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Don't buy a house now. House prices are going to drop like crazy real soon. If you are getting a foreclosed house at auction that would be different.
 

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105K for a 1900 sq home, bulit 2003... Beats renting. Can't wait to build my man cave.
Hey all I am saying is there will be a good chance that house will be selling for around 80k this time next year. I would wait till the market bottoms. And the housing market hasn't bottomed. Adujustable rate mortgages are starting to reset. People will not be able to pay their new payments. The market is going to take another huge hit like the sub prime mess that took out Lehman Brothers.
 

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Hey all I am saying is there will be a good chance that house will be selling for around 80k this time next year. I would wait till the market bottoms. And the housing market hasn't bottomed. Adujustable rate mortgages are starting to reset. People will not be able to pay their new payments. The market is going to take another huge hit like the sub prime mess that took out Lehman Brothers.
And after that hit watch out for the commercial foreclosers to hit. Oh yeah you can't forget about the 1.2 million shadow foreclosures that are in vegas and the phoenix market that we will see get hit
 

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Discussion Starter · #10 ·
Hey all I am saying is there will be a good chance that house will be selling for around 80k this time next year. I would wait till the market bottoms. And the housing market hasn't bottomed. Adujustable rate mortgages are starting to reset. People will not be able to pay their new payments. The market is going to take another huge hit like the sub prime mess that took out Lehman Brothers.
I'll be saving about 400 a month... That's almost 5000 a year. Let's say it bottoms out to 80K, I'll lose out on 20K but people do that all the time on their boats... LOL

I'm not too worried about it.
 

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I'll be saving about 400 a month... That's almost 5000 a year. Let's say it bottoms out to 80K, I'll lose out on 20K but people do that all the time on their boats... LOL

I'm not too worried about it.
It is more than 20k Ghetto. Got to factor in the interest. All I am saying is you will get a better deal in the future.
 

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It's a good buy not to mention the tax write off. Now I'm not in AZ (I'm in CA) but our market is turning in a lot of ways. Yes some say we have hit bottom and others say we have another huge wave of foreclosures but our buyers are having to offer more than the asking price. I work for the bank portion of a large realestate firm and we have too many buyers and not enough homes. Investors are coming in with cash and buying up everything. We've had multiple record months this year regarding purchase transactions and we've been in business since 1969. I wouldn't think twice regarding your purchase. From what you've said, this is a no brainer!

Tai...feel free to email me with any questions you have. I know I'm not doing your loan but I've doing this for a long time and I'd be more then happy to make sure all your questions are answered. My email address is [email protected]
 

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Discussion Starter · #15 ·
It is more than 20k Ghetto. Got to factor in the interest. All I am saying is you will get a better deal in the future.
Yeah, I'm sure I would... From the signs I'm seeing, it's not getting any better. I'm not making anymore money then I was so I have to start saving money... Gives me a place to call home minus 400 a month. I'll just blow anyway since I'll be down the street from Cabelas. LOL

I'm getting screwed either way... Could be worst. Coulda bought that house 4 years ago for 250K... I woulda been 150K in the hole. Glad to be renting. :)

Anyway, it's not a for sure thing until the home gets inspected.
 

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If being upside down on your mortgage in less than a years time is going to bother you then don't do it. If that doesn't bother you go for it. We need more consuming. Get busy. LOL
The market will bottom when people start hiring again. It is that simple. As long as people keep loosing their jobs more foreclosures will continue to happen. The only problem is there is outside investors that are buying up land. Mainly the chineese from China. I would rather have us real estate than us dollars if I was a chineese investor. The dollar is a tanking. Land will be always considered true wealth. So will Gold and silver. The american dollar on the other hand might end up as toilet paper.
 

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... Mainly the chineese from China....
At least it's not the Chinese from France, those are the ones you have to look out for.:biggrin:
 
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