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housing economic collapse advice please

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  • #1

    housing economic collapse advice please

    I would like to buy a house in northern parts of Austin.

    Anyway...I was wondering how this whole complete economic collapse the US is now experiencing based on the housing market makes this a good or bad time to buy. I am good economically right now, with about $25k that I would be able to put down and at least another $25k in a low interest loan (2%).
    "Yay Apoc!!!!!!!" - bipolarbear
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  • #2
    the housing market is leading the way in the economic down turn, thus what you are seeing is the giant wave of the huge subprime debaucle caused by maturing ARMs. This year and next year are suppose to be seeing the highest amount of ARMs adjusting to higher interest rates which will lead to more foreclosures as salaries didn't outpace interest as home buyers had hoped. With that in mind, housing starts have picked up, but this is probably only seasonal and at most an illusion since interest rate have been dropping as have house prices.

    IMO, I would aim to buy sometime mid to late 2008 if you are trying to time the bottom of the market. Possibly, since home sales generally go up during the summer I would buy right after schools start for the year in 2008.
    Monkey!!!

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    • #3
      The house will be cheaper, but your mortgage rate will suck. Good luck.

      Good advice about buying in the fall, IMO.

      -Arrian
      grog want tank...Grog Want Tank... GROG WANT TANK!

      The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.

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      • #4
        Might want to check inventory levels. Logically there aren't going a lot of upward price pressures when inventories are at a peak.
        DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

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        • #5
          As far as I know, the market and economy in Texas is still very healthy. Probably will be harder to find bargains there.
          I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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          • #6
            Japher laid it out as always with his newly found business skillzzzz!

            Anyway, I have another advice for you, the way of the Pekka. Greater than Bushido, greater than any code of the warrior. Why? I just said so, so it must be true.

            Anyway, the advice is to change your thinking altogether. There is no spoon. If you want to win, don't play within the system. Play the system. It doesn't matter when you buy. You just need to make more money.

            It's not the expenses, it's the low income. You need to worry about the low income and fix it. Within reason of course, if you live like Paris Hilton, well that doesn't make sense. But first, your problem is low income. This is much better, now you can buy a bigger house you see.

            My advice to you is: make more money. I'm still having an official goal to invest around 800k for a house in SoCal after 5 years. I don't have that kind of money now, but I will and I know it. I have a plan, where's yours?

            And stop with the BS. You want more money. ONly people who don't want more money are vegans and losers.
            In da butt.
            "Do not worry if others do not understand you. Instead worry if you do not understand others." - Confucius
            THE UNDEFEATED SUPERCITIZEN w:4 t:2 l:1 (DON'T ASK!)
            "God is dead" - Nietzsche. "Nietzsche is dead" - God.

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            • #7
              That's another good point (by DanS): the market in general may be poor, but in a particular area may remain strong.

              Poke around on realtor.com. Check back every so often (every couple of months). Check not only the active listings, but also recent sales. It will give you a sense for the market. Doing that really prepared us. We knew what was out there, we saw what sold and what languished. And we got a better idea of what we were looking for. So when it came time to go look at houses, we weren't depending on our realtor. We already knew what we wanted to go see.

              -Arrian
              grog want tank...Grog Want Tank... GROG WANT TANK!

              The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.

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              • #8
                To get a good deal, buy a foreclosed-upon house at a trustee's sale auction.

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