Bubbletracking has this great image of three realtors in one cul-de-sac in California all going into foreclosure.
And yes, these are they types of poor homedebtors that Hillary Clinton wants to bailout. These are they types of housing gamblers that Congress just allowed Fannie and Freddie to refi (and if they do the taxpayer will end up bailing them out).
And these are they types of homedebtors that should serve as Exhibit A why there should be no taxpayer funds spent rescuing realtor housing gamblers!
Makes you want to know how many homes in foreclosure are "owned" by realtor gamblers. Wanna bet it's half?
February 15, 2008
It's always a bad idea when the crack dealer starts using crack. Well, how many used home salespeople started doing used homes? Here's three.
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22 comments:
Multi ethnic.
Who said the bubble doesn't discriminate.
50% sounds about right.
I think half might be high but it could be close to that.
In going to open houses for fun recently, a surprising number are realtors trying to sell their own houses (presumably before the foreclosure).
A realtor I know in Scottsdale "owns" four houses in north Scottsdale, all in foreclosure, and another one is also in foreclosure on "her" house.
It's a double-edged sword for realtors because not only are their payments resetting, but their incomes have dropped to nothing.
Why do I constantly have the feeling that the "Homeowner" bailout is actually a mortgage broker or bank bailout?
About 1/3 of the homes for sale in Phoenix are empty. I'd bet a majority of them are owned by used house salesmen. They are at the bow of the Titanic and it's going under first.
RichinAz
"Why do I constantly have the feeling that the "Homeowner" bailout is actually a mortgage broker or bank bailout?"
That is exactly what it is... don't be fooled. The "bailouts" coming have nothing to do with average people and everything to do with shifting the risk from lenders to the taxpayers.
They want privatized profit and socialized loss.
Hat tip to Housingfear for this quote. "Capitalism with failures is the worst form of socialism"
Edit to previous quote from Housingfear
Capitalism WITHOUT failures is the worst form of socialism.
I think about half is right because a lot of realtors were taking any profit(sales, equity from house) and putting any money they can into another house. Like frank in scottsdale talks about the realtor who owns 4 houses. Buying houses like stocks but now can't sell for anything!
I'd say you are on the mark on this one.
Here in ATL same trend.
An anecdotal observation:
Out of the two foreclosures in our development 1 is a realtor couple that tied to flip another house in a nearby development and it's in foreclosure along with their 100% financed house. Looks like they tried to use the flip to give them the cash flow to pay the mortgage on their primary house.
This kind of stupidity is probably prevalent all across the nation.
PEOPLE ARE SMART....right
I wouldn't be surprised if it were 50% right now. However, I expect that as the PANIC grinds on, folks who make an honest living will be more proportionately represented.
Of course, we'll never really know because the line between people with real jobs and REIC hacks has been blurred by people who dabble in both.
ANGELO'S ARMY AT WORK...
"MUST HAVE A COUNTRYWIDE PRE-QUALIFICATION IF PLANNING TO FINANCE"
http://www.homesdatabase.com/SM6663073
DOPES!!!
When you ride the dragon he doesn't care if you wear a yellow jacket.
"It's a double-edged sword for realtors because not only are their payments resetting, but their incomes have dropped to nothing."
---------------------------
What is the poor realtor supposed to do with this double-edged sword?
I suggest hara-kiri.
(A form of Japanese ritual suicide by disembowlment)
Ramien tastes better off granite
I'll bet it's closer to 60%...
Realtors probably own more than 50% of the places for sale in Tampa. Anything with a "Smith & Associates" sign on it is automatically suspect, and virtually every house for sale in south Tampa has one of these.
I say that we wait until the bank gets em back and buy all three of em up. We can kick the realtors out on the street.
I want Realtor Ong's House. It's the one with the green line drawn around it. Hey "Ong", it won't be "Long"! I'll say, " Get along Ong, get out and get out NOW!! Then I will calm down, cook on Ong's stove, drink some hawaiin punch and savor my new home. I'll pull Ong's recliner back from the street (where he got kicked out), and MAN! I will be one happy dude. I can just see it now. I'll be rocking in Ong's recliner and singing a song or two while playin my new guitar!
Y'all sing along with me now.....
It's going to be tough when all the out-of-work real estate agents and all the out-of-work car salesman are all competing for the same few seasonal H&R Block tax-filing jobs.
Why do I constantly have the feeling that the "Homeowner" bailout is actually a mortgage broker or bank bailout?
Because it is. You can't have a homedebtor bailout without bailing out the banks in the process. All the politicians claiming they are trying to save the homedebtors are really trying to save the next megabonus for their banker buddies.
tater said
I want Realtor Ong's House. It's the one with the green line drawn around it. Hey "Ong", it won't be "Long"! I'll say, " Get along Ong, get out and get out NOW!! Then I will calm down, cook on Ong's stove, drink some hawaiin punch and savor my new home.
You might even be able to keep his trophy wife around for laughs. She won't want anything to do with him now.
brokersleaveyoubroke said: You might even be able to keep his trophy wife around for laughs. She won't want anything to do with him now.
NOW THAT'S A GEM OF AN IDEA!!!!
LMAO! If I ever need a pick-me-up, I would holler at her and say, "SING ME A SONG "ONG"!
There must be a God, because clearly, someone is making this sh_t up. haha
2005 reelator scheme
1) reelator pruchase house @$500,000. Gets 6% commission
2) reelator sells his/her house for $510,000 two weeks later. Gets %6 commission. Now up pre-tax 70K. (reelator buys a shinny new car)
3) reelator buys house $525,000 (gets %6 commission and uses it for the downpymt)
4)reelator lists house for $535,000. It d/n sell 2 weeks, so reelator finances as primary home (oops felony, cause reelator has other home) nevermind the code of ethics, this market is HOOOTTT.
5) reelator see "a steal" for a home at $520,000. Gets %6 commission and uses to purchase the second home and pay mortgage pymt(property tax) on home #1.
6) reelator can't believe another home for sale around $550,000 and given that he/she gets %6 commission, the price is really $518K. reelator buys house..100% financing and pockets the 33K in commission. with a primary loan (someone say felony?) interest is reasonable.
7) reelator need vacation and rewards self for selling 3 houses to self. off to the islands (first class of course)
shell game. reelators are the true flippers...d/n pass go...d/n bail out these folks
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