California credit rating cut close to junk

[spookyturtle 9,466]

Can we all just quit the bickering and agree that everywhere is screwed apart from Texas?

They have Bush, so they were already screwed.

[tmma 467]

Can we all just quit the bickering and agree that everywhere is screwed apart from Texas?

How is the housing market holding up there? someone I know who invests in housing was snapping up places in DFW cause he thought it would buck the national trend.

I am no expert, but from what I have seen here, they are building and they are selling. A couple of houses on my street went up for sale ( the owners were moving-it was not a 'distressed' type sale), anyway one house sold for 15% more than it did 2 years ago, and the other one not sure; but I know the owners did not lose $$ on it.

There are hardly any houses for sale around me at all, and the ones that do go, are going for good prices and not on the market long.

I was in Dallas last weekend, and they are building there like mad...Both city center, metroplex and the suburbs ( Grand Prairie and Arlington in particular).

But like I said, I am only going off what I am seeing.

[tmma 467]

Can we all just quit the bickering and agree that everywhere is screwed apart from Texas?

They have Bush, so they were already screwed.

Yes, we have Bush AND I have a house that's worth more than I paid for it in a state that's not bankrupt.....

[Trompe le Monde 1,107]

Can we all just quit the bickering and agree that everywhere is screwed apart from Texas?

How is the housing market holding up there? someone I know who invests in housing was snapping up places in DFW cause he thought it would buck the national trend.

I am no expert, but from what I have seen here, they are building and they are selling. A couple of houses on my street went up for sale ( the owners were moving-it was not a 'distressed' type sale), anyway one house sold for 15% more than it did 2 years ago, and the other one not sure; but I know the owners did not lose $$ on it.

There are hardly any houses for sale around me at all, and the ones that do go, are going for good prices and not on the market long.

I was in Dallas last weekend, and they are building there like mad...Both city center, metroplex and the suburbs ( Grand Prairie and Arlington in particular).

But like I said, I am only going off what I am seeing.

Is it fair to say it never got as over-heated as elsewhere with prices remaining affordable to local incomes?

That's part of the big problem with what happen here in SoCal - when the median income is $50k and the median houseprice was $500k you know that kind of insanity can't last forever. You'd have to earn about $200k+ to buy that on a conventional mortgage with a 20% downpayment.

[w¡n9Nµ7 §£@¥€r 123]

I have a house that's worth more than I paid for it

I could have said the same thing a few years ago. Today, a further 10% drop in prices will bring me down to the price I bought at in 2003. By the time I'm ready to make a move, I'll likely end up taking a loss. But that's ok. Que sera sera, right.

[Trompe le Monde 1,107]

I have a house that's worth more than I paid for it

I could have said the same thing a few years ago. Today, a further 10% drop in prices will bring me down to the price I bought at in 2003. By the time I'm ready to make a move, I'll likely end up taking a loss. But that's ok. Que sera sera, right.

well.....at least you didn't throw your money away on rent during that time.

[w¡n9Nµ7 §£@¥€r 123]

I have a house that's worth more than I paid for it

I could have said the same thing a few years ago. Today, a further 10% drop in prices will bring me down to the price I bought at in 2003. By the time I'm ready to make a move, I'll likely end up taking a loss. But that's ok. Que sera sera, right.

well.....at least you didn't throw your money away on rent during that time.

Yeah, giving my money to bank of america has been so much more satisfying.

[tmma 467]

Can we all just quit the bickering and agree that everywhere is screwed apart from Texas?

How is the housing market holding up there? someone I know who invests in housing was snapping up places in DFW cause he thought it would buck the national trend.

I am no expert, but from what I have seen here, they are building and they are selling. A couple of houses on my street went up for sale ( the owners were moving-it was not a 'distressed' type sale), anyway one house sold for 15% more than it did 2 years ago, and the other one not sure; but I know the owners did not lose $$ on it.

There are hardly any houses for sale around me at all, and the ones that do go, are going for good prices and not on the market long.

I was in Dallas last weekend, and they are building there like mad...Both city center, metroplex and the suburbs ( Grand Prairie and Arlington in particular).

But like I said, I am only going off what I am seeing.

Is it fair to say it never got as over-heated as elsewhere with prices remaining affordable to local incomes?

That's part of the big problem with what happen here in SoCal - when the median income is $50k and the median houseprice was $500k you know that kind of insanity can't last forever. You'd have to earn about $200k+ to buy that on a conventional mortgage with a 20% downpayment.

Totally agree. The cost of living here is good. I don't think I would have got a broom closet in California for what we paid for our house here...and it's a nice house.

[Trompe le Monde 1,107]

I have a house that's worth more than I paid for it

I could have said the same thing a few years ago. Today, a further 10% drop in prices will bring me down to the price I bought at in 2003. By the time I'm ready to make a move, I'll likely end up taking a loss. But that's ok. Que sera sera, right.

well.....at least you didn't throw your money away on rent during that time.

Yeah, giving my money to bank of america has been so much more satisfying.

yeah, but if you gave the same money to a landlord each month instead would the loss in equity mean you were still out of pocket given the rise in value after you bought it?

[mawilson 2,133]

mexico doesn't have enough guns ...

Damn right. The Mexican Army cannot even defeat a bunch of wussy drug cartels in their

own country, you think they can take on Texas?

[My Name Is Nobody 3]

Can we all just quit the bickering and agree that everywhere is screwed apart from Texas?

They have Bush, so they were already screwed.

apparently not

[tmma 467]

mexico doesn't have enough guns ...

Damn right. The Mexican Army cannot even defeat a bunch of wussy drug cartels in their

own country, you think they can take on Texas?

Especially not an independant Texas- we would have our OWN brand of 'gun laws'....

[w¡n9Nµ7 §£@¥€r 123]

yeah, but if you gave the same money to a landlord each month instead would the loss in equity mean you were still out of pocket given the rise in value after you bought it?

I don't know. A big variable in here obviously is the opportunity cost of my downpayment. Even if I was making the same payments to a landlord I'd have been able to use that money over the last 6 years.

[mawilson 2,133]

yeah, but if you gave the same money to a landlord each month instead would the loss in equity mean you were still out of pocket given the rise in value after you bought it?

I don't know. A big variable in here obviously is the opportunity cost of my downpayment. Even if I was making the same payments to a landlord I'd have been able to use that money over the last 6 years.

Minus the property tax which you wouldn't have had to pay, had you been a renter.

[tmma 467]

I have a house that's worth more than I paid for it

I could have said the same thing a few years ago. Today, a further 10% drop in prices will bring me down to the price I bought at in 2003. By the time I'm ready to make a move, I'll likely end up taking a loss. But that's ok. Que sera sera, right.

well.....at least you didn't throw your money away on rent during that time.

Yeah, giving my money to bank of america has been so much more satisfying.

yeah, but if you gave the same money to a landlord each month instead would the loss in equity mean you were still out of pocket given the rise in value after you bought it?

There's always the mortgage interest tax break. That's something too..