Housing crash is getting worse: report

MarketWatch ^ | May 9, 2011 | Brett Arends

[george76]

If you thought the housing crisis was bad, think again.

It’s worse.

New data just out from Zillow, the real-estate information company, show house prices are falling at their fastest rate since the Lehman collapse.

Average home prices are down 8% from a year ago, 3% over the quarter, and are falling at about 1% every month, according to Zillow.

And the percentage of homeowners in negative-equity positions — with a home worth less than its mortgage — has rocketed to 28%, a new crisis high.

[cookcounty]

Hey, look at the bright side: Just as the country is about to collapse into bankruptcy, along comes a Presidential candidate who already knows how to do bankruptcy. Donald Trump.

[Lexinom]

I don't think FICO really matters anymore. People should fix their debt situations even if it means not paying the mortgage for a few months.

Speaking from personal experience, we've been honest, have made every mortgage payment. The bank still will not help us out with the rate.

So it's getting to the point it's time to play hardball with them.

People should not plan to borrow money any more in the future. The FICO rating is a joke, denigrating as it does honest people. So I think it's best just to assume that credit no longer exists, don't use the services banks and credit card companies offer, and don't participate any longer in the game.

[ELS]

This is a personal project ...

Sounds very practical given your environmental conditions. I just recently learned about solar cookers and plan to give it a try before the SHTF (although I don't have as many sunny days/yr as you). Are you familiar with solar cookers?

[Carry_Okie]

Good luck with your book.
I know how much work that is.

[longtermmemmory]

if the bank does not forgive the deficiency then he is being played for a sucker.

[DaxtonBrown]

[Good luck with your book.
I know how much work that is. ]

Thanks sooo much. Yes, it requires an iron stomach. Especially when I go over to Huffington Post to promote it. I feel sooo dirty!

[Carry_Okie]

Thanks sooo much. Yes, it requires an iron stomach. Especially when I go over to Huffington Post to promote it. I feel sooo dirty!

It's fun telling leftists that they are little more than "useful idiots" for big corporations, especially academics.

[familyop]

"I just recently learned about solar cookers and plan to give it a try before the SHTF (although I don't have as many sunny days/yr as you). Are you familiar with solar cookers?"

Not yet. That's the one thing that we plan to use propane for. But we're going to try it when time allows. Here's a recipe site for that.

http://solarcooking.wikia.com/wiki/Introduction_%26_Cooking_Tips

The following will provide the greatest savings that I know of from solar energy (with instructions). We're modifying them a little for our own use (insulated concrete tanks in insulated sheds instead of wooden tanks, pex tubing in concrete slab under house, heating coil for hot water runs through heating tank). ...not my site, BTW, but a great site written by a retired aviation engineer.

$1000 Solar Water Heater --Overview
http://www.builditsolar.com/Experimental/PEXColDHW/Overview.htm

The Solar Shed -- Using Solar Collectors Mounted on an Outbuilding for House Heating
http://www.builditsolar.com/Projects/SpaceHeating/SolarShed/solarshed.htm

[DaxtonBrown]

[It’s fun telling leftists that they are little more than “useful idiots” for big corporations, especially academics.]

You will appreciate this immensely. A few accused me of promoting my book for free on Huffington (which I was)
I told them Arianna could afford it - after she ripped off her liberal free bloggers for $300 million selling out to AOL!
Hahahahaha. I make myself laugh.