5 Million foreclosed homes to be on the market soon.

5 Million foreclosed homes to be on the market soon.

PostBy: jeromemsn On: Mon Aug 31, 2009 11:04 pm

What a travesty! Glad things are getting better. Enough said.
Last edited by Richard S. on Fri Sep 04, 2009 10:48 am, edited 1 time in total.
Reason: Moved to News, Politics and Current Events
jeromemsn
 
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Re: 5 Million foreclosed homes to be on the market soon.

PostBy: tvb On: Tue Sep 01, 2009 10:12 am

Source?
tvb
 
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Re: 5 Million foreclosed homes to be on the market soon.

PostBy: 009to090 On: Tue Sep 01, 2009 10:15 am

tvb wrote:Source?


http://minnesotaindependent.com/39184/nine-million-foreclosed-homes-by-2012
This link is broken, either the page no longer exists or there is some other issue like a typo.
009to090
 
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Re: 5 Million foreclosed homes to be on the market soon.

PostBy: jeromemsn On: Tue Sep 01, 2009 10:32 am

5 million will be on the market in the next several months. The banks have held on to these units so that the housing market tries to stabilize. these units have already been through the whole foreclosure system except for selling the assets per say. The banks have not been making tons of money they have been writing off everything to zero and selling for what ever they can. Just wait till the truth comes out about all this stuff man will the world put a hurting on us big time. We have screwed, glued and tattooed the whole world with the way we play with money in our banking system.
I thought we lived in a free market, I thought that we paid what things are worth not what we are told to pay, what the heck is going on. If the system needs to collapse in order to be set right then so be it let it collapse. If it does collapse then we can see that we have done nothing for years except over pay for things, so we are stupid, I can live with that. Just don't let our sons and daughters be stupid to and keep paying.
jeromemsn
 
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Re: 5 Million foreclosed homes to be on the market soon.

PostBy: jeromemsn On: Tue Sep 01, 2009 10:34 am

Oh by the way, if you go to Realtor.com there are just over 4 million homes on the market now, just check in every week or so and whatch the numbers go up, up, up.
jeromemsn
 
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Re: 5 Million foreclosed homes to be on the market soon.

PostBy: tvb On: Tue Sep 01, 2009 2:23 pm

Oh, I check the local mls listings frequently for the area where I live. In any account, it's a good informative article.
tvb
 
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Re: 5 Million foreclosed homes to be on the market soon.

PostBy: mikeandgerry On: Fri Sep 04, 2009 11:54 am

The fact is the US economy is still in deep trouble. Loose money created by Uncle Sam and the Federal Reserve Board for both political and economic reasons caused a housing bubble. That bubble was both speculative and a result of high demand and lagging supply. The free market didn't cause the problem, poor management by the government caused the problem.

Nothing the government can do at this point can control this. They are between a rock and a hard place. They risk running into a wall of moral hazard if they bail out people who bought homes they couldn't afford. They run the risk of destroying bank balance sheets if the force banks to write off large portions of their bad mortgages. Such an action causes a domino effect in banking that triggers default events and action on other fiancial instruments and arrangements like derivatives and trusts.

Today Nouriel Roubini has suggested that while a U shaped recovery is possible, the likelihood of a double dip recession is growing. That is because the overspending nations have much debt to work off while the saving nations have not created enough demand to offset the slump. He says we are looking at two to three years more sluggishness in the economy. Personally, I think that's optimistic. The debts created by the mortgage bubble and the government spending will take at least as long to reduce as they did to create. I'd say two decades is a fair estimate.

Watch the dollar. It's losing value against world currencies. If congress passes UHC we will face collapse. The rest of the world knows how we spend, our debt habit and how we manage government programs. They are tired of it. If you don't believe it, check the prices of precious metals.
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Re: 5 Million foreclosed homes to be on the market soon.

PostBy: ErikLaurence On: Fri Sep 04, 2009 5:01 pm

I concur that the other shoe has yet to drop on the housing market.

The subprimes taken out by people who can't afford them are not the real problem. At the end of the day the subprime market wasn't that big and the houses they bought with subprimes were not that expensive. The real problem is the middle class who have been using their homes as a bank and taking out 2 or 3 loans to maintain their lifestyle expenses (cars, TVs vacations and so on). Those are the guys who have the growing debt to income ratio. There are a lot more of them and they bought way more expensive properties (with way more downside potential) than the subprime crowd.

When the jumbo loans start going bad in big numbers then look out below.
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Re: 5 Million foreclosed homes to be on the market soon.

PostBy: jeromemsn On: Fri Sep 04, 2009 8:15 pm

I hate those guys that buy a house cheap slap a coat of paint on it and then say it's a great house and sell it for 5 times what it's really worth. Damn inspectors are in on it also. They didn't fix any problems they have just covered them up for the next poor slob who will have to deal with it. FLIPPERS SUCK! They should have to live in the house before they can flip it. Oh and now they are the ones yelling for help on there payments, well to damn bad sheesh you made a fortune off of a guy that can't even afford the payments. Damn the banks, for letting people that could not afford a house have one. Damn the inspectors, for looking the other way while there palms were greased. And damn the flippers may they rest in hell for what they have done to people.

Source: The flippers network

rant over
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Re: 5 Million foreclosed homes to be on the market soon.

PostBy: jpete On: Fri Sep 04, 2009 8:20 pm

mikeandgerry wrote:They risk running into a wall of moral hazard if they bail out people who bought homes they couldn't afford. .


The moral hazard has already been induced with artificially low interest rates and government insurance.

That's what caused people to make the poor decisions they did.

And this is just the housing market. Wait until the commercial market does it's "dead man's float".

The USA is dead, we just haven't laid down yet.
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Re: 5 Million foreclosed homes to be on the market soon.

PostBy: jeromemsn On: Sat Sep 05, 2009 11:18 am

Looks as if the onslaught has started 30 thousand homes listed in 3 days. If your buying remember your in the drivers seat. If your selling, welllllllllll, don't know what to tell ya.
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