True Investors wrote on December 04, 2008 04:09 PM: It is amazing the negativity here. In this market there is so much opportunity. When in the last several years have you been able to buy a property and make a positive cash flow. Realestate is a long term investment. If you are one of the ones that did a short term loan that is going to adjust shame on you. Did you really think the appreciation could continue (Look back at the last 50 year trend). We had a 10 year up market the last 50 years says cut that in half and you get the downmarket time. Remember there are opportunities beyond belief right now don't be doom and gloom look for them and be positive. How does being negative serve you.

Mark wrote on November 17, 2008 08:40 PM: If anyone needs to renegotiate their loan email me modifynow180 at aol.com I am willing to work with you on payment!
Regards
Mark

V wrote on November 15, 2008 10:51 PM: Anyone who says that they saw this coming is lying. I honestly thought the market was going to stabilize and become an equilibrium with. I bought my house in 2007 and it was a great deal at the time compared to 2005 and 2006 when prices peaked. I took out a 100% fixed rate loan because my wife and I are only in our 20's and didn't have enough money to put down. Still, I was smart enough to buy something where I could comfortably afford my monthly payments even at times on one income due to my wife being on maternity leave and me being laid off. Yeah it sucks that values are falling through the floor and now I am underwater and it annoys me that other people are going to get a mortgage bailout but on something like that the fine print needs to be looked at because most people think it is a simple reduction in loan principle but there's more to it than that. I was in the mortgage business for a few years as an underwriter then a processing manager and saw more scumbags than you can imagine. I distinctly remember a loan officer and origination/sales manager acting like car salesmen trying to pressure this couple into taking on a 100% fixed rate loan for about $340K. They had poor credit so the PMI was VERY high. The total monthly payment including impounds and PMI was just over $4000!! This was over two years ago but they ended up not taking the deal. To all of us responsible people who are underwater. It will take a while to get to where we actually owe what our homes are worth but the time will come and our credit will still be good. Peace.

Doom and Gloom wrote on November 13, 2008 09:39 AM: I'm still around...In fact, I think I just rented you one of my houses!

You have to have a strong stomach and some cash - but this is a great market! While you all are sitting around moping about how bad things are - I'm seeing the opportunities.

The rental market in Vegas is healthy, so with a respectable amount of cash down and a tenant paying the mortgage - I can hold on for a long time.

For me, It's not all about looking for a short term profit...it's about positive cash flow in the short term, and the longer term appreciation.

Foreclosure guy wrote on November 12, 2008 07:10 PM: Mr. Doom and Gloom lost his house in foreclosure and is depressed. he is now living out of his car and does not have internet access.

truth wrote on November 12, 2008 05:18 PM: Wonder, no Vaseline, interesting comments, I guess it would be kinda difficult to see this comming if you were new to the area, so I sympathise with you....but what I always use is math regardless of the sitiuation if the average house hold income is $56,000
the average home should be no more than 170-190,000 times that...no matter what anyone tries to tell you... as for me I bought a starter bachelor pad in 2003 for 120,000 and took a second for 30,000 I now owe 135,000. I was approved for a 350,000 sevral times over but living here since 2001 350 seemed like suicide, now How do I get my new family out of my starter home into a good neighbor hood... Ill have to pay to leave the house I am in (using up what I saved for a down payment on a new house)

wonder wrote on November 12, 2008 03:37 PM: No Vaseline...I also take offense to your 'people like you' comment...I moved here from out of state and had a buyer's agent who I thought was supposed to be representing ME and MY best interests. I also work for one of the area's largest employers and not one person/coworker suggested to me it may not be the right time to buy a house. Matter of fact many people from my employer found a similar fate, and I can tell you they/we are not morons. Did I make a mistake? Sure I did, but was I careless and wreckless and irresponsible? I dont think so. Perhaps you can enlighten me, where would I have found anything at that time saying property values here were going to sink? Think the GLVAR would have told me? LVRJ would have reported it ? Hubble Smith would have set us straight? The chamber of commerce ? As I recall everything I read was propoganda spouting off about how LV is above all the problems in this country.

No Vaseline wrote on November 12, 2008 02:29 PM: wondering too,

no offense...it was just the heard mentality..RE was up 30%, commodities were tripling, food prices through the roof, hotels doubling in cost, airfares skyrocketing, everything was up...it was at that time, a time to save and say "NO" to buying in at those levels wherever possible..in housing, renting was an option....I agree, these prices were made available by banks giving away all of that low cost easy to get money ....but from the consumer side...not the corporate side..you should of thought it through and guarded against the obvious collapse to save your persoanl behind. Believe me, it did not take a crystal ball to see what was coming...everyone in 2006 was talking about how crazy these prices were...and everyone who bought a home at that time had people talking behind their backs saying...idiot!

wondering too? wrote on November 12, 2008 01:20 PM: Gee, No Vaseline

I bought my house to live in, and I could then and still can afford it. But how selfish of me to want a house of my own for my family to live in. I did not overextend myself or take out massive home equity loans to buy myself a car and pool etc, that I couldn't afford. I have no credit card debt and have been working for the same company for 11 years. I'm sorry I ruined it for the rest of you. You must be rich beyond belief with your crystal ball abilities. Sorry, but you're wrong. I didn't cause this mess, flippers and banks , yeah BANKS, are responsible. So a ton of people who couldn't afford a home wanted a piece of the pie, but it was up to the banks to say yes or no. They were the ones with all the control, and they used it. They ultimately made the decision to give out the money. AND THEY GAVE IT TO THE WRONG PEOPLE. I, however, and plenty like me, ARE NOT TO BE LUMPED IN THAT CROWD.

I suppose you're making a killing in the stock market too? Boy, you're the smartest anonymous poster on the internet.



Don't blame me,

No Vaseline wrote on November 12, 2008 12:58 PM: Guys..when home prices average 2 to 4 percent per year in appreciation, why would you step in and buy in 2006 after a year of 30% plus appreciation. You should of seen this collapse coming head on.

Now, you speak as though you are shocked that you have lost your down payment and are below water. All the financial steps that you see happening today are almost the same as the great depression. Time never better, overleveraged, banks collapsing, business becoming insolvent...it took 3 years from 29 to the time we officailly entered the G. depression as all collapsed. Today, our problems are all of this made possible because of people like you that made very bad financial decisions. Thanks...

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