Huge drop in home prices ... In gold

8 posts / 0 new
Last post
Paladex
Paladex's picture
Offline
Joined: 06/14/2011
Hat Tips: 2871
Posts: 185
Huge drop in home prices ... In gold

This is part of a larger presentation: http://www.businessinsider.com/doubleline-jeff-gundlach-us-decline-fall-roman-empire-2012-2#

Edited by admin on 11/08/2014 - 06:02

__________________

“Politicians are like diapers; they need to be changed often and for the same reason.”
― Mark Twain

Paladex
Paladex's picture
Offline
Joined: 06/14/2011
Hat Tips: 2871
Posts: 185
Here's the

Here's the image:

http://static.businessinsider.com/image/4f3af230eab8eaa97400001f-915/slide-451.jpg

__________________

“Politicians are like diapers; they need to be changed often and for the same reason.”
― Mark Twain

Dr Durden
Dr Durden's picture
Offline
Joined: 06/14/2011
Hat Tips: 5371
Posts: 730
Don't know whether to harm a

Don't know whether to harm a small animal or thank my lucky stars I didn't buy in 2006 when I wanted. 

And to think it will go even lower?! Holy fucksticks, what a bubble. Wonder what Japan is at right now historically?

__________________

Got GIABO?

"It's called the American dream, because you have to be asleep to believe it." ~George Carlin

pailin
pailin's picture
Offline
Joined: 06/14/2011
Hat Tips: 15389
Posts: 4295
Dr Durden wrote: Don't know

Dr Durden wrote:

Don't know whether to harm a small animal or thank my lucky stars I didn't buy in 2006 when I wanted. 

Me too. Gave up a nonrefundable deposit 01/2006 to get out of a deal when I came to my senses!

Turns out that was the brief "bounce" at 450 ozs :)

__________________

To the intelligent man or woman, life appears infinitely mysterious, but the stupid have an answer for everything. -Edward Abbey

ohiometalman
ohiometalman's picture
Offline
Joined: 06/14/2011
Hat Tips: 581
Posts: 76
Property values

I had to chime in on this topic.  Try this on for size from Ohio.  I bought (got a loan) my property (8 acres) with 10% down in 01/2002.  Have paid 10 years on a 30 year fixed note at 5.875%.....now trying to get a refi at under 4%.  The same bank I have paid on time for over 10 years (WF) now tells me that according to the national fed database my property is now worth $190k (paid 240k) and to refi they need to place PMI back on my tab.  I have excellent credit, low debt ratio and a local tax department that just upped my value to $265k (for obvious reasons...pricks cant operate within their means).   This bank has made 100's of thousands of dollars off me and got bailed out.  I have been responsible in my dealings and played by the rules and get the shaft.

I know I am venting to the choir on this, but this problem is what is plaguing so many americans.  I have heard people complain that buyers were not responsible but seem to look the other way at the banks involvement, appraisers, loan originators, etc....  Everyone was in on it and the poor sucker that plays by the rules gets hurt bad.   No matter what cheerleading comes out of CNBS...this is not going to improve until people feel good about having a home again.

SilverFocker
SilverFocker's picture
Offline
Joined: 06/14/2011
Hat Tips: 2577
Posts: 297
ohiometalman wrote: I had to

ohiometalman wrote:

I had to chime in on this topic.  Try this on for size from Ohio.  I bought (got a loan) my property (8 acres) with 10% down in 01/2002.  Have paid 10 years on a 30 year fixed note at 5.875%.....now trying to get a refi at under 4%.  The same bank I have paid on time for over 10 years (WF) now tells me that according to the national fed database my property is now worth $190k (paid 240k) and to refi they need to place PMI back on my tab.  I have excellent credit, low debt ratio and a local tax department that just upped my value to $265k (for obvious reasons...pricks cant operate within their means).   This bank has made 100's of thousands of dollars off me and got bailed out.  I have been responsible in my dealings and played by the rules and get the shaft.

I know I am venting to the choir on this, but this problem is what is plaguing so many americans.  I have heard people complain that buyers were not responsible but seem to look the other way at the banks involvement, appraisers, loan originators, etc....  Everyone was in on it and the poor sucker that plays by the rules gets hurt bad.   No matter what cheerleading comes out of CNBS...this is not going to improve until people feel good about having a home again.

Tell WF to FO, check around locally for a better deal, if that don't work , run the numbers as it might be better to pay the PMI for the 5 years in exchange for the lower rate as it might be a push for that time and a real savings for the next____ amount of years. IMO, I would spread this out as long as you can as long as the FED is going to create inflation, it will work to your advantage over time.

My local tax clown tried to pull this on me....I paid for an appraisal, took it to them and told them to shove it up their ass and if things were not adjusted, I would see them in court. It quickly became a non issue, I don't care to pay a fair assessment based on reality, I will not pay based on fiction.

rckymtn
rckymtn's picture
Offline
Joined: 07/18/2011
Hat Tips: 959
Posts: 74
Couple things.  Did you get

Couple things.  Did you get your house appraised recently?  Don't go off of some database, that is a joke, especially with a property with acreage which is very hard to value with those AVM's etc.etc.  Either talk to a realtor and act like you are considering selling your house so they provide a market valuation.  If you are handy enough you could probably look around on the internet and your counties public records for sales in your area to determine what a range of value might be.   I would also check other banks and I think by law you should be able to get a copy of your credit report so you don't have other lenders keep pulling yours and knocking your score down.  There is a website www.annualcreditreport.com where you can get a free credit score if the Bank won't give you yours.

Also, make sure before the appraisal is ordered that you are 100% approved outside of the value of your home.  These banks try to order the appraisal sometimes before everything else is lined up.  Then the homeowner pays for the appraisal, finds out the loan won't work and is out the appraisal fee.  Then they go to another lender and about 90% of the time they will demand that they order another appraisal meaning you are out another appraisal fee.  

I definitely take offense to your comments about appraisers.  While there are bad people in all professions, appraisers value homes as of the day of the inspection.  So in 2002, 2004, 2006, appraisers were using comps/market data at that time.  People can now say it should have never appraised for that, however at that time the market likely supported it.  Again, bad people in all professions but I think its pretty amazing how people try to blame us when out of all the people tied to the sale/transaction, we stand to gain nothing if the deal goes through or not if it sells for higher or lower we get the same fee.  We get paid regardless for our unbiased opinion of value.    Meanwhile realtors always make more money the higher the price.  So what motivation does a buyers agent have to make sure his client gets a good deal???  Would say after 12-14+ years in this business, about 10% of realtors care about their clients.  When we bought our home "without a realtor" the listing agent told me within 5 minutes of walking in the door what the buyers would take.  

If you really want to blame another profession in all of this you need to point directly at realtors.  Realtors before this crisis bullied everyone involved in the deal.  If the appraisal didn't come in, realtors yell at the loan reps who in turn yell threaten the appraisers time and time again.  If there is a loan issue, the realtors again yell at the loan rep saying they will never send them a client again etc.etc.etc.  Meanwhile, nearly 90% of realtors even in 2007-2008 when it was blatantly obvious the markets were garbage were telling people what a great time to buy it was.  I mean who in their right mind would buy a home in 2008????  Yet people did.  Why? 

Anyway rant over and good luck with your loan.  This business is a nightmare now and I would leave it tomorrow if I wasn't doing so well.  

ohiometalman
ohiometalman's picture
Offline
Joined: 06/14/2011
Hat Tips: 581
Posts: 76
Thanks for the feedback, gave

Thanks for the feedback, gave me a few options I had not thought about.  

Rkymtn - Nothing personal.  Thanks for the info.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Topic locked
Syndicate contentComments for "Huge drop in home prices ... In gold"