U.S. Plans Big Expansion in Effort to Aid Homeowners

[MulaMan]

Re: U.S. Plans Big Expansion in Effort to Aid Homeowners

Owning three houses (never a flipper) in hard hit areas of Florida, it is difficult for me to see any program "dragging out the collapse".

**fair market as determined by, according to referenced article.

"comparing median home prices, local interest rates, population densities and income, plus historical premiums or discounts that areas have exhibited over time."

**** fair market value as determined by, Mula Man:

"About 40% below the most recent discounted foreclosure pricing in Florida of a similar home, similar area"

You can currently rent Luxury Resort-style condos in Florida for $500-700 per month if you sign up for a year lease, why anyone would buy in Florida?

These same "luxury condos" are still trying to charge $500-$800 per month HOA fees! HA HA HA HA HA HA HA got that? $500 per month so an illegal Mexican or Cuban can trim your palm tree!

Desperate Florida Real Estate Arrives on the Scene. HA HA HA HA HA!

I always believed 1 Gold Coin will eventually buy you a bottom of the barrel apartment-style condo in Florida. They are currently selling from 10K for a 2 bedroom all the up to 30K for a good location.

Here is a luxury condo in Florida for $1,000 : mortgage payment of $4 per month:

http://www.mlsfinder.com/kwls/kw/ind...ourkwagent.com

Keller Williams Realty - "Commitment with Passion" - Ha Ha Ha Ha Ha Ha Ha Ha !

[MulaMan]

Re: U.S. Plans Big Expansion in Effort to Aid Homeowners

For all the people that think Florida real estate is at the bottom.

Remember this guy from New York that is the ONLY occupant of a 32-story luxury tower in Fort Myers.

These concrete cubes are worth 70K each /w minimal HOA according to MulaMan Investments - currently at 400K each plus $400 per month in HOA fees.

- a long way to go still in swampville.

http://www.news-press.com/article/20...ondo-wants-out

[karim0028]

Re: U.S. Plans Big Expansion in Effort to Aid Homeowners

**** fair market value as determined by, Mula Man:

"About 40% below the most recent discounted foreclosure pricing in Florida of a similar home, similar area"

You can currently rent Luxury Resort-style condos in Florida for $500-700 per month if you sign up for a year lease, why anyone would buy in Florida?

These same "luxury condos" are still trying to charge $500-$800 per month HOA fees! HA HA HA HA HA HA HA got that? $500 per month so an illegal Mexican or Cuban can trim your palm tree!

Desperate Florida Real Estate Arrives on the Scene. HA HA HA HA HA!

I always believed 1 Gold Coin will eventually buy you a bottom of the barrel apartment-style condo in Florida. They are currently selling from 10K for a 2 bedroom all the up to 30K for a good location.

Here is a luxury condo in Florida for $1,000 : mortgage payment of $4 per month:

http://www.mlsfinder.com/kwls/kw/ind...ourkwagent.com

Keller Williams Realty - "Commitment with Passion" - Ha Ha Ha Ha Ha Ha Ha Ha !

Thats 1000.00 rent/month; not sale....

[centsless]

Re: U.S. Plans Big Expansion in Effort to Aid Homeowners

...Here is a luxury condo in Florida for $1,000 : mortgage payment of $4 per month:

http://www.mlsfinder.com/kwls/kw/ind...ourkwagent.com

No doubt many in the world would consider your listing luxury and not to be a snoot but simply regionally realistic, what you've shown is not luxury at all but lower middle to middle class housing, at best.

Other than that, yours was quite the caustic response. What horrors Florida must have perpetrated upon you to have deserved such wrath.

[sunskyfan]

Re: U.S. Plans Big Expansion in Effort to Aid Homeowners

WHEN are Americans going to get it? A home's price is inversely proportional to the distance from that home and a job to pay for that home. As jobs fall so do the price of homes. As jobs leave the country the effect is enormous. The calculus is not difficult. Add in higher energy costs and the equation gets even more severe and the price pressure down is even more dramatic.

It will not be long where the average price of an EXISTING home will be on par with the price of a car. Mark my words.

[jtabeb]

Re: U.S. Plans Big Expansion in Effort to Aid Homeowners

WHEN are Americans going to get it? A home's price is inversely proportional to the distance from that home and a job to pay for that home. As jobs fall so do the price of homes. As jobs leave the country the effect is enormous. The calculus is not difficult. Add in higher energy costs and the equation gets even more severe and the price pressure down is even more dramatic.

It will not be long where the average price of an EXISTING home will be on par with the price of a car. Mark my words.

Yeah $500,000 sounds about right.:p

[touchring]

Re: U.S. Plans Big Expansion in Effort to Aid Homeowners

WHEN are Americans going to get it? A home's price is inversely proportional to the distance from that home and a job to pay for that home. As jobs fall so do the price of homes. As jobs leave the country the effect is enormous. The calculus is not difficult. Add in higher energy costs and the equation gets even more severe and the price pressure down is even more dramatic.

It will not be long where the average price of an EXISTING home will be on par with the price of a car. Mark my words.

Actually, I disagree, in the long term home prices are proportional to the amount of money people save each month.

Unemployment will affect home prices in the short term, but savings will affect home prices even more than unemployment.

That is why real estate prices in China cities are on par with American cities equivalent even though wages are less than 1/6.

A Chinese couple may earn only $1000 a month, but $600 goes into the mortgage for the $200k home (down payment of $50k paid by the parents).

If every American starts putting in more than half of their wages into the mortgage, you could imagine what would be the price of homes will be like.

[sunskyfan]

Re: U.S. Plans Big Expansion in Effort to Aid Homeowners

Average price of a home is $200k. At 6% with thirty year loan that would be about $1200 a month. If the average price drops to $100k that monthly payment is $600 month.

Average price of a car right now is about $29k. On a five year loan at 6% that is about a $600 monthly payment.

[radon]

Re: U.S. Plans Big Expansion in Effort to Aid Homeowners

If every American starts putting in more than half of their wages into the mortgage, you could imagine what would be the price of homes will be like.

I would suggest that this has already happened and we witnessed the resulting bubble. We also saw that carrying mortgages of that size is not really sustainable in the long term.