"Everyone suffers, all because real estate agents, buyers, escrow offices and some banks got greedy... Now real estate brokers are crying because they can't sell anything. It's called payback"
- Kathy Coats, letter to the editor, San Bernardino Sun, August 2008
August 16, 2008
HousingPANIC Quote of the Day
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9 comments:
I know a psychiatrist that tells me that the majority of his new patients are realtors and ARM holders that are stuggling to pay their mortgages.
Too bad prozac won't help them.
Well said.
Here's a little video from the NAR to help agents calculate their commissions. It is rumored that George Bush helped develop this magical formula for success:
http://www.youtube.com/watch?v=QAPvvCxMibc&eurl=http://housingdoom.com/2008/08/15/op-ed-friday-corporate-or-government-accounting
OH WELL - TO BAD I DON'T FEEL SORRY FOR THEM.
"We're creating... an ownership society in this country, where more Americans than ever will be able to open up their door where they live and say, welcome to my house, welcome to my piece of property." -President George W. Bush, October 2004
"Whatever happens, take responsibility."
-Anthony Robbins
Well, that's just the way things are. When you screw people over, then bad things will happen to you.
Now these people can eat ramen noodles and drive a 20 year old piece-of-shit car for a change.
IDIOTS, all of them.
99% of realtors are SCUM. When I was selling my first house FSBO, a REAL ESTATE AGENT was seen pulling up my For sale signs. (house sold at full price) When we were selling our second house FSBO, we had REALTORS trying to INTIMIDATE us into listing with them (House sold at full price-we saved 50K commission--NO KIDDING!)I have never seen an occupation with so much immorality, greed and dishonesty as realtors. They are all LIARS and CHEATS.
Unemployment in the Inland Empire (San Bernardino) is 9% and growing fast. Unemployment is rising by 0.2% every month. Stores are closing down like dominoes. The IE is ground zero for the housing fallout in SoCal.
Investors From Europe Buy Real Estate In United States
Many investor from europe and the uk are buying real estate in the united states.
I've interviewed a real estate agent in california a week ago and he was telling me how much the market was bad until he started to work with investors from europe and the uk.
"They just have a lot of money" he said.
"I met them during a spring brake in europe. I said to my self there is no work anyway so I will go and travel a little bit.
I think it's the best vacation I ever had and it's still continuing , the only difference is that now I'm actually making money".
Investors don't need any green card, good credit, bad credit or visa.
They only need to put a least 35% of the purchase price as a down payment.
These investors will get a higher interest rate and if they will put 50% as a down payment they will probably get a much lower interest rate.
Today the euro is much higher then the dollar.
So if the american investors are excited about the foreclosures can you imagine the europeans?
For the europeans everything is much cheaper than for americans, because the value of the euro as oppose to the dollar.
Can a foreigner really get a loan in america?
Sure they can get a loan, just like an american investor can get a hard money loan without showing any credit information, they just need to show interest. interest for a mortgage lender is measured with money. banks or hard money lenders will loan you the money but you will have to put as a down payment a big chunk of your money. Than you will not going to loose the property you've purchased and get the banks in trouble.
Also there are many banks out there that are selling their Loans or notes to foreigners just because they need to take some loans off of their shelves, just the way you're trying to avoid foreclosure or trying just to sell the house.
Banks today have to deal with so many issues like foreclosures, bankruptcies, notes and money in general.
Most banks that have loaned money to borrowers in the past 3 years are not protected or insured.
Three years ago the bank started to loan 1st and 2nd mortgages, 2nd mortgages are the cause of them not having mortgage insurance. So because they don't have mortgage insurance they will loose their money if a foreclosure is placed.
So why did the banks offered borrowers 2nd mortgages?
Because it was easy to qualify and a lot of borrowers tried to avoid refinancing their 1st mortgage.
Banks just wanted to make money and more money and that's what they did.
Now the banks are not willing to Loan 2nd mortgages anymore.
Read other articles I wrote to learn more about mortgage insurance.
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