12 replies to this topic

[greenie]

because there is no shortage of 21 year olds in need for 'help' in this country.




"

Doug Gooch, newly installed president of the Pensacola Association of Realtors, said his group is working to get the word out to Realtors and buyers about the array of state and federal lending programs, especially for first-time home buyers.

"An agent in our office just sold a house to a 21-year-old with no money down," said Gooch, office manager of Palm Realty in Pensacola. "It's always been our position to try and help anyone get into a home."

"


http://www.pensacola.../701210312/1003

[dcengr]

There's no difference between that and selling a share of AAPL to a 21 year old at $100 on the premise its going to $200.

[pdx5]

Did they warn the 21 year old of additional outlays necessary for home ownership? If it is a new house, will require landscaping & fence. Also unless he wants to live in a cheap white paint decor, will need to invest in a good interior paint job. The outside deck will need annual coat of wood preserver. Grass mowing will require a mower. If it is snow country, will require a snow blower & shovels. Grass will need fertilizer and weed killer. Bushes and trees will need fertilizer and trimming. There will be utility bills from Gas, electric, garbage collection, water, sewer companies beside any cable and internet and phone bills. Average size house costs $1500 & up to heat annually and $1000 in A/C. Any plumbing repairs will require services of $$ plumber. Figure on real-estate taxes to go up every year, increasing his monthly payments. If it is a old house, get ready for roof repairs, commode leaks, faucet leaks, Furnace and A/C repairs, repaving of driveway, outside paint job, washer & dryer breaking down, dish washer breaking down, plumbing problems etc. All of these cost a small fortune.

[NAV]

because there is no shortage of 21 year olds in need for 'help' in this country.




"

Doug Gooch, newly installed president of the Pensacola Association of Realtors, said his group is working to get the word out to Realtors and buyers about the array of state and federal lending programs, especially for first-time home buyers.

"An agent in our office just sold a house to a 21-year-old with no money down," said Gooch, office manager of Palm Realty in Pensacola. "It's always been our position to try and help anyone get into a home."

"


http://www.pensacola.../701210312/1003

They call it help - Geez ! Why don't they call it charity ?

Greenie,

If there's one asset i am super bearish about, it's the real estate. But my opinion means squat, given my track record in real estate matters. I have been wrong on this sector for nearly five years- it's pretty embarassing . I am worse than a broken clock.

Thanks to my wife, we bought a house many years back. This mania in home prices relative to income levels has just gone out of the charts ! Yet, the REIT index keeps creeping higher and higher and higher......

[jawndissedi]

It's a simple matter of supply and demand. When the supply gets so large that it overwhelms demand, sometimes the only thing to do is "flick your bic."

D.R.Horton condos burn in San Diego (pix)

Story

[ed rader]

It's a simple matter of supply and demand. When the supply gets so large that it overwhelms demand, sometimes the only thing to do is "flick your bic."

D.R.Horton condos burn in San Diego (pix)

Story

buy my silicon valley house now with 20% down on a fixed 30-year mortgage and you can rent it out for half the mortgage, maybe.


when i bought it 7 years ago rent and mortgage were equal.

that was 1999 when there was less than 1 percent vacancy in the valley and the market was driven by supply and demand and not historically low rates and voodoo mortgage loans.

RE is gonna get killed...unless you believe wages are gonna double with no inflation PDQ .

ed rader

[SimpleTone]

And yet, last i heard the ECRI leading RE indicators were pointing up.

[pdx5]

Hey SimpleTone, those ECRI numbers....do they include cancellations by buyers, do they include rental properties, and do they consider the unusually warm spell in November/December?

[traderpaul]

Let see.....No down payment.....Interest only loan?.....Balloon payment in few years?.....Adjustable Mortgage?....That house better goes up three times faster than inflation.....

[eminimee]

No charts in this thread....just thought I'd pop one in. Offered with no comment or bias.....posted my view on HGX yesterday.

http://stockcharts.c...2273&r=7678.png