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may/june to be worse ?

 
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Aske
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may/june to be worse ?
« on: March 13, 2008, 09:14:18 AM »

http://bloomberg.com/apps...B36HQoB6Uw&refer=home
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stroh
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Re: may/june to be worse ?
« Reply #1 on: March 13, 2008, 09:25:34 AM »

*fiddlesticks*youiquit.
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Aske
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Re: may/june to be worse ?
« Reply #2 on: March 13, 2008, 09:31:17 AM »

*fiddlesticks*youiquit.

i'll take it off your hands for $1.09
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
stroh
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Re: may/june to be worse ?
« Reply #3 on: March 13, 2008, 09:33:01 AM »

 Laughing  A buck o nine.
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Fuzzy
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Re: may/june to be worse ?
« Reply #4 on: March 13, 2008, 09:33:34 AM »

If it is I'm sure you'll let us know.  Devil Wink

I wonder if we'll see the same number of screaming headlines when foreclosure rates "drop 60% over a year ago"? I truly don't mean to downplay the housing mess because it isn't good and I do feel for some people who are in big financial trouble but....

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More than 223,000 properties were in some stage of default, or 1 in every 557 U.S. households,

0.18%?

They way it's been reported you would think that every other homeowner was losing their house.*


*opinion subject to change pending future job prospects.  Smiley Undecided

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From Oh the Places You'll Go, by Dr. Seuss (Theodor Geisel)
Aske
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Re: may/june to be worse ?
« Reply #5 on: March 13, 2008, 09:39:15 AM »

If it is I'm sure you'll let us know.  Devil Wink

I wonder if we'll see the same number of screaming headlines when foreclosure rates "drop 60% over a year ago"? I truly don't mean to downplay the housing mess because it isn't good and I do feel for some people who are in big financial trouble but....

Quote
More than 223,000 properties were in some stage of default, or 1 in every 557 U.S. households,

0.18%?

They way it's been reported you would think that every other homeowner was losing their house.*


*opinion subject to change pending future job prospects.  Smiley Undecided



true,  .18% isn't  even 1%,  but it's a growing problem, with at least for now, no end in sight (see next point).

far MORE troubling is for the 1st time since the 1950 postwar suburban boom started , america as collective now has more home debt than equity.  the 'walkaways' are just getting started.
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
Fuzzy
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Re: may/june to be worse ?
« Reply #6 on: March 13, 2008, 09:46:41 AM »

If it is I'm sure you'll let us know.  Devil Wink

I wonder if we'll see the same number of screaming headlines when foreclosure rates "drop 60% over a year ago"? I truly don't mean to downplay the housing mess because it isn't good and I do feel for some people who are in big financial trouble but....

Quote
More than 223,000 properties were in some stage of default, or 1 in every 557 U.S. households,

0.18%?

They way it's been reported you would think that every other homeowner was losing their house.*


*opinion subject to change pending future job prospects.  Smiley Undecided



true,  .18% isn't  even 1%,  but it's a growing problem, with at least for now, no end in sight (see next point).

far MORE troubling is for the 1st time since the 1950 postwar suburban boom started , america as collective now has more home debt than equity.  the 'walkaways' are just getting started.
 Hide

Perhaps. I'm just glad I'm still well on the good side of the debt-equity ledger. What is concerning to me is that I'll be paying for other idiots poor decisions (both lenders and homeowners) in getting into loans they had no business getting into.

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"You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose."
From Oh the Places You'll Go, by Dr. Seuss (Theodor Geisel)
stroh
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Re: may/june to be worse ?
« Reply #7 on: March 13, 2008, 09:46:59 AM »

america as collective now has more home debt than equity.  the 'walkaways' are just getting started.
 

Totally agree.  That was my point.  I can see many people looking at what they owe vs. what it is now worth and simply saying "Screw it, you can have.  I'll suffer for a few years of bad credit, and pick it up down the line. At least I'm not dumping thousands each month into something that's worth half of what I'm obligated for."
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Aske
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Re: may/june to be worse ?
« Reply #8 on: March 13, 2008, 09:52:24 AM »


Perhaps. I'm just glad I'm still well on the good side of the debt-equity ledger. What is concerning to me is that I'll be paying for other idiots poor decisions (both lenders and homeowners) in getting into loans they had no business getting into.


perhaps the chaos of this will actually edumakate  joe moran and the rest of the merkans to actuallyabandon this vapid korpashun-god complex and think a bit about demanding some accountability and reform.  you would have thought enron would have done it, but i guess not enough people really took it in the pocketbook.  combining the negatives that this whole housing/(credit) deabacle will cause for the next 5-10 years with the fact that korprayshun-style-konomee facilitates high job turnover and i can see a big uptick in rental properties ahead and a gradual paradigm shift away from viewing the home as an investment (for the individual owner)
 
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
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Re: may/june to be worse ?
« Reply #9 on: March 13, 2008, 10:01:49 AM »


Perhaps. I'm just glad I'm still well on the good side of the debt-equity ledger. What is concerning to me is that I'll be paying for other idiots poor decisions (both lenders and homeowners) in getting into loans they had no business getting into.


perhaps the chaos of this will actually edumakate  joe moran and the rest of the merkans to actuallyabandon this vapid korpashun-god complex and think a bit about demanding some accountability and reform.  you would have thought enron would have done it, but i guess not enough people really took it in the pocketbook.  combining the negatives that this whole housing/(credit) deabacle will cause for the next 5-10 years with the fact that korprayshun-style-konomee facilitates high job turnover and i can see a big uptick in rental properties ahead and a gradual paradigm shift away from viewing the home as an investment (for the individual owner)
 

hate to burst your bubble, but it's just a bubble burst--a market correction
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Aske
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Re: may/june to be worse ?
« Reply #10 on: March 13, 2008, 10:05:56 AM »


Perhaps. I'm just glad I'm still well on the good side of the debt-equity ledger. What is concerning to me is that I'll be paying for other idiots poor decisions (both lenders and homeowners) in getting into loans they had no business getting into.


perhaps the chaos of this will actually edumakate  joe moran and the rest of the merkans to actuallyabandon this vapid korpashun-god complex and think a bit about demanding some accountability and reform.  you would have thought enron would have done it, but i guess not enough people really took it in the pocketbook.  combining the negatives that this whole housing/(credit) deabacle will cause for the next 5-10 years with the fact that korprayshun-style-konomee facilitates high job turnover and i can see a big uptick in rental properties ahead and a gradual paradigm shift away from viewing the home as an investment (for the individual owner)
 

hate to burst your bubble, but it's just a bubble burst--a market correction

its a bubble burst coinciding with a general GDP correction and the peak in conventional oil production..  I don't see an easy turn around.
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
gleek
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Re: may/june to be worse ?
« Reply #11 on: March 13, 2008, 10:23:23 AM »

How much of this real estate/mortgage disaster should be blamed on home flippers and all the middlemen that get involved in every real estate transaction? Think about this. In every single real estate transaction, there are several parties (i.e. real estate agent, mortgage broker, title insurance company, appraiser, etc.) making thousands of dollars. Where is the money coming from to pay all these people?

That's not even counting the home flipper who might have locked in a huge profit through the transaction for doing nothing more than artificially decreasing supply in the short period of time while he/she held the title to the house.

Now all the people that purchased these homes at an artificially high price AND were stupid enough to go for an ARM loan are *fudge*ed. Lenders aren't going to refinance loans with an LTV of 125+.

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Re: may/june to be worse ?
« Reply #12 on: March 13, 2008, 10:32:46 AM »

far MORE troubling is for the 1st time since the 1950 postwar suburban boom started , america as collective now has more home debt than equity.
Maybe I'm missing something, but ... isn't this more likely just a byproduct of the new employer-employee relationship, where people jump ship every handful of years instead of staying at one job for a long time?  Odds are, every job switch means a relocation, which means a new mortgage.  Since it takes a while to get rightside-up on a mortgage (unless you put down serious money) ...

If you're in a hot real estate market, I can see how you'd make some cash on the sale of the old residence and not be as upside-down on the next house.  But not for folks selling houses in normal and sub-normal markets.
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Aske
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Re: may/june to be worse ?
« Reply #13 on: March 13, 2008, 10:40:17 AM »

How much of this real estate/mortgage disaster should be blamed on home flippers and all the middlemen that get involved in every real estate transaction? Think about this. In every single real estate transaction, there are several parties (i.e. real estate agent, mortgage broker, title insurance company, appraiser, etc.) making thousands of dollars. Where is the money coming from to pay all these people?

That's not even counting the home flipper who might have locked in a huge profit through the transaction for doing nothing more than artificially decreasing supply in the short period of time while he/she held the title to the house.

Now all the people that purchased these homes at an artificially high price AND were stupid enough to go for an ARM loan are *fudge*ed. Lenders aren't going to refinance loans with an LTV of 125+.



of course a good chunk of it is at the hands of flippers/speculators,  and a good chunk of it is on banks/subprime buyers.   and some other chunk in between- people with bad luck: downsized,  health disasters, etc.  , and finally a dumb chunk that took out a HELOC to buy a new car or tv.

that said, the cumulative actions combined with a few other macro-factors have completely crushed  the economy. you are left with a glut of unsold (largely suburban and mcmansion) properties in a stagflation cycle and lenders looking to RAISE rates and buying qualifications while buyers want to be closer to their job/city/etc at lower costs thanks to the FED devaluing the dollar by almost 10% in a year?
« Last Edit: March 13, 2008, 10:44:04 AM by Aske » Logged Return to Top

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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
Aske
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Re: may/june to be worse ?
« Reply #14 on: March 13, 2008, 10:42:01 AM »

far MORE troubling is for the 1st time since the 1950 postwar suburban boom started , america as collective now has more home debt than equity.
Maybe I'm missing something, but ... isn't this more likely just a byproduct of the new employer-employee relationship, where people jump ship every handful of years instead of staying at one job for a long time?  Odds are, every job switch means a relocation, which means a new mortgage.  Since it takes a while to get rightside-up on a mortgage (unless you put down serious money) ...

If you're in a hot real estate market, I can see how you'd make some cash on the sale of the old residence and not be as upside-down on the next house.  But not for folks selling houses in normal and sub-normal markets.

sure. some of it is.  and some of the 'positive equity side' is the growing chunk of boomers who are now completely in the clear in their properties. --  would be interesting to see the exact ratio these components factor in at.
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
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