There are so many good threads going right now and so many good conversations, that I'm not going to post again until Tuesday.
Enjoy the discussions, enjoy my favorite blog on the internets too (HP), and enjoy that you've found this community of misfits who figured it out long before the sheeple saw their first clue.
Have a good chat.
December 02, 2007
SPECIAL NOTE - HP'ERS IN CHARGE UNTIL TUESDAY
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29 comments:
Keep up the good work clicked some ads for ya :^)
World ends tomorrow Keith...
Oh well - see you on the other side.
Yeah-Kill em all Kieth!
Nice survey on the top for percent of income on housing/rent
I think the USA average is 30% - 40%
Hillary calls for 90 day ban on foreclosures and 5 years rate freeze. And as an added bonus a ban on investors suing.
Of course she says it's not a bailout.
http://online.wsj.com/article/
SB119663648146011092.html?
mod=rss_whats_news_us_business
I noticed you do not have a blog in your blogroll that begins with E keith, I would like to fill that spot, you know in the ineterest of alphabetical correctness!
http://economicdisconnect.blogspot.com/
where is he going this time?
One of two economists worth the paper they use (the other being Dean Baker), Paul Krugman says a 15% decline in housing prices is a LOW estimate and that 30% is more like it.
http://krugman.blogs.nytimes.com/2007/12/02/what-it-takes/
Home builder Lennar Corp. has sold about 11,000 home sites to a venture mostly owned by the real-estate arm of Morgan Stanley for $525 million, a large land sale that signals that investors have begun to pounce on bargain deals.
The sites -- located in 32 communities in many areas hit hard by the housing downturn -- were valued on Lennar's books at $1.3 billion, as of Sept. 30. The low price the venture paid is a vivid sign of how land values have plummeted with the downturn, precipitated by defaults on subprime mortgages and tightening credit that have led to a broader slowdown in sales.
anyone else notice how keefee likes to disappear just when the sh*t is REALLY hitting the fan - he's done it before several times... we should probably include keefee's vacations in some disaster-alert index... now - what happens on monday:
1. Paulson's subprime bailout proposal speech?
2. Another state stops withdrawals from its short-term money fund?
3. Fed cuts rates and dollar collapses?
4. ????
First off, to the extent the investment bankers still get their record $38 Billion of bonuses, I think they should be paid in kind. They should get paid in the worthless CDOs/MBS paper that is on the books at 100cents on the dollar.
Secondly, when are we going to start prosecuting these FBs for mortgage fraud. Don't tell me it would take too many resources, a 2L intern could do it. Here is the applicant's morgage application with stated income. Here is the applicant's income tax return. Mortgage fraud or tax fraud. Give them the lesser of the two charges. I don't even care if they serve time, just get a conviction on their record.
Say it ain't so! I look forward to reading this at least twice a day!
Keep up the good work.
http://loanworkout.org/2007/11/30/massive-loan-modification-campaign-on-the-way/
Nuff said!
Warning to all HP'ers:
Never overestimate the intelligence of the average American.
In other words, the housing slump may end for no good fundamental economic reason, at any time.
Warning to all HP'ers:
Never overestimate the intelligence of the average American.
In other words, the housing slump may end for no good fundamental economic reason, at any time.
True that Americans can be stupid, but our owners (China, Japan) are cutting off the crack.
I do not get it. None of this makes sense. Why don't these idiots realize the only way to fix this mess is to let it run its course. Every time the feds get involved things get worse.
The only thing that will fix this mess is for houses to come down in price. The average income for the greater Phoenix area is only 40k/year. Therefore, the AVERAGE house should only cost 120k (given the sound advice of a mortgage only being 3x the income correct me if I am wrong)
How can we continue to live on money that is not there.
I swear I am going to start having homicidal tendancies if the fed decides to steal my money so that illegals and liars and morons can keep their house while I bust my butt in hopes that one day my savings wont be devalued so much that I can afford my first house.
Quick... someone turn all of the drawers upside down on his desk.
The process of litigating is not as simple as tiredofit would suggest, wish that it were! I agree, let's get the process going and get something on their record.
Guys, this post by PWND is huge news.
Here is the link
http://tinyurl.com/26eqgl
This means mark to market at 40 cents on the f***ing dollar (525/1300).
stocks up for 5th day in a row
mortgage bailout finalized - bye bye ARM resets
foreclosure moratorium coming, thanks Hillary
gold and silver and oil plummeting
I'd hate to be a renting loser HP these days.
No wonder Keith took a few days off, nothing but good news out there and he can't stand it
I went out and bought...Jim Cramer's latest book.... Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer) for a stocking stuffer because I want my children to be rich, rich , rich and I know that by following jim cramer's sage advice they can, I can, we all can. Go out and buy jim cramer's new book folks and it will change your life....
NOT!!!!!
I swear I am going to start having homicidal tendancies if the fed decides to steal my money so that illegals and liars and morons can keep their house while I bust my butt in hopes that one day my savings wont be devalued so much that I can afford my first house.
December 03, 2007 3:26 PM <<<
comrade, your poor attitude has been noticed. if i were you, i would be chilly about it. anymore outburst like that and you will be reported for suspicion of being a homegrown terrorist...
Tiredofit asked:
"when are we going to start prosecuting these FBs for mortgage fraud?"
-------------------
When are we going to prevent illegals from coming across our southern border?
Answer to both of the above:
PROBABLY NEVER!
I am a real estate speculator. I sold all my real estate, and had many family members do the same, speculating that the prices would drop. They did. I am happy.
Another day, more HP'ers nearly orgasming over somebody losing money on a house purchase.....
Will the market go down? In some places, you betcha. In other places that many of you consider "flyover country", not so much. But hey, you don't live there, so it doesn't count, right?
If you honestly think that someplace like Phoenix is going to have such a meltdown that jazzmanferg is going to get a 3Bdr/2Ba for 120k....keep dreaming. Ain't gonna happen. Prices there haven't been that low since the 90's, well before this current bubble. Trust me, I lived there until 2004. The house I grew up in (3Bdr/2Ba, 1800 sq ft, North Phx) was worth 85k back in '94.
If he wants a house that damn bad, and all he can make is 40k, maybe he should move somewhere that he can actually afford a house instead of pissing and moaning about how he can't afford it in his current location.
Don't give me this "average house price should equal 3X average wage" crap, either. Three times your wage is the classic limit for a mortgage, not house price. Average wages have nothing to do with house prices in many locations (Aspen, Colorado, comes to mind).
Hell, I'd love a house in Honolulu just off Waikiki! But....I don't make the money for that. So I live where I can afford a house and save up for the occasional trip to Hawaii. I'll probably never make enough to afford a house there, but hating on the people who can, even if I don't think they are "worthy", is freakin' juvenile. Grow up, guys!
Happy Homeowner in the Stix said...
Another day, more HP'ers nearly orgasming over somebody losing money on a house purchase.....
Will the market go down? In some places, you betcha. In other places that many of you consider "flyover country", not so much. But hey, you don't live there, so it doesn't count, right?
If you honestly think that someplace like Phoenix is going to have such a meltdown that jazzmanferg is going to get a 3Bdr/2Ba for 120k....keep dreaming. Ain't gonna happen. Prices there haven't been that low since the 90's, well before this current bubble. Trust me, I lived there until 2004. The house I grew up in (3Bdr/2Ba, 1800 sq ft, North Phx) was worth 85k back in '94.
If he wants a house that damn bad, and all he can make is 40k, maybe he should move somewhere that he can actually afford a house instead of pissing and moaning about how he can't afford it in his current location.
Don't give me this "average house price should equal 3X average wage" crap, either. Three times your wage is the classic limit for a mortgage, not house price. Average wages have nothing to do with house prices in many locations (Aspen, Colorado, comes to mind).
Hell, I'd love a house in Honolulu just off Waikiki! But....I don't make the money for that. So I live where I can afford a house and save up for the occasional trip to Hawaii. I'll probably never make enough to afford a house there, but hating on the people who can, even if I don't think they are "worthy", is freakin' juvenile. Grow up, guys!
December 03, 2007 9:07 PM
<<<
your problem, happy homeowner is that you cannot smell what hp is cookin.
happy homeowner:
dude don't even bother. you make way too much sense for this crowd.
Prices are coming down here at ground zero Inland Empire Ca.
To all those people who thought home prices would have an inflationary surge WRONNNGGG!!!
Rents skyrocketing WRONNNGGG!!!
Rents have dropped close to 10% in this area because of a tremendous amount of available homes for rent.
This area is getting slammed and I am sure the numbers will reflect this in the near future.
Ok maybe its not on a national level but out here its a bloodbath.
50% of loans in area are subcrime loans.
$120,000 median will be here soon!
There are already 168 listings on mls for under $249,999 in the city of Riverside.
Peak median avg. $415,000
Iceman
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