This is silly

This is silly.
The SEC did not do its job, contributing to our problems.
The Fed messed up horribly in setting interest rates way too low in the early 2000′s.
Fannie Mae and Freddie Mac became the backstops, the ultimate guarantees for banks to issue mortgages that were certain to end in foreclosure.
Congress was warned as early as 2004 that Fannie Mae was in big trouble but Congress, esp. Massachusetts’s own Mr. Frank resisted facing this truth.
And the community reinvestment act demanded the issuance of mortgages, whether this was wise or not to people living in areas that it was claimed had been redlined or denied credit previously.

When you put it all together, one must certainly concede that there were massive counterproductive government policies that contributed to the problem. To call the present situation “unfettered” capitalism is to utterly misrepresent things.

Unions

Lending Brokers, Realtors, NAR, CAR, Real estate brokers are all unions, are worse than unions, they are organized crime to grab people's hard earned money... I still can not imagine why "Realtors" deserve 6% of your house. Can we eliminate them from the system?

buy house

Don't buy when builders trash you like:
1). You don't deserve a drive way
2). You don't deserve privacy, you have to live with someone else on upstairs
3). You have to pay half million to buy a den
4). You don't deserve a decent yard, your yard is small as your floor
5). You don't deserve a guest room
6). You don't deserve bathroom for your guest
7). You don't deserve better building materials but plastic counter
8). You have to pay merirose for nothing and HOA $400
9). You have to live in a gated community (Prison)
10). ..............

Check List

1). payoff anytime without penalty, refinance with other lenders without penalty.
2). interest rate is fixed for 30 years, ask how 15-year mortgage looks
3). insured items list
4). scope of purchased
5). appliance list (model #,profiled)
6). deposit turns to morgage,
7). incentives list and check, closing fee, upgrade, appliance, how pay?
8) Waster M?
9) total mortgage tells the cost and what interest rate you get and which loan is the best deal
10) fixed rate vs fixed amount mortgage pay
11) refi when APR is down?
12) paying point to get?
13). inspect/week, check before flooring
14) less pay, lower rate, high amount pay when rate is up
15) every month payment check.
16). who owns land?
17). Builder pays 3rd party
18). to know neighbour,
19). HOA fixed terms
20). Broker's charge a Yield Spread Premium (YSP) whereas most banks do not. Most banks don't allow overage or a YSP. Overage and YSP are pure profit for brokers and/or banks and usually increase the fixed margin on adjustable rate mortgages.
21). Request Mortgage calculators disclsoure
22). What is the total charge of transaction, total charge of ownership, total charges to be paid to lender?
23). Is mortgage rate at 6~7%?
24). Are we free to refinance with other lender in the future? Or do you lender restrain us from refinance with other lenders in the future when we can have better deal than what you can offer
25). Loan provided by builder may be higher if you don't do shopping around, there are more lenders in the market place.
26) 1-Keep in mind the smaller costs and fees: before and after sale; 2-Always read any paperwork you must sign; 3-Check everything in the house carefully; Make sure to hire a qualified inspector;4-Don’t get caught up in the sales trap:This includes your realtor, the sellers realtor, the inspector, the lawyer, the mortgage lender – everyone involved has their own interests to watch out for first;5-Get professional help:
27). Trend 2010: Walk-in closets in the master bedroom; Laundry rooms; Insulated front doors; Great rooms; Energy-efficient windows;Linen closets;Programmable thermostats;Energy-efficient appliances and lighting; Separate shower and tub in master bathrooms; Nine-foot ceilings on the first floor;;; Outdoor kitchens;Outdoor fireplaces;Sunrooms;Butler's pantries;Media rooms;Desks in kitchens;Two-story foyers;Eight foot ceilings on the first floor;Multiple shower heads in the master bath;Smaller kitchens
28). To determine the house price: $2,250 x 12 months x 10 = $270,000, where $2250 is monly rent, $270000 should be selling price.
29). Bag of Chips
30). Time to go shopping when Price goes down to 60% of the peak in 2007 ~2008

Housing price meets value where bottom comes up

The signs of housing bottom:

- Your friends stop telling you it is time to invest. No, it is your debt lender's investment.
- The mortgage rate goes up to 7% for 30 years fixed loan.
- No one is concerned about housing price no matter it is going up or down, people show no interest.
- Public is saying housing price instead of housing value.
- NAR stops commenting on housing price.
- Media stops mentioning housing value for good or bad.
- Meloroose goes away.
- There are no open house signs around corner.
- Banks offer loans to you if you have savings with the bank, don't talk to you if you have no savings.
- Agents don't ask you how much you are going to pay but what house you are looking at and propose several options with detailed history and comp..
- Agents send you detailed reports to the options they give, provide inventory numbers and prices in neighboring cities.
- Always remember: House is lender's investment not yours, you are debtor to lender before you pay off, then debtor to IRS.
- Government stops giving money to first house buyer
- Those who say bottom are not from housing or related industry
- House is a house not home

someone else's concerns when to buy house

With that approach, the ups and downs of the market will be someone else's concern.

This is a standard answer of "Realtors", "Brokers", "Builders" those who want to sell houses to you, your concerns are their concerns because without selling, how they make money, they don't care how much you pay, the higher the better they get, why should not they be concerned, forks, is it a mathematic question, you can get a house @ 450K why you pay 600K and keep it years. I am laughing .......they don't like you to maxmize your resources that minimize their gains, does it make sense?

Market crashing.......subprime.......gov bought out...

Jul 15, 2008 ... Bush: Financial system is 'basically sound'.
Sep 15, 2008 ... Paulson: Banking system is 'sound'.
Sep 15, 2008...White House says no more bailouts on the way Paulson said he is taking Monday’s stock tumble as a good sign
Sep 19, 2008...Paulson: Rescue to cost ‘hundreds of billions’ Treasury Secretary says handling banks’ bad assets costly, but needed