Frustrated

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KD_B_IHB

New member
I'm new here, but if you could please allow me to vent...



I've been watching the market for the last 3 years now and have done all my home work on real estate and home buying. However, the current state of the economy and the market frustrates me to no end. I am tired of reading about the government bailing out Joe Blow who is in foreclosure and got a loan for a house he couldn't afford in the first place, while the rest of us who can afford a house, save our money and spend conservatively are being punished for their mistakes and the greediness of brokers, realtors and appraisors. We just want a home to live in and start building our family and future, but the current state we are in is breaking my heart and dreams.
 
KD_B, just be patient. Keep saving your money and in a few years you'll be able to buy a very nice house for a reasonable amount of money. And you'll be able to laugh at the knife catchers who didn't have the patience to wait.
 
KD_B, if your frustration is related to having to support idiots through your tax dollars, then it is well founded. If you think that any government program is going to change things, then as ISM said, just be patient. The size of the problem is too large even if government was competent.
 
Thanks for the encouragement. We're just going to keep saving our money and see what happens. We are making so many sacrifices to be able to afford a home here in Southern California. I just hope it's worth it.
 
<p><em>We are making so many sacrifices to be able to afford a home here in Southern California. I just hope it's worth it.</em> </p>

<p>It's not. Especially at the currently inflated prices. Even renting, at half the cost of owning, is questionable. SoCal has a lot to offer, but it extracts a nasty toll too. Decide what you want your life to be and then find the area to make that happen.</p>
 
I'm in the same boat KD B!! I stare at Redfin everyday!! I do not want to be a knife catcher like they say on this board. We must be patient. I can't wait to own a home for under $350K when it was worth $700K. It will happen. The math never made sense to me.
 
KD_B,





The government doesn't want to reward people who are very conservative with their $, save regularly, buy a smaller home that they could easily afford, pay off the loan and retire early.





The government wants to reward people who buy bigger, more expensive home than what they can really afford, refinance every so often, never pay off the loan, spend more than what they earn, and work until they drop.





By choosing a more financially conservative path, you've chosen to walk a road that's laid with land-mines like inflation. But there are many alternate paths other than jumping on the RE bubble, then government-issued life jacket.





There's no rule that says you must buy a home where you live. If it makes more sense to rent where you live and invest in real estate elsewhere, why not? The world is a big place -- even California is so big that we'd never seen every part of in our life time. You could try and find a place where you might like to retire later, where real estate prices are much cheaper & make better sense. Invest in a property there with 15-year fixed rate loan and rent it out. The years go by pretty quick, before you know it the loan will be paid off and you'd own it free and clear!
 
<p>How do you think I feel? I own enough property outright to buy anything. I have enough liquid to pretty much buy anything. BUT it boils down to finding the right thing. I'm pretty sure you could buy whatever you wanted, but does i make sense to buy it at that price?</p>

<p>No matter how much bailout these suckers get, you'll always be in much better shape than they are, just remember that. Anyway, good luck and don't worry, give it a few months and you'll be doing great!</p>

<p>As for us, we just signed another years lease, happily our rent went DOWN!</p>

<p>-bix</p>
 
I totally agree. For me however, is knowing the "sweet" spot between waiting and getting on with life (for those of us that may equate "buying and settling down" as getting on with life.) While I don't want to buy at the peak - and thankfully it is too late to do that, I am not certain that I'd be willing to wait until the "bottom" which is a unpredictable as well. Personally, I think that if you wait somewhere between 12-18 months (from now), you will have done just fine when you look back in 10 years. I'm hoping to wait it out 12 months/15% additional drop... but probably not much more.
 
kdb, count your lucky stars that you are renting and still have your savings intact, ready to go for bargains. There are many people who intentionally (knifecatchers, floppers) or unintentionally (divorce, relocation, etc) vaporized their credit rating and savings in the las couple of years. I remember reading about Taco Bell Jeff on a San Diego real estate investment website (see <a href="http://www.websitetoolbox.com/tool/post/sdcia/vpost?id=1101481&trail=30">http://www.websitetoolbox.com/tool/post/sdcia/vpost?id=1101481&trail=30</a> for example) who was so cocky about his real estate deals in 2006, then in 2007 started puking in the shower from his bad investments. A lot of families are being foreclosed on and see all their down payments gone like the wind. It may be frustrating to not buy, but it's been a lot more frustrating for those who did buy in the last couple of years and have lost all they had.
 
i am on the same boat as you kdb. I am new in this forum too btw. I have been marriedf or 2 years, waiting on a good time to buy so we can start a family soon. I am already in my thirties, i want to settle down like someone mentioned here. I am frustrated that even with our 140k a year income, we cannot afford a decent house in irvine, huntington beach right now. I hope they start dropping more prices real soon because i am getting inpatient.
 
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