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  • On 8 Apr 2014 in One reason for housing inventory shortage, varmint said:

    bob2356 says

    I saw a bunch of that same scenario, when I was looking for a rental a few years ago. Many of the houses I looked at were people who HAD to move, but were underwater, so they either had to sell at a loss, or rent it until hopefully prices came back up...

    Define a "bunch". I find it very hard to believe that people who "had" to move but were underwater had the down payment and credit to buy another larger house. They became renters.

    Since the thread is about people buying another house and renting their underwater house I assumed you were keeping on that theme. My error.

    I'll say they did.

    Underwater doesn't equal bad credit. Those I know could afford their overpriced house it just didn't suit their needs for whatever reason. FHA loans require very little down.

  • On 7 Apr 2014 in Is home ownership increasingly just for the wealthy?, varmint said:

    EBGuy says

    Let's also be clear; urbanization trends are driving part of the price increases in cities. That said, I'm not too sure about their chart. On their website, Redfin is reporting a median listing price for Oakland of $369k (past 90 days). Their report Two Middle-Class Incomes Don’t Add Up To a Home shows a median list price for Oakland to be $550k. I'm not sure why there is such a big discrepancy (one month? vs. three month?). It's all rather strange as the report also shows the median list for New York to be $369k (coincidentally, its the entry before Oakland).

    may be SFR vs condos included?

  • On 7 Apr 2014 in One reason for housing inventory shortage, varmint said:

    I have no evidence other than anecdotal, but I believe this to be true. Multiple people I know who never aspired to be landlords found it made more sense financially to hang on to their old home and rent it out than to trade up.

    My father did the same for awhile. His prior place was underwater so he bought a new one at the bottom -> rent from the old payed for new mortgage. He hated being a landlord though so he sold when the price recovered enough to get out.

  • On 4 Apr 2014 in Is home ownership increasingly just for the wealthy?, varmint said:

    Median house on median income is not a fair comparison. It only applies if there are no rentals. In reality if a market is 50/50 rent/own you would expect the median house to be affordable for somewhere around the 70th percentile of incomes, with a low end house somewhere a little under median income.

    That being said, housing is still unaffordable in the Bay Area. Median income can't buy shit. Even in areas with few rentals the median earner in that city couldn't afford a single listing. In more mixed areas you need to make at least twice the median to even get in the game and that's at the extremely low end.

  • On 2 Apr 2014 in Southern California Has Aging Issues, varmint said:

    A lot of places known for their schools will eventually have to shutter them since nobody who has kids can afford to live there. Despite increasing population, elementary enrollment is way down in more "well off" areas

  • On 27 Mar 2014 in Finding a House That Won't Destroy You, varmint said:

    1/4 of take home is a joke tho. That's like a home value 2x your annual income.

  • On 22 Oct 2013 in The Fed Predicts Housing Rush To The Exit, varmint said:

    I wonder how interest rates are influencing things. Owners with equity should all have refinanced in 2012 or early 2013 at rates that may never be seen again.

    That seems like a fairly large disincentive to sell.

  • On 17 Sep 2013 in The Simple Reason for the Long Downturn, varmint said:

    Too many people lived outside their means for too long. People can't spend more than they make and more than the country produces indefinitely.

  • On 11 Sep 2013 in Long Apple, varmint said:

    SFace says

    yes, the Iphone 5C is too expensive. Can't crack the asian market with that price tag.

    Well, the good news is everyone should download the new Ios7 update on Sep 18th. It would be a good chance to see what improvements are made to the software side of it.

    It was never going to be that cheap and would be a bad move for apple if it were. Apple is selling it's name and has to remain above the fray. If they try to compete in the trenches on specs and price point with samsung they will lose. Samsung's business model is built on lower manufacturing costs and smaller margins.

  • On 9 Sep 2013 in FN and FR to cut government backed loan size., varmint said:

    jumbo rates are less than conforming rates right now. I don't see an impact.

  • On 19 Aug 2013 in Is NOW the Best Time to Buy or Sell a House?, varmint said:

    CMY says

    Possibly unrelated, but I happened across this ad this morning and had to do a double-take:

    I hope a bobcat rips the face off whoever spellchecked that

  • On 31 Jul 2013 in Weighing Pick for Fed Chief, Obama Defends Summers, varmint said:

  • On 31 Jul 2013 in Are Rising Home Prices a Good Thing?, varmint said:

    They aren't because money spent on houses is not spent on goods that actually create jobs.

  • On 29 Jul 2013 in Two Of America's Biggest Homebuilders Are Tanking After Reporting Earnings, varmint said:

    This is pretty concerning if true. If 4.5% can make a dent in sales, what happens at 7%.

    The next question is where is the inventory going to come from when rates are 7%. If prices stay high in a higher interest rate environment, it will suppress trading up. Some people will need to, but many will be reluctant to leave their sweetheart 3.5% for a 7% on a more expensive property. This will in turn kill first time sales. I don't really see prices going down, if rates go up the inventory will crater (moreso than now). People will just sit on their properties.

    ZIRP has really backed us into this one. The only way I can see low inventory not being the new norm is extended super low interest rates or massive inflation. Maybe I'm totally off, but it's what I see.

  • On 19 Jul 2013 in Investing in Expensive Renovations for Rental Apartments, varmint said:

    unless it's this

  • On 19 Jul 2013 in Investing in Expensive Renovations for Rental Apartments, varmint said:

    30k/mo rent is pretty lulz-worthy

  • On 19 Jul 2013 in Pretty big budget cut thanks to Patnet... Other ideas?, varmint said:

    SFace says

    Congrats. There is no substitute for live sports.

    this is my problem

  • On 15 Jul 2013 in Will fall and winter see a significant pullback in house prices?, varmint said:

    E-man says

    Oil Can says

    The pull back will be more than just seasonal.

    How much more than seasonal? What do you consider significant pullback? 10%, 20%, 50%???

    Last year there was no seasonal pullback in the fall. Price gains accelerated. With inventory still tight if there's any drop in prices this fall/winter I would attribute it to market forces.

    I don't see 20% downside in most bay area cities. 10% would be significant. I think even 10% is unlikely and we will just see a flattening.

  • On 12 Jul 2013 in SHARKNADO!, varmint said:

    I watched SHARKNADO! on SyFy last night and it was amaze-balls.

    Didn't know it was a thing, but I found it utterly satisfying. Sharks swimming up the streets, sharks in the house, sharks in the pool at the old folks home, sharks flying out of tornadoes ripping peoples arms off. Killing sharks with shotguns, chainsaws, hedge trimmers, and IEDs. Epic.

  • On 10 Jul 2013 in Wind Turbines Are NOT a Threat to Birds, varmint said:

    While I agree, the bird argument hasn't stopped most of the good wind energy sites from already being developed. You can't just put turbines anywhere. There has to be sufficient room for them, enough wind to be worth it, and near enough to the power grid so they can be tied in without huge cost.

    I have a family member who plans/manages wind projects and he's pretty much moved onto solar domestically. The good wind power sites have all been done. Overseas they still do a lot of wind.

  • On 3 Jul 2013 in Paula Deen offered six figures by porn company!, varmint said:


  • On 3 Jul 2013 in Woman Dates for Free Dinner on, varmint said:

    turtledove says

    In the early dating period of a relationship, I always thought that the person asking should be the one to pay. The person asking is the one who determines the venue... so it's kind of presumptuous to assume that the other person is in a position to split the bill.

    The thing is in early dating the man is expected to ask and almost always does. I would always offer to pay but if she wants to split I would only let her if I didn't like her. If I liked the lady I would say something like "you can get next time" or "I'll only let you if I'm not going to see you again" so you get the second date ask in there and set the expectation at the same time.

    Online dating is weird anyways. Most of the guys on there are total creeps. If you can convince a woman to go out on a date through the maze of email and bullshit and are normal and well adjusted they will throw themselves at you. I never had a problem paying because I got laid on like half of the first dates and most of the other half was by choice.

  • On 2 Jul 2013 in Cash sitting in my bank, what now, varmint said:

    Take it out in bundles of ones and build a cash fort in your living room.

  • On 2 Jul 2013 in Housing Affordability Index: Still Worthless, varmint said:

    Old original article

  • On 2 Jul 2013 in Creepe-ass cracker, varmint said:

    errc says


    Yes, I find it sickening. The media plays into it as well, getting ACLU types to always speak on Martins side and conservative gun control types on Zimmerman's in the commentary.

    The issue of this case is what constitutes self defense. Pretty clear that Zimmerman tailed the kid, harassed him somehow, was getting his ass beat and then shot him like a little bitch.

    The prosecution screwed this up by going for murder 1. They're never going to get that. Zimmerman will walk and there will be riots. They should have just gone for manslaughter, which they could probably get if they could convince the jury that Martin wasn't the instigator.

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