Korean Job Discussion Forums

[CeleryMan]

Thought I'd do the right thing and refinance my current ARM into a 30 year fixed @ 5.65%.

Total out of pocket funds $5000 ($3225 came from paying 1.25 pts).

With the continual billion dollar sub-prime write-offs I now wonder if I should of held out until the Jan/Feb 08 timeframe to get a better rate?

Speak on it por favor ...

[pesawattahi]

That is a good rate get while the getting is good. I refused to get an ARM when it was offered to me since I recognized it as the scam it is. Also try to get the bi-monthly payment system. Due to the way interest is compounded you will actually pay less, I switched after a year and my payments stayed the same but instead of 30yrs it dropped down to 25yrs.

[stillnotking]

There are rumors that MBIA might get downgraded in the near future.

You know what it would mean to have a sub-AAA company guaranteeing all kinds of AAA bonds?

The sky might actually be falling here, folks. I personally would not invest in any aspect of the American stock, bond, or real estate markets right now. Expect the value of any holdings you currently have to drop in 2008.

[CeleryMan]

Would you mind elaborating? If the sky were to fall in 2008 wouldn't that benefit potential home buyers?

[sojourner1]

A big commingled mess due to the debt load being too high for many peoples' incomes. This makes a large chunk of debt in the market to be unservicable which will result in economic downturn. It already resulted in huge jobs losses in finance, accounting, and many other business roles. This is not the time to come into the job market with a business degree.

The job market has to provide good jobs to allow people to have the means of servicing debt. Companies aren't willing to pay well due to comparing wages to that of India, while they outsource everything from accounting to manufacturing.

You can't buy a house on a $10/hour job like many people are trying to do.

[stillnotking]

[lastat06513]

The US housing bubble is about to explode.
I would say this is one of the worst times to apply for a housing loan or refinance a morgage.

Thousands of homes are going on the market because many homeowners simply can't make the payments because they are becoming too much for them.

As for me, if I ever thought about buying a home, thank god for the VA loan program....hehehe

[CeleryMan]

Again, I've been out of the loop with what's happening in the US housing market but it seems like some regions are being harder hit than others?

I'm extremely interested in finding a condo/loft in the South. Atlanta and S. Florida (Miami) markets have really caught my attention. I'd love to scoop up a pre-forclosure property from a hungry agent who is offering $30k + in incentives.

Does anyone have firsthand experience in Miami, ATL?

[matthews_world]

People need houses to live in. Rents are going up due to the demand of recent defaulters.

In one is working abroad and looking for an investment, real estate would be where it's at. Let someone else pay your mortgage while you're here living the high-life.

[Tiger Beer]

I'm thinking it will get even better a year or two from now. I mean, lower prices with an even strong buyer's market.

[CeleryMan]

In hindsight, I pulled the trigger way to early. While 5.65% is good, I could have saved $$$ had I waited till Jan or Feb 2008.

I don't think US mortgage fixed rates 15,30 have bottomed out. I see rates dipping as low as 5.125% .....

[cbclark4]

The bursting bubble has been bursting for about 3 years.

Expect some drop in housing starts, HUD auction are up and will continue.

I don't think we will see a repeat of 1995.

However if we do, I will be buying low and selling high.

Ride the wave baby!

[atomic42]

The bottom is falling out of the St. Louis loft market. New construction is being reduced as much as 100k. Check it:
http://stlouis.craigslist.org/rfs/535729972.html
http://stlouis.craigslist.org/rfs/535705424.html

[cbclark4]

[atomic42]

They didn't exist, they were only rarely used warehouse space.