This shit is pissing me off. I just don't want to participate in this bullshit anymore. I think a top is in.
People are back to waiting in lines for builders. Overnight like a concert or an iPhone. Just to get a house. Home prices have gone up 30% in the last month here. Listings are going up 40 grand in the blink of an eye.
Everything on the market are short sales. And everything gets bid up 20, 30 percent and has 25 buyers. We're back to Greenspanianfucktardism.
Don't worry, it'll pop again. Just wait for the next round of predatory lender foreclosures.
Scary! :o
But I think that is being reported only in the Southwest where you are, ie "minibubbles". Other areas are not as hot IIRC.
Quote from: CountDeMoney on March 06, 2013, 06:53:13 AM
Don't worry, it'll pop again. Just wait for the next round of predatory lender foreclosures.
I got that advice when I was looking for a house in Toronto and found the real estate feeding frenzy unbearable - just relax and wait for the bubble to burst.
Boy oh boy, am I glad I did not take it. :lol: A house I thought absurdly expensive at 650K is now appraised at $1 million and similar houses 'done up for sale' are going for $1.3.
It will take a lot of bursting for prices to reduce back to whatever 650K plus inflation is worth.
Quote from: Malthus on March 06, 2013, 05:44:59 PM
Quote from: CountDeMoney on March 06, 2013, 06:53:13 AM
Don't worry, it'll pop again. Just wait for the next round of predatory lender foreclosures.
I got that advice when I was looking for a house in Toronto and found the real estate feeding frenzy unbearable - just relax and wait for the bubble to burst.
Boy oh boy, am I glad I did not take it. :lol: A house I thought absurdly expensive at 650K is now appraised at $1 million and similar houses 'done up for sale' are going for $1.3.
It will take a lot of bursting for prices to reduce back to whatever 650K plus inflation is worth.
Yeah, waiting for a bubble to burst can mean that you never actually get to buy a house if it never does...
If people are buying a house as a home and intend to stay in it for years then speculation doesnt really enter into it. The main thing that matters is whether the size of the mortgage is affordable - if interest rates go up.
Quote from: crazy canuck on March 06, 2013, 06:09:51 PM
Quote from: Malthus on March 06, 2013, 05:44:59 PM
Quote from: CountDeMoney on March 06, 2013, 06:53:13 AM
Don't worry, it'll pop again. Just wait for the next round of predatory lender foreclosures.
I got that advice when I was looking for a house in Toronto and found the real estate feeding frenzy unbearable - just relax and wait for the bubble to burst.
Boy oh boy, am I glad I did not take it. :lol: A house I thought absurdly expensive at 650K is now appraised at $1 million and similar houses 'done up for sale' are going for $1.3.
It will take a lot of bursting for prices to reduce back to whatever 650K plus inflation is worth.
Yeah, waiting for a bubble to burst can mean that you never actually get to buy a house if it never does...
If people are buying a house as a home and intend to stay in it for years then speculation doesnt really enter into it. The main thing that matters is whether the size of the mortgage is affordable - if interest rates go up.
Agreed - buy only what you can actually afford, given reasonable assumptions about the future.
The main problem I found was overcomming the 'it simply
can't cost that much' sticker shock - the feeling that a house of a certain size and location
really ought to cost X, and so X+Y must be 'unfair gouging'. Nope, they cost what the market says they cost - if auctions are pushing prices up over ask because it's a sellers' market, deal - that is, if you want to own a house. There are all sorts of good reasons for some people to rent.
Quote from: Malthus on March 06, 2013, 05:44:59 PM
Quote from: CountDeMoney on March 06, 2013, 06:53:13 AM
Don't worry, it'll pop again. Just wait for the next round of predatory lender foreclosures.
I got that advice when I was looking for a house in Toronto and found the real estate feeding frenzy unbearable - just relax and wait for the bubble to burst.
Boy oh boy, am I glad I did not take it. :lol: A house I thought absurdly expensive at 650K is now appraised at $1 million and similar houses 'done up for sale' are going for $1.3.
It will take a lot of bursting for prices to reduce back to whatever 650K plus inflation is worth.
You're in a foreign country. MiM's real estate concerns in the United States don't apply.
Quote from: CountDeMoney on March 06, 2013, 06:53:13 AM
Don't worry, it'll pop again. Just wait for the next round of predatory lender foreclosures.
Quote
First we got GM subprime interest-free car loans, then we got subprime ABS securitizations, then we got soaring student loan defaults and delinquencies, then we got the opportunity to sell and short student loan exposure, and now, finally, the credit bubble is complete as FastFunds Financial Corporation is proud to announce that it has acquired exclusive mortgage servicing rights for an "Innovative New Mortgage Product." Why is it so innovative? Because it requires no credit verification, no credit history, no docs and needs no personal guarantees. In other words, it is the very worst of the worst lending practices we saw in 2006: the NINJA.
But there is a twist: "all that is required to qualify for a mortgage loan is qualifying for a life insurance policy, a down payment that usually amounts to 10% of the purchase price and verification that the borrower has the financial ability to pay the monthly payments."
In other words: buy life insurance, get a subprime, no doc mortgage for free.
Ye olde days are truly back.
From the FastFund credit bubble peak press release:
NET LIFE is a development stage enterprise that has developed and is offering an innovative new mortgage product that is not based on credit history (no doc) or personal guarantees. It is only secured by the underlying collateral and a life insurance policy on the borrower. Therefore, all that is required to qualify for a mortgage loan is qualifying for a life insurance policy, a down payment that usually amounts to 10% of the purchase price and verification that the borrower has the financial ability to pay the monthly payments. NET LIFE believes this mortgage product will be attractive to a wide spectrum of potential borrowers including:
first time homebuyers;
borrowers who have experienced prior financial difficulties such as foreclosures, bankruptcies, late payments or credit problems; are presently employed and whose current income would qualify for a mortgage loan; but who couldn't otherwise qualify; and
borrowers who may wish to bypass the traditional paperwork involved in the typical underwriting process but who would otherwise qualify.
Since its formation in 2012, NET LIFE has completed development of its mortgage product and conducted testing via a limited number of successful closings. NET LIFE is now developing plans for a national launch of its product line.
"We are excited to be on the forefront of launching this exciting new product and especially being on the servicing side where we can gain substantial benefit without the risk associated with traditional mortgage underwriting," stated Barry Hollander, acting Chief Executive Officer of FastFunds.
* * *
We, on the other hand, are just as excited to sit back and watch how this time the most speculatcular credit bubble ever created with the full complicity of every central banker in the world "will be different" and have a different outcome than the last time...
http://www.zerohedge.com/news/2013-03-05/ninjas-are-back-buy-life-insurance-get-no-doc-mortgage-loan-free
I'm thinking about buying a new place.
Quote from: CountDeMoney on March 06, 2013, 06:53:13 PM
Quote from: Malthus on March 06, 2013, 05:44:59 PM
Quote from: CountDeMoney on March 06, 2013, 06:53:13 AM
Don't worry, it'll pop again. Just wait for the next round of predatory lender foreclosures.
I got that advice when I was looking for a house in Toronto and found the real estate feeding frenzy unbearable - just relax and wait for the bubble to burst.
Boy oh boy, am I glad I did not take it. :lol: A house I thought absurdly expensive at 650K is now appraised at $1 million and similar houses 'done up for sale' are going for $1.3.
It will take a lot of bursting for prices to reduce back to whatever 650K plus inflation is worth.
You're in a foreign country. MiM's real estate concerns in the United States don't apply.
Canada has almost certainly been going through it's own real estate bubble the last few years. Hell I had a bidding war on my place in Yukon two years ago.
Quote from: Malthus on March 06, 2013, 05:44:59 PM
Quote from: CountDeMoney on March 06, 2013, 06:53:13 AM
Don't worry, it'll pop again. Just wait for the next round of predatory lender foreclosures.
I got that advice when I was looking for a house in Toronto and found the real estate feeding frenzy unbearable - just relax and wait for the bubble to burst.
Boy oh boy, am I glad I did not take it. :lol: A house I thought absurdly expensive at 650K is now appraised at $1 million and similar houses 'done up for sale' are going for $1.3.
It will take a lot of bursting for prices to reduce back to whatever 650K plus inflation is worth.
Same thing in London, and other big cities, where bubbles arising from cheap credit are offset by the extensive deficiency in the amount of housing stock versus the number of people wanting and able to buy.
Do you have a lot of Russian and Chinese money flowing into the T Dot property market?
Quote from: Barrister on March 07, 2013, 01:32:55 AM
Canada has almost certainly been going through it's own real estate bubble the last few years. Hell I had a bidding war on my place in Yukon two years ago.
You're a foreign country with foreign concepts, like industry regulation. We don't have that here.
Because no-one can afford to buy in London any more, we're now getting rental gazumping, where potential tenants offer the landlord more than he's asking to see off potential rivals. Some of my colleagues have been packed and ready to move in only to find someone's put in a higher bid. £1,600 a month for a three-bed suburban property these days, heinous. No wonder no-one can afford to save a 20% mortgage deposit.
:bleeding:
Go west, young woman.
Quote from: Warspite on March 07, 2013, 05:14:00 AM
Quote from: Malthus on March 06, 2013, 05:44:59 PM
Quote from: CountDeMoney on March 06, 2013, 06:53:13 AM
Don't worry, it'll pop again. Just wait for the next round of predatory lender foreclosures.
I got that advice when I was looking for a house in Toronto and found the real estate feeding frenzy unbearable - just relax and wait for the bubble to burst.
Boy oh boy, am I glad I did not take it. :lol: A house I thought absurdly expensive at 650K is now appraised at $1 million and similar houses 'done up for sale' are going for $1.3.
It will take a lot of bursting for prices to reduce back to whatever 650K plus inflation is worth.
Same thing in London, and other big cities, where bubbles arising from cheap credit are offset by the extensive deficiency in the amount of housing stock versus the number of people wanting and able to buy.
Do you have a lot of Russian and Chinese money flowing into the T Dot property market?
Here, shady Chinese mooks are more or less the only ones able to afford downtown luxury condo prices. :D Don't ask where they got the money ...
Quote from: Barrister on March 07, 2013, 01:32:55 AM
Canada has almost certainly been going through it's own real estate bubble the last few years. Hell I had a bidding war on my place in Yukon two years ago.
Yup, so I keep hearing, and the figures quoted are impressive and convincing ... only, the bubble has been growing for at least a decade - in that I heard the same predictions a decade ago. When prices in major urban centres were like a third-a half of what they are now.
Problem is that timing the market in these things is a fool's game. All the smart money was on not buying in a bubble back then. What are the chances that property values will decrease by a half to two thirds? If that happens, it will probably be because no-one has any money anyway.
My opinion: buy what you can reasonably afford when you have the money and if you want that lifestyle. Don't worry about the state of the market, which even the experts have so signally failed to predict. I read an article the other day by some expert that was basically fuming mad at the idiocy of the Canadian consumer, who for perverse reasons simply refuses to behave as predicted - same expert had guaranteed that the bubble would burst last spring.
Quote from: Brazen on March 07, 2013, 07:38:10 AM
Because no-one can afford to buy in London any more, we're now getting rental gazumping, where potential tenants offer the landlord more than he's asking to see off potential rivals. Some of my colleagues have been packed and ready to move in only to find someone's put in a higher bid. £1,600 a month for a three-bed suburban property these days, heinous. No wonder no-one can afford to save a 20% mortgage deposit.
One landlord wanted £10,000 rent in advance from me and a mate who were going to share a flat in Vauxhall. In the end we told him to go suck a bag of dicks.
Quote from: Brazen on March 07, 2013, 07:38:10 AM
Because no-one can afford to buy in London any more, we're now getting rental gazumping, where potential tenants offer the landlord more than he's asking to see off potential rivals. Some of my colleagues have been packed and ready to move in only to find someone's put in a higher bid. £1,600 a month for a three-bed suburban property these days, heinous. No wonder no-one can afford to save a 20% mortgage deposit.
You should marry Mongers, move to the country, and live large from renting out your place. :D
But mongers lives in a hobbithole :hmm:
And poops outside.
Can anybody explain why there is such a perpetual housing shortage in the UK? It is not like they have had a major population explosion over the past 50 years.
Quote from: Valmy on March 07, 2013, 10:04:07 AM
Can anybody explain why there is such a perpetual housing shortage in the UK? It is not like they have had a major population explosion over the past 50 years.
surely you must be joking. half of the third world moved there.
There has been insufficient new construction for decades. Housing completions last year were about 100,000, while household formation is running at 250,000 or so.
Quote from: Valmy on March 07, 2013, 10:04:07 AM
Can anybody explain why there is such a perpetual housing shortage in the UK? It is not like they have had a major population explosion over the past 50 years.
It's the sooth-east and London in particular which has a shortage. It's much less acute elsewhere, in fact there is a surplus in most northern and midland cities. London's population went from 7.3m in the 2001 census to 8.2m in the 2011. Not an explosion but quite rapid growth in the context of the UK.
Quote from: Tamas on March 07, 2013, 09:27:23 AM
Quote from: Brazen on March 07, 2013, 07:38:10 AM
Because no-one can afford to buy in London any more, we're now getting rental gazumping, where potential tenants offer the landlord more than he's asking to see off potential rivals. Some of my colleagues have been packed and ready to move in only to find someone's put in a higher bid. £1,600 a month for a three-bed suburban property these days, heinous. No wonder no-one can afford to save a 20% mortgage deposit.
You should marry Mongers, move to the country, and live large from renting out your place. :D
That wouldn't work for several, distinct, reasons. :P
Also I'd just like to echo what Gups, Tricky and Warspite said.
It's all got rather silly; I recall reading some hansard debate about Scotish housing starts in the early days of the war, and the figures then, just in Scotland were comparable to the whole UKs current housing starts. :blink:
Quote from: Malthus on March 07, 2013, 09:04:23 AM
Quote from: Barrister on March 07, 2013, 01:32:55 AM
Canada has almost certainly been going through it's own real estate bubble the last few years. Hell I had a bidding war on my place in Yukon two years ago.
Yup, so I keep hearing, and the figures quoted are impressive and convincing ... only, the bubble has been growing for at least a decade - in that I heard the same predictions a decade ago. When prices in major urban centres were like a third-a half of what they are now.
Yeah, people have been talking about a bubble in the Vancouver Market since before I bought my first property. I am very very happy I didnt listen to all those who told me to wait for the market to cool.
Quote from: mongers on March 07, 2013, 10:53:59 AM
Quote from: Tamas on March 07, 2013, 09:27:23 AM
Quote from: Brazen on March 07, 2013, 07:38:10 AM
Because no-one can afford to buy in London any more, we're now getting rental gazumping, where potential tenants offer the landlord more than he's asking to see off potential rivals. Some of my colleagues have been packed and ready to move in only to find someone's put in a higher bid. £1,600 a month for a three-bed suburban property these days, heinous. No wonder no-one can afford to save a 20% mortgage deposit.
You should marry Mongers, move to the country, and live large from renting out your place. :D
That wouldn't work for several, distinct, reasons. :P
You are already married, aren't you?
Quote from: crazy canuck on March 07, 2013, 12:25:54 PM
Yeah, people have been talking about a bubble in the Vancouver Market since before I bought my first property. I am very very happy I didnt listen to all those who told me to wait for the market to cool.
I'm beginning to think it's time to try a different approach. Use my savings to deleverage my existing property or maybe do something else entirely. Like buy a car wash or a laundromat. :P
It just looks a lot like the bubble is re-inflating and I don't want to ride that, the pain of actually trying to buy notwithstanding.
House Flipping Returns
'Rising home prices have fueled the return of a practice that some blamed for inflating the bubble: house flipping.
In California, the number of homes sold in recent months that had been flipped—or bought and resold within six months—has reached the highest levels since late 2005.'
http://online.wsj.com/article/SB10001424127887323463704578497143338013974.html
(https://languish.org/forums/proxy.php?request=http%3A%2F%2Fsi.wsj.net%2Fpublic%2Fresources%2Fimages%2FNA-BW548A_FLIPP_G_20130527173006.jpg&hash=d5da5739a20fa9e4bc6d65598f0a5743dd3335b7)
How about a nice little house in Texas?
http://global.remax.com/1022289001-27
Ugh, definitely needs a decorator!
In Shenzhen, to stop rapidly rising housing prices, they've instituted a tax on properties sold within 5 years after being purchased. However, I suspect like most taxes here, Chinese people will just ignore it. :lol:
Quote from: Syt on May 27, 2013, 11:00:45 PM
How about a nice little house in Texas?
http://global.remax.com/1022289001-27
Hmmmmm.
That property'll look absolutely gorgeous from the chopper cam tracing the tornado path.
Something about texas calls to me. Latinas with too much black eye makeup? The heat? Enough firepower to defeat the 6th Army?
Quote from: CountDeMoney on May 28, 2013, 07:57:39 AM
That property'll look absolutely gorgeous from the chopper cam tracing the tornado path.
I wonder if that is Josh Hamilton's old place. He lived in Colleyville IIRC.
That "town" is in the Dallas Metroplex if anybody is wondering.
Quote from: Ed Anger on May 28, 2013, 08:09:01 AM
Something about texas calls to me. Latinas with too much black eye makeup? The heat? Enough firepower to defeat the 6th Army?
Careful. We are one of the youngest states in the Union. Lots of kids will be getting on your lawn.
Quote from: Ed Anger on May 28, 2013, 08:09:01 AM
Something about texas calls to me. Latinas with too much black eye makeup? The heat? Enough firepower to defeat the 6th Army?
Bleech. It's flat and boring, dude. No trees. An ocean of prairie, broken up by the occasional megachurch.
Quote from: CountDeMoney on May 28, 2013, 08:12:12 AM
Bleech. It's flat and boring, dude. No trees. An ocean of prairie, broken up by the occasional megachurch.
Only in the northern part of the State near...you know...the praire states. The eastern part of Texas is covered by forests. The west is desert with our sorta pitiful share of the Rockies breaking it up.
:wub:
Then I remember Cowboys and UT fans. :yuk:
Route 40 was all I needed to see of Texas; just a pit stop to piss between Albaquerque Albequerque ABQ and Oklahoma City.
Quote from: CountDeMoney on May 28, 2013, 08:18:09 AM
Route 40 was all I needed to see of Texas; just a pit stop to piss between Albaquerque Albequerque ABQ and Oklahoma City.
:lol:
There is really no worse drive I have found than I-10 through West Texas. Just brutally boring. They fool you to, driving from California I was thinking I was almost home when I saw the 'Welcome to Texas' sign but no...my suffering had not even started.
Quote from: Valmy on May 28, 2013, 08:23:34 AM
Quote from: CountDeMoney on May 28, 2013, 08:18:09 AM
Route 40 was all I needed to see of Texas; just a pit stop to piss between Albaquerque Albequerque ABQ and Oklahoma City.
:lol:
There is really no worse drive I have found than I-10 through West Texas. Just brutally boring. They fool you to, driving from California I was thinking I was almost home when I saw the 'Welcome to Texas' sign but no...my suffering had not even started.
It's 15 hours from Beaumont to El Paso. Frankly, the western part of the state is the interesting bit. The last time I did that drive I had to stop halfway between Houston and SA to clean out my air filter. It was August and the love bugs were out in force. They had clogged it up. Ick.
I'd like to do that drive someday... I've been to Texas but only to Houston and Dallas. If I ever did do it, I'd need to make a 'slight' detour to the small town of Farwell on the NM border. My great-great-great grandfather is buried in an overgrown cemetery there and I'd like to pay my respects.
I'll raise you the 16 hours on the Yellowhead Highway Edmonton to Winnipeg. For extra fun half of it is single lane highway. Still flat as a board the entire way.
I have never driven it but I am told the road through Western Ontario goes on for days and may be the most boring stretch of road outside Siberia.
Quote from: crazy canuck on May 28, 2013, 12:45:31 PM
I have never driven it but I am told the road through Western Ontario goes on for days and may be the most boring stretch of road outside Siberia.
I dunno what road you'retalking about for sure... but I drove the #1 to Thunder Bay (and drove through UP Michigan to get to the Soo) and both were fascinating drives through beautiful Canadian Sheild landscape.
Quote from: Barrister on May 28, 2013, 01:01:15 PM
Quote from: crazy canuck on May 28, 2013, 12:45:31 PM
I have never driven it but I am told the road through Western Ontario goes on for days and may be the most boring stretch of road outside Siberia.
I dunno what road you'retalking about for sure... but I drove the #1 to Thunder Bay (and drove through UP Michigan to get to the Soo) and both were fascinating drives through beautiful Canadian Sheild landscape.
The exception that proves the rule? :hmm:
Driving through Canadian Shield country just *has* to be more scenic than driving across pararie or tundra. ;)
Quote from: Malthus on May 28, 2013, 01:34:28 PM
Driving through Canadian Shield country just *has* to be more scenic than driving across pararie or tundra. ;)
Fair point.
Quote from: Barrister on May 28, 2013, 01:01:15 PMCanadian Sheild landscape.
What exactly is that? Flat with occasional lakes? Isn't the Shield a big glacier-scraped table thing?
Quote from: MadImmortalMan on May 28, 2013, 01:36:38 PM
Quote from: Barrister on May 28, 2013, 01:01:15 PMCanadian Sheild landscape.
What exactly is that? Flat with occasional lakes? Isn't the Shield a big glacier-scraped table thing?
No no no.
Canadian shield country is very hilly, rough and uneven, requiring roadways to be blasted through massive stone hills, leaving very distinctive cliffs all over the place. Very scenic.
http://www.google.ca/search?q=canadian+shield+highway&rls=com.microsoft:en-ca:IE-SearchBox&tbm=isch&tbo=u&source=univ&sa=X&ei=4_qkUaD5AsPhygHer4GICQ&ved=0CDkQsAQ&biw=1920&bih=850
You people make me laugh.
Quote from: katmai on May 28, 2013, 01:58:44 PM
You people make me laugh.
Those who dont live near mountains are more deserving of pity than ridicule.
Quote from: Valmy on May 28, 2013, 08:11:21 AM
Quote from: Ed Anger on May 28, 2013, 08:09:01 AM
Something about texas calls to me. Latinas with too much black eye makeup? The heat? Enough firepower to defeat the 6th Army?
Careful. We are one of the youngest states in the Union. Lots of kidsillegals will be getting onmowing your lawn.
Fixed.
Also, for passing through Texas....Big Bend NP is actually really cool (I'd visit in the cooler months...like say, February). I went there it expecting it to be a "ho hum" National Park...but it is really quite spectacular.
Quote from: katmai on May 28, 2013, 01:58:44 PM
You people make me laugh.
We're talking about boring drives. Clearly Alaska has no place in that conversation. :wub:
Quote from: Barrister on May 28, 2013, 03:44:01 PM
Quote from: katmai on May 28, 2013, 01:58:44 PM
You people make me laugh.
We're talking about boring drives. Clearly Alaska has no place in that conversation. :wub:
I've driven from sea to shining sea as it were 5 times, two "longest" drives were West Texas and Montana.
Quote from: crazy canuck on May 28, 2013, 02:01:12 PM
Quote from: katmai on May 28, 2013, 01:58:44 PM
You people make me laugh.
Those who dont live near mountains are more deserving of pity than ridicule.
The issue isn't whether driving through shield country is as scenic as driving through the Rockies, it is whether it is as scenic as driving through the tundra. ;)
Quote from: katmai on May 28, 2013, 04:09:43 PM
Quote from: Barrister on May 28, 2013, 03:44:01 PM
Quote from: katmai on May 28, 2013, 01:58:44 PM
You people make me laugh.
We're talking about boring drives. Clearly Alaska has no place in that conversation. :wub:
I've driven from sea to shining sea as it were 5 times, two "longest" drives were West Texas and Montana.
And the terrain in Montana is the same boring terrain in Saskatchewan I was complaining about...
Quote from: crazy canuck on May 28, 2013, 02:01:12 PM
Quote from: katmai on May 28, 2013, 01:58:44 PM
You people make me laugh.
Those who dont live near mountains are more deserving of pity than ridicule.
I miss mountains. :(
Quote from: Tonitrus on May 28, 2013, 04:41:27 PM
I miss mountains. :(
Don't worry; you're right next to Mt. Doomidity.
Supposed to hit 90s over the next few days.
I should go AWOL back to Seattle. :mad:
Quote from: Tonitrus on May 28, 2013, 05:52:59 PM
Supposed to hit 90s over the next few days.
I should go AWOL back to Seattle. :mad:
Man up sweetcheeks.
Quote from: Ed Anger on May 28, 2013, 06:00:33 PM
Man up sweetcheeks.
Says the guy burning a hole in the ozone with his industrial-grade AC unit.
You people have too much land, you should try compact/pocket handkerchief sometimes. :bowler:
Quote from: CountDeMoney on May 28, 2013, 06:02:45 PM
Quote from: Ed Anger on May 28, 2013, 06:00:33 PM
Man up sweetcheeks.
Says the guy burning a hole in the ozone with his industrial-grade AC unit.
It's on right now. :lol:
Quote from: Ed Anger on May 28, 2013, 06:04:26 PM
It's on right now. :lol:
No shit. Only guy I know who's got a guy in his housekeeping detail whose work shirt says, "Jerry--Physical Plant".
:lol:
Quote from: katmai on May 28, 2013, 04:09:43 PM
I've driven from sea to shining sea as it were 5 times, two "longest" drives were West Texas and Montana.
You ever done Nebraska? That's pretty fierce.
Quote from: Admiral Yi on May 28, 2013, 07:27:49 PM
Quote from: katmai on May 28, 2013, 04:09:43 PM
I've driven from sea to shining sea as it were 5 times, two "longest" drives were West Texas and Montana.
You ever done Nebraska? That's pretty fierce.
Yep i've driven cross country on US 10, 40, 70, 80 and 90. Also done the 5, 15 from Canada to Mexico and back, and 95 from Northern Florida to New Yawk area.
Quote from: Barrister on May 28, 2013, 04:27:28 PM
Quote from: katmai on May 28, 2013, 04:09:43 PM
Quote from: Barrister on May 28, 2013, 03:44:01 PM
Quote from: katmai on May 28, 2013, 01:58:44 PM
You people make me laugh.
We're talking about boring drives. Clearly Alaska has no place in that conversation. :wub:
I've driven from sea to shining sea as it were 5 times, two "longest" drives were West Texas and Montana.
And the terrain in Montana is the same boring terrain in Saskatchewan I was complaining about...
Yeah my Canada driving is limited to Alberta and points west.
North Dakota in the middle of winter is awful.
Quote from: PDH on May 28, 2013, 08:48:55 PM
North Dakota in the middle of winter is awful.
Did that once in a snowstorm to boot :bleeding:
Quote from: katmai on May 28, 2013, 04:09:43 PM
Quote from: Barrister on May 28, 2013, 03:44:01 PM
Quote from: katmai on May 28, 2013, 01:58:44 PM
You people make me laugh.
We're talking about boring drives. Clearly Alaska has no place in that conversation. :wub:
I've driven from sea to shining sea as it were 5 times, two "longest" drives were West Texas and Montana.
Glacier National Park is probably the most scenic place I've been to in your country. Other than the dreadnoughts, of course.
Quote from: PDH on May 28, 2013, 08:48:55 PM
North Dakota in the middle of winter is awful.
And the terrain in Manitoba is a continuation of HD's terrain. Driven in winter too many times. :bleeding:
Hell I still remember coming back from a Model UN conference and getting stuck in Fargo for 2 days due to a snowstorm that closed the highway.
I didn't find the prairies that boring but that's probably because it was the first time. The Horizon is miles away, it takes a while to get used to it.
I drove from Montreal to Banff by way of Jasper & the most boring part? Montreal to ThunderBay. Forests & more Forests.
Quote from: Malthus on May 28, 2013, 04:22:15 PM
Quote from: crazy canuck on May 28, 2013, 02:01:12 PM
Quote from: katmai on May 28, 2013, 01:58:44 PM
You people make me laugh.
Those who dont live near mountains are more deserving of pity than ridicule.
The issue isn't whether driving through shield country is as scenic as driving through then Rockies, it is whether it is as scenic as driving through the tundra. ;)
My comment had nothing to do with whether driving through the prairies is more boring than driving through the Shield.
Average mortgage rates have jumped rapidly the past few weeks. :(
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http://money.cnn.com/2013/05/30/real_estate/mortgage-rates-rise/
The thing is, 3.81 is still a really good rate.
Will these rates help me sell my condo this fall?
My REITs have been getting in the balls the last few weeks. :mad:
Quote from: Tonitrus on May 31, 2013, 11:05:09 PM
My REITs have been getting in the balls the last few weeks. :mad:
I bought several positions in AGNC as it fell hard the past week. Hopefully the sell-off has ended...
My thinking is that market expectations of the Fed ending/reducing bond purchases early is wrong.
Quote from: CountDeMoney on May 31, 2013, 07:35:44 PM
Will these rates help me sell my condo this fall?
In Real Estate, Looks Can Sell'Attractive agents both list and sell homes for more money than average-looking agents, say researchers studying the effect of beauty on sales.'
http://online.wsj.com/article/SB10001424127887324659404578503373420392566.html
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So, what this tells us is that good looking agents sell their listings for more, but also need longer to sell.
Could it be that attractive people just set more aggressive prices than average looking people (who therefore sell faster)?
Half of All Homes Are Being Purchased With Cash
'More than half of all homes sold last year and so far in 2013 have been financed without a mortgage... The analysis estimates that around 20% of all homes sold before the housing crash were "all-cash" sales (or around 30% of sales by dollar volume). But over the past seven years, the all-cash share of sales has more than doubled, increasing by more than 30 percentage points.
...
The surprisingly large cash-share of purchases helps to explain why home sales have jumped over the past two years despite more muted increases in broad measures of new mortgage activity, such as the MBA's mortgage application index.
There's no exact way to know who is responsible for all of these cash purchases, though they are likely to include some combination of investors, foreign buyers, and wealthy homeowners that don't want to go through the hassle of getting a mortgage before closing on a sale. Mortgage lending standards have sharply tightened up since the housing bubble, with banks scrutinizing borrowers' tax returns and bank statements to verify their incomes and the source of their down payment.'
http://blogs.wsj.com/developments/2013/08/15/report-half-of-all-homes-are-being-purchased-with-cash/
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QuoteThere's no exact way to know who is responsible for all of these cash purchases, though they are likely to include some combination of investors, foreign buyers, and wealthy homeowners that don't want to go through the hassle of getting a mortgage before closing on a sale.
Three-quarters of all Americans will rent by 2015. Or maybe they already...
I've been here before.
Why go through the hassle of a mortgage when so much can go wrong with the lender, such as illegal or accidental foreclosures? And since the government's not interested in protecting consumers, the only one that can look out for you is you. Cash economies: they work.
I guess if you're going to have zero or negative growth anyway, fuck it.
Dow Jones dropped, and still closed over 15,000 today. It's working, Ide.
Ten year bonds rates spiking. That's the main culprit. Bernanke is the pimp. The market will punish the Fed however they end QE.
Quote from: Tonitrus on May 31, 2013, 11:05:09 PM
My REITs have been getting in the balls the last few weeks. :mad:
Same. :(
I took my profits from the 200+ point drop, await some buying opportunities.
Go fuck yourself.
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How about you and Timmay go run a sack race?
:lol:
I'd win. I'd slapjack Tim at the start of the race.
Real estate is starting to going down in Montreal. Condos have fallen 2.6-2.7% over the last few months. Way too many construction. Quebec city will soon follow. Only a few more months to wait and it'll be a buyer's market.
In the meantime, my own evaluation has jumped nearly 30%. My house went for 114 500$ to 147 500$ with the new evaluation. "Oh no, we're not raising your taxes". Fuckers.
:yeah:
Quote from: viper37 on August 16, 2013, 09:49:29 AM
Real estate is starting to going down in Montreal. Condos have fallen 2.6-2.7% over the last few months. Way too many construction. Quebec city will soon follow. Only a few more months to wait and it'll be a buyer's market.
In the meantime, my own evaluation has jumped nearly 30%. My house went for 114 500$ to 147 500$ with the new evaluation. "Oh no, we're not raising your taxes". Fuckers.
Can you contest the valuation? Here you can bring comps and other evidence to the taxing authority during a designated challenge period after your valuation changes to get them to lower it. It almost always works, but very few people know about it or how to do it. For obvious reasons, the tax authorities don't bend over backwards to inform people, either. :P
Quote from: Baron von Schtinkenbutt on August 16, 2013, 10:19:24 AM
Can you contest the valuation?
Maybe, I have to check my stuff carefully. I did make some renovations, but nothing dramatic.
Quote from: viper37 on August 16, 2013, 09:49:29 AM
Real estate is starting to going down in Montreal. Condos have fallen 2.6-2.7% over the last few months. Way too many construction. Quebec city will soon follow. Only a few more months to wait and it'll be a buyer's market.
In the meantime, my own evaluation has jumped nearly 30%. My house went for 114 500$ to 147 500$ with the new evaluation. "Oh no, we're not raising your taxes". Fuckers.
Big question is going to be whether the fall is limited to condos (which were wildly overbuilt across this country) or hit single family homes as well.
Quote from: Baron von Schtinkenbutt on August 16, 2013, 10:19:24 AM
Quote from: viper37 on August 16, 2013, 09:49:29 AM
Real estate is starting to going down in Montreal. Condos have fallen 2.6-2.7% over the last few months. Way too many construction. Quebec city will soon follow. Only a few more months to wait and it'll be a buyer's market.
In the meantime, my own evaluation has jumped nearly 30%. My house went for 114 500$ to 147 500$ with the new evaluation. "Oh no, we're not raising your taxes". Fuckers.
Can you contest the valuation? Here you can bring comps and other evidence to the taxing authority during a designated challenge period after your valuation changes to get them to lower it. It almost always works, but very few people know about it or how to do it. For obvious reasons, the tax authorities don't bend over backwards to inform people, either. :P
His valuation is fair, he's just being bitchy.
QuoteBig question is going to be whether the fall is limited to condos (which were wildly overbuilt across this country) or hit single family homes as well.
true. I don't think it will go beyond condos just right now. But soon, the house market will be affected, as more&more elderly people have to leave their home for more appropriate health care.
Locked in my 15-year fixed rate mortgage today at 3.75% (3.77% APR) (https://languish.org/forums/proxy.php?request=http%3A%2F%2Fforum.backupot.com%2FSmileys%2Fdefault%2Fbleedingeye.gif&hash=d75ba4d6d589b5b66066691c45a28d6b488f55b6)
What are you bitching about? :huh:
Interest rates were much lower just a few months ago.
I'd love to be in a 15 year fixed rate mortgage, but up here you basically can't get anything longer than 5 years.
I was reading somewhere (Slate?) that the 20-30 year fixed mortgage is pretty much a US-only invention that exists because of certain incentives from Fannie Mae and Freddie Mac.
Jacob, you can go as high as a 10-year fixed rate mortgage in Canada. I renewed last December and now almost wish I'd locked in for that long...
Quote from: Barrister on August 20, 2013, 04:41:16 PM
I was reading somewhere (Slate?) that the 20-30 year fixed mortgage is pretty much a US-only invention that exists because of certain incentives from Fannie Mae and Freddie Mac.
Then it should be interesting to see what happens to the US market when they and if they nuke Fan and Fred.
Quote from: Barrister on August 20, 2013, 04:41:16 PMJacob, you can go as high as a 10-year fixed rate mortgage in Canada. I renewed last December and now almost wish I'd locked in for that long...
I did not know that.... :(
Quote from: Barrister on August 20, 2013, 04:41:16 PM
I was reading somewhere (Slate?) that the 20-30 year fixed mortgage is pretty much a US-only invention that exists because of certain incentives from Fannie Mae and Freddie Mac.
Jacob, you can go as high as a 10-year fixed rate mortgage in Canada. I renewed last December and now almost wish I'd locked in for that long...
My first house was a 30 year. 400 dollars/month. Those were the days.....
When I look at the kind of digs I could get in Baltimore for the same price....
Quote from: Ed Anger on August 20, 2013, 04:50:37 PM
My first house was a 30 year. 400 dollars/month. Those were the days.....
Heh, I'm more than halfway through my 30 year mortgage, so why bother refinancing now.
Quote from: CountDeMoney on August 20, 2013, 06:24:42 PM
Quote from: Ed Anger on August 20, 2013, 04:50:37 PM
My first house was a 30 year. 400 dollars/month. Those were the days.....
Heh, I'm more than halfway through my 30 year mortgage, so why bother refinancing now.
So that you pay less?
Need a job first, yo.
On the subject of shit in small packages:
Quote
'Rabbit hutch' style homes face curb
The government is to consider curbing the building of so-called "rabbit hutch" homes in England.
In a consultation being launched on Tuesday, it said it was considering the introduction of basic space standards.
The Department for Communities and Local Government (DCLG) said England may already have some of the smallest houses in Europe.
Since the 1920s the average living space in some types of home has fallen by more than a third.
As a result the DCLG is also thinking about the possibility of "space labelling", which would give consumers a clear understanding of how much room there was in any property.
The idea has been welcomed by the Royal Institution of British Architects (Riba).
"We are pleased to see the government consulting on space standards, our public research has repeatedly revealed that space in new homes is a major concern," said Harry Rich, Riba's chief executive.
According to Riba figures, the size of a typical new terraced house has shrunk from more than 1,000 sq ft in the 1920s, to 645 sq ft now.
Architects have also highlighted the lack of storage space in new homes, and poor daylight.
.....
Rest of article here:
http://www.bbc.co.uk/news/business-23770320 (http://www.bbc.co.uk/news/business-23770320)
I think this is an example where you can actually point to something actual, rather than just a newspaper op.ed. and say "Yes this country really is going to the dogs".
And they won't people to commit to buying a 650 sq ft 'house'. :(
Quote from: CountDeMoney on August 20, 2013, 06:24:42 PM
Quote from: Ed Anger on August 20, 2013, 04:50:37 PM
My first house was a 30 year. 400 dollars/month. Those were the days.....
Heh, I'm more than halfway through my 30 year mortgage, so why bother refinancing now.
I got a second mortgage on that house. Boy, that was a mistake. When I was falling behind, one of the jerkasses at Associates told me to get a cup and beg for the money. So I handled that the calm, Ed Anger way.
By showing up in person and telling him to repeat that to my face. He got much nicer.
Quote from: Ed Anger on August 20, 2013, 07:09:35 PM
Quote from: CountDeMoney on August 20, 2013, 06:24:42 PM
Quote from: Ed Anger on August 20, 2013, 04:50:37 PM
My first house was a 30 year. 400 dollars/month. Those were the days.....
Heh, I'm more than halfway through my 30 year mortgage, so why bother refinancing now.
I got a second mortgage on that house. Boy, that was a mistake. When I was falling behind, one of the jerkasses at Associates told me to get a cup and beg for the money. So I handled that the calm, Ed Anger way.
By showing up in person and telling him to repeat that to my face. He got much nicer.
:cool:
Yeah there's something to be said for 'in their face' diplomacy.
The red mist descended on me that day. I almost lost control of my temper.
That's astoundingly bad customer service.
I dunno, I got Comcast to come out the next day and give me 90 days' credit when I told them if they didn't come out, I'd be down in their office the next day and nobody there would be very happy.
Quote from: Ideologue on August 20, 2013, 08:08:44 PM
That's astoundingly bad customer service.
Par for the course for Associates.
Just thinking about those assholes have spiked my blood pressure. :ultra:
New-Home Sales Tumble
'Sales of newly built homes fell sharply in July to the lowest level in nine months, heightening worries that higher mortgage rates will slow the housing recovery.
New-home sales fell 13.4% in July from a month earlier to an annual rate of 394,000, the Commerce Department said Friday. That was the steepest drop in three years and sent sales down to the lowest level since October.
The report also showed that June sales were lower than previously estimated, with that month's figure now at 455,000, compared with an initially reported 497,000.
Economists surveyed by Dow Jones Newswires expected July sales to reach 490,000.
The drop in new-home sales came at a time of industry concerns that higher mortgage rates, which effectively raise the cost of buying a home, would scare away potential buyers. The average rate on a 30-year mortgage rose to 4.58% this week, according to Freddie Mac, up from 4.40% a week ago and more than a point higher from the level in May.
Many economists say it is still too early to tell how the higher rates are affecting the industry. But the big drop in new-home sales could add to industry worries that overall sales, including previously owned properties, will slow in coming months. That could slow the overall U.S. recovery, which has leaned heavily on housing as a source for growth as other sectors, such as manufacturing and government spending, have remained weak.'
http://online.wsj.com/article/SB10001424127887324619504579030691873137738.html
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I'll be happy when the time to close number starts rising. Then we'll know inventories are going up. My problem is that there's nothing available where I want to buy.
Every time I speak with the management company I'm turning my condo over to rent, they keep asking me if I want to sell it. Predatory little shits.
Return of the McMansion
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http://online.wsj.com/article/SB10001424127887323980604579031350928407682.html
What would be considered a mansion size house?
Indeed...my parent's house is larger than 2642 sq ft; definitely not a mansion.
Much like Tonitrus, I also hope my siblings predecease my parents and I.
Quote from: Jacob on August 20, 2013, 04:38:11 PM
I'd love to be in a 15 year fixed rate mortgage, but up here you basically can't get anything longer than 5 years.
Really? :o
I need the extra square footage for my Toaster Studel.
Quote from: Ideologue on August 27, 2013, 05:10:24 PM
Much like Tonitrus, I also hope my siblings predecease my parents and I.
I dunno if I want it...the entire neighborhood is being gobbled up by rich Asian families and yuppie Chinese real estate speculators. :mad:
Quote from: Tonitrus on August 27, 2013, 05:15:32 PM
Quote from: Ideologue on August 27, 2013, 05:10:24 PM
Much like Tonitrus, I also hope my siblings predecease my parents and I.
I dunno if I want it...the entire neighborhood is being gobbled up by rich Asian families and yuppie Chinese real estate speculators. :mad:
Oh man. My parents' McMansion and their other house are out in the stix out in Greenville county. I propose: a trade.
Quote from: DGuller on August 27, 2013, 05:11:20 PMReally? :o
Haven't we had this conversation before?
... though according to BB, you can get 10 years - though I've never come across it.
Quote from: Jacob on August 27, 2013, 05:55:43 PM
Quote from: DGuller on August 27, 2013, 05:11:20 PMReally? :o
Haven't we had this conversation before?
... though according to BB, you can get 10 years - though I've never come across it.
:( I thought of so many other infinitely wittier ways to refer to that old clusterfuck of a discussion after I posted that.
Quote from: DGuller on August 27, 2013, 05:59:04 PM
Quote from: Jacob on August 27, 2013, 05:55:43 PM
Quote from: DGuller on August 27, 2013, 05:11:20 PMReally? :o
Haven't we had this conversation before?
... though according to BB, you can get 10 years - though I've never come across it.
:( I thought of so many other infinitely wittier ways to refer to that old clusterfuck of a discussion after I posted that.
:console:
It's okay. They probably weren't all that witty.
Quote from: Jacob on August 27, 2013, 05:55:43 PM
Quote from: DGuller on August 27, 2013, 05:11:20 PMReally? :o
Haven't we had this conversation before?
... though according to BB, you can get 10 years - though I've never come across it.
Time for a new mortage then.
http://www.firstnational.ca/Residential/Mortgage-Rates/
It has 10 years closed at 4.19%.
Pending Home Sales Index Falls in July
'The number of Americans signing contracts to buy previously owned homes fell in July for the second straight month, the latest sign that higher mortgage rates are starting to drag down the housing recovery.
The National Association of Realtors said Wednesday that its seasonally adjusted index for pending sales of existing homes fell to 109.5 in July, 1.3% lower than the June reading and a steeper decline than the 1% drop forecast by economists.
...
Because of the way pending home sales are tallied—at the signing of a contract, rather than at the closing—they provide a more up-to-date reading on housing-market conditions than some other gauges. The average 30-year fixed-rate mortgage for loans of $417,000 or less rose to 4.80% last week, the Mortgage Bankers Association said Wednesday. That was the highest rate in more than two years and 0.22 percentage point higher than the average rate for late July, reflecting a continued climb in borrowing costs that could restrain home sales further.'
http://online.wsj.com/article/SB10001424127887324463604579040741241361708.html
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