Comments for ReallyFuckedHomeowner.com

Comment on Mortgage Income Tax Deduction is JUST a Subsidy to Banks by az_lender

az_lender — Wed, 24 Aug 2011 17:37:02 +0000

Absolutely. I am a private mortgage lender. I always HATED the MITD, as I preferred to be a tenant. When I became a private mortgage lender, I could see how I was benefitting from my clients’ impression that they would “save” money through the MITD. So now I am a beneficiary (indirectly) of MITD, and I don’t care whether it is ever eliminated or not. Presumably the elimination would start with a high-end limitation, which wouldn’t affect me at all…but might give me fair warning that I need a different income source.

Comment on Rising Interest Rates Mean Falling Home Prices by Anonymous

Anonymous — Wed, 24 Aug 2011 11:40:05 +0000

a real estate broker once told me the best time to buy a house is when interest rates are high (prices are down)and then you pay cash.

Comment on Rising Interest Rates Mean Falling Home Prices by marcitz

marcitz — Tue, 23 Aug 2011 03:35:03 +0000

BTW, According to Trulia Palo Alto is down 9.0% Year-over-year (as of 8/22/11) and the tony 94301 zip code (Crescent Park) is down 33% year-over-year. OK not quite 10% but it hasn’t been a year.

http://www.trulia.com/real_estate/94301-Palo_Alto/market-trends/

Let the trend be your friend….

Comment on Is Wells Fargo Playing Games? – Tell Us Your Scam Story… by Jack Aaron

Jack Aaron — Thu, 30 Jun 2011 03:24:15 +0000

I believe this is a new scam involving RELS appraisals, a company owned in part at least, by Wells Fargo, to appraise homes and designate comparables for Reverse Mortgages. This is a reverse scam from what they were doing. As Wells Fargo held my mortgage I went to them for a Reverse Mortgage. I went through the whole process. They had agreed to forgive $17,000+, and all that was needed to complete the transaction was the appraisal. I paid the $350 and the appraiser came and took measurements etc., and came up with two distressed homes of much lesser value that were out of our area which of course killed the transaction. There were many homes in my area that were sold, and were equivalent to my home but were not chosen. The appraisal turned out to be more than 20% below the value of my home, and of course the Reverse Mortgage could not be approved and the appraiser could not be challenged. It is my belief that Wells Fargo has been turning Reverse Mortgage transactions down for a long time before June 2011, theirsupposed stop date to keep the money flowing for appraisals.

Comment on Rising Interest Rates Mean Falling Home Prices by Jace

Jace — Mon, 13 Jun 2011 16:52:11 +0000

Well perhaps not a permabear. A permabear would continue to claim they were “right” all along. Yet, after I showed you the foolishness of relying on Case Shiller for Palo Alto, you (rightly) abandoned that position. The fact of the matter is Palo Alto is still nowhere near 40% off peak, and you know it. Perhaps you are just more of a “reactionary” bear, being the most hysterical with your predictions at the bottom of the market. Time will tell

Glad you appreciate my looking into your post. You did cause me to put effort into this. If thats your goal, congrats.

Comment on Rising Interest Rates Mean Falling Home Prices by marcitz

marcitz — Fri, 10 Jun 2011 14:57:50 +0000

Well I’m sorry you think i am a permabear. The market will go up at some point and to your point may have in some areas. My goal is to make people think and the fact that you have put so much effort into my little blog gives me great satisfaction that I’m getting people to dig into the data.

Thank you for your support.

Comment on Rising Interest Rates Mean Falling Home Prices by Jace

Jace — Wed, 08 Jun 2011 18:11:18 +0000

“According to Case Shiller the San Francisco region which covers Palo Alto is down 40.6% from peak as of March 2011″

So Case Shiller values prove you were correct? Really?

Thats funny – cause the fateful day in 2009 when you made this “40% down in Palo Alto” claim, the SF region was -40.9% from the peak according to Case Shiller, versus the -40.6% today.

Put another way, Case Shiller says SF (which covers Palo Alto) is up 0.7%, from the date of your prediction. So do you really want to use Case Shiller as proof of your vindication? Sure you dont want to try that again?

Truth be known about me. I dont own in Palo Alto, nor do I plan to (but I do have a friend in the area). I really am just a troll who delights in pointing out how tragically wrong people are. 6 years ago, I laughed mightily at all the permabulls who said certain areas are “immune”. Now I laugh just as hard at the permabears like yourself who are just as wrong as their bullish contemporaries.

BTW – thanks for the prompt response. Your 2009 claim was funny, but your most recent reply to me is hysterical!!!!

Comment on Rising Interest Rates Mean Falling Home Prices by marcitz

marcitz — Wed, 08 Jun 2011 02:53:51 +0000

I’m so glad you made this comment. According to Case Shiller the San Francisco region which covers Palo Alto is down 40.6% from peak as of March 2011 so I missed it by just 6 months. See this article

http://globaleconomicanalysis.blogspot.com/2011/06/case-shiller-nominal-and-real-housing.html?source=patrick.net

Oh and the fire sale is coming this summer according to CNN money so sure I missed tht by a yea
http://money.cnn.com/2011/06/01/real_estate/summer_clearance_sale/?section=patrick.net

In the end though my predictions have proven to be correct with timing (and not that big of a timing difference in the grand scheme of things) to be a bit off. My guess is that you are saying that my rediction, from both a timing and directional perspective, was wrong. Not so my home owning friend (how’s the water up there over your roof?)

Where I may be crucially wrong is in the size of the dip which may eventually top 50%. I’m assuming by your demeanor you are a homeowner and, ironically, by next year you might be longing for the day when I was actually right. BWAHAHAHAHAH!

Comment on Rising Interest Rates Mean Falling Home Prices by Jace

Jace — Mon, 06 Jun 2011 21:12:15 +0000

Hey Marcitz, remember when you said this a few years ago:

“My prediction (or is that a “sinking feeling”) is that this summer will feel “soft” on the peninsula and that will prick the confidence bubble leading to the same panic here that happened last year in the suburbs. This is when 30-40% price drops (peak-to-trough) become a reality in Palo Alto by summer 2010. Additionally the bank efforts to artificially restricted supply of foreclosures will finally give way as all banks decide they need to get out before its too late.”

How’d that ne work out for ya? BWAHAHAHAHAHA!!!! Man, sometimes, I just look back at your predictions and just laugh and laugh and laugh!!!

Comment on Rising Interest Rates Mean Falling Home Prices by b.k.tucky

b.k.tucky — Wed, 16 Feb 2011 03:43:00 +0000

There are billboards everywhere saying how Texas Real Estate really is different. I don’t think they’d get away with that if it wasn’t at least somehwat the case!

I have never read anything about TEXAS. When you google it and the word bubble, all you’ll see is how we completely missed it in part because of there not being as much HELOC abuse here. You can only borrow 80% of the value of your house here at a time. Us and Wyoming. I’m not bragging ya’ll! You should move to TEXAS is my point!