tag:blogger.com,1999:blog-6616959642391988608.post4667305945601081397..comments2024-03-28T00:18:25.641-07:00Comments on Calafia Beach Pundit: Fixed rate mortgages hit another all-time lowScott Grannishttp://www.blogger.com/profile/14028519647946868684noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-6616959642391988608.post-50525220675290302882011-12-14T13:57:09.204-08:002011-12-14T13:57:09.204-08:00Reminds me of Reagan's famous quip: "The ...Reminds me of Reagan's famous quip: "The nine most terrifying words in the English language are: 'I'm from the government and I'm here to help.'"Scott Grannishttps://www.blogger.com/profile/14028519647946868684noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-37865954078877688142011-12-14T13:52:56.874-08:002011-12-14T13:52:56.874-08:00McKibbin
During the GREAT Depression, U. S. GDP ...<b>McKibbin</b><br /><br />During the GREAT Depression, U. S. GDP fell > 20% and nationwide unemployment was 25% at one point. The past 3 years don't even vaguely resemble the GREAT Depression. In fact, in terms of unemployment rate, it is not as bad as 1981 - 1982 - although more people are "unemployed" now because the population is much larger.Williamhttps://www.blogger.com/profile/04418491109912775561noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-29539331429097613462011-12-14T13:46:27.323-08:002011-12-14T13:46:27.323-08:00Monday, on a Holiday tour of the White House in DC...Monday, on a Holiday tour of the White House in DC sponsored by the Department of Agriculture, I met an official who was summarizing the department's activities, emphasizing how broad they were. He said that over the past 4 years it provided 450,000 "rural" mortgages - some with 0% down payment. News to me! <br /><br />It is incredible how involved various federal departments are inWilliamhttps://www.blogger.com/profile/04418491109912775561noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-88983129339818807072011-12-14T12:38:36.302-08:002011-12-14T12:38:36.302-08:00"FHA loans requiring down payments of 3-5% ar..."FHA loans requiring down payments of 3-5% are still available."<br /><br />Factor in 6-8% realtor and move in costs and 8-10% decline in YoY prices around here and you are 10% underwater in less than a year.<br /><br />What a great use of funds.<br /><br />It needs to be far cheaper to own than rent around these parts and we are not there for a couple more years.Unknownhttps://www.blogger.com/profile/12616454339935658018noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-65711292459308835462011-12-14T12:33:41.698-08:002011-12-14T12:33:41.698-08:00Why would anyone buy a house in Southern Californi...Why would anyone buy a house in Southern California right now? Median prices are down 7-10% YoY and are continuing to fall. There is a massive amount of distressed inventory and more coming at record rates. The banks are sitting on a huge shadow inventory. Days from NOD to foreclosure are at record lengths. High unemployment, a bankrupt state that is only going to raise taxes which has been Unknownhttps://www.blogger.com/profile/12616454339935658018noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-90635822261013051722011-12-14T11:18:27.884-08:002011-12-14T11:18:27.884-08:00FHA loans requiring down payments of 3-5% are stil...FHA loans requiring down payments of 3-5% are still available.Scott Grannishttps://www.blogger.com/profile/14028519647946868684noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-52261751369650758962011-12-14T11:12:10.223-08:002011-12-14T11:12:10.223-08:00Once you move back to basic banking and require 20...Once you move back to basic banking and require 20% down payments, a large swath of the market is simply priced out or unwilling to drop that kind of money into an illiquid long-term investment. <br /><br />It was great at 0% - 3% down with prices rising 7%+ per year. Leverage is great huh! However, those days are long gone so afford-ability metrics need adjusting.Public Libraryhttps://www.blogger.com/profile/00017383928897945054noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-72969015236060685162011-12-14T11:08:21.174-08:002011-12-14T11:08:21.174-08:00Not to beat a horse, but this does not strike me a...Not to beat a horse, but this does not strike me as inflation. <br /><br />And a low exchange rate for the dollar seems to have not decreased purchasing power at all. <br /><br />If you have a job and are buying a house, you have more purchasing power than ever.Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-16792601692377641962011-12-14T10:16:57.368-08:002011-12-14T10:16:57.368-08:00I am not sensing people in Los Angeles are terrifi...I am not sensing people in Los Angeles are terrified to buy a house--the down payment is more the problem. <br /><br />That's an oddity about real estate. Banks will lend aggressively at the top of the market--when risks are greatest. <br /><br />Banks are tough lenders now---at the bottom of the market. <br /><br />Regime Uncertainty: Obama? Maybe, but also the Fed is famous for its lackBenjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-81766223161069899642011-12-14T09:57:59.310-08:002011-12-14T09:57:59.310-08:00The expanding US depression is creating once-in-a-...The expanding US depression is creating once-in-a-lifetime opportunities to buy real estate cheaper than ever, including commercial properties -- stocks also on sale at bargain prices -- unfortunately, dollars are in short supply along Main Street, so financing and leverage are essentially infeasible -- nevertheless, those with cash in hand or from earnings should be buying into these US declinesMcKibbinUSAhttps://www.blogger.com/profile/10545798495680527622noreply@blogger.com