Hold onto your pennies, you havn't seen anything yet
Submitted by The_Winds_of_Change on Mon, 12/15/2008 - 10:05
If you think the sub prime mess was big, wait till you see what's coming! As a real estate agent for over twenty years I warned many clients as far back as 2006 that this was coming. I lost a lot of sales as a result. But have had a lot of thank you’s since.
And those who were laughing at me back then, aren't laughing any more!
We are just getting started, the worst is yet to come!
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1 quick question.
Can anyone tell me, what happens when all the houses in a certon area are on the market ? I mean,how long can the banks keep forclosing befor they want more of our tax money? (sorry) 2 questions
I wish for my freedom
If they had listened
to RP, Rogers, and Schiff the worst of the liquidation process would be over by now and things would be getting back to normal.
"It's just one big club... and WE ain't in it!"
"Tyrants fear nothing more than insubordination"
"It's just one big club... and WE ain't in it!"
Bump
Thanks for posting this.
"The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money."
-Alexis de Tocqueville
Greed and Stupidity
This will cost everyone in the end. The prudent will suffer loss as well for their neighbors stupidity and greed.
Watch the film "THX1138" online for a glimpse into the future.
http://www.pyrabang.com/view.php?ref=THX1138&post_id=7484
Yes Ive been...
reading about this for a while now. Sounds like all the other "waves" will start hitting in the second half of this year... heres an article I read the other day.
http://www.theanonymousamerican.com/index.php?option=com_con...
My bet is that a second major deflation wave will hit near the end of 2009... save your money there will be great opportunities to buy cheap agriculture and commodities when that happens.
I sold my house close to the
I sold my house close to the peak of the market to a speculator that didn't even live in the house. He may have been able to turn it around fast enough for a profit though.
But alot of people don't realize that inflation is one of the main reasons why so many people are foreclosing. The cost of living keeps going up and up to the point where people just can't afford to pay their mortages. Now we will see people defaulting on credit cards, school loans, car loans and on their business loans. If Obama thinks he can solve the problems brought about by inflation by more inflation then the American people are doomed to be poorer.
http://www.meetup.com/RP2012GrandJunctionCO
Excellent post
But this interview did not cover the commercial real estate bubble
from my understanding this is going to make things much worse
www.Umake.it - The online resource for the Hand Made Society
I don't usually watch "60 Minutes", but
this was good. It's all just too much.
In the Realm of Foreclosures
The foreclosures are just one of the effects of economic stagnation and meltdowns. I can say that the root cause of all of this is our financial mismanagement. Loose lending, irresponsible borrowers, a flat real state market, and rising interest rates are just some of these factors. The foreclosure is just hard to accept because it affects every single person. As we can all observe, even popular and high profile people had filed their bankruptcy. One example is the actor Willie Aames. But he found a great solution to his financial troubles. He may have done well to look for a payday loan. Now he is holding a yard sale of his personal effects and memorabilia ha can stand to part with. It seems Charles should have stuck around a little longer to help out Willie Aames again.
bump
for easy ref.
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Waves of Foreclosure
I have been wondering about this phenomenon. I knew the sub prime was the obvious first wave, but the second and third waves aren't so obvious. This video really explains the process. ALT-A and ARM loan foreclosures will be the big buzz words next year.
Soooo... I've been saving to buy property in Costa Rica, but those prices have been going up, while the US markets are dropping like a rock. Maybe I'll wait and see how low the property values drop around here, buy a few for posterity, rent them out and THEN buy in Costa Rica.
Hey Kyle
check this out, I got a spot of my own, and it is really affordable. www.progressoheights.com.
Those who expect to reap the blessings of freedom must. like men, undergo the fatigue of supporting it.-Thomas Paine
The R3volution requires action, not observation!!!!
OOh
Makes much better sense, as long as you can wait it out.
Colchester, New London County, Connecticut
as i wipe the back of my hand
across my forehead....
i had an option arm when i bought my house in texas back in feb of 2004...
after two years of paying at 7.5 % - it jumped to something like 10 or 12.
the payment went from 525 to something like 800.
i called around and got another company to refinance the loan...
within a matter of days i had my original mortgage company calling me asking me if i would consider staying with them if they matched the 7.5% that i had been offered......
i accepted the permanent rate and that was that.
that's what mortgage companies should be doing.
fuck their profits from high interest rates.....
fuck them for trying this shit in the first place.
Good Chart of Alt A/Option Adj. 2010-11 looks like a Tidal Wave
http://www.oftwominds.com/photos07/mtg-resets-IMF.jpg
this is a must see video
bump
http://www.votenader.org/blog/2008/09/10/statement-to-ron-pa...
http://www.flickr.com/photos/57925480@N00/2660779139/sizes/l/
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"How can we justify to the unemployed and underemployed in the United States the incredible cost of maintaining a global empire?" - Dr. Ron Paul
Wow..nice catch
I have to say that I am one of the lucky ones. There are people all the time who move back to Oklahoma from places like California and Florida...they sell their homes and it pretty much gives them a full retirement in Oklahoma..complete with a home that is usually much nicer than the one they lived in while on the coast.
My wife and I bought a 2300 square food two story, full basement, arts and crafts style home, in our home town in August 2005 for $87,000. We ripped up the gold carpet to discover beautiful hard wood floors...we updated the tile and look for both bathrooms and the kitchen..and now in the middle of this "crisis" our home appraised for $145,000. And we will be putting it up for sale and will be able to accept as little as $120,000 to pay off every bill we have and cover our 20% down on the farm we bought. Meanwhile all our friends are getting divorces and going through hell because of their greed and love of money and all things money buys.
There are still places around my town that are taking a small hit, but those are the people who like to live five feet away from their neighbor, and like to spend $400-$500k on a home that isn't nearly as well built as mine, but it is in a cookie cutter neighborhood with all their cookie cutter snob friends.
I buy and flip some properties on the side and my business isn't hurt...I'm not trying to make an obscene amount of money..I buy a very cheap property and I work my butt off and use materials bought from craigslist. I am still making a very good living and I'm supplying those who live within their means with a very nice home.
Those who feel the need to keep up with the Jones, will soon be in foreclosure with the Jones.
I'm with you
I'm currently in a good position as well. I work online so when my wife and I started looking for a house a year ago, I searched the country for a depressed yet nice area. Even a year ago, I knew that I didn't want to play the mortgage game. My wife and I looked all over and at all options to try to find a way out of getting a mortgage. Everyone said we were crazy.
We looked at buying land and homesteading it, foreclosures, anything. Finally we found a pretty depressed area that was still nice. We paid $26,000 at the beginning of 2008 for our 1800 sq foot house. It's an old house with a small yard but we love it. We may buy the lot next door to get more yard at some point. Not everywhere in the US was overvalued. We've put a little money into it and redid a lot of the upstairs. We knew going in, our motives were not for resell value. It was to simply have our own home and get in without losing our liberties to a home mortgage. When you work for yourself and some months are better than others, a mortgage is a heavy burden.
This was when I was just starting to find out about Ron Paul, but even then my life was built around a feeling and sense of freedom. I love the internet and the freedoms it can afford us. I think that when the collapse happens, a lot of people will be scrambling to build some type of internet business. If you ever had an desire to start your own business on the side, don't wait for the crash and you lose your job to do it. There are lots of ways of doing it on the cheap.
Hook us up :-?
Thanks glassman for a whisper of hope. I for one would welcome more information from someone who we hopefully can trust heh heh...
Since we on dp are pretty much web junkies, maybe you should put up some ideas/leads/advice etc in a main thread - unless your advice is not free of course =(
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* Ron Paul For President *
Can you
tell us what you do for a living on the Internet?
What other Internet type jobs do you suggest?
Thanks
Detective Krum Investigates:
http://victory1project.wordpress.com/
http://v1-p.com/
Detective Krum Investigates:
http://victory1project.wordpress.com/
Good!
You have my admiration sir! Oklahoma sounds tempting to those of us in NYC, where a one-bedrooom apt still goes for 300K plus.
Maybe I'll get there someday!
________________________________________________
"Make the lie big, make it simple, keep saying it, and eventually they will believe it." -- Joseph Goebbels
_____________________________
"Make the lie big, make it simple, keep saying it, and eventually they will believe it." -- Joseph Goebbels
It depends on where you are...
Houston never saw massive hyperbolic prices on homes like other markets such as California, Florida Etc. I'm not saying this isn't going to be bad but like any correction prices normally drop to pre-bubble prices and then start to go back up. The question is how long is going to take to get to the bottom and then how long will it take to get out of the hole.
"The use of 'conspiracy theory' as a derogatory -- as an epithet almost -- is something the propagandists have perfected over the decades, and it's a useful tool for eliminating articulate dissent and other points of view, and information that might be in
"The use of 'Conspiracy Theorist' or 'Truther' as a derogatory -- as an epithet almost -- is something the propagandists have perfected over the decades, and it's a useful tool for eliminating articulate dissent."
Yes it does.
Some parts of Texas actually had a bit of a housing shortage during the "boom" days because so many of the builders were focusing on the metro areas. Those places are mostly still stable.
Another interesting point, many parts of rural Texas didn't really see the "exotic" mortgages popping up until '06-'07. That means that most of those are just now beginning to re-set.
For those looking for affordable housing in stable markets, rural Texas just might be for you.
One caveat: If these oil prices keep dropping, we could see our own set of layoffs and job losses that rival some of those in other areas. The 1980's were brutal here when oil prices plummeted. I'm really hoping NOT to have a replay of that scenario.
and luckily for us...
our hole isn't nearly as deep as those on the coast.....and when I say that I'm not dogging your "coast"....as brown as it is..LOL I love Galveston and the whole area...that is my coast too. :O)
The 'brown coast' is due to estuary flow, I believe.
I think that's the explanation for the murkiness of the coast in the Galveston-upper Texas coast area. The Mississippi, Trinity, and Red River overflow, plus the churning surf, and millions of years of silt from the rivers, give the water and sand a brown look.
If you go south past Matagorda Bay to Port Aransas and Corpus Christi, the coastal Texas waters become clear and the brown look disappears. You don't get the sparkling ocean hues of south Florida, but the water is clear enough to reflect turquoise on a sunny day.
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Man, oh man....
.....bump...
Berwick, Columbia County, Pennsylvania
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those of you who think its a
those of you who think its a good time to invest in real estate?
I hope this video woke you up! we are not even at the bottom.. not even close! I do disagree with guy this video is about.. the stock market still has a long ways to go down also!
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
Hey McCain-----┌П┐(◣_◢)┌П┐
Yes
I wouldn't buy real estate with YOUR money.:)
________________________________________________
"Make the lie big, make it simple, keep saying it, and eventually they will believe it." -- Joseph Goebbels
_____________________________
"Make the lie big, make it simple, keep saying it, and eventually they will believe it." -- Joseph Goebbels
lol "When governments fear
lol
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
Hey McCain-----┌П┐(◣_◢)┌П┐
We have alot more bubbles...
The mortage bubble was just the tip of the iceberg, we have still have the credit card bubble, student loan bubble, car loan bubble and the most infamous THE DOLLAR BUBBLE...
http://www.meetup.com/RP2012GrandJunctionCO