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There's this this new thing called "renting".Millions of entire families have been foreclosed out of their homes. Where are they?
It would seem they would be forced to steal food but there doesn't appear to be any crime wave. How do they manage?
construction people have been hard hit...my husband got his 1099's this year...less than half of what he made last year...i know 2 families that lost their homes....one is renting....one has moved to another state to live with family...foreclosed does not mean jobless but the under employment in the construction industry is crippling a lot of families..
construction jobs will go the way of textile jobs...it will never come back like it was..hard to believe that 3 years ago it was booming....people couldnt build spec houses fast enough...now they are trying to sell those specs houses at a greatly reduced rate
There's this this new thing called "renting".Millions of entire families have been foreclosed out of their homes. Where are they?
It would seem they would be forced to steal food but there doesn't appear to be any crime wave. How do they manage?
I own two homes, one an asset the other a liability.There's this this new thing called "renting".Millions of entire families have been foreclosed out of their homes. Where are they?
It would seem they would be forced to steal food but there doesn't appear to be any crime wave. How do they manage?
I am starting to wonder if home ownership is overrated. Considering you almost no one actually owns their home and contratray to opinion are not your most imortant assett, but your biggest liability.
Millions of entire families have been foreclosed out of their homes. Where are they?
It would seem they would be forced to steal food but there doesn't appear to be any crime wave. How do they manage?
Well a lot of the tent people get run off but most often people live in their cars. Trailer rentals and extended stay hotels are also common. Estimates as high as 2% of the population living off food stamps as their sole income float around the internet but there is no central clearing house for such data so reliability may be as low as the estimates for homelessness. The state and local politicians will continue to police the aesthetics of homelessness, food stamps as sole income, discouraged workers and so on.Millions of entire families have been foreclosed out of their homes. Where are they?
It would seem they would be forced to steal food but there doesn't appear to be any crime wave. How do they manage?
They have found rented homes or apartment's or they are living with family or friends.
I haven't heard a thing about the tent cities that were going up. Has anybody else?
It is IRS policy to tax forgiven debt you are personally responsible for as if it is income. Say, for example, your credit card company settled a $10,000 debt for 50 cents on the dollar. You'd have a debt forgiveness of $5,000, which the IRS would count just like your wages. The same policy held true for most mortgage debt until 2007, when Congress passed the Mortgage Forgiveness Debt Relief Act. That ended the liability for many homeowners -- but not all.
In general, if you lose your home to foreclosure or short sale, where you sell your home for less than you owe, the IRS won't add insult to injury by counting the difference as income, at least until 2012, when the act expires. There are four major exceptions to the rule:
1. You did a cash-out refinance and splurged.
Many homeowners took cash out when they refinanced their homes and used the extra dough to pay for new cars, boats, vacations or other spending. Say you did that and then got into trouble, losing the house through a foreclosure or short sale. Even if your lender waived the remaining debt, the IRS will treat as income the portion of the forgiven debt that you took out as cash and spent. Only the funds used to actually improve your home won't be taxed (plus the costs of refinancing the loan). Yes, even if you spent the money on paying off your student loans or credit cards.
The IRS' reasoning is that only the money spent on home improvement actually added to your home's value. And that, presumably, diminished the difference between what you owed on your mortgage and the value of your home when it was foreclosed. Beware: Some lenders made refinancing offers contingent on homeowners paying off credit card debt, according to Kent Anderson, a Eugene, Ore.-based attorney and tax expert. If you took one of those deals, the refinance money will be reported to the IRS and you will owe taxes on it.
2. You have a home-equity line of credit.
construction people have been hard hit...my husband got his 1099's this year...less than half of what he made last year...i know 2 families that lost their homes....one is renting....one has moved to another state to live with family...foreclosed does not mean jobless but the under employment in the construction industry is crippling a lot of families..
construction jobs will go the way of textile jobs...it will never come back like it was..hard to believe that 3 years ago it was booming....people couldnt build spec houses fast enough...now they are trying to sell those specs houses at a greatly reduced rate
I disagree. While it will be a long time before there is a boom like a few years ago (a very huge speculative bubble), the very nature of construction means that it has to happen here. We can't build a house as a finished product in China and just ship it over here for consumption.
construction people have been hard hit...my husband got his 1099's this year...less than half of what he made last year...i know 2 families that lost their homes....one is renting....one has moved to another state to live with family...foreclosed does not mean jobless but the under employment in the construction industry is crippling a lot of families..
construction jobs will go the way of textile jobs...it will never come back like it was..hard to believe that 3 years ago it was booming....people couldnt build spec houses fast enough...now they are trying to sell those specs houses at a greatly reduced rate
I disagree. While it will be a long time before there is a boom like a few years ago (a very huge speculative bubble), the very nature of construction means that it has to happen here. We can't build a house as a finished product in China and just ship it over here for consumption.
I own two homes, one an asset the other a liability.There's this this new thing called "renting".
I am starting to wonder if home ownership is overrated. Considering you almost no one actually owns their home and contratray to opinion are not your most imortant assett, but your biggest liability.
The house in California is rented so it puts money in my pocket.
The house I live in now is a liability because it takes money out of my pocket.
I live in a small town that was listed as the fastest growing town in my county a few years back. They couldn't build the houses and commercial stuff fast enough. Now? The Acme that has only been opened two or three years? Gone. Drug stores? Gone. Gold's Gym? Gone. Another big food store? Hurting, badly. Housing developments left half-built; people screwed out of their deposits + because the builder went belly up. Things are shitty and I'm not seeing much of recovery in my neck of the woods.
YouTube - American Tent Cities
YouTube - America's Largest Tent City
Check out this article:
Now, because of the horrific hole that our politicians have dug for us, we are faced with some heartbreaking choices. For example, right now the U.S. Congress is deciding whether or not to extend long-term unemployment benefits for the nations jobless.
Extending those benefits through the end of February would add another $12.5 billion to the U.S. national debt. But not doing it would cut off the only lifeline that many Americans have just in time for the holidays.
The extension of jobless benefits that was passed last summer expires on December 1st. If these long-term benefits are not renewed, approximately 2 million unemployed Americans will lose their checks.
Tent Cities Pop Up Everywhere In The U.S. As Homelessness Skyrockets
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Remember that from last Christmas? Republicans were going to cut off those benefits unless Obama extended the tax breaks for the rich. Now Republicans say, "See, he supports the tax breaks for the rich too". Slimes.
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YouTube - Tent cities spring up in LA
Police cutting up these people's homes.
YouTube - St. Petersburg Police cutting up homeless tents
I wonder how many of those white people are glad they voted Republican? Now they won't be able to vote at all. No wonder Republicans fight to keep people from registering.