Los Angeles

[Adam Bray-Ali]

@ykovelman - I'd be interested to hear why you didn't decide to buy in December 2007.  Was it because you felt that the prices were too high or something else? 

[ykovelman]

@AdamBray - Adam typically I would say, is this a serious question?, however I would be happy to point you to the following thread on Trulia, if you have the patience to read it, you will have all the answers to your question.

http://www.trulia.com/voices/Market_Conditions/What_is_it_with_Buyers_dragging_their_feet_in_this-18...

[dolorio]

By alexig : I know the person who wrote the post is smart and realistic  it is obvious that he is a home owner or one that can be.

I agree that many people got into loans they shouldn't have.  l suffer from it because I took out loans to keep up with the Jonses. I took out loans to pay off my credit cards and make upgrades.  Now I am paying the price.

My credit score is at the 800 level and I can afford payments for a $600,000 loan but the loan issuers are so tight that they need my first loan to be paid for and will only allow a loan of $390,000 (hence my house is not worth the actual price I have in my brain). The lenders are telling me my house was never worth the amount I had in my shallow brain.  If wanting to have a better home for my family is greedy then I guess I am a poor excuse of a human being and should reconsider leading a better example for my children.  I am showing my kids that money and greed is the power to create an idiot!...I know now based on my great credit score that the reality is I am neagtive 390,000 out and the creditors will never loan me money knowing this....

[Adam Bray-Ali]

@ykovelman - I know plenty about the housing downturn but I wonder what made you step back and decide it wasn't the right time for you personally.  Are you YEV on that site?

[ykovelman]

@Adam, yes I am Yev on that site.  

[gree3616]

Michael,

Greed is purchasing a home with a 'No Doc', Interest Only loan, with no money down and knowing that you can't afford the payments once the loan re-sets.  As much as I blame the banks for this crisis, I hold the Real Estate industry equally responsible as your group was actively pushing and lobbying for this type of irresponsible lending (not to mention the BS appraisals your group made happen).

Are you going to tell me that you didn't go along with this type of behavior during the 'boom'?  I am sure you sold lots of homes to people during that time that you knew wouldn't be able to afford them over the long-term.

Sorry buddy.....you were just as much of the problem as the banks and you continue singing the same song.  When will you learn????!!!!!!

[Adam Bray-Ali]

@Ykovelman - Are you thinking that now is the time for you to buy a home for your family? Based on the note in the trulia discussion it seems as if you are waiting for pricing to be at or below 2001 prices and that rent rates/mortgage costs are in line with each other. This has happened in some areas of the city already.