What??? That can’t be true. CNBC has Obama cheerleaders on every morning singing, “Happy days are here again” about the housing market.
By the way, wanna see a real crash on Wall St.? Just wait till the morning after the Nov. election if the Republicans don’t regain the Senate. The markets are depending on a GOP victory. They certainly aren’t pinning their hopes on this lousy president’s ability to help the economy at this late date.
My wife and I are RE brokers. We get a couple of e-mails a week from lenders advertising there new easier to get loans. The trend is to looser/easier qualifying.
Happy days are here again.
This term bugs the hell out of me.
Nearly everyone lost value (bubble value) in their homes in the housing boom-bust. But the people with the most equity in their homes lost REAL MONEY PAID, whereas people who had little to no equity lost nothing ... they lost future money that they haven’t paid yet (and could get out of paying if they sold or declared bankruptcy).
What’s more, a great number of ‘underwater’ mortgage holders took money out of their houses based on bubble values. Therefore they got REAL MONEY TO SPEND on other things but now want that same money back if they were ‘made whole’ by some government programs ... so they’d get to spend the same money twice!
Meanwhile poor shlubs who didn’t take equity out of their homes and either had them all or mostly paid off lost REAL MONEY ... yet no government programs are proposed to “make them whole” (not that there should be mind you, but if anyone should be “made whole” it should be people who lost REAL MONEY ACTUALLY PAID)
These programs to help ‘underwater’ mortgage holders are really only offered to help the lenders, not the borrowers. And to try to keep the housing bubble inflated or re-inflate it.
OK, great post.
But how do I become the next John Paulson?