If 24 year old unemployed kids can get $2.2 million in unsecured loans to buy up houses to scam the system, get cash back and get foreclosed on eventually, how can real people with real jobs who don't want to get foreclosed on or go bankrupt expect to pay legitimate prices for a home?
Thank god for the housing crash. This loose-lending crap will now go away, as the loans go bad, the speculators get killed, and prices will finally come back to where they're supposed to be, not this over-inflated, speculation-driven, liars-loan-enabled BS.
January 27, 2007
HousingPANIC Stupid Question of the Day
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Remember in 2005 when there were bidding wars on houses and multiple offers above asking price? It was the funny money crowd forcing prices sky-high, and in some cases John Q. Public being duped into bidding unrealisticly if he wanted the house.
Now that the funny money crowd is going away or is gone, John Q. Public is what they call "the bagholder"
And prices are coming down, big time.
Sign of the times - look at all the short sales offered in Denver! From craigslist just past few days
Jan-27 $250000 5 bedroom home -SHORT SALE-BRING OFFERS ((brighton colorado)) pic
Jan-26 $124900 Short Sale Foreclosure property! Make an offer!!! (NORTH DENVER) pic
Jan-26 $139977 THIS ONE MUST SELL, SHORT SALE, DUPLEX STYLE TOWNHOUSE, GREAT LOCATION (THORNTON, NORTHGLENN, WESTMINSTER)
Jan-26 $309900 Short Sale, Downtown High-rise Condo, LODO, Golden Triangle, LOCATION (Downtown,LODO,Golden Triangle,Belverdere)
Jan-26 $289900 Littleton Short Sale- 4 Bed 3 Bath (Littleton) img
Jan-26 $309900 Highrise - Downtown Condo, Short Sale, LODO, Golden Triangle & more... (Belverde Tower)
Jan-26 $59999 Nice & Cute CONDO for Sale in Denver, Near Lowry & Aurora-SHORT SALE
Jan-26 $140000 Short Sale on corner lot in Berkeley. Way below market (Berkeley/Highlands)
Jan-26 $705000 Short Sale in Lone Tree on 18th Hole. $150,000 below market (Lone Tree)
Jan-25 $120000 SHORT SALE MUST ACT NOW (AURORA) img
Jan-25 $164000 3/2 LAKEWOOD 1500 SQ FT RANCH-SHORT SALE
Jan-24 $135000 SHORT SALE - MUST SEE (NORTHGLENN) pic
Jan-24 $140000 SHORT SALE - WILL NOT LAST (BROADWAY - DENVER) pic
Perhaps all that easy lending was the results of todays 'republiban' style of 'supplyside' economics. This all started when they controlled all forms of government in 2001. It makes sence because when the dems were in office all those easy lending standards were not what they are today.
Supplyside voodoo will carry consequences, as we are just beginning to see currently.
People need regulation,just like people need laws. Look what happens when you let the banks regulate themselves. Same thing when you let the power industry regulate itself, remember the manipulated ca. blackouts? ROTFLMFAO, and what I mean by 'republiban', is todays neo-con republican with a taliban like religious like slant, like what we see running our country today.
Anyone notice that Realtor.com's "over 3 million properties".
I suppose that this may or may not matter. That is, we don't know how many people listed their house and "will sell" for the right price.
The assumption that every seller has to sell isn't necessarily true.
I guess the dotcom stock scam that wiped out retirement accounts was all demand side economics of the Clinton DemoRats.
http://www.markit.com/information/affiliations/abx
Check out those BBB-, and then click on them to see the chart.
Its just like I thought, the big boys in the bond mkts. see exactly what we see too. All that easy 'supplyside voodoo' no doc. lending is a crumbling down as we speak.
"If 24 year old unemployed kids can get $2.2 million in unsecured loans to buy up houses to scam the system," (an alternate "then" statement can read...) Just think what seasoned crooks have managed to snag. 10's of millions?
Man, is it a good time to be a crook or what?
Word is from a real-whore in Tucson, is that once a house goes into foreclosure, the chinese/asians are buying the house for TOP dollar at the courthouse, blowing everyone elses bids away. Then they refi the hell out of the newly aquired house, and bail with the cash. Then when it forecloses AGAIN another chinese/asian group comes in and repeats the above process. Pathetic if you ask me. Fuckers are keeping the prices up artifically.
dot.com implosion of 2000: mostly young talented recent college grads who went back into the job market (or parent's basements) with no government assistance and little public notice outside of the bay area.
real estate implosion of 2007: wide variety of unqualified hacks, many of demographic favored by politicians. A national emergency of earthshaking proportions is expected to occupy lawmakers for months.
It's true not every seller has to sell - but they justified the escalating prices based on the fact that there was no supply and a high demand. Not so true anymore. Why anyone would buy now unless they had so much money they just didn't care if they lost it is beyond me.
anon said :
People need regulation,just like people need laws. Look what happens when you let the banks regulate themselves. Same thing when you let the power industry regulate itself, remember the manipulated ca. blackouts? ROTFLMFAO, and what I mean by 'republiban', is todays neo-con republican with a taliban like religious like slant, like what we see running our country today.
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Hey, we live on a big planet, no one is forcing you to live in this country, unfortunately for you the ideal location, good ol' USSR doesn’t really exist anymore, they really had people regulation and people laws down pact, but the good news is that there are still some places remaining, how bout Saudi Arabia not only do they have a solid grip on financial rules, laws and regulation but they also happen to agree with you politically,..
you will certainly not have to put up with these so called Neo-Cons.
please let us know when you're all settled in the warm and sunny kingdom..
oops.. forgot they also have Internet regulation and laws.
well if we don’t hear from you,ummmm, i guess that’s ok too.
winter finnaly arrived here in the north east, woo hoo..
water pipes busted in one of my investment properties.
it's all Bush's fault, these darn neo-cons..
Anon 5:37-
I'm a Dem. but sorry, this mess is not only "the Republicans' fault".
In fact, in many areas, the bubble started back in 1997 with the sudden RE capital gains exemption bumped up to a preposterous 250K/single, 500K married.
A lot of homes prices jumped from 150K to 250K that summer.
Clinton was not the hero people make him out to be.
Interesting rumor about gangs buying and re-buying foreclosures.
I wonder if it's true and, if it is, maybe the lenders are getting some kind of kickback?
I mean, there are records of property transactions. Lenders must know if this is happening, right?
This market is stinkier than I thought- and I was very pessimistic! I'll believe anything now.
Bad to buy til this gets straightened out. When the fraud gets uncovered (and there appears to be a LOT of it)- that's when we'll find out what these properties are REALLY worth.
Something tells me it'll be about 10-20% what they are worth now, an 80% hit. Which would bring them back in line with incomes and 20% downpayments.
I'm hanging tight while this stink unravels.
Devestment said:"I just spoke with a friend who had his sub prime ARM adjust from $900.00 to $3000.00 a month. The pre payment penalty on his loan is $14,000".
Liar mortgage brokers tell all sheeple buyers their loan amount will increase only 2% with their adjustable mortgages...and more with a subprime mortgage.
Buyers were not aware that:
Prepayment Penalty = Mortgage Jail
As real estate collapses, its just one of the stronger foundation pieces pulled from underneath AmeriKKKa.
Bye bye.
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