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Thread: Home price drops exceed Great Depression: Zillow

  1. #101
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by justabubba View Post
    your conclusion is quite flawed
    there is reason to anticipate that 700,000 houses will NOT appear on the foreclosure market due to the limited success of the HAMP loan modifications
    so, HAMP did not impact the value of the marketplace
    absent HAMP, the likely added foreclosures would have added to the downward spiral of market valuation
    HAMP did not delay any slide
    but glad you are paying attention and taking notes!
    There are several problems with your analysis. Let me draw your attention to a glaring error.

    Your analysis is not comprehensive. You ignore time in your examination. The HAMP program has prolonged the housing collapse by preventing the administration of the tough medicine the housing market needs to recover within a reasonable time frame. By prolonging the agony no one benefits in the long run. By prolonging the downturn in residential real estate the entire economy is being held back from a real recovery. Thus, the impact of HAMP makes the cure worse than the affliction.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by justabubba View Post
    your conclusion is quite flawed
    there is reason to anticipate that 700,000 houses will NOT appear on the foreclosure market due to the limited success of the HAMP loan modifications
    so, HAMP did not impact the value of the marketplace
    absent HAMP, the likely added foreclosures would have added to the downward spiral of market valuation
    HAMP did not delay any slide
    but glad you are paying attention and taking notes!
    this guy's about as coherent as the gibbons assassin. make sure he doesn't have a devil shrine in the back yard.
    Democracy is two wolves and sheep voting on what's for dinner. Liberty is a well armed sheep willing to contest the vote.

  3. #103
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Mr. Invisible View Post
    It is against his point. American said "There is never anything wrong with less taxes. The govt should always have to justify taking money from citizens, not the other way around."

    In response to the bolded part I say that the government does justify taking $$$ from citizens and that unfortunately, the majority of it goes to defense.
    Thanks - I didn't know exactly what you were implying (if you were implying anything - often I just toss out semi-related tidbits without having any point at all)
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by scourge99 View Post
    I'm glad. Homes were way overpriced. They are actually worth their value now.

    More Americans can actually afford to buy decent homes now.
    If they were working or were secure in their jobs.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Lord Tammerlain View Post
    The sounds like it is a good idea, but it would bankrupt the banks

    With such a program you would see a large number of strategic defaults on mortgages in order for people to get 25% cut from their debts (I know I would like to be able to do that), so the overall number of people defaulting would increase. The banks of course could not afford to take a 25% cut in the principle on mortgages. That would wipe out their reserves, and cause most to go belly up
    When the banks foreclose, they're going to take a 25% cut in the principle no matter what they do...that's my point. As to strategic defaults, we already have plenty of those. No reason to think that people would do it any more frequently....in FACT, they'd do it less because without foreclosure proceedings, they wouldn't be living rent-free for 12-18 months while in process.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Home price drops exceed Great Depression: Zillow

    bottom line:

    President Barack Obama’s main foreclosure-prevention program is a failed effort that may be doing more harm than good by spreading the housing crisis over several years, lawmakers and a U.S. watchdog said today.

    “It has failed and it has failed miserably,” said Representative Jackie Speier, a California Democrat, said at a House Oversight and Government Reform committee hearing on the Home Affordable Modification Program. “Unfortunately we are incapable of saying that it was a failure, it was an experiment, it didn’t work, let’s try something else.”

    “This goal [4 million hamp enrollees] is essentially meaningless,” Barofsky said at the hearing. “This program will be defined and must be defined as it was to the American people, how many people receive permanent modifications and stay in their home. They’ve actually harmed the people this program was intended to help, borrowers who’ve been put in pointless trial modifications.”
    http://www.bloomberg.com/apps/news?p...d=aHKGXNCBX4AQ

    sorry

    ms speier is the congresswoman from CA12, south san francisco, she was the aide to leo ryan who was with her boss when he was gunned down at jonestown

    neil barofsky is tarp's inspector general

    fyi

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by BmanMcfly View Post
    I've seen interviews with economists saying that by the numbers, oil could hit 150$ / barrel, gold 1700-2000$ / ounce , silver 50-150$/ounce by the end of the year. This WILL affect your food prices as well... the writing is on the wall, this system CANNOT continue as it is going... and it's going to be a harsh reality when it hits for MANY people.
    yes, it's truly terrifying

    Last November, as the economic recovery appeared to falter, the Fed said it would buy a new round of $600 billion in Treasury securities through June of this year. That's on top of the $1.7 trillion in Treasuries and mortgage-backed securities it had purchased in response to the financial crisis.

    Still, the pitfalls of the Fed's approach are almost as numerous as the lending facilities it undertook to stem the crisis. Perhaps most daunting, the Fed's purchases of Treasury debt and mortgage-backed securities have effectively turned it into a mammoth investor -- a thoroughly undiversified one.

    "The biggest risk is losses on its portfolio on long-term debt if inflation rises," said Alan Meltzer, a Fed historian and economics professor at Carnegie Mellon University in Pittsburgh.
    Could the U.S. central bank go broke? | Reuters

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    Re: Home price drops exceed Great Depression: Zillow

    as for the banks, huge sums went to foreign entities:

    US bank bail-out 'helped foreign banks' - Telegraph

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    Re: Home price drops exceed Great Depression: Zillow

    fannie and fred EXEMPT from obama's regulatory reform, his #2 domestic "accomplishment"

    Sweeping reform, but not for Freddie, Fannie - Business - Eye on the Economy - msnbc.com

    who's spinning?

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by The Prof View Post
    fannie and fred EXEMPT from obama's regulatory reform, his #2 domestic "accomplishment"

    Sweeping reform, but not for Freddie, Fannie - Business - Eye on the Economy - msnbc.com

    who's spinning?
    The exemption of Freddie and Fannie is evidence of Leftist political corruption.

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