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Thread: Home price drops exceed Great Depression: Zillow

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by justabubba View Post
    1. as a licensed real estate appraiser who also writes (as a contractor) federally guaranteed loans for real property acquisitions, and as one who also consults with major and local banks in their administration of acquired properties, i think i understand something about real estate markets
    2. you are not my pal
    Hahahahaha. If you are in fact a licensed real estate appraiser who works for banks, then this whole problem in the housing market is your fault. Bank appraisals aren't worth spit. The incompetence of bank appraisers is legendary. You don't know squat because you are on a low non-professional level.

    I am you pal. I am the only real friend you have in the whole world. No one likes you except me. Big Kiss.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Albert Di Salvo View Post
    Haha. An expert in the American residential real estate market? I bet you don't know very much. Haha.
    Never claimed I was. But any idiot can see what went wrong in the US, Ireland, UK, Spain and many other places.

    People were warning about the housing bubble for years and years but no one did anything about it because the banks and financial institutions were earning trillions on selling and reselling financial products that had the US mortgage market at its core. And as long as the housing market was going up up and up then there was no reason to pull the brake because people were greedy and getting rich.

    When reality finally settled back into the US housing market and prices started to fall and banks realized that more and more of the financial assets they had been peddling to people around the world and making a killing off.. were in fact worthless, then you had the start of the financial crisis.

    It does not take any "expertise" to understand when a large number of home owners for a decade plus re-mortgaged and re-mortgaged because their homes value went up and up and up, and then used that extra income to consume and driving the US economy.. that when the value of the homes suddenly goes down (a lot even), then you have a lot of people sitting in homes that are worth less than the mortgage they have taken out in it.

    This intern means the banks have to start taking losses and when the snowball effects starts, then welcome to the financial crisis. This in tern again drives prices even more down since the market has become a buyers market not a sellers.. and if buyers cant get loans or are insecure about the future, then sellers are forced to lower prices even more and so on and so on. Add to the fact many loose their homes because of the crisis, and suddenly the market is flooded with homes for sale... which again drives prices down.. that is of course unless banks sit on homes and waiting for better times, which banks do. This of course is also dangerous as hell because when prices finally do stabilize and even go up, then if the banks start selling off the homes they have been sitting on, then suddenly the supply on the market is flooded yet again (if they are not careful), and that in tern yet again will drive down prices if you are not careful.

    At some point the markets will get into a sort of equilibrium yet again, but that can take a considerable amount of time considering the time it took to get the peak in the first place.

    And as long as the banks are sitting on hundreds of billions if not trillions of debt that they have no idea what the value is, and there is no incentive by regulators or even the markets to deal with it, then nothing will happen. Home prices can fall another 15% but if the banks wont loan people money to buy, then prices can easily fall even more.

    So no amount of tax breaks, special programs from the government or wishful thinking can do anything about the problem since the core of the problem is yet again.... the banks and the last decade plus of excess of greed. Hell unemployment can go to 6% and growth to 5%, but as long as the banks refuse to loan money.. then well.

    No there is more hurt on the way, but I believe we are at the start of the end of the tunnel (at least), both in the US and around the world when it comes to housing prices.
    PeteEU

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Albert Di Salvo View Post
    Hahahahaha. If you are in fact a licensed real estate appraiser who works for banks, then this whole problem in the housing market is your fault. Bank appraisals aren't worth spit. The incompetence of bank appraisers is legendary. You don't know squat because you are on a low non-professional level.

    I am you pal. I am the only real friend you have in the whole world. No one likes you except me. Big Kiss.
    He seems to know more than you do.
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    Re: Home price drops exceed Great Depression: Zillow

    "not really a concern"

    "who cares"

    "what's all the fuss"

    "in the day to day it's not really that revelvant"

    "i don't think it's all that important to most people"

    "decompress and watch football..."

    wow, just how outta touch can a group of people be?

    meanwhile:

    Over 1 million Americans seen losing homes in 2011 - Yahoo! News

    ONE MILLION american homes foreclosed upon in 2010

    that's fourteen percent MORE than in awful 09

    twenty percent MORE expected in 2011 than in terrible '10

    the market GLUTTED

    U.S. Foreclosure Filings May Jump 20% in 2011 as Crisis Peaks - Bloomberg

    america and therefore much of the world economy cannot recover until housing stabilizes, til the foundation is found

    what's all the fuss---wow

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by PeteEU View Post
    Never claimed I was. But any idiot can see what went wrong in the US, Ireland, UK, Spain and many other places.

    People were warning about the housing bubble for years and years but no one did anything about it because the banks and financial institutions were earning trillions on selling and reselling financial products that had the US mortgage market at its core. And as long as the housing market was going up up and up then there was no reason to pull the brake because people were greedy and getting rich.

    When reality finally settled back into the US housing market and prices started to fall and banks realized that more and more of the financial assets they had been peddling to people around the world and making a killing off.. were in fact worthless, then you had the start of the financial crisis.

    It does not take any "expertise" to understand when a large number of home owners for a decade plus re-mortgaged and re-mortgaged because their homes value went up and up and up, and then used that extra income to consume and driving the US economy.. that when the value of the homes suddenly goes down (a lot even), then you have a lot of people sitting in homes that are worth less than the mortgage they have taken out in it.

    This intern means the banks have to start taking losses and when the snowball effects starts, then welcome to the financial crisis. This in tern again drives prices even more down since the market has become a buyers market not a sellers.. and if buyers cant get loans or are insecure about the future, then sellers are forced to lower prices even more and so on and so on. Add to the fact many loose their homes because of the crisis, and suddenly the market is flooded with homes for sale... which again drives prices down.. that is of course unless banks sit on homes and waiting for better times, which banks do. This of course is also dangerous as hell because when prices finally do stabilize and even go up, then if the banks start selling off the homes they have been sitting on, then suddenly the supply on the market is flooded yet again (if they are not careful), and that in tern yet again will drive down prices if you are not careful.

    At some point the markets will get into a sort of equilibrium yet again, but that can take a considerable amount of time considering the time it took to get the peak in the first place.

    And as long as the banks are sitting on hundreds of billions if not trillions of debt that they have no idea what the value is, and there is no incentive by regulators or even the markets to deal with it, then nothing will happen. Home prices can fall another 15% but if the banks wont loan people money to buy, then prices can easily fall even more.

    So no amount of tax breaks, special programs from the government or wishful thinking can do anything about the problem since the core of the problem is yet again.... the banks and the last decade plus of excess of greed. Hell unemployment can go to 6% and growth to 5%, but as long as the banks refuse to loan money.. then well.

    No there is more hurt on the way, but I believe we are at the start of the end of the tunnel (at least), both in the US and around the world when it comes to housing prices.
    Thanks for a description of the patient's symptoms. But I would like to hear your diagnosis. Do you have one? If so, now would be a good time to address it. Then we can turn to the prognosis.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Aunt Spiker View Post
    He seems to know more than you do.
    What makes you think so Auntie?

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by The Prof View Post
    what's all the fuss---wow
    Out of touch? I just told you my home value is about the same as when I bought it. Kind of bleh, but hardly a crisis. Were national statistics supposed to make me go out and vote for my government to "save their homes"? THAT would be a crisis IMO.

    People in homes they can't afford, are correctly getting out of them. They should. Some asked for it, some were caught up in a recession and it's tragic. But it's still necessary. If I can't afford a home, I want to get out and go back to an apartment, or get a room mate or something. I mean, wouldn't you?

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Mach View Post
    Out of touch? I just told you my home value is about the same as when I bought it. Kind of bleh, but hardly a crisis. Were national statistics supposed to make me go out and vote for my government to "save their homes"? THAT would be a crisis IMO.

    People in homes they can't afford, are correctly getting out of them. They should. Some asked for it, some were caught up in a recession and it's tragic. But it's still necessary. If I can't afford a home, I want to get out and go back to an apartment, or get a room mate or something. I mean, wouldn't you?
    with your nonchalant, devil-may-care attitude over the whole thing; one may get the impression that you don't even care how all that bad debt got transfered from the banks to the public sector. we have a parallel thread about congress raising debt ceiling and it's just turned into a flame war over obama. trillions in bad housing debt got bought off at 100 cents on the dollar and put on yours and my back. this is why the crisis is just starting, we didn't handle anything, nothing got settled. the debt just shifted, from the bankers to us. how does this not rate as important as the latest palin video?
    Democracy is two wolves and sheep voting on what's for dinner. Liberty is a well armed sheep willing to contest the vote.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Albert Di Salvo View Post
    Obama's mortgage modification schemes have only prolonged the agony of delinquent borrowers and the real estate market.
    The way this debacle is being handled shows why BUSINESSmen need to have a voice in Congress and in the White House. Mortgage Modification my lily white ass.

    A home was purchased 4 years ago for $200,000. The lender let the buyer get into the house with 0-3% down. Now that house's worth $150,000. Let the current owner default on the $200K and re-mortgage $150K at today's interest rates!!!!

    Nah. That makes too much sense. Sooooo, they foreclose on the property...the current owners live rent/mortgage free for 12-18 months; bank gets nothing; then they strip the house and half-destroy it when they move. THEN the bank puts $5-$10K into the house getting it ready for sale and it still only gets $150K for the house. Stooooopid!!!
    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

    Quote Originally Posted by Mach View Post
    Individually, who cares. My home price has stayed roughly even. New homes in my area have dropped some, making it easier for me to purchase one if I desire, which could be a good investment. What's all the fuss.

    Averaged national statistics are interesting to investors, economists, and maybe for forming strategies, but in the day to day it's not really all that relevant. Home prices bubbled for a long time, and I know some areas that dropped by 100%. Market resetting is healthy. It's painful for those caught in it, but it's ultimately good overall.

    If you just lost 20% on a home, OK, that sucks. You may still lose a little more. Then again, as an investor, you should expect this, and be prepared for it, so while it's blah news, it shouldn't be "the sky is falling" type of a reaction.
    If your home is worth the same as it was four years ago, you're the ONLY person in the United States who hasn't lost equity in this market. The only one!! I'd say you're living a pipedream. But if it makes you happy...
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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