In the end, millions of homedebtors will lose their homes, the homes they told everyone they "owned", the homes everyone told them would "be a great investment".
I'm not sure which is more stupid, Bush's "ownership society" recommendation to buy at the peak regardless of price, or his "we'll be treated like liberators" idea in Iraq.
Get ready America for a wave of millions of unemployed, destitute, angry and hopeless citizens. Thank you Alan Greenspan - I hope you sleep well tonight.
Foreclosures jumped 43 percent nationwide in the third quarter from a year ago, according to RealtyTrac Inc., providing further evidence that the housing market keeps slowing.
About 318,000 properties entered some form of foreclosure in the third quarter, up 17 percent from the second quarter, with sharp jumps in Nevada, Florida and Louisiana.
"What our third-quarter research appears to be showing is that the first wave of adjustable-rate mortgages is having a negative impact on the number of homes going into foreclosure," said James Saccacio, chief executive of RealtyTrac. "With the volume of these loans - more than $1 trillion of them due to adjust over the next 15 months - this is a trend that bears watching."
Many of these loans let buyers put down little or no money on houses, and analysts are watching to see how these refinancings affect the market.
November 02, 2006
US foreclosure rate soars 43%, with 318,000 underwater US homedebtors about to be shown the door
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Keith look at these slow dow charts:
October 2006 Manufacturing ISM Report On Business®
http://tinyurl.com/y5hdko
Hey Keith -
It's a good time to start flipping gold again.....check out the price.
I would like to see a month by month chart showing the percentage of adjustable to fixed rate home loans given over the last ten years. I would like to see when they peaked and if people have started to learn a lesson or not.
anonmonkey;
Just click on the thread title (red letters at top) and the page will format for you. No more unreadable first post.
Just trying to be nice to random anono posters. he he
Banks will try to first drain the homeowner dry first by suggesting the indebted homeowner dip into their 401k to catch up on payments... that is, if there is any money left after using most of it to buy into the American Dream...if thats not an option, then banks will see what other collateral (liquid assets, car, jewelry etc.)the homedebtor has to sell off to pay the mortgage
Maybe this is why lately, I see so much stuff on Craigs List Sacramento up for sale...folks are selling entire rooms of furniture, with the excuse that it doesnt match their decor...yeah, right.
After seeing others here with pictures on their profile, I finally got mine up here too!
Rather appropriate don't ya think?
Keith - I asked on a previous post about RealtyTrac. Do you know anything about using their services for Bank Owned, Resale and Foreclosures? There is a membership fee that gives you more info. Most of the alerts I receive are only in the 1st notice phase of foreclosure. Just exploring other ways to obtain an otherwise unaffordable home. Thanks.
TJ
LauraVella said...
After seeing others here with pictures on their profile, I finally got mine up here too!
Rather appropriate don't ya think?
Your pic is sweet.
A way, besides the complex labyrinth of foreclosures and tax liens. All this cost you is time, and a lot of it.
Always check the tax records for the last sale price of a property before you waste your time (no point if the seller is upside down with no money). Just find a FB. Only deal with the listing agent of each property or even a FSBO. Give said listing agent 2% total as a "Transactional agency" commission to shuffle paper, (4% to 5% savings). Make really low ball offers to the listing agent of each property only. If the agent does not present the low-ball offer, then you can go directly to the seller. And tell them when you write the insulting offer down on the back of an attorneys business card. well, no just your card, that if offer is not presented, they are out of the middle.
Warning: I am not an expert but have done this before.
Brotherhood of the Bell:
If you think Bush and Kerry both being in Skull and Bones, and Kerry's self-destructive behavior is a coincidence, watch this:
http://youtube.com/watch?v=Pst-2wprw6c
....Get ready America for a wave of millions of unemployed, destitute, angry and hopeless citizens.....!
Looks like its time to buy another 870!
Cheers
Housing Panic!!!"
And panicking you should be... As we all know (and love or loathe), this baby is about to blow... Oh, wait, this baby is already blowing!
posted by keith at 6:34 AM on Nov 05 2005.............
I was looking at the old posts from last year, they seem quaint. Almost a year since that post Keith. What an interesting year it has been. In that year I have learned all about the different kinds of toxic loans that I will have to avoid from the AFB site, the unscrupulous sales techniques of the REIC from you and your blog followers.
So now when you show stats like this, I am not shocked, surprised, or astonished, I just expect it.
Why buy now?
Buy some gold, wait for the recession/depression and then see if you still have a job and *then* buy the house.
Buying now or even at 2002 prices could destroy you financially. The only reason that I live where I do is for my job. I'd move somewhere cheaper with worse weather if I could.
Dear Keith,
One of my favorite all time HP classics is the poetry thread.
Just reminiscing with Metro Planner Man.
There were some good verbal scraps back in the day, too.
U wanna piece a me? There is no bubble.
I am an honest Flipper and Keith is a Doomsdayer!
Oh, sorry, got carried away.
Forclosures are up, thats right.
To anon re foreclosures:
just because someone is "underwater" does not mean there is no investment opportunity. Keep in mind, the bank is also likely underwater (or close to it) and is willing to do a short sale to avoid the cost of foreclosure, not to mention a possible loss due to a low sale price at auction or, worse for the bank, buying the house at auction due to a lack of bidders and having an REO property on its books, which takes addional funds to get off its books.
bottom line, if there is equity, get a good price from the owner, if there is no equity, get a good price from the bank.
BTY, do this in '08, not now.
Please post if you disagree with this advise.
David in Jax said: "Your pic is sweet".
Thank you David!
FMW,
What week was the poetry?
flyingmonkey - just posted for you
Lauravella,
I liked your leaning tower pic too.
click the new thread on poetry hour's headline and it'll take you to the june thread
some funny stuff there
metroplex said: "liked your leaning tower pic too".
Sorry to disappoint you met, but that picture (can't remember her name right now) is a different poster here at HP.
Whats interesting is, she and I could be sisters.
flyingmonkey - just posted for you.
-------------------
Time for some fun. Already been there!
Tanks.
I don't know why I confused you with her. I just remembered "Vanessa". My bad, just had another brain fart.
..."millions of destitute, angry and hopeless citizens.....!"
fish said
""::Looks like its time to buy another (Remington) 870!::""
I prefer the Benelli Super Black Eagle. Nine shots as fast as you can pull the trigger....
Don't forget to buy ammo before you need it. The city fathers in LA during the riots banned ammo sales....
beebs
BTY, do this in '08, not now.
Please post if you disagree with this advise.
Thank you - your advice makes a lot of sense. Since I am in the market to buy a home I hear a lot of nonsense from realtors who clearly do not have my best interest at heart. I will look into the foreclosure route more seriously , but still am not ready to jump into anything yet.
Again, I appreciate the feedback.
TJ
"Looks like its time to buy another 870!"
Yup. A few good 9mm semis would also be a good idea cause they tote easier than a shotgun.
I am thinking a BP vest would also be nice to have.
when you don't/can't pay your mortgage you must...get out...leave the premises..so long
So what does that turn out to be? 15% of all the new homes built in 2005? What percent of ALL homes that exist? The number may sound large but what is the point of reference? And Louisianna? Duh, post-Katrina and all I would be surprised if Louisiann wasn't on the list. Vegas? Other than Government and Gambling what is there to their economy but home speculation and since they had a big two year run and lots of speculators I'd be surprised if they were not on the list. Florida? Same, but then how many are condo's or second homes? If most were bought to speculate I'd expect them to go under now that prices are escalating.
Beebs,
I'm glad somebody picked up on the "870" reference. I like the Benelli but I'm a cheap bastard! And I buy ammo early and often!
I do hate having to think this way though!
:: fish said...
Beebs, I'm glad somebody picked up on the "870" reference. I like the Benelli but I'm a cheap bastard! And I buy ammo early and often! I do hate having to think this way though! ::
I never was a boyscout, but I must protect my family. I really prefer an AR-15 with its "reach out and touch someone" property.
beebs
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