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Moehick
Ready for the sun!
Member since 5/05 30339 total posts
Name:
Properly perfect™
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Re: First home price drop in 11 years
Posted by MrsERod
OMG, IT'S LIKE HE NEVER LEFT!!!!!  
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Posted 9/26/06 9:58 PM  |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: First home price drop in 11 years
Posted by Meaghan729
Posted by GuessWhosBack
Posted by Meaghan729
what is your definition of decent?
Posted by Meaghan729
what is your definition of decent?
There really isn't any definition of "decent" because people have different budgets/different spending habits. People have to deceide for themselves if they feel they can afford a house on Long Island.
A couple making 80k may live like paupers but feel they can afford Long Island. Great for them! I definitely admire these people.
While its possible a couple making double that complain about the pricing because they feel they have to own that Lexus or Benz.
Fannie Mae says you can't afford a mortgage thats costs more than 28 of your yearly gross income and 35% which includes your total revolving debt. A lot of people take that with a grain of salt because again, it also depends on the family's spending habits.
very true - but im saying regular people who drive nissans and make over $100K and dont spend alot of $$ can't afford a decent house here. Im not saying a mansion, but a 3 bedrroom that needs minor work in a good neighborhood - thats a problemo.
I definetly DISAGREE with that. Unless you want a house on the water thats got 18 bedrooms and 15 bathrooms!
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| Posted 9/26/06 9:58 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by Meaghan729
Posted by skew
Posted by Meaghan729
Posted by GuessWhosBack
Posted by Meaghan729
what is your definition of decent?
Posted by Meaghan729
what is your definition of decent?
There really isn't any definition of "decent" because people have different budgets/different spending habits. People have to deceide for themselves if they feel they can afford a house on Long Island.
A couple making 80k may live like paupers but feel they can afford Long Island. Great for them! I definitely admire these people.
While its possible a couple making double that complain about the pricing because they feel they have to own that Lexus or Benz.
Fannie Mae says you can't afford a mortgage thats costs more than 28 of your yearly gross income and 35% which includes your total revolving debt. A lot of people take that with a grain of salt because again, it also depends on the family's spending habits.
very true - but im saying regular people who drive nissans and make over $100K and dont spend alot of $$ can't afford a decent house here. Im not saying a mansion, but a 3 bedrroom that needs minor work in a good neighborhood - thats a problemo.
hmm, i have to disagree. i drive a nissan, make over 100k and bought (and can afford) a VERY decent house. IMO, i wouldn't classify those making over 100k "regular" people though.
well you proved my point - the median household income (according to the LI index) is about $75K - ive done the math before - even with 20% down, you cant afford the median home price. that seems outta wack to me!
but it IS doable. believe me, i have a VERY substantial mortgage (higher than the average home price) and i am not even close to living above my means. IMO, it is all about wise choices and carefully planning.
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| Posted 9/26/06 9:59 PM |
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LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
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Re: First home price drop in 11 years
Posted by GuessWhosBack
Posted by MrsERod
OMG, IT'S LIKE HE NEVER LEFT!!!!!
I just upped my new avatar. So now you can officially say that.
I am curious what the "unsafe" one was. But do I really want to know? Welcome back!
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| Posted 9/26/06 10:00 PM |
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GuessWhosBack
LIF Zygote
Member since 9/06 23 total posts
Name:
Eli
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Re: First home price drop in 11 years
Posted by Meaghan729
Posted by MrsERod
OMG, IT'S LIKE HE NEVER LEFT!!!!!
nah, we've had these discussions on the home board recently.
Pill spices them up, thats for sure!
Thats my point!
With all the "s**t slingin'" i've seen here in the past four months: Believe me you definitely don't need my presence to "spice things up".
In fact if I recall a few months leading up to the game misconduct, I was rather "tame".
At least next to DjPiLL standards. 
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| Posted 9/26/06 10:00 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: First home price drop in 11 years
Posted by skew
Posted by Meaghan729
Posted by skew
Posted by Meaghan729
Posted by GuessWhosBack
Posted by Meaghan729
what is your definition of decent?
Posted by Meaghan729
what is your definition of decent?
There really isn't any definition of "decent" because people have different budgets/different spending habits. People have to deceide for themselves if they feel they can afford a house on Long Island.
A couple making 80k may live like paupers but feel they can afford Long Island. Great for them! I definitely admire these people.
While its possible a couple making double that complain about the pricing because they feel they have to own that Lexus or Benz.
Fannie Mae says you can't afford a mortgage thats costs more than 28 of your yearly gross income and 35% which includes your total revolving debt. A lot of people take that with a grain of salt because again, it also depends on the family's spending habits.
very true - but im saying regular people who drive nissans and make over $100K and dont spend alot of $$ can't afford a decent house here. Im not saying a mansion, but a 3 bedrroom that needs minor work in a good neighborhood - thats a problemo.
hmm, i have to disagree. i drive a nissan, make over 100k and bought (and can afford) a VERY decent house. IMO, i wouldn't classify those making over 100k "regular" people though.
well you proved my point - the median household income (according to the LI index) is about $75K - ive done the math before - even with 20% down, you cant afford the median home price. that seems outta wack to me!
but it IS doable. believe me, i have a VERY substantial mortgage (higher than the average home price) and i am not even close to living above my means. IMO, it is all about wise choices and carefully planning.
A------MEN!!!!!!!!!!!!!!!!!!!
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| Posted 9/26/06 10:00 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by GuessWhosBack
Posted by Meaghan729
Posted by MrsERod
OMG, IT'S LIKE HE NEVER LEFT!!!!!
nah, we've had these discussions on the home board recently.
Pill spices them up, thats for sure!
Thats my point!
With all the "s**t slingin'" i've seen here in the past four months: Believe me you definitely don't need my presence to "spice things up".
In fact if I recall a few months leading up to the game misconduct, I was rather "tame".
At least next to DjPiLL standards.
you fairy
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| Posted 9/26/06 10:01 PM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: First home price drop in 11 years
Posted by Meaghan729
but im saying regular people who drive nissans and make over $100K and dont spend alot of $$ can't afford a decent house here. Im not saying a mansion, but a 3 bedrroom that needs minor work in a good neighborhood - thats a problemo.
SOOOOOOOOOO NOT TRUE....
we did it! and we HAVE a decent house, in a nice neighborhood, on 1/2 an acre. if we can do it, so can anyone else!
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| Posted 9/26/06 10:02 PM |
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GuessWhosBack
LIF Zygote
Member since 9/06 23 total posts
Name:
Eli
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Re: First home price drop in 11 years
Yup... I am reduced to rainbows and unicorns now. Sad Sad Sad. 
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| Posted 9/26/06 10:02 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by MrsERod
Posted by Meaghan729
but im saying regular people who drive nissans and make over $100K and dont spend alot of $$ can't afford a decent house here. Im not saying a mansion, but a 3 bedrroom that needs minor work in a good neighborhood - thats a problemo.
SOOOOOOOOOO NOT TRUE....
we did it! and we HAVE a decent house, in a nice neighborhood, on 1/2 an acre. if we can do it, so can anyone else!
yeah, i am just not understanding it.
eta: where there is a will there IS a way.
Message edited 9/26/2006 10:05:21 PM.
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| Posted 9/26/06 10:04 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: First home price drop in 11 years
Posted by skew
Posted by MrsERod
Posted by Meaghan729
but im saying regular people who drive nissans and make over $100K and dont spend alot of $$ can't afford a decent house here. Im not saying a mansion, but a 3 bedrroom that needs minor work in a good neighborhood - thats a problemo.
SOOOOOOOOOO NOT TRUE....
we did it! and we HAVE a decent house, in a nice neighborhood, on 1/2 an acre. if we can do it, so can anyone else!
yeah, i am just not understanding it.
eta: where there is a will there IS a way.
EXACTLY!!!!!!!
My house wasn't a fixer upper either!
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| Posted 9/26/06 10:07 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by GuessWhosBack
Yup... I am reduced to rainbows and unicorns now. Sad Sad Sad.
all mystical beings aside, WELCOME BACK!!
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| Posted 9/26/06 10:07 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
considering that if you make $100K - 28% of your takehome income is $2,333.
So of that $2,333, you have to pay taxes (say $7K per year) and insurance (say $1k per year)
that eats up $666 per month.
which leaves you with a $1667 for the mortgage
at 6.125% fixed over 30 years, that is a $275K mortgage. Unless you have $100K laying around, which is very hard for first time homebuyers to save - especailly just to keep up with the appreciation over the past 5 years -
Ive seen houses in Holbrook, which I would consider a middle class nice town with a good school district - for $350, but they need a TON of work. Ive been in them.
so you are talking about a $75K DP - plus costs to fix the house. for someone who makes OVER what you guys said was a normal wage.
so how am I wrong with this scenario?
i think its great that you guys have houses and say you make that much - it shows that people can do it. but math doesnt lie!
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| Posted 9/26/06 10:07 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
flame away but i have some advice. IO mortgage, invest equity at equal or higher interest rate, deduct some of the interest. BAM!!! how you like dem apples?
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| Posted 9/26/06 10:09 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: First home price drop in 11 years
Ok so my mortgage is almost 1k more then that! we have a car payments... other bills.... and we pay our mortgage.... I wonder how now 
And its a regular 30 yr fixed!
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| Posted 9/26/06 10:10 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
Posted by skew
flame away but i have some advice. IO mortgage, invest equity at equal or higher interest rate, deduct some of the interest. BAM!!! how you like dem apples?
and what if housing prices go down (like the apparently already are) and your investment portfolio doesnt do so great?
and you havent paid any principal?
if it works for you thats great -but that is an untraditional concept that isnt for me. it isnt for most people.
Message edited 9/26/2006 10:12:39 PM.
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| Posted 9/26/06 10:11 PM |
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GuessWhosBack
LIF Zygote
Member since 9/06 23 total posts
Name:
Eli
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Re: First home price drop in 11 years
Posted by june262004
My house wasn't a fixer upper either!
That is exactly the problem that happens when people wonder why other people complain.
Hell... I thought my house wasn't a fixer-upper either when I bought it.
That is: until my wife thought otherwise after we closed and lived there for a month.
Fast forward to today... we now have a brand new bathroom. Then we put in a brand new kitchen. Now she wants an extension.
One person's fixer-upper is another person's home.
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| Posted 9/26/06 10:11 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: First home price drop in 11 years
Posted by GuessWhosBack
Posted by june262004
My house wasn't a fixer upper either!
That is exactly the problem that happens when people wonder why other people complain.
Hell... I thought my house wasn't a fixer-upper either when I bought it.
That is: until my wife thought otherwise after we closed and lived there for a month.
Fast forward to today... we now have a brand new bathroom. Then we put in a brand new kitchen. Now she wants an extension.
One person's fixer-upper is another person's home.
oH NO doubt... we changed the floors and painted every room but the point is we didn't have to...
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| Posted 9/26/06 10:14 PM |
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GuessWhosBack
LIF Zygote
Member since 9/06 23 total posts
Name:
Eli
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Re: First home price drop in 11 years
Posted by skew
flame away but i have some advice. IO mortgage, invest equity at equal or higher interest rate, deduct some of the interest. BAM!!! how you like dem apples?
Unless you get the IO fixed for both the primary and secondary loans (HELOC), you will find a very hard time matching your investment compared to what you would save on a traditional loan.
Home Equities are running 8% or more in some cases. If you can guarantee an 8% return on your investments with no risk, then your welcome to come work for me. 
I will say though that money market accounts are yielding VERY high interest right now. I am getting 4.5% on my checking and over 5% on my savings. So maybe its possible.
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| Posted 9/26/06 10:15 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by Meaghan729
Posted by skew
flame away but i have some advice. IO mortgage, invest equity at equal or higher interest rate, deduct some of the interest. BAM!!! how you like dem apples?
and what if housing prices go down (like the apparently already are) and your investment portfolio doesnt do so great?
and you havent paid any principal?
if it works for you thats great -but that is an untraditional concept that isnt for me. it isnt for most people.
i put over 20% down = equity. bought in a great neighborhood and paid a great price. house HAS appreciated signifiacntly. even if it levels a little, i am STILL way above what i paid. again, flame away but paying equity to me is just dead money. it's all about leveraging.
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| Posted 9/26/06 10:16 PM |
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LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
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Re: First home price drop in 11 years
Message edited 9/26/2006 10:22:44 PM.
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| Posted 9/26/06 10:17 PM |
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GuessWhosBack
LIF Zygote
Member since 9/06 23 total posts
Name:
Eli
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Re: First home price drop in 11 years
Posted by june262004
oH NO doubt... we changed the floors and painted every room but the point is we didn't have to...
Ahhh the floors... forgot about that. We did that too.
I laid down 800sq/ft of westhollow flooring to cover my ENTIRE first floor (kitchen, hallway, living room, bedrooms, etc).
No carpeting anywhere in the house(except for area rugs which I still have to buy).
Well I didn't do it myself, had a lot of help from FIL of course.
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| Posted 9/26/06 10:17 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
Posted by skew
Posted by Meaghan729
Posted by skew
flame away but i have some advice. IO mortgage, invest equity at equal or higher interest rate, deduct some of the interest. BAM!!! how you like dem apples?
and what if housing prices go down (like the apparently already are) and your investment portfolio doesnt do so great?
and you havent paid any principal?
if it works for you thats great -but that is an untraditional concept that isnt for me. it isnt for most people.
i put over 20% down = equity. bought in a great neighborhood and paid a great price. house HAS appreciated signifiacntly. even if it levels a little, i am STILL way above what i paid. again, flame away but paying equity to me is just dead money. it's all about leveraging.
hey sista, whatever works for you.
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| Posted 9/26/06 10:18 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: First home price drop in 11 years
just wanted to interject
Pill...word to the hommie
hope to see you tomorrow
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| Posted 9/26/06 10:18 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: First home price drop in 11 years
Posted by LittleBlueBug
Look, I'm just playing devils advocate here because I have been looking into real estate as of late in different areas. I am not saying that LI is not doable, but it is quite costly compared to some areas. Here is what I mean. The first house here is a house in Commack listed for $445,000. My parents live in the area and I know they pay over 10k in taxes. The second house is a listing in NC...which many NYers are flocking to. This house goes for the same price, yet taxes are approx 2-4k (depending on the area). The Commack house is 3 bedroom, 1 bath and is on .18 acres (could not find the sq ft). The NC house is 4 bedroom, 4.5 bath and is 3193 sq ft on .95 acres. You get more for your money in other areas is my point.
We've had this drama already... This is an entirely DIFFERENT POST
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| Posted 9/26/06 10:20 PM |
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