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Re: President Obama betting on new plan for struggling homeowners
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Home away from home
 
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2005/7/13 15:03 Last Login : 2023/6/11 23:48 From Western Slope
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Quote:
As I stated one is west of Kennedy (towards Nelson) the other on the Western Slope, both on the north end. The Square is somewhat funny not that warm of a neighborhood. The further west and north you go in the Heights the better the area. Although the Pershing Field park area is a nice part of the Heights plus you have the Reservoir nearby. However, as far as the Light Rail is concerned that is a trek away from where the better Heights neighborhoods are. I find that the east side of the Heights is getting gentrified more and more with younger and single people moving in especially into the converted condos that seem to be popping up here and there but for a family atmosphere go west. Also have you considered getting a bike and joining a block association ??
Posted on: 2012/1/17 16:10
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Re: President Obama betting on new plan for struggling homeowners
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Quite a regular
 
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I'm new to learning the heights, but I am guessing both were fairly far from light rail? Or pallisades?
I think the heights is a very nice neighborhood and is a bit more "kept" then JSQ...so that's why we are looking there.
Posted on: 2012/1/17 15:39
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Re: President Obama betting on new plan for struggling homeowners
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Home away from home
Joined:
2005/7/13 15:03 Last Login : 2023/6/11 23:48 From Western Slope
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The mortgage and credit rating companies along with the government allowed huge loans to float about to anyone with a pulse. They promised them the moon and set the mood by stating they could get hundreds of thousands of dollars for those at the time high priced properties now the ball has dropped and they can't keep up with the payments. With condo maintenance fees involved it skyrockets the costs on top of already pricey numbers. The Bush administration always bragged that 65% of the population are homeowners I wonder what the stats are now ?
Posted on: 2012/1/17 15:33
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Re: President Obama betting on new plan for struggling homeowners
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Home away from home
Joined:
2005/7/13 15:03 Last Login : 2023/6/11 23:48 From Western Slope
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I know of 2 Heights properties that sold in the 200k range and they are not condos. One west of Kennedy is a 2 family with a carport that sold for 218k and the other on the Western Slope is a single family that went for 165k
Posted on: 2012/1/17 15:22
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Re: President Obama betting on new plan for struggling homeowners
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Quite a regular
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On a side note, where are these homes. I have been looking for a place in the heights with my parents in this price range. Your average 1 bdr condo is listed for about 150k in the heights...I have not seen any buildings for 200k, would love to know details. Thanks!
Posted on: 2012/1/17 14:42
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Re: President Obama betting on new plan for struggling homeowners
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Home away from home
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if economic darwinism was so great, then the government should tolerate monopolies and leave microsoft alone.
Posted on: 2012/1/16 21:16
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Re: President Obama betting on new plan for struggling homeowners
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Home away from home
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If the govt. would just get out of the way and let the market work, the housing situation would have fixed itself years ago. It would have involved a price crash, banks going under, lots of foreclosures. It would have been hell.. but well over with by now. Artificially propping up the market is only going to delay the inevitable. The housing bust was fueled by the mis-allowcation of capital. When prices finally do crater, the misfortune of the current underwater homeowners will be an opportunity to those who sat out the bubble and saved their $$$. When the market crashed last time, the bottom for this area was reached around 1995 to 1997. At the time, I was saving money like a fiend, living in craptastic apartment in Hoboken (it was cheap) with roommates, and all whilst earning a really low salary. Prices dropped and nobody was buying. That market allowed me to buy a small 2 family home for $84k (about $124k in today's money). I fixed it up (it was really run down and smelled like stale curry). The rent I collected for one unit exceeded my P&I portion of my monthly payment. That little 2-family home was really good to me for the five years I lived there. I wasn't the only young guy that took advantage of the market at the time. Now... such an opportunity is denied because the market is still being artificially propped up (TARP, low interest rates, pressuring banks not to foreclose, etc.) Savers who are renters (and don't want to be) are being punished as a result.
Posted on: 2012/1/16 15:11
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Re: President Obama betting on new plan for struggling homeowners
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Home away from home
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zillow.com isn't a bad place to start.
Posted on: 2012/1/16 13:41
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Re: President Obama betting on new plan for struggling homeowners
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Home away from home
Joined:
2011/12/12 0:13 Last Login : 2018/7/28 23:29 From Right here!
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What a joke anything with Obama is. I got in touch with one of his agencies designed to help the homeowner get a better shake. Spent a couple of hours revealing all details of my finances. After we were all done they told me to talk to my bank, get a second job & sell my house. They said I should have no problem selling given how close to New York. These people must be on crack!
Right now in my Heights neighborhood there is a property vacant 3 years can't get rid of it even though it is going for less than 200k. House across street, less than 200k on market for 4 months & not one person has looked at it. At least one neighbor in foreclosure, Three houses around corner, no nibbles. This doesn't even cover the 'For Rent' signs. The only ones who will benefit from this are the developers who are buying things up real cheap. They have the wherewithall to ride this out. This reminds me of the 70's.
Posted on: 2012/1/16 12:07
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Re: President Obama betting on new plan for struggling homeowners
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Newbie
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Not sure what the solution is. But I paid over 400k for my unit and I know of 3 larger units that were short sales or fore oeuvres that sold for mid 250k. We are trying to be financially responsible but it just doesn't seem fair. Why shouldn't we walk away everyone else doesn't want to be accountable. I wonder in the long run would it be best to simply walk away? My family could save the monthly mortgages, have our house foreclosed, and recover after 7 years with a significant downpayment. Does this make sense?
Posted on: 2012/1/16 11:51
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Re: President Obama betting on new plan for struggling homeowners
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Home away from home
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Get an appraisal or look at comparable properties that have sold recently in your neighborhood.
Posted on: 2011/12/16 21:16
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Re: President Obama betting on new plan for struggling homeowners
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Home away from home
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Just out of curiousity, how would one know if they were underwater exactly?
Posted on: 2011/12/16 20:43
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Re: President Obama betting on new plan for struggling homeowners
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Just can't stay away
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borisp, As I hope you would agree, reasonable people can disagree on issues and both can be right at times. I want to focus on one thing. At the Height of the Real Estate Bubble "Freddie" & "Fannie" were not buying or guaranteeing a significant portion of Real Estate Loans. Public and Private banks had gotten so aggressive in lending that they lowered their loan and credit worthiness standards so much that quasi government agencies (IE Freddie and Fannie) were not able to underwrite the mortgages that were being created. Simply put, the private sectors mortgage standards were lower than governments mortgage standards for roughly the period between 2003-2007. borisp, are you aware that 84% of subprime mortages issued in 2006 were issued by private sector firms? Also be aware that the market share of Freddie and Fannie and other "government" agencies dropped from nearly 50% in 2002 to less than 30% in 2005? Last, 94% of high cost loans were not in any way connected by government home ownership laws. Fast forward to the implosion of Sub Prime Mortgages, and we have large Public and Private banks and their defenders blaming government for mortgages that government had nothing to do with. Government did not set up "liar loans". Neither did it force banks to loan based on false appraisals and assumption of real estate values escalating forever. These things were created by the Countrywide Mortgage, CitiBank, among numerous others. My point in my post was the HARP program under it current incarnation takes all the risks that currently belong to a bank or lending institution and transfers that risk to government. As a conservative leaning person, I do not like a transfer of risk from private to government. Once again we have Private Profits, Socialized losses. Reasonably I ask you to explain to me why we should reward such behavior by banks? If you are a banker, I can understand your desire for this. Therefore, if you are a banker or work in the industry please let me know so I can understand your bias. May I also suggest you read: http://www.ritholtz.com/blog/2009/06/cra-thought-experiment/ http://www.nybooks.com/articles/archi ... isaster/?pagination=false http://andrewsullivan.thedailybeast.c ... -wrong-is-bloomberg-.html http://thinkprogress.org/economy/2011 ... loomberg-mortgage-crisis/ http://politicalcorrection.org/factcheck/201110140001#facts http://rortybomb.wordpress.com/2011/1 ... rtain-regarding-the-gses/
Posted on: 2011/12/15 14:49
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Re: President Obama betting on new plan for struggling homeowners
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Home away from home
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Well, I would go easier on banks. For a long while, ever since Clinton, the banks were leaned on and forced to lend money to the people with high risk of default. On their own, banks were protecting themselves by (a) charging higher rates for the high-risk loans, (b) asking high-risk customers to insure their loans and so on. It was announced to be a "predatory lending", banks were declared to be Bad Guys who give good rates to rich and bad rates to the poor. HUD and Fanny May were directed by law and Government to fix the situation. What you see now - is the result of the decade of Government fixing. Now, the Government is trying to fix it once more. Of course, the only way it can think of: when it sees that some people behave irresponsibly and got in trouble, - it forces those who were responsible, - to share the burden of those who were not. Basically, the idea is like this: if you behave irresponsibly, and win - it is all yours. If you lose, we will force others to bail you out. Now, for all the marbles, - whoever want to venture a guess, what will the results of this policy be?
Posted on: 2011/12/15 12:39
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Re: President Obama betting on new plan for struggling homeowners
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Home away from home
Joined:
2005/7/13 15:03 Last Login : 2023/6/11 23:48 From Western Slope
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Quote:
I wonder what the maintenance fees are ??
Posted on: 2011/10/26 21:59
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Re: President Obama betting on new plan for struggling homeowners
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Just can't stay away
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I think it is good it helps the homeowner.
What pisses me off greatly about the latest incarnation of HARP is that it gets the Banks off the hook for the bad loans that will be rewritten. Even worse is that it shifts responsibilities to taxpayers. The cynic in me knows that this is only being made available to help wall street banks, not to help underwater homeowners. http://www.huffingtonpost.com/2011/10 ... efinancing_n_1028554.html Quote: From the linked article: The whole article is worth read. Many of you non-banker types will feel at least a little outrage. ExUWSguy, I know this may not be the the thoughts you were looking for and I hope the program will help you. As to being a boost to our area? (I must live at most 3 blocks from you in the Heights). It won't hurt but beyond helping the individual homeowner not doing much for the neighborhood. I have two friends that owe more than 300k on heights homes that at best would sell for 200k today. I can not imagine either one of them paying for another ten years and most likely not even having positive equity at that point. We are going to be bumping along the bottom for a long time. Anybody remember the Batman movie, the first one with Michael Keaton and Jack Nicholson? It had a line in it uttered by The Joker (Nicholson) that went "This town needs an enema". I often think that the Heights and some other parts of JC need that enema to get rid of all the shitty mortgages that are going to plague the hood for several years to come. http://www.youtube.com/watch?v=kt2nc2NkcGE Best!
Posted on: 2011/10/25 15:51
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Re: President Obama betting on new plan for struggling homeowners
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Home away from home
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It would be better for the housing market if it also helped owner's who are not underwater get better refinancing rates. That said this will be good for many underwater condo owners without any equity -- but it seems a shame that those all the people who bought too much and wanted all new -- ( Big Stainless kitchens and fancy bathrooms ) are mostly the ones that will be getting help.
Posted on: 2011/10/25 14:13
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President Obama betting on new plan for struggling homeowners
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Just can't stay away
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What do people think of this latest initiative? Good start or not enough? Given that a lot of housing stock in JC is condominiums - and the Heights seems to have an oversupply of condo conversions - will it be a boost for our area?
I would like to try to take advantage of this myself, and will post what I find out. Any advice, experiences to share, etc., will be appreciated.
Posted on: 2011/10/25 13:59
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