[Market Crash] Best time for Paulites to buy houses?

[StateofTrance]

Or wait more?

I think we should cash in on this and take advantage of a failed economic policy.

[Phantom]

Wait for the shit to really hit the fan.

Asian markets continue down (http://money.cnn.com/data/world_markets/?)

World's Largest Bond Insurers Collapsing! (http://www.moneyandmarkets.com/Issues.aspx?NewsletterEntryId=1381)

Japan's Nikkei down 5 pct as market rout spreads (http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUST2284020080122)

Black Monday: recession fears spark global share crash (http://www.guardian.co.uk/business/2008/jan/22/marketturmoil.equities)

[Fields]

We should put all our money together and buy Canada.

[rpfreedom08]

well.... We don't know what is going on with the future of the dollar or the economy for that matter. I would hold off on any major purchases right now, but thats just me. My wife and I really want to move out to the country to get away from the city but after thinking about it for a while I have decided to sit and wait and maybe garner a few hard assets and other things that may help out during tuff times. I don't believe incurring more debt before a possible recession is a very smart thing to do, but I'm not a smart person either so I could be wrong.

[markpa]

I would wait until next year or so, why hurry? The depression will last a long time and no one knows how much more housing prices will fall.

[Fields]

Markets will be opening soon. Anyone excited?

[Conza88]

To buy now would be s-t-u-p-i-d.
This is just the beginning...

Ask yourself, if things started turning around - there has to be a reason why. US addresses its debt? It pulls out of Iraq? Oil prices fall? The printing of money stops.

- LOL. Ron Paul is really.. the only answer. When he gets elected, things change.

[amy31416]

We should put all our money together and buy Canada.

Let's just start out with one of the territories, I'm a fiscal conservative you know :)

I think there's plenty of Canadians that could get on boards with that, imagine what a great country we could make!

First thing I'd do is set up an alternative energy company, we'll need it to stay warm ;)

[fj45lvr]

Well just how confident are you of keeping a job to make payments OR would you be "swapping" equity??

Rates are low but prices will go lower (but not the rates in all liklihood).

Whatever you do make sure you get a fixed rate.

[Fields]

Fed Just Lowered Interest Rate 3/4 Point.

[Conza88]

Markets will be opening soon. Anyone excited?

For some weird reason, I have a feeling wall street may rally..

I just think, this happening whilst the US was the ONLY stock market NOT effected is too much of a coincidence - to have it closed, whilst all markets are tanking..

Seems to good to be true. Nwo.. where are youuuu....

That:

Or.. EVERYBODY sells short, haha :(
I'd go buy some food right now and storage if I were you.

[tsetsefly]

wait more...

[rfbz]

they really are starting to panic. First they have this plan to send everyone an $800 check, now just a few days later they're lowing interest rates again

[Conza88]

they really are starting to panic. First they have this plan to send everyone an $800 check, now just a few days later they're lowing interest rates again

No. They are ADDING to the problem, and they know it too. Inflation. 1 word. Means oh so much.

[rpfreedom08]

they really are starting to panic. First they have this plan to send everyone an $800 check, now just a few days later they're lowing interest rates again

lol lets try to re inflate the balloon that has already busted.

[GHoeberX]

they really are starting to panic. First they have this plan to send everyone an $800 check, now just a few days later they're lowing interest rates again

More money, lower interest rates. Geee I wonder what's going to happen next :rolleyes:

Could it maybe be possible that perhaps we might see the dollar devalue even more now... just guessing of course :D

[Fields]

Does being the last sane man on earth make you crazy?

[rpfreedom08]

Does being the last sane man on earth make you crazy?

your not the last sane man, about 10% of the population (according to the polls) are still sane :D

[Fields]

But the last sane man that can change this world, a la Ron Paul....

[wgadget]

Should I transfer my stocks to a money market account? I know, too late, but better late than never, right?

[rpfreedom08]

Should I transfer my stocks to a money market account? I know, too late, but better late than never, right?

I don't even pretend to be a money tycoon. I would only ask your broker. I need to start buying gold but damnit it's so expensive :) How much gold can you get with a measly 10k? 10 ounces, lol.

[Conza88]

Should I transfer my stocks to a money market account? I know, too late, but better late than never, right?

I struggle beliveing how someone in this movement, didn't act on the knowledge that the system is bs.

Regardless, yes - get out now.. (or maybe wait a contemplative BS rise cus the Fed cut rates...) if the idiots start buying, stay in - then get out asap.

Take all this with a grain of salt.

[rpfreedom08]

But the last sane man that can change this world, a la Ron Paul....

lol, QFT! :D

[coffeewithchess]

The OP is a question I've been asking myself...my wife really wants a house and so do I, but I have patience and want to see what way the housing market goes...she is wanting to get a house pretty quickly...

[Fields]

The OP is a question I've been asking myself...my wife really wants a house and so do I, but I have patience and want to see what way the housing market goes...she is wanting to get a house pretty quickly...

In all seriousness you gotta wait. This could get nasty.

[GHoeberX]

I don't even pretend to be a money tycoon. I would only ask your broker. I need to start buying gold but damnit it's so expensive :) How much gold can you get with a measly 10k? 10 ounces, lol.

I want to buy gold too; but I'm going to wait for a while. The gold price is dropping right now and I think it will drop further.

[PaultheSaint]

I don't even pretend to be a money tycoon. I would only ask your broker. I need to start buying gold but damnit it's so expensive :) How much gold can you get with a measly 10k? 10 ounces, lol.

Yea, I was looking at gold. 10k, 10 coins, :( That's hard to choke up lol.

Silver on the otherhand. Get some bars up in this house lol

[offroadaz]

I pulled 45k out of my 401k yesterday and am reinvesting it in gold instead. I dont expect my 401k to go anywhere but down for awhile

[Conza88]

Buying now is like, buying a ticket for the titanic. After its hit the iceberg.

[rpfreedom08]

Yea, I was looking at gold. 10k, 10 coins, :( That's hard to choke up lol.

Silver on the otherhand. Get some bars up in this house lol


yeah your right, I've been looking at silver and looks like the rolls of the silver dollars are about 400 bucks. I should get a few of those and a couple ounces of gold.


Buying now is like, buying a ticket for the titanic. After its hit the iceberg.

agreed


I want to buy gold too; but I'm going to wait for a while. The gold price is dropping right now and I think it will drop further.

I'm going to have to watch it pretty close and when I think it's at it's lowest before going back up I'll have to score me a few ounces then.

[lnieves]

Time to buy more Krugerrands :-)

[PC_for_Paul]

This is the start no the end. The cycles are due to bottom in oct 2010. SO it's early.

[rpfreedom08]

This is the start no the end. The cycles are due to bottom in oct 2010. SO it's early.

so you don't think anything is goingt o happen until 2 years from now?

[offroadaz]

Buying now is like, buying a ticket for the titanic. After its hit the iceberg.

sweet, can you imagine all the treasure youd have all to yourself? :)

[Conza88]

sweet, can you imagine all the treasure youd have all to yourself? :)

Lol you bastard. Haha :)

[liberteebell]

Or wait more?

I think we should cash in on this and take advantage of a failed economic policy.

Depends on how much money you have laying around and how much of a risk-taker you are.

I'm a realtor and I can tell you first hand that there are LOTS of bargains out there and boatloads of foreclosures. A whole bunch of people just want to get out of their over-extendedness and you can sometimes name your price.

HOWEVER, they LAST thing I'd do right now is take on debt. I'd be working to get out of debt right now. I agree with most of the other posters, I think there's a ways to go before everything really bottoms out. Of course, the only way to know where the bottom is = when the market starts going back up :eek:

[Danny Molina]

http://kitconet.com/images/sp_en_6.gif

You'd think PMs would be doing good today.

[therealjjj77]

can't hurt to buy gold

[nike]

The housing crash was predicted over 10 years ago due to retiring baby boomers wanting to get their equity out of the house. The war and bad fiscal policy of our government has made the crash worse than they could have imagined 10 years ago.

[GHoeberX]

http://kitconet.com/images/sp_en_6.gif

You'd think PMs would be doing good today.

I read somewhere; that people are selling the PMs so they can cash the profit they made over the last months in a way to even out the losses. They also expect copper to go down for the first time since 2001.

[therealjjj77]

http://kitconet.com/images/sp_en_6.gif

You'd think PMs would be doing good today.

It will prolly go up later today or tomorrow when it catches up.

[StateofTrance]

haha DOPE....somehow I'm enjoying this.

[malibu]

At the end of year when the general election is on -
and interest rates are 2.00 basis points lower even - as predicted on CNBC early this morning.

[rg123]

when buying precious metals like gold or silver are you buying the actual metal like coins or is this paper representing metal. I have money I would like to switch over in the future when this levels but do not understand how you do it

[roXet]

Do you guys think I should refinance my house? I think if I do we can get enough extra money to pay off all of our credit card debt...

[PC_for_Paul]

so you don't think anything is going to happen until 2 years from now?

No that's when the cycle will have bottomed. I wouldn't be looking for bottoms until 09 at the earliest. A top in the SM will take 18 months to 2 years to bottom, then we skip along the bottom for a while, then it heads back up.

The right time to buy a house, or invest in the market will be after they have quit going down and nobody wants to buy.

What is going on now in housing is the PMI insurers, foreclosures haven't hit them yet, a lot of companies offering PMI will go out of biz. To catch the bottom be prepared for the down payment to rise but the best deals are still 18 months out.

My advice would be cash is king, keep putting it up and waiting.

this will be longer than 2000-2002, this is the big one.

[PC_for_Paul]

Do you guys think I should refinance my house? I think if I do we can get enough extra money to pay off all of our credit card debt...

Depends on your budget, if the extra payments aren't too much and you can still get a deal. Interest rates are at 40 year lows ( still close), next comes 40 year highs. We will see interest rates rise before we recover.

Of course if we do like Japan and try to print our way out, then don't get in a hurry because that's deflationary. If they hold rates low for extended periods again, the dollar will fall more than than the lower rates help.

the fed may be cutting rates but the bankers are not dropping rates, pocketing the dif. That may the strategy of the fed to help banks weather this storm.

this next dip in interest rates may last a few years but it probably be the lows for interest rates in our life time. The cycles say over the next 20 years interest rates will rise to clean away all that debt. the longer they hold rates down the higher they will go once allowed to rise.

[rpfreedom08]

No that's when the cycle will have bottomed. I wouldn't be looking for bottoms until 09 at the earliest. A top in the SM will take 18 months to 2 years to bottom, then we skip along the bottom for a while, then it heads back up.

The right time to buy a house, or invest in the market will be after they have quit going down and nobody wants to buy.

What is going on now in housing is the PMI insurers, foreclosures haven't hit them yet, a lot of companies offering PMI will go out of biz. To catch the bottom be prepared for the down payment to rise but the best deals are still 18 months out.

My advice would be cash is king, keep putting it up and waiting.

this will be longer than 2000-2002, this is the big one.


So how bad do you think it's going to get? will it be a recession or a depression? I wonder if it would be a smart thing to sell your house now, live in an apartment or with family for a while and hold on to the money you made on your house and then turn around and buy a house in 18 months.

[crazyfacedjenkins]

I want things to get really bad. I want people on the streets, teach them a lesson

[liberteebell]

Do you guys think I should refinance my house? I think if I do we can get enough extra money to pay off all of our credit card debt...

It depends on a whole lot of factors. You don't want to get into a situation where you owe more on your house than it's worth (upside down) where lots of people are right now having pulled out all their equity. Housing values are going down, down, down right now so I'd suggest being extra cautious and conservative no matter what you decide to do.

[mosquitobite]

So how bad do you think it's going to get? will it be a recession or a depression? I wonder if it would be a smart thing to sell your house now, live in an apartment or with family for a while and hold on to the money you made on your house and then turn around and buy a house in 18 months.

Um, good luck selling your house...

Inventories are high. There are too many foreclosures in the market which is pulling housing prices down. Even if you COULD sell, you're not going to get a price you'd be happy with.

[jcbraithwaite7]

Hey if you want to buy a house I have a nice one in Apopka, FL only 20 minutes to Disney World! I would love to sell it! Please....making a house payment for an empty house is DEPRESSING!!! Great navel tree in the back, fenced yard 3 bedroom 2 bath 2 car garage... come on... doesn't that sound like the American dream? Anyone.. Anyone?

It is sad but I'm actually thinking about advertising it overseas in England. With all the Brits getting the great deal on the exchange it should be cheap for them!

[rpfreedom08]

well I got the house for like dirt cheap 50k and can probably sell it in this market for about 90k and with a bit more work could easily get 100k even with things going the way they are.

[Pauliana]

Rent. And rent your house out that you need to sell. Buy at the bottom and no one knows when we will reach it, but I'm reasonably sure we've a long ways down to go.

[S3eker]

I sold my US stock and started buying pacific and european stocks early January. They are stable and positive today. I'm betting against the US dollar with the Euro. Personally, I think the gold route is ok but that is a commodity, there is a limited source. Demand for gold will drive it up and it's not as liquid as currency.

You should look at refinincing your home by evaluating your specific situation. The rate today is excellent for buying and refinancing. The problem is that it's more difficult to sell a house today compared to last year.

Also, there is the greed effect. If you wait for that golden fed rate to refinance, it may never come and the rates my jump back way up.

This is your card to play. Also, look for the 'refund' to be higher that $1600 per houshold. $150 Billion isn't enough with the current value of the US currency.

[expatriot]

The most hideous thing after the IRS is property tax.

Save your money and take advantage of all those properties coming out
on tax liens. Why? The best way to get attention to this blatant theft of property
by the state is to make it lucrative.

By the end of the year there should be thousands of properties with unpaid
property taxes.
Buy them up and make sure you make their previous owners weep in public.

It is the only way to end this travesty.

[rpfreedom08]

I sold my US stock and started buying pacific and european stocks early January. They are stable and positive today. I'm betting against the US dollar with the Euro. Personally, I think the gold route is ok but that is a commodity, there is a limited source. Demand for gold will drive it up and it's not as liquid as currency.

You should look at refinincing your home by evaluating your specific situation. The rate today is excellent for buying and refinancing. The problem is that it's more difficult to sell a house today compared to last year.

Also, there is the greed effect. If you wait for that golden fed rate to refinance, it may never come and the rates my jump back way up.

This is your card to play. Also, look for the 'refund' to be higher that $1600 per houshold. $150 Billion isn't enough with the current value of the US currency.

interesting, my mom was talking about how her broker has stuff spread out all over the place and that alot of it is in foreign stocks for the same reason. This might be the best route to take.

[CopperheadNC]

Can someone please buy my house? :)

Made the huge mistake a number of months back of buying a new home before the old one sold, assuming that it would sell very quickly as it is in a "Hot" neighborhood.

Having two mortgages sucks.

[jnpg]

I've thought through a lot of these scenarios. We bought our house in Sept. I almost have enough in 401K to pay it off. I am considering this as an option.

I have everything that is in my 401K in GLD shares. I am hoping that will retain its value. The big unknown for us is employment. If DH can keep work we will be great.

As for buying a house now - I would definitely wait unless you have real quality of life issues. (I definitely feel we are better in the house due to our growing family.)

I am trying to eliminate all debt and what I have invested/saved I am trying to protect.

I will be growing a garden this spring/summer as well. I think food prices are about to go insane.

[S3eker]

When the dollar falls, the debt that people carry is also diluted. If the dollar isn't worth as much, then lets say the $20K that you owe on your car isn't as much compared to last year. That's why banks charge interest so they can mitigate 'risk' and 'inflation' on loans. If their rates where low last year, then they are taking a chance that this year inflation would be low. But now, it looks like inflation is going to rise significantly since the Fed is printing more of the green stuff.

The downside is that US wages also get diluted. Most people are locked into their wages but the price of food goes up. The grocery store is giving themselves a 'raise' by charging more for food. But you still make the same wage as last year (for most people- working class).

Bottom line - the falling dollar will continue to hurt everyone until their wage levels move up to meet/surpass a new level (current wage + % inflation) for that year.

This is in layman terms. It' much more complex than this post shows.

[robert4rp08]

We should put all our money together and buy Canada.

Canada is buying us. They're taking advantage of the housing market and buying up houses.

[Danny Molina]

It will prolly go up later today or tomorrow when it catches up.

You sir are correct.


when buying precious metals like gold or silver are you buying the actual metal like coins or is this paper representing metal. I have money I would like to switch over in the future when this levels but do not understand how you do it

Yes you are buying the metals themselves. If you're interested heres a very good pro Ron Paul forum. You can learn alot there.

www.goldismoney.info

This place sells bullion online.
www.apmex.com/

[Original_Intent]

I have read that the median house price needs to drop to roughly 300 oz of gold (either by gold going up or house prices coming down) for real estate to be a good investment again.

Also, fopr the posters who like silver because it is hard to cough up 10K for 10 coins - true, but think about how much easier to transport if you need to pull up stakes. Silver is nice for barter though it is hard to get change from a one ounce gold coin. Some of both is not a bad idea.

I have been considering liquidating my 401K and taking the tax hit + penalty and putting it all in gold and silver - wish I would have done it six months ago when I first started considering it =(

[Vendico]

Can someone please buy my house? :)

Made the huge mistake a number of months back of buying a new home before the old one sold, assuming that it would sell very quickly as it is in a "Hot" neighborhood.

Having two mortgages sucks.

Rent it out. Do some research though to make sure you follow all the rules. http://www.mrlandlord.com/

What parts of NC? I'm near Charlotte.

[werdd]

buying rental property right now is the greatest investment. So many people have ruined their credit with subprime loans, and can only rent.

[Ninja Homer]

Or wait more?

I think we should cash in on this and take advantage of a failed economic policy.

I think it depends on what you plan on doing with the house. It would be a good time to get a bargain on a house with a low fixed rate, and make profit on renting it out. There will be plenty of renters for a while.

If you're looking at getting a house to live in, who knows? :confused:

[mosquitobite]

buying rental property right now is the greatest investment. So many people have ruined their credit with subprime loans, and can only rent.

But some of the people that got us into this mess were "investors" who went in over their heads due to the low rates.

[Primbs]

Here are some good housing bubble links.

http://bubblemeter.blogspot.com/

http://www.doctorhousingbubble.com/

[StateofTrance]

My brother and his fiancee is looking for around $230K-$270K house in Minnesota. I told them to wait for a month or two..I hope this will be a justified decision. But, I can't trust the people who run the economy. Who knows what fake value will be pumped into the market.