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House Price Crash Forum


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Everything posted by Lander

  1. "What about my alimony and child-support obligations? No need to mention them. What would happen when they saw the automatic withholdings in my paycheck? No need to show them. If I wanted to buy a house, Bob figured, it was my job to decide whether I could afford it. His job was to make it happen." "But given my actual income after alimony and child support, I couldn’t possibly have qualified for a standard mortgage. Bob’s plan was to write a “stated-income loan,” or “liar’s loan,” so that I wouldn’t have to give the game away by producing paychecks or tax returns."
  2. Indeed, a small push is what he got- from his loan officer.. "Despite the obvious red flag of applying for a Don’t Ask, Don’t Tell loan, I wasn’t paying that much for the money. The rate on my primary mortgage of $333,700 was a remarkably low 5.625 percent for the first five years, though my monthly payments would probably jump substantially after the fifth year. On top of that, I was paying a much higher rate of 8.5 percent on my “piggyback” loan for $80,300. Even so, I would be paying slightly more than $2,500 a month for the first five years. It would get expensive eventually, but I could worry about that later. “Don’t worry,” Bob reassured me, saying what almost everybody else in real estate was saying at that moment. “The value of your house will be higher in five years. You’ll be able to refinance.”
  3. SHTF for Economics Reporter of the NY Times and author of 'Busted:Life Inside the Finacial Meltdown'.Takes out a liar loan, big credit card debt etc Full Story here Sounds like he should have known better than most not to buy into the hype that house prices can only go up.
  4. By the time the crash is mostly over and I'm ready to jump in, I'll be 34. Although if by some miracle the market makes a full recovery and prices start climbing again, I will continue to rent, forever if needs be
  5. A friend of mine who works for a HA told me the other day he could be made redundant, along with many other employees who work for the same organisation because they might be replaced by contractors whose fees are less than their wages.
  6. Notice that the 'credit crunch' occurred around the same time global oil production peaked? $4 gal gasoline could have been the straw that broke the camels back. Ditto, most of my friends are in this position because they just had to get on the ladder and that renting was dead money.
  7. I've received quite a few CV's lately from people looking for work. The last one I read had several spelling errors including his own address
  8. Self employed detailer. Lots of polishing here too
  9. Did I hear them say although they have lost money on their old property, they have 'gained' on their new one because of the price drop? FFS sake all they have done is increase their debt load, they have gained fck all! Financially illiterate molluscs. This is not the first time I've heard people say this. Yeah that's right sheeple, take on even more debt so you can 'trade up' and 'save' No wonder this country is such a state.
  10. And FTBers, couple higher IRs with the huge deposit now required to get on 'the ladder' and they will be simply throwing the towel in and sit it out until house prices become more affordable.
  11. Yep, couple higher IRs with huge deposits now needed to get on 'the ladder' and FTBers will be throwing the towel in and will just simply wait for prices to come down to more affordable levels.
  12. Here's a nice scary map to go with the graph http://www.slate.com/id/2216238/
  13. Ask them to provide evidence to back up what they are saying, and if they can't, point this out to your missus
  14. Which could be a reality given they are in a similar position to us, i.e -high personal debt, little to no manufacturing base, economy fueled by HPI/MEW/BTL. No?
  15. I spotted this the other day, apologies if it's already been posted in this thread, I haven't time time to read through it all. Australia facing debt driven depression The Ozzies will do well to avoid a depression IMO
  16. This? http://seekingalpha.com/article/134820-the...ref=patrick.net
  17. A Friend of mine works as an Oracle DBA for a firm in the midlands, every time I see him he says they have taken on a new client, however he's not seen the wage rise he was expecting. On a personal level, I couldn't work in IT, it would suck the life out of me. I hear about lots of people burning out early in their careers due to the stress. Good health is more important than the money IMO
  18. I think the guy in your avatar would
  19. There was a hint of desperation in his voice last night, imo. I think we're about to start the next leg down when this suckers rally expires in the next few weeks after more doom from the auto sector comes rolling in.
  20. I have a feeling that Pesto's credibility will soon be shot to sh1t
  21. Wait for the LR figures to come out and then you will see more excitement from the bears
  22. A friend of mine who lives a few doors down has been telling me about people he knows that are getting laid off or pay cuts, 50% for one guy who works in an electronics factory The others work in industry related to housing, i.e plumbers, tilers, builders etc. Said friend works as a plumber for a HA and I think he's starting to get a little nervous now Conversely, my GF's sister has just bought a house under a shared ownership scheme and she's been telling us to buy now before prices start to rise again. A client of mine was also saying the same yesterday
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