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    #16
    Cali Girl, I agree with the others who have posted: this will get worse before it gets better. You really CAN afford to sit tight, and save your money for a down payment, which you will definitely need. What you MAY be able to do in the meantime is see if you can get a cheaper (but just as good) rental for now, so that you can put the difference in the bank.

    I am very concerned because you seem to have a "consumer" mentality (buy now! this is the time! don't wait!) which is great for mortgage brokers, but like HHM, Chpxiii and others have pointed out, is possibly the worst thing you can do. You have at least examined your motives (home ownership, not profit is your goal) which is great! But if you can, step back even further and look even more closely at the market. Track some houses that YOU see for sale over the next month -- you can even do so online, like realtors.com or whatever -- and see for yourself whether any sell, whether the price goes up/stays the same/gets slashed again, whether the homeowners are throwing in any perks or enticements (free lawnmower! keep the hot tub!) and that sort of thing. I think that if you take this simple step of looking at it in your own neighborhood, for your own self, you will get a much savvier idea of what's going on and where it will likely head.

    And for what it's worth, my own opinion is that the higher you fly, the further you fall: the places that saw the greatest increases in value will have to see the greatest decreases before the market straightens out. It won't be a one-for-one deal, there will be fluctuations and variances just as in any other market, but IMO Stockton (and other places in CA) has a lot further to fall in terms of property values. Sit tight and study it carefully. I think you'll be very happy you did, and any money you can save for a down payment while you wait will help you get that financing you want when the time is right. Good luck!!!
    Nolo Press book on filing Chapter 7, there are others too. (I have no affiliation with Nolo Press; just a happy customer.) Best wishes to you!

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      #17
      Originally posted by FreshLikeADaisy View Post
      Cali Girl, I agree with the others who have posted: this will get worse before it gets better. You really CAN afford to sit tight, and save your money for a down payment, which you will definitely need. What you MAY be able to do in the meantime is see if you can get a cheaper (but just as good) rental for now, so that you can put the difference in the bank.

      I am very concerned because you seem to have a "consumer" mentality (buy now! this is the time! don't wait!) which is great for mortgage brokers, but like HHM, Chpxiii and others have pointed out, is possibly the worst thing you can do. You have at least examined your motives (home ownership, not profit is your goal) which is great! But if you can, step back even further and look even more closely at the market. Track some houses that YOU see for sale over the next month -- you can even do so online, like realtors.com or whatever -- and see for yourself whether any sell, whether the price goes up/stays the same/gets slashed again, whether the homeowners are throwing in any perks or enticements (free lawnmower! keep the hot tub!) and that sort of thing. I think that if you take this simple step of looking at it in your own neighborhood, for your own self, you will get a much savvier idea of what's going on and where it will likely head.

      And for what it's worth, my own opinion is that the higher you fly, the further you fall: the places that saw the greatest increases in value will have to see the greatest decreases before the market straightens out. It won't be a one-for-one deal, there will be fluctuations and variances just as in any other market, but IMO Stockton (and other places in CA) has a lot further to fall in terms of property values. Sit tight and study it carefully. I think you'll be very happy you did, and any money you can save for a down payment while you wait will help you get that financing you want when the time is right. Good luck!!!

      Thank you Daisy, HHM and everyone else who responded. I think I truly get it now. I'm definitely going to wait!!!

      Comment


        #18
        I just wanted to chime in and agree with what everyone else is saying. In the many, many "declining markets" across the country (which CA is definetly one of) house prices are still falling. Which is the reason the mortgage companies have given these areas the declining market name. Also, not coincidentally, the declining markets are also the hardest areas to get mortgages in. 100% LTV are all but gone in these areas. The mortgage industry/guidelines are changing so fast in the past couple of months and even weeks that a mortgage that was available 3 months ago may not still be available today.
        chap 7 discharge 06/07

        Comment


          #19
          Originally posted by JeepMom View Post
          Yes, it is possible. We got a home loan 8 months past discharge. We just hit out 2 year mark and refi'd for a better rate.

          The first rate was 10.3% 30 yr fixed, now we are at 6.0% 30 yr fixed.

          We put no money down.

          who did you get this loan with. I would be interested

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            #20
            Caligirl, I saw on CNBC today an analyst said he did not think prices will hit bottom until sometime near the end of 2009. That would probably be the best time to get it. I would just follow the market very closely, and I'm sure you will get a great deal and that way you can save up some money for a down payment! I am in GA and the housing market is slow, but thank god prices are not dropping like they are in CA!

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              #21
              Even being 2 yrs out we have ultimately decided to "wait it out". What did it for me is a couple of houses we made offers on in Dec and we canceled escrow (inspection on one and unreasonable seller demands on the other)....of those two houses....one is still on the market for 30,000 less than our offer and the other 15,000 less. And both are still sitting.

              You can read my story on post BK buying experience. No matter what we did it just never felt right. The mortgage payment was seeming a little overwhelming and we just felt things would get worse and God forbid something happen and we would need to move and we would STUCK!

              I am much more at peace waiting it out though I had that overzealous buyer's fever back in November.
              Chapter 7 Pro Se....Discharged Feb. 2006

              Comment


                #22
                Originally posted by stephanie4686 View Post
                Caligirl, I saw on CNBC today an analyst said he did not think prices will hit bottom until sometime near the end of 2009. That would probably be the best time to get it. I would just follow the market very closely, and I'm sure you will get a great deal and that way you can save up some money for a down payment! I am in GA and the housing market is slow, but thank god prices are not dropping like they are in CA!
                Thanks so much... that is definitely refreshing to "hear"!

                Comment


                  #23
                  Originally posted by cindylynnsmith View Post

                  I am much more at peace waiting it out though I had that overzealous buyer's fever back in November.

                  Boy I'm glad I'm not the only one!!

                  Comment


                    #24
                    I heard that housing prices need to decline by *an additional* 40% to be where they *SHOULD* be had their prices not been over inflated during the housing boom.

                    Forty. Percent.

                    That's alot. That tells me that housing prices are STILL overinflated.
                    Chapter 13 Filed "Old Law"
                    Filed: 6/2003 Confirmed: 3/2004
                    Early pay off sent: 10/05/2007 - 9 months early
                    11/16/2007 - Discharged!

                    Comment


                      #25
                      Here's a site that I use to check out how much houses are going for.



                      I've been doing my research there and keeping track of my local market.
                      Chapter 13 Filed "Old Law"
                      Filed: 6/2003 Confirmed: 3/2004
                      Early pay off sent: 10/05/2007 - 9 months early
                      11/16/2007 - Discharged!

                      Comment


                        #26
                        I don't recommend using zillow at all - it's for plebes. And it's free. It bases value off of tax assessments. Plus Zillow is old - very old. The only way to get current values is to PAY for them through the internet - there are several to choose from, usually charging about two bucks per request. Again, I don't recommend using zillow at all. My own house is listed on zillow at 98, I have a real appraisal in 2001 for 215, and another appraisal last year for 146.

                        Comment


                          #27
                          Originally posted by imaloser View Post
                          I don't recommend using zillow at all - it's for plebes. And it's free. It bases value off of tax assessments. Plus Zillow is old - very old. The only way to get current values is to PAY for them through the internet - there are several to choose from, usually charging about two bucks per request. Again, I don't recommend using zillow at all. My own house is listed on zillow at 98, I have a real appraisal in 2001 for 215, and another appraisal last year for 146.
                          I knew someone was going to say that.

                          I'm not talking about using it for the current value, I'm talking abut using it as a source for what houses are currently on the market for.

                          People list their houses for sale on Zillow.com that match other MLS listing sites I have also used. Those house prices are current.

                          I would still recommend it as a reference point for what prices houses are listed for that are currently on the market.
                          Chapter 13 Filed "Old Law"
                          Filed: 6/2003 Confirmed: 3/2004
                          Early pay off sent: 10/05/2007 - 9 months early
                          11/16/2007 - Discharged!

                          Comment

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