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giving my money away to the apartment management company

giving my money away to the apartment management company

MBA_grad | Feb 27, 2013 11:49 AM ET I feel that I am giving my money away to the apartment management company. I pay them over $1200 for 1000 sq feet (plus I pay for utilities) when I could buy a house the same size with 3% down for less than half of the monthly cost. Add in maintenance costs, subtract out interest deduction, add the yard, and subtract out the noisy upstair`s neighbors. Meanwhile, house prices are rising 5-10% in my area. I would be a fool not to buy a house when my lease expires this year!

LoganMohtashami | Feb 27, 2013 11:54 AM ET @Bladeup Homeownership rates are bogus, they count all 90 days late into the Homeownership rates equation. In reality it`s much lower that the 65.5% number. Census counts all delinquent homeowners as home owners even 90 day late. If you took in all delinquents in to the rate, it would be below 62%. At least they could put an * on the number to give some real time perspective but they won`t. I am not saying every delinquent home owners is going to lose their home. However, like a lot housing reports it`s juiced Logan Mohtahsami

jeffreyj | Feb 27, 2013 11:58 AM ET Bladeup, I would be curious too. Main street is so disconnected from the markets - no job = no house. FYI - the last report is here: census.gov/housing/hvs/files/qtr412/q412press.pdf Keep in mind, this is done from surveys so how accurate the figures are remains to be seen. It will also be interesting when the real numbers come out from Citi, BofA, and JPM. There have to be thousands of homes not being reported especially in the hardest hit areas. I know of one house close to me that is going on 12 months - nothing at the county, nothing at the village, and nothing on MLS, and nothing on REO listings either.

TheCSW | Feb 27, 2013 12:08 PM ET This advertisement article paid for by NAR...IIt`s always a buyers/sellers merket. Take these "Free" rose colored glasses, pay me 7%, and go finance a big american dream before they`re all gone. I mean we`ll build more..but those could be gone too so buy fast. True I only make money when people are buying, but you can count on me to tell the truth if housing markets are slowing. Hahahaha

RM66 | Feb 27, 2013 12:50 PM ET As we were looking for a home last year, we found ourselves competing with cash buyers that were probably investors causing prices to be bid up instead of down. According to the real estate agent we were working with, one of his clients was a Chinese buyer representing a Chinese group of investors that were buying about five million dollars a month of single family homes in the U.S.. After several failed attempts we were still lucky enough to get a really good buy early in the year just before prices started to rebound. If there really is a shadow inventory out there, it should be put on the market because current inventory is very low.

Bladeup | Feb 27, 2013 01:16 PM ET jeffreyj Not trying to one-up you, but September of this year will make it 4 years without a payment in the state of Illinois and still living in it. I had no choice to but to do it. My wife lost a six figure salary job and has been out of work for a year and counting. I`m an independent real estate broker--a transplant from MN and I haven`t sold one home since getting my licenses here in IL in 2009(no reciprocity btwn MN and IL). I`m not a member of the NAR--have been in the past but never will be again. Here is the deal, we counter sued our bank for not disclosing facts material to our loan. Had a home to sell in MN(sold for a loss after 9 months of double mortgage payments)and now own a home worth about $150k with a $320k(purchased in May of 2007) balance without the past%

Bladeup | Feb 27, 2013 01:24 PM ET Not sure what is happening with the paragraphs. But we bought a home we could afford on one salary. We just can`t afford the loss value. Remember contracts are bi-lateral. We have counter sued and have asked the court to void contract. They are seriously entertaining the idea. Banks are required to disclose information they are aware of especially if it is material to the loan and increases in default the last time I check would be material. Had they said that they would be willing to share the downside as long as we share the upside with them to some degree I would have jumped at that offer and things would have been better. There were better solutions out there besides bailing out the banks alone.






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