Posted on 10/02/2007 7:27:22 AM PDT by ex-Texan
I see this a little different..
Banksters decide to end the con and recoup a great deal of wealth which was as a part of a bait and switch operation temporarily out of their hands.
Crashing the Housing Market is a way to continue to steal the wealth of the American People..
No accident just part of the design.
BTW there is no Hyperbole... We just lose our a$$eS as planned..
Proud your $300,0000 home is “paid for”?
Oh it is now worth $65,000.... Sucker
W
And my point poorly made was that in fact not very many people were blindsided by this. I’ve been reading about this coming for over 2 years now. It was inevitable, what with prices in my area going up 20-50% a year.
I knew my house wasn’t worth what people were willing to pay me for it, but it wasn’t worth it to me to take the chance of selling it and having to go through the hassle of renting for a couple of years and then buying back.
It’s just like the stock market, you can guess that if it’s gone up 20% in 6 months that you probably are at the peak for the year, but you can’t know for certain, even though when at the end of the year it’s up 15% you can look back and realise you knew it.
I’m not sure what’s going to happen in my area. We don’t have a lot of land, we have more employees moving in every day, people have to live somewhere. But we obviously had a group of people buying multiple houses hoping to use them for investments.
That's half of the false promise of socialized medicine. They promise to take big business out of medicine and reduce the costs of all the current treatments. I still believe in the biblical idea of "If man will not work then neither should he eat". The same concept applies to health care.
My dad is a union thug liberal and he doesn't believe that a billionaire deserves any different health care than a bum that has never worked.
Outstanding time to buy that first house. Wow!
no kidding.
Nice advert. You know I’ve been reading your RE postings for about 3 years and it appears your dire warnings may finally be validated. Of course that means you caused it all to fall apart in the first place.... ; )
There never was any reason justifying $ 600,000 median-priced houses in La La Land. Except incredible stupidity and simple greed.
The transitory society may be slowly winding down, as part of the economic maturity I mentioned. Granted, *some* children will still leave for other opportunities, but others will remain behind. This is more the norm for human history.
The social advantages of this are many, compared to a fully transitory society. Families are much more stable, with the young and old being cared for much more. The mainstay of the family fortunes again becomes the house. It is the high value equity that remains between generations.
Now, a home like this would not be inexpensive, in fact it could run to several millions of dollars in current money, and as I mentioned, would have to be more protected than it is now. This would mean the elimination of real estate taxes for personal homes, bankruptcy protections like they have in Florida, and very low or no estate taxes.
I do not see any signs of this transitory society “slowly winding down”. What you are seeing are children coming back home after college because they can’t afford all of the creature comforts that Mommy and Daddy have and aren’t willing to work for them on their own.
LOL! You and millions of others. I just posted this on another thread. ___
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I find this really funny, in a fun way.
There are probably 20 plus million people/investors/waiting home buyers etc just waiting until they think prices have leveled off...And as soon as this happens, we're all going to see a massive buying event...((It's going to happen)).
And then guess where prices go again? lol
“My dad is a union thug liberal and he doesn’t believe that a billionaire deserves any different health care than a bum that has never worked.”
That’s indeed sad. I am doing well and know I will become very wealthy. It was a ton of hard work and spending dollars on research to be in the right place at the right time with the right selling story. Liberals will look at you and say, wow what a lucky son of a gun he is rich!!! Well guess what, it wasn’t handed to me and that also means I know how to keep it out of the hands of liberals who want it :)
“Starting Bid” doesn’t a final sale price make.
They’ll sell on average for 70% of full market value as listed.
I think it was all planned to make billions going in and billions exiting before the full scope of the problem came out. However, I don’t think it’s a plan for a global crash of the economy, their is no real winner in that from any angle.
It’s overconfidence and arrogance that the backlash of this massive market manipulation could be controlled by the few selfish elite.
Same with Bush’s plan with the NAU. The arrogance is that We the People will just accept letting in 20 million Mexican’s and paying for them on our dime WHILE commiting felonies against our population and no justice!
The consequences of these corrupt, treasonous actions will have drastic consequences indeed. How about the savings of the people with money parked at Netbank? There ya go. Hard working people with big money in savings now paying a heavy price for a handful of sellouts at the top.
If I ever approached such people to talk to them about accountability I am sure I would only hear how clever they are and how I wish could be like them.
I would die for any of my countrymen, never could I dream a group of Americans on the left and right could sell us all out like this.
I am discouraged and angry but will continue fighting them. They will probably crush and break me by the time it’s over but I will go down swinging. It’s the American Way and these little weasels have just forgotten that in their palaces sipping fine whiskeys.
That is why we probably won’t see a financial collapse of the US banking system. Although with all the other negative factors, especially health, energy and food costs we may see a depression if the Middle East blows up in a regional war or thier is a WMD attack on one of our major metros.
That is why we probably won’t see a financial collapse of the US banking system. Although with all the other negative factors, especially health, energy and food costs we may see a depression if the Middle East blows up in a regional war or thier is a WMD attack on one of our major metros.
My favorite thing on ol CH there is... His hyped-up breast plate of righteousness!!! Ha Ha ha!!!
There never was any reason justifying $ 600,000 median-priced houses in La La Land. Except incredible stupidity and simple greed.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Did you hear Jerry Clower’s story about the two old farmers trading the mule back and forth?
Wait some idiot home builder decided to run multiple subdivisions in Casa Grande, a town NOBODY lives in or wants to live in, and you’re using this as evidence of a bad economy. And really the situation in Maricopa is the same, they are two towns that exist as support for gas stations that looked for a while like they might be attracting people willing to do big commutes to work, then gas prices went up and people realized that big commutes are for big dummies. That’s evidence of an idiotic builder that should be sued by any investors or lenders for fraud. This company started poor projects too late.
I was talking about the relatively explosive growth that went on in America from the end of the frontier to present day. The relatively few “boom” cities left have reached the point of diminishing returns. Growth continues, but the emphasis changes from just quantity to quality as well.
As a practical matter, it becomes far easier and cheaper to gentrify poorly built older parts of a city for redevelopment into better properties. Initially the shift is in improving zoning codes and construction standards, but eventually the appeal will be to high quality and greater permanence.
What was pointed out in the article is that the homes pictured, while originally offered for sale at around $350k, only have a real value much closer to the $90k they are now being offered for. If you ignore the market entirely, and just look at the objective value, they are $90k homes.
So if you are a home buyer, and you *have* $350k that you want to put into your home, most people will now realize that they want a $350k home for their money, not a $90k home.
So when I say “slowly winding down”, perhaps it could better be said, “housing returning to reality.”
The big question is, if you look at one of those $90k homes, how could it be better enough to be worth $350k? Not just a bigger lot, but what else of real value?
A basement? A steel frame instead of wood? Higher quality cement, brick, or even stonework? Far higher quality water, sewer, electrical and communications? All sorts of interior enhancements? Saltillo tile floors? An enclosed swimming pool with spa and sauna? Greenhouse? Solar energy?
How much quality do you have to add on to make it worth $350k? That is the question for the five or so years, which is how long the housing futures market predicts this current trend will last.
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