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I am a homeowner. Not underwater though. The builder from whom we bought in 2010 (signed contract in dec 2010, pad was built and we closed in april 2011) is selling the identical floor plan for $43,000 more than what we paid. I do believe that price gains have been largely facilitated by drops in interest rates however, but I will take it.

Meat popsicle, checking in.

Home owner now, rented, waited and looked for almost five years before buying.

War says

You forgot the construction biz.

And ducks. There are a couple of ducks here.

Lovers, dreamers, and me

Renter, contributor, and (at times) contrarian.
I like to think that I am reasonable and provide sound advice when warranted.
I also do my best to see both sides of a given topic.

Renter (pre 2001), homeowner, (until 2010), renter again.

Homeowner since 1988 in Los Angeles/Long Beach area; I bought young at 22 and have been through several boom and bust cycles. Therefore, I saw the bubble for what it was, and borrowed conservatively against the house such that I haven't gone upside down as the market tanked.

Houses on my block were selling and refinancing for mad money; the most prodigious (not to mention annoying) two neighbors foreclosed or short sold out last year.

Home Debtor since 2000. Have equity, will travel...

Been interested in the RE market for the last 25 years I always wanted to "buy up" but still in my crummy old home we bought in 1989. I always regretted buying when we did. I guess we are stuck here. Seven years to payoff and the PITI is really low.

Renter and Owner, Frustrated Buyer.

Sold house in UK in 2006, came to work in USA in 2007, rented from 2006 to 2011 when I finally decided to buy. Am not underwater.

Two homes mortgage free, one has a big refrigerator and boiling pot for cannibal anarchy. Temporarily retired, still trying to figure out what I want to be when I grow up. Come here for slumlord advice.

The Professor says

I could have swore we had more realtors on here?

That's just a result of War/Darrell/LiarWatch... accusing everyone of being a realtor who responds to his nonsense.

I first came here in 2008 as a lurking renter who waited out the bubble. I bought this year and I am not underwater. I'd advise readers to ignore the "permabears" who say prices always go down. They are just as bad as those during the bubble who were saying prices always go up.

Renter forever, apparently. Been loitering on patnet since 2007.

The Professor says

I came across Patrick.net when I lost a job in 2011 and wondered why the house we purchased for $375,000 in 2007 had depreciated to $105,000. I am an underwater owner.

And you didn't walk away? Why?

A Commercial RE Appraiser who was castigated for my over-bearish ‘tude during the insane FL boom. A pariah at parties with talk of HELOC orgies when asked my opinion, I came to this site back then seeking reassurance and more ammunition for my bubble arguments.

Also a renter then and now. Was ready to buy in 2004 when I was priced out - or grossed-out by prices.

i’m a cheaper to rent than buy in sf. I will never buy in this town, ever!

Renter... looking to be a homeowner... I have no interest to be a landlord/slumlord... (aka Roberto)

I discovered Patrick from a Person living in a Motorhome.

lisalisa says

I have no interest to be a landlord/slumlord... (aka Roberto)

say it loud and say it proud!

Business Analyst, Business Logic developer and Database designer.

Moved into a house I was renting, until I could buy in 1999. In 2002 I was ready to shop, and saw the bubble was forming, as the prices had climbed on average 50 to 80K on the properties comparable I was shopping in 98-99, and realized that was not healthy inflation. Though I fully expected the market to self correct any day at that point. It was a long 11 year wait.
I finally bought in 2010, am neither under water or have equity.
I as we all, are merely at the fate of Zillow and the Appraisals office.
I like the terms of my mortgage and is still in line with the place I rented for 11 years previously. So at the end of the day my house suits my needs.

I bought for 160K the City says it's down to 119K(=lower taxes ca-ching), while Zillow says it's back up to 158K, and Trulia says my neighborhood is doing better than surrounding neighborhoods, that you would think would sell for more.

But even if the Bubble gets re-inflated, and my house becomes worth $500K. Where in the hell am I going to go? If this place would be worth 500K then I sure as hell wouldn't be able to afford the trade up.

Neither.

Just another frustrated individual who saw stupid excesses killing this nation, and later collapsing our economy. Many saw the housing crash coming, but I don't think anyone understood the magnitude of it.

Very glad to have found patrick.net, it's a treasure trove of information.

FortWayne says

Many saw the housing crash coming, but I don't think anyone understood the magnitude of it.

Oh we understood the magnitude of it. What I never expected was for the free market to be locked away in the London tower while politics played out in the guise to keep things artificially inflated. While our financial elite in this country dibbied up all of the bailout efforts to pad their own finances.

I didn't expect a bailout for the homeowners, I had a friend that assured me the government would never the housing market collapse. I guess he counted on a bailout. But nobody, I mean nobody expected what we got.

CaptainShuddup says

But nobody, I mean nobody expected what we got.

I'm a Real Estate agent, who doesn't currently practice, because the market never hit equilibrium.

I think we have a set of crooks in politics who saw exactly what was going on, and how to milk it.

Private Equity today are buying up foreclosures enmasse, more so than after the Savings, and Loan scandal.

The waters were tested with Japan's lost decade, and the Savings, and Loans. I don't find it a coincidence that George Bush was at the helm, or that Obama kept his cronies.

David Losh says

I think we have a set of crooks in politics who saw exactly what was going on, and how to milk it.

Bankruptcy laws changed, reserves earning interest law that was to take effect was actually sped up by 3 years, banks more than hedging their own actions by betting against them.

They knew not because they were smart, but because of the laws or lack of, allowed the banks to do what they wanted, and the banks came back to put in place laws and payoffs/perks that would deal with the coming fallout.

CaptainShuddup says

Oh we understood the magnitude of it. What I never expected was for the free market to be locked away in the London tower while politics played out in the guise to keep things artificially inflated. While our financial elite in this country dibbied up all of the bailout efforts to pad their own finances.

I didn't expect a bailout for the homeowners, I had a friend that assured me the government would never the housing market collapse. I guess he counted on a bailout. But nobody, I mean nobody expected what we got.

Was a huge eye opener in just who owns the country and how fraudulent our government really gets.

Seemed like everyone in position was stealing from the nation as much as they could get away with. TP uprising was certainly a good shake up in the ranks to stop the bleeding.

Investor, Renter. I'm not buying till interest rates return to normal, which may be a while.

Condo owner. I'm probably one of very few people to purchase their first home for cash; I live in Tokyo and banks generally won't lend to immigrants. I saved up my money diligently for nine years before buying a small condo for about $120k and then paying $30k to renovate it. The value of my condo has dropped by about 30% since I bought it, but since the dollar has tanked, and I've been living rent-free for four years, I'm still in the black in dollar terms.

Renter/owner.

I inherited the property I grew up in that was purchased in ~1959 and paid off in ~1973. Inherited the property tax as well (haha, suckers).

Though I'd still like to buy another place, so I still look from time to time.

Stay-at-home mom. Currently renting... Hoping to own again because I love all the trappings of homeownership. Refuse to do it until either prices or wages change.

In the process of applying to PhD programs in economics. Fingers crossed.

Been interested in the RE market for the last 25 years I always wanted to "buy up" but still in my crummy old home we bought in 1989. I always regretted buying when we did. I guess we are stuck here. Seven years to payoff and the PITI is really low.

Homeowner, Landlord, Realtor, Property Manager, Former Flipper, Former New Home Salesperson

Real estate Broker and Notary. Renter, I sold in 2004 and the ex got the money when we divorced. I've been commenting about the bubble since 2005 at places like the Housing Bubble Blog, Sonoma Housing Bubble, and the Marin bubble blog as well as calculated risk and Naked capitalism. Patrick.net was the first place I found when I googled "Housing Bubble" way back when.

Ex owner sold '97, renter, pensioner waiting for the other shoe to drop, the checks to stop, and the turkeys to come home to roost. Then I buy coastal acreage with cash and grow yams.

robertoaribas says

So far, I've made this bubble my biotch!

Lol. I got out unscathed other than being pretty well unemployed for the last six years. Since I'm not schooled in economics, I was lucky to buy and sell at optimal times.

CrazyMan says

Inherited the property tax as well (haha, suckers).

help us out please. divulge. how much do you pay in property tax?

A bit over $800 a year, but the house is in Santa Cruz not in Campbell.

Don't get mad at me, I was too young to vote when prop 13 was passed :)

Seeing as my income tax alone is over 60K a year (no write-offs, single) I'm going to go with "I pay enough".

hunter gatherer