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| runner140 | Wall Street magic..... | ||
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Master Guru
 
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Talk about putting lipstick on a pig....
AIG was nationalized by the US but is was part of the Dow Jones averages and its low price looked bad in the index... So they took out AIG ($2.25) and replaced it with Kraft ($32.00). Presto....we just changed the numbers. |
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Posted on: 2008/9/18 13:41
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96, white and a ton of miles. Somewhat stock. |
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| bogus | Re: Wall Street magic..... | ||
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Grand Imperial Pooh-Bah
 
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Oh, well... that is not uncommon. There are some rules for staying on the averages listing, right?
I just read where regional department store, Boscov's (PA/NJ/MD/DE) has filed bankrupcy and might get a bail out from Versa Capital for $11 million in cash and accepting the debt load (about $500 million!). I also just read where Wilson's Leather Co has gone down the tubes; they have closed mall stores and converted to an outlet chain. At least that is the current status. I don't know the future plans. Bombay Co, the store with home furnishings that look like 1920 India, went broke, was bought up, sold off and closed. It's a bad time to be in the wrong niche. |
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Posted on: 2008/9/18 14:15
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The single biggest problem with communication is the illusion that it has taken place. - George Bernard Shaw Education is the best tool to overcome irrational fear. - me |
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| bogus | Re: Wall Street magic..... | ||
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Grand Imperial Pooh-Bah
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Allow me to add... Washington Mutual has put itself up for sale.
This is not done. I am SO glad we didn't buy a house... with this economy, and the housing marking taking such a hit here in SoCal, the value of that place, along with rising interest, would be deadly. |
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Posted on: 2008/9/18 14:29
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The single biggest problem with communication is the illusion that it has taken place. - George Bernard Shaw Education is the best tool to overcome irrational fear. - me |
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| CentralCoaster | Re: Wall Street magic..... | ||
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Senior Guru
 
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Yeah, I wish I had held off and rented for another year...
The house across the street finally sold. They bought it in March '06 for $515,000. It's been up for sale since I moved in, and it was last listed for $379,000. I'm not sure what the actual selling price is yet, could be even less. Yup, that's a 26.5% drop in a short time, $136K down the drain for someone (probably a bank). According to the realtors, the market is still booming... Buy Buy Buy!  |
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Posted on: 2008/9/18 14:56
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1985 Z51, ZF6 |
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| red_johnny | Re: Wall Street magic..... | ||
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On Sabbatical
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Its not too bad here. There is alot for sale but its mostly junk. Nothing real nice. When I go to sell mine, I should be pretty well off with the fresh remodel of just about everything. I have alot going for where I am at except 2 things, semi-bad school district, location. Its a good location as far as being centeral to just about everything but its close to a bad neighborhood. Even so I got a pretty good fixed rate. I think if you get a fixed rate your good to go. Haveing a house is a long term investment or short term gain depending if you can get it cheap and fix it for a small gain. The way I did it I feel pretty safe about it.
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Posted on: 2008/9/18 17:05
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| Touringmike | Re: Wall Street magic..... | ||
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Senior Guru
 
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Quote:
Kind of exploding, by the sounds of it. Bye Bye Bye.. |
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Posted on: 2008/9/18 17:06
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| CentralCoaster | Re: Wall Street magic..... | ||
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Senior Guru
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Yeah, they won't give me a fixed rate because it puts me at over 100% financing. Well, at least not without PMI, which effectively increases the rate by 1%.
Even with the crappy market I'm putting extra towards it so I'll be even before the current loan goes variable, so I can fix it then. And if all else fails, I can still take the PMI. I don't give a crap about people that gambled and are now going to lose bigtime. But what does bug me, is there are many people who can afford their house but will still lose their home. By "can afford" I mean they can afford a 30-yr fixed right now, yet chose an interest only so they could put more towards improvements or whatever else. They can easily lose their home, because the banks will not let them refinance out of their current loan. The banks refuse to give you a loan for much more than the house is worth. So if you're more than 20% upside down, you're 100% f'd if the market doesn't come back within a few years. If there's something worthy of gov't support, it's those people. Let them carry a fixed loan for whatever their current loan balance is, not based on the house value. |
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Posted on: 2008/9/18 17:12
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| biggrizzly | Re: Wall Street magic..... | ||
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2011 Memorial Day Car Show Winner!
 
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Here in the land of politicians our housing market actually went up a bit over the past few months. Some regions of the country are still insulated a bit, and I'm glad this is one of them.
I bought in April of this year and I was raked over the coals to get a fixed 30 year mortgage. I had waited since 2004 to buy a house watching the market every month while we were renting. I could have waited a bit longer, but I had to do something because we were getting killed on taxes with two prime incomes and no rite-offs. I hope the house doesn't depreciate too badly, but I think I got a good price, as it had been on the market for some time and the seller dropped it over $100k during the time it was listed. She listed it in 2007 for $575k and I bought it from her for $400k - and she paid closing and my down payment. She needed out from under the mortgage. It could drop lower but I think it'll stay ok for a while. Besides that, I don't plan on selling any time soon. |
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Posted on: 2008/9/18 18:30
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Don Haller Corvette Club of America 94Coupe, 383Stroka, PeteK Trans, 3000stall, 3.54rear, Konis and bigger sways. |
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| SpectatorRacing | Re: Wall Street magic..... | ||
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Elite Guru
 
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The market's fantastic in SE Michigan as long as you are buying
 I plan to buy another house over the winter and rent my current place. Looking at several $500K homes selling in the $300K range... Need a big backyard for the rig and a huge garage for the cars. My little shoebox isn't cutting it. |
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Posted on: 2008/9/18 18:44
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| red_johnny | Re: Wall Street magic..... | ||
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On Sabbatical
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I still have alot of equity in my house. I was at about 92% to value and I have done some pretty good inprovements since then. So hopefully I have gained more ground as I might re-finance soon so I can complete all my projects.
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Posted on: 2008/9/18 18:45
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| BrianCunningham | Re: Wall Street magic..... | ||
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Senior Guru
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So, how does it feel to own a bank?
Really, since the government just bought it, all taxpayers now own a bank. And since the government is printing more money to pay for it, the value of your hard earned dollars keeps going down the tube! Someone needs to go to jail over this! |
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Posted on: 2008/9/18 19:34
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| CentralCoaster | Re: Wall Street magic..... | ||
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Senior Guru
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Quote:
Buying to get a tax writeoff is the worst excuse I've ever heard, and I hear it all the time from realtors. Your property taxes will cancel out that writeoff, and your cost of ownership will far exceed cost of renting. Buy either because the market is good (it isn't) or buy because you can't stand renting anymore and would rather pay more to own. |
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Posted on: 2008/9/18 22:06
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| biggrizzly | Re: Wall Street magic..... | ||
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2011 Memorial Day Car Show Winner!
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Quote:
I doubt my property taxes will cancel the write-off, but you are correct that the cost of ownership will far exceed that of renting; so what you say is indeed true... its a poor excuse. However, we also bought the house for the other reasons you stated and will gladly take the write-off. I was renting a two bedroom townhouse outside of D.C. in Montgomery County for $2400/month - I'd never own that piece of crap and I was living in WARNING Edited for PC "Socially Diverse Area". I moved to the beach, buying my own home for $400 more per month and I live around predominately the same kind of people that I am! |
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Posted on: 2008/9/19 0:56
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Don Haller Corvette Club of America 94Coupe, 383Stroka, PeteK Trans, 3000stall, 3.54rear, Konis and bigger sways. |
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| Matatk | Re: Wall Street magic..... | ||
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Webmaster
 
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Spec - where are you looking to buy your new place? My folks are still in Michigan. I still have a house outside of Detroit. Market killed me. I can't sell it for what I owe, but at least I have a renter in there paying the bills....
Matthew |
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Posted on: 2008/9/19 1:14
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| LT4BUD | Re: Wall Street magic..... | ||
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Guru
 
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Quote:
...and this is a problem??? |
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Posted on: 2008/9/19 1:54
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| CentralCoaster | Re: Wall Street magic..... | ||
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Senior Guru
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Is it a problem that people that could otherwise afford their house are trapped in a crappy loan?
Banks don't make money when those people default, and we all pay for it. |
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Posted on: 2008/9/19 2:58
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