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Since January 2009
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Since January 2009
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Since January 2009
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Since January 2009
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Since January 2009
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It's Over, Get Over It!
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Randy_H
Contributions: 4390
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It's the price, stupid!
I keep hearing in the mainstream media, on blogs, from pandering politicians looking to buy some votes with handouts: "people can't sell their homes!". No, they *can* sell their homes. Lower the price. No one guaranteed you a freebie return. Prices go up; prices go down. Get over it.
Oh oh, but the Fed will lower rates! Oops, mortgage rates are tied to LIBOR, not the Fed rate, and guess what, the LIBOR has been skyrocketing, and diverging from from the Fed rate. That party's over. The world is moving on.
Oh oh, but the Government will bail us out! Oops, the government will probably fumble around too long to help you, but even if they do, they'll only help folks with conforming loans, not jubmos, dumbos or insanebos. And, the big 'but' is you'll have to prove you didn't _lie_ about your income on your current distressed loan, so that rules out about 50% of buyers in the past few years on either coast. Anyway, bailing out a few truly needy folks in Indiana or South Dakota won't help you maintain a fictional 250% gain in California or New York.
Oh oh, but we'll just wait it out! Prices will come back after "they" fix everything an people can get jubmos, dumbos, and insanebos again!
Oops, wrong. That party is over. Even if everything goes perfectly, no one is going to loan such disgusting amounts of money anymore. Period. No more buying a house that's over 15x your income. It's over. I'm sorry if you bought recently, but there had to be a greatest fool sometime.
But if you want to sell your house there's only one answer left: LOWER YOUR PRICE!
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