Maybe a roller coaster will help people realize how things go up and down?
It didnt fall, damn it!
Although I might be wrong, the early part of this century didn't have the debt vehicles that are available today to help buy homes. I believe in a correction but I don't think it will be of a huge magnitude or for years and years. That being said, I could be wrong.
People who just bought there house and don't care about markets, prices, fluctuations. They are just some backwoods oakie... will be okay. Because they're just going to keep working at the coal mine and making their house payment.
People who watch "flip this house" and think they can do the same shit...dropping their life savings in a couple of investment properties because the market was hot?
Well... they're going to see what it's like to ride the coaster.
It will also affect people like my poor cousins who are paying $550,000 for a 2 bedroom shack in La Mirada, California. I think their payment is about 3200 a month.
They are going to lose their house pretty soon.
It will be a magnificent, grindingly slow path to the bottom, the likes of which the United States has never seen.
Prices are already going down in the hottest areas. Cali,
Florida, Arizona, Colorado.
Foreclosures nation wide are at the highest levels ever.
If people are smart enough to get out of the % only and ARM rates. They should be ok, Prices will go down for a couple more years, but not the plunge everyone expects and some(jinx)want
Oh well, I'm about to buy a condo, but luckly, where I live is much more stable than anywhere else in the country (Southeast, Nashville)
Now is the right time for my to buy, and I found out I get a load at like 5.8 + zero down + no funding fee + no pmi.
Gotta love Veteran benefits.
Won't drop? LOL
It is dropping and it is starting to drag on the economy.
If you went back in time to the great depression, you would see that mainstream media was in big time denial during the whole time period. Exactly like you see now with shit like " Housing bounced back in February".
What they don't say is that the February bounce is from January, the previous month, less than 10%. They also say in small print that the numbers are accurate to plus or minus 10%. Get it? It is a hoax.
If you compare February 07 to February 06 the drop in 07 is absolutely catastrophic. Now is not the time to buy. It is coming down alot more. If it came up 50% since 1999 it could go back down %50 percent. Watch and see.
The rip off artists in Housing,RE and Banking that made millions off of inflated house prices are packing up shop. They are looking for the next boom whether it be nanotech or trips to the moon. These are the same shitheads that drove up prices on one office tech stocks that did not even have a product.
"Leaving out new construction makes this chart useless. New home sales are the measuring stick for housing market health. That's where the real money is. Building and selling new homes is an easy way to double your money in about 3 months."
Dude, look at inventory figures for some of the bubble areas. I read on a blog that Florida has like three years of inventory.
And you're competing with the volume builders who have lots of land and huge illegal alien crews and have to keep building or go out of business.
Here is more BS. This shit is affecting retailers like Wal Mart, Home Depot, and for fuck sakes Applebees.
And now they are talking about government bailout for the banks that are stuck with the house after people walk away from them. I say fuck em. That is what they get for giving mortgages to mother fuckers that knew they could not afford a house.
I don't want one penny of my tax money bailing those greedy mother fuckers out of the jam they are in.
"This shit is affecting retailers like Wal Mart, Home Depot, and for fuck sakes Applebees."
HELOC factor. Also, consumer electronics retailers are going to get ass-raped.
That's what happens when you buy an overpriced home that you probably can't afford in a "hot" area.
How much growth from the economy was based off of housing?
A LOT. There will be no "soft landing"
"And now they are talking about government bailout for the banks that are stuck with the house after people walk away from them. I say fuck em. That is what they get for giving mortgages to mother fuckers that knew they could not afford a house.
I don't want one penny of my tax money bailing those greedy mother fuckers out of the jam they are in."
Damned straight! Fuck them.
What did lenders expect when they made risky loans to people who could not really afford to buy a house?
Check out Beazer Homes. The FBI is investigating their shit, because their default rate is over FOUR times the national average.
"The Charlotte Observer reported last week that the company had an unusually high rate of foreclosures in many developments around North Carolina's largest city. The paper reported that of the 2,900 Beazer homes built in Mecklenburg County between 1997 and 2006, at least 388 have foreclosed - a rate above 13 percent.
Nationally, fewer than 3 percent of buyers lose homes to foreclosure, the paper said. In its series, The Observer documented four examples where the income and debts of borrowers were misstated on their applications for government-insured loans."
What? Now, they want ME to bail them out? Fuck that. Where was my cut of their profits during the boom cycle?
TTT for later
"Dude, look at inventory figures for some of the bubble areas. I read on a blog that Florida has like three years of inventory."
yep. there's condos in my own complex that have been for sale for over a year now. The bubble has burst here. Not sure about single family homes but the condo market is absolutely dead here. My condo went up about 30K the first year I bought it. Last year it didn't go up any.