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For Some Ready To Buy, A Good Home Is Hard To Find

For Some Ready To Buy, A Good Home Is Hard To Find

Anthony Rich
March 19, 2013
After What has happened to Me personally, I will Never Buy a House again....Thank You Bank Of America for Ruining My Life 33

Laura Harrison Anthony Rich
March 20, 2013
When we went to sign our paperwork for our home. BOA added a percentage point to our paperwork once it was pointed out they changed it but it seemed underhanded and as if they were trying to pull a fast one. Just sharing! 34

bernese mountaindog Laura Harrison
March 20, 2013
go with a credit union. they did not lose any money as they were responsible with their mortgage loans. They also don`t add "funny" little charges to their loans. 10

Laura Harrison bernese mountaindog
March 20, 2013
Funny you say that because we refinanced last year through a credit union and within a week guess who bought the mortgage??? Wells freakin` Fargo. Damned if you do and damned if you don`t. 4

Indy AZ Laura Harrison
March 20, 2013
Would be nice if you would take a moment to report them to the new government Consumer Protection Agency. We`ve gotten too lazy or too disillusioned to fight back and if we don`t it will only get worse with big banks swallowing each other to get even bigger. 8

Laura Harrison Indy AZ
March 20, 2013
I write letters every week to congress-folk and to anyone that wrongs me. One congressman, one congresswomen, one representative, and one auto mechanic this week alone. I`m just the little gal holding up her little flag. 6

Sandy Mattos Laura Harrison
March 20, 2013
You go, girl. 3

Craig Hill Laura Harrison
March 20, 2013
Also try the attorney general in your state. 2

TOM WILLIAMS Laura Harrison
March 20, 2013
Too big to fail. 4

Sandy Mattos Laura Harrison
March 20, 2013
They WERE trying to pull a fast one. 99 out of 100 would never have noticed it, and if they did would not have pointed it out. People are sheep. 1

Claud_Zilla Laura Harrison March 21, 2013
My mortgage got sold to BOA and I was so bummed. You get charged to pay your bill online unless you use a BOA checking account. So I opened one, just to use for mortgage payments. After two months, my external account was mysteriously "de-activated" from being able to transfer funds to the BOA account. When I called about it, the supervisor I spoke to said she didn`t know why it happened, and they could reactivate it, but not until after a 180 day hold. And no, she couldn`t override that. (Uh huh.) I said thanks, closed my BOA account, and now make my payments at a branch when I can, to make it as manual a process for them as possible. The branch staff are all lovely people, but the corporate policies of BOA suck eggs. 0

yuan sun Anthony Rich
March 19, 2013
bank of america got a bailout... from you 23

Der Don yuan sun
March 20, 2013
I don`t disagree with you, however the government and irresponsible people were equally to blame. 8

Sophia R. Der Don
March 20, 2013
I agree. Follow the money. Who lobbies the government? Well it is not the average working poor or the dwindling middle class. 20

Dorothea MacDonald Anthony Rich
March 20, 2013
Oh c`mon Anthony! Haven`t you been won over by their wonderful warm, loving, and very expensive commercials? You know the one`s where they tell us how much they love hard working Americans and how much they love to help us out with loans and stuff? Brings a tear to my eye every time. 3

Der Don Anthony Rich
March 19, 2013
They forced you into loan terms that didn`t work out for you? How much money did you lose? 7 9

Sophia R. Der Don
March 20, 2013
Der Don, There are plenty of people who went into loans who had decent jobs to support their mortgage payments and lost their jobs. Some of those people had jobs for years. Also, some people bought homes where everyone around them lost their jobs or where everyone around them abandoned their homes and it caused their own home value to go down. I was lucky. Yes lucky. I bought in a neighborhood where the value went up. That is luck. You and i still had to give out welfare to Bank of America and many others because they gambled instead of doing what banks should do. Save and loan. Banking must have been too boring for them. The bankers just wanted an exciting life at the expense of the people. 32

Derek Bradshaw Sophia R.
March 20, 2013
I definitely agree that the Banks went out of their way to sell bad products and get people into mortgages they could not afford. However, I believe people need to be responsible for their actions. Perhaps instead of buying up the most expensive house one qualified for and taking out excessive home equity loans, individuals should have bought a home well within their means, or waited for the market to cool. Everyone who buys a house is an adult, and should be responsible for their actions, and I am tired of everyone feeling bad for this generation of 40-75`ers, who spent irresponsibly, ran out government into trillions of dollars of debt, buy and diver oversized gas guzzlers, and shop at Walmart to buy cheap crap, while simultaneously failing to save for retirement, failing to spend money on adequate education and health care systems and leave behind a disaster for my generation of 35 and younger. If you are responsible and choose not to live on credit you can do just fine. In the best few years I bought a great home I could afford at a low interest rate and watched my equity go up, because I bought in a good area that was not suburban sprawl. I live modest and I save. Wish the other generations did the same. Alot of my peers can not say the same because the jobs are not there and they are so in debt with college loans because we decided to spend money on bombs and oil instead of affordable education. 18 1

TOM WILLIAMS Derek Bradshaw
March 20, 2013
I agree. If a person is not intelligent enough to know what he or she can afford, they have no business taking on the responsibility of owning a home. We pay a lot for excusing ignorance in this country. 4 1

Der Don Sophia R.
March 20, 2013
These people are left with no equity. Bankruptcy is no longer viewed as wrong by most people, especially the middle class. And the wealthy and business have never been afraid to "restructure". I really wish our politicians of both parties were willing to do the right things to fix the economy, but I`m beginning to think that the only way things are going to get "fixed" is via complete economic collapse. This will cause great pain for everyone, especially the BabyBoomers (I`m one) - but it is their irresponsible generation who has allowed this to happen. 9 2

Bernard Gaieck Der Don
March 20, 2013
Don`t you think you can thank the corporate bankruptcy culture for that? People see big banks and automakers going under and getting bailed out, while Wal St. CEO`s take home huge bonuses and go on ski retreats, and they figure "Hey, why not me, too? If Wall St. doesn`t have to take responsibility for their actions, then why should I?" 13

Dorothea MacDonald Sophia R.
March 20, 2013
I`m afraid the facts don`t quite fit his narrative. 1

TOM WILLIAMS Sophia R.
March 20, 2013
How is it "luck" if the value of your house goes up, but you`re not selling? All that does is raise your property taxes. If you`re not planning on selling, it`s advantageous for your home`s value to decrease. Who in their right mind stops paying on the mortgage because their home`s value is more than they owe? 1

Indy AZ TOM WILLIAMS
March 20, 2013
Tom, apparently millions, encouraged by local economists. Walk away and rent, they said. Now people who walked away from mortgages they could afford to pay are astounded that they can`t afford to buy and are paying outrageous rent because the rental market prices climbed with all of the new customers. This time it was fraud and corruption, but it was also a housing cycle. It happens every ten or twenty years when the bottom falls out of the market, but it always comes back and people seemed to forget that -- I`m not talking about the ones who lost jobs and couldn`t make their payments, but the ones who willfully walked away from a mortgage because they were under water. I gulped and watched as my IRA lost fifty percent of its value, wondering if I should get out and salvage what I could, but made the decision to just hang on. Now it`s all back plus about 20% more than I started with. The same will happen in the housing market. It always does. I work for a firm that sees people`s spending history. More than half of them have declared bankruptcy, some more than once. The biggest reasons are credit cards and medical bills. Home repossession is way down the list. 3

Claud_Zilla TOM WILLIAMS March 21, 2013
Unless you`re planning on refinancing. Then a lower value works against you, too. 0

Ricardo zheng Sophia R.
March 20, 2013
absolutely right . but you cannot blame any others.it was you who did not pay more attention to tour actions. 0 2

Richard Spinner
March 20, 2013
Why is there a shortage of houses on the market? Ever hear of the Blackstone Group? Venture capitial groups are now buying large tracks of houses available in areas where they think they can get a good return on their investment. For example, in Tampa, they plan to spend over $1 billion to purchase 10,000 to 15,000 homes, do quick fix ups, and then remove these homes from the market and make them rentals until the price is right to sell. In Highland Park in the Los Angeles area, flippers have taken over the market and are focusing on houses in need of repair, buying them with cash (cash is the key), fixing them up on the cheap and are reselling at high prices. The individual home owner was destroyed when the housing bubble burst and now that there are signs of recovery, large numbers of homes are being grabbed by investors. The first time home buyer is getting the short end of the stick once again. Will we become a nation of renters? 20

Claud_Zilla Richard Spinner March 21, 2013
I was waiting for this article to address the purchases by investment companies and serial flippers, but not a peep. Disappointing. 1

Blue Beard
March 19, 2013
"...meaning the loan is bigger than what the house is worth. So a sizable number of homeowners can`t afford to sell." Houses worth $150K being sold for half a million to folks making $75K/year. Yup, no problem there. On the plus side, at least this house flipping trend may be coming to an end and people actually live in their homes for once. 19

Richard Spinner Blue Beard
March 20, 2013
I`m wary of speculators. Houses for sale are in short supply and most available homes are being bought for cash by foreign investors and venture capitalists and being rented out. A seemingly good market for first time home buyers is now a bad market for them. http://www.bloomberg.com/news/... 0

Beltway Barbarian
March 20, 2013
I`ve heard from friends looking to buy, mainly first-time home buyers, that homes they can afford (I imagine around the 200k - 300k mark) are being snatched by investors and companies. These homes are then turned into rental properties. So the inventory is still low, the chances of those homes being turned into a purchasable property is low, and prices continue to go up, beyond my friends` reach. And given that it`s the DC region fat chance that the glut of rental properties will lower rents. It`s maddening. 16

LarryRow Beltway Barbarian
March 20, 2013
Why have a middle class when you can have an upper class of lessors and a lower class of lessees? 19

TOM WILLIAMS LarryRow
March 20, 2013
Exactly. And you CANNOT have a middle class in a Socialist society. 0 3

Sandy Mattos TOM WILLIAMS
March 20, 2013
We do not live in a Socialist society, unfortunately. 5

Derek Bradshaw TOM WILLIAMS March 21, 2013
The whole point of a socialist society is raise up the lower echelons. It would mean everyone is in the middle class. Socialism is about reducing the extremes, and I think that would be a good thing. Generally it is done by making sure people are educated, have access to healthcare( this helps prevent bankruptcy, I use to be in collections, this is what happens), and have decent jobs that pay decently. I always find it funny how we think that ensuring universal prosperity for all Americans is less important than ensuring some rich person can be exponentially wealthy. Although maybe your point was that if everyone is equal than there would be no middle class, which would be true since everyone is in the middle I guess. 0

Betsy Miller Beltway Barbarian
March 20, 2013
Just curious: what are first time home buyers looking at 200-300K houses? I have real doubts that many first time home buyers actually CAN afford houses in that price range. This is part of the problem. 8 2

Beltway Barbarian Betsy Miller
March 20, 2013
Some perspective here: We`re in the DC Metro area and that price range is about the lowest I`ve seen for 2BR condos. My own complex`s units recently shot up past 250k for modestly sized, old buildings with about 900 - 1200 sq ft. (As a renter I can`t imagine anyone paying over 150k for these places, but to each their own) There`s always PG County and rougher neighborhoods, but I`ve seen people more inclined to just leave then settle there*. The location, size, and quality of the home aside, I`d think for couples with an income of 80k+, and actively saving to increase their down payment, should be able to afford the 200k - 300k range. *All of this is anecdotal, natch. 4

Dusty McDust Betsy Miller
March 20, 2013
Depends on where you live. I was single and purchased my first home just outside DC in Mt. Vernon in NoVA for $290K 3 years ago, right at the bottom for this area. I now pay $300 less for my mortgage on my 4BR/2BA .5a corner lot than I did for my one bedroom 600 sq/ft apartment in Arlington. 1

david c
March 20, 2013
this doesn`t make sense. he can`t buy a house, but is getting no offers on his own. WTF. 15

George Lloyd david c
March 20, 2013
No offers indicates that his price is too high for that market. If he has had no offers in the first 30 days on market then he is for sure too high. Neither Realtors nor home owners set the price: buyers do. 15

TOM WILLIAMS david c
March 20, 2013
Can you say; "Here we go again"? 2

Cesar Zalamero
March 20, 2013
Be very suspicious of anything that a real estate salesperson tells you. They are really no better than lawyers or used-car salesmen. 13

Tracy Taylor Cesar Zalamero
March 20, 2013
Our experience in St. George, Utah was stellar. Our real estate agent was more than competent, flexible, funny, and got us the best mortgage with a great rate, and found us the perfect house....I think as in all walks of life, you can`t judge all by the acts of some. 15 2

bernese mountaindog Tracy Taylor
March 20, 2013
Are you a realtor incognito. I have always found realtors only work for themselves, not the buyer or seller. 6 1

Tracy Taylor bernese mountaindog
March 20, 2013
No...lol. I am a bird illustrator. 3

Beltway Barbarian Tracy Taylor
March 20, 2013
Coolest. Job. EVER. 3

Ben Gleck Tracy Taylor
March 20, 2013
Well for goodness sake then what is with your avatar? I expect to see that changed to a bird drawing the next time you post. Get busy, and I mean it. 1

Tracy Taylor Ben Gleck March 21, 2013
Blog...http://newbirderblog.blogspot.com/201... My daughter recently became a birdwatcher and with humor describes me as well as her finally "getting it..." 0

Sandy Mattos Tracy Taylor
March 20, 2013
Pffft. Realtors are vultures in sheep`s clothing. 2 1

Luc S Tracy Taylor
March 20, 2013
− Love our realtor as well. Great guy - my family have worked with him for a number of transactions over the last 15 years, and will continue to do so as long as he remains in the business. He`s dead honest, provides remarkable service, and truly cares about the people he works with. Wish we had more opportunities to work with him, but the market is preventing such things at the moment.






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