Policy based on good intentions. Meet reality.
Whatever liberals touch, liberal destroy.
......existing home sales report due out on August 23rd.
•The existing home sales report will show that sales collapsed in July (this is showing up in all the regional reports).
•The existing home months-of-supply will jump to double digits.
•House prices are probably falling again, although this might not show up in the repeat sales indexes until September or October (this data is released with a lag).
•On August 27th, the second estimate of Q2 GDP will be released. This will probably show a significant downward revision from the preliminary estimate of 2.4% annualized growth. The downward revision is due to lower construction spending than the BEA initially estimated, less contribution from inventory adjustments, and the June surge in exports.
•The unemployment rate will probably start ticking up again soon (or the participation rate will fall further).
With the end of the housing tax credit, calculated risk blogger also (good source) expects residential construction employment to decline further over the next few months.
http://www.calculatedriskblog.com/
The American dream of home ownership was raped and pillaged by the mortgage brokers, the realtors, the appraisers, the home inspectors and yes the buyers. Yes the buyers who were walking away from the closing tables with a big fat check — now they wonder why they are underwater. These “buyers” never intended to keep the homes they were buying — they just wanted to borrow more than the house was actually worth and walk away with a big check — a legal way to rob a bank. People who defaulted should not have their balance wiped off the books — the IRS should come after them for the difference — get a judgement, take their assets — any one who purposely defrauded the system, that is.
Here around the Atlanta area buyers were “high fiving” and knucle bumping each other at the closing tables.
An audit should be done — if you bought and walked with money from the closing during 2002-2008/9, return the money now. Do not forgive their “underwater” amount — deduct their check they received at the original closing!!!!
I’m sick of their FRAUD. Prosecute the appraisers and mortgage lendors — get them all.
I I could figure out how to get rid of the one I have,
I would never, ever, ever own another one.
Home ownership has become an anchor around your neck.
Once again, repeating the claim that people who have a mortgage are homeowners.
democrats, always helping the little guy... stay in need of social programs