Dow down 300 today
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    Dow down 300 today

    That sucker has been see-sawing recently.

    Oh no, here we go

    CNNMoney.com Market Report - Jul. 26, 2007


    'tiny little text etched into her neck it said "jesus lived and died for all your sins." she's got blue black ink and it's scratched into her lower back. it said: "damn right i'll rise again." yeah, damn right you'll rise again.'

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    Re: Dow down 300 today

    Housing bubble bursting is catching up with the main market. Should be a fun few months! My company went public last week, pretty good timinig before all this started.


    They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin 1775

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    Re: Dow down 300 today

    so when would be the best time to BUY BUY BUY????

    I've been holding onto my money the last few months instead of dumping in it at a steady rate because it just felt like the market was to high....so when will it be at its low again?



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    Re: Dow down 300 today

    Quote Originally Posted by crash_zone View Post
    so when would be the best time to BUY BUY BUY????

    I've been holding onto my money the last few months instead of dumping in it at a steady rate because it just felt like the market was to high....so when will it be at its low again?

    Lotsa room to go down, remember the market is up what 30% over the past 2 years. It is all cyclical.


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    Re: Dow down 300 today

    If you're in it for the long haul then there is no better time than now. No one can predict these things. If you're out of the market on just the real bad days there is a good chance that you'll miss the real big ones also. The big ones seem to happen together.

    If it's a lot of money you could dollar cost average your way in.


    I'm probably not the best person for advice because the only individual stock I currently own is with the company I work where I get a nice discount that makes it hard to ever lose money.

    The rest of my money is in 401K/Roth IRA and there I am well diversified.



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    Re: Dow down 300 today

    Ahhh...when to buy and sell.

    I recall the days when I worked for an insurance company that sold variable life. We'd have clients calling in paniced, moving their money from one fund that was going down to another - that was doing well. Then a few months later, that one would suffer and they'd move it again.

    Buy high, sell low. Lock in that loss. More people do that on a daily basis than ya think.



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    Re: Dow down 300 today

    Maybe this deserves another thread, but I'm curious to hear thoughts on the housing market. Of course no one knows for sure, but I am about 2-3 years from a 20% down-payment and curious to know if people think it'll still be a buyers market or if jumping the gun with a lower down-payment (and a lower interest rate) will be better in the long run. You can put on the Miss Cleo hat if you want...

    So I can add something to the original discussion, I've got a lot of my money in CD's and savings. No mutual funds yet, but perhaps soon. And the 401k accumulating rather slowly, as I am saving more for the house.



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    Re: Dow down 300 today

    If you can afford it, buy now, you will waste so much money on rent in the next 2-3 years it's mindblowing.




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    Re: Dow down 300 today

    Quote Originally Posted by thakeepa14 View Post
    Maybe this deserves another thread, but I'm curious to hear thoughts on the housing market. Of course no one knows for sure, but I am about 2-3 years from a 20% down-payment and curious to know if people think it'll still be a buyers market or if jumping the gun with a lower down-payment (and a lower interest rate) will be better in the long run. You can put on the Miss Cleo hat if you want...

    So I can add something to the original discussion, I've got a lot of my money in CD's and savings. No mutual funds yet, but perhaps soon. And the 401k accumulating rather slowly, as I am saving more for the house.

    I was in the mortgage business (IT side) for a few years during the boom and everyone that I talked to could see this coming. I think a lot depends on where you plan on buying. The midwest doesn't fluctuate a lot like other areas so you just see modest gains/loses. It's kind of like buying a blue chip stock. You're not going to be able to brag to your friends that you had a 50% gain in value over 2 years but you won't see the other end either.

    I wouldn't be scared to buy a house right now. I would buy a house where I could comfortably afford a 15 year fixed rate mortgage. If you don't have the 20% than get an 80/10/10 or some special loan like that so that you don;t pay PMI. Make sure both loans are locked though.

    I would buy the cheapest house in the nicest neighborhood I could afford instead of the reverse. It's better to have neighbors with 500K houses when yours is only 300K rather than buying a 300K house that sits next door to a trailer park.



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    Re: Dow down 300 today

    Quote Originally Posted by BryceC View Post
    If you can afford it, buy now, you will waste so much money on rent in the next 2-3 years it's mindblowing.
    Agreed. I'm not sure it's ever a bad time to buy a house when getting out of renting.

    Add up all the money you'll put toward rent over the next 2-3 years. Look at that figure. Now envision that amount in cash sitting in front of you - then someone sets it on fire.

    A bit extreme, yet if you can afford to do it now - IMO - there is no sense in waiting. Especially when prices are being driven down by the market. Rates aren't fantastic, yet they're definitely not bad either.

    Quote Originally Posted by dmclone View Post
    I would buy the cheapest house in the nicest neighborhood I could afford instead of the reverse. It's better to have neighbors with 500K houses when yours is only 300K rather than buying a 300K house that sits next door to a trailer park.
    We did this exact thing - built a nice house in a very nice neighborhood. We're the smallest house in our area. Plus, we're across the street from where the Home Expo was this year. If building this house isn't the best investment we've ever made so far (and may ever make in our lives), I'll be shocked.


    Last edited by ISUFan22; 07-26-2007 at 03:41 PM.

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    Re: Dow down 300 today

    Thanks everybody. The "if you can afford it" is the real question. I'm looking to buy in a very expensive part of the Twin Cities. I'm currently renting in the same area, but my rent is pretty cheap compared to everything else around (and luckily a somewhat nice place too). The area has gotten much nicer over the last 30 years and will continue to become better and better, thus probably the perfect area to buy in. I've done some preliminary mortgage calc's and remain very torn on when to make the jump...



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    Re: Dow down 300 today

    Quote Originally Posted by BryceC View Post
    If you can afford it, buy now, you will waste so much money on rent in the next 2-3 years it's mindblowing.
    I agree, interest rates are still pretty darn low. 30yr fixed is 6.3% right now, that is still pretty low. Just stay away from those ARM's and Negative Ammoritization loans.

    Of course too many morons have those types of fishy loans, and are going to start taking a bath soon. I know one of my neighbors was complaining his house payment was going from $900/mo -> $1700/mo a few months ago. He just put a for sale sign on his house, and is moving to an apartment. Might be a good time to start finding those types of people and capitilize on their stupidity.


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    Re: Dow down 300 today

    Also, from what I heard about PMI the only way to avoid it without getting an "unlocked" rate was usually paying 20% up front.

    If I buy in this area (which is not a suburb but not downtown either), there'd be lots of several million dollar houses within 10 blocks......so living next to a trailer park is not a worry.



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    Re: Dow down 300 today

    Also, from what I heard about PMI the only way to avoid it without getting an "unlocked" rate was usually paying 20% up front.
    That's not true - My wife and I bought a house for 0% down, we just had to take out a second mortgage used as a downpayment. The downside to that is that your 2nd's generally get a worse interest rate and your monthly payments are significantly higher because you're paying a 2nd as well. Basically you just have to pay off that bad boy asap.

    But still, we were paying 900 a month in rent so over 2 years that's 21,600. That's more than our downpayment. I'd rather take a few years out of a mortgage payment and build up some equity over waiting.

    However, your situation is different in the Cities. Hella expensive up there.




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    Re: Dow down 300 today

    Bryce is right - no reason to pay PMI anymore with the 80/20 "option".



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