[OC Guy]

Originally Posted by Crimson92

again....with you there too.....shit i shouldnt even have an e92..but sometimes you have to spoil yourself

oh werd, im guilty of that for sure!

Originally Posted by Bimmerbaby

It is sad. I"m wondering do these ppl just not care how about the sudden jump in payment or were they just ignorant?

people were fooled by the housing market and kept thinking it will go up. That and unscrupulous banks were handing out loans with very tempting/low ADJUSTABLE mortgages that people thought they could afford. When house values dropped and interest rates rose on their adjustable mortgages, they were faces with higher payments on a house they are upside down on (negative equity).

That and a lot of the subprime mortgage lenders (who are now out of business - for good reason) loaned people money that they should've couldn't really afford to buy.

Originally Posted by Bimmerbaby

wow laugh and cry at the same time? That's pretty emo for you John!

[E90SLAM]

i already spent too much on my car at once...

[OC Guy]

Originally Posted by Crimson92

at the time they were making good money....then the economy took a shit


if you look at the people who live in that area and what they do for a living

many are involved in the banking and mortgage business...plus you also have lawyers and doctors but they are not affected as much

Unless you are a millionaire, it doesn't matter how much you make. 0 down on a 700k 2500 sq foot townhome?

[Bimmerbaby]

Originally Posted by E90SLAM

i already spent too much on my car at once...

+1

[E90SLAM]

Originally Posted by OC 335i

Unless you are a millionaire, it doesn't matter how much you make. 0 down on a 700k 2500 sq foot townhome?

that's just non-sense....they dun think when they do this?

[E90SLAM]

Originally Posted by Bimmerbaby

+1

next thing...fixing my rear bumper...

[Bimmerbaby]

Originally Posted by OC 335i

Unless you are a millionaire, it doesn't matter how much you make. 0 down on a 700k 2500 sq foot townhome?

*faint

[Bimmerbaby]

Greed always screws mankind

[OC Guy]

Originally Posted by E90SLAM

that's just non-sense....they dun think when they do this?

well when your coworker made 200k on their home 2 years ago, i guess that was tempting. they didnt remember the dot.com stock crash a few years ago.

motto to live buy:
buy low, sell high.

they bought high, hoping to sell higher.

[Crimson92]

Originally Posted by OC 335i

Unless you are a millionaire, it doesn't matter how much you make. 0 down on a 700k 2500 sq foot townhome?

[Bimmerbaby]

700k is not even for a house but a townhome! That's crazy

[E90SLAM]

Originally Posted by Bimmerbaby

700k is not even for a house but a townhome! That's crazy

but townhouse around arcadia is around 600K already....because of school district.....

[OC Guy]

Originally Posted by Bimmerbaby

700k is not even for a house but a townhome! That's crazy

dude when i was looking it was around $500-600k for a new 1500 sq foot condo in the area. this area is very nice but there's a price you pay. Needless to say, there's a reason why I didn't buy. Good thing I didn't.

[E90SLAM]

Originally Posted by OC 335i

well when your coworker made 200k on their home 2 years ago, i guess that was tempting. they didnt remember the dot.com stock crash a few years ago.

motto to live buy:
buy low, sell high.

they bought high, hoping to sell higher.

greed....

[Crimson92]

gnite kids

[OC Guy]

Address: 14952 Greenbrae St. Irvine, CA 92604
Someone bought this POS for $655,000 on 9/27/2005
Beds: 2
Baths: 1
Sq. Ft.: 1,192
Lot Size: 5,256 Sq. Ft.
Year Built: 1975

Can you believe someone paid $655,000 for this place? That is $550 / SF. It is still ridiculously priced at $419 / SF.

[E90SLAM]

later Juan...

[E90SLAM]

Originally Posted by OC 335i

Address: 14952 Greenbrae St. Irvine, CA 92604
Someone bought this POS for $655,000 on 9/27/2005
Beds: 2
Baths: 1
Sq. Ft.: 1,192
Lot Size: 5,256 Sq. Ft.
Year Built: 1975

Can you believe someone paid $655,000 for this place? That is $550 / SF. It is still ridiculously priced at $419 / SF.

WTF???

[OC Guy]

More info:
So how much is the lender going to lose today? Well, sadly, the buyer put 20% down, and they lost $131,000 -- funny how it is sad when the family loses money but not when the lender does. If this sells for asking price (it went for $100,000 less at auction), and if the lender pays a 6% commission, the total loss on the property would be $185,094. The homeowner would be out their 20% downpayment of $131,000, and the lender would be out $54,094

That's if the buyer gets what they are asking for. They probably won't. They might get $100,000 less. So they can lose $185k-$285k.

[OC Guy]

sorry I kinda got carried away with my rant^^. Anyways, it sure did help pass time!

I'm out! Later all!

[jumpingjz]

hey JT thanks for the great info/links. take care

JZ

[E90SLAM]

Originally Posted by OC 335i

sorry I kinda got carried away with my rant^^. Anyways, it sure did help pass time!

I'm out! Later all!

Thanks John!