An average nice 3 BR 2 BA or 2 BR with a finished basement around here is like 300k. I live in the richer area of New York (around Westchester county where the fucking Clintons now live). I'm thinking about going to grad school north of me 2 hours in Albany. I am kinda thinking about moving up around there as decent homes sell for appx 150k, but then I probably wouldn't see my friends, would have to find a new job etc. Is it worth it?

An average nice 3 BR 2 BA or 2 BR with a finished basement around here is like 300k. I live in the richer area of New York (around Westchester county where the fucking Clintons now live). I'm thinking about going to grad school north of me 2 hours in Albany. I am kinda thinking about moving up around there as decent homes sell for appx 150k, but then I probably wouldn't see my friends, would have to find a new job etc. Is it worth it?
I think most everyone I've met from NY has been under the impression they're highly intelligent in all areas. 99% of the time real estate is going to go up. If you choose to spend your life there, get your high-paying 401k, retirement plans, etc that are centered around the high cost of living there. Then, after you retire, move somewhere that the cost of living is significantly cheaper, sell your property for much more than you paid, save the years of having to pay rent which yields no return, and enjoy the ballin' life. This areas lake property is quickly become new jerseys/nyc's retirement center.

P.S. "stop crying," :) and please, stay away from grad school. The possibility of you potentially being involved with medicine or law scares me.

I actually do study law.

Be afraid...be very afraid.

And I also can't afford a 300k Mortgage. In effect I would need to have 100k income or have a 50k income and a spouse or cosigner with 50k income.

Why not go work for Jim "The Hammer" Shapiro or some other ambulance chaser? Isn't that what most American lawyers do?

I don't want to be a lawyer lol.

I thought you wanted to become a cop?

State Trooper, Probation Officer, Fed Agent.

Something along those lines.

Then why go to grad school?

Bachelors grow on trees nowadays. The FBI is Bachelor minimum Masters preferred.

30 years, then you retire...

Eh. I found a nice foreclosuer for 166k. Hope it pans out.

This really isn't a great time to be buying a house. Bernanke is supposedly speaking tomorrow about the federal reserve's response to the shitty market conditions. I would wait and see what happens, seeing as how there are a lot of mortgage lenders in a bad spot right now, rates aren't that great, and the economy is pretty rough.

You'd think with mortgage lenders in a bad spot, there'd be record foreclosures and cheap properties

This really isn't a great time to be buying a house. Bernanke is supposedly speaking tomorrow about the federal reserve's response to the shitty market conditions. I would wait and see what happens, seeing as how there are a lot of mortgage lenders in a bad spot right now, rates aren't that great, and the economy is pretty rough.
I don't agree with the last part.

Don't buy yet, Wait until Q3 has ended in October. All the Big money folks will be wanting to dump this years losers..........REITs

Houses will drop dramatically and in February there will be a shit load of houses.

As far as housing costs??? We are trying to see if we could stretch and get a $700K home. OP mentions Nice homes for $150!!! What is that? $1000 dollar per month payment?? I'd jump all over that.

Now to the last part...

Interest rates at 5.8% is a good rate.

Lenders are still lending, just not risky mortgages anymore. 30 year Fixed are available

And where do you get the idea that the economy is anything but booming right now?? The Stock Market?? The Market is not now nor ever will be an indicator of how well the economy is doing.

I don't agree with the last part.

Don't buy yet, Wait until Q3 has ended in October. All the Big money folks will be wanting to dump this years losers..........REITs

Houses will drop dramatically and in February there will be a shit load of houses.

As far as housing costs??? We are trying to see if we could stretch and get a $700K home. OP mentions Nice homes for $150!!! What is that? $1000 dollar per month payment?? I'd jump all over that.

Now to the last part...

Interest rates at 5.8% is a good rate.

Lenders are still lending, just not risky mortgages anymore. 30 year Fixed are available

And where do you get the idea that the economy is anything but booming right now?? The Stock Market?? The Market is not now nor ever will be an indicator of how well the economy is doing.

word

150k in Albany NY...not really a desireable area. The house I am looking at lists at 316k but is foreclosing for 166k.

And where do you get the idea that the economy is anything but booming right now?? The Stock Market?? The Market is not now nor ever will be an indicator of how well the economy is doing.


Or maybe because there has been talk of a possible recession. I don't think that the subprime problems have spread to the rest of the housing or debt markets as of yet, but would not be surprised if it did. Freddie Mac just posted a 45% drop in second quarter NI. Citigroup is laying off a shitload of people. The Fed is about to intervene in this whole issue, because it's a serious problem. If you think the economy is "booming" right now you are sadly mistaken.

I don't have to think the economy is Booming. The facts and figures (suppressed by the mainstream media) tell me and anyone else willing to listen that the Economy is booming.

What I "think" is irrelevant.

Well, I will take the word of my analyst friends. Plus, I don't think the mainstream media is claiming that the economy is booming at the moment. The WSJ has been talking about a possible consumer driven recession for over a week now.

And you are right, the stock market is not the key indicator of economic health. However, it does heavily influence consumer behavior. The credit market is not nearly as liquid as it has been, and the market has been seriously struggling. In other words, people aren't paying off their shit as quickly as they used to, and hanging on to as much cash as they can. Weak market condition strike fear into the average investor and consumer, causing them to back out and hold on to excess cash rather than invest it. The smart move is to invest when you don't think the market could get any worse (like, right now). There are a lot of blue chip stocks and large cap funds that are wayyyyy undervalued at the moment, and can be had for very cheap.

Either way, things aren't looking great. We will see what the Fed decides to do about it.

^^always about you......

My 6 year old and my 4 year old are always competing for My attention,,,,,Look at me Daddy, No Look at me daddy

I'm starting to see a trend here. But they have an excuse.

I don't have to think the economy is Booming. The facts and figures (suppressed by the mainstream media) tell me and anyone else willing to listen that the Economy is booming.

What I "think" is irrelevant.

Relative to the global economy, the US economy was weak in 2006 and unemployment has risen in 2007. The foreclosures and stock losses won't help.

It's nowhere near doom and gloom, but "booming" is a bit of a misnomer.