Thank you obama economy. (sarcasm to ensue)

[Lovebears65]

Just got our yearly tax appraisel my house just deappreciated almost 40k in one year. And since I am not a dead beat homeowner I found out we can't use any programs Obama put out That is only for people behind in their mortgage. Same thing happened to my friend in Jacksonville except her house is worth 100k less. I am not under water yet. But if it continues this way we soon will be

 

[itfitzme]

Just got our yearly tax appraisel my house just deappreciated almost 40k in one year. And since I am not a dead beat homeowner I found out we can't use any programs Obama put out That is only for people behind in their mortgage. Same thing happened to my friend in Jacksonville except her house is worth 100k less. I am not under water yet. But if it continues this way we soon will be

It is called the free market. Supply and demand dictates the price of single family homes. The question is, why are you blaming the government for a free market problem?

Why should you get government assistance for the fact that your property didn't gain as much equity as you want? Your not due something from the government. There is no guarantee that housing value will continue upward. If you've made the effort to look at the historical median single family home prices, they have cycled repeatedly.

Here is an idea, sell your house now before you go underwater on your mortgage. Your saying, "if it continues this way we soon will be" means you are well aware of the market and the risks. If you end up underwater, that's your problem, not the governments.

 

[midcan5]

The housing bubble was like all bubbles and all eventual collapses, humans thought the price of Tulips would never go down, always up. Liars and cheats there were, but willing customers and 'venture' citizens too. In this crash, and maybe every crash, mirrors should be provided so the real cause can be easily seen.

 

[TakeAStepBack]

Just got our yearly tax appraisel my house just deappreciated almost 40k in one year. And since I am not a dead beat homeowner I found out we can't use any programs Obama put out That is only for people behind in their mortgage. Same thing happened to my friend in Jacksonville except her house is worth 100k less. I am not under water yet. But if it continues this way we soon will be

It is called the free market. Supply and demand dictates the price of single family homes. The question is, why are you blaming the government for a free market problem?

Why should you get government assistance for the fact that your property didn't gain as much equity as you want? Your not due something from the government. There is no guarantee that housing value will continue upward. If you've made the effort to look at the historical median single family home prices, they have cycled repeatedly.

Here is an idea, sell your house now before you go underwater on your mortgage. Your saying, "if it continues this way we soon will be" means you are well aware of the market and the risks. If you end up underwater, that's your problem, not the governments.

You could not possibly be any more dead wrong on this assessment. There is nothing "free" about the housing market. Artificially low interest rates coming out of the dotcom burst, along with a host of government "ownership" programs and incentives, pumped up the value of homes immensely. Which is why now, after the pop, and the govt. continues the same inflationary/credit expansion policies, home prices are still falling.

Instead of a swift correction they tried to prop it up and that is why it is dragging out.

 

[Katzndogz]

Just got our yearly tax appraisel my house just deappreciated almost 40k in one year. And since I am not a dead beat homeowner I found out we can't use any programs Obama put out That is only for people behind in their mortgage. Same thing happened to my friend in Jacksonville except her house is worth 100k less. I am not under water yet. But if it continues this way we soon will be

How do you feel about your home?

My son's home lost more than half its value since obama was crowned. He is definitely under water. But, it's his home, he made the payments when he bought it and he's making the payments now. It might be harder due to the incredible rise in prices that obama caused but they are making it and he still has his home.

 

[edthecynic]

Just got our yearly tax appraisel my house just deappreciated almost 40k in one year. And since I am not a dead beat homeowner I found out we can't use any programs Obama put out That is only for people behind in their mortgage. Same thing happened to my friend in Jacksonville except her house is worth 100k less. I am not under water yet. But if it continues this way we soon will be

First of all, you should be thankful you don't live in NJ. Christie set a property tax increase limit of 3%, so the GOP mayors simply DOUBLED the tax appraisal value of the house to get around Christie's limit. So your tax appraisal going down means you pay LESS property tax.
Thank you President Obama.

And secondly, that bullshit about Obama's programs are only for people behind on their mortgage is nothing more than pure GOP CON$ervoFascist lies, as usual. But you knew that already!!!

Obama to Announce Refi Help for Underwater Homeowners | AOL Real Estate

An administration official said the housing initiative will help homeowners with little or no equity in their homes refinance by cutting the cost of doing so and removing caps for deeply underwater borrowers. The new rules apply to homeowners with federally guaranteed mortgages who are current on their payments.

 

[itfitzme]

Just got our yearly tax appraisel my house just deappreciated almost 40k in one year. And since I am not a dead beat homeowner I found out we can't use any programs Obama put out That is only for people behind in their mortgage. Same thing happened to my friend in Jacksonville except her house is worth 100k less. I am not under water yet. But if it continues this way we soon will be

It is called the free market. Supply and demand dictates the price of single family homes. The question is, why are you blaming the government for a free market problem?

Why should you get government assistance for the fact that your property didn't gain as much equity as you want? Your not due something from the government. There is no guarantee that housing value will continue upward. If you've made the effort to look at the historical median single family home prices, they have cycled repeatedly.

Here is an idea, sell your house now before you go underwater on your mortgage. Your saying, "if it continues this way we soon will be" means you are well aware of the market and the risks. If you end up underwater, that's your problem, not the governments.

You could not possibly be any more dead wrong on this assessment. There is nothing "free" about the housing market. Artificially low interest rates coming out of the dotcom burst, along with a host of government "ownership" programs and incentives, pumped up the value of homes immensely. Which is why now, after the pop, and the govt. continues the same inflationary/credit expansion policies, home prices are still falling.

Instead of a swift correction they tried to prop it up and that is why it is dragging out.

oh bullshit. The value of homes, prior to 2007, was pumped up by demand and speculation. The mass of sub-prime loans was to speculators which is, by the way, what sub-prime loans are for. It wasn't, as you want to believe, a host of government ownership programs.

 

[itfitzme]

Just got our yearly tax appraisel my house just deappreciated almost 40k in one year. And since I am not a dead beat homeowner I found out we can't use any programs Obama put out That is only for people behind in their mortgage. Same thing happened to my friend in Jacksonville except her house is worth 100k less. I am not under water yet. But if it continues this way we soon will be

How do you feel about your home?

My son's home lost more than half its value since obama was crowned. He is definitely under water. But, it's his home, he made the payments when he bought it and he's making the payments now. It might be harder due to the incredible rise in prices that obama caused but they are making it and he still has his home.

Good for you. That is exactly where we start, thankful recognition of what we do have and personal responsibility for what we can do. Short term stable markets would be great. And I feel for him that he finds himself underwater. There are limits to what we can do. Real estate is a long term investment and my best wishes that he should be able to stay in it for the long term.

That said, what "the incredible rise in prices" are you talking about? There is no incredible rise in prices. The rate of inflation has been at it's lowest in decades. Ignoring the massive deflation during the great recession, it has continued to be below 3% and the trend is towards 2.5%. In 2009, the annual rate was 2.72%. For 2010, it was 1.5%. And for 2011, it came in at 2.96%. Historically, the target has been about 3-5% and the annual rate for all years since 1960 has been about 4%.

It is, as well, the Federal Reserve that manages inflation by managing the money supply. Inflation is a monetary issue, not a fiscal policy issue. Neither the legislative or executive branches have control over the rate of inflation. Inflation (and deflation) is simply understood by the equation of exchange, M * V = P * Q. Price (P), along with output (Q), is a function of the supply of money (M). It is fascinatingly that simple, yet in the details of a national economy, it gets pretty complicated real fast as the markets also have a huge effect depending on what they decide to do with that money.

Never the less, a) Obama, or any president, has no control over aggregate prices b) it is the Federal Reserve that does by managing the money supply c) the rate of inflation has been reasonably stable, below 3%, averaging about 2.75% since the recession ended, and showing a long term trend of 2% since.

 

[Truthmatters]

lovie is so dumb and disgruntled in the brain that she doesnt even know what she is talking about.

She loves thatfree market shit and republicans.

they both work to screw her and she blames Obama.

damn shes dense

 

[starcraftzzz]

Just got our yearly tax appraisel my house just deappreciated almost 40k in one year. And since I am not a dead beat homeowner I found out we can't use any programs Obama put out That is only for people behind in their mortgage. Same thing happened to my friend in Jacksonville except her house is worth 100k less. I am not under water yet. But if it continues this way we soon will be

It is called the free market. Supply and demand dictates the price of single family homes. The question is, why are you blaming the government for a free market problem?

Why should you get government assistance for the fact that your property didn't gain as much equity as you want? Your not due something from the government. There is no guarantee that housing value will continue upward. If you've made the effort to look at the historical median single family home prices, they have cycled repeatedly.

Here is an idea, sell your house now before you go underwater on your mortgage. Your saying, "if it continues this way we soon will be" means you are well aware of the market and the risks. If you end up underwater, that's your problem, not the governments.

You could not possibly be any more dead wrong on this assessment. There is nothing "free" about the housing market. Artificially low interest rates coming out of the dotcom burst, along with a host of government "ownership" programs and incentives, pumped up the value of homes immensely. Which is why now, after the pop, and the govt. continues the same inflationary/credit expansion policies, home prices are still falling.

Instead of a swift correction they tried to prop it up and that is why it is dragging out.

Jesus right wingers are so stupid that they think polices that help people afford homes that have been in place for 50 years caused the housing bubble. Next we are going to hear how food stamps caused the dot come bubble or some other stupid shit.
Futhermore dumbass low interest rate did not make banks give out fraudulent and shitty loans they did that on their own
why are you such a clueless retard?

 

[TakeAStepBack]

It is called the free market. Supply and demand dictates the price of single family homes. The question is, why are you blaming the government for a free market problem?

Why should you get government assistance for the fact that your property didn't gain as much equity as you want? Your not due something from the government. There is no guarantee that housing value will continue upward. If you've made the effort to look at the historical median single family home prices, they have cycled repeatedly.

Here is an idea, sell your house now before you go underwater on your mortgage. Your saying, "if it continues this way we soon will be" means you are well aware of the market and the risks. If you end up underwater, that's your problem, not the governments.

You could not possibly be any more dead wrong on this assessment. There is nothing "free" about the housing market. Artificially low interest rates coming out of the dotcom burst, along with a host of government "ownership" programs and incentives, pumped up the value of homes immensely. Which is why now, after the pop, and the govt. continues the same inflationary/credit expansion policies, home prices are still falling.

Instead of a swift correction they tried to prop it up and that is why it is dragging out.

oh bullshit. The value of homes, prior to 2007, was pumped up by demand and speculation. The mass of sub-prime loans was to speculators which is, by the way, what sub-prime loans are for. It wasn't, as you want to believe, a host of government ownership programs.

No shit, Sherlock. That demand was made by credit expansion and govt. ownership incentives. If interest rates weren't held low, the credit to provide homes to people who could not afford them in the first place would have never happened. "Speculation" was the moral hazard of a such an increase in credit. Which was extended out to the very people who now are in forclosure over the house they could not afford but took a variable interest rate mortgage out on.

It wasn't until the market was seen by those in the bubble as toxic, that sub-primes were bundled and packaged with other assets to hedge against the real feat of loss using VaR.

 

[itfitzme]

Just got our yearly tax appraisel my house just deappreciated almost 40k in one year. And since I am not a dead beat homeowner I found out we can't use any programs Obama put out That is only for people behind in their mortgage. Same thing happened to my friend in Jacksonville except her house is worth 100k less. I am not under water yet. But if it continues this way we soon will be

First of all, you should be thankful you don't live in NJ. Christie set a property tax increase limit of 3%, so the GOP mayors simply DOUBLED the tax appraisal value of the house to get around Christie's limit. So your tax appraisal going down means you pay LESS property tax.
Thank you President Obama.

And secondly, that bullshit about Obama's programs are only for people behind on their mortgage is nothing more than pure GOP CON$ervoFascist lies, as usual. But you knew that already!!!

Obama to Announce Refi Help for Underwater Homeowners | AOL Real Estate

An administration official said the housing initiative will help homeowners with little or no equity in their homes refinance by cutting the cost of doing so and removing caps for deeply underwater borrowers. The new rules apply to homeowners with federally guaranteed mortgages who are current on their payments.

Good stuff. I think the OP's issue is even more basic, believing that just because (s)he "lost" 40k in market equity, (s)he is somehow due that "lost" 40k. It isn't the government's job to ensure that the housing market never loses equity or cover the downside risk of home ownership. There have been plenty of time, over the past fifty years, that housing prices have fallen nationally, even more instances when they have fallen in one local market or another. The while idea of the markets is that prices are regulated by the supply and demand. A majority of risk adverse buyers will keep prices low and stable. It's a bitch when the rest of the market is less risk averse then me because their lack of risk aversion creates a risky market. And I suffer the consequences.

 

[Truthmatters]

It is called the free market. Supply and demand dictates the price of single family homes. The question is, why are you blaming the government for a free market problem?

Why should you get government assistance for the fact that your property didn't gain as much equity as you want? Your not due something from the government. There is no guarantee that housing value will continue upward. If you've made the effort to look at the historical median single family home prices, they have cycled repeatedly.

Here is an idea, sell your house now before you go underwater on your mortgage. Your saying, "if it continues this way we soon will be" means you are well aware of the market and the risks. If you end up underwater, that's your problem, not the governments.

You could not possibly be any more dead wrong on this assessment. There is nothing "free" about the housing market. Artificially low interest rates coming out of the dotcom burst, along with a host of government "ownership" programs and incentives, pumped up the value of homes immensely. Which is why now, after the pop, and the govt. continues the same inflationary/credit expansion policies, home prices are still falling.

Instead of a swift correction they tried to prop it up and that is why it is dragging out.

Jesus right wingers are so stupid that they think polices that help people afford homes that have been in place for 50 years caused the housing bubble. Next we are going to hear how food stamps caused the dot come bubble or some other stupid shit.
Futhermore dumbass low interest rate did not make banks give out fraudulent and shitty loans they did that on their own
why are you such a clueless retard?

The corporate pablum they lap up from fox and friends

 

[TakeAStepBack]

It is called the free market. Supply and demand dictates the price of single family homes. The question is, why are you blaming the government for a free market problem?

Why should you get government assistance for the fact that your property didn't gain as much equity as you want? Your not due something from the government. There is no guarantee that housing value will continue upward. If you've made the effort to look at the historical median single family home prices, they have cycled repeatedly.

Here is an idea, sell your house now before you go underwater on your mortgage. Your saying, "if it continues this way we soon will be" means you are well aware of the market and the risks. If you end up underwater, that's your problem, not the governments.

You could not possibly be any more dead wrong on this assessment. There is nothing "free" about the housing market. Artificially low interest rates coming out of the dotcom burst, along with a host of government "ownership" programs and incentives, pumped up the value of homes immensely. Which is why now, after the pop, and the govt. continues the same inflationary/credit expansion policies, home prices are still falling.

Instead of a swift correction they tried to prop it up and that is why it is dragging out.

Jesus right wingers are so stupid that they think polices that help people afford homes that have been in place for 50 years caused the housing bubble. Next we are going to hear how food stamps caused the dot come bubble or some other stupid shit.
Futhermore dumbass low interest rate did not make banks give out fraudulent and shitty loans they did that on their own
why are you such a clueless retard?

I'm not a "right-winger", shit stain. I just happen to understand economics. You should try reading more about it and spend less time running off at the mouth with this type of drivel. You know, sort of like a summer course while high school is on hiatus.

 

[Lovebears65]

Just got our yearly tax appraisel my house just deappreciated almost 40k in one year. And since I am not a dead beat homeowner I found out we can't use any programs Obama put out That is only for people behind in their mortgage. Same thing happened to my friend in Jacksonville except her house is worth 100k less. I am not under water yet. But if it continues this way we soon will be

How do you feel about your home?

My son's home lost more than half its value since obama was crowned. He is definitely under water. But, it's his home, he made the payments when he bought it and he's making the payments now. It might be harder due to the incredible rise in prices that obama caused but they are making it and he still has his home.

I like my house.I just wish it was in Texas We are not planning on moving so even if its lower we will continue to pay. We make at least one extra payment a year so we will have it paid off before the 30 years is up

 

[Lovebears65]

Just got our yearly tax appraisel my house just deappreciated almost 40k in one year. And since I am not a dead beat homeowner I found out we can't use any programs Obama put out That is only for people behind in their mortgage. Same thing happened to my friend in Jacksonville except her house is worth 100k less. I am not under water yet. But if it continues this way we soon will be

First of all, you should be thankful you don't live in NJ. Christie set a property tax increase limit of 3%, so the GOP mayors simply DOUBLED the tax appraisal value of the house to get around Christie's limit. So your tax appraisal going down means you pay LESS property tax.
Thank you President Obama.

And secondly, that bullshit about Obama's programs are only for people behind on their mortgage is nothing more than pure GOP CON$ervoFascist lies, as usual. But you knew that already!!!

Obama to Announce Refi Help for Underwater Homeowners | AOL Real Estate

An administration official said the housing initiative will help homeowners with little or no equity in their homes refinance by cutting the cost of doing so and removing caps for deeply underwater borrowers. The new rules apply to homeowners with federally guaranteed mortgages who are current on their payments.

Good stuff. I think the OP's issue is even more basic, believing that just because (s)he "lost" 40k in market equity, (s)he is somehow due that "lost" 40k. It isn't the government's job to ensure that the housing market never loses equity or cover the downside risk of home ownership. There have been plenty of time, over the past fifty years, that housing prices have fallen nationally, even more instances when they have fallen in one local market or another. The while idea of the markets is that prices are regulated by the supply and demand. A majority of risk adverse buyers will keep prices low and stable. It's a bitch when the rest of the market is less risk averse then me because their lack of risk aversion creates a risky market. And I suffer the consequences.

You see I was never planning on using anything OBAMA has to offer.I bought the house and I will pay for it. But, I can remember not to long ago the left crying to help homeowners losing their houses , HOUSES they should not have been in the first place.. This new program Obama just implemented saying its for people with current mortgages just happened a few months ago. Before then it was ONLY for people in the rears.

My ex-friend who has used EVERY program for dead beats had her house refinanced and refinanced because she was in the rears. She still ended up filing bankruptcy .Not that she could not afford the payments she decided to leave her husband for another women husband and uproot their kids But that is a different story . When I bought our house our Realtor TRIED and Tried to get us to buy a much bigger house. Higher payments . . You see she told us of this little secret (sarcasm) That we could just pay interest for awhile and then refinance . We could get such a better house. But , we seen the fire behind the smoke and bought a house within our means. Actually we bought a house below our means. We could have went way higher without the interest only house . But, Hubby and I decided long ago we did not want to be HOUSE poor. We did not want our lives dictated by our house payment. Something others should have done before the housing bubble

 

[itfitzme]

You could not possibly be any more dead wrong on this assessment. There is nothing "free" about the housing market. Artificially low interest rates coming out of the dotcom burst, along with a host of government "ownership" programs and incentives, pumped up the value of homes immensely. Which is why now, after the pop, and the govt. continues the same inflationary/credit expansion policies, home prices are still falling.

Instead of a swift correction they tried to prop it up and that is why it is dragging out.

oh bullshit. The value of homes, prior to 2007, was pumped up by demand and speculation. The mass of sub-prime loans was to speculators which is, by the way, what sub-prime loans are for. It wasn't, as you want to believe, a host of government ownership programs.

No shit, Sherlock. That demand was made by credit expansion and govt. ownership incentives. If interest rates weren't held low, the credit to provide homes to people who could not afford them in the first place would have never happened. "Speculation" was the moral hazard of a such an increase in credit. Which was extended out to the very people who now are in forclosure over the house they could not afford but took a variable interest rate mortgage out on.

It wasn't until the market was seen by those in the bubble as toxic, that sub-primes were bundled and packaged with other assets to hedge against the real feat of loss using VaR.

Bullshit, it wasn't "made by credit expansion and govt. ownership incentives".

It was straight up, normal run of the mill demand, some by first time home buyers, a large percentage by investors. And the majority of them were high intrestest, sub prime mortages that had nothing to do with the government.

www.newyorkfed.org/research/staff_reports/sr514.pdf

Frankly, for first time owner occupied home buyers, the interest rate is a non-issue. What they care about is the mortage payment, not the interest rate. While "[t]hese “buy and hold” investors will thus be sensitive to changes in interest rates: a significant decline in rates can often offset the fixed cost of refinancing since they expect to hold the property for some time.", they were not the major driver of demand or the cause of the bubble burst.

Rather the flippers, with lesser concern for interest rates were were the major driver and "[f]or these “buy and flip” investors, the primary motivation for the investment is capital gains, suggesting, for the reasons described above, that they will be both highly leveraged and will be considerably less sensitive to interest rate movements."

 

[TakeAStepBack]

Then why was the 2008 real estate collapse predicted in the early 2000s because of the artificially low interest rates and credit expansion in correlation to govt. incentives to buy homes and commercial real estate?

How did those guys know it was coming if it was "normal, run of the mill demand"?

 

[TakeAStepBack]

Frankly, for first time owner occupied home buyers, the interest rate is a non-issue. What they care about is the mortage payment, not the interest rate.

Right, so those variable rates have no affect on the monthly payment. You're out of your element, Donnie. That's how it went pop. Rates went up, people couldn't pay, panic, bundling and hedging ensued and meltdown unaverted.

 

[Ernie S.]

Just got our yearly tax appraisel my house just deappreciated almost 40k in one year. And since I am not a dead beat homeowner I found out we can't use any programs Obama put out That is only for people behind in their mortgage. Same thing happened to my friend in Jacksonville except her house is worth 100k less. I am not under water yet. But if it continues this way we soon will be

My appraisal is lower this year as well. It halved my property taxes and the property is still worth more than I paid for it 15 months ago.