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Thread: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

  1. #341
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by washunut View Post
    You just are not correct on a lot of levels. First, it was not only the rash of first time home buyers who defaulted. Next the housing market collapsed then the economy went into the tank. Next most foreclosures are on houses where the mortgages are underwater. Therefore for people with no ethics it is better to walk away from their mistake then continue paying for a house that they paid too much for. The rest of us do not get to walk away from the risks we take that do not work out.

    People put no money down on houses. I remember seeing someone on TV, he made something like $40K and bought a house that cost $800K. There was no way a person like that could afford that house. I don't believe anyone he was so stupid as to think he could. He said he thought he would own the house for a year or two then move to a cheaper state. This on a show blaming the banks!

    Nothing good can come out of an entitlement society that allows this kind of crap and then blame the " system". No wonder other nations are eating our lunch economically.
    A bank lent 800K to a guy that made 40k? This was not the norm and total speculation. The guy obviously never intended to keep the home and was trying to make a quick few hundred grand. The bank thought they too could make a bunch of cash and gave him the money. Hell, it wasn't their money. Both parties were equally to blame in this case, but this is not how most home purchases happened. This was an exception bordering on fraud.
    The majority of first time buyers bought their homes to be part of the American dream and build equity instead of paying rent. Low interest rates allowed them to do it. They intended to live in those homes and they were not speculating. Most foreclosures were the result of losing a job. Especially for those that traded up.

    Walking away from a home that is worth half of what you owe on it is good business. Corporations do things like this all the time. They take the loss and move on. Why is it unethical for the average guy, but not for corporate America?
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

  2. #342
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    how did the mortgage become upside down?

    cuz the "owner" lost his job?

    LOL!

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Guys, I think the causes of this crisis was irresponsible behavior on the part of BOTH lenders and borrowers (and speculators, etc). Let's not try to blame it all on either one.

  4. #344
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by The Prof View Post
    deal with reality, barry

    housing is thru the floor

    4.5 million MORE foreclosures coming

    they're up THIRTY FIVE PERCENT in the last quarter

    half you've hamped have redefaulted

    commercial real estate's next

    jobless claims are still rising

    consumer confidence is near an all time low

    our biggest states are belly up

    personal income is down 3.2%

    public pensions are popping

    EIGHTY SIX PERCENT of americans call it a CRISIS

    and instead of dealing, the dolt doubles down...

    dire days, indeed
    Did I miss it when you were crying prophecy before the economy broke under Bush? No, I think I missed that....your doom and gloom seems to work only for Democrats.

  5. #345
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    your memory (LOL!) is flawed

    it's ok, we're all getting up there...

  6. #346
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by The Prof View Post
    how did the mortgage become upside down?

    cuz the "owner" lost his job?

    LOL!
    The massive foreclosures began before mortgages became upside down. That came later. The huge number of foreclosures and homes on the market pushed prices down. Most foreclosures were not due to being upside down. The number one cause of foreclosures was loss of job or change of income. More recently people started walking away because they were upside down. It wasn't that way in the beginning.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

  7. #347
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    [ame=http://en.wikipedia.org/wiki/Subprime_mortgage_crisis]Subprime mortgage crisis - Wikipedia, the free encyclopedia[/ame]

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    fix this economy, barry

    deal with reality

    and hurry up!

  9. #349
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Why did home prices drop? Too much inventory due to overbuilding and a huge number of foreclosed homes on the market.
    Home prices peaked in 2005. The foreclosure frenzy started years before.
    Last edited by USA_1; 04-19-10 at 01:51 PM.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

  10. #350
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    home prices peaked in summer, 06

    unemployment was 4.6%

    The United States Unemployment Rate

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