Housing crash-has it affected someone you know?

[JBC77]

We hear a lot in the media about the housing sub prime meltdown. Bums shacking up in new digs freshly foreclosed. Neighborhoods like ghost towns. Up hear in CT, haven't witnessed too much of that. Broad base of posters out here....in your next of the woods has this housing crisis affected someone you know, your neighborhood?

Anybody buying?

Housing market will be back. You can bank on that. Seems like a really smart investment right now. Figure it won't really recover until 2010.

[SBR Lou]

It hasn't affected somebody I know in terms of their homes, but I have a friend who just got laid off who worked in a related field in the financial industry. I'm not sure of their title but they bored me to tears about the subprime stuff a few weeks ago.

[capitalist pig]

I know one lady who lost her home this week, was forced to move out Monday. Dont know the details, other than she couldnt keep up with the mortgage. Neighboor behind me is trying to re-fi for the third time, he will never in his lifetime be positive on the house/property if it goes through.

These are all home with views of the Gulf here in FL., not beach front properties, but within a hundred yards. Paid our home off about 8 years ago, best money I ever spent.

Later

[JBC77]

It must be nice having it paid off. Biggest investment a lot of people will ever make. Glad to see yours is paying dividends. I hope to join the paid off club someday myself.

I believe buying property now as an investment, can probably yield a 15-40% return within 5 years. In the right location, well thought out buys. People are always going to need a place to live. The economy is going to pick up eventually.

[blackbox]

yes sir--stockton calif-leads the nation in foreclosures--four people on my street have lost their homes--

[flyingillini]

Prices in my neck of the woods really have not been affected. A lot of people with money here.

[Justin7]

If people would use common sense, this whole housing crash could have been avoided.

If you want to buy a home, ask "how much can I collect in rent for it per year?" Don't pay more than 10x that much. That's a pretty good rule of thumb for houses under $150k.

guess what - there aren't many houses under 150k that are being forclosed. A vast majority of them are high-end speculations.

[diogee]

There isn't even a chance at finding a decent house for under 150K here

[purecarnagge]

I'm buying a end unit townhome this summer for 135,900. asking for 4200 plus 1k for washer/dryer. Builder won't go with it. But I know for a fact I will be getting at least 2500 in allowances back for closing cost etc which are 900.00 but the rest im pocketing and going to put into a book.. tsk tsk tsk what my women knows won't hurt.

On the other side my offer money was 5k so he knows I'm serious. total downpayment of 29k on this place. I could afford more but this is nice fits our budget and we'll break even on it if not come out ahead.

What does this mean? In 5-10 years I'll be pretty much living in my dream home with 1-2 kids. Chilling in my hot tub watching the game. I don't need a mansion. I just need a place for all my toys. Now if only I coulf figure out a way of having like 7 wifes without having to join some strange religion full of ugly chicks.