Goodbye Housing Bubble

[ritajellis]

:-)

[gumpydoood]

Who didn't see the housing bubble coming? After the dotcom bust and with housing prices soaring, you have to wonder why people didn't see it. It was fucking obvious the crash was coming. . .it was just a question of when. Even Bush knew it would not last. . .he was warned by Eliot Spitzer & Dean Baker, amongst many, but failed to act. Bush was hoping the house of cards would fall under someone elses watch & was caught with his pants down & his bare ass showing.

[tickyul]

When greedy, materialistic Americans wake up on Jan 2, 2006 groggy,sick and bloated from an orgiastic spending binge they will have a lot to worry about. Major economic indicators are pointing toward a real messy time for the greedy ole USA. At the top of the list in the near term is a MAJOR correction in the housing market, this will have a ripple effect in many american sectors. So go ahead refinance your house so you can pull the equity out of it and buy your stoopid kids Bratz wigger dolls.

[damnright4]

House prices still SUCK....Still way overpriced...The sooner house prices come back down to earth ..the sooner we can have a real meaningful recovery...

[tickyul]

@damnright4: Uh, Big brother put an artificial bottom in the housing market. Pumped bllions of liquidity into the market when they bought 1 trillion in mortgage backed securities. Also heated up demand/buying with their tax credit giveaway for home speculators...oh I mean buyers. Bidding wars are happening again due to government meddling. Banks are flush with cash from big brother so they can sit on their inventory. The housing market never hit a real bottom, this will hurt in the long run.

[digme1]

seriously, after reading most of the comments, who really here thinks that obama is going to solve this problem? hmm, I am amazed that the same people that made this mess still are the brains that will lead us out of this... case in point, Geithner and Summers. Geithner is currently the NY Fed Reserver president. For those that have been kept in the dark, the Federal Reserve IS NOT NOT NOT a Government institution. It's controlled yep by the banks that got bailed out.a lie, research it yourself!

[voicefromthegrave]

This is what happens when you let your greedy wife convince you buy a huge house, granite countertops, SUVs, and extravagant vacations. Now when you lose your job and she divorces you, you end up living in a tent, and she keeps the house. The government will make sure the mortgage only costs 30% of her income, no matter how much it costs taxpayers. That's fair isn't it?

I say we put the blame where blame is due: on the idiot spoiled women western society has given in to for far too long.

[sshapewa]

i advised my mom not to send me to a private school,not to buy a car on credit,which handed in yesterday,not to buy a house on credit,BUUT NOOOO OH GOD WILL SEE EVERYTHING THROUGH,BLABALAAla.Now we know how stupid parents are,they are a bunch of loosers!!i advised her years back to save up.work today for tommorows goodies.not vie versa!!!

[pretorious700]

Lose that gay ass music please

[Rspringscabin]

lol you dont have a volume control? Broke ass

[yannchambrier]

Crocodile tears for those who lived beyond their means, for the banks gave out mortgages without down payment and for the rating companies who gave a AAA rating to these bad debts.

[VegaV77]

since point in the vid but next time right click your audio track and turn it down a little

[sctullie]

Montgomery Al still a good investment.

[forrest2city]

Too much hands where dipping in the housing market. The lenders, the real estate agent and the flippers.The houses are smaller land space is not much inferior materials yet the price i beyond most people

[ChiefHumpingDog]

INDYMAC BANK IS NEXT. MARK MY WORDS.

[SlyJunt]

How did you know?

[kea444]

I heard a lot of banks don't bother with foreclosures - they just leave the property in default & let the owner stay there. The story was the properties are worth less than the mortgages so why let them sit empty & get vandalized when they can keep it occupied until prices go up & then foreclose & not take a loss. Any truth to this?

Oh, and if you can't plan to afford 10-12% interest over a thirty year mortgage, you're an idiot & should lose your house. Doesn't anyone else recall 20% spikes?

[StiggyStigStig2007]

Is it wrong that I laugh so hard at people who've lost - idiots

[ourearthhome]

Housing bubble is really a land speculation bubble. Only the land portion of real estate has gone up in price because land is in relatively fixed supply. The speculative value of land is an unreal value totally depending on the next person to buy in and continue the scam. When banks loan money to fund the speculative value of land they put themselves at great risk because speculative value of land can disappear overnight as the Japanese banks learned in the 90s. Google "Henry George" to learn.

[destroypolitics891]

speculation, thats such bullshit! a bullshit excuse to hide the fact that elected presidents and their economists are the ones actually responsible for rising societal costs by making phones calls to wallstreet! nice try taking blame off the responsible fuckhead miserators through

[ourearthhome]

destroypolitics: Power is being abused, sure, but what you do not know because it has been eliminated from economics education and public discussion is that there is a real economy under the money game. In the real world ownership of land and natural resources is monopolized and land speculation is rampant because land value is created not by the landowner but by the society as a whole motivating the biggest get something at the expense of others game in all history. We ignore it at our peril.

[destroypolitics891]

i cant believe that, war and economics yes but speculation is powerless. speculation theoretics are absurd

[ourearthhome]

Speculation is part of all societies and economies throughout all time. Commodity speculation is especially inviting and is what is going on now with oil. Land speculation is the grandfather of all speculation because land is relatively fixed in supply more than most things on top of which it is an absolute necessity for every human activity. Land speculation is the dirty untold story in American history. You deny it because it is forbidden to be taught. Mission accomplished for speculators.

[tomincal]

STUPID idiots YOU should NOT have PAID so MUCH L o L

[dreamsenvoy]

Break it down again

No more sleepy dreaming

No more building up

It is time to dissolve

Break it down it again

No more sleepy dreaming  tears for fears

[lordweaselfreak]

a fool and his money are easily parted.

[moneywhat7777777]

It Must Be Said Then How Does A Fool And Their Money Meet? If This Is Not Possible Then It Must Be Assumed That Smart People Are At Times Fools. This Is The Time When Greed And Fear Take Over. Fools And Their Money Do Not Part Money Turns People Into Fools And The Only Time They Wish They Were Smart Was When They Had The Money In The First Place Sadly As Close To The Truth Of Life They Now Are They Will Reach Again For The False Dream Simply Because It Is All They Know!!! Indeed Fools IndeedEVIL

[cratesors]

who sings and whats the name of the song?

I want to download it... i like it.

[john67elco]

Beginning song: Josh Groban-Remember When it Rained

Last song: Tears for Fears-Break it Down Again

[cratesors]

thanks

[vastgoedzeepbel]

President George W. Bush, Alan Greenspan and Ben Bernanke are the most stupid people of the US.

Now we only have to wait for the collapse of the Dollar..

[TheEclecticStation]

Dude it already is collapsing. I can't even go into Canada anymore and have good buying power.

[moneywhat7777777]

To Think These Guys Are Stupid And Society Is Smart IS Valid On The Exterior But Don't Kid Yourself This Is All Happened For A Reason They Were Just The Executioners Of A Grand Plan The Same As 07 And 29 And 87 And Now Crush Everything And Everyone And Buy It At The "Real Bottom" Notice The parallels Between 20-26 And Now Quite Eerie I Would Say The Dollar Will bounce And Then Crash The Yen Will Surge Despite Intervention And Equities Will Crash This Will All Happen Within A Short Timeframe

[webaroos]

The more stupid are the American voters who brought this rabble upon themselves.

[wanz808]

bullshit!!!politicians made fucking housing prices sky rocket in year 2001 with the help of the wallstreet warmachine, people tried to buy anyways so they could have a place to live and be happy! but thats something politicians don't want! they want poverty homelessness misery and genocidal fucking conflicts.

thats what leaders are, conflict strategists! thats all they do! and thats all group leaders are for.

[Creator01]

No, people bought homes to make money, creating artificially high demand. They were speculating.

[digme1]

creator01, i think wanz has a point. There was a serious error made by Clinton (which I don't blame him because he's a lawyer and not economist) to repeal the Glass-Steagal Act. That, by itself made cash available to everybody. I can't explain it here because it would take more than 200 words. Guess who was the Treasury at that time, yep: the now economic advisor to Obama: Lawrence Summers and Rubin. Yep, Rubin just got bailed out with Taxpayer money for CitiGroup and Summers, wellback to "help"

[frankpaws]

Well at least there is one smart person in the room. Now if all the smart people would come out of the wood work, like Schiff, then we might actually get out of this.

But, since we have idiots in office and Bernake making stupid statements like "we are at the end of the recession", we have only seen the tip of the worse that is to come.

Start preparing, start saving and stop using credit. When it hits, it will be a free fall.

[braunsteiin]

To this day mankind does not have the freedom nor the human right to own tax free land! you cant be taxed to prosperity! and you cant be governed freedom! PLZ Fight for tax free land if you can! 2gether we can stop the extortion! this message is of no political bias! this fight is independent! Tax free land is land no liberal goverment and no eminent domain cant take away from you, its land wallstreet cant price inflate you off of! plz act now!

[AntiBullS]

we need to abolish RE tax in this country in leu of higher sales tax

[mcgazz07]

luv it

[Seiku]

Yay for spam!

[mongobobo]

Well, I can tell you that where I live I saw houses selling one year for $450k and the very same house a year later going for $600k. Yeah, I saw this coming. I was in the market for a house 3 years ago and had agents trying to get me into arms. But I knew this one little thing: 4.5 x annual income. That is all.

[mongobobo]

Cavet Emptor!!!!

[nyuhwm]

deepgreen financial, just there name was reason enough they should go bankrupt

[john67elco]

lmao

[USA4th1776]

America needs to wake up to where this government is taking us. This is not Survivor or some other a reality show we are watching. This is all of OUR lives being broken down. This government hasn't done anything nothing to help our economy. Greedy ass CEO's that make MILLIONS of dollars a YEAR taking busniess over sea's because AMERICANS want to MUCH $ and the immigration population growing with an open border. Gee! WHY is unemployment so high! I can't seem to figure it out.

IMPEACHMENT NOW.

[steigerpower]

Mr Busch Tell the Bankster's to bail them out with Tax payer's funds of course!!!

At one time in 2004-06 the American economy had enjoyed some 60% growth due to home mortgage market.

No longer can they use their home as an ATM to tap into their rising equity to buy TV and SUV etc.

The day of Reckoning is here.

Sad for many a Mom's n Dad's as they had a choice not to over extend them selfs after interest rate fell in 2001.

[Joyriser]

Reality.A two tier system has been created and THIS time people are just beginning to see through all the lies and propaganda!It is criminal the way house prices have been going up.Oooh we couldnt have the working people moving into our area, could we darling! We cant let them see how we live from their hard work!Im so glad you got your accountants raise for suggesting they move that operation to China.

[pjr79]

This is crazy. Who enters into perhaps the single most important transaction in their life without asking themselves if they could afford the payment. They talk about the ARM as though it was never going to adjust. Did you think the bank was giving you this money and wouldn't want the half-million $ back someday?

[carnooba]

This bubble was deliberately engineered to destroy the middle class.

For insight into whatreallyhappened(dot)com

do a search for,

Zeitgeist The Movie

[hoehoealexio]

people who buy houses just to sell them contribute to the evils of politicaly engineered inflation, because in the far stages of democracy the rise of inflation and constant taxes lead to irrational rent hikes

and this would pull most middle class citizens and commoners down into massive

homelessness. The catastrophics poverty inducing effects of housing hyper inflation could become of society collapsing proportions

[hoehoealexio]

its the same as a mafia movie dont pay the corner mob! & they make you dissapear!

democracy regimes negate property rights, it negates the freedom of being able to have a place to live. democracy nd (so called) libertarianism are in reality the hugest tyrany and poverty causing totalitarian systems in existence democracy regimes negate quality of life in general. just a bunch of fake liberty masks to hide the politics tyrants behind the doings. Democracy=land of the dumb,home of the tyrants.

[hoehoealexio]

indian natives dont pay tax and still have services yet we americans dont even have the freedom to own tax free land without being extorted by political mafias at city hall all the way to the white house. taxing land citizens have already paid for is

extortion, its fraud and its illegal, who gave political mobs the crminal right to extort cash from citizens on a yearly and rising basis to drive people out of their homes.

[ParapaDrifter]

do we still own our country?... Time for the entrepreneurs to get to work. Our free lunch has ended.

[USA4th1776]

This comment from(ParapaDrifter)is exactly right!

(do we still own our country?... Time for the entrepreneurs to get to work. Our free lunch has ended.)

We don't own this country anymore. The Big Businesses, Big Banks, Oil companies, Auto makers, and the government own are ass.

They control how much money goes through this country. They knew people couldn't afford these homes.

It's time we get getting smart and start inventing and producing our own goods again.

[icore64]

every few years, same old shit with different name will show up again, wait and see it yourself.

[ArchaicRevivalx2012]

This music does suck really bad. It makes me sick. Listen to Peter Schiff for sound investment advice. Run from real estate.

[LoneStarKirk]

The tragedy is that there isn't really any depreciation in real estate like the MSM touts. We've had so much socialism in this country that no one remembers how markets work. I bought my 800 sqft mobile home for $560,000 dollars and its book value is now $720,000. How is that "depreciation?"

Paul/Huckabee 2008!

[dr1345]

paid 560k for a fucking mobile house? idiot! good luck selling it for 720k. if you had just alittle socialism in this country you wouldn't be in this horrible mess now.

[TiredOldFart]

Kirk was only explaining that the bank loaned him $560K on his double wide and then refinanced it for $720K. The mobile home is still worth $20K. That's why he's walking away.

[aybesee123]

Hope its gold plated...

[jayskyall]

hold on hold on giggle. you spent half a million on a FUCKING MOBILE HOME? did it come with god mode or something?

[ParapaDrifter]

Thats sweet! That must have been one serious Trailer! God-mode would just be the icing on the cake. :D .... I trust the markets will provide.

[bakinjoo]

Moral of the story: People are fucking dumb, lenders are greedy pigs, and the Fed is raping us all..

[jeffsst]

perfectly said lol

[prrolg]

Imdb movie web site on Will Smith quotes"Too many people spend money they haven't earned to buy things they don't want to impress people they don't like". Why would intelligent peeps take adjustable rate loans on houses without making a lower bid offer?

[prrolg]

Too easy credit is irresistable to consumers and naive people will pay whatever the seller asks. The 25 year bubble grew and grew and grew.

[AIMANALI]

There are many reasons a person should consider an adjustable rate mortgage. Don't blame the rate type: blame the person that do not understand these tools (rates, down payments etc)and hence don't take the advantage of them. Evey business decision has a built in risk factor

[IntelligentChoice]

this music sucks...

and also If you cant afford a bloated priced house you shouldnt buy it, dipshits!

No sympathy for greed and idiocy.

[PeterIrish]

what song is that???

[KingJamesBible]

Anyone stupid enough to listen to the talking heads and NOT someone like Peter Schiff DESERVES what they got.

Sorry..... time to DOWNsize your "lifestyle" like you SHOULD have done in the first place.

Greed greed greed and pride.

[MillionaireMC]

It's never good to lose your home - no matter what situation you are in - being without a roof over your head is never good. Thank God for home business opportunities.

[RUBINSTEIIN]

if you buy a house, you dont buy the fuckin thing to sell it YOU BUY IT TO LIVE IN IT! investor group and politicaly engineered INFLATION on housing is what cause people TO NOT AFFORD A PLACE TO LIVE OR TO NOT EVEN LIVE TO PAY FOR IT and makes rents go through the fucking roof! housing growth leads to massive homelessness while wallstreet cashes in on your homelessness. GET THIS PEOPLE ! there was no american dream it was all about democracy inflation and poverty

[RUBINSTEIIN]

if you buy a house, you dont buy the fuckin thing to sell it YOU BUY IT TO LIVE IN IT! investor group and politicaly engineered INFLATION on housing is what cause people TO NOT AFFORD A PLACE TO LIVE OR TO NOT EVEN LIVE TO PAY FOR IT and makes rents go through the fucking roof! housing growth leads to massive homelessness while wallstreet cashes in on your homelessness. GET THIS PEOPLE! The democracy plan is poverty! There is no American dream!

[cfears]

Its sad that people are losing their living space but It is their own fault. People getting houses they could not afford anyway. And buying too much house from the start.

[zakuk77]

"If Tyranny and Oppression come to this land, it will be in the guise of fighting a foreign enemy." James Madison.

[88skisupreme]

Adjustable rates are for dumbasses.

[korruptnix]

the American dream - gone forever, i could cry

[ORACLE063]

"I believe the banking institutions are more dangerous to our liberties than standing armies."

Thomas Jefferson

[Mkundera]

I admire Thomas Jefferson as much as any figure in our history but his understanding of money and banking was primitive (compared to Alexander Hamilton and others). He lost almost every argument he ever made when it came to the new nation's financial system (he wanted us to forever be a nation of farmers). And he personally died in virtual bankruptcy, more than $100,000 in debt.

[ORACLE063]

"If the American people ever allow the banks to control the issuance of their currency the banks and the corporations that will grow up around them will deprive the people of all property."

Thomas Jefferson

[apolloscam]

Sir Rupert Murdoch Australian Knight of the British Empire, and his Communist Chinese wife Deng Wen Di (aka Wendi Deng) bought Dow Jones and Wall Street Journal in 2007. Deng married Murdoch in 1999, and they live in Bejing China. Commie Manifesto forbids ownership of private property and requires govt control of communications. All Fox News talking heads must be arrested for treason and waterboarded to death at Gitmo.

[DCUPtoejuice]

watch debt as money on you tube.

[crb4059]

Instead of making little pity songs and vids, lets learn our lessons, these are not the darkest days in US history see the 1930s and the great depression for that. In historical terms, this will barely show up a as blip. Things will finally return to normal.

[Creator01]

Because of America intervening in World War I and World War II, we got lucky. Now we are on a pathway down again.

[crb4059]

This is incredibly foolish what you are proposing, the fed bank is an institution of the bank. The more you print money itself, the more it devalues. African countries are guilty of this and a pound of rice cost like 2 billion whatever. Hitler did the same with German currency until it was almost completely worthless. This aids in hiking inflation too.

[jjbrouwer]

That was not Hitler you twit. That was Weimar.

[crb4059]

Oh really? Why dont you go look it up you sorry excuse for an historian?

[jjbrouwer]

Why don't you go look up who's buried in Grant's Tomb?

I mean Good Lord. It's called Weimar style inflation for a reason.

[antipovertycultz]

American democrats and republicans alike are fighting to create a slavery system through the rising of housing inflation, yearly rise of property tax, low wages, and the creation of mass poverty and homelessness

[crb4059]

stfu you dumbass.

[LisaJMoore]

That is the dumbest thing I have ever heard SHut up

[dr1345]

it's true you dumb bitch. americans are lifetyme slaves to their debts. american economy is designed this way. but very few people see it.

[rorritw1]

Serf's Up fools!

[WNOE9BLOK]

lets talk about democracy slave wages and homelessness, actually , dosent matter what regime it is , if there is economic growth and inflation in it , society will eventualy go poor, homeless, and hopeless.Prices of homes rose 12X since 1971 from 18.000$ to 200.000$ in 2005, RENTS WENT FROM 250$ TO 1000$ a month. Salaries hardly even doubled since then, you do the math

[TheRealCritique]

Goodbye Housing Bubble, GOODBYE...ooooooooo. boooo hoooooo, remember when people could have money for nothing........this song over this story is hilarious....love it.

[Led7Zepp]

This song sucks.

[Exceleron2222]

If you don't vote, you can't complain. If the US is so corrupt, LEAVE. Unless you're waiting for another type of system to live under. If you're not, then get out of the US and go find another country that caters to your plight. Don't flatter yourself and project your problems as social issues. Like that naggy co-worker that ALWAYS complains about how bad he/she has it, QUIT! You don't have to stay, and if you do? SHUT UP ABOUT IT. ( I'm just saying )

[Heurlinoz]

I consider it a political and social crime that a poor or middle class family be prohibited by politicians from getting decent modern housing by negating property ownership through politicaly engineered hyper-inflation and taxation. DEMOCRACY IS POVERTY -VOTE FOR NO ONE

[damnright4]

House prices are still TO DAMN HIGH!!! if you are thinking of buying DONT DO IT!!

[taps0865]

have your boss mr. ponzi stick it up.

[gmjones2001]

The very sad reality in Sillycon Valley where I live is that there is NO such thing as a house "I" can actually afford. Now if I look 60-90 miles away it's a bit better.

Fvcktards!!!

[john67elco]

Best is yet to come. Check my other videos.

[fuzzywzhe]

Don't worry, I live in Silicon Valley, and we're just starting to see the first wave of "REO" houses for sale.

REO = Real Estate Owned.

2009 will be the peak of it.

[billsmithishere]

Keep blaming bush moron. Simple arithmetic: ADD financially dumb young people, ADD predatory e-loan fuckers that advertise 24x7 on TV, hawking ARMs,30 yr loans, and 2nd mortgages like they are candy, ADD a leveling-off of salaries, ADD higher interest rates, and the RESULT is DISASTER.

[fuzzywzhe]

> Keep blaming bush moron.

Haha, it is Bush's fault.

You can pretend that Greenspan pushed through 1% interest rates, and that Bush just didn't realize that the Fed has eased up on lending standards if you like. You can pretend that.

If I were GWB, I would have fired Greenspan's worthless ass if he even suggested that.

There hasn't been a worse president since FDR.

[damnright4]

"There hasn't been a worse president since FDR"  I was thinking more like Hoover

[billsmithishere]

Simple arithmetic: ADD financially dumb young people, ADD predatory e-loan fuckers that advertise 24x7 on TV, hawking ARMs,30 yr loans, and 2nd mortgages like they are candy, ADD a leveling-off of salaries, ADD higher interest rates, and the RESULT is DISASTER. If parents had done their job, educated their dumb young kids about loans, interest rates, and 30 year mortgages, they could have easily ignored the eloan sharks, but it didnt happen.

[notu286]

Alan is right on with his list, including the Media.

[alanhowitzer]

Peter Schiff gives the responsible parties for the current housing disaster: 1. Greenspan and the Federal Reserve 2. Wall Street Investment banks 3. Lenders (banks, originators, etc) 4. Freddie Mac & Fannie Mae 5. Congress & Pres. Bush 6. Appraisers 7. Rating agencies 8. Individual home buyers and speculators 9. Realtors 10. The media.

[thscott]

These people got into mortgages that they didn't understand... 2 years fixed, 28 adjusted... in a market with increasing interest rates, it was obvious they would lose their shirts. The biggest purchase of your life, and you wouldn't understand the fine print?

[reibroker]

Buy within their means - most key. What I am seeing more than anything else is buyers who are struggling to make their mortgage payment NOT because the payment went up $150, $250, $350 per month but because they have $1200 a month in car payments, $600 a month in MINIMUM credit card payments, $400 in their checking account, $30 in their savings account and maybe, MAYBE $2000 in their 401(k)!

[tonjg]

reibroker yeah this is a good point. People who casually max out credit cards must be nutcases. What were they thinking?

[nezpercenathan]

reibroker is SOOOO right, I've been seeing couples with less than 50K household income buying 250K house, 2 new cars, and still taking 5K vacations- impossible! And, once they ran out of credit, equity in the home from rapid appreciation, and savings, they found out it was impossible!

[diogenes64]

BS! I grew up on a farm shoveling chicken and hog sh!t in NE North Carolina and I always planned my life on not...on the best that can happen...but the worst possible case scenario. Once you account for the variable you can control you act. Always keep some dry powder.

[orlandofriend]

This smells like opportunity to me... .but then, I bought 8 years ago to live in my house, and now I'm looking for a second home... and WAITING!

[lennyfest]

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

[orlandofriend]

big deal... a few idiots lose their shirts, go bankrupt, and then work their way back in seven years... and they will buy a CHEAP house next time.

[shirinchaudhry]

Never spend your money before you have earned it.

Thomas Jefferson

[Chidasvinto]

Thanks, Here in spain whe've the same shit. Fortunately, it's on crack.

(Pry for Rumania)

[olamapsa]

America on its path to become a third world country.

[sirzuke]

Yep...if you listen to all the PERMABULLS on tv..you will lose big time! Peter is a voice of reason here!

[pntrain5]

Peter Schiff. I wish I would have payed more attention to you but every words of reason you said were mocked with sarcasm and laughter. I know now how greedy the analysts and pumpers on TV really are. Cramer you are no more than just a high-class crook. Shame on you. Don't listen to any of these fools; Our great US is toast because of greedy capitalist. It may take a few years to confirm it but listen to this guy Peter Schiff. He's been telling the truth before the dotcom bust.

[armcrash]

Haha - Ohhh the memories. Nice, I remember a lot of those companies. We need to send them back to school with addition/multiplication tables. My video on profile has a good "math mortgage" scenario...

[papawx3]

The last comment you heard was from a man named Peter Schiff, who had been warning people about the bubble for over two years {that I know of}. Whenever he would appear on CNBC, the other people on the program WOULD LAUGH AT HIM {Mark Haines included}. Who got the last laugh?

[buttfaceheadear]

Come the hell on!!! You tell me tens of thousands of borrowers DID NOT KNOW they were taking adjustables. Maybe a few people could have been taken by a super crook, but there is a LOT of paperwork and disclosures. GREED. BORROWERS OWN GREED has done this. They took anything they could. They lied about their income. They took short term loans. Anything to get into a house they thought would go up thousands in the future. Mortgage brokers didnt create that illusion.

[diogenes64]

Amen! If the house goes up in value...I am a genius at the foffee shop or cocktail party...if it goes down...I was cheated, nobody told me, etc.etc.

[cumfiesta69]

Marvin?

[lividmany]

If only you had sold out at the right time. If only you had known. If only... Don't be alarmed. The ones who orchestrated the bubble were the same ones who sold out into the rally and are completely clear now. They are doing GREAT!!!

[sritger]

That would be me...I cashed out in September 2005 at the market peak.

[chiefmojorisinx]

I admit that I know crap about economics. Like the price of gas,,recently demand was down, so the price of gas went up to make up for the loss..now in the summer, demand went up and so did the price. LockeD77, I even saw the bubble years ago...it was all  over the radio, tv and print media. If I knew about, so did your grandmother.

[FrayedLennon]

Buy your tickets now the TITANIC is set to sell...

Lets blame Mortgage companies for whats called creative finance, Realtors who drive the market through the roof in a semi hot market (GREED). Appraisers who got use to pushing mortgages through and not really putting a sound value on the home..And the Home buyer who didn't do there HOMEWORK. TUFF BREAK!

[lennyfest]

anybody that decides to buy property now is a fool real estae in america will decline a min of 20% this year , even more in certain areas , real estate went up 20% a year for the last 5 years it could very easliy go down 20% a years for the next 5 years , dont listen to real estate agents telling you its a great time to buy, thats bull shi t ,, realtors are liars , dont trust them .. dont buy wait and save big money ,

[lennyfest]

anybody that is thinking of buying a home now is a fool,, home prices will decline 30% over the next 18 months ,, watch and see ,, buckle up people ,,

[bbruhwiler8]

If you look at the long term charts, the spike in the Dow jones to 13000 is steep and tall. The Dow Jones should be between 3000 and 4000 and that is where it is headed. The Federal Reserve (a private bank working for its own proftis) will tighten the money supply, thus crashing the Dow Jones.

[dr1345]

cry me a river you fucking speculants scumbags. bwahaha

go and work hard for a living like the rest of us!

[jdc8000]

i work and hard. make peanuts--30k yrly. great credit, carrying some debt. kb homes tried to "offer" their brand finacing. house cost $111,950, 15k to 30k down, mortgage payment--from $766--$802. All of this based on ARM financing. Asked KB Homes about conventional financing. They said that their computer was not designed for that type of financing.

[jdc8000]

If KB Homes' computer system is not set up for conventional financing scenarios, it is not totally the prospective home buyers fault for getting into this awful situation. Homebuying is not for everyone but the playing ground should be fair and clearly KB is not fair. by the way there were 12 foreclosures in that area alone. These guys (KB) know what they are doing.

[mongobobo]

And you should know what you are doing. If KB want offer 30yr fix then move on. 4x your annual salary. What is so hard about that?

[jdc8000]

Only $70k should be financed. I asked KB to run different scenarios and each time some outrageous monthly payment. When it was stated that the loan must be conventional, KB said our computer system isn't setup that way. How many people, who stroll into KB onsite neighborhood offices, know if the computer system is setup for conventional financing? None. How many people know that they will face foreclosure using KB's system? None. How many will actually loose their home? Most.

[jdc8000]

There were too many foreclosures in that area alone. It makes you wonder.

[Dindond777]

Cheers to Led7zep.Flippers, get a FN job!

[LuciusBrutus]

What jobs? You mean the jobs that were off shored? Hope people enjoy doing manual labor, because that is all that will be left as housing credit collapses.

Ron Paul 2008

[Led7Zepp]

To all you losers who should not have bought a house in the first place... you deserve what's coming to you. You all did the One Arm One Leg loans. You all wanted to be big shots and buying plywood and a piss-ant parcels of land of 100's of thousands of dollars when you make minimum wage. Know your place and rent. Now, you're screwed. And to the home flippers, eat shit. I'll see you on the freeway exits with the A-boards begging for change.

[john67elco]

I really like this guy.

[uricehe4]

Sleazy scumbags like David Lereah bear responsibility for fanning these flames. He got rich by doing nothing but intentionally spreading disinformation and lies as a shameless shill bought and paid for by the RE Industry. And far too many American families have had their lives destroyed because they were foolishly naive enought to listen to him. He's every bit the worm those Enron dudes sitting in prison were.

[mongobobo]

If you signed the dotted line, you are responsible.  If you are old enough to get the loan, then only you are to blame for your troubles.

[codediporpal]

There are consequences to defaulting on a loan, clearly spelled out in the contract. It's not illegal to default on a loan - there are just consequences. You get foreclosed on, and the bank gets the house. The lender? It gets a house worth less then it lent the buyer - just like the contract says. I have no sympathy for these lenders who are supposed to be the financially savvy ones. 0% down? What were they thinking?!

[drsnk]

And this while we keep being told by Neil Cavuto, that things have never been better.

[fabiqty]

Thanks to ignorance people are getting rich

So many foreclosures and short sales I just write 'em up and sell them out for quick and easy big checks.

t buy what cannot afford.8664525359

She didn't get duped, she admits she didn't know anything. Advice get some knowledge call for free advice or atleast look at the library first.

[axelsenzon]

wow, so sad. people cant blame adjustable rates- honestly; they aren't a band new concept- they new/were told they would have to refinance out of it. All those people who solicit them and ask if they are in an adjustable are calling for that one reason- payment shock. People just dont want to listen and think they know better until it's too late- still sad though.

[notu286]

Thanks!!!

[notu286]

I'm glad you put a pic of my home on your video. Thank's

[bottleovodka]

This whole thing is just a big disaster. Ugh.

[kenji4861]

Ouch! I think more foreclosures will happen in the next 3-4 years since everyone buys with 5 year fixed rate usually right?

[dchamilton]

Oh yeah, experts say foreclosures are going to get worse before they get better. They're fixing things, and much of the problem has been addressed, but it's still going to take a little time to turn around.

[IU90]

Double that Oh Yeah, the foreclosure boom that inevitably follows speculative housing booms has only begun in this instance. The number of mortgage resets is scheduled to increase exponentially the next 2-3 years. This ugliness is still only in the beginning stages.