Open House - Last comments

In response to: Fed rate cut helping few in South Sound

ditto stilllooking. Come on TNT, Just because the markets down doest mean
you guys can go to sleep.

In response to: Fed rate cut helping few in South Sound

Housing starts have hit their lowest point since 1945.
Can't somebody over at TNT make a blog topic out of that? Or out of any one of the
dozens of statistics/stories/issues seemingly falling from the sky right onto their
desks every single day? Has this blog been closed and they just forgot to take it
off their blog index?

In response to: Fed rate cut helping few in South Sound

You know how rich people tell you to get a job and work hard?
In a capitalist economy that helps them to become richer!
Wealth is always about ulterior motives.

In response to: Quadrant's Gig Harbor development halts

2 years from now these places will be a wonderful luxury for squatters (transients).

In response to: Home prices decline in Pierce County, data show

In response to 'broker' - why didn't we just fire our real estate agent? Because my husband was acquainted with him, and my husband's daughter used to date this guy's son. He didn't want there to be any "hard feelings." In retrospect, I should have put my foot down about firing his sorry behind, but I didn't. We won't be using him ever again, however, nor will I recommend him to anyone. On the contrary, I've been telling everyone I know how awful his services were.

In response to: Fed rate cut helping few in South Sound

I refinanced my 20 year loan in 2002, reducing the term to 15 years, and the interest rate to 5.0%. I haven't seen the rates come close to beating that. I need the fixed rate to go down to 4.25% before considering another refinance, and I need flexible terms (less than 10 years). There are no banks or credit unions offering anything enticing as yet. Not even home equity loans.

In response to: North Shore lawsuit seeks $22 million in damages

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In response to: Home prices decline in Pierce County, data show

Comment by goddesslunacy @ 18:36 - Monday, April 7th, 2008 I think the median price will level out around 225k for Pierce.

In response to: Fed rate cut helping few in South Sound

I think it is worth noting that if you have an FHA loan (like I do!) you do not need an appraisal or even especially great credit to refinance to a lower rate and reduce your monthly payment. It is worth it to call and check in with your mortgage banker and get answers for your unique situation.

In response to: Progress is pending

The Esplanade closed on 6 condos so far this week.

In response to: Help available for some Countrywide borrowers

The links don't work. Could you repost them.
Thanks!

In response to: Quadrant's Gig Harbor development halts

I worked for Weyerhaeuser for 20 years. My oh my how that company has fallen. Thanks Rogel!. Hope my retirement checks keep coming.

Nancy MacLeod

In response to: Home prices decline in Pierce County, data show

This may help many of you.

http://www.usatoday.com/money/economy/housing/2008-12-12-homeprices_N.htm

Ray Pepper
Broker
www.500Realty.net

In response to: Quadrant's Gig Harbor development halts

My buyer was the first to close at the Ridge 23 days ago. He was informed 10 days prior of the cessation in the development. My Buyer was given the choice to walk. He decided to continue with the purchase and accepted a further reduction in sales price and 750.00 worth of Good to Go credit. My Buyer liked that he would not have a neighbor for years to come that would be so close. My concern was who would keep up the Park, sign, and grounds. In addition, there would be no guarantee on what the remaining homes would sell for and on the last conversation with Carsten (the on site agent for Quadrant) they were going to use the models as offices for the time being. I have not confirmed this.

I personally love the location. All the Bennett homes behind Target that sit adjacent have become rentals on Craigslist for about 1700.00. Big shock! The homes remain incredibly overpriced and in over 2 years not 1 has sold on last check.

Ray Pepper
Broker
www.500Realty.net

In response to: Home prices decline in Pierce County, data show

Real estate prices were "normative" until 1995. In 2001 before the Greenspan Put they could have been considered "speculatively risky". After 2001 and the trigger of 911 the Bubble was well underway. The Bernanke Bounce did nothing and now we have at least 3-6 years of pullback which will be evidenced by short sales,foreclosures, and deeds in lieu. It will get far worse then even I previously predicted. The Fed pulling out all the stops will be interesting to watch. We are writing history as we speak.

In response to: Home prices decline in Pierce County, data show

Ray, you make it sound like housing prices for the last decade or so were normative, and now they're depressed. In fact, this was a classic speculators' bubble, and housing prices are only now dropping back into the range of sanity. (Folks should read up on the tulip bubble of the 1600s, the telegraph bubble of the 1800s or the alternative fuels bubble of the 2020s - oh wait, that one hasn't happened - yet.) The only thing surprising about the housing bubble is that it lasted so long. I'd have expected the madness to end five years ago.

In response to: Home prices decline in Pierce County, data show

The fact is this. All of our homes will be worth less in 2009 and 2010 then they are today. There is no easy way out of this and as a student of financial history I will be taking notes every step of the way. Watch the employment numbers across the nation for guidance.

All the information is out there for the consumer to understand. We must take the time to educate ourselves and not point fingers at everyone.

The answers are this. Live in it, rent it, or give it back to the banks. Life is far too precious. Don't expect the 4.5% to save our economy and don't let anyone tell you your home will be worth more next year or the year after. Listen to what the CEO's of our Nations top companies are telling us. Skip the Mariel Roubini's of the World who paint a post apocalypse picture. But, be aware the U.S. is in uncharted waters and the "rules of the game" have changed significantly.

As expected all the Bennett homes behind Target are now rentals per CraigsList. They should have done this 1.5 years ago. Foreclosures in the Harbor will escalate in 2009 and 2010 and I do suggest there will be GEMS worth fetching. But, take your time. There is no rush. Time is on the side of the Buyer for many years to come.

Ray Pepper
Broker
www.500Realty.net

In response to: Home prices decline in Pierce County, data show

I just wish property taxes would go down as well. If my house has lost so much value, why isn't the state rescinding the $1500 they added to my taxes last year? (Yes, that's a rhetorical question. I know the answer: They're greedy, power-mad, parasitic b*st*rds.) If my houses gains or loses 25% - 30% of its value I don't care. I bought it as a residence, not an "investment". But property taxes do directly affect me and they are at obscenely high levels. I'd imagine that by the time I retire I'll be paying the state more than my mortgage payment is now, just for the privilege of staying in the home I supposedly own.

In response to: Home prices decline in Pierce County, data show

AWESOME!!!!!
After selling enough land to residential developers/builders for over 800 new homes during the last five years, I was appalled at the escalation of vacant land and new home prices (ie: $50,000 per acre escalated up to $250,000 per acre). At the same time, buyers were getting smaller lots and tighter homes and higher prices. Crazy! Did wise businesspeople expect anything else to happen??
Of course not! Most of my developers made sure to sell off most of their lots before the slowdown.
Now, finally, the market is correcting itself and the average homebuyer will once again be able to buy a home and put food on the table for their greatest asset. Their children. Merry Christmas to all.
Sincerely, Larry Tutino
mtrainierproperties@gmail.com

In response to: Home prices decline in Pierce County, data show

anniebryce; Why didn't you fire the person?