This is a Short Sale subject to existing lender's approval which could result in delays. THIS IS A SHORT SALE. SUBJECT TO LENDER'S APPROVAL. THERE ARE TIME CONSTRAINTS. Evidence of Chinese/Defective Drywall exists. Great Townhouse in San Simeon
@dragasoni the houses that were selling for 300k dollars are now selling for 58k are you sure? if that is true the houses are sure starting to become a bargain. My hunch is don't buy anything till 2012 that is when the worst of the housing bubble is over. prices in austin, texas have dropped about 20% since the collapse of 2008 im expecting about another 5-10% before its all over.
What are the odds the guy 0:49 that seemed to believe he bought a 315k condo for 185k is still paying that mortgage today?
Hopefully there were many cash buyers at that auction, so they weren't able to wiggle out of paying their mortgage since prices have continued collapsing.
If your buying a small 2 bedroom townhouse for $300,000 your not too bright.
.
Houses like that are aimed at who? First time buyers. Civil servants. aka people without the $300000. $300000 homes should be the 4-5 bedroom family homes that people earning $70000 + can afford. Whatever happened to the 3 times earning mortgage + large deposit????
"They promised me they would no go below market value." Oh, cry me a river, lady. The auction SHOWED them the market value, and two years, ten months later, they're even CHEAPER now!!!
World Factbook info, California as an independent state, it would have had the 10th largest economy in the world in 2007.
July 09 California #1 foreclosures at 108K
U.S. 360,000 for 1 month!
Go To: Google maps, select REAL ESTATE @ right options box. Check FORECLOSURES, zip code 91739 and watch the search area w/PINS of homes in foreclosure. MINDBLOWING! zip 91739 the Inland Empire. Ground zero
CA CML RE @ 30% vacancy rate! 5 yr bloodbath more at: CaliforniaRE2009 blogspot
"They promised us that the value wouldn't go under 300 thousand !" I say ; you are not fit to survive if you belive a real estate agent (or any salesperson for that matter ;)
Real Value of a home = If a home you want in say California in a normal neighborhood costs $750,000, and that same home costs $250,000 in Indiana. The real value of the home in Cali is only $250,000.
If you pay "Market Value" for a home and it's higher than "Real Value" you are "at risk" of losing the difference and that's what's happening in overpriced markets like CA, NY, IL, FL, etc.
You must be a realtor. No, it may not be equal, but housing shouldn't cost 10 times more. That's EXACTLY why we are in this situation. Average people in California don't make that much more than people in Indiana. I hope this sol called "crisis" takes California, Illinois, and Noertheast back to 1970 prices.
The people that aren't happy about the decline are ignorant for paying too much. A fucking condo/townhouse ain't worth 100k and I don't give a fuck where it's located.
That old man in video mad he paid 300k, shouldn't have been so fucking stupid to pay that.
Your damn right it's not worth it. Condos / Town-homes defeat the purpose of what an independent house is about (privacy) and you are changed HOA dues every month. Don't pay and they legally reposses your condo. Condos are shit. Add up all your costs including HOA fees and chances are you are losing money. My grandma sold her house for a condo and now pays $550.00 per month in HOA/Condo fees. As far as I'm concerned that's $6,600 loss per year. But of course Realtors will never tell you that.
Items, including houses, are worth what THE MARKET WILL PAY...a home is not worth some intrinsic value. its location, location, location, and when it was built and out of what. You overpaid, and now someone is paying less. Sw Florida is no great shakes anyway, but I guess the weather is good, minus the hurricanes, and the headed underwater because of searise. Are there any good jobs down there? Doubt it. 145k sounds about right., and not a penny more.
well,like the bible says,sodomites doom nations..and the Keys is sodomite infested,its perverted,vile,evil....florida now may you finally seek God and quit your perversions of sodomite living...
If you wanna see what happens after of few years of this; check out what Detroit looks like now. Burning next door foreclosed house to avoid another drop in their own equity; creating places no one want to live in.
In this case; people seems to be ready to do it without the home being empty; cause they are losing so much.
Let's be honest; YOU (DID NOT) PAY TOO MUCH, you simply owe too much, LET IT GO.
The whole entire state of Flordia isn't even worth $100,000. They should burn it all down and start all over again. Also, if I wanted to move to Europe then I would have. Florida should lock itself out from the foreign trash that keeps on moving in year after year. Florida SUCKS!
These crappy town homes are worth about $75,000 that is all. In the 1970s you got a big single house for less then $50,000 Take away all the fake bubbles of the last 35 years and you get a town home barley worth $75,000 and thats being generous!
HAHAHA!! 1:07 Tough luck loser. Try being happy for the other people and stop crying like a bitch. If you would've done some research you would've seen this coming. The housing market still has ways to fall too.
whoa...my comments don't relate to this vid. sorry. but, nothing lasts forever...loyalty? man, this is business...and if the builder creates it...he needs to sell it. sorry. previous homeowners were riding high...things change!
Many American's are great people...however, have this, "it's not my fault" mentality. now, nothing can be said of unfortunate events-i can't touch that! however, most of us do not manage our households they way we should and now...it's everyone's fault except our own. there is always an opprtunty to chng how we run own household. there are sme situations out of our hnds and sme that are. we must learn to be smart enough to make sure we don't put ourselves in a knot-i know i've bn stpd b4.
now look...i've been a loan officer for a short time. i've been around all professionals involved. just starting out i closed one deal, a re-finance and pocketed $2000 for talking to people and turning paperwork. i've been around people making $100,000 or more every year (which is LOW). if you don't run your own country (your household) right, you'll be at the will of economic changes. all the years of riding high...what the hell did people do with the money they earned?!!!!!
I'm in the building trade. We have been fabercating homes for about $70,000 that are sold for about $225,000 in S.E. Michigan. In essence, with finacing, the home is sold for $600,000/30 years. What has wallstreet been doing with all the profits? At a monthly payment of $2,000 the home mentioned is paid for in 35 MONTHS (2 years 11 months). the rest is intrest, finance charge, closing costs,,,,,,,
I don't see what's funny. You guys need to be owner to understand why this suck. The worse part is that this economy is getting worse meaning that should/will affect you in some way too. In my case, I am an real estate appraiser and in this kind of market, I can't work. If I can't work, I am going to have to go after a job that you maybe going for... which mean more competition for both of us.
If you have avoid financial problems, you should be happy with yourself. But I think it is a moral issue that we should not laugh at other people who have been unlucky or reckless.
This is what happens to people who indulge in credit and usury. You wanna take a bigass loan to buy a house that isn't yours, go ahead and goodluck. Learn to live within your means. Save and buy, that's the right way to do it.
What is really funny is the IMF has come out and said that real estate may be overvalued by 20% worldwide. In those countries people are still using there properties like a ATM with a that is Americas problem.
Yeah I know, tell me about it. I live in Canada and can't help but shake my head at all these fools rushing in. The only people who have a right to own a home are the ones who can afford one. Rent is cheap.
That was a good price for the buyer, but a terrible day for the people who moved a year ago paying double. This is what market economy is all about, price is all about psychology.
If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now.
investors screwed up the housing market big time, now they are working on screwing the whole economy by bidding up gas prices, everything these bozos touch turns to shit
It's a feeding frenzy of GREED.Bad loans were written,for example Option Arms that will cause millions that signed these loans to lose they're homes.Contrary to the lies the media is telling Americans,the housing market problems were NOT caused by Sub-Prime loans.Since the Euro is UP,and the dollar declining,foreigners are buy homes in America at record numbers.Soon Americans will be tennents in our own country.
um, sorry to burst your bubble, when you have a trillion dollar trade deficit with a communist country, and you are being sold the idea of a service based economy it only works for a little while, then everything starts to tumble like domino's. But they all got to keep there plasma tvs so thats good, you need them to keep up on the propoganda media.
these guys are saving people from foreclosure because it is expected to grow as high as 3 million homes in 2008, so these guys have put together some investors that are willing to help out through this slow period.
Over the last 20 yrs. speculators in residential real estate (peeps buying more than one home) went from about 6% of home buyers to 25% throughout the US, driving up prices for everyone. Big cities, more like 50% of buyers were speculators. I hope they all go broke for turning housing into a big Ponzi scheme.
It's the builders who are evil. they charged above market price in the past, and all the little people are screwed. IT'S NOT FAIR! the bulders made all the money and left.
Ugh. They apparently didn't feel "ripped off" when they signed on the dotted line. What were they thinking? Real estate prices double in eight years, and they think the prudent thing is to BUY?
I'm glad to see it. I got out of the a/c service bussiness because I got so sick of hearing these whining bitches come here from NY, or where ever and complain about how EVERYTHING in Florida is so wrong and not like NY. Why the fuck are you here if you don't like it, leave, I'm glad you all got fucked in the process.
I see the meek getting fucked because they were too ignorant about finance & economics. But thats what happens when you pick quotes from a 2k+ year old book, they are not exactly up to date.
If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now. Maybe a little more dont buy
Buyers got what they deserved. They did not have to buy but they bought because they could borrow. They had to live above their means now they have to pay the price. I am absolutely please to see they are suffering now.
They promised us they wouldn't go below market value!
Econ 101 honey, what people will pay IS the market value! You also purchased your home at the market value. It's just the market value when you purchased your home was stupid!
It's not fair? He sounds like my 4 year old. Developers have no obligation to maintain your net worth. Here's a thought: If all the homes are worth a fortune, who's going to work at your beloved neighborhood McDonalds and Target? They might not want to take six buses every morning.
If he thinks that's not fair, he should try being born on a garbage dump in Indonesia. Be thankful for what you've got sir, perhaps you don't truly deserve it.
When you buy a house. Ask this question. How much is the total cost of the loan? Read your mortgage papers! Don't get an optional ARM! Go to Primerica. We market for CitiGroup. Banks screw people. We do the unscrewing. We help people save a lot of money!
Ive lived here over 10 yrs in this house and its paid off plus i own it outright no mortgage Ive been in this area most of my life and the wife is a hometown girl Im just tired of sun and fun i guess
THis does not bode well for me at all I wanted to sell out in 2 yrs Not only has the housing market crashed but the rate of income in Florida has Todays wages in an average job here have yet to increas to compensate for the rise in real estate values.... BUt I am a little confused as to why housing made such a drastic rise especially considering this all began after 4 major hurricanes hit here it would seem to me housing cost should have plummeted...
It's called an irrational market. But as the clip shows, fundamentals always return sooner or later. Sanity is back and it's slapping people in their faces.
I hate to be the bearer of bad news but the first owners paid $300K in 2006 dollars probably. The $145K is in 2007 dollars, which is like buying them for $72K in 2006 dollars. The housing market is in worse shape than they are telling you. In another year those federal reserve notes won't be worth the ink they are printed on. The only cure is Doctor Ron Paul whon will eliminate the Federal Reserve and back our currency with gold, silver or platinum.Google Ron Paul
I live in this county. There is more here than meets the eye.Speculators deserve what they get when they don't get anything.Working people need housing and speculation robbed those who only needed a place to live. Also, the government dug in with both hands taxwise. Money pumped in for massive construction went to illegal immigrants,greedy developers,and contractors who hired illegals.Working americans got the shaft.
England is truly fucked. Watch Sterling go to 1 to 1 with the dollar. The sun has finally set on England and the party is over you assholes. How does it feel to live in a dead country you cunt?
What is not fair ? It is not fair that market went down ? What would you say if after 5 yrs price will go to $ 600 000 ? Come on .... cut out the crap .
"that's not fair - they guaranteed my speculation couldn't go against me! they lied! i wasn't supposed to be the last sucker..." and it's not nearly the end of it. this is a credit bubble, not just a subprime bubble
Uhhhh, did someone hold a gun to your head and FORCE you to pay $300k for your house? No. It was obviously worth $300k to you! Unfortunately you're about the only one who felt that way. Oops!
The problem is very simple: young people who dont know shit about financing, coupled with predatory e-loan fuckers that advertise 24x7 on TV and hawk ARMs and 2nd mortgages like their ok, and you get DISASTER. If parents had done their job, educated their dumb young kids, they would have ignored the eloan sharks, but it didnt happen. My father used to tell me growing up: "a fool and his money soon part company".
why cant people be happy to have 1 nice home ,,personaly i think every one thought they would buy 20 houses they would double in price have people renting to them and sit back and be a greedy pig ,,houses are to live in not to own 20-40 properties while all these young families are renting to you ,,please houses sre to live in and not sit at a dinner party bragging how many you own
Fuck all of you's "real estate investors". Don't buy a fucking house if you're going to be pissed if it goes down in value. You buy a home to live in, not as a stock. BOO HOO... these housing developers are more loyal to money than us... Boo Hoo.. they're acting like a private business trying to make a profit. FUCK YOU!
Keep renting for about 3 more years guys, a couple of years after the election should tame these home ho's once and for all and maybe we can finally get an affordable/fair priced home!
They didn't go below the market value.. The market value is what people will pay! I thought the iPhone price drop was bad but this is INSAAAAANE....ly great!
Here is why I have NO SYMPATHY. The guy crying about how he paid $300k... he likely SOLD his previous residence at a great profit. More that likely, he is just loosing all his equity he THOUGHT he had (but did not deserve).
My home doubled in value since I bought it, but I hope it goesdown. because I want to sell and get a new house for a low price. It's a wash either way since I plan to LIVE in the house and not flip it. This correction is overdue and most welcome.
Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now. Maybe a little more, or a little less, but either way doesn't sound too good does it? DONT BUY REAL ESTATE BE SMART
A crash is a good thing! the inflation system in democracy is the cause of homelessness in ther first place! and besides those rich enough to buy houses just to resell them for profit deserve no sympathy.
You know what's sad? Mr Waaaaaaaaaaahhhhh It's not fair!!!! Just purchased his home in January for $329,000!!!! January of 2007?? The demise of the market was well know by then!!
This what happens when foreign bankers control our illegal money system! The "Federal Reserve" was signed into law by Woodrow Wilson in 1913 and since then we have ALL been totally screwed! Our "money" (NOT) is created out of thin air & then lent to us with interest. This system is a scam and has to be ABOLISHED! Unless you prefer living in slavery owing our fraudulent money to the crooks who created it.
this what happens when american bankers lend money to buyers that can't reimburse !!! it's called subprime mortgage and it's going to be terrible on the house market and the financial market, it's just the beginning ...
that is how Florida is that is why I moved out of Florida to Tennessee, What A job but not to those that already paid over 300,000 dollars for their homes. I feel that Legal action should be taken against the developer as for as a scam against those that have already bought homes ... Welcome to America The Home of George W. Bush !!!!!!!!!!!
Get rid of the private Federal Reserve system and international bankers. They're manipulating the interest rates and housing market. Vote RON PAUL, he's our only hope
These prices reveal what the builders think the home is worth in that market and they don't want to be left holding the bag. Shows how much markup their was too. Those of you who bought thinking that the value would just keep going up need to come to grips with the fact that you were at the top of a wave of overbidders...
If people expect prices to go down, that attitude opens the gates for deflation which is what happened on the 1929 market crash. The main difference is here the problem seems solely on real estate, so hopefully it won't drag the whole economy down the drain. But as usual, lots of people will feel the pinch.
2009 was the crash
sha370z 3 months ago
Aaaaaand the rest of the state would soon follow.
papatoony 7 months ago
Defective Chinese drywall, too.
From Zillow:
This is a Short Sale subject to existing lender's approval which could result in delays. THIS IS A SHORT SALE. SUBJECT TO LENDER'S APPROVAL. THERE ARE TIME CONSTRAINTS. Evidence of Chinese/Defective Drywall exists. Great Townhouse in San Simeon
EconCat88 10 months ago
To the idiot at 1:34 ... the "market value" can and obviously now is much lower than any particular price you paid.
DUH!
EconCat88 10 months ago
They promised them what? Lady, nobody can promise that they are capable of defying economic physics. Geez...
JackOffVille 1 year ago
it's all because we bailed out the jewish banks
k3304 1 year ago
I just did a search on Realtor.com, and these homes are now going for $58,000! Just look up this address: 3974 Cherrybrook Lp Fort Myers, FL 33966
dragasoni 1 year ago
@dragasoni the houses that were selling for 300k dollars are now selling for 58k are you sure? if that is true the houses are sure starting to become a bargain. My hunch is don't buy anything till 2012 that is when the worst of the housing bubble is over. prices in austin, texas have dropped about 20% since the collapse of 2008 im expecting about another 5-10% before its all over.
TheCashistrash 1 year ago
@TheCashistrash Yes, they are selling for $58,000 on realtor(dot)com. I still would hold off on buying because the price will continue to fall.
dragasoni 1 year ago
@dragasoni
What are the odds the guy 0:49 that seemed to believe he bought a 315k condo for 185k is still paying that mortgage today?
Hopefully there were many cash buyers at that auction, so they weren't able to wiggle out of paying their mortgage since prices have continued collapsing.
EconCat88 10 months ago
The stupid woman doesn't know the difference btw her purchase price and market value lolx
Konig1985 1 year ago
If your buying a small 2 bedroom townhouse for $300,000 your not too bright.
.
Houses like that are aimed at who? First time buyers. Civil servants. aka people without the $300000. $300000 homes should be the 4-5 bedroom family homes that people earning $70000 + can afford. Whatever happened to the 3 times earning mortgage + large deposit????
neverfearchrisishere 1 year ago 2
Purchased early? There is always a premium to pay to be the first to have. It's your home it should be worth every penny you spent, to you.
daedalx 2 years ago
"They promised me they would no go below market value." Oh, cry me a river, lady. The auction SHOWED them the market value, and two years, ten months later, they're even CHEAPER now!!!
EdM021 2 years ago 4
hahah "its not fair" man o man these homowners what were they thinking!! LOL, glad I believe in Austrian Economics
yis2 2 years ago 2
The sheeple are soooo stupid. There is truly a sucker born every minute.
These are probably worth 100K now - LMAO!
JP5466 2 years ago
I wonder how much those cookie-cutter pieces of shit are worth NOW! Bwaaaaahahahaha!
papatoony 2 years ago
This thing has the makings of a good reality TV show. : )
shaider77 2 years ago
This has been flagged as spam show
World Factbook info, California as an independent state, it would have had the 10th largest economy in the world in 2007.
July 09 California #1 foreclosures at 108K
U.S. 360,000 for 1 month!
Go To: Google maps, select REAL ESTATE @ right options box. Check FORECLOSURES, zip code 91739 and watch the search area w/PINS of homes in foreclosure. MINDBLOWING! zip 91739 the Inland Empire. Ground zero
CA CML RE @ 30% vacancy rate! 5 yr bloodbath more at: CaliforniaRE2009 blogspot
BizReporter1 2 years ago
Gotta love the idiot blond trying to suggest that the "market value" is not being followed....
UTRLLD 2 years ago 5
That is almost as funny as "You got to be kidding me dude! That's not fair" at 1:11
Sawbucks23 2 years ago
Life sucks. Get a helmet.
sritger 2 years ago
"They promised us that the value wouldn't go under 300 thousand !" I say ; you are not fit to survive if you belive a real estate agent (or any salesperson for that matter ;)
Snakkpungur 2 years ago 3
"You've got to be kidding me dude"
Classic!!!!! HAHAHAHAH!
florinated 2 years ago
I still get a kick out of this video.
Real Value of a home = If a home you want in say California in a normal neighborhood costs $750,000, and that same home costs $250,000 in Indiana. The real value of the home in Cali is only $250,000.
If you pay "Market Value" for a home and it's higher than "Real Value" you are "at risk" of losing the difference and that's what's happening in overpriced markets like CA, NY, IL, FL, etc.
sinusguy 2 years ago
These people that paid $145k still overpaid. I'd say at most if they are 1,500 sq ft, the very most they're worth 113k.
sinusguy 2 years ago
Living in Indiana is not equal to California.
jandean61 2 years ago 3
You must be a realtor. No, it may not be equal, but housing shouldn't cost 10 times more. That's EXACTLY why we are in this situation. Average people in California don't make that much more than people in Indiana. I hope this sol called "crisis" takes California, Illinois, and Noertheast back to 1970 prices.
sinusguy 2 years ago 2
The people that aren't happy about the decline are ignorant for paying too much. A fucking condo/townhouse ain't worth 100k and I don't give a fuck where it's located.
That old man in video mad he paid 300k, shouldn't have been so fucking stupid to pay that.
sinusguy 2 years ago
Your damn right it's not worth it. Condos / Town-homes defeat the purpose of what an independent house is about (privacy) and you are changed HOA dues every month. Don't pay and they legally reposses your condo. Condos are shit. Add up all your costs including HOA fees and chances are you are losing money. My grandma sold her house for a condo and now pays $550.00 per month in HOA/Condo fees. As far as I'm concerned that's $6,600 loss per year. But of course Realtors will never tell you that.
LeftLiberalSoCal 2 years ago
lets go back to the way of the Indians
no ownership Free land, Free food from the land
no mortgage
they did it for over 10,000 years
weve only been doing it less than 250 years
emforty2 2 years ago
Items, including houses, are worth what THE MARKET WILL PAY...a home is not worth some intrinsic value. its location, location, location, and when it was built and out of what. You overpaid, and now someone is paying less. Sw Florida is no great shakes anyway, but I guess the weather is good, minus the hurricanes, and the headed underwater because of searise. Are there any good jobs down there? Doubt it. 145k sounds about right., and not a penny more.
TheRealCritique 2 years ago
well,like the bible says,sodomites doom nations..and the Keys is sodomite infested,its perverted,vile,evil....florida now may you finally seek God and quit your perversions of sodomite living...
doomedamerica 2 years ago
If you wanna see what happens after of few years of this; check out what Detroit looks like now. Burning next door foreclosed house to avoid another drop in their own equity; creating places no one want to live in.
In this case; people seems to be ready to do it without the home being empty; cause they are losing so much.
Let's be honest; YOU (DID NOT) PAY TOO MUCH, you simply owe too much, LET IT GO.
abbittibbi1 2 years ago
The whole entire state of Flordia isn't even worth $100,000. They should burn it all down and start all over again. Also, if I wanted to move to Europe then I would have. Florida should lock itself out from the foreign trash that keeps on moving in year after year. Florida SUCKS!
sumocubs 2 years ago
These crappy town homes are worth about $75,000 that is all. In the 1970s you got a big single house for less then $50,000 Take away all the fake bubbles of the last 35 years and you get a town home barley worth $75,000 and thats being generous!
thetruthisoutnow 3 years ago
i guess no refund?
dan020350 3 years ago
HAHAHA!! 1:07 Tough luck loser. Try being happy for the other people and stop crying like a bitch. If you would've done some research you would've seen this coming. The housing market still has ways to fall too.
JurkoffJay 3 years ago
Burn your house down and get the insurance. HAHAHAHAHAH!
JurkoffJay 3 years ago
I'll bid $200,000!
homer30 3 years ago
Sweet! Thats a way good deal. Wish I could buy one.
54spiritedwill54 3 years ago
i think they're afraid they're neighborhood may be mixed
heykevinb 3 years ago
Me too. It's clear that EVERYONE who lives in that neighborhood was of one race.
Wiwpse 2 years ago
whoa...my comments don't relate to this vid. sorry. but, nothing lasts forever...loyalty? man, this is business...and if the builder creates it...he needs to sell it. sorry. previous homeowners were riding high...things change!
heykevinb 3 years ago 2
well said
gtapache 3 years ago
Many American's are great people...however, have this, "it's not my fault" mentality. now, nothing can be said of unfortunate events-i can't touch that! however, most of us do not manage our households they way we should and now...it's everyone's fault except our own. there is always an opprtunty to chng how we run own household. there are sme situations out of our hnds and sme that are. we must learn to be smart enough to make sure we don't put ourselves in a knot-i know i've bn stpd b4.
heykevinb 3 years ago
now look...i've been a loan officer for a short time. i've been around all professionals involved. just starting out i closed one deal, a re-finance and pocketed $2000 for talking to people and turning paperwork. i've been around people making $100,000 or more every year (which is LOW). if you don't run your own country (your household) right, you'll be at the will of economic changes. all the years of riding high...what the hell did people do with the money they earned?!!!!!
heykevinb 3 years ago
I'm in the building trade. We have been fabercating homes for about $70,000 that are sold for about $225,000 in S.E. Michigan. In essence, with finacing, the home is sold for $600,000/30 years. What has wallstreet been doing with all the profits? At a monthly payment of $2,000 the home mentioned is paid for in 35 MONTHS (2 years 11 months). the rest is intrest, finance charge, closing costs,,,,,,,
Ron Paul '08!!!!!!!
crashoppe 3 years ago
lol this was over a year ago, wonder how much they are selling for now? probably 80-90k
utick 3 years ago
well seeing as i own my own propertys out right and have no debt at all, and a healthy deposit account and some gold...i dont feel too bad at all
223fox 3 years ago
I don't see what's funny. You guys need to be owner to understand why this suck. The worse part is that this economy is getting worse meaning that should/will affect you in some way too. In my case, I am an real estate appraiser and in this kind of market, I can't work. If I can't work, I am going to have to go after a job that you maybe going for... which mean more competition for both of us.
yes4me 3 years ago
You cant run a kitchen better than me, and people gotta eat.. Good luck.
AdamnationZ 3 years ago
It's not fair!!! WOOT! WOOT!
papatoony 3 years ago
I hope no1 buys houses anymore fuck real estate and screw the banks.
booze1000 3 years ago 2
They did not go below the market value stupid lady. That 150K is the market value.
Anothercoilgun 3 years ago 11
This has been flagged as spam show
LOL! LOL! LOL!
1godlessmonkey 3 years ago
Can't wait till this happens in the UK!!!
LauraParkerSmells 3 years ago 3
And in Canada!
denisthemenace13 3 years ago 3
DUDE where is my "equity"? -----hahahahahahahahahahahahahahahahahahahahahahahahahahahahaha
aviomaster 3 years ago
--THIS is terrible ... SOMEBODY is getting their pockets filled ... THAT is why this bubble has been created ...
aviomaster 3 years ago
If you have avoid financial problems, you should be happy with yourself. But I think it is a moral issue that we should not laugh at other people who have been unlucky or reckless.
dogspawn 3 years ago
I know I should not be laughing at those who were reckless with their money but I can't stop it. Their stupidity is just out of this world.
moniequa 3 years ago
moniequa, they have been stupid, no doubt.
dogspawn 3 years ago
This comment has received too many negative votes show
White people we are going to buy your homes for pennies on the hundred dollars soon. GET OUT OF MY COUNTRY WHITE MAN YOU ARE NOT WELCOME.
javiarinmexico 3 years ago
DON'T LET these YUPPY IDIOTS file for bankruptcy MAKE THEM PAY!! LOL It's their HELL : D.
tomincal 3 years ago 2
HA HA HA you fuc king yuppies got what you deserved!!!!! Niggas moving into your hood L o L!!!!!!!!!!!!!!
tomincal 3 years ago 2
its happenning....
jiminiflix 3 years ago
I love the guy saying "no way, that's not fair" he should know by now that life isn't fair....I guess now he sees that being stupid doesn't pay.
madarchodus 3 years ago
This is what happens to people who indulge in credit and usury. You wanna take a bigass loan to buy a house that isn't yours, go ahead and goodluck. Learn to live within your means. Save and buy, that's the right way to do it.
ImyManz99 3 years ago 2
What is really funny is the IMF has come out and said that real estate may be overvalued by 20% worldwide. In those countries people are still using there properties like a ATM with a that is Americas problem.
moviedude111 3 years ago
Yeah I know, tell me about it. I live in Canada and can't help but shake my head at all these fools rushing in. The only people who have a right to own a home are the ones who can afford one. Rent is cheap.
ImyManz99 3 years ago
I am a Canuck too, the housing market here is sizzling, can't wait for the bubble to burst.
moviedude111 3 years ago
if you can afford to get fucked, at least you can afford it.
mreisma 3 years ago 3
Investing is inherently risky. Especially with someone else's money.
It's never a bad idea to be in a position to survive the next great depression. Even if it doesn't come.
Einstiensblackid 3 years ago
This has been flagged as spam show
Why worry about a crash when you can get your property for FREE? Check out my new video now and learn how!
YourPropertyFree 3 years ago
ha ha ha
peckiledorf 3 years ago
That was a good price for the buyer, but a terrible day for the people who moved a year ago paying double. This is what market economy is all about, price is all about psychology.
Airforcing 3 years ago 2
Let it crash! It's good for first time buyers.
MrJowee 3 years ago 3
if i had the money
chillaxin201 3 years ago
This has been flagged as spam show
If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now.
lennyfest 3 years ago 4
Ouch!
ircjunk2004 3 years ago
investors screwed up the housing market big time, now they are working on screwing the whole economy by bidding up gas prices, everything these bozos touch turns to shit
utick 3 years ago
It's a feeding frenzy of GREED.Bad loans were written,for example Option Arms that will cause millions that signed these loans to lose they're homes.Contrary to the lies the media is telling Americans,the housing market problems were NOT caused by Sub-Prime loans.Since the Euro is UP,and the dollar declining,foreigners are buy homes in America at record numbers.Soon Americans will be tennents in our own country.
b2flyer1 3 years ago 3
um, sorry to burst your bubble, when you have a trillion dollar trade deficit with a communist country, and you are being sold the idea of a service based economy it only works for a little while, then everything starts to tumble like domino's. But they all got to keep there plasma tvs so thats good, you need them to keep up on the propoganda media.
moviedude111 3 years ago
Hahaha, plasma tvs. So true! People have no bloody idea how much money they waste on things they don't need.
ImyManz99 3 years ago 3
these guys are saving people from foreclosure because it is expected to grow as high as 3 million homes in 2008, so these guys have put together some investors that are willing to help out through this slow period.
view my profile
netshops2004 3 years ago
later this year, those homes will be going for 100k. Next year? 75k.
freekygeek123 4 years ago 2
Sweet! Thats a way good deal. Wish I could buy one.
hendem999 4 years ago
nice homes, what are the property taxes like, new house 160k seems fair, is the area good
nyuhwm 4 years ago
to bad ... they thought they were fly ... greed cares not about the poor and poor care not the loss of the greedy. la la la!
T6S666 4 years ago 3
Over the last 20 yrs. speculators in residential real estate (peeps buying more than one home) went from about 6% of home buyers to 25% throughout the US, driving up prices for everyone. Big cities, more like 50% of buyers were speculators. I hope they all go broke for turning housing into a big Ponzi scheme.
pandemonious 4 years ago
"They promised us that they were not going to go below the market value.!"
LOL. Plan ahead for contingencies.
phil251 4 years ago
I don't think she understands what "fair market value" actually means
jonjaylee 4 years ago 4
you dont buy a house to make a profit
your house is a home, a place to live, not a place to raise a buck
tough luck grandpa - the thirtysomethings who cant get on the ladder might throw you a bone
shakeyphil 4 years ago 3
or maybe the houses were overcharged in the first place - and these dickheads "paid for it" in more ways than one...
only those who bought overpriced houses are the ones responsible, they validated the extortion
shakeyphil 4 years ago 7
It's the builders who are evil. they charged above market price in the past, and all the little people are screwed. IT'S NOT FAIR! the bulders made all the money and left.
panther9mm 4 years ago
There's a lot of blame to go around. The builders, mortgage brokers, bankers and the people who bought beyond their means.
1blackie1 4 years ago
IT'S NOT FAIR!! prices have to go up 30% a year to be FAIR!
panther9mm 4 years ago
Waaaahhhhhhh!!!!!!! waaahhhhhh!!!!!!!!!!!!
dr1345 4 years ago 2
This is beautiful. JUST beautiful! I could watch it all day on a continuous loop and never tire of it.
papatoony 4 years ago 3
Ugh. They apparently didn't feel "ripped off" when they signed on the dotted line. What were they thinking? Real estate prices double in eight years, and they think the prudent thing is to BUY?
nine9s 4 years ago 2
I'm glad to see it. I got out of the a/c service bussiness because I got so sick of hearing these whining bitches come here from NY, or where ever and complain about how EVERYTHING in Florida is so wrong and not like NY. Why the fuck are you here if you don't like it, leave, I'm glad you all got fucked in the process.
maglight2006 4 years ago
They do that out here on the west coast too!!
papatoony 3 years ago
Ah Florida !!, this happens every 20 to 30 years,and it sucks when you get caught, but that one guy looked pretty happy, who bought at `145k
oohay4 4 years ago
Blessed are the meek, for they shall inherit the Earth
sybaris720 4 years ago
I see the meek getting fucked because they were too ignorant about finance & economics. But thats what happens when you pick quotes from a 2k+ year old book, they are not exactly up to date.
Dresden718 4 years ago
Dresden, you're right. The bible has screwed me over when it came to finances & economics.
McWalker25 4 years ago 3
This has been flagged as spam show
If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now. Maybe a little more dont buy
lennyfest 4 years ago
The prices will be lower over time.
ujload 4 years ago
Watch the Google video "Money Masters" so that this gets some context.
ommommoo 4 years ago
Buyers got what they deserved. They did not have to buy but they bought because they could borrow. They had to live above their means now they have to pay the price. I am absolutely please to see they are suffering now.
akhara36 4 years ago
i dont get it Akhara. They bought it for 125k, thats awesome, how are they suffering?
McWalker25 4 years ago
it's ok people - your dollars are worthless pieces of paper...
Filemon5 4 years ago
Filemon, if my dollars ARE useless, then what am I gonna do with all this money I get from selling candy?
I cant use yen in america.
McWalker25 4 years ago
en français on dit : "dans le cul la balayette, le manche et l'étiquette avec..."
phev 4 years ago
They promised us they wouldn't go below market value!
Econ 101 honey, what people will pay IS the market value! You also purchased your home at the market value. It's just the market value when you purchased your home was stupid!
vmlinux 4 years ago 3
It's not fair? He sounds like my 4 year old. Developers have no obligation to maintain your net worth. Here's a thought: If all the homes are worth a fortune, who's going to work at your beloved neighborhood McDonalds and Target? They might not want to take six buses every morning.
tabrizicracker 4 years ago 5
This is not fair dude. Houses should go up 30% every year.
jackjacky2121 4 years ago
"This is not fair dude. Houses should go up 30% every year."
Yes and money should fall from the sky ;)
acidie 4 years ago 3
We Need a sound economic policy here in the US.
Listen to Dr. Ron Paul scold the Federal Reserve. Learn how the bankers and wall street screw us. Google Dr. Ron Paul and the Federal Reserve.
Vote Dr. Ron Paul for President.
Get Active.
s35wf 4 years ago
Dude in the Tommy Bahama shirt needs to chill. It is what the market will bear dude. Sucks for you. You paid too much.
expatman2004 4 years ago
Wah wahhhhhhhhhhhhhhh
papatoony 4 years ago 3
If he thinks that's not fair, he should try being born on a garbage dump in Indonesia. Be thankful for what you've got sir, perhaps you don't truly deserve it.
jimladx 4 years ago 4
This has been flagged as spam show
When you buy a house. Ask this question. How much is the total cost of the loan? Read your mortgage papers! Don't get an optional ARM! Go to Primerica. We market for CitiGroup. Banks screw people. We do the unscrewing. We help people save a lot of money!
aamorri1 4 years ago
Ive lived here over 10 yrs in this house and its paid off plus i own it outright no mortgage Ive been in this area most of my life and the wife is a hometown girl Im just tired of sun and fun i guess
KavernKitty 4 years ago
THis does not bode well for me at all I wanted to sell out in 2 yrs Not only has the housing market crashed but the rate of income in Florida has Todays wages in an average job here have yet to increas to compensate for the rise in real estate values.... BUt I am a little confused as to why housing made such a drastic rise especially considering this all began after 4 major hurricanes hit here it would seem to me housing cost should have plummeted...
KavernKitty 4 years ago
It's called an irrational market. But as the clip shows, fundamentals always return sooner or later. Sanity is back and it's slapping people in their faces.
papatoony 4 years ago
I hate to be the bearer of bad news but the first owners paid $300K in 2006 dollars probably. The $145K is in 2007 dollars, which is like buying them for $72K in 2006 dollars. The housing market is in worse shape than they are telling you. In another year those federal reserve notes won't be worth the ink they are printed on. The only cure is Doctor Ron Paul whon will eliminate the Federal Reserve and back our currency with gold, silver or platinum.Google Ron Paul
gingermax 4 years ago 3
I live in this county. There is more here than meets the eye.Speculators deserve what they get when they don't get anything.Working people need housing and speculation robbed those who only needed a place to live. Also, the government dug in with both hands taxwise. Money pumped in for massive construction went to illegal immigrants,greedy developers,and contractors who hired illegals.Working americans got the shaft.
profnasty 4 years ago 2
"They promised us they would not go below current market value"
And you believed them?
Bahahahahahahaha
acidie 4 years ago
Where they did go actually IS the current market value
jackjacky2121 4 years ago
oh nvm ... british pounds i thought u ment Euros
Braves300 4 years ago
Those house would go for over £ 500,000 in the UK, thats a million in dollars.
judeGti 4 years ago
its like 750,000 USD
Braves300 4 years ago
No, it's almost a million USD, Braves300. Don't forget our US dollars are worthless these days.
papatoony 4 years ago
England is truly fucked. Watch Sterling go to 1 to 1 with the dollar. The sun has finally set on England and the party is over you assholes. How does it feel to live in a dead country you cunt?
mongobobo 3 years ago
that was before the credit crunch...
sonakoya2001 4 years ago 2
What is not fair ? It is not fair that market went down ? What would you say if after 5 yrs price will go to $ 600 000 ? Come on .... cut out the crap .
tuktukktotam 4 years ago
LOL!!! "That's not fair. We paid 300,000." WELL YOUR AN IDIOT! l o l YOU MORON.
mjdono 4 years ago
They're outraged that they bought at an obviously grossly speculation-inflated price? DUH. People have been trying to warn you about this since 2004!
yollam 4 years ago
"that's not fair - they guaranteed my speculation couldn't go against me! they lied! i wasn't supposed to be the last sucker..." and it's not nearly the end of it. this is a credit bubble, not just a subprime bubble
vlogolution 4 years ago 3
That guy must be taking a dump right now
flyingjoey 4 years ago 3
HAHAHAHAH
Inflated box cutter homes are not worth didley.
All we need nice hurricane to bring the levels to what they should be. Fuck you all investors
flyingjoey 4 years ago 2
Uhhhh, did someone hold a gun to your head and FORCE you to pay $300k for your house? No. It was obviously worth $300k to you! Unfortunately you're about the only one who felt that way. Oops!
papatoony 4 years ago
You American were laughing about the Canadian money today its our revenge! With the housing crash in Florida "snowbird" will get advantage of this.
luxury43 4 years ago
Actually, they are adding new taxes in Florida since they know snowbird have more money to spent! :P
Anofalye 4 years ago
The problem is very simple: young people who dont know shit about financing, coupled with predatory e-loan fuckers that advertise 24x7 on TV and hawk ARMs and 2nd mortgages like their ok, and you get DISASTER. If parents had done their job, educated their dumb young kids, they would have ignored the eloan sharks, but it didnt happen. My father used to tell me growing up: "a fool and his money soon part company".
billsmithishere 4 years ago 2
Hahahahaha!! I love these speculators. They pre-purchased these homes to turn around and flip them after construction.
"That's not fair!" haha - yea, it is - fair market!! Good for the new buyers!
armcrash 4 years ago
Dumb ass yanks they are selling at that price because the crash is on those home are not even worth 150k buy the end of the crash maybe 30k
Awpope 4 years ago
Remember the good old days.. when people lived in homes to live in them.. and raise families...
thscott 4 years ago 8
why cant people be happy to have 1 nice home ,,personaly i think every one thought they would buy 20 houses they would double in price have people renting to them and sit back and be a greedy pig ,,houses are to live in not to own 20-40 properties while all these young families are renting to you ,,please houses sre to live in and not sit at a dinner party bragging how many you own
jimmydachimp 4 years ago 2
Fuck all of you's "real estate investors". Don't buy a fucking house if you're going to be pissed if it goes down in value. You buy a home to live in, not as a stock. BOO HOO... these housing developers are more loyal to money than us... Boo Hoo.. they're acting like a private business trying to make a profit. FUCK YOU!
Led7Zepp 4 years ago
YEAH! finally, an opinion I can agree with.
Keep renting for about 3 more years guys, a couple of years after the election should tame these home ho's once and for all and maybe we can finally get an affordable/fair priced home!
avenqer 4 years ago
They didn't go below the market value.. The market value is what people will pay! I thought the iPhone price drop was bad but this is INSAAAAANE....ly great!
OtisWild 4 years ago 2
Here is why I have NO SYMPATHY. The guy crying about how he paid $300k... he likely SOLD his previous residence at a great profit. More that likely, he is just loosing all his equity he THOUGHT he had (but did not deserve).
My home doubled in value since I bought it, but I hope it goesdown. because I want to sell and get a new house for a low price. It's a wash either way since I plan to LIVE in the house and not flip it. This correction is overdue and most welcome.
orlandofriend 4 years ago 3
Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now. Maybe a little more, or a little less, but either way doesn't sound too good does it? DONT BUY REAL ESTATE BE SMART
lennyfest 4 years ago
"After years of deposits adding up to $100K you will have $0 in the account."
I don't get it. That's what renters do and most live happy every day...
linagee 4 years ago
Low real estate prices are good for all: American families, employers, everyone.
Who wants to spend 50% of family income for a mortgage on a median house? It's outrageous!
1cl04 4 years ago 4
A crash is a good thing! the inflation system in democracy is the cause of homelessness in ther first place! and besides those rich enough to buy houses just to resell them for profit deserve no sympathy.
Zopre 4 years ago
Their own foolishness reamed them. They need to confront THEMSELVES. "Truth. The bitter truth," wrote Stendhal.
Jitpring 4 years ago
You know what's sad? Mr Waaaaaaaaaaahhhhh It's not fair!!!! Just purchased his home in January for $329,000!!!! January of 2007?? The demise of the market was well know by then!!
jostene 4 years ago 2
Mom, that's not fair, Howcome jimmy gets to pay less for a house?!
IBMeddling 4 years ago
This what happens when foreign bankers control our illegal money system! The "Federal Reserve" was signed into law by Woodrow Wilson in 1913 and since then we have ALL been totally screwed! Our "money" (NOT) is created out of thin air & then lent to us with interest. This system is a scam and has to be ABOLISHED! Unless you prefer living in slavery owing our fraudulent money to the crooks who created it.
revo40 4 years ago
See: "The Real Story Of Money" on you tube
Well said.
BrightAnarchist 4 years ago
this what happens when american bankers lend money to buyers that can't reimburse !!! it's called subprime mortgage and it's going to be terrible on the house market and the financial market, it's just the beginning ...
franchute72 4 years ago
that is how Florida is that is why I moved out of Florida to Tennessee, What A job but not to those that already paid over 300,000 dollars for their homes. I feel that Legal action should be taken against the developer as for as a scam against those that have already bought homes ... Welcome to America The Home of George W. Bush !!!!!!!!!!!
rch7lew 4 years ago
oh shutup shithead
deepakbansal 4 years ago
Comment removed
sinusguy 2 years ago
Get rid of the private Federal Reserve system and international bankers. They're manipulating the interest rates and housing market. Vote RON PAUL, he's our only hope
pgadeb 4 years ago 3
this is only the beginning...
tetekofa 4 years ago
Looks like you guys bought at the wrong time!!!!
Lee County is the worst in Florida for determining values. STAY AWAY
christophgerald 4 years ago
Someone should explain "market value" to that blonde chick.
shikira 4 years ago
great footage of the bag holders. nice clip. well done.
snaxs2000 4 years ago
These prices reveal what the builders think the home is worth in that market and they don't want to be left holding the bag. Shows how much markup their was too. Those of you who bought thinking that the value would just keep going up need to come to grips with the fact that you were at the top of a wave of overbidders...
lividmany 4 years ago
If people expect prices to go down, that attitude opens the gates for deflation which is what happened on the 1929 market crash. The main difference is here the problem seems solely on real estate, so hopefully it won't drag the whole economy down the drain. But as usual, lots of people will feel the pinch.
malvarco 4 years ago
you are a prophet. I hope you made a profit.
;-)
mongobobo 3 years