BF2S Forums Housing Crisis?

Um, yes I'd say so. Biggest asset bubble in US history. Homes down by 1.4% in value this year? Case-Shiller shows they are down over 13% (national average) since the height of the bubble, with possibly 20% more to go. And yes that is largely from places where it was most inflated.

Foreclosures Rose 53% in June, Bank Seizures Tripled
Fannie, Freddie `Insolvent' After Losses, Poole Says
We're All Homeowners Now, Nationalization of Fannie, Freddie Unavoidable

And when did that guy say it would be over? This probably won't be over until mid 09 possibly to 10.

Yes this is a corrective act of the market (the housing bubble is not, however) and should not be intervened. Let home prices fall, and let people refinance for more affordable prices. And whatever banks and institutions fail because of it (and they will), let them and don't bail them out.

I hope so.

It's a buyers market and I'm slinging cash.

B.Schuss wrote:

Mabye this will lead to financial institutions being more conservative, i.e. cautious when it comes to granting credit in the future.

Until we get another Fed Chairman promoting subprime lending or some other scheme.  we fuck ourselves in cycles.

Here's to hoping it doesn't correct until after the summer of 09...

The fact that you have "rescue" companies from Wall Street buying up mortgage companies left and right tells me that we already are on the way back out of any crisis. Look at it the same way they bought up all the steel companies dying off in the 80's and how booming it is now. These guys put money into markets that are failing and then revive them only to increase their wealth ten fold when the mortgage companies are booming again.

JahManRed wrote:

There is definitely a housing problem here. My 4 big clients who give me 70% of my work have stopped building and have laid off most of their staff. Two out of four of my local estate agents have closed their doors. All the Polish workers are heading home. I am just about covering the £4000 a month I need to pay mortgage, office expenses and wages. And that's only because I am still clearing my back log of work. When that is cleared in the next 6 weeks I have nothing new to follow. Worrying times indeed.

I am seriously looking at alternative incomes ATM. Computer repairs and emmmm, indoor gardening, to plug the gap.

Well, when your "luck" runs out, which is all anyone that has anything can claim it as, you can always turn toward a life of crime, or social welfare, since you can use your lack of "luck" as an excuse for all of us to take care of you. Or better yet, if you are black, you could also tack on that slavery thing as a reason to sit on your ass if you so choose.

Your only other option would be, to follow your ambitious drive to succeed and then do so. I am guessing that is probably your plan all along anyway...

I was just letting you know that according to some on here, you HAVE OPTIONS if you need them, so don't worry, you will be fine.

JahManRed wrote:

deeznutz1245 wrote:

The fact that you have "rescue" companies from Wall Street buying up mortgage companies left and right tells me that we already are on the way back out of any crisis. Look at it the same way they bought up all the steel companies dying off in the 80's and how booming it is now. These guys put money into markets that are failing and then revive them only to increase their wealth ten fold when the mortgage companies are booming again.

Could these be the same bankers who engineered the crisis in the first place?

Maybe, with the way they were handing out loans like candy it is quite possible they predicted the fiscal irresponsibility of many. I will probably side with Lowing on this, too many folks were going out and acquiring loans they knew they couldn't afford in the first place and then not living with in their means. What ever happened to neding great credit and a steady carreer? I know the first two years my wife and I owned our house it was a struggle financially and I make a pretty decent salary. I have a friend who makes a little more than half of what I earn annually and they purchased a home and lost it in 18 months.

@ ATG

Do you have a 401k? I know that you can withdraw on it when faced with foreclosure and not pay tax penalties. I know it sucks but it could help.

JahManRed wrote:

I'm guessing you work for a multi national or some company that isn't effected by the current slump.  Id say that the individual who creates a business, employs ppl and risks their home and families future against said business has more balls that someone in a cooperation getting a guaranteed pay check and all the security that brings. If your not productive a month or your department suffers, your co workers and other departments take the slack. If my productivity drops I can loose my house.
Don't talk to me about luck. Its got fuck all to do with succeeding.

He is military, I believe.
A multi-national corporation that answers to no stock holders, kills dissenters and has unlimited funds ( there is a tube that runs right from the fed up my ass and they are sucking the life out of me.)


In other words, he is not speaking about the reality of the average American, and I see all ideals and no reality in what he's saying.

usmarine was singing the same tune until the airline industry tanked.

Fuck, i bought at the wrong time

JahManRed wrote:

lowing wrote:

JahManRed wrote:

There is definitely a housing problem here. My 4 big clients who give me 70% of my work have stopped building and have laid off most of their staff. Two out of four of my local estate agents have closed their doors. All the Polish workers are heading home. I am just about covering the £4000 a month I need to pay mortgage, office expenses and wages. And that's only because I am still clearing my back log of work. When that is cleared in the next 6 weeks I have nothing new to follow. Worrying times indeed.

I am seriously looking at alternative incomes ATM. Computer repairs and emmmm, indoor gardening, to plug the gap.

Well, when your "luck" runs out, which is all anyone that has anything can claim it as, you can always turn toward a life of crime, or social welfare, since you can use your lack of "luck" as an excuse for all of us to take care of you. Or better yet, if you are black, you could also tack on that slavery thing as a reason to sit on your ass if you so choose.

Your only other option would be, to follow your ambitious drive to succeed and then do so. I am guessing that is probably your plan all along anyway...

I was just letting you know that according to some on here, you HAVE OPTIONS if you need them, so don't worry, you will be fine.

wooh. one Rant deserves another I guess.
Luck. Its not luck that I have built up a successful business with a good reputation. I have worked very hard to get were I am and never claimed one single penny of income support in my life. Not that I need explain myself to you. Were did I say anything about blaming luck? Seriously man you need to stop your generalizing. Europe wasn't built by a bunch of free loaders. And for the record I have no problem with some of my taxes going to give others a lift up. Are you insinuating that I am some how lazy because the construction industry here is in a slump? I guess the 5000 construction workers laid off last month were all just riding their luck too and are now loving the £500wages to £48income support perweek change in their income.
I just stated that I am pursuing other means of income. I will diversify and I will not go on income support. Income support wouldn't even begin to cover my over heads anyway.


I'm guessing you work for a multi national or some company that isn't effected by the current slump.  Id say that the individual who creates a business, employs ppl and risks their home and families future against said business has more balls that someone in a cooperation getting a guaranteed pay check and all the security that brings. If your not productive a month or your department suffers, your co workers and other departments take the slack. If my productivity drops I can loose my house.
Don't talk to me about luck. Its got fuck all to do with succeeding.

Re-read my post..........I am on your side. And you proved my point with your response to it. I used you and your situation that "luck" has very little to do with the outcome of our lives. I knew by reading your post you were not going to idly sit by and fail....

ATG wrote:

lowing wrote:

There is no housing crisis, there is a personal responsibility crisis, and the guilty does not want to own up to theirs. YOU signed a contract that YOU can't afford. Then YOU are in deep shit, not me.

We have a crisis??

How, when Xboxes, PC's, fly off the shelves along with Iphones, and Ipods and shit.

How did we afford those SUV's if we couldn't make our mortgages?

Hey screw you.

I could afford my house just fine before the mortgage meltdown and gas ass rape.

I NOW face foreclosure because of an extreme change in the financial situation that is unprecedented and unstoppable.

Why don't you tell my wife that we have a personal responsibility crisis?

Or say it to my face.

The fact is that you decided to buy a house worth $xxxxxxx and take on that debt.  The bank decided to loan you $xxxxxx with the house for colateral.  Fact is that neither of you foresaw house prices dumping a much as they did and you are totally screwed and the bank will at least own a house when all is said and done after making thousands a month off you already in interest and equity paid on the house. 

My bank makes about $1200 (just interest) a month from me for doing nothing but owning my house until it is paid off. If they take it they have already made 72000 in payments from me. So if they can sell my house for $100000 they will get back full loan amount.  OF that 72000 only about 10000 is equity (paid toward principle)  in the house I built up.  If they sell it for the full loan amount of 170000 then I would get charged all the fees for the sale which would be about the 10000 and they would have pocketed $72000 for doing nothing but signing peices of paper and collecting on my labor.

I really fucking hate banks and Interest and they system needs reformed. 


Fact of the matter is the only thing I need is my family and the rest is all gravy, oh noes if I have to live in OMG an apartment again.  I will be a slave to the system until I die and Uncle Sam will get his 60 years of taxes out of my hard labor.  I am but a phesant toiling in the feild each day to pay taxes to the king, I will never own anything or pass anything on to my kids.  Well must get to work so I can pay for rebuilding Iraq.  Sometimes I just wish for rest.