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Stats: foreclosures will continue regardless who wins W... - 7/5/2008 12:21:30 PM   
cyberdude611


Posts: 2596
Joined: 5/7/2006
Status: offline 		Not much will change in the real estate market no matter who is elected. Statistics show that foreclosures will continue to rise throughout 2009 and home values will continue their downward trend. Some say the bottom may hit sometime late in 2009 or early 2010 when the last wave of sub-prime mortgages signed in 2006 are set to reset. But it can take years after that before the market begins making a recovery.

Analysts say that McCain and Obama's plans to curb the housing crisis is unlikely to work since many lenders would have to agree to take on substancial losses. Even if successful, their plans would only help about a half-million homeowners at most. Bailing out barrowers or lenders are unlikely to have much effect on the market. The only way to fix the crisis is if home values begin to rise again and people start buying houses again.

Many of the factors that influence the mortage market is out of the government's hands. Within the next year, the Federal Reserve said they will begin raising interest rates to stop the decline of the dollar and fight off inflation. This may be good for the economy as a whole, but people who have sub-prime mortages will experience higher monthly payments.

The only major difference either president can make is perhaps call for more legislation or tougher regulation of the mortgage industry to prevent the current crisis from happening again in the future.

http://news.yahoo.com/s/ap/20080705/ap_on_el_pr/candidates_housing_help
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RE: Stats: foreclosures will continue regardless who wi... - 7/5/2008 12:43:58 PM   
DomAviator


Posts: 1253
Joined: 4/22/2008
Status: offline 		Yeah its not really an issue that will be affected by the White House... Most of these foreclosures are the result of poor money management / trying to live above ones means / trying to elevate ones living statuse without a corresponding increase in income.

This may seem harsh but not everyone should be a home owner, and not everyone should be in the neighborhood that they bought in. We had a family in my neighborhoold lose their home to foreclosure and to be blunt - they didnt belong here. Between the two of them, they had a combined household income of less than 60K... That doesnt make them bad people, but they would have been better off buying a small older home in Pasadena with payments they can afford then buying a big ol brand spanking new 4000 sq ft + home on the bay that they lost to the bank within six months.

The govt cant legislate individual financial responsibility and purchases should be tempered with common sense.  Sure everyone wants the big yard and good schools etc... But, the American dream is a goal to be attained not an instant gratification thing... Better to live wthin your means and work up, than to leap into what you cant afford, be bankrupted by it, ruin your credit, and then be out on your ass barely able to get into an apartment because you have nothing left and bad credit. Their six months of living here, probably set them back financially for the next 10 years....

No President can cure the stupidity of over eager citizens.

(in reply to cyberdude611)
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RE: Stats: foreclosures will continue regardless who wi... - 7/5/2008 6:18:09 PM   
NumberSix


Posts: 1378
Joined: 12/30/2006
Status: offline
quote:

ORIGINAL: DomAviator

Yeah its not really an issue that will be affected by the White House... Most of these foreclosures are the result of poor money management / trying to live above ones means / trying to elevate ones living statuse without a corresponding increase in income.

This may seem harsh but not everyone should be a home owner, and not everyone should be in the neighborhood that they bought in. We had a family in my neighborhoold lose their home to foreclosure and to be blunt - they didnt belong here. Between the two of them, they had a combined household income of less than 60K... That doesnt make them bad people, but they would have been better off buying a small older home in Pasadena with payments they can afford then buying a big ol brand spanking new 4000 sq ft + home on the bay that they lost to the bank within six months.

The govt cant legislate individual financial responsibility and purchases should be tempered with common sense.  Sure everyone wants the big yard and good schools etc... But, the American dream is a goal to be attained not an instant gratification thing... Better to live wthin your means and work up, than to leap into what you cant afford, be bankrupted by it, ruin your credit, and then be out on your ass barely able to get into an apartment because you have nothing left and bad credit. Their six months of living here, probably set them back financially for the next 10 years....

No President can cure the stupidity of over eager citizens.


no matter what our vituperative disagreements, I wholly support every fucking thing you said here.

Ron

_____________________________

"Who are you?"
"The new Number Two."
"Who is Number One?"
"You are Number Six.".
"I am not a number — I am a free man!"

Be seeing you...

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RE: Stats: foreclosures will continue regardless who wi... - 7/5/2008 9:00:33 PM   
Owner59


Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
Status: offline 		  Yeah,Bush fiscal and regulatory policy had nothing at all to do with this mess.Nothing at all.....     

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RE: Stats: foreclosures will continue regardless who wi... - 7/5/2008 9:22:11 PM   
DomAviator


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quote:

ORIGINAL: Owner59

Yeah,Bush fiscal and regulatory policy had nothing at all to do with this mess.Nothing at all.....     


No, he doesnt. Bush is not a realtor. He is not a mortgage lender. He is not sending the secret service around to make people buy houses they cant afford at gun point is he? The ONLY reason a house gets foreclosed on is because someone isnt making the payments. Don't buy what you cant afford.

I have a very nice home, two years old, on the bay.... Im not going to say what it cost me lest I be accused of bragging. I will say it is pricey by Houston standards but within my means... HOWEVER, If I went over to Clear Lake Shores or Brittany Bay I could get a much nicer house on the bay for 1.2 million and up... That house would be absolutely lovely - until the Sherrif carried all my shit to the curb after the foreclosure or tax sale.

Bush didnt make the wise financial decision to buy what I could afford rather than what I dream of. Conversely Bush didnt make the couple with a combined income of less than $60K buy a house on my street. Had they bought what they could afford, they would still be living in it rather than financially ruined. Its nice to have dreams but you need to crunch the numbers and see if those dreams are attainable.

A rule of thumb used in real estate is that you should spend no more than 1/3 of your income on housing. For the $60,000 family this means no more than $20,000 a year meaning $1667 a month. I guaranfucktee you that they were dipping into savings from the day they closed till the day their asses were put out by the bank. Hello, I am on the bay, in a hurricane area, my insurance premium is best described as "anal rape" and let me tell ya, they are lubing with Vicks not Vaseline!

Had they bought in Pasadena they could have bought a house that would have run them about $700 a month on mortgage, taxes, and insurance.  That would have left them with almost $900 a month to bank for a rainy day.

It is not Bush's fault if people do stupid financial things... Bush has a country to run, he isnt getting involved in individual real estate transactions on Galveston Bay...  

(in reply to Owner59)
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RE: Stats: foreclosures will continue regardless who wi... - 7/5/2008 9:35:16 PM   
Owner59


Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
Status: offline 		  Just who then,allowed mortgage companies and lenders to lend money with no income verification,no bank account check,no credit check,zero down,no documentation ,no nothing but a warm body?

It wasn`t joe sixpack or the slob who lent him the money down at the corner bank.

The fish rots from the head.

I`ll wait while you try to pin this on Clinton.


< Message edited by Owner59 -- 7/5/2008 9:36:23 PM >

(in reply to DomAviator)
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RE: Stats: foreclosures will continue regardless who wi... - 7/5/2008 10:43:22 PM   
DomAviator


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Joined: 4/22/2008
Status: offline
quote:

ORIGINAL: Owner59

Just who then,allowed mortgage companies and lenders to lend money with no income verification,no bank account check,no credit check,zero down,no documentation ,no nothing but a warm body?

It wasn`t joe sixpack or the slob who lent him the money down at the corner bank.

The fish rots from the head.

I`ll wait while you try to pin this on Clinton.



That regrettably is a penalty of "free trade" and greed. Its greedy stupid bankers who employ greedier stupider underwriters.... What do you propose that there be rules saying who can get a mortgage? That you need some type of govt financial audit to be eligible to buy a home? A three day waiting period and background check through the National Mortgage Approval Clearinghouse?

Certain financial institutions got greedy and decided to start making bad loans. Thats not an issue for any president be it Bush, Clinton, or George Washington. A bad business decision is a bad business decision. My ex-gf is beyond gorgeous but dumb as a fucking post. If I decide to hire her as directror of operations at my business because shes got a nice ass, whose fault is it when I go tits up? The presidents? No, mine cause Im thinking with my cock instead of my brain. Same deal for the mortgage lenders they hire greedy little underwriters who cant get enough paper pushed through, then they take it in the ass when the checks dont come in for those loans.

I will say however, that a PART of the problem is the Fair Housing Act. That prohibited realtors from "steering" ie directing people to specific neighborhoods. Before that the realtors could say "nope you would be better off in Pasadena" but now by god if the buyers want to go to Clear Lake Shores you take them to Clear Lake Shores because its a federal violation to steer them elsewhere or to come right out and tell them - "Listen dipshit, you work in Walmart and she is a daycare worker. You are out of your league and cant afford to live there" As a result Bud and Sissy, and Juan and Lupe, and Tyrone and Cheneiaqia are being shown homes they cant afford and some greedy cocksucker at the bank is pushing the paper through so that he can win the trip to sandals by writing $20,000,000 this quarter. I would rewrite the laws against steering, so that realtors can point people where they belong rather than where they think they want to be.

What needs to be changed needs to come from the legislative branch in the form of allowing steering based on income and social class. Keep the other protected categories, but allow the realtors to steer people based on what they can afford and where thery belong. Then the rest has to come from corporate america... Dont offer bail outs, let the lenders who made the bad paper go under in a market shakeout. That will give them an incentive to manage correctly and to fire those who approve bad deals.

Anyone can make a bad loan. I KNOW that if I give my cousin Karen and her deadbeat husband $500 Im out of that money forever, which is why I say "No". Thats a word that mortgage lenders need to learn. The lending situation is insane and its banker greed nothing more. Heres a great example - I recently opened a personal checking account at a particular bank with offices throughout the western states. That account exists for a specific purpose which I wont get into because its complex and sneaky, albeit entirely legal, but its never going to be "important" to me. Its basically a place to put penny ante little sums of money that nobody need know about and I dont envision it ever having more than $2000 in there. The current balance on that account is $10. TEN FUCKING DOLLARS. I am a depositor with an account I opened online and I have $10 in my checking and $5 in my savings... Well fuck me if I did get an letter from them informing me that I have a $1,000 overdraft line available on that account. They give me a $1,000 overdraft line when I have a total banking relationship with them of $15 ????? WTF??? Thats corporate greed not Bush.



(in reply to Owner59)
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RE: Stats: foreclosures will continue regardless who wi... - 7/5/2008 10:59:15 PM   
Termyn8or


Posts: 18681
Joined: 11/12/2005
Status: offline 		And you don't smell anything ?

Banks created the bubble, and supported the bubble. And believe it or not, in the end they will profit from this.

But people are still the main problem. There is a sucker born every minute.

Now I got this broad, gonna buy a house, makes about $400 a week, and that is pretty much her cieling. Gotta have the hundred and whatever grand house, but she has a hefty downstroke from a divorce settlement. Consider it gone.

She is as dumb as the usual crowd. DA can tell you, step up here, how many square feet is your house ? Now theoretically put that house in Ohio and just take a flying guess at what it would cost to heat up here.

She doesn't realize, where she is now you can walk to the store, move to the outlying burbs and a trip like that is five bucks in gas. But that is only gasoline. I have a modest house that is not very big, and I have been confronted with $400 gas bills. She wants to remodel right away. Now you got a hundred and fifty grand house, a new car payment (she does) and about fifty Gs in the bank. What in the fuck are you going to do with that ?

If she puts the whole fifty down so that she can JUST BARELY afford the payment, then all the remodeling goes on the credit cards. I tried to talk to her, there is no more talking. I told her she has no kids, and people with tend to move out of Cleveland proper for better schools, which depresses house values here, but I am enjoying the fuck out of it. She wants to live in an outlying suburb, but has no legit reason. It is her "dream" and I can tell you that it is not within her means.

But her beau is going to pay half. This guy is thousands behind on his rent right now and can't seem to make over ten bucks an hour. Where the fuck is all this money going to come from ? Four hundred a week, minus taxes, minus a hundred for child support and he's going to split a seven hundred buck a month house payment, and about that for heating half the year, and half of everything else including cable TV no fucking doubt.

I give it six months. But they are not stupid. I told them all this and they ignored it, so let's not insult stupid people, they are IGNORANT. For that there is no cure.

These are friends and there is no way that I will allow myself to give a fuck, so how much do you think I care about the rest of the people ? All I need to do is avoid financial entanglements with them and everything will be fine. I will give them a ride to the homeless shelter next year.

T

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RE: Stats: foreclosures will continue regardless who wi... - 7/6/2008 12:01:49 AM   
DomAviator


Posts: 1253
Joined: 4/22/2008
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quote:

ORIGINAL: Termyn8or
She is as dumb as the usual crowd. DA can tell you, step up here, how many square feet is your house ? Now theoretically put that house in Ohio and just take a flying guess at what it would cost to heat up here.


My house is 4,682 square feet per the plan. It is basically this one http://www.tri-steel.com/Buyer/Floorplan.asp?id=977  although I have made some changes to the interior layout because of the flexibility afforded by the steel construction allowing open floor plans. For example I added another 3/4 bath (toilet, shower, sink) accessible from outside so that people dont have to trek through the house dripping with pool water or sand / saltwater to take a piss or change in or out of a bathing suit...  I also added a solarium off the master bedroom, and some other changes... The sealed plans filed for the permit said 4682 but its probably a little over that because of post permit change orders and non permit requiring modifications. (Like the solarium went on the pool permit.)

It is insulated to R-30 in the walls, and my electric bill is still $500 - $600 a month - although some of that is undoubtedly my waterbed, the pool filter, hot tub heater, landscape lighting, etc and not just the central air. I have no idea what it would cost to heat in Ohio, I dont even want to imagine. LOL

However, my house is fairly typical for this neighborhood, it is completely unremarkable "just another house" not the biggest nor the smallest. So look at the link and you tell me - what kind of a fucking jerkoff gave a mortgage for something like that to a family with a household income of $60,000? On the bay, in hurricane country no less... I feel sorry for the family that lost the home, but it was predictable to everyone but them and their lender... 


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RE: Stats: foreclosures will continue regardless who wi... - 7/6/2008 5:42:05 AM   
meatcleaver


Posts: 9030
Joined: 3/13/2006
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quote:

ORIGINAL: DomAviator

Yeah its not really an issue that will be affected by the White House... Most of these foreclosures are the result of poor money management / trying to live above ones means / trying to elevate ones living statuse without a corresponding increase in income.



Actually most of the foreclosures are down to lack of regulation in the financial services market and confidence tricksters getting people to sign for mortgages they couldn't afford. The mortgage salesmen get their bonus and slowly added to the forthcoming financial crisis down the road that will effect everyone.

One of the other major things that has led to the financial crisis was hedge funds selling on bad debt as AAA debt which the equivalent in any other market but the financial would be a criminal offence.

Everyone is suffering for the lack of regulation in the market which allows snake oil salesmen off loading bad financial packages in order to make a quick profit. The Whitehouse and the Senate are to blame. I bet there are a lot of people in those two places have made a financial killing and are sitting pretty on their profits while everyone else is now suffering.

_____________________________

There are fascists who consider themselves humanitarians, like cannibals on a health kick, eating only vegetarians.

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RE: Stats: foreclosures will continue regardless who wi... - 7/6/2008 6:33:42 AM   
camille65


Posts: 5746
Joined: 7/11/2007
From: Austin Texas
Status: offline 		I have 4 foreclosures within 2 miles of my house which totally sucks. I'm trying to sell my home but having so many foreclosures makes a huge negative impact on things.

I am in the very beginning stages of discussing the possibilities of a LC with an interested party and damn I hope it works out.


_____________________________


~Love your life! (It is the only one you'll get).




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RE: Stats: foreclosures will continue regardless who wi... - 7/6/2008 7:03:27 AM   
kiwisub12


Posts: 4742
Joined: 1/11/2006
Status: offline 		Greedy people plus stupid people = disaster.

and quite honestly i have a modest house in a modest neighbourhood, because that is what i can afford on the salary i currently make. Will my salary go up? Probably, but i wasn't willing to bet my major asset on it. Therefore i bet what i could afford right then and there.

Do i think the government should bail anyone out of this mess? No - why should the government reward people for their stupidity. I don't see why i have to finance someone elses stupid/greedy/unrealistic decision. I already pay enough to get stupid people by in life, i don't see that i should have to pay out more for the same thing.

(in reply to camille65)
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RE: Stats: foreclosures will continue regardless who wi... - 7/6/2008 8:02:40 AM   
Owner59


Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
Status: offline 		 

This is another way of saying that Bush and the neo-cons have fucked things up so fucking bad,that it will take years and years to recover from.

This is what you get when incompetence,hires his collage roommate to run our government,incompetently.



Does anyone (besides bushies)believe that if Robert Rubin were Treasury Secretary,we`d be in this mess,and so deep,so far gone,so FUBR? Problem is that things have gotten so out of hand and for way,way ,way to long that if the government doesn`t do a bail-out,it could destroy the economy completely and send us into a tail-spin of economic depression and stagnation.

I don`t think folks realize the extent of the problem or the numbers involved.

I heard one mortgage broker interviewed on NPR say that over 30 trillion dollars will have to be written off by the time this crisis is over.That`s over 30 trillion bucks,poof gone!

That`s going to come out of people`s hides.Yours and mine.A loss like that can`t go un-felt by the economy as a whole.

We are not even a 1/4 way through this yet.Bush started us on this roller-coaster ride and it`s going to take a long long time to stop this train wreck.

If you think you`ll be unaffected,think again.Folks that pay their mortgage on time who have good credit and jobs will lose equity(another few trillion sucked out of the system) in their properties.And it isn`t just an adjustment(as bushies claim),it`s a true loss of capital and value.

If there is more that one home in your hood that`s in foreclosure,it affects the value of all the other homes there.And makes it harder for good folks to sell their homes, if not impossible.It`s a negitive trend.

So count on the 'gobment' to do a bailout.Just like w/ Morgan Stanley,the extent and depth of the problem so huge,that they literally can`t let the mortgages fail in mass.

I heard one Wall Street analyst say that if the government let Morgan Stanley fail,it could have lead to a string of financial houses failing and a "bank run".

http://www.marketwatch.com/news/story/fed-acts-sunday-prevent-global/story.aspx?guid=%7B43265631-1656-4697-8377-55F05D859B76%7D

The neo-cons/republicans, who otherwise preach a "hands off" approach when it comes to government and business,did a major flip-flop and approved the bail-out(by a Chinese bank on less!).Bush would rather throw his principles under the bus,then let a run on the banks occur on their watch.
       

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3076045.ece

Morgan Stanley became the latest bank to announce a bailout from a foreign government as the Wall Street firm reported the first quarterly loss in its 73-year history yesterday after taking writedowns of $9.4 billion (£4.7 billion) on mortgage-related investments.

The writedowns, which took Morgan Stanley to a $3.56 billion fourth-quarter loss, were so severe that the bank was forced to agree a $5 billion cash injection from the Chinese Government to prop up its capital base.

The Beijing Government's China Investment Corporation (CIC) will inject $5 billion into Morgan Stanley in return for a 9.9 per cent stake.

< Message edited by Owner59 -- 7/6/2008 8:19:55 AM >

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RE: Stats: foreclosures will continue regardless who wi... - 7/6/2008 8:21:24 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		Running a house is not any cheaper in the southern states vs states  like IL,IN,OH,PA,NJ,DE

[no I do not have proof]

A chain is as strong as its weakest link.  

As to people signing for payments.  I dont understand it.  Just sign.

Every bill that claims to be $19.99, is more like $26.33, or $31.11, or $29.88.  Now mutiply that by the  vastmess of the payment.

I had hoped that being PA has a big elderly population, that some would die off, and I would get into a house.

These business practices we accept, and we do to someones mother.  poor mom.

so when bear stearns, got the bail out,  [general motors or detroit is next]   someone mom pays.

ya know.  we could make gravity illegal...

Just think. The bank industry crafted bankruptcy reform for individuals.  and now many businesses are filing bankruptsy.

I think I will issue you the reader of my post - a "rewards point" for each of my posts your read....  oh- watch bills carefully- as now the rewards points "account" is big letters and to see the actual bill is harder.   hmmm.  

and they do this to someones mom!

(in reply to Owner59)
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RE: Stats: foreclosures will continue regardless who wi... - 7/6/2008 8:25:45 AM   
Owner59


Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
Status: offline 		I love your insight and wit,..pahunk.

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RE: Stats: foreclosures will continue regardless who wi... - 7/7/2008 1:10:24 AM   
DomAviator


Posts: 1253
Joined: 4/22/2008
Status: offline 		Owner, and from adversity comes opportunity.... If and when home prices plummet because of those foreclosures - snap them up at bargain prices and rent them out until you can sell them at a nifty little profit. I could give a shit about my equity, because my home isnt something I will ever borrow against for any reason whatsoever. That right there is a good part of what has gotten people in trouble and led to foreclosures... If anything a decline in market prices will get me the ammo I need to go appeal my property tax assessment so Ill pay less... I would love a decline in prices...

Who gives a shit how much the value of one individual piece of real estate is? Its the bottom line that counts. Lower prices mean more parcels in your portfolio and hence diversification in case a neighborhood goes bad or you had an unexpected loss on a particular property. For a round #, $180,000 in real estate is $180,000 whether that is in one property or three $60K homes. Real estate isnt liquid its long term, so I dont give a fuck what todays price is Im worried about what the price is 20 years out.

Funny thing about real estate - they aint making any more of it! It will ALWAYS go up. My neighborhood used to be a fucking trailer park. Literally, it was trailers and fishing shanties by the bay until one day people said HMMMM, theres no more room in Brittany Bay and the prices are into 7 figures now - lets tear down all these fucking shacks and start putting up 4000+ sq foot homes instead of leaving those fucking shanties there. On the north side of Houston there was a mosquito infested swamp that is now called "The Woodlands" and there is a Mercedes in every driveway. Property will always increase in value over the long term so a drop in prices means buy it, hold it, and retire rich!

As for the whole signature loan / hard money lending industry - thats NOT Bush and it is still no matter how you slice it the stupidity of the buyers. It has worked that way in aviation for years and years and years... If you pick up an issue of Trade-A-Plane you will see they have a whole category of "Aircraft Financing" ads most of which say "No Credit Check" "Asset Based Financing" "Same Day Wire Transfer" "We Finance Everyone With One Call" "Credit Not A Factor" or something to that effect. (Most pilots / aviation people have multiple divorces behind us, keep assets in corporations and LLC's, and use every legal trick possible to understate our net worth so our personal credit is an absolute shambles. )  Most of these lenders do minimum loans of $250,000 Allied does $50,000 to $30,000,000 on a signature alone without so much as a consumer credit check.

Work as a bagger at Shoprite and want your own LearJet 24? Not a problem you can get it... Of course you better be able to come up with $3000 each time for the 300, 600, 1200 and 2400 hour inspections, and $2000 each time for the six and 12 month inspections and $5000 for the 6,000 landing inspection and $40,000 shop rate + whatever the radiographer charges for the 12,000 hour inspection, and fuel and crew and hangar and insurance and engine reserve and avionics reserve and crew recurrency training and insurance and landing fees etc etc etc...

Yet oddly enough, despite the way the loans are made, the market isnt saturated with reposessed aircraft like it is in the mortgage world... Why is that? Because idiots arent running around buying Learjets they cant afford. So clearly, since the same lending model is used on aircraft that cost substantially more than most homes, the problem is the home buyers purchasing what they cannot afford! Id love to have a Learjet, thats on my "when I win lotto list", and if I were to call FreedomAero, JODA, Allied,  Air Capital Nevada, The Mancus Group or any of a dozen other lenders I would have the money wired to the seller the very same day... However, I am intelligent enough to recognize that while I could acquire it on a signature loan, I would not be able to afford to keep it! Instead, I make my money managing them for those that can afford them and I keep myself content with a 4 seat Cessna that only costs $100 an hour to operate...

You love to blame Bush, but this isnt him. The lending industry has been doing it for decades on big ticket items like aircraft, ships, heavy equipment etc...It has worked well there. Then some greedy idiot decided to try it on the general public forgetting that the average citizen is a fucking moron with so little financial saavy that they actually pay a bored housewife at some tax prep place to do their income tax return and they think they can rack up credit card debt oblivious to the fact that after the dance, you gotta pay the band...   

It is easy to blame the govt for every bad thing that happens in your life, but its not a govt problem. People need to cowboy up and take responsibility for their own actions, purchases, and decisions. The govt had jack shit to do with the purchase of my home, except for the Harris county clerk who recorded the transfer on the lot and the code enforcement officer who issued the building permit. Every bad business decision I have ever made in my life has been mine, not whoever the President was at the time... Have I always come out on top? Fuck no! One time I had a brain fart, read the wrong line on the print out, and bought a worthless unbuildable lot at a tax sale instead of the piece that I actually wanted! Was it the presidents fault that I didnt use a ruler and a hilighter? No it was mine and mine alone... Personal accountability is a wonderful thing...

Just some well intentioned advice - if you would stop obsessing over "Bush" (who on Jan 20th will retire to his ranch and chop firewood for the rest of his days) and the evil "neocons" screwing everyone you would be able to see and seize the opportunities that exist. Things arent as bad as they seem when youre not blinded by hatred. Whenever a door closes another opens, and there is money to be made from these foreclosures and natural economic setbacks...Everyone foreclosed out of a home is going to need to live somewhere, so its a great time to become a landlord on some of the cheaper properties..  Hell, the high fuel prices have me thinking of buying a bigger boat because the prices are plummeting. What will I do with the one I already have? Sell it to someone with owner financing, then if need be reposess it after six months and sell it again and again and again if Im lucky I can sell it six times before someone actually sucessfully pays it off... Why do you think people do "rent to own" contracts on homes? You get to keep the downpayment and any payments made before the default....

< Message edited by DomAviator -- 7/7/2008 1:19:55 AM >

(in reply to Owner59)
Profile   Post #: 16
RE: Stats: foreclosures will continue regardless who wi... - 7/7/2008 1:59:26 AM   
Vendaval


Posts: 10297
Joined: 1/15/2005
Status: offline 		Most likely that will be the case.

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(in reply to cyberdude611)
Profile   Post #: 17
RE: Stats: foreclosures will continue regardless who wi... - 7/7/2008 5:04:48 AM   
cyberdude611


Posts: 2596
Joined: 5/7/2006
Status: offline 		People dont realize what they were getting into. The payments on a $200,000 mortgage is probably going to be around $1300 a month. However many didnt realize they had to buy homeowners insurance, flood insurance, and pay property taxes. Suddenly you are up to $1800 a month. Then if your interest rate resets....now you are up to $2500.

Now next year, the Fed is going to raise interest rates. It is inevitable. They have to start raising them at some point or the dollar wont be worth the paper it is written on. So that will drive up the interest rates on sub-prime mortgages. Obama and the Democrats want to raise taxes. So property taxes will go up. That will raise the mortgage payment. Then Obama wants to raise the capital gains tax. That means if you sell your house, the government will take more of any profit you made.
So the Obama plan is going to be 3 punches to the gut of homeowners. And you can't seperate it by income levels. Property taxes and capital gain taxes are based on home values and selling prices. And guess what...it gets even worse. Obama and McCain's plan to take on some of these loans through the Federal Housing Administration will lead to basically short-sells. The government will be taking on these loans at values below what the house is worth. That means this plan will drive down home values even more.

The federal govenment is totally and absolutely clueless on this whole mess. They have absolutely no idea what they are doing. Taxes need to be CUT across the board. But good luck trying to give the Democrats of doing that. They have this obsession to raise taxes as soon as they are in office which is going to kill the little economic growth we have right now.

(in reply to Owner59)
Profile   Post #: 18
RE: Stats: foreclosures will continue regardless who wi... - 7/7/2008 5:11:07 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		Look- one can not walk away.

When I bought my house- [last year] the locals were are fair and above board. but the company that owned it- thru the surprise on me 18 hours before closing.  Eat the loss or walk. At that point I had thousands tied up...and it would cost to walk.

On the otherhand- I moved in a month before I closed.   Well- I mean since I changed the lock- and was there anyway fixing it for the mortgage...




oops

(in reply to cyberdude611)
Profile   Post #: 19
RE: Stats: foreclosures will continue regardless who wi... - 7/7/2008 5:28:21 AM   
meatcleaver


Posts: 9030
Joined: 3/13/2006
Status: offline
quote:

ORIGINAL: cyberdude611

People dont realize what they were getting into. The payments on a $200,000 mortgage is probably going to be around $1300 a month. However many didnt realize they had to buy homeowners insurance, flood insurance, and pay property taxes. Suddenly you are up to $1800 a month. Then if your interest rate resets....now you are up to $2500.



People were duped by unethical salesmen leaving out significant information due to lack of regulation in the market.

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(in reply to cyberdude611)
Profile   Post #: 20
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