Anyways, found myself at these boards after troubles and bad mistakes. Filed BK(7) 2001. Tried to get my life together afterwards and rebuild credit. Joined Creditnet 2003 after reading and learning. Starting 2002 I went on the rebuild and learn path disputes and all. Anyways I got my scores to 700's from 400's within 3 years, and learned to stay out of being in debt carrying balances. So I thought wow now is time to buy a house, because I got my credit score up there like I never filed BK b4. I had rented all my life and would have never have ever have qualified for a house. It was amazing FICO is high because my balances are close to zero and FICO loves that. WOW now I have Zero debt and my FICO scores are high. Now its time to buy a house because housing is going up and up and up. This was around 2004 and I was researching and learning and trying to figure out how to get a home with little down to get a home though a mortgage broker with high FICO scores becasuse of no debt. I thought why wait to get a home because your just blowing money on rent and homes are going up and up and up. I have to get approved for a house NOW!!! Anyways I did research and I got lucky by learning the inflation based asset bubbles that were blown up by Japan around 20 years ago. Anyways I got lucky and figured out that it would happen here and it did. Houses are supposed to be 3X income(s). And it was an asset bubble being blown up. The Fed was manipulatiting intrest rates back then. And did so later on to record levels now. 0-.25 is the level now. Wages decoupled with housing prices and it was an asset buuble. Anyways I rented and saved and saved. Now I have 5 digits of money in the bank and still rent. I do not owe and will not owe to these credit cards and will never be a debt slave on credit cards. I would not like to be a debt slave to a mortgare either. Anyways I might be a debt slave to a mortgage someday, after it has come down, but never EVER a debt slave to credit cards. Worst case situation here 15 year fixed with all down payment. Anyways I still expect home prices in most areas to continue to go down. Low income that WAS qualified was already hit the hardest. The low might be in for most areas. I'm expecting the middle class to be the next wave. The subprime mortgaes and ALT-A are going to get killed IMO. I'm expecting lower income that qualified for housing to remain flat and for the middle class to get hit next. 14.5% vacancies already and on top of that at least 10% more behind. That at least 25% of housing already either vacant or behing. WANNA BUY A HOUSE RIGHT NOW?????? I'll wait, any opinions or comments would be great, I haven't posted here in 5 years, just curious on the boards thoughts.
Welcome back J. Vick 71, and congrats on rebounding so well from your previous BK. I would have to agree with you that the housing market hasn't quite bottomed out in many parts of the country. We're in for a whole new wave of foreclosures in 2010, and I don't see a recovery until at least the end of 2011. Of course, if you can land a good deal on a place you plan to live in for the long-run, coupled with the low-interest rate financing available today (under 5% for 15-yr. fixed), it still might not be a bad time to buy.
