OT: February home prices see the biggest gain in 15 years

[jlwdm]

Originally Posted by AngryScientist

Jeff, where are these out of towners coming from? concentrated in one region, or all over the place? are they buying these homes to live in or something else? just curius what's happening in TX.

A few East Coast and midwest but mostly CA.

Jeff

[BobbyJones]

Originally Posted by verticaldoug

I'd like to know the details. I think your friend is pulling your leg.

At a minimum, it should show up as a negative entry on his credit report and he'd be unable to borrow FHA/FNMA from 3 to 7 years. His future rate should be expected to be higher because of his lower credit score.

The difference between the NOTE and the Foreclosure price is a loan forgiven and as such it be taxable except for a brief period in 2012 with the mortgage forgiveness act.

It is hard to believe this was painless.

Definitely not a leg puller type nor a braggart. I'll inquire next time the opportunity presents itself.

[texbike]

Originally Posted by AngryScientist

just curius what's happening in TX.

This (https://businessintexas.com ) combined with no income taxes and RE prices that have historically trailed other areas of the Country. We have ridiculous property taxes, crazy heat, and our education system isn't exactly a shining beacon. However, a LOT of companies are moving here which creates a strong economy and the ability for many to be able to live somewhat affordably in most regions of the State. That's essentially what's happening in Texas that's driving prices for us (outside of the crazy speculation).

Texbike

[jimcav]

I'm thinking of moving to a lower tax burden state, but there are other issues to consider. At least so far climate models don't show much change for my coastal area of San Diego county. I really like being able to ride/hike/jog year round easily.

Given what is and will keep happening weather-wise, TX isn't on my list. I guess it all depends on your timeline:
https://www.epa.gov/sites/production...-change-tx.pdf
https://www.edf.org/sites/default/fi...stal%20erosion.

Interesting to see predictions from 2006, I am sure there is something more recent.

[Coffee Rider]

Originally Posted by jimcav

I'm thinking of moving to a lower tax burden state, but there are other issues to consider. At least so far climate models don't show much change for my coastal area of San Diego county. I really like being able to ride/hike/jog year round easily.

There's a reason why it's so expensive to live here: it's worth it.

[jlwdm]

Originally Posted by Coffee Rider

There's a reason why it's so expensive to live here: it's worth it.

A quick google shows an article from 2019 that says since the late 1800s the temperature in San Diego County has increased just about twice the national average. Maybe not at the coast. I don't know.

Jeff

[jimcav]

Originally Posted by Coffee Rider

There's a reason why it's so expensive to live here: it's worth it.

Making it work long-term is a more difficult thing. I just re-fi'd with plan to continue the old payment, and pay off the house early, but even if I can pay off the house when I retire, it is debatable on living off my pension. That will be about when my wife could start SS at the earliest age, which isn't the most sound thing financially, but probably will be necessary to stay here.

forgive the thread drift

[jimcav]

Originally Posted by jlwdm

A quick google shows an article from 2019 that says since the late 1800s the temperature in San Diego County has increased just about twice the national average. Maybe not at the coast. I don't know.

Jeff

as the crow flies we are about 3 miles from the Pacific
you can google CMIP5 models but under most of those scenarios we still get warmer, but far, far less than the rest of the SW (including Tx)

[54ny77]

It's entirely possible if the borrower had savvy lawyer.

That, along with multitude of circumstances on loan ownership, servicer, loss mitigation strategies, etc etc etc.

Keep in mind those borrowers that do this don't care about their credit.

Originally Posted by verticaldoug

I'd like to know the details. I think your friend is pulling your leg.

At a minimum, it should show up as a negative entry on his credit report and he'd be unable to borrow FHA/FNMA from 3 to 7 years. His future rate should be expected to be higher because of his lower credit score.

The difference between the NOTE and the Foreclosure price is a loan forgiven and as such it be taxable except for a brief period in 2012 with the mortgage forgiveness act.

It is hard to believe this was painless.

[tomato coupe]

Originally Posted by 54ny77

It's entirely possible if the borrower had savvy lawyer.

That, along with multitude of circumstances on loan ownership, servicer, loss mitigation strategies, etc etc etc.

Keep in mind those borrowers that do this don't care about their credit.

The hit to their credit rating isn't the big problem. As Vdoug pointed out, a forgiven loan is taxed as income, so it's a double whammy -- you lose your house and you owe the IRS a bunch of money.

[BobbyJones]

Everyone's speculation is, well, interesting.

You guys are a wonderful peanut gallery.

[KarlC]

How is it going for those in the current real estate market ?

Anyone have any Good, Bad or Interesting Buying / Selling experiences in this crazy market ?

.

[Coffee Rider]

Originally Posted by KarlC

How is it going for those in the current real estate market ?

Anyone have any Good, Bad or Interesting Buying / Selling experiences in this crazy market ?

.

As a seller, it's really good. I'd hate to be buying now in my area.

[Clean39T]

Originally Posted by KarlC

How is it going for those in the current real estate market ?

Anyone have any Good, Bad or Interesting Buying / Selling experiences in this crazy market ?

.

Pretty much resigned to re-upping our lease and waiting to see what happens. Even if prices don't fall much, I'd feel better buying in a market where you have the ability to do basic due-diligence prior to purchasing.. Maybe that comes later this year, maybe not.

[corkycalvin]

This will mean property tax will be reassessed higher. Bad for home owners!