Also, homes prices are beyond rental prices over a 30yr period. Some of these McMansions won't drop to affordable levels before I die. The recession is gonna be long. Unemployment will rise! It's really bad that the people surrounding the housing market don't understand economics as to why they can't find buyers. Bankruptcy should be punishable by death.
kng863: And what about all those people who now find themselves out of work and having to file for bankrupsy because they cant find another job, they should be put to death? Is that what your saying?
I'm saying that those that didn't follow the recommended borrowing limits published by the FHA (say 28% of income and a substantial down payment) should be put to death. I'm really talking about those that bought a 500k+ house (with no downpayment, sketchy income, or using equity from another house). I'm not talking about those responsible that have made the mortgage payments on time for at least 1 year. The defaults we're seeing are even the same month which they signed the loan!
There's gonna be further writedowns at the other banks and more foreclosures to come. Because of this entire fiasco, my property taxes went up in NJ and I dont even have a mortgage. They will pay dearly. As far as I know, the housing market is going down no matter where you live. Wages do not support home prices. The economics doesn't make sense.
Also, homes prices are beyond rental prices over a 30yr period. Some of these McMansions won't drop to affordable levels before I die. The recession is gonna be long. Unemployment will rise! It's really bad that the people surrounding the housing market don't understand economics as to why they can't find buyers. Bankruptcy should be punishable by death.
kng863 3 years ago
kng863: And what about all those people who now find themselves out of work and having to file for bankrupsy because they cant find another job, they should be put to death? Is that what your saying?
celticlofts 2 years ago
I'm saying that those that didn't follow the recommended borrowing limits published by the FHA (say 28% of income and a substantial down payment) should be put to death. I'm really talking about those that bought a 500k+ house (with no downpayment, sketchy income, or using equity from another house). I'm not talking about those responsible that have made the mortgage payments on time for at least 1 year. The defaults we're seeing are even the same month which they signed the loan!
kng863 2 years ago
I say...hang 'em High
DopplegangerGhost 3 years ago
There's gonna be further writedowns at the other banks and more foreclosures to come. Because of this entire fiasco, my property taxes went up in NJ and I dont even have a mortgage. They will pay dearly. As far as I know, the housing market is going down no matter where you live. Wages do not support home prices. The economics doesn't make sense.
kng863 3 years ago
CRUCIFY THEM AT WALL AND BORAD!
garyowen4ever 3 years ago
The AP is the fascist voice of theRothschild family.
Democrats08 3 years ago
White collar crooks.
TECHKLEC 3 years ago