Posted on 09/30/2008 8:42:53 AM PDT by Chuck54
Welcome FReeper FRiends. Lawrence is out of pocket for a couple of days and I'm pinging the faithful. I hate to Ping and run but I'm heading down the mountain to see a very sick friend in the hospital but will be listening on the radio.
Step up to the plate you Big Hitters. You know who you are.
Do squirrels have big ears too?
Small world, I’m an Air Force brat/Dad who went to High School in Bonn, Germany and now live in Wake Forest, NC.
Bill
No, they won’t purchase them. They are on the market. That is the problem. There are just way too many of these homes on the market at deflated prices. The banks can’t even get back the closing costs.
If you look at the House and Garden station, you will sometimes see them telling the home seller to just stay put and wait out the market because there are just way too many foreclosures in their area.
The only way the banks can recoup is to wait for the market to start moving in the right direction. They have already taken a loss on the loans. I’m telling you, there are ghost towns in Las Vegas and a whole brand new mall sitting empty in a town near Phoenix, as well as high rise condo buildings sitting empty. There just aren’t enough investors to buy up all these empty buildings and not enough businesses to fill the empty store fronts. Oh, and not enough renters, either.
Well in that case whirling dervishes are in order.
"whirling dances and vigorous chanting as acts of ecstatic devotion." His supporters in other words.
I like to say that Obama's true religion is Isflam, what he says is flam, and he's fighting Bill Clinton to be the Grand Wallah of Isflam.
Thanks.
I’m borrowing that one for another thread.
I live in Youngsville......
Actually, so do I. We own the red building across US 1 from Sheetz, (we used to run a garden center there).
The other day I went downtown to run a few errands. I went into
the local coffee shop for a snack. I was only there for about 5
minutes.
When I came out, there was this cop writing out a parking ticket. I
said to him, ‘Come on, man, how about giving a retired person a
break?’ He ignored me and continued writing the ticket.
His insensitivity annoyed me, so I called him a ‘Nazi.’ He glared at
me and then wrote out another ticket for having worn tires.
So I proceeded to call him a ‘doughnut eating Gestapo.’
He finished the second ticket and put it on the windshield with the
first. Then he wrote a third ticket when I called him a moron in
blue.
This went on for about 20 minutes. The more I talked back to him the
more tickets he wrote.
Personally, I didn't really care. I came downtown on the bus! The
car that he was putting the tickets on had one of those bumper
stickers that said, ‘McCain in ‘08’. I try to have a little fun each
day now that I'm retired. The doctor tells me that it's really
important to my health.
You can tell a young person wrote this because they have not talked to the old people. Seriously, has ANYONE advised senior citizens that Obama's spend-a-palooza is going to risk their social security?
it is called cram down in Bankrupctcy.
The problem is that the derivative market of the wallstreet fat kats takes the hit the bail out prevents.
There is a price for anything and everything. I am a buyer now. It is getting a bit tougher in FL for buyers, BTW.
A lot of that vacant property is being bought. Trust me. Just because things are not occupied does not mean they are not trading. We have a near completely vacant golf course PUD that just traded. Big investors are all over this now.
It is true that sometimes you just let people sit because foreclosure is a lot of work and you can only do so much.
Still the idea you suggested won’t work.
“There are just way too many of these homes on the market at deflated prices.”
What do you mean by “deflated” prices? Do you mean they are lower? Lower than what? Lower than the top? Whatever you mean they are not low enough.
You don’t understand, the areas that are described as ground zero of the housing crisis has a large percentage of the loans written to ILLEGAL ALIENS, who have disappeared. So, if the banks can keep some of the people in the houses as renters, they will be that much further long in solving this.
Las Vegas brought all these illegals up to work in the casinos as service workers and tried to unionize them and sell them a house. Now, the casinos aren’t doing so well, the jobs are drying up and the illegals are moving on.
Rent. Maybe. But, if there is an oversupply of housing there is no market for renters either. One time a long long time ago I worked in Vegas as a rental agent. The City was way overbuilt. We had 50% occupancy and finally dropped our pants and went to 80% occupancy, but these people moved out of other places.
Renters do not save the banks. This is not a cash flow issue in real estate it is an asset value problem. The assets are lower in value than the notes on them that are supposed to be secured by the asset.
There is plenty of money out there. People are just waiting for prices to come down. No investor will try to catch a falling knife.
Once a conservative Democratic stronghold.....not no more
But I am not talking about renting to new people. I’m talking about trying to keep people, in the houses that they are now in, trying to avoid more empty, foreclosed homes.
I saw pictures of the empty tracts of houses in Las Vegas on the WSJ. The only alternative to trying to keep some of these people in the houses is to bull doze them, which is what the WSJ was advocating. They said that bull dozing a certain percentage would raise the price of the rest to a reasonable price. We’re not talking San Francisco prices here, were talking homes that illegal aliens bought.
Use to buy Tarheel Seafood when they sold from coolers in the back of trucks at the veggie stand now.
Way too high for me now except special occasions.
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