too much easy credit, and the banks bundled these mortgages, many of the ARM loans as triple a, that where crap, and sold them to wall street. the next shoe to drop is retail, 2011-2012, watch out.
Let's not forget that too many spoiled children who used mommy and daddy's money, and anyone elses they could weezle out, bought into the property frenzy and are now feeling the pinch . . . let them get pinched.
It's time people grow up, take responsiblity for their mistakes and move on.
Otherwise, if we keep bailing out those who made the bad bets (and that also includes the banksters) the entire country will sink.
@theroilsoil Both commercial and residential real estate are beginning to fall now in Arizona and will continue. We were a boom state that definitely went bust. There's a huge business in title search, legal work due to foreclosures and bankruptcies.
Check out my video I posted last Friday "Double Dip Storms and Tornadoes: Economic Meltdown?" attached here or at : watch?v=H8GHuyngLZM&feature=channel_video_title
@justgetsome Arizona doesn't have a foreclosure process which must go through the courts and judges. All four major banks have a large employee base in this state and they actually do much of the foreclosure work along with attorneys and title companies. There is a similar shortage of attorneys though here just as there are judges in Florida.
@jrsnyderjr thanks for writing my back personally, I'm honored. I live overseas and i don't have to watch this train wreck happening personally but people really need to give up the gimmicks and move back to living within their means.
@justgetsome it's not much about people spending as it's about GOV spending, war , you can't fight 3 wars at the same time, you will break the country and cause unavoidable poverty and rebellions
@nightthunder11 ...yes. America doesn't have a tax revenue problem it has a spending problem. I'm afraid the end game is going to be a low low dollar and that's the best case scenario. Took you 3months to get back to me...hahah!
~Outrageous Bank'ster-mafia MERS operation! Buyers in Foreclosure (-and those wanting to see if their Trust-deed's been lost!) -find a legitimate RealEstate Litigation-atty. whom can skillfully lodge a Lawsuit in a Fed./Superior-court, -to address the egregious issues exposed. Urge the Atty. to file the case as a 'MassJoiner-Lawsuit' against MERS and your likewise criminal Trustee-bank, -this will enable amortizing legal-costs for thousands standing to loose their Home and vested Equity....!!!
THIS CRISES IS FROM THE BANKS AND GOVERNMENT,if you are being forclosed, cancel your insurance, file bankruptcey,get a electric fryer,fill it with oil,turn it on HI, and leave. thats the best way to SCREW the banks.and if asked,you can say oh! i must have forgotten.
Where the speculative bubbles didn't exist, the effect is minimal. The "Rest of the country" doesn't include "The rest of the country". When you say "Commercial Unit Rental Properties", otherwise known as apartments, would indicate that your market "fluffed" home values and some "homeowners' were taking cash out from a house of cards. Sub-prime, zero interest loans were always a bad plan for the lenders and the clients. But the loan originators made a lot of money knowing the loans were bad.
Cash is King. Your house is now worthless as an investment. The housing crash is now accelerating like a brush fire. Your only hope is to bail out now save as much cash as possible so that in 5 years you can emerge to be a cash buyer when the smoke clears. Bankers, realtors, contractors, appraisers, brokers, all profitted at your expense.
@LilMizRandom09 the tsunami has been manufactured in part by easy credit and prices people can't really afford. The rising cost of homes is akin to that of oil and bread for many. It is not good.
The banks now have more and more of their properties to deal with. The people 'renting to own' have left.
Yes, the place where you dwell, be it a tent, bridge, cave, shopfront doorway or house is your home. So yeah, the language needs context. In this case the context is financial, IMHO.
there has been a "shadow inventory" sitting out there for a good deal of time now.....and yes despite Dow gains and S&P rallies along with "borrowed" holiday spending sprees, I completely agree that intrinsically the ills that afflict us run deeper than what the media would like us to believe.
Some very good information from a very knowledgable man. I think it's worth making extra mortgage payments if you have extra cash (the lucky people) so that you are a number of months ahead if you do lose your job.this will give you a little time to find work & still cover your daily expenses without your home being under threat. Will watch some more!
@jrsnyderjr. Thankyou, like your style of presentation, very level headed & factual. I must say i dont save any £ in the bank but have been investing in physical silver bullion for the past 3 yrs & am glad i did. £ in the bank is worthless, better to pay off debt or invest in something which will grow in value. Silver made gains of 75% in 2010 compared to say 2-3% in savings. My bro purchased $6500 in silver March 2010 & to buy the same would now be $9500+. He ppurchased from Gainesville in FL.
wtf blah blah blah. do you know any actual facts numbers dates anything. oh doug the bounty hunter. what will doug do? catch the unemployed who can't pay their rent and beat the money out of them.
@jrsnyderjr no, problem I subscribed to your channel. I want to hear more from you in the future. You don't go into rants, better yet you don't live out of your car.
This is too depressing! I just can't talk about this crap anymore. It is what it is and there is nothing that "we the people" can do about it. Either walk or bleed...that is how I see it. I'm bleeding wishing I could just walk!
This is a difficult topic and I understand why people don't want to talk or hear about it anymore. The hard thing is each case is different and you have to make the choices that are right for you. It seems like everyone is getting hurt in this situation. All we can do is go forward and see what happens. Hang in there, I know you will make the right decision for your own resolution.
and "Investment" rental properties sitting idly by, waiting for better times to come along so that they can be, uh, rented, makes me wonder: why? It seems illogical, like leaving ice cream out in the sun because it will be better when it's hotter. bad analogy, but I guess it all makes me very suspicious. Luckily I was anyway.
If this was all just a story someone wrote, it'd be fascinating. And sinister.
Really got me thinking on this one, sir. GREAT vlog!
@Aspiring46er Best analogy I've heard on the investor situation about leaving ice cream out in the sun to melt because it will be better when it's hotter. Excellent!
The main thing I get from it is clarity about something I more than suspected: the laws punish those who strive. The government CREATED a lot of opportunities for trouble, and will tax the hell out of anyone who uses 401k money to try to do the right thing...you're absolutely right with the Dog the Bounty Hunter scenario. Debts will move along until the badass at the door throwing people out looks nothing like the initiators...
@Aspiring46er We're already seeing in Arizona people who did "short sales" to get out from under, knowing they couldn't pay and made a deal through lawyers to have the balance 'forgiven.' Now they're being collected on because the loan may have originally been done by FannieMae, FreddieMac or some government program. So the government is pursuing with "we don't care what legal agreement you made through lawyers, experienced short sale agents, we want the money or it will come out of future SS."
@livelifealwaystoo this is the second winter we've had torrential rains and really cold weather. So much for global warming. Actually cactus are very hardy and that's a prickly pear, a veritable weed in the desert, they'll store the water and live through the summer even in a pot.
@livelifealwaystoo Not now so much but two years ago, yes you could. Since then the real estate, business community and legislature have made some moves to prevent more scavenger hunting. Sad that tens of thousands of houses are sitting and not being sold or rented, being held by speculators for a better day. Problem is that better day will be forestalled because of their actions and the houses will not be worth living in.
@livelifealwaystoo It's been a drag on the economy and still is but it is one of our greatest assets. They're mostly new, modern and well equipped in good locations. People are moving here because we have good weather, there are places worse off economically than we are, companies like good weather also. "No snow days."
I like your ending, we are a culture that moves forward, through difficulty. Even though we've gone soft in many ways.
Here in NH, we've faired better than some other States, but I read yesterday, we hold the 3rd highest credit card balances in the country.
You're right. People are living in unusual ways, by not paying their mortgages, cashing in the 401k, going through all their savings and relying on credit cards.
Well, eventually, it will mean a fresh start. Eventually.
@Maiyanna Many people have gone soft but I'm discovering there are as many people who are up to the challenge of difficulty and moving forward. The people I believe who are not going to take any of this well are those that have been living in unusual ways and not coming up with other alternatives or long term plans.
It's odd to me, an indication of the myths the media perpetuates, depending on the day and the media outlet, every state has the highest credit card balances, deepest in debt...
@jrsnyderjr - It's hard to know what the media gets right, what truths they stretch or just downright manipulate... but in the case of certain statistics, what choice do we have?
@Maiyanna that's the marvel of the internet, if we dig, we can find out the truth about "statistics," which really can be interepretated in the eyes of the beholder, so to speak.
You ought to take a look at "Mish's" (Michael Shedlock) blog. Google "Mish's Global Economic Trend Analysis." It's sometimes esoteric or politically tilted but read though enough of it for a week and see what you think.
This has been flagged as spam show
douglaskoong@gmail.com
jkoong1 4 months ago
too much easy credit, and the banks bundled these mortgages, many of the ARM loans as triple a, that where crap, and sold them to wall street. the next shoe to drop is retail, 2011-2012, watch out.
bodizone1 6 months ago
Not to mention the federal reserve fiat money.
nightthunder11 6 months ago
I feel bad for you guise.
nightthunder11 6 months ago
Why do families want mortgage debt in the first place? What is the goal of owing that money?
citiesneversleep 8 months ago
Let's not forget that too many spoiled children who used mommy and daddy's money, and anyone elses they could weezle out, bought into the property frenzy and are now feeling the pinch . . . let them get pinched.
It's time people grow up, take responsiblity for their mistakes and move on.
Otherwise, if we keep bailing out those who made the bad bets (and that also includes the banksters) the entire country will sink.
theroilsoil 9 months ago
Great video, and like the rest of the country, Arizona good greedy and stupid as well.
Commercial realestate in Arizona is just beginning to implode - it get's far, far worse from this point forward.
Housing should have never become speculative, and we can all see why now.
Overpriced shacks are what most houses really are, and we'll soon see just what most of them are REALLY worth.
theroilsoil 9 months ago
@theroilsoil Both commercial and residential real estate are beginning to fall now in Arizona and will continue. We were a boom state that definitely went bust. There's a huge business in title search, legal work due to foreclosures and bankruptcies.
Check out my video I posted last Friday "Double Dip Storms and Tornadoes: Economic Meltdown?" attached here or at : watch?v=H8GHuyngLZM&feature=channel_video_title
jrsnyderjr 9 months ago
We are all victims. notsostabletv
NotSoStableTV 6 months ago
Comment removed
justgetsome 9 months ago
@justgetsome Arizona doesn't have a foreclosure process which must go through the courts and judges. All four major banks have a large employee base in this state and they actually do much of the foreclosure work along with attorneys and title companies. There is a similar shortage of attorneys though here just as there are judges in Florida.
jrsnyderjr 9 months ago
Comment removed
justgetsome 9 months ago
@jrsnyderjr thanks for writing my back personally, I'm honored. I live overseas and i don't have to watch this train wreck happening personally but people really need to give up the gimmicks and move back to living within their means.
justgetsome 9 months ago
@justgetsome it's not much about people spending as it's about GOV spending, war , you can't fight 3 wars at the same time, you will break the country and cause unavoidable poverty and rebellions
nightthunder11 6 months ago
@nightthunder11 ...yes. America doesn't have a tax revenue problem it has a spending problem. I'm afraid the end game is going to be a low low dollar and that's the best case scenario. Took you 3months to get back to me...hahah!
justgetsome 6 months ago
~Outrageous Bank'ster-mafia MERS operation! Buyers in Foreclosure (-and those wanting to see if their Trust-deed's been lost!) -find a legitimate RealEstate Litigation-atty. whom can skillfully lodge a Lawsuit in a Fed./Superior-court, -to address the egregious issues exposed. Urge the Atty. to file the case as a 'MassJoiner-Lawsuit' against MERS and your likewise criminal Trustee-bank, -this will enable amortizing legal-costs for thousands standing to loose their Home and vested Equity....!!!
AryanKnight 10 months ago
This has been flagged as spam show
THIS CRISES IS FROM THE BANKS AND GOVERNMENT,if you are being forclosed, cancel your insurance, file bankruptcey,get a electric fryer,fill it with oil,turn it on HI, and leave. thats the best way to SCREW the banks.and if asked,you can say oh! i must have forgotten.
trapptowers 11 months ago
Good commentary, I'm from Ireland which in many ways is an economic microcosm of the US, and a similar outcome is likely here :(
gubbaking 11 months ago
This has been flagged as spam show
ohh peoplz ...today Disaster ...Oh God Check this friendzz
freewallpapermania.blogspot.com/search/label/Earth%20quake
aliiiui1 11 months ago
Theres a Tsunami right now =S
LilMizRandom09 11 months ago
Where the speculative bubbles didn't exist, the effect is minimal. The "Rest of the country" doesn't include "The rest of the country". When you say "Commercial Unit Rental Properties", otherwise known as apartments, would indicate that your market "fluffed" home values and some "homeowners' were taking cash out from a house of cards. Sub-prime, zero interest loans were always a bad plan for the lenders and the clients. But the loan originators made a lot of money knowing the loans were bad.
pfdtx 1 year ago
Cash is King. Your house is now worthless as an investment. The housing crash is now accelerating like a brush fire. Your only hope is to bail out now save as much cash as possible so that in 5 years you can emerge to be a cash buyer when the smoke clears. Bankers, realtors, contractors, appraisers, brokers, all profitted at your expense.
Revelation6v8 1 year ago
To put it bluntly, this is a economic breakdown. We have grown economically due to credit and now payment has come due....
angiemn3 1 year ago
If it is not paid for,the house is not yours. Thus people are not losing 'their' homes.
Correcting house prices is great news, it is not "a problem".
Are easy credit and subsequent skyrocketing house prices a problem?.
Perhaps I am misinterpreting you. To me your language is somewhat upside down.
halfasheep 1 year ago
@halfasheep well a place you live is your home. it might not be there house but it is there home.
and theres s tsunami right now. i hope it stops soon.
LilMizRandom09 11 months ago
@LilMizRandom09 the tsunami has been manufactured in part by easy credit and prices people can't really afford. The rising cost of homes is akin to that of oil and bread for many. It is not good.
The banks now have more and more of their properties to deal with. The people 'renting to own' have left.
Yes, the place where you dwell, be it a tent, bridge, cave, shopfront doorway or house is your home. So yeah, the language needs context. In this case the context is financial, IMHO.
halfasheep 11 months ago
Shutt up u geek
MJ69FUNNY 1 year ago
there has been a "shadow inventory" sitting out there for a good deal of time now.....and yes despite Dow gains and S&P rallies along with "borrowed" holiday spending sprees, I completely agree that intrinsically the ills that afflict us run deeper than what the media would like us to believe.
fxlineardynamics 1 year ago
Some very good information from a very knowledgable man. I think it's worth making extra mortgage payments if you have extra cash (the lucky people) so that you are a number of months ahead if you do lose your job.this will give you a little time to find work & still cover your daily expenses without your home being under threat. Will watch some more!
09SRILANKA 1 year ago
@09SRILANKA Good point, I think paying off anything early and getting ahead is a good idea. Thanks for watching!
jrsnyderjr 1 year ago
@jrsnyderjr. Thankyou, like your style of presentation, very level headed & factual. I must say i dont save any £ in the bank but have been investing in physical silver bullion for the past 3 yrs & am glad i did. £ in the bank is worthless, better to pay off debt or invest in something which will grow in value. Silver made gains of 75% in 2010 compared to say 2-3% in savings. My bro purchased $6500 in silver March 2010 & to buy the same would now be $9500+. He ppurchased from Gainesville in FL.
09SRILANKA 1 year ago
@09SRILANKA Thanks for the compliment. I saw your videos and you are very wise to have been buying silver these past few years.
jrsnyderjr 1 year ago
wtf blah blah blah. do you know any actual facts numbers dates anything. oh doug the bounty hunter. what will doug do? catch the unemployed who can't pay their rent and beat the money out of them.
cunnidvd 1 year ago
@cunnidvd there are references in the video notes box and the figures and dates are located all over the web. thanks for watching!
jrsnyderjr 1 year ago
A smart man, telling it like it is.
justgetsome 1 year ago
@justgetsome thanks.
jrsnyderjr 1 year ago
@jrsnyderjr no, problem I subscribed to your channel. I want to hear more from you in the future. You don't go into rants, better yet you don't live out of your car.
justgetsome 1 year ago
@justgetsome appreciate that, thanks for subscribing.
jrsnyderjr 1 year ago
This is too depressing! I just can't talk about this crap anymore. It is what it is and there is nothing that "we the people" can do about it. Either walk or bleed...that is how I see it. I'm bleeding wishing I could just walk!
Hi JR!! Happy New Year!
GreatGig1 1 year ago
@GreatGig1 Happy New Year Caylyn!
This is a difficult topic and I understand why people don't want to talk or hear about it anymore. The hard thing is each case is different and you have to make the choices that are right for you. It seems like everyone is getting hurt in this situation. All we can do is go forward and see what happens. Hang in there, I know you will make the right decision for your own resolution.
jrsnyderjr 1 year ago
wait, so explain -- whats going to happen in the future? is everyone going to get pissed off at the gov for all this shit and cause a revolution?
shotty2222 1 year ago
and "Investment" rental properties sitting idly by, waiting for better times to come along so that they can be, uh, rented, makes me wonder: why? It seems illogical, like leaving ice cream out in the sun because it will be better when it's hotter. bad analogy, but I guess it all makes me very suspicious. Luckily I was anyway.
If this was all just a story someone wrote, it'd be fascinating. And sinister.
Really got me thinking on this one, sir. GREAT vlog!
Aspiring46er 1 year ago
@Aspiring46er Best analogy I've heard on the investor situation about leaving ice cream out in the sun to melt because it will be better when it's hotter. Excellent!
Thanks for watching and commenting Mike.
jrsnyderjr 1 year ago
This is a great video for many reasons, JR.
The main thing I get from it is clarity about something I more than suspected: the laws punish those who strive. The government CREATED a lot of opportunities for trouble, and will tax the hell out of anyone who uses 401k money to try to do the right thing...you're absolutely right with the Dog the Bounty Hunter scenario. Debts will move along until the badass at the door throwing people out looks nothing like the initiators...
Aspiring46er 1 year ago
@Aspiring46er We're already seeing in Arizona people who did "short sales" to get out from under, knowing they couldn't pay and made a deal through lawyers to have the balance 'forgiven.' Now they're being collected on because the loan may have originally been done by FannieMae, FreddieMac or some government program. So the government is pursuing with "we don't care what legal agreement you made through lawyers, experienced short sale agents, we want the money or it will come out of future SS."
jrsnyderjr 1 year ago
And poor cactus- drowning in the rain. Although I guess that's normal for a cactus in winter.
livelifealwaystoo 1 year ago
@livelifealwaystoo this is the second winter we've had torrential rains and really cold weather. So much for global warming. Actually cactus are very hardy and that's a prickly pear, a veritable weed in the desert, they'll store the water and live through the summer even in a pot.
jrsnyderjr 1 year ago
So if you had a bag-o-cash, this would be a good time to invest in real estate, if you could let it sit for 2 years? longer?
livelifealwaystoo 1 year ago
@livelifealwaystoo Not now so much but two years ago, yes you could. Since then the real estate, business community and legislature have made some moves to prevent more scavenger hunting. Sad that tens of thousands of houses are sitting and not being sold or rented, being held by speculators for a better day. Problem is that better day will be forestalled because of their actions and the houses will not be worth living in.
jrsnyderjr 1 year ago
Very clear explanation JR, thanks.
livelifealwaystoo 1 year ago
@livelifealwaystoo Thanks for watching lifey!
jrsnyderjr 1 year ago
New office (empty space) is good? Thats a new out- look at that. I always thought over abundance of office space was a drag on the economy-
livelifealwaystoo 1 year ago
@livelifealwaystoo It's been a drag on the economy and still is but it is one of our greatest assets. They're mostly new, modern and well equipped in good locations. People are moving here because we have good weather, there are places worse off economically than we are, companies like good weather also. "No snow days."
jrsnyderjr 1 year ago
I was wondering if people who went to foreclosure via tainted by poor bank procedures will fare better than short sales?
livelifealwaystoo 1 year ago
@livelifealwaystoo It's a toss up which is worse, both have suddenly become very prblematic.
jrsnyderjr 1 year ago
I like your ending, we are a culture that moves forward, through difficulty. Even though we've gone soft in many ways.
Here in NH, we've faired better than some other States, but I read yesterday, we hold the 3rd highest credit card balances in the country.
You're right. People are living in unusual ways, by not paying their mortgages, cashing in the 401k, going through all their savings and relying on credit cards.
Well, eventually, it will mean a fresh start. Eventually.
Maiyanna 1 year ago
@Maiyanna Many people have gone soft but I'm discovering there are as many people who are up to the challenge of difficulty and moving forward. The people I believe who are not going to take any of this well are those that have been living in unusual ways and not coming up with other alternatives or long term plans.
It's odd to me, an indication of the myths the media perpetuates, depending on the day and the media outlet, every state has the highest credit card balances, deepest in debt...
jrsnyderjr 1 year ago
@jrsnyderjr - It's hard to know what the media gets right, what truths they stretch or just downright manipulate... but in the case of certain statistics, what choice do we have?
Maiyanna 1 year ago
@Maiyanna that's the marvel of the internet, if we dig, we can find out the truth about "statistics," which really can be interepretated in the eyes of the beholder, so to speak.
You ought to take a look at "Mish's" (Michael Shedlock) blog. Google "Mish's Global Economic Trend Analysis." It's sometimes esoteric or politically tilted but read though enough of it for a week and see what you think.
jrsnyderjr 1 year ago