BF2S Forums housing Crysis; Ground Zero

1st video: People are fucking assholes.
2nd video: I have a weird feeling that most homes are actually way over priced anyway.
3rd: Empty stores are just about everywhere; shit sucks.

my 2 cents don't have time for 2 more.

Diesel_dyk wrote:

The housing bubble is still crashing.

^^ yes.

Sadly, I suspect it has a long way to go.

I know for 90% certain that I will eventually have to walk from mine. It is currently 235k upside down. There is no good solution from the govs programs, no mercy from the bank and my revenues continue to shrink.

The graph they drew, while maybe a little crude is correct; incomes are still way out of line with housing values.
You have to be either old money or a fucking crook to afford anything.

Until median income roughly matches median home prices we are well and truly fucked.
As for democrats and their so called solutions; they are pied pipers leading pigs to the slaughter house.


The ranks of government employees need to shrink by at least 35%, those that remain need to actually work for a living instead of viewing the public as their personal slop trough from which to feed.


California, and indeed our nation may well indeed be doomed as it exists today. 225 years to build it up and eight years and change to give it away.


Sad on so many levels.

ATG wrote:

Diesel_dyk wrote:

The housing bubble is still crashing.

^^ yes.

Sadly, I suspect it has a long way to go.

I know for 90% certain that I will eventually have to walk from mine. It is currently 235k upside down. There is no good solution from the govs programs, no mercy from the bank and my revenues continue to shrink.

The graph they drew, while maybe a little crude is correct; incomes are still way out of line with housing values.
You have to be either old money or a fucking crook to afford anything.

Until median income roughly matches median home prices we are well and truly fucked.
As for democrats and their so called solutions; they are pied pipers leading pigs to the slaughter house.


The ranks of government employees need to shrink by at least 35%, those that remain need to actually work for a living instead of viewing the public as their personal slop trough from which to feed.


California, and indeed our nation may well indeed be doomed as it exists today. 225 years to build it up and eight years and change to give it away.


Sad on so many levels.

What if something happens great with the overall economy and everything starts to recover, your revenue stream goes back up, and you get to keep your home.

What then? Would you be happy with the president and will your hatred for GWB reside?

Reciprocity wrote:

everything is a crysis.  you must have really enjoyed that game.  or do you spell it like that to make my eyes bleed?

I think he means the buildings can be nano-suit punched to bits

Commercial real estate could be the next joyful balloon to pop in this shit storm.


I heard an analogy  today from a gloomy investor on cnbc. He was remarking on a question about the housing bottom that has hit supposdely..(if you listen to cnbc enough, every day is a bottom in markets, then poof!)

anyway the guy said the light you see at the end of the tunnel isn't the end, but the headlight of the train coming.

oh so true.

Last edited by beerface702 (2009-04-23 01:34:07)

"People are hoping that Obama's house saver plan will kick in and abort the new wave of foreclosures," he said. "There is just no way. There is a pig the size of Godzilla in the foreclosure python."

http://www.sfgate.com/cgi-bin/article.c … 1777R4.DTL

ATG wrote:

Reciprocity wrote:

everything is a crysis.  you must have really enjoyed that game.  or do you spell it like that to make my eyes bleed?

It's. a. video. game. forum. ffs.

i understand.  but part of good fomenting is good spelling.

Here is a another CNBC video from this morning. They had Donald Trump on who said that the banks are not lending. His story makes a lot of sense. He says basically that the banks will finance you on a foreclosed home, I presume to get it off of their books, that makes sense. He also says that the banks will not finance people on a home purchase, I presume because those homes compete with the foreclosed homes they have on the books.... This makes rational sense from the perspective of the bank.... and also means that the govt is wasting our tax dollars by giving it to these banks with the expectation that lending will start again. The lending won't resume until the housing bubble collapses and the glut of foreclosed homes works it way through the system. Otherwise, why would the bank lend money to compete against its interests.

To me it kind of like this
You're going to buy a car from a GM dealer but then you have to cross the street to the Ford dealership for financing. Why in the world would Ford finance a GM car for you. That's exactly what appears to be happening. Banks have changed from being lenders to being home sellers. Its a shift that I don't think govt policy has caught on to and banks are taking in tax payer money promising to lend when in fact they can sit on the money, dry up credit and basically form a monopoly on home selling. Can't sell your home, short sale or otherwise, too bad, we'll foreclose and we'll sell it because we're the only game in town.

I think Jon Stewart should have Donald Trump on to talk specifically on this issue... When Trump began spilling the beans, CNBC cut him off after only 30 seconds.

http://www.cnbc.com/id/15840232?video=1 … amp;play=1 Trump talks about No lending at 4:19 minutes. He also talks about people looking for work who have lost their pensions earlier in the video. [edit: but it does look like this was meant specifically to be a 5 minute piece. I wish they had more time to go into specifics with him on this issue]

PS I have noticed that CNBC is getting a lot better at interviewing guests on their shows. There is a lot less talking over a guest who is presented a counter viewpoint... Its making the shows way more interesting. I've stopped throwing my foam bricks at the TV when Kudlow is talking.

Last edited by Diesel_dyk (2009-04-23 14:36:48)

Obama should have bailed out mortgage holders, not the big banks. Would have killed toxic assets off pretty fast.

[TUF]Catbox wrote:

Flecco wrote:

Obama should have bailed out mortgage holders, not the big banks. Would have killed toxic assets off pretty fast.

a lot of the mortgage holders couldn't afford their mortgages... Barney Mac and Freddi Mac were giving out loans like they were candy...
no wait... drive through... 12 bucks and hour... Here is your 400k townhouse...   Now the housing market is fixing itself...
Despite what BO has said he would do or what he is going to do or what he did... gets confusing to figure him out...

Point was it would have helped stop the economy going down the shitter so fast to my understanding. I'm not big on govt. handouts that are unnecessary but giving the tax money back to the people who make up the population base > giving it to the banks and financial institutions who's shitty policy making decisions helped cause the damn mess in the first place. Wipe a good part of the debt slate clean and watch what happens to your economy m8.

So would have slashing the value of the US dollar by printing more money and bringing back the USA's unparalleled ability as a powerhouse manufacturer and exporter.

Btw Catbox you should work on the structuring of your posts, they can be hard to interpret at times.

[TUF wrote:

Catbox]but i knew something wasn't right, that i could buy  a house easier than i could buy a new car.

Kmarion wrote:

Flecco wrote:

[TUF wrote:

Catbox]but i knew something wasn't right, that i could buy  a house easier than i could buy a new car.

O'rly

No doc loans... no proof of income...= house   400k townhouse financed   and the guy i know made 11.00 an hour
credit check/ job check = car      20k car   

   It was crazy here in Northern Va... maybe it was harder in Fla and other places?
A lot of illegals amongst others who also didn't have the means to pay the loan were able to buy houses here... and when times got rough... they packed up and were down the road living with family... I personally know people who did this.

Last edited by [TUF]Catbox (2009-06-19 19:45:25)