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NEW -> Contingent Buyer Assistance Program
[quote author="tenmagnet" date=1238648049]What about the 30-year fixed @ 3.625% offered by Lennar with 10% down?</blockquote>
I wouldn't have buy a Lennar condo if they gave me a 50% discount.
 
[quote author="usctrojanman29" date=1238649154][quote author="tenmagnet" date=1238648049]What about the 30-year fixed @ 3.625% offered by Lennar with 10% down?</blockquote>
I wouldn't have buy a Lennar condo if they gave me a 50% discount.</blockquote>


You won?t have to.

Other builders will have to follow suit and offer similar programs or risk losing business to Lennar.
 
[quote author="awgee" date=1238646290][quote author="ipoplaya" date=1238645093] and the economy is bound to start improving by the end of this year.</blockquote>


Why?</blockquote>


Because recessions end. They normally only last for a year or so. By Q3 '09, this one would have gone for over 20 months...
 
Don't you mean to say that the past 3 or 4 only lasted a year or so? how about the early 80s? 3 years, no? the mid 70s? 4 yrs. the early 50s? 3, iirc and then there is that little one from 1929-1940, ended by a big gov't spending plan.
 
[quote author="ipoplaya" date=1238649737][quote author="awgee" date=1238646290][quote author="ipoplaya" date=1238645093] and the economy is bound to start improving by the end of this year.</blockquote>


Why?</blockquote>


Because recessions end. They normally only last for a year or so. By Q3 '09, this one would have gone for over 20 months...</blockquote>
IPO, this isn't a normal recession...there are many more shoes left to be dropped. I can tell you that commercial real estate is next up to the cliff as we speak with credit card, auto loans, and small business loans not far behind. We won't start rising from the ashes until well into 2010. I'll bet you that we will have TARP 2.0 before the year is up because bank will continue to bleed.
 
[quote author="freedomCM" date=1238650778]Don't you mean to say that the past 3 or 4 only lasted a year or so? how about the early 80s? 3 years, no? the mid 70s? 4 yrs. the early 50s? 3, iirc and then there is that little one from 1929-1940, ended by a big gov't spending plan.</blockquote>
Don't you mean ended by a world war?
 
So since all the young couples are getting down payments from their parents to buy these homes in Woodbury/Quail Hill. Do any of you want to volunteer to accompany me to my parents house to help convince them to loan me $150K? I will pay a 1% commission of the total borrowed amount!!!



I have two young children and a stay at home wife. How the hell am I going to save 20-30% down.
 
[quote author="usctrojanman29" date=1238651165][quote author="freedomCM" date=1238650778]Don't you mean to say that the past 3 or 4 only lasted a year or so? how about the early 80s? 3 years, no? the mid 70s? 4 yrs. the early 50s? 3, iirc and then there is that little one from 1929-1940, ended by a big gov't spending plan.</blockquote>
Don't you mean ended by a world war?</blockquote>


The war didnt end the great depression. The <u>government spending</u> for the war did. Saying spending didnt end the depression, but war did, is a flawed statement.
 
[quote author="rick_r" date=1238651680]So since all the young couples are getting down payments from their parents to buy these homes in Woodbury/Quail Hill. Do any of you want to volunteer to accompany me to my parents house to help convince them to loan me $150K? I will pay a 1% commission of the total borrowed amount!!!



I have two young children and a stay at home wife. How the hell am I going to save 20-30% down.</blockquote>
Careful, I may just take you up on that offer once I come up with some fancy powerpoint slides of how it will be a win-win for you and the parents.
 
[quote author="usctrojanman29" date=1238652656][quote author="rick_r" date=1238651680]So since all the young couples are getting down payments from their parents to buy these homes in Woodbury/Quail Hill. Do any of you want to volunteer to accompany me to my parents house to help convince them to loan me $150K? I will pay a 1% commission of the total borrowed amount!!!



I have two young children and a stay at home wife. How the hell am I going to save 20-30% down.</blockquote>
Careful, I may just take you up on that offer once I come up with some fancy powerpoint slides of how it will be a win-win for you and the parents.</blockquote>


Hey, I will be your neighboor soon, I am moving to Quail Ridge so maybe you can show me the presentation.
 
[quote author="rick_r" date=1238652979][quote author="usctrojanman29" date=1238652656][quote author="rick_r" date=1238651680]So since all the young couples are getting down payments from their parents to buy these homes in Woodbury/Quail Hill. Do any of you want to volunteer to accompany me to my parents house to help convince them to loan me $150K? I will pay a 1% commission of the total borrowed amount!!!



I have two young children and a stay at home wife. How the hell am I going to save 20-30% down.</blockquote>
Careful, I may just take you up on that offer once I come up with some fancy powerpoint slides of how it will be a win-win for you and the parents.</blockquote>


Hey, I will be your neighboor soon, I am moving to Quail Ridge so maybe you can show me the presentation.</blockquote>
Yeah no problem, I love playing around with Excel and Powerpoint. Btw, why'd you pick Quail Ridge over Quail Meadows?
 
[quote author="rick_r" date=1238651680]So since all the young couples are getting down payments from their parents to buy these homes in Woodbury/Quail Hill. Do any of you want to volunteer to accompany me to my parents house to help convince them to loan me $150K? I will pay a 1% commission of the total borrowed amount!!!



I have two young children and a stay at home wife. How the hell am I going to save 20-30% down.</blockquote>


Correction, young couple with a Chinese spouse or both then there is a 20% down payment for a home purchase as a gift from parents. If there is a stroller in the family then 30%. If the grand parent get to push it then the payment may be up from 38% -50% but never 40-49.99%.



If the son in law is white then there will be a deduction in the down payment. However, if the son in-law fights for the bill at a Chinese restaurant then there will be no deduction.
 
I've been looking for 4 months and I feel the same way. Even though we are in a downturn and supposedly nobody is buying, there seem to be a lot of aggressive buyers in Irvine snapping things up quickly. We even saw an icky, dumpy house with a stupid floorplan initially priced at $650k, and then they RAISED the price to $660k, and it sold. Not in that nice of an area, either. I often wonder how people afford these houses too. I agree with the people who've said it's family gift money as well as people trading up. It's frustrating!
 
I was in a dirty house a couple weekends ago at an open house. The owners made shoddy upgrades and it looked like they hadn't cleaned in some time (tons of cobwebs, moldy tub caulking, cracked tile, mismatched floors, etc). There was a couple in there fawning over the place and telling the listing agent how there is no other place like Irvine, no other place at all. The agent kept saying over & over: "Irvine is the gold standard" and they were in total agreement. I was amazed by how seemingly little effort the owners put into sprucing up the place for a showing and you get these people falling in love with it because of the city's image.
 
[quote author="usctrojanman29" date=1238653449][quote author="rick_r" date=1238652979][quote author="usctrojanman29" date=1238652656][quote author="rick_r" date=1238651680]So since all the young couples are getting down payments from their parents to buy these homes in Woodbury/Quail Hill. Do any of you want to volunteer to accompany me to my parents house to help convince them to loan me $150K? I will pay a 1% commission of the total borrowed amount!!!



I have two young children and a stay at home wife. How the hell am I going to save 20-30% down.</blockquote>
Careful, I may just take you up on that offer once I come up with some fancy powerpoint slides of how it will be a win-win for you and the parents.</blockquote>


Hey, I will be your neighboor soon, I am moving to Quail Ridge so maybe you can show me the presentation.</blockquote>
Yeah no problem, I love playing around with Excel and Powerpoint. Btw, why'd you pick Quail Ridge over Quail Meadows?</blockquote>


I needed the larger two bedroom that is 1080 sq feet. Meadows did not have that floor plan. Plus wifey wanted the nicer kitchen, bathrooms, etc...
 
[quote author="ipoplaya" date=1238649737][quote author="awgee" date=1238646290][quote author="ipoplaya" date=1238645093] and the economy is bound to start improving by the end of this year.</blockquote>


Why?</blockquote>


Because recessions end. They normally only last for a year or so. By Q3 '09, this one would have gone for over 20 months...</blockquote>


How do you know this is a recession and not a depression that lasts for 10 years?







What do you think is the difference between a depression and a recession? And when I specify "you", I am asking all of you.
 
[quote author="awgee" date=1238654815][quote author="ipoplaya" date=1238649737][quote author="awgee" date=1238646290][quote author="ipoplaya" date=1238645093] and the economy is bound to start improving by the end of this year.</blockquote>


Why?</blockquote>


Because recessions end. They normally only last for a year or so. By Q3 '09, this one would have gone for over 20 months...</blockquote>


How do you know this is a recession and not a depression that lasts for 10 years?







What do you think is the difference between a depression and a recession? And when I specify "you", I am asking all of you.</blockquote>


Recession = a departing procession (as of clergy and choir at the end of a church service)



Depression = a condition of general emotional dejection and withdrawal; sadness greater and more prolonged than that warranted by any objective reason.



I don't understand why people keep using these words, especially in the news. CNBC talks about this stuff but I don't understand. Please help clarify. :)
 
[quote author="rick_r" date=1238655982][quote author="awgee" date=1238654815][quote author="ipoplaya" date=1238649737][quote author="awgee" date=1238646290][quote author="ipoplaya" date=1238645093] and the economy is bound to start improving by the end of this year.</blockquote>


Why?</blockquote>


Because recessions end. They normally only last for a year or so. By Q3 '09, this one would have gone for over 20 months...</blockquote>


How do you know this is a recession and not a depression that lasts for 10 years?







What do you think is the difference between a depression and a recession? And when I specify "you", I am asking all of you.</blockquote>


Recession = a departing procession (as of clergy and choir at the end of a church service)



Depression = a condition of general emotional dejection and withdrawal; sadness greater and more prolonged than that warranted by any objective reason.



I don't understand why people keep using these words, especially in the news. CNBC talks about this stuff but I don't understand. Please help clarify. :)</blockquote>


What do you think is the difference between a financial recession and a financial depression? Forget the definitions. What do you think? As far as I know, there is no absolute answer, and is rather a matter of opinion.









We have all heard the neighbor loses his job joke.
 
[quote author="freedomCM" date=1238650778]Don't you mean to say that the past 3 or 4 only lasted a year or so? how about the early 80s? 3 years, no? the mid 70s? 4 yrs. the early 50s? 3, iirc and then there is that little one from 1929-1940, ended by a big gov't spending plan.</blockquote>


I wasn't being that particular. I was just tossing about a figure based on my recollections from my coursework in Econ while obtain my undergrad in Econ...



Here's a blurb I just found on Wikipedia:



<strong>In the 16 U.S. recessions since 1919, the average length has been 13 months, although the recent recessions have been shorter. Thus if the 2008 recession followed the average, the downturn in the stock market would have bottomed around November 2008.</strong>



Okay, so I was a friggin' month or two off...
 
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