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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 GuessWhosBack
Posted by Meaghan729
compared to what they were last year? they are higher. so stick that in your pipe and smoke it.
Did I say a year? Or did I say nine months? LOL
yea the NATIONAL average - you yourself said we cant look into the nation - I work in banking - and im talking about 30 year fixed, not ARM or IO crapola.
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Posted 9/26/06 8:47 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
yea the NATIONAL average - you yourself said we cant look into the nation - I work in banking - and im talking about 30 year fixed, not ARM or IO crapola.
National average I quoted was 30yr fixed from bankrate.com.
Here are Newsday's numbers (which come from bankrate.com too - but reflect Long Island banks). A little higher, but still very good! Great for buyers!
30 yr fixed mtg 5.83%
15 yr fixed mtg 5.53%
30 yr FHA mtg 6.21%
30 yr fixed jumbo mtg 6.12%
15 yr fixed jumbo mtg 5.77%
5/1 ARM 5.57%
5/1 jumbo ARM 5.67%
7/1 ARM (interest only) 5.70%
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| Posted 9/26/06 8:54 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 GuessWhosBack
Posted by Meaghan729
yea the NATIONAL average - you yourself said we cant look into the nation - I work in banking - and im talking about 30 year fixed, not ARM or IO crapola.
National average I quoted was 30yr fixed from bankrate.com.
Here are Newsday's numbers (which come from bankrate.com too - but reflect Long Island banks). A little higher, but still very good! Great for buyers!
30 yr fixed mtg 5.83%
15 yr fixed mtg 5.53%
30 yr FHA mtg 6.21%
30 yr fixed jumbo mtg 6.12%
15 yr fixed jumbo mtg 5.77%
5/1 ARM 5.57%
5/1 jumbo ARM 5.67%
7/1 ARM (interest only) 5.70%
I went on bankrate and typed in a 30 year fixed no points for LI - gee, and all the rates under 6% dont have points, but they have "fees in APR"...hmmm...interesting. (one of them was over $5K!)
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| Posted 9/26/06 9:08 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
I went on bankrate and typed in a 30 year fixed no points for LI - gee, and all the rates under 6% dont have points, but they have "fees in APR"...hmmm...interesting. (one of them was over $5K!)
Very possible. I can't even do a search there right now cause I am getting an invalid link using their search engine.
But rates in general have been going down for a while now. Didn't Palebride just get a killer rate on her mortgage? Its a great time for buyers!
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| Posted 9/26/06 9:22 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
But some people will never find the house of their dreams in any market!
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| Posted 9/26/06 9:24 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 june262004
But some people will never find the house of their dreams in any market!
thats very true-
but with this amount of inventory - its alot easier.
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| Posted 9/26/06 9:26 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 june262004
But some people will never find the house of their dreams in any market!
thats very true-
but with this amount of inventory - its alot easier.
But people still pick every house apart! And the complain about the prices....
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| Posted 9/26/06 9:30 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 june262004
Posted by Meaghan729
Posted by june262004
But some people will never find the house of their dreams in any market!
thats very true-
but with this amount of inventory - its alot easier.
But people still pick every house apart! And the complain about the prices....
because its still expensive and some people treat their houses like sh!t and think they deserve top dollar - competely different.
I went into an OH - good price in a nice neighborhood - the agent was showing us the hardwood floors in the closet - while we were staring at water damaged walls (worst ive EVER seen) - so he said did you look in the closet? we said "no, we are too busy looking at the water damage on the wall"
his respone..."Oh, you can paint over that"
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| Posted 9/26/06 9:32 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
But people still pick every house apart! And the complain about the prices....
Because lets face it: Unless you work in NYC or have TWO very decent salaries, you can't afford to live on Long Island.
People won't stop complaining until we see Nassau housing going for under 300k which IMO will never happen again.
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| Posted 9/26/06 9:33 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
But people still pick every house apart! And the complain about the prices....
Because lets face it: Unless you work in NYC or have TWO very decent salaries, you can't afford to live on Long Island.
People won't stop complaining until we see Nassau housing going for under 300k which IMO will never happen again.
I don't work in NYC and people have posted their salaries on here make more then me and still complain about house pricing.. Some people are just complainers 
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| Posted 9/26/06 9:34 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 GuessWhosBack
Posted by june262004
But people still pick every house apart! And the complain about the prices....
Because lets face it: Unless you work in NYC or have TWO very decent salaries, you can't afford to live on Long Island.
People won't stop complaining until we see Nassau housing going for under 300k which IMO will never happen again.
what is your definition of decent?
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| Posted 9/26/06 9:35 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
I don't work in NYC and people have posted their salaries on here make more then me and still complain about house pricing.. Some people are just complainers
True. I think people complain a little too much IMO.
With the amount of housing surplus there currently is on Long Island, there should be no complaints. 
Well maybe except for water on the walls.
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| Posted 9/26/06 9:37 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
i complain about housing prices- i'll admit it-
and im willing to pay $400 for a house - but not for one that needs to be completely gutted - and im not saying "oh the bathroom is old" i am saying moldy water damage.
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| Posted 9/26/06 9:41 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
i complain about housing prices- i'll admit it-
and im willing to pay $400 for a house - but not for one that needs to be completely gutted - and im not saying "oh the bathroom is old" i am saying moldy water damage.
I have never walked into a house that was moldy with water damage  where the heck are you looking girl 
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| Posted 9/26/06 9:42 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
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 decide 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.
Message edited 9/26/2006 9:46:57 PM.
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| Posted 9/26/06 9:46 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 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 $$ can't afford a decent house here. Im not saying a mansion, but a 3 bedrroom that needs minor work in a good neighborhood - thats a problemo.
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| Posted 9/26/06 9:47 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by Meaghan729
Posted by GuessWhosBack
Posted by Meaghan729
what is your definition of decent?
Posted by Meaghan729
what is your definition of decent?
There really isn't any definition of "decent" because people have different budgets/different spending habits. People have to deceide for themselves if they feel they can afford a house on Long Island.
A couple making 80k may live like paupers but feel they can afford Long Island. Great for them! I definitely admire these people.
While its possible a couple making double that complain about the pricing because they feel they have to own that Lexus or Benz.
Fannie Mae says you can't afford a mortgage thats costs more than 28 of your yearly gross income and 35% which includes your total revolving debt. A lot of people take that with a grain of salt because again, it also depends on the family's spending habits.
very true - but im saying regular people who drive nissans and make over $100K and dont spend alot of $$ 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 (and yes just on my salary).
Message edited 9/26/2006 9:52:46 PM.
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| Posted 9/26/06 9:51 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
very true - but im saying regular people who drive nissans and make over $100K and dont spend alot of $$ can't afford a decent house here. Im not saying a mansion, but a 3 bedrroom that needs minor work in a good neighborhood - thats a problemo.
Thats what I was saying. It suks bad. I got a house that is "far" from my dream house. My dream house would have been an eight bedroom colonial on the water.
But as I tell my wife, I am happy to just own ANY house at this point. And with the work i've done on my house in the past year its actually coming out very nice!
Oh and thanks for all the nice FMs! Good to see there are still some cool people floating around here.
Don't know how long this account will be "active" though. The avatar police are still in full force from what i've seen.
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| Posted 9/26/06 9:51 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
Posted by skew
Posted by Meaghan729
Posted by GuessWhosBack
Posted by Meaghan729
what is your definition of decent?
Posted by Meaghan729
what is your definition of decent?
There really isn't any definition of "decent" because people have different budgets/different spending habits. People have to deceide for themselves if they feel they can afford a house on Long Island.
A couple making 80k may live like paupers but feel they can afford Long Island. Great for them! I definitely admire these people.
While its possible a couple making double that complain about the pricing because they feel they have to own that Lexus or Benz.
Fannie Mae says you can't afford a mortgage thats costs more than 28 of your yearly gross income and 35% which includes your total revolving debt. A lot of people take that with a grain of salt because again, it also depends on the family's spending habits.
very true - but im saying regular people who drive nissans and make over $100K and dont spend alot of $$ 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!
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| Posted 9/26/06 9:53 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 GuessWhosBack
Posted by Meaghan729
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.
Thats what I was saying. It suks bad. I got a house that is "far" from my dream house. My dream house would have been an eight bedroom colonial on the water.
But as I tell my wife, I am happy to just own ANY house at this point. And with the work i've done on my house in the past year its actually coming out very nice!
Oh and thanks for all the nice FMs! Good to see there are still some cool people floating around here.
Don't know how long this account will be "active" though. The avatar police are still in full force from what i've seen.
I agree with you on that -im not looking for a great house - a house we have interest in has a kitchen and two baths circa 1950 - id rather own an old house than rent, imo.
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| Posted 9/26/06 9:54 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
OMG, IT'S LIKE HE NEVER LEFT!!!!! 
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| Posted 9/26/06 9:55 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
A lot of people I know can not afford it (myself included). A lot of people my age are leaving LI because of it. With what you pay for a small fixer-upper on LI, you can buy a REALLY nice colonial in other states...plus have lower taxes. Why struggle w/ it? The cost of living is skyrocketing, yet most people's wages are staying the same.
It depends on individual people's situations.
Message edited 9/26/2006 9:58:46 PM.
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| Posted 9/26/06 9:56 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 MrsERod
OMG, IT'S LIKE HE NEVER LEFT!!!!!
I just upped my new avatar. So now you can officially say that.
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| Posted 9/26/06 9:57 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 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!
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| Posted 9/26/06 9:57 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 MrsERod
OMG, IT'S LIKE HE NEVER LEFT!!!!!
I just upped my new avatar. So now you can officially say that.
BAHAHAHAHA
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| Posted 9/26/06 9:58 PM |
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