Page 8 of 24 FirstFirst ... 67891018 ... LastLast
Results 71 to 80 of 236

Thread: Home price drops exceed Great Depression: Zillow

  1. #71
    Sage
    Lord Tammerlain's Avatar
    Join Date
    Jan 2010
    Last Seen
    Yesterday @ 10:12 PM
    Lean
    Undisclosed
    Posts
    10,431

    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by MaggieD View Post
    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!!!
    Quote Originally Posted by Erod View Post
    Bingo, we have a winner.

    What we need in the White House is not just someone that is friendly to business (Bush), and certainly not someone who knows nothing about business (Obama), but someone who UNDERSTANDS business.

    I'm not a big Romney guy, but someone like that who has a intimate knowledge of how business works and thrives. Congress, too, is completely bereft of true businessmen.

    Problem is, people like Forbes, Romney, Perot, etc, don't do well in elections. As soon as the discussion goes over people's heads, they run to their American Idol candidates.
    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
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

  2. #72
    Sage
    Erod's Avatar
    Join Date
    Aug 2008
    Location
    North Texas
    Last Seen
    12-09-17 @ 11:30 AM
    Lean
    Conservative
    Posts
    13,026

    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
    True, but it's going to happen anyway. These banks will never see that money because they were dumb enough to loan it to people who didn't have the credit history in the first place.

    The governmnent should get out of it and let the banks work out whatever they can.

  3. #73
    Sage
    scourge99's Avatar
    Join Date
    Aug 2007
    Location
    The Wild West
    Last Seen
    01-27-12 @ 02:50 AM
    Lean
    Moderate
    Posts
    6,233

    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by BmanMcfly View Post
    Home price drops exceed Great Depression: Zillow | Reuters



    Oh wait a second, I thought the recession was over in 2009...
    CBC News - Money - Recession declared officially over

    Yet home prices have fallen for 53 consecutive months... that's more then 4 years of straight decline.

    So, how long before these prices bottom out and start to stabilize again?? How much more is your mortgage then the value of your house?? How low will the bottom be??

    How long before people stop trusting the experts that keep saying 'don't worry, the worst is over'???

    What's been the solution? THey are on 'QE2', and there are already rumors of a QE3... which is essentially printing money to cover the day to day expenses. That's about as effective as maxing out both your credit cards, so you get a third card so you can balance the debt with a higher limit... and then having rumors circulating of your plans to get a fourth credit card in the near future.... except worse because it's going out as 'taxpayer covered'...

    Does this concern anyone else as it does me?
    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 you believe in the Supernatural then you can become a millionaire!

    Questioning or criticizing another's core beliefs is inadvertently perceived as offensive and rude.

  4. #74
    Sage
    cpwill's Avatar
    Join Date
    Dec 2009
    Location
    USofA
    Last Seen
    Today @ 12:35 AM
    Gender
    Lean
    Conservative
    Posts
    57,067

    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by justabubba View Post
    not for the 700,000 families who are able to stay in - and pay off - their homes but for the availability of HAMP
    yeah. too bad we had to screw over the other 299,300,000 Americans to keep them there.

  5. #75
    Banned
    Join Date
    Oct 2008
    Last Seen
    01-03-16 @ 02:05 PM
    Gender
    Lean
    Undisclosed
    Posts
    12,761

    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
    There's ALREADY a global venture to bankrupt the biggest banks... and the way this can be done is by taking advantage of the fact that banks resources are typically sold at around 10 TIMES the value they actually possess... in the case of gold and silver, it's closer to 40times. So, through a concerted and continuous effort to buy precious metals it reduces the available supply through which the banks can cover their shorts... but no matter what, the banks that are into this price manipulation are already facing at LEAST a dozen lawsuits worldwide, at least one of them a RICO suit... mostly against JP Morgan and Hongkong Shanghai Bank of Commerce.

    It's really beyond the scope of this thread, but there are people that are aiming to take down one of these giant companies... like coke, or in this case the likes of JP Morgan.

    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
    The banks might finally collapse under the weight of their own corruption... then we can work on how to replace that afterward. We were never intended to have a central bank in the start... so, it'd probably be a good thing. Hell, 50 different states could have 50 different recognized currencies.

    The thing is, that every time the banks are about to go belly up (the banks on the 'inside', not your local credit union or local bank) then Bernanke steps in and says "oh there's going to be martial law if you don't give me a blank check of tax payer money tomorrow, here's a bill I wrote up... but if you don't sign it there will be blood on the streets" (not anything of a direct quote, but the sentiment he uses when he expresses his needs). So, there will be another bailout... but then, well, it starts getting inflationary, then hyper-inflationary as other countries run away from the dollar as world reserve... the SECOND the dollar loses that status, the reality of the debt load will sink in.

    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.

  6. #76
    long standing member
    justabubba's Avatar
    Join Date
    Dec 2005
    Last Seen
    Today @ 12:08 AM
    Gender
    Lean
    Independent
    Posts
    36,124

    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by cpwill View Post
    yeah. too bad we had to screw over the other 299,300,000 Americans to keep them there.
    how so?
    i think enabling 700,000 families to remain in their home, and eventually pay off their mortgage, is a significant accomplishment
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

  7. #77
    Student Zyroh's Avatar
    Join Date
    Jan 2011
    Last Seen
    02-13-11 @ 02:04 AM
    Gender
    Lean
    Other
    Posts
    237

    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Erod View Post
    True, but it's going to happen anyway. These banks will never see that money because they were dumb enough to loan it to people who didn't have the credit history in the first place.

    The governmnent should get out of it and let the banks work out whatever they can.
    the banks you're refering to already got paid, they're not holding this debt, we are. (it would save everyone so much time if you'd read my posts ha!) bofa gs jpm citi all of them created these programs to get the toxic debt. then they wrapped them up in cdo's, then they sold them to gse's, the fed, and pensions. each one of those are backed by you and me. the banks made profit, and now are not responsible for the mess.
    Democracy is two wolves and sheep voting on what's for dinner. Liberty is a well armed sheep willing to contest the vote.

  8. #78
    Student Zyroh's Avatar
    Join Date
    Jan 2011
    Last Seen
    02-13-11 @ 02:04 AM
    Gender
    Lean
    Other
    Posts
    237

    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by justabubba View Post
    how so?
    i think enabling 700,000 families to remain in their home, and eventually pay off their mortgage, is a significant accomplishment
    so, if you were a fireman, and set 1,000 houses on fire but put 100 of them out that makes you a hero. nice logic.
    Democracy is two wolves and sheep voting on what's for dinner. Liberty is a well armed sheep willing to contest the vote.

  9. #79
    Sage
    cpwill's Avatar
    Join Date
    Dec 2009
    Location
    USofA
    Last Seen
    Today @ 12:35 AM
    Gender
    Lean
    Conservative
    Posts
    57,067

    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.
    frankly i'm still not positive that they've fallen far enough. once the Federal Government stops propping up the mortgage market, it will dive again to recalibrate where it should be.

  10. #80
    Sage
    cpwill's Avatar
    Join Date
    Dec 2009
    Location
    USofA
    Last Seen
    Today @ 12:35 AM
    Gender
    Lean
    Conservative
    Posts
    57,067

    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Zyroh View Post
    so, if you were a fireman, and set 1,000 houses on fire but put 100 of them out that makes you a hero. nice logic.
    well, the logic is that you saved those 100 homes. so, for those whom it helped, the program worked. it's a nice standard, by which no government program ever has been a failure.

Page 8 of 24 FirstFirst ... 67891018 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •