pe7e Posted November 8, 2007 Report Share Posted November 8, 2007 time for another revolution maybe? No, It's time to buy the cheap homes :smirk: Link to comment Share on other sites More sharing options...
Old Hippie Posted November 8, 2007 Report Share Posted November 8, 2007 The rumor here is the properties were hyped/over inflated' date=' to capitalize on the lower mortgage rates...interest rates low? raise the selling price...interest rates high? lower the price...either way the customer gets screwed... The single biggest problem is/was they sold houses to people who really could not afford them. The banks probably figured "...what the fuck, we can sell it to another schmuck for more later..." That theory only worked for so long...now time to pay up. Over all, this country is plain fucked. We gave away all our jobs, raised the cost of living, over 1/2 the people have no health care, most have little or no pensions, those that do have them hanging by a thread, as the current trend is to default on them...in California alone, 1/88 homes in in foreclosure...time for another revolution maybe?[/quote'] It's hard to feel sympathy for people who got in over their heads or bought 2 or 3 houses for investment purposes. This is the way the free market corrects itself....if it's allowed to. Agreed. I work with some greedy mother fuckers who were all looking to get rich quick...bought 3-4+ homes all interest only, in many cases with a negative cash flow on the rentals. This took product off the market for people looking to buy 1 home/first home, and also fueled demand which drove up prices. Oddly, I still know guys who refuse to admit that real estate properties can and do go down at times...1986(?)-1995 maybe was a bust in the SFO bay are market, it is usually the last to fall, and the last to recover, shit here is just too damn over priced. As salaries decline, and jobs disappear, the inevitable correction will occur. Link to comment Share on other sites More sharing options...
Old Hippie Posted November 8, 2007 Report Share Posted November 8, 2007 time for another revolution maybe? No, It's time to buy the cheap homes :smirk: With what? The cost of my condo fell almost $100,000 I still can't afford it, would cost me 2X's the rent...job is hanging by a thread, took a 20+% pay cut a few years back, lost my pension and have to pay part of my medical...cost of living up, way up, salary down, 1,000,000's more like me... There is a book out there called "America: What Went Wrong?" worth a look, some guys called a lot of this shit years back when it could/should have been prevented. Pretty soon, Asians will be coming here to fuck our poor farm girls, and buy us sick cows...and I will be driving a taxi with a rigged meter...touting the whores services for a commission...karma I guess. Link to comment Share on other sites More sharing options...
chuckwoww Posted November 8, 2007 Report Share Posted November 8, 2007 But how severe will the correction be? That's the big unknown. No doubt there are people waiting to buy up the foreclosures but they aren't in any hurry. Link to comment Share on other sites More sharing options...
.. Posted November 8, 2007 Report Share Posted November 8, 2007 This is the way the free market corrects itself....if it's allowed to. You can bet the actual bankers won't get hurt too much. Except it will not, as you already know. This current crop of Reagan Republicans preach the free-market gospel...until it affects them. Then they regulate and bail-out their pals with my money. Just look at the airline industry, the agriculture industry and the current labor market (there are no job Americans will *not* do if you pay them a market wage, but they won't and "require" illegal immigrant labour) as examples. They are already talking about bailouts for this mess. Typical America...you play by the rules and get fucked. {snark on}Right, because in a free market, capitalist economy it would be wrong for home prices to drop and for me to have to spend less on the condo I'm looking to buy. Since when was it anybody's job to artificially drive up the prices of homes in my or any other neighborhood? Since when is it wrong for someone else to have their home value decrease because of a market adjustment, but it's right for me to have my future home cost increase because of an artificial intervention? They lose money, it's wrong - I lose money, it's right.{snark off} Regards, SD Link to comment Share on other sites More sharing options...
shygye Posted November 8, 2007 Report Share Posted November 8, 2007 I predict a world wide recession in '08. The real estate bubble bursting in the USA, coupled with the rapid rise in commodities (oil, wheat, copper, steel, etc) will cause the decline. Expect the real estate bubbles in Australia, UK, and Thailand popping next year. Link to comment Share on other sites More sharing options...
jitagawn Posted November 8, 2007 Report Share Posted November 8, 2007 Going to get VERY ugly this spring. The entire liar loan deal is a ponze scheme set up by Greenspan to "heal"the tech bubble. You believe inflation is low? Guess again. Believe the FED? guess again. Thats like believing a BG saying "I lub u" Like I have been saying for months and years buy gold. SD asks where the money went? It simply has vanished...written off the books These guys are ruthless. This is and will be the largest transference of wealth in this century. The man is picking the little guys pockets clean- I saw this two years ago and am ok. Sold all of my investment realestate and put 25% in bullion AND GLD-There is still time but I know no one ever listens. :smirk: Wake up. OH loved your karmic comparison about driving a taxi HIlarious- Link to comment Share on other sites More sharing options...
.. Posted November 8, 2007 Report Share Posted November 8, 2007 But wait, there's more! Chimpynomics Strikes Again!! Oh the tangled web that BushCo has woven -- yup, their fault as it was their policies (or lack thereof, specifically) that brought us here. But they don't give a fuck cuz they got theirs, and the rest of us can just fuck off! [color:blue]Currency traders gave the dollar a thorough pounding today after a Chinese official suggested that the country could begin to diversify its huge foreign-exchange reserves. The euro broke the $1.47 barrier before retreating a little and the pound climbed above $2.10, a value it had not reached 26 years ago. Other currencies also posted gains against the dollar. Remarks by Cheng Siwei, vice chairman of the National Peopleâ??s Congress in China â?? a colossal dollar investor by virtue of its $1.43 trillion in currency reserves, most of which are presumed to be denominated in dollars â?? helped drive the dollar lower.[/color] Once the dollar broke through the 1.45 support number, there was very little to keep it afloat. It's time to let Bush and the GOP explain their miserably failed economics to the public before they get on their high horse and talk about fiscal responsibility. Who in their right mind wants to throw money into the US market when it's this bad? I guess it's time to start sucking on my new toys from China... Cheers, S-Ron Popeil-D Link to comment Share on other sites More sharing options...
chuckwoww Posted November 8, 2007 Report Share Posted November 8, 2007 Middle class revolution? That should be interesting....up off those couches and into the SUVs...we're off to Washington! Oooops no gas.... Link to comment Share on other sites More sharing options...
jitagawn Posted November 8, 2007 Report Share Posted November 8, 2007 Link to comment Share on other sites More sharing options...
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