug 2006
Location: You can take me out the ghetto, but not the ghetto out of me
Posts: 540
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![]() Another tip: Buy in da 'hood where the neighborhoods are going through gentrification. In South Seattle you can get great deals in the supposed ghetto (Seattle's ghetto is like Beverly Hills compared to other big city ghettos). I just bought a house with a full view of lake washington for under $300K (insane for Seattle). Sure, some of my neighbors are shady. But every month more young professionals are moving in. I'm already eyeing two empty lots in my neighborhood which have views.
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#16 | |
Too lazy to set a custom title
Join Date: Oct 2002
Location: Far far away - as possible
Posts: 14,956
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Quote:
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XXX TLD's - Another mosquito to swat. |
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#17 | |
Too lazy to set a custom title
Join Date: Oct 2002
Location: Far far away - as possible
Posts: 14,956
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Quote:
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XXX TLD's - Another mosquito to swat. |
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#18 | |
Confirmed User
Join Date: Jun 2005
Location: Irvine, CA
Posts: 2,442
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Quote:
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#19 | |
Too lazy to set a custom title
Join Date: Oct 2002
Location: Far far away - as possible
Posts: 14,956
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Quote:
May be wrong man - but is fairly common situation in most "western countries" and sure is in the EU. PS.. Unless there is some form of trust involved - harder to claim against a trust, but still possible.
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XXX TLD's - Another mosquito to swat. |
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#20 |
Too lazy to set a custom title
Join Date: Oct 2002
Location: Far far away - as possible
Posts: 14,956
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Mmm... Better explain... The legal system in some countries will not permit disclosure of beneficial owners/shareholders of a corp - they are basically against privacy laws and no public record of ownership exists. There are also some other laws which come into play.. bottom line, no person can "attack" a corp where they have no evidence of ownership - a judge would not listen to claims of that nature.
The result is.. folks have any relevant assets in corps.. stuff like homes and even cars. If a vehicle in involved in an accident and a massive claim is awarded in court - and eg. the insurer is not willing to settle the level of claim - the most that can be lost is the vehicle value. (Vehicles obviously are on a registry and the ownership declared)
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XXX TLD's - Another mosquito to swat. |
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#21 |
working on my tan
Industry Role:
Join Date: Mar 2005
Location: Florida/Kentucky
Posts: 39,151
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In the US on closely held corporations, the suing party may "pierce the corporate veil" and go after the shareholders/owners.
Properly insure yourself, most cases are settled out of court and the insurance pays. I have host liquor libility insurance for one mill and a personal umbrella insurance policy for 2 mill that goes on top of my other policies. Their costs are small if added to basic policies. |
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#22 |
Confirmed User
Join Date: Jul 2006
Location: West Cost
Posts: 1,139
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It is payday for the bankruptcy business!!!!!
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#23 |
Confirmed User
Join Date: Jan 2004
Posts: 2,052
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What isn't being told is 98% of these people can refi with a new ARM at
two points higher ($few hundred extra per month) or refi with a 30 or 40 year fixed for maybe $600 more per month. The question is are they smart enough to do this before it's too late ? |
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#24 | |
Too lazy to set a custom title
Join Date: Oct 2002
Location: Far far away - as possible
Posts: 14,956
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Quote:
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XXX TLD's - Another mosquito to swat. |
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#25 |
Too lazy to set a custom title
Join Date: Nov 2002
Posts: 16,714
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i paid 450k for a place in cali that is 1500 sq ft that is currently a rental. its now worth 630k in less than 3 years.
i love america
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A fast fortune is easy to earn! Just go with a winner! |
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#26 | |
working on my tan
Industry Role:
Join Date: Mar 2005
Location: Florida/Kentucky
Posts: 39,151
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Quote:
I'll bet you are a pain in the ass landlord ![]() |
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