need feedback on my neighborhood
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need feedback on my neighborhood
Posted by dallastiger55 on 8/4 at 3:58 pm
first let me state that this might sound bad but i honestly want some honest feedback on why this is happening

moved into (what i thought was) nice neighborhood that starts in the low 300s and also has home into the 500s.

ive noticed over the past year or two that its gone downhill and now most people on our street are either white trash, mexican, or ghetto blacks who dont take care of their yard and drive POS cars.

im not saying 350/400k is crazy money but how do you think these people are affording these houses? especially with the limitations on loans nowadays. my neighbor and his wife live in a 400k house and shes a teacher that might make 50k a year and he works at kroger as a bagger. What am i missing here? my wife and i both have good jobs and we dont get it.

we are trying to get out soon



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Posted by lsufanintexas on 8/4 at 4:29 pm to dallastiger55
Welcome to any neighborhood in Texas. We have been here 8 years in our neighborhood and it's gone downhill since that time.

Hell, one dude was driving his car down the street the other day and he had tiny speakers on the OUTSIDE of his car blaring some Chicano music. It was insane.




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Posted by anc on 8/4 at 8:35 pm to dallastiger55
Red White and Blue Neighborhood.

Redneck, White Trash that Act Like Bluebloods.




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Posted by anc on 8/4 at 8:38 pm to dallastiger55
Red White and Blue Neighborhood.

Redneck, White Trash that Act Like Bluebloods.




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Posted by pdubya76 on 8/4 at 8:48 pm to anc



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Posted by EA6B on 8/4 at 8:54 pm to dallastiger55
quote:

my neighbor and his wife live in a 400k house and shes a teacher that might make 50k a year and he works at kroger as a bagger. What am i missing here? my wife and i both have good jobs and we dont get it.


Meth lab!



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Posted by brbowhunter on 8/4 at 10:19 pm to EA6B
drugs brah. your in texas everybody slangs drugs


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Posted by Jake88 on 8/5 at 7:59 am to dallastiger55
Are some of the owners renting through Section 8?


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Posted by LSURussian on 8/5 at 8:03 am to dallastiger55
Soooooo, you're saying your neighborhood started going downhill right after you moved into it..????


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Posted by Salmon on 8/5 at 8:31 am to dallastiger55
Were a lot of these homes foreclosures?


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Posted by LSUGUMBO on 8/5 at 9:47 am to dallastiger55
This is just a guess, but when rates got so low, a $50k/year salary would buy you a whole lot of house. A house in the low 300's on a 30 year note at 3% is only about $1800/month after taxes/insurance, and that's probably on the high side. If the bag boy is making $20K/year, the bank would almost definitely approve them for that loan.

Foreclosure is another good guess.



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Posted by ItNeverRains on 8/5 at 11:28 am to dallastiger55
Why HOA's are a necessary evil.


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Posted by Powerman on 8/5 at 11:41 am to LSUGUMBO
quote:

If the bag boy is making $20K/year, the bank would almost definitely approve them for that loan.


Not quite



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Posted by Paul Allen on 8/5 at 11:43 am to LSUGUMBO
quote:

only about


1,800 isn't cheap for a mortgage IMO, especially one making 50k



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Posted by LSUGUMBO on 8/5 at 11:50 am to Powerman
quote:

quote:
If the bag boy is making $20K/year, the bank would almost definitely approve them for that loan.

Not quite



$9/hr, 40 hours/week, 52 weeks/year = $18,720. Not that far of a stretch.



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Posted by LSUGUMBO on 8/5 at 11:55 am to Paul Allen
quote:

1,800 isn't cheap for a mortgage IMO, especially one making 50k


I don't think it's really that cheap either, but my point is that it's not out of the realm of possibility. If their credit was good, I'm sure that $70K/year would get approved for a $300,000 note, when the rate is 3%- maybe even less if the bank got them in to an ARM. At it's lowest, you could have gotten a 5-1 ARM for under 2.5%. That's under $1200 for P & I, assuming they financed $300K.



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Posted by GaryMyMan on 8/5 at 11:57 am to dallastiger55
I understand that in some cities you don't really have a choice but this is why I will never buy a house in a suburb. Or in a new neighborhood. Once the newness wears off all you're left with is cheap construction and lack of trees. I'd much rather have a renovated smaller house in an old neighborhood that doesn't have high turnover.

This post was edited on 8/5 at 11:58 am

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Posted by fishfighter on 8/5 at 12:06 pm to Jake88
quote:

Are some of the owners renting through Section 8?


This due to the fact banks ate so many loans.



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Posted by dewster on 8/5 at 12:27 pm to GaryMyMan
It being a suburb doesn't have any bearing on that.

A safer investment is established neighborhoods that remain desirable after the newness wears off. That could be in a suburb, in a city....wherever. It also means economic segregation. Few neighborhoods with giant multi family apartments nearby remain viable long term.

I avoid large scale homebuilders because they'll finance anyone to sell a house.....if they do that, the quality of construction doesn't matter. It's going down. Owners who can't sell will rent to subsidized tenants if they have to. This is sort of what happened in Gardere during the oil crunch in the 1980s

I feel bad for people who bought into new developments in 2005-2008 if they are trying to sell now.


This post was edited on 8/5 at 12:36 pm

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Posted by dallastiger55 on 8/5 at 12:43 pm to dewster
quote:

I feel bad for people who bought into new developments in 2005-2008 if they are trying to sell now





FML



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