You need to be very afraid of what is coming to the housing market.

[Mikeoxenormous]

Yep, looks like government did that. To me it looks like leftover from Bush days tbh.

Very bad. The lenders should have been let to fail and depositors paid off 1st and then everything liquidated.

BoA? Shoulda died.

I guess you didnt read the part about Andy Cuomo?

 

[Mikeoxenormous]

There needs to be a correction. The current trajectory is unsustainable.

With how things currently are, housing prices will keep going up, rent will keep going up, taxes will keep going up, until

nobody can afford a damn thing and corporations will own almost all the housing.

There are always corrections, whether it is in stocks or housing. But it needs to be done without the interference of the government, or else it will be more tragic like the 29 stock market. Down here in Floor E Da, many of the up and coming adults are buying up million dollar properties, so no, it isnt corporations doing it here. But in the Blue States, maybe yes, but like Sears, those are very risky investments, and can be a lose lose with all the crime there.

 

[okfine]

The next bad Florida storm could be your last.

 

[theHawk]

Banks bundled up the loans and sold them to others as securities. Once banks no longer had to hold their own loans, they lost any incentive to make good loans. They started giving loans to anyone with a pulse.

For once you speak some truth.

 

[The Duke]

There are always corrections, whether it is in stocks or housing. But it needs to be done without the interference of the government, or else it will be more tragic like the 29 stock market. Down here in Floor E Da, many of the up and coming adults are buying up million dollar properties, so no, it isnt corporations doing it here. But in the Blue States, maybe yes, but like Sears, those are very risky investments, and can be a lose lose with all the crime there.

There's no way investors with unlimited capital should be allowed to compete with average citizens for home

ownership. The end result of that is the investors or government ends up owning all the homes.

 

[The Duke]

There are always corrections, whether it is in stocks or housing. But it needs to be done without the interference of the government, or else it will be more tragic like the 29 stock market. Down here in Floor E Da, many of the up and coming adults are buying up million dollar properties, so no, it isnt corporations doing it here. But in the Blue States, maybe yes, but like Sears, those are very risky investments, and can be a lose lose with all the crime there.

No. Big companies were never allowed to buy up all the houses to sell them at a profit before a certain time

that was sometime after the year 2000. Whatever changed needs to be rolled back to how it was.

If some people end up "underwater"? Well, if things are done right, they won't have to pay as much

to finally actually own their home. The value will be reduced and so will the payments.

And yeah, the predatory home buyers will take a broadside salvo hit. Fuck them.

They're driving out Mom & Pop and trying to make everybody have to rent FROM THEM.

And then the Fed subsidizes it, and the locals want to get their share, and prices go up for everybody.

 

[Mikeoxenormous]

There's no way investors with unlimited capital should be allowed to compete with average citizens for home

ownership. The end result of that is the investors or government ends up owning all the homes.

So the government needs to get involved, am i right? Is that what you are saying?

 

[Mikeoxenormous]

No. Big companies were never allowed to buy up all the houses to sell them at a profit before a certain time

that was sometime after the year 2000. Whatever changed needs to be rolled back to how it was.

If some people end up "underwater"? Well, if things are done right, they won't have to pay as much

to finally actually own their home. The value will be reduced and so will the payments.

And yeah, the predatory home buyers will take a broadside salvo hit. Fuck them.

They're driving out Mom & Pop and trying to make everybody have to rent FROM THEM.

And then the Fed subsidizes it, and the locals want to get their share, and prices go up for everybody.

You do realize that much of the housing that is hard to find, is because some people who shouldnt be here have bought up a lot of the low income housing with subsidies from the federal government. Do you think that might have something to do with the prices going up also? Again, if you get the government involved with anything, they will fuck US all.....

https://www.axios.com/2023/09/23/housing-crisis-migrant-immigrants-homeless

 

[The Duke]

So the government needs to get involved, am i right? Is that what you are saying?

At this point? Yes.

I don't understand, this was never a problem before after 2000-ish.

Companies were not allowed to go in and raid neighborhoods for houses before..

Them being allowed to will jack housing prices to infinity and beyond. It's inevitable.

 

[The Duke]

And what happens to the people who have already bought houses at the much higher prices? Oh yeah, many of them ended up underwater..Leave well enough alone, get government out of the way, and soon the economic recovery will happen in all aspects of finances.

An underwater mortgage is a home purchase loan with a higher principal than the free-market value of the home. This situation can occur when property values are falling. In an underwater mortgage, the homeowner may not have any equity available for credit.

Underwater Mortgage: Meaning, Overview, History - Investopedia​

View attachment 870172
www.investopedia.com/terms/u/underwater-mortgage.asp

Like I didn't live through 2009, brah.

 

[yidnar]

Didn't you say you made your money (millions) from investments?

Tell us all about your new story.

do you have any idea how big an 8000 square foot mansion is ?

 

[okfine]

do you have any idea how big an 8000 square foot mansion is ?

Yes and may I help you?

 

[Mikeoxenormous]

At this point? Yes.

I don't understand, this was never a problem before after 2000-ish.

Companies were not allowed to go in and raid neighborhoods for houses before..

Them being allowed to will jack housing prices to infinity and beyond. It's inevitable.

When the housing bubble burst thanks to Andrew Cujo and Bush was blamed for it, the brown turd Obammy had to do something to "stimulate" his economy, so in a Keynesian economic way, he had lowered interest rates to zero, so hedge fund managers could get loans of free money, which in turn could then be used to buy up all the depressed houses that many who couldnt afford them just left standing. It all goes back to that time. Thank a Marxist for where we are today.

 

[Mikeoxenormous]

do you have any idea how big an 8000 square foot mansion is ?

I do.

 

[sparky]

Dodd-Frank was passed under Obama, and that regulates securitization more.

D/F wasn't about consumer protection Mamooth, it was protecting the banks ability to protect itself from consumers via allowing them to sell sketchy fiscal ventures to them

D/F addressed the banks security, not the consumers.....

One needs to go back through banking laws and regs here, to realize they basically overturned Glass Steagal

FDIC: Important Banking Laws

FDIC: Important Banking Laws

www.fdic.gov

~S~

 

[WorldWatcher]

We refinanced in 2019 @ 2.7%. We refinanced the balance with no cash out for 30 years. Current pay off is 2049 and we are in our early 60’s.

Our mortgage P&I is just under $400 a month.

LOLz

But we are still making the higher payments do it works out to over 30 P&I payments a year with all the extra going straight against the principal.

What it did was give us EXTREME flexibility for making the payments. We may pay it off prior to retirement. On the other hand we may keep the loan active just to maintain an excellent credit rating. Time will tell as we are not locked into any path.

WW

 

[Mikeoxenormous]

There's no way investors with unlimited capital should be allowed to compete with average citizens for home

ownership. The end result of that is the investors or government ends up owning all the homes.

Do you remember Game Stop? The unlimited capital guys took it up the ass that day. It can happen again, but should be done by the people, NOT the government.

 

[Oddball]

Do you remember Game Stop? The unlimited capital guys took it up the ass that day. It can happen again, but should be done by the people, NOT the government.

Gubmint has created the environment for that to be a thing....Best to pare back the kinds of powers to meddle in the marketplace, rather than set forth new policies that are a band aid to cover what they shouldn't be doing to begin with.

 

[The Duke]

do you have any idea how big an 8000 square foot mansion is ?

Bigger than anything I'd want to have to keep up with.

 

[lg325]

MSN

Mobil home market as well I am glad I got mine paid for. Show me a candidate who would put issues like this apart of their campaign I will give them my vote.