Author Topic: Enjoy yer HOUSES it am recession time? (Read 5379 times)

MrAngryFace · « **on:** September 12, 2007, 11:09:32 AM »

http://www.msnbc.msn.com/id/20730894/

Quote

LOS ANGELES - Ongoing weakness in the housing market will push the national economy to the brink of recession, but growth in other areas should put the country back on a slow road to recovery by 2009, according to an economic forecast released Wednesday.

The quarterly Anderson Forecast by the University of California at Los Angeles predicts growth in the gross domestic product of just over 1 percent for the fourth quarter of 2007 and first quarter of 2008.

Economic growth will remain “tepid” for the remainder of 2008 and return to 3 percent in 2009, said David Shulman, senior economist for the forecast.

“Of course, when the economy slows to a 1 percent pace, it runs the risk of falling into an actual recession, just as when an airplane’s velocity dips down to its ’stall speed’ and falls out of the sky,” Shulman wrote.

The declining housing market could remain at the heart of the nation’s economic woes for some time.

Shulman lowered his forecast for housing starts to an annual rate of about 1 million to 1.1 million, down from a range of 1.2 million to 1.3 million.

That outlook is less optimistic than one presented Tuesday by the National Association of Realtors, which projected construction of new homes will fall to 1.4 million this year from 1.8 million last year.

Shulman also expects housing prices to plunge 10 percent to 15 percent before they start to recover, sometime in 2009.

“The small recent minimal declines represent not the end, but rather the beginning of what will be a very painful decline,” he wrote.

Mupepe · « **Reply #1 on:** September 12, 2007, 11:12:23 AM »

I guess I'm glad I'm not your roomie afterall, chump.

Kyle · « **Reply #2 on:** September 12, 2007, 11:13:14 AM »

i'm still enjoying my tent, home sweet home <3

Mupepe · « **Reply #3 on:** September 12, 2007, 11:13:38 AM »

Quote from: Kyle on September 12, 2007, 11:13:14 AM

i'm still enjoying my tent, home sweet home <3

You in Iraq?

tiesto · « **Reply #4 on:** September 12, 2007, 11:17:51 AM »

Cool, I hope the housing market stays in its slump till 2010, since I estimate that'll be the time I'll have enough saved for a down payment. But places like Long Island never see much of a slump, since land is such a scarcity out here, and its location is so close to NYC.

Kyle · « **Reply #5 on:** September 12, 2007, 11:19:17 AM »

Quote from: Mupepe on September 12, 2007, 11:13:38 AM

Quote from: Kyle on September 12, 2007, 11:13:14 AM
i'm still enjoying my tent, home sweet home <3
You in Iraq?

i live near the US/Mexican borders.

Mandark · « **Reply #6 on:** September 12, 2007, 11:26:02 AM »

The last monthly job report was bad news, too. Bleh.

I hope it doesn't get too worse. Bad economies are bad.

Mupepe · « **Reply #7 on:** September 12, 2007, 11:27:59 AM »

Quote from: Kyle on September 12, 2007, 11:19:17 AM

Quote from: Mupepe on September 12, 2007, 11:13:38 AM
Quote from: Kyle on September 12, 2007, 11:13:14 AM
i'm still enjoying my tent, home sweet home <3
You in Iraq?
i live near the US/Mexican borders.

Nice. I want to be near you

Kyle · « **Reply #8 on:** September 12, 2007, 11:31:32 AM »

Quote from: Mupepe on September 12, 2007, 11:27:59 AM

Quote from: Kyle on September 12, 2007, 11:19:17 AM
Quote from: Mupepe on September 12, 2007, 11:13:38 AM
Quote from: Kyle on September 12, 2007, 11:13:14 AM
i'm still enjoying my tent, home sweet home <3
You in Iraq?
i live near the US/Mexican borders.
Nice. I want to be near you

you're welcome, btw, it's a small tent, brokeback mountain remake is not necessary though.

Fragamemnon · « **Reply #9 on:** September 12, 2007, 11:32:27 AM »

I will probably be looking for a a place in Colorado, Oregon, Arizona or north Utah late next year. Hopefully I should be able to find something for a decent price-no way I'll be able to get the sweetheart prices that we have here in chapel hill, NC but I'm hopeful!

MrAngryFace · « **Reply #10 on:** September 12, 2007, 11:33:51 AM »

OREGON OREGON

bagofeyes · « **Reply #11 on:** September 12, 2007, 11:35:27 AM »

do you have a house maf?

Mr. Gundam · « **Reply #12 on:** September 12, 2007, 11:39:48 AM »

And housing prices continue to stay steady in Seattle. The median price here is now $510,000.

MrAngryFace · « **Reply #13 on:** September 12, 2007, 11:40:19 AM »

Fuck no. I wouldnt have money left over after the mortgage each month lol.

Mr. Gundam · « **Reply #14 on:** September 12, 2007, 11:41:30 AM »

We close on Friday... time to start paying a $2800/month mortgage!!

$:-\$ $:-\$ $:-\$ $:-\$

MrAngryFace · « **Reply #15 on:** September 12, 2007, 11:41:59 AM »

God damn, thats a lot of money.

bagofeyes · « **Reply #16 on:** September 12, 2007, 11:42:16 AM »

ouch, fucking ouch. how the fuck do people live these days?

Mr. Gundam · « **Reply #17 on:** September 12, 2007, 11:43:05 AM »

Quote from: MrAngryFace on September 12, 2007, 11:41:59 AM

God damn, thats a lot of money.

Yeah, it is. We're still going to be able to live comfortably and put $1,000 into savings each month somehow.

I love my wife and her nice job.

MrAngryFace · « **Reply #18 on:** September 12, 2007, 11:43:58 AM »

Yeah, I make a bit these days even on my own but that would REALLY hurt me. I'm just gonna find a big apartment so I have room for my mini-bar and pool table and wooden indian.

Mr. Gundam · « **Reply #19 on:** September 12, 2007, 11:45:43 AM »

Quote from: MrAngryFace on September 12, 2007, 11:43:58 AM

Yeah, I make a bit these days even on my own but that would REALLY hurt me. I'm just gonna find a big apartment so I have room for my mini-bar and pool table and wooden indian.

You could always buy a condo or something, the monthly payments would be much lower than a house in the heart of Seattle.

Why blow money with rent when you could be building equity?

MrAngryFace · « **Reply #20 on:** September 12, 2007, 11:47:02 AM »

Im bad at building good credit! I cant focus on equity!

Yeah I dunno what im doing yet, I gotta move next year!

Mr. Gundam · « **Reply #21 on:** September 12, 2007, 11:48:59 AM »

Quote from: MrAngryFace on September 12, 2007, 11:47:02 AM

Im bad at building good credit! I cant focus on equity!

Yeah I dunno what im doing yet, I gotta move next year!

Just think about it, if you bought a condo, you could construct the Ultimate Bachelor Pad.

MrAngryFace · « **Reply #22 on:** September 12, 2007, 11:49:55 AM »

Well we'll see. Lots of new places have been built in Mill Creek and I dont have any current plans to leave the city. Definately the best city ive lived in.

Mr. Gundam · « **Reply #23 on:** September 12, 2007, 11:54:58 AM »

Yeah, Mill Creek and the rest of the greater Seattle area is getting built up like crazy. I'm sure you could find a sweet townhouse or condo there.

Just got the call from our realtors, we get the keys to the house today, and can start moving in on Friday!

tiesto · « **Reply #24 on:** September 12, 2007, 11:57:47 AM »

Quote from: distantmantra on September 12, 2007, 11:41:30 AM

We close on Friday... time to start paying a $2800/month mortgage!!

$:-\$ $:-\$ $:-\$ $:-\$

Holy shit... wow... never expected Seattle to be that bad... how much did you put down, and how much was the house in total?

MrAngryFace · « **Reply #25 on:** September 12, 2007, 11:58:03 AM »

Moving furniture am cry

Stocky · « **Reply #26 on:** September 12, 2007, 11:59:28 AM »

haha, i have house waiting for me. no worries.

MrAngryFace · « **Reply #27 on:** September 12, 2007, 12:00:50 PM »

When are you kicking your parents out?

Mr. Gundam · « **Reply #28 on:** September 12, 2007, 12:09:59 PM »

Quote from: tiesto on September 12, 2007, 11:57:47 AM

Quote from: distantmantra on September 12, 2007, 11:41:30 AM
We close on Friday... time to start paying a $2800/month mortgage!!

$:-\$ $:-\$ $:-\$ $:-\$

Holy shit... wow... never expected Seattle to be that bad... how much did you put down, and how much was the house in total?

The house was $455,000, and they're giving us $10,000 to cover closing costs. We also made a $22,750 (5%) down payment.

Howard Alan Treesong · « **Reply #29 on:** September 12, 2007, 12:44:28 PM »

I don't think I could find something in OC for less than $700k, even in this market.

I was told to expect $3000/mo baseline payments...

I dunno. I like paying rent and having money left over each month!

Van Cruncheon · « **Reply #30 on:** September 12, 2007, 01:05:22 PM »

my house only cost me $238K and i have a 15yr mortgage.

it is now worth 485,000.

in 5 years my house has DOUBLED IN VALUE.

bad news is due to the fha loan i got (fixed rate, 4.8%, i lol at variable rate feggits and their poverty) requires we stay in the house for 10 of the 15 years. on the other hand, i am building MAD FUCKING EQUITY. SERIOUSLY MAD FUCKING EQUITY. i will buy one of you fegs to be my pool bitch when i sell in 2012.

Stocky · « **Reply #31 on:** September 12, 2007, 01:10:06 PM »

Quote from: MrAngryFace on September 12, 2007, 12:00:50 PM

When are you kicking your parents out?

when they die.

hyp · « **Reply #32 on:** September 12, 2007, 01:18:46 PM »

it's suicide to buy a house right now in the declining areas. bay area is somewhat steady, but i've been seeing a lot of foreclosures and a shit ton of homes up for sale. there's also wayyyyy too many new developments which will end up being surplus or apartment complexes. i've got my down payment ready once the housing market crashes and burns. glad i waited, i was pretty close to buying 2 years ago, had the papers and all.

Mr. Gundam · « **Reply #33 on:** September 12, 2007, 01:30:26 PM »

Quote from: Professor Prole on September 12, 2007, 01:05:22 PM

i lol at variable rate feggits and their poverty

I can't imagine going with an ARM. Fixed rate ftw!

FlameOfCallandor · « **Reply #34 on:** September 12, 2007, 01:52:12 PM »

In about 4-5 years I should be getting a nice house out in california.

Van Cruncheon · « **Reply #35 on:** September 12, 2007, 01:58:57 PM »

mommy and daddy buying you a house, foc? or do you expect to be making $40/hr at burger king

FlameOfCallandor · « **Reply #36 on:** September 12, 2007, 01:59:53 PM »

... right. Because that's where I work.

Howard Alan Treesong · « **Reply #37 on:** September 12, 2007, 02:00:14 PM »

Quote from: Professor Prole on September 12, 2007, 01:05:22 PM

bad news is due to the fha loan i got (fixed rate, 4.8%, i lol at variable rate feggits and their poverty) requires we stay in the house for 10 of the 15 years. on the other hand, i am building MAD FUCKING EQUITY. SERIOUSLY MAD FUCKING EQUITY. i will buy one of you fegs to be my pool bitch when i sell in 2012.

Do houses appreciate faster than inflation? Or does that just depend on the market?

People at work have been telling me that now's the time to buy in, awful mortages be damned. But buying a house while I'm single??

What if I were to save the $2000 difference / mo between my rent and a mortage? No fucking way that would appreciate as fast as a house?

Mandark · « **Reply #38 on:** September 12, 2007, 02:13:01 PM »

That probably depends on a bunch of boring specific factors, but if you did buy, I'd still wait a little bit. Everyone's expecting the fed to cut rates soon.

tiesto · « **Reply #39 on:** September 12, 2007, 02:14:13 PM »

Where I live, this house would go for $450k:

It's really quite ridiculous. How does one fresh out of school and into the working world even go about affording a house in an expensive area? Especially with student loans to pay off?

FlameOfCallandor · « **Reply #40 on:** September 12, 2007, 02:17:14 PM »

Housing in the Houston Suburbs is like half of that for a much much nicer house.

Howard Alan Treesong · « **Reply #41 on:** September 12, 2007, 02:17:40 PM »

I've been told that if you want to buy a house in OC you need to:

1) be prepared to commute an hour each way OR
2) make six figures OR
3) have a two-income "family"

looks like failure all around

Quote from: FlameOfCallandor on September 12, 2007, 02:17:14 PM

Housing in the Houston Suburbs is like half of that for a much much nicer house.

What's the catch? Oh, wait, it's in Houston.

Mr. Gundam · « **Reply #42 on:** September 12, 2007, 02:19:05 PM »

Quote from: tiesto on September 12, 2007, 02:14:13 PM

It's really quite ridiculous. How does one fresh out of school and into the working world even go about affording a house in an expensive area? Especially with student loans to pay off?

You don't. You rent for a while and save up your money. That's what my wife and I did.

hyp · « **Reply #43 on:** September 12, 2007, 02:20:42 PM »

^^ i feel you tiesto. that house would probably be in the $500k range around my parts. with 2 incomes, it's still a pain in the ass to afford a mortgage. it's more logical for us to rent at this point. there really is no "tax break" either by owning a home, i'd end up paying a shit ton in property taxes alone.

demi · « **Reply #44 on:** September 12, 2007, 02:31:04 PM »

I'll totally be a pool bitch. I look pretty good. I'll feed you mango juice and graham crackers.

Howard Alan Treesong · « **Reply #45 on:** September 12, 2007, 02:40:13 PM »

guys don't worry

Wii is here to save the housing market

http://blogs.hgtvpro.com/hgtvpro/weblog_marjie/archive/2007/09/let_the_games_b.html

hyp · « **Reply #46 on:** September 12, 2007, 02:50:19 PM »

sorry demi, the job requires a latin accent.

Tauntaun · « **Reply #47 on:** September 12, 2007, 02:52:41 PM »

distantmantra you best be hookin us up wit moving pics n'stuff*

* = dildo collection

demi · « **Reply #48 on:** September 12, 2007, 02:53:24 PM »

Quote from: hyp on September 12, 2007, 02:50:19 PM

sorry demi, the job requires a latin accent.

I'm a fast learner. I'm a self-starter.

Mr. Gundam · « **Reply #49 on:** September 12, 2007, 05:05:49 PM »

Quote from: Tauntaun on September 12, 2007, 02:52:41 PM

distantmantra you best be hookin us up wit moving pics n'stuff*

* = dildo collection

I can take lots of pictures of the place once we're settled in. I can't promise anything about a dildo collection, though.

tiesto · « **Reply #50 on:** September 12, 2007, 05:26:32 PM »

Quote from: distantmantra on September 12, 2007, 02:19:05 PM

Quote from: tiesto on September 12, 2007, 02:14:13 PM
It's really quite ridiculous. How does one fresh out of school and into the working world even go about affording a house in an expensive area? Especially with student loans to pay off?

You don't. You rent for a while and save up your money. That's what my wife and I did.

How much does the average 1 bedroom apt in the Seattle area usually go for? Here it's like 1100/mo. Occasionally there are basement apts that are cheaper. I don't mind living at home while I save up, and this is really common with my peers... About 90% of my coworkers in the 21-28 age group still live at home while they save enough cash to buy. Sucks, but that's life I guess. Would it be weird for an unmarried person to own his own house?

cloudwalking · « **Reply #51 on:** September 12, 2007, 05:29:09 PM »

good thing i got out of the country before the economy completely tanks!

Mr. Gundam · « **Reply #52 on:** September 12, 2007, 05:32:59 PM »

Quote from: tiesto on September 12, 2007, 05:26:32 PM

Quote from: distantmantra on September 12, 2007, 02:19:05 PM
Quote from: tiesto on September 12, 2007, 02:14:13 PM
It's really quite ridiculous. How does one fresh out of school and into the working world even go about affording a house in an expensive area? Especially with student loans to pay off?

You don't. You rent for a while and save up your money. That's what my wife and I did.

How much does the average 1 bedroom apt in the Seattle area usually go for? Here it's like 1100/mo. Occasionally there are basement apts that are cheaper. I don't mind living at home while I save up, and this is really common with my peers... About 90% of my coworkers in the 21-28 age group still live at home while they save enough cash to buy. Sucks, but that's life I guess. Would it be weird for an unmarried person to own his own house?

One bedroom? My wife and I have rented together for a while, but I think her one-bedroom apartment in Lower Queen Anne (same neighborhood the Space Needle and Seattle Center) was $775 a month back in May of 2005.

I know lots of single guys who have recently purchased homes and condos, nothing weird about that.

sonarrat · « **Reply #53 on:** September 12, 2007, 06:51:48 PM »

Condos aren't as good of a deal as houses because of HOA fees, limitations on upgrades since the size of the unit is fixed, and generally very high asking prices for new units which results in car-like depreciation.

Oblivion · « **Reply #54 on:** September 12, 2007, 07:00:44 PM »

Awesome. 5 years should give me ample time to become the GREATEST GAME DESIGNER EVER, and I could possibly afford a 1 bedroom house in LA by then.

Btw, Drinky I'm totally available to fill in that Pool bitch position you might have open in case things don't work out. Just sayin.

News:

Author Topic: Enjoy yer HOUSES it am recession time? (Read 5379 times)