Make way for the next housing crash

Discussion in 'Current Events' started by bigrebnc1775, Apr 5, 2011.

  1. bigrebnc1775
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    bigrebnc1775 Diamond Member

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    Back in o8 and 09 when both Bush ad obama were pushing Congress to bailout the banks., I said hell no . Now the chickens are coming home to rooste

    [ame=http://www.youtube.com/watch?v=8_RF4kkYStg&feature=feedlik]YouTube - 60 Minutes: The Next Housing Shock[/ame]
     
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  2. bigrebnc1775
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    bigrebnc1775 Diamond Member

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    Do you know who really owns your mortgage? As Scott Pelley reports on "60 Minutes" this week, that question has become a nightmare for many homeowners since the invention of mortgage-backed securities. Yes, those were the exotic investments that sparked the financial collapse in this country. And the're still causing problems.

    Mortgage mess: Who really owns your mortgage? - 60 Minutes Overtime - CBS News
     
  3. waltky
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    waltky Wise ol' monkey Supporting Member

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    Strategic default numbers growing...
    :confused:
    Walk away from your mortgage? Time to get 'ruthless'
    June 7, 2011: Should you keep paying your mortgage on a home that's dwindling in value?
     
  4. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Ain't going to be much of a recovery until the housing market bottoms out. Don't know if crash is the right word, but prices are still going down though. Like everything else, it comes down to jobs I think. Sort of a catch-22.
     
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  5. bigrebnc1775
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    bigrebnc1775 Diamond Member

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    A home has more than one purpose. It's value is deemed by the owner. Even though my home's actually value is not a million dollars I would not sale it for less. Because I plan to grow old and die in it. And you can't really place a value on that.
     
  6. waltky
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    waltky Wise ol' monkey Supporting Member

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    Granny says dat ain't the point - if ya grow old an' die in it, with the market bein' what it is at the moment, ya prob'ly gonna stink up the place a-fore dey can sell it - betcha didn't think o' dat did ya?...
    :eek:
    New-home sales fall for first time in three months
    6/23/2011 : Inventories at record lows as builders slow construction; prices up slightly
     
    Last edited: Jun 23, 2011
  7. waltky
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    waltky Wise ol' monkey Supporting Member

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    Uncle Ferd says if prices keep droppin' purt soon dey gonna be givin' `em away...
    :eusa_eh:
    Home prices dip 4.5%
    July 26, 2011: May home prices in 20 major cities dipped 4.5% from one year ago, marking a continued decline in the already battered housing market.
     
  8. Kooshdakhaa
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    Kooshdakhaa Gold Member

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    So if you walk away from your mortgage, where are you gonna live? Rent a place? Yeah, and your credit is screwed for a few years, too.

    Ha.

    I feel so damn blessed to own my home rather than rent, I don't care what it's value is to others. It's not for sale. Actually, if it's value goes down, I pay less property taxes.

    And maybe you can rent a nice three-bedroom home in Orlando for only $1000 per month, but sure as hell not where I am. Try more like $1500 - $2500 depending on your definition of "nice." You might be able to find some lower, but they'll go fast.

    If somebody came to me right now and offered to buy my home, at a fair price...I'd say no.

    It's where I live and I like it. I don't want to go backwards.

    We used to rent a nice apartment in a four-plex. We really liked it. We lived there for 12 years. It was home. Then the owner of the building sold it to someone else. Even though we had paid our rent early for 12 years without fail, we were given a 30-day notice to move out. They had other plans for our apartment.

    I swore then that I would never rent again. At least when you own, if you pay your mortgage, you don't get kicked out.
     
    Last edited: Jul 26, 2011
  9. Kooshdakhaa
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    Kooshdakhaa Gold Member

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    This is a good time to buy MORE houses, though. If you can swing it.
     
  10. bigrebnc1775
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    bigrebnc1775 Diamond Member

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    The city just lower the tax value on my home two weeks ago. A 12,000 drop
     

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