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First-time buyers benefit from housing slump

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nvchaz

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In many markets, homes that were once prohibitive now are affordable

"I'm very glad I waited," Kostas Kalaitzidis said about his recent decision to buy his Arizona home. "People like me are the ones buying in now." 

Kostas Kalaitzidis wanted to buy a home when he moved to Phoenix in 2008, but between his modest salary and the expensive market, he couldn't swing it.

What a difference a year makes.

Kalaitzidis recently made an offer on a home priced at $82,000, far less than the $220,000 it might have fetched last year.

http://www.msnbc.msn.com/id/30551169/
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May 08 - US
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nvchaz

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And does the master of the universe, or at least Phoenix, care to chime in, aznabob?

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May 08
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Pasadenan

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"If I was married..."  -

And I thought the ring permanently stuck on the ring finger of your left hand indicated that you ARE married!?

You would let a "wedding band" cut off your circulation like that without being married?
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May 09
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Pasadenan

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"not the correction most are praying for" -

No?  And what "correction" were they praying for?  I thought they wanted houses to be "more affordable"?  I didn't think any of them cared if people like me lost substantial imaginary equity because of being stuborn and unwilling to liquidate?
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May 09
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Pasadenan

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Linda really needs to get in touch with Walter Burns (agent) to compare notes!

He is insistent that Hoboken is the place to live in 2009, not Henderson!

Perhaps Linda misspelled it?  Or perhaps Hoboken is a contraction of HOuses-Broken?

Anyway, they can't both be right, so Linda needs to talk some sense into him.  Or...?

And who was George Burns' agent anyway?
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May 09
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space_acer

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MSNBC... nice source...
it was MSNBC which kept crowing there was no bubble for years,
kept saying it was a good time to buy, and all the other nonsense.
Did they every issue an apology for getting that wrong ?
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1 Yes

May 09
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space_acer

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No housing "slump" here

There is a housing correction going on..
but not the correction most are praying for..
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May 09
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space_acer

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Linda - are talking about Henderson NV or in general.
I didnt know Henderson is the center of the universe..
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May 09
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Linda Strasberg, "L Strasberg"

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Home prices here have fallen to the floor to levels not seen since 1998 sometimes even 1995.  They've become affordable again in our market.  REO's are priced to sell quickly.   For a lot of first time home buyer's it makes sense to own versus rent...the $8K tax credit for first time home buyers is a great incentive.
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May 09
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Pasadenan

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What housing slump?  You mean low prices or low number of sales, or long periods on the market?

As for "low prices" we won't see that for at least onother year or two.  As for low number of sales; that is long gone, but may come back if incentives stop, interest rises, and foreclosures are withheld form the market.  As for long periods on the market?  As long as prices keep dropping, and percent of housing inventory on the market doesn't rise much above 7%, we will probably continue to see a bit over 180 days.

No housing "slump" here; fools keep buying, and those that see the handwriting on the wall keep selling before they get stuck.


And now with the PPIP; those lenders get free money everytime they foreclose for a loss.  It only costs them 3% to insure for more than the full debt obligation!  And they make money selling to a PPIP in the first place.

No housing slump for the lenders!   Thanks to Congress and FED, their risk worry is over.


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1 Yes

May 08
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White Picture

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My area, buy ( PITI ) is much cheaper than rent, but some one with bad credit and no money for downpayment, or unprovable income is still rent, of course somes is lie in wait.
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May 08
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Roberto Ribas, "azrob"

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$80K house, with $8K back in tax credits, net $72K purchase, the mortgage is going to be around $600 a month... the $8K credit means the first year is effectively free.

If the area isn't going to $0, its a better idea to buy than rent. [some areas around here may do a Detroit though, so it would still require picking the right area]
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May 08
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akoi

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Thanks NV and Bubble guy, I'm tired and hungry..You are both very funny...."see" you in the morning...
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May 08
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nvchaz

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Hey Phyllis give the guy a break,

It takes a while to effectively stalk. Besides all the time he has to take to pretend to be doing something important when his wife walks in the room. That can be draining!
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May 08
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akoi

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socalbubble: (with over 5,000 post in a short period of time) "LOL married with 2 children own 2 properties"
Hey....If I was married with 2 kids and had 2 properties I wouldn't be sitting in front of a computer screen all day long
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May 08
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"....You are still a deeply troubled man"

Yes, I am. And I don't think Zillow is helping much.

My therapist keeps saying: "What? you posted again! And when was the last time the Zillow Advice posters rushed to your bedside to keep you from choking on your own puked up sleeping pills?"

I think she has a point but I just can't help myself.
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May 08
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LOL. Married, 2 children and own 2 properties. Thinking of snappin up one in an area that according to my #s has hit bottom in SoCal. Don't get you g string all twisted Goodyear ghetto boy.
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May 08
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akoi

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Nvchaz, It wasn't me. I still adore your sense of humor....You are still a deeply troubled man
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May 08
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I think that azrob is somewhat realistic in his views...so cal will be either living in a 1 bdrm or renting for life as his mind is closed toward any sort of positive news.  My advice..which means nothing to you folk...play your own game...do your own research and make your own decisions.  If you come out a winner pat yourself on the back and blame no one if the opposite.
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May 08
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See how they are?

Must have really tweaked aznabob's ego.
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May 08
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akoi

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I still can't tell which one is rob
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May 08
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akoi

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NV, what is wrong with you??? You are a deeply desturbed individual......don't go away!
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May 08
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'' You can wait to see if it get's worse or cash in now.''

Correction: throw away cash now. If it get worse that it.
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May 08
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Michael Russell, "michaelrussell"

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our government doesn't believe in pain. Socialism is alive and well in America. That being said, the article is right homes are selling a lot faster and price are starting to stabilize. That doesn't mean we will stay there. You can wait to see if it get's worse or cash in now.
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May 08
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By the way, It's good time to buy every where !
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May 08
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Lady Chattel

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LMAO BMFPitt!!!!!
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May 08
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ha, and they are gamblers indeed
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Don't worry - the government is doing everything possible to prevent more people from benefitting from affordable housing.  They'll keep trying to reinflate the bubble even if they have to destroy the economy and bankrupt the country in the process.  They'll teach those who weren't reckless a lesson - if you don't gamble your own money on real estate, we'll do it for you.
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