Hopefully Americans finally will be forced to LIVE FOREVER WITHIN OR BELOW THEIR MEANS! If means eating cat food and living in a box under a bridge, so be it.
@ 1:25 these motherfawking idiots were not "steered" the wrong way...you bought into this housing lie. Hook, line, and sinker. Sit on the bottom until you crawl out from your cardboard box, finally admitting you were idiots to ever believe housing prices never would fall.
((((((((( HOT SELLER )))))) A very hot selling product being sold door to door worldwide right now is The REBAR Door Security Device by kickproofcom based in Surrey, BC. People are becomming less likely to let strangers inside their home, so why not sell them what they want! Something that keeps unwanted people out! The "at the door" demonstration takes 2 mins or less. Easy sale-Excellent profit margins-Low Investment-Easy to recruite new dealers. Call 1-888-357-0459 to get started today.
((((((((( HOT SELLER )))))) A very hot selling product being sold door to door worldwide right now is The REBAR Door Security Device by kickproofcom based in Surrey, BC. People are becomming less likely to let strangers inside their home, so why not sell them what they want! Something that keeps unwanted people out! The "at the door" demonstration takes 2 mins or less. Easy sale-Excellent profit margins-Low Investment-Easy to recruite new dealers. Call 1-888-357-0459 to get started today.
you got no money you have no rights to the property. That last lady was completely wrong. you make your payments or loose the property and someone else will be happy to take it from your hands at 50% less the price you paid.
The best way to earn money online from the comfort of your home. Providing full training and support you are just few clicks away from earning $100s weekly. Don't give up from your dreams just see yourcashcow.info! Your better future is waiting for you!
yeah, the current housing market is crap, unfortunately. the only way to go, in my opinion, is through a real estate investor that pays cash. one of my friends sold their house through the investor site wellbuyit(dot)net . she got a fairly decent offer, too!
This is your right? Uneducated cleaning lady says she has a right to live in a half a million dollar house...lol. Why does everyone blame the bank and these people have no accountability? I was recently LITERALLY talking to someone that said they could not afford their house and we going to "walk away" and in the same breathe said his Porsche was in the shop.
Renting is sweet. Wait to buy until you are confident that you are going to be in the same spot for 15 years, put AT LEAST 20% down, get a 15 year fixed rate mortgage, and payments shouldn't exceed 25% of your TAKE HOME pay.
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
I hear ya Joey. It's the banks and the buyers fault. The banks wanted the commision and the buyers wanted to make an investment. The buyers didn't research the housing market and the banks didn't care if the buyers lied about their income or job title.
Blame the banks too, who are supposed to be prudent in their loans. Now the taxpayer has to bail out the banks, so don't blame just the homeowner. Its ridiculous to claim that a homeowner "tricked" a loan officer.
@joey1127 damn you sure got suckered into the scam of the housing market. I make 60k a year and a single guy. I bought a house for 100k dollars. it is little but it is mine and no risk of loosing it. It is a 3 bedroom home so technically it is big enough for a small family . Well wish you luck hope things improve for you
It's unbelievable the decline in property values we see across the country each day. It will be years before this market recovers, and that's if you redefine recover! It's a buyers market though if you plan to hang on.
Nice Vid. I enjoyed it. We market properties and other things on youtube, we hope to create a large network of people interested in making money. Your video gets a five star rating from us. I hope you feel the same about ours.
then of course people dont pay their tax on the house they walked away from, renters dont pay that tax. So an empty house no one wants just sits their. I knew CA was screwed a few years ago when I looked at a little shit box house that was 400,000 in a bad area with bars on the windows and gang type mexicans living next door.
"Real estate never goes down" is a lie but the words themselves make it a double lie because they obscure what is really going on. Real estate is improvements and land. Improvements, i.e. houses, don't go up in value because they depreciate and their supply is constantly increased by builders keeping cost/price stable. It is land value that goes up because its supply is fixed. It is land value that is bid up sky high and comes down in periodic "real estate" booms and busts in an 18 year cycle.
Supply being fixed does make the asset go up in value all the time. If demand decreases (e.g. if fewer people have babies and population declines) then land prices will go down.
The buyers are at fault too since they expected their house prices will always go up. I talked to people who bought their houses back in 2005, 2006 since they believed that it was their best chance because housing prices never goes down.
Ironically, I paid cash for my house or rather,'project' and paid in full, but with the increase expense of construction supplies, gas, hydro, taxes, fees etc. from all the hoopla created by the housing boom, I ended up selling anyways -It just wasn't worth the time and money in the long term
This comment has received too many negative votesshow
This is just one area. One community. It means nothing. Real Estate is regional. With that in mind you should understand now is the best time to buy! Do you want to build wealth? There has never been a better time than now! What are you people waiting for? Interest rates are low, prices have hit a floor and stabalized, and best of all inventory is high. You get many more options to select which houses you want compared to 2005. Come on people wake up! Dont let this chance pass you buy!
Take a step back and lighten up! Only those who do not have the real facts throw insults. As a Real Estate Professional I know this market intimately with 10 years experience and I can confidently tell you Real Estate is local and now is a great time to buy! And depending on your area, once again now is an absoltely perfect time, probably the best time to buy a house. For residence or for investment you can never go wrong with Real Estate. It is the ultimate fail proof way to build wealth.
This is not true. Value is down all over. Appreciation for the previous years, start of the bubble 14 to 20%. Now it is burst, along with it, easy credit that caused it. It could be a long time before you get what you paid for your house. Your house WON'T appreciate like it had, because the easy credit is not there
If you are in a long foreclosure state, pocket the money until they evict you then go buy a house the same as the one you left for half the price.....in 5 years after this is over.
If your in one of those areas where prices have declined 40 to 50%, and appreciation goes back to historical rates before the bubble, you can expect to only appreciate 2 to4% a year. It will take a long time, more then most people stay in one house to recoup.
Don't listen to real estate agents. They are dopes. They know little about the market. Most only know how to list a house. Besides, 10 years is not ling at all, especially if the last 6 to 7 were in this bubble market.
Thanks. You are correct. Please continue dispelling the lies of the realthores.
Here's one more tidbit:
Housing prices over time appreciate about 0.3% ahead of inflation which is essentially nothing. Just something to think about when making an "investment" in real estate. You get a better deal if you put your money in a bank money market fund.
And a lease to own is not a suckers bet. I have done tons of them over the last 10 years and almost all worked out just fine. If anything, the landlord is usually the one that gets screwed.
I'm surprised that American realtors and home owners nationwide haven't started a national protest movement to burn all the bank-owned foreclosure properties....
1)
it would drastically improve the housing market and
2)
they would actually get something for their tax money being confiscated by Congress to pay off the distressed banks who hold the titles. How many house titles has the Fed (they caused the bubble with too low interest rates)received from distressed banks as collateral?
Banks and Insurance businesses are to blame. Along with the WTO that has taken our manufacturing base and the crooked politicians that continue to syphon the Americans from any and all wealth. Even before it is made.
Thank you!Very persuasive!Indeed it's all about basic algebra (Youtube:exponential growth) and the psychological threshold of 1M US$(Google:Money as debt).5% growth of salary/year means double salary in 10y not 50% (1.05 power 10).If you can afford to pay 4000$/month now for a 700K home (NO INCENTIVES) cutting let's say 66% of your net income(still remaining with 2k) in 10 years will be 40%(remain 6k to spend)in 20 years will be 24%(12k to spend),in 30 years is nothing!+Waiting is pay more rent!
Thats the problem in voting to Obama, you criticise him you become racist. can you imgaine any videos criticising obama as it is of bush. This is the stae of vicitimhood mindset.
Real estate prices are supposed to reflect building costs and population. And according to H.S. Dent that hasn't been the case since the mid to late 90's. So it might plunge back to early 90's prices before going up again.
Around here that's about 300k for houses that sold for 500k or more. I couldn't imagine making monthly payments to lose 200k all while being stuck in one place.
OMG rights to own a home that you couldn't afford to buy in the first place ROFL!!!!
OMG I"M REALLY LOLing!!!
what a "black person" how can you compare racism rights to property rights. the only reason u got the home was because you speculated that the value of it would rise.
Elk Grove is a ghost town. The bank sold homes to so many black people and took their money just to put them out. Slavery and racism is alive and well in Sacramento, Ca. My suggestion to anyone thinking of moving to California: DON'T DO IT!
"The man" isn't giving sub-prime, adjustable rate loans to blacks because they're black. People get these loans because they are a high risk (bad credit history), so the bank knows there will be a default, and they can then re-sell the house at auction for even more profit.
Oh so now blacks are too dumb to know how to invest? I'm pretty sure there are just as many Persian, Chinese, and, Mexican and dutch/Irish homeowners shitting themselves over the mess they got THEMSELVES into as any other group.
The word greed describes nothing unless defined or else it applies to everything and nothing. It is shame and guilt mongering by those of us whose economic education has been stunted which is most of us thanks to the big guys, their schools and their professors whose jobs depend on talking the party line.
The definition of greed is the pursuit of and getting of something for nothing. In the housing/real estate game it is speculating land the value of land which is created by the community.
i can definately appreciate houses going down after a major run up in prices, but also scanning the realtor pages for this ca zip code i saw many new homes/and town houses at good prices, why are some homes built in 2004, 2005, 2003 etc. selling for about the same as some homes built in 1970, i see some inconsistencies, are these new neighborhoods in declining areas, was the construction horrible,
If the owners of a foreclosure home worth $500,000 is seized by the bank because the owners default on $100,000 remaining, does that mean I only have to pay $100,000 and the $500,000 home becomes mine 100% legally?
no, only if you buy directly from the original homeowner before the foreclosure process takes place. but if you sell the house for a huge profit, be warned that the original homeowner can sue you for at least part of your profit.
Real state never goes down, true. is the dollar the one that devalue the real value of a dollar is 4 cents it has more value in paper and ink than the baying power. See outside the borders
Real Estate is not stock, you cant buy property and expect it to appreciate within 2 or three months. People also need to take a look at what kind of mortgage they are getting themselves into. As an agent I always go over everything (my contracts and the banks) with my clients so that they understand that "Yes, if the market takes a slight turn, your payments may go up" I do my best to watch out for my clients but people also need to do a little research themselves.
A few years ago I saw a tiny little house--a cottage, really--in a Sacramento suburb that was selling for $500,000. Half a million. What kind of moron would pay that kind of money, especially when real estate prices have doubled or tripled in the last ten years?
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
We don't leave anyone behind. America is the land of opportunity. Donald Trump went bankrupt a couple times and bounced back.
If anyone needs help avoiding a foreclosure I can help them. No cost foreclosure advice/help. Christian Owned company too - another American motto - In GOD we trust!
Half the agents out there are not even Realtors. The blame has to be spread even. How many people honestly read any contract in full. I know that most people sign where they are told to sign. Poor judgment, bad agents, greedy builders and lenders, the list could go on. People that walk away from homes typically shouldn't have owned them in the first place. Don't blame the Realtors lets take a little responsibility for our actions.
You'd need a degree in business and real estate law (and well over 20 hours) to go over all those forms and understand them. No normal person could understand those forms even if they took days to read them. I bought my home 9 years ago, fixed at 5.5% thank goodness, but no way could I read or understand all that legalese. I did know a few things going in though. The biggest was that I wouldn't tolerate an ARM loan and opted for a higher fixed rate rather than take the gamble.
stevenjacobsrealtor - ". Don't blame the Realtors lets take a little responsibility for our actions." Oh come on pal,you people really don't have a fucking clue do you? When the fuck are we going to put the blame where it should be?How about starting with all these trade agreements and the fact that jobs have been shipped out of the US
I dont think I was putting the blame on anybody not even Bush want it Pres Clinton who signed NAFTA with Mexico?that how we ended up where we are today.I live in C.A im a carpenter I seen what an endless supply of cheap labor does.
stillnailing - Correct,Bill Clinton put the NAFTA through,but George Bush has been expanding on that with WTO along with a few other trade agreements,What these agreements do is(allow corporations to shit can the workers here in the US and exploit 3rd world labor..As you should know China has our manufacturing jobs right now
You might be wright I just don't think there is a big difference between the rep and the Dem's when it comes to money.both parties have sold out and the American people pay the check.Both are for big business
stillnailing - "You might be wright I just don't think there is a big difference between the rep and the Dem's when it comes to money.both parties have sold out and the American people pay the check.Both are for big business" Bingo!! I believe you have the picture...These clowns need to be shit canned and made responsible for their actions
I have to agree housing will be realistic soon enough. Anyone who thought houses could keep going up is a moron. Someone has to make enough to buy them....makes sense now huh.
By the way: Lease Options help people who cant qualify for a bank loan today, get into the house anyway with a down payment, while there payments go toward the purchase of the house like when you rent to own. the difference between lease option and rent to own is I believe how serious the person is about buying the house. One pays between 5 and 20 grand the other pays fisrt last and security.
realestate never goes down? look at the history of realestate,U must be misinformed. which makes your information about the lease option less credible.& the bank bending there clients over,is that suppose to be new news. it is sad,whats more sad is the financial choices people without much money make. they obviously got an ARM Loan so they could get a low APR on the front but what about after a year,duh. like they had no clue that was going 2 happen. people and there lines of credit,sheeesh!
dont think we have a socialist government? HA! the real government is the board of the federal reserve, and they are god...they giveth, and they taketh awayeth!
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
Saps...but this was predicted 2 years ago. Greenspan's cheap credit bubble is designed to smash the middle class. Next bubble is credit cards..then it curtains for America. You'll all be living in FEMA camps and the bankruptcy laws will keep you there.
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.
Interest rate as it applies to the loan taken out. Thats what screwed alot of folks. This is a disaster...I live in California and went to a subdivision where I was considering...then reexamined the situation...and am just going to keep the fixer upper Med style home I have now.
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
Its not that sad. Me and my famly looked into a mortgage and came to the conclusion we can not afford these prices sooo we never had a chance at a nice house we stayed right here in the inner city with all the crime and bullshit noisy traffic. In the meantime everyone lent and borrowed what they should not have witch fucked things up for the average joe.. .. and I say GOOD!! you all get what you deserve . prices have to come down a lot more..
As creditors become more conservative, they slow their lending. As debtors and potential debtors become more conservative, they borrow less or not at all. These behaviors reduce the "velocity" of money, i.e., the speed with which it circulates to make purchases, thus putting downside pressure on prices. These forces reverse the former trend." - Bob Prechter, Conquer the Crash
This is exactly what I have been predicting! How can a 3 bed 2 bath home in So. Cal that was worth $250,000 in 1996 be worth $900,000 in 2006?? It just doesnt add up! There has to be a major correction with a family of young professionals making well over $100,000 a year can't afford to buy a home within 40 miles of thier job due to inflated home prices!!
This is nuts. A house is always worth what it would cost to replace it ($ per sq ft cost). If you get for less you get INSTANT gain on paper. With properties like this one going on the market and getting NO bidders (ZERO) indicates to me that the buyers (multiple investors) are happy to wait a few more months to find the bottom before buying at BARGAIN prices.
But what if a house is only worth $10K to replace? That value can change as well. Families can consolidate households, multiple people can sell their homes and co-op a residence, etc etc
a house that COSTS $10K to replace must be a very small shack. I don't know specifically what the cost per sq metre is in the US, but here (in NZ) the cost of materials (cement, steel, wood, brick and all the internal fittings) are rising still, along with the cost of skilled labour and compliance costs (local authority charges for permits, resource consent, reserve contributions etc etc) have doubled over the last 5 years. .
If a 12 year old structure is considered "old" in the American market, then it's all too bad for you guys. Besides, depreciation is an accounting function that does not actually affect the price a buyer is prepared to pay for it.
If I built a structure in a shitty area, it wouldn't be worth the materials it took to build it because the materials would have to be separated from the structure and relocated to a habitable neighborhood.
Your argument is becoming increasingly narrow, even bizarre. Certainly, my residence is not in a "shitty" area...something that's hard to find in NZ. I've lived in the US so I know what you mean by the term, though. Is the property featured in the video in a "shitty" area?
It's "blackened", if you know what I mean. That makes it less valuable. America is more racist than other countries, so this (un)forunately means something, usually negative. You'd have to eliminate the blacks in order to recoup value.
Oh, yeah - I guessed that, but there's also the "white trash" areas, aren't there? It's a sad state of affairs, all over. And combined with the broader macro "market forces" etc...
I am simply being objective in asserting that a house isn't even worth the building materials if it's in a heavily black or otherwise "shitty" neighborhood, since you'd have to transport the material to a safer, whiter neighborhood. Of course oreos and white trash are the exceptions to both classes.
No. In order to be a negro, his soul has to be black. He has to enjoy delicacies such as chicken necks, fried chicken, watermelon, and grape soda on a regular basis.
Not really. I only go by observations drawn from empirical analysis. Negroes consume more of the aforementioned foods than white people do, they bring property values down, and they smell bad.
What in the hell...? Quit breathing the oxygen on my planet, you waste of skin!
That woman was not very versed on what a 'lease' is. She does not have a 'right' to a house she doesn't own. Like many of the deferred and ARM loans, most folks lept before they looked.
How did this turn into a racist thing? there are plenty of african americans in houston and atlanta that are doing well ther are bad places everywhere
but just because a black person lives near the property has to go sown in value? nada also your little side comments leads me to believe the you are tunnel minded person to say the lease
And that's all BESIDES the rising ocst of land (due to squeezed availablity).I built my house in 1995 - 170 sq m, on 1250 sq m (1/4 acre). Land cost $26,000, building cost $95,000. Currently, the land value is assessed at $56,000 and the improvements at $329,000, or $1,970 sq m. To build the same place now would cost $2,000 a sq m, ergo, the replacement cost matches the current assessed value
Only idiots were paying nosebleed prices for homes in the past 5 years with the flipper mentality, "it does not matter what I pay for a home, because I'll always be able to find a bigger fool than myself to sell it to at a higher price." This is the exact same type of momentum bubble chasing mentality that got so many margin traders into trouble during the DOT BOMB bubble. If you bought a home with an interest only or negative amort loan, you bought a home you could not afford. Foolish
Question: We paid off our family home and downsized to a retirement cottage, expecting to sell the family home to pay off our children's college loans and have a retirement nest egg. The old house won't sell. Now what? Do I give up and rent it to folks who will tear it up? HELP!
Will take 10-15 years, ez, for the market to return to those levels. Cramer says walk away if you lose 20% or more. 7 year credit hit and you're clear.
People are incredibly DUMB. "I'd better get in so I can make tons of money when prices hit the moon!"... dopes. I heard home prices are fairly cheap in Compton, maybe they can move there -lol!
Rights smites! If you cant afford it dont buy the damn thing! These interest only loans are killing people! All people are seeing is the low monthly payments at the start! Then come higher interest rates and blamo your monthly mortgage is more than you make in a month! Wake up and do your homework before you buy!!!
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 ,
I live in Sacramento we are getting hit bad does anybody no what happens if you cant file bank and you owe 300.000 and the only gets 200.00 does the bank come after you for the? thank you
Hopefully Americans finally will be forced to LIVE FOREVER WITHIN OR BELOW THEIR MEANS! If means eating cat food and living in a box under a bridge, so be it.
@ 1:25 these motherfawking idiots were not "steered" the wrong way...you bought into this housing lie. Hook, line, and sinker. Sit on the bottom until you crawl out from your cardboard box, finally admitting you were idiots to ever believe housing prices never would fall.
EconCat88 10 months ago
This has been flagged as spam show
((((((((( HOT SELLER )))))) A very hot selling product being sold door to door worldwide right now is The REBAR Door Security Device by kickproofcom based in Surrey, BC. People are becomming less likely to let strangers inside their home, so why not sell them what they want! Something that keeps unwanted people out! The "at the door" demonstration takes 2 mins or less. Easy sale-Excellent profit margins-Low Investment-Easy to recruite new dealers. Call 1-888-357-0459 to get started today.
TheRebarDSD 10 months ago
This has been flagged as spam show
((((((((( HOT SELLER )))))) A very hot selling product being sold door to door worldwide right now is The REBAR Door Security Device by kickproofcom based in Surrey, BC. People are becomming less likely to let strangers inside their home, so why not sell them what they want! Something that keeps unwanted people out! The "at the door" demonstration takes 2 mins or less. Easy sale-Excellent profit margins-Low Investment-Easy to recruite new dealers. Call 1-888-357-0459 to get started today.
TheRebarDSD 10 months ago
you got no money you have no rights to the property. That last lady was completely wrong. you make your payments or loose the property and someone else will be happy to take it from your hands at 50% less the price you paid.
TheCashistrash 1 year ago
This had to happen. Housing prices are way too high. It's going to get worse.
dsrtflwr 1 year ago
This has been flagged as spam show
The best way to earn money online from the comfort of your home. Providing full training and support you are just few clicks away from earning $100s weekly. Don't give up from your dreams just see yourcashcow.info! Your better future is waiting for you!
0210cyntia 1 year ago
its a tough market out there this site really helped me as realtor..... myepicbiz com
realbiz007 1 year ago
its a tough market for a realtor right now this link helped me through it all
myepicbiz com
realbiz007 1 year ago
Find those homes at
forecloseddealz.cogia.net with the new lower price
prkoqui 1 year ago
yeah, the current housing market is crap, unfortunately. the only way to go, in my opinion, is through a real estate investor that pays cash. one of my friends sold their house through the investor site wellbuyit(dot)net . she got a fairly decent offer, too!
iphone4rocks 1 year ago
S. Florida looks like this now. I am losing 5 people on my street.
schlabresfan 1 year ago
This is your right? Uneducated cleaning lady says she has a right to live in a half a million dollar house...lol. Why does everyone blame the bank and these people have no accountability? I was recently LITERALLY talking to someone that said they could not afford their house and we going to "walk away" and in the same breathe said his Porsche was in the shop.
ellaelizabeth 1 year ago
@ellaelizabeth that is being americain for you!! everyone is a big shot and when things go bad blame the banks and your president!!
bicepsca 11 months ago
Is there an irony that the guy doing the auction is doing it in front of a trash can?
monkeyman1140 1 year ago
Government, Banks and the Realtor Cartel will want to reinflate the housing bubble again as quickly as possible.
monkeyman1140 1 year ago
perfect lesson as to why to never do a lease option.
alexwclark 1 year ago
Renting is sweet. Wait to buy until you are confident that you are going to be in the same spot for 15 years, put AT LEAST 20% down, get a 15 year fixed rate mortgage, and payments shouldn't exceed 25% of your TAKE HOME pay.
TheMrMarple 1 year ago
that lady in the begginign looked like carmen electra!
DeidaraR0X 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
I make $12 an hour. My wife makes $18 an hour. We have 5 kids...and we just bought a $300k home.
Is it the Bank or the uneducated buyer? Yeah, let's blame someone ells for our poor judgement!!!!
joey1127 2 years ago 2
I hear ya Joey. It's the banks and the buyers fault. The banks wanted the commision and the buyers wanted to make an investment. The buyers didn't research the housing market and the banks didn't care if the buyers lied about their income or job title.
Sawbucks23 2 years ago
@joey1127
Blame the banks too, who are supposed to be prudent in their loans. Now the taxpayer has to bail out the banks, so don't blame just the homeowner. Its ridiculous to claim that a homeowner "tricked" a loan officer.
monkeyman1140 1 year ago
@joey1127 damn you sure got suckered into the scam of the housing market. I make 60k a year and a single guy. I bought a house for 100k dollars. it is little but it is mine and no risk of loosing it. It is a 3 bedroom home so technically it is big enough for a small family . Well wish you luck hope things improve for you
TheCashistrash 1 year ago
It's unbelievable the decline in property values we see across the country each day. It will be years before this market recovers, and that's if you redefine recover! It's a buyers market though if you plan to hang on.
PropertyLeadsNow 2 years ago
We need 30 year fixed rate mortgages to be 2.5 % or less to survive this crisis. Fix Housing First.
November302008 2 years ago
This has been flagged as spam show
Nice Vid. I enjoyed it. We market properties and other things on youtube, we hope to create a large network of people interested in making money. Your video gets a five star rating from us. I hope you feel the same about ours.
DrewDownsManagement 3 years ago
Whoa, how would a bank or a mortgage holder allow a lease to own contract?? There's something really fishing going on there.
flyinggeng 3 years ago
then of course people dont pay their tax on the house they walked away from, renters dont pay that tax. So an empty house no one wants just sits their. I knew CA was screwed a few years ago when I looked at a little shit box house that was 400,000 in a bad area with bars on the windows and gang type mexicans living next door.
bluejay02920 3 years ago 2
I think we looked at the same house!
2bizee 3 years ago
That's when you burn the motherfucker down, and let the state clean the shit up.
JurkoffJay 3 years ago
So staying at home living with your mother is not so bad after all eh? hahahahhahaha
DullardGuy 2 years ago 3
heh yesterday i and my sister buy two house in Kodiak AK 250k usd for each is great place for summer vacation,but for living beter Europe
voiceofdeaths 3 years ago
"Real estate never goes down" is a lie but the words themselves make it a double lie because they obscure what is really going on. Real estate is improvements and land. Improvements, i.e. houses, don't go up in value because they depreciate and their supply is constantly increased by builders keeping cost/price stable. It is land value that goes up because its supply is fixed. It is land value that is bid up sky high and comes down in periodic "real estate" booms and busts in an 18 year cycle.
ourearthhome 3 years ago
Supply being fixed does make the asset go up in value all the time. If demand decreases (e.g. if fewer people have babies and population declines) then land prices will go down.
noraklagrangian 3 years ago
With all the Catholics...I don't see that happening.
Oh how I wish the population would decrease!
SpeedingStudent 2 years ago
Realtors participate in the scam. They stress "comps" when valuing a house, and then manipulate the comps prices.
savagesteve13 2 years ago
The buyers are at fault too since they expected their house prices will always go up. I talked to people who bought their houses back in 2005, 2006 since they believed that it was their best chance because housing prices never goes down.
Sawbucks23 2 years ago
Ironically, I paid cash for my house or rather,'project' and paid in full, but with the increase expense of construction supplies, gas, hydro, taxes, fees etc. from all the hoopla created by the housing boom, I ended up selling anyways -It just wasn't worth the time and money in the long term
debaucheryBotched 3 years ago
This comment has received too many negative votes show
This is just one area. One community. It means nothing. Real Estate is regional. With that in mind you should understand now is the best time to buy! Do you want to build wealth? There has never been a better time than now! What are you people waiting for? Interest rates are low, prices have hit a floor and stabalized, and best of all inventory is high. You get many more options to select which houses you want compared to 2005. Come on people wake up! Dont let this chance pass you buy!
Vossfreshwater 3 years ago
fuck you, the real estate is going down asshole. NATION-WIDE
Creator01 3 years ago 2
Take a step back and lighten up! Only those who do not have the real facts throw insults. As a Real Estate Professional I know this market intimately with 10 years experience and I can confidently tell you Real Estate is local and now is a great time to buy! And depending on your area, once again now is an absoltely perfect time, probably the best time to buy a house. For residence or for investment you can never go wrong with Real Estate. It is the ultimate fail proof way to build wealth.
Vossfreshwater 3 years ago
This is not true. Value is down all over. Appreciation for the previous years, start of the bubble 14 to 20%. Now it is burst, along with it, easy credit that caused it. It could be a long time before you get what you paid for your house. Your house WON'T appreciate like it had, because the easy credit is not there
If you are in a long foreclosure state, pocket the money until they evict you then go buy a house the same as the one you left for half the price.....in 5 years after this is over.
AUX000 3 years ago
Isn't this what real estate people were saying in 2006?
alanhowitzer 3 years ago 3
If your in one of those areas where prices have declined 40 to 50%, and appreciation goes back to historical rates before the bubble, you can expect to only appreciate 2 to4% a year. It will take a long time, more then most people stay in one house to recoup.
Don't listen to real estate agents. They are dopes. They know little about the market. Most only know how to list a house. Besides, 10 years is not ling at all, especially if the last 6 to 7 were in this bubble market.
AUX000 3 years ago 5
Thanks. You are correct. Please continue dispelling the lies of the realthores.
Here's one more tidbit:
Housing prices over time appreciate about 0.3% ahead of inflation which is essentially nothing. Just something to think about when making an "investment" in real estate. You get a better deal if you put your money in a bank money market fund.
alanhowitzer 3 years ago
unless you get a place in an area where it would be easy to rent. ie. hospitals, universities, large business areas.
nnossov 3 years ago
look who the neighbors would be. No wonder.
George11Best 3 years ago
Racist.
Vossfreshwater 3 years ago
And a lease to own is not a suckers bet. I have done tons of them over the last 10 years and almost all worked out just fine. If anything, the landlord is usually the one that gets screwed.
mgilbo1 3 years ago
shoot. I live in Upstate NY and I have 3 across the street from me in foreclosure. All happened in the last 6-months. Empty with no buyers.
mgilbo1 3 years ago
I'm surprised that American realtors and home owners nationwide haven't started a national protest movement to burn all the bank-owned foreclosure properties....
1)
it would drastically improve the housing market and
2)
they would actually get something for their tax money being confiscated by Congress to pay off the distressed banks who hold the titles. How many house titles has the Fed (they caused the bubble with too low interest rates)received from distressed banks as collateral?
TexnTuber 3 years ago
Next stop - Vancouver, Canada
gordyt99 3 years ago
It's a shame for that Mustang at 3:23. Looks like a 5.0 car.
suchfunstuff 3 years ago
Welcome to the FAILED Bush Economy. More than half of you voted him in for a 2nd term. NOW DEAL WITH IT.
djinnbladex 3 years ago
WHEN you have a lot of people on the streets ... THEY will go to WALL STREET and fuck them up ... and WASHINGTON too ..
aviomaster 3 years ago
It wouldn't be 50% off. It should be 70% off !!!
davidluk8 3 years ago
because of peoples stupidity they are f..n
in up for the rest of us
lti12 3 years ago
I'za leaneded ta fights back. I'za doan knows wha ta' do lawdy lawdy da whites mans gotsta GO! YO YO YO
bucksatan1 3 years ago
Greed is a policy that was created by democracy
dan020350 3 years ago 2
Idiots who drove up prices and bought at the peak should be lined up, forced to knell, and shot in the back of the head by death squads. 88!
tomincal 3 years ago 3
silly nigg er you have no rights to the home. L o L
tomincal 3 years ago
Goes to show that the homes were sold to anyone willing to sign.
suchfunstuff 3 years ago
I LOVE THIS VIDEO.ARTHUR ROBINSON
americanplanninginc 3 years ago
families just trying to get by? If you are trying to get by, you don't sign a giant mortgage.
benjleeru 3 years ago 3
Banks and Insurance businesses are to blame. Along with the WTO that has taken our manufacturing base and the crooked politicians that continue to syphon the Americans from any and all wealth. Even before it is made.
moneymagnetelizabeth 3 years ago
OK, I'm in CO and there are lots of white people going into foreclosure, what's their excuse you retarded racist.
jennyjenny45 3 years ago
Thank you!Very persuasive!Indeed it's all about basic algebra (Youtube:exponential growth) and the psychological threshold of 1M US$(Google:Money as debt).5% growth of salary/year means double salary in 10y not 50% (1.05 power 10).If you can afford to pay 4000$/month now for a 700K home (NO INCENTIVES) cutting let's say 66% of your net income(still remaining with 2k) in 10 years will be 40%(remain 6k to spend)in 20 years will be 24%(12k to spend),in 30 years is nothing!+Waiting is pay more rent!
dejavin 3 years ago
Thats the problem in voting to Obama, you criticise him you become racist. can you imgaine any videos criticising obama as it is of bush. This is the stae of vicitimhood mindset.
sumancalif 3 years ago
Real estate prices are supposed to reflect building costs and population. And according to H.S. Dent that hasn't been the case since the mid to late 90's. So it might plunge back to early 90's prices before going up again.
Around here that's about 300k for houses that sold for 500k or more. I couldn't imagine making monthly payments to lose 200k all while being stuck in one place.
Einstiensblackid 3 years ago
Over the past few years housing costs have come to reflect greed, opportunism, foolishness, and shameless profiteering.
madarchodus 3 years ago
You nailed it. Those 4 phrases encompass every inch of the problem.
Einstiensblackid 3 years ago
People treat some bricks like stocks in companies, result : crash.
verocity 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
No matter who you are or how good your intentions are, what goes up must come down. Gravity applies to us all.
sfcub69 3 years ago
OMG rights to own a home that you couldn't afford to buy in the first place ROFL!!!!
OMG I"M REALLY LOLing!!!
what a "black person" how can you compare racism rights to property rights. the only reason u got the home was because you speculated that the value of it would rise.
I wanna smack the nigga outta her.
sergey444 3 years ago
Elk Grove is a ghost town. The bank sold homes to so many black people and took their money just to put them out. Slavery and racism is alive and well in Sacramento, Ca. My suggestion to anyone thinking of moving to California: DON'T DO IT!
TinkerBebe 3 years ago
It has nothing to do with race.
"The man" isn't giving sub-prime, adjustable rate loans to blacks because they're black. People get these loans because they are a high risk (bad credit history), so the bank knows there will be a default, and they can then re-sell the house at auction for even more profit.
MrJowee 3 years ago
The man was giving credit to any race. Dont make it anything other than what it is.
bruce3681 3 years ago 2
Oh so now blacks are too dumb to know how to invest? I'm pretty sure there are just as many Persian, Chinese, and, Mexican and dutch/Irish homeowners shitting themselves over the mess they got THEMSELVES into as any other group.
Go buy a book.
Einstiensblackid 3 years ago
to stop foreclosure is stop being greedy and create a good culture
dan020350 4 years ago
well done
jinjin16 3 years ago
steak time
dan020350 3 years ago
The word greed describes nothing unless defined or else it applies to everything and nothing. It is shame and guilt mongering by those of us whose economic education has been stunted which is most of us thanks to the big guys, their schools and their professors whose jobs depend on talking the party line.
The definition of greed is the pursuit of and getting of something for nothing. In the housing/real estate game it is speculating land the value of land which is created by the community.
ourearthhome 3 years ago
There is a way to stop foreclosures, just ask me
Basilovecchio 4 years ago
how? lol
humantestdummy 4 years ago
i can definately appreciate houses going down after a major run up in prices, but also scanning the realtor pages for this ca zip code i saw many new homes/and town houses at good prices, why are some homes built in 2004, 2005, 2003 etc. selling for about the same as some homes built in 1970, i see some inconsistencies, are these new neighborhoods in declining areas, was the construction horrible,
nyuhwm 4 years ago
If the owners of a foreclosure home worth $500,000 is seized by the bank because the owners default on $100,000 remaining, does that mean I only have to pay $100,000 and the $500,000 home becomes mine 100% legally?
pharmacyiii 4 years ago
no, only if you buy directly from the original homeowner before the foreclosure process takes place. but if you sell the house for a huge profit, be warned that the original homeowner can sue you for at least part of your profit.
raywong01 3 years ago
Real state never goes down, true. is the dollar the one that devalue the real value of a dollar is 4 cents it has more value in paper and ink than the baying power. See outside the borders
everyone is turning to euros.
nomentirmas 4 years ago
True, real estate is a long term investment.
short term speculators and risk takers can get fucked in any marketplace.
Always make sure you can afford payments if they go up, always look to the long term, and history shows you will always make money in the long run.
The key word is "default" on loans.
The second little key is "4 years"
Lav34me 4 years ago
Real Estate is not stock, you cant buy property and expect it to appreciate within 2 or three months. People also need to take a look at what kind of mortgage they are getting themselves into. As an agent I always go over everything (my contracts and the banks) with my clients so that they understand that "Yes, if the market takes a slight turn, your payments may go up" I do my best to watch out for my clients but people also need to do a little research themselves.
dparsons21 4 years ago
Are bricks in the US of states $5,000 each?
OghamTheBold 4 years ago
A few years ago I saw a tiny little house--a cottage, really--in a Sacramento suburb that was selling for $500,000. Half a million. What kind of moron would pay that kind of money, especially when real estate prices have doubled or tripled in the last ten years?
nine9s 4 years ago
the market has definetly made it's adjustments
Realtormj 4 years ago
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
americas motto should be ''leave the weak and poor behind''
BOMBORAZZ 4 years ago
We don't leave anyone behind. America is the land of opportunity. Donald Trump went bankrupt a couple times and bounced back.
If anyone needs help avoiding a foreclosure I can help them. No cost foreclosure advice/help. Christian Owned company too - another American motto - In GOD we trust!
Visit our website for more details:
ForeclosureHelp2008 dot com
ForeclosureHelp2008 4 years ago
looked like it was pretty bad there anyone see the car on blocks LOL
josh198869 4 years ago
Bad Realators taking advantage. I sent my daughter to school.
By the time the buyer figured it out, it was toooooo late.
myspace/parkslandinvestments.
951137 4 years ago
Half the agents out there are not even Realtors. The blame has to be spread even. How many people honestly read any contract in full. I know that most people sign where they are told to sign. Poor judgment, bad agents, greedy builders and lenders, the list could go on. People that walk away from homes typically shouldn't have owned them in the first place. Don't blame the Realtors lets take a little responsibility for our actions.
stevenjacobsrealtor 4 years ago
You'd need a degree in business and real estate law (and well over 20 hours) to go over all those forms and understand them. No normal person could understand those forms even if they took days to read them. I bought my home 9 years ago, fixed at 5.5% thank goodness, but no way could I read or understand all that legalese. I did know a few things going in though. The biggest was that I wouldn't tolerate an ARM loan and opted for a higher fixed rate rather than take the gamble.
Mechman064 4 years ago
Hire an attorney if you don't understand the paperwork.
devlinger 4 years ago 2
stevenjacobsrealtor - ". Don't blame the Realtors lets take a little responsibility for our actions." Oh come on pal,you people really don't have a fucking clue do you? When the fuck are we going to put the blame where it should be?How about starting with all these trade agreements and the fact that jobs have been shipped out of the US
pcjunkie54 4 years ago
I dont think I was putting the blame on anybody not even Bush want it Pres Clinton who signed NAFTA with Mexico?that how we ended up where we are today.I live in C.A im a carpenter I seen what an endless supply of cheap labor does.
stillnailing 4 years ago
stillnailing - Correct,Bill Clinton put the NAFTA through,but George Bush has been expanding on that with WTO along with a few other trade agreements,What these agreements do is(allow corporations to shit can the workers here in the US and exploit 3rd world labor..As you should know China has our manufacturing jobs right now
pcjunkie54 4 years ago
You might be wright I just don't think there is a big difference between the rep and the Dem's when it comes to money.both parties have sold out and the American people pay the check.Both are for big business
stillnailing 4 years ago
stillnailing - "You might be wright I just don't think there is a big difference between the rep and the Dem's when it comes to money.both parties have sold out and the American people pay the check.Both are for big business" Bingo!! I believe you have the picture...These clowns need to be shit canned and made responsible for their actions
pcjunkie54 4 years ago
I think you and I have been on the same page all along its just to bad more people don't open there eyes and stop letting them self's get so easily.
stillnailing 4 years ago
The goverment needs to CAP the price of homes.
Homes cost to much, and people don't make enough.
beefman500 4 years ago
A free market is much more efficient. Look what government programs did to health care. Don't worry, housing will be very affordable in a few years.
TYX91101 4 years ago
I have to agree housing will be realistic soon enough. Anyone who thought houses could keep going up is a moron. Someone has to make enough to buy them....makes sense now huh.
sk8raz2k1 4 years ago
your right about that man i was lucky to find a 3 bed room for 95k got it in 2002 and it was bult in 1997
josh198869 4 years ago
people just need to be more realistic
panther9mm 4 years ago
By the way: Lease Options help people who cant qualify for a bank loan today, get into the house anyway with a down payment, while there payments go toward the purchase of the house like when you rent to own. the difference between lease option and rent to own is I believe how serious the person is about buying the house. One pays between 5 and 20 grand the other pays fisrt last and security.
decaugoct31327 4 years ago
realestate never goes down? look at the history of realestate,U must be misinformed. which makes your information about the lease option less credible.& the bank bending there clients over,is that suppose to be new news. it is sad,whats more sad is the financial choices people without much money make. they obviously got an ARM Loan so they could get a low APR on the front but what about after a year,duh. like they had no clue that was going 2 happen. people and there lines of credit,sheeesh!
decaugoct31327 4 years ago
dont think we have a socialist government? HA! the real government is the board of the federal reserve, and they are god...they giveth, and they taketh awayeth!
housing did not drop, your money did!
TyTrig 4 years ago
This has been flagged as spam show
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
WNOE9BLOK 4 years ago
This is a very informative video,everyone should watch this to know what is going on with the housing market.
ClaireSellsHomes 4 years ago
Saps...but this was predicted 2 years ago. Greenspan's cheap credit bubble is designed to smash the middle class. Next bubble is credit cards..then it curtains for America. You'll all be living in FEMA camps and the bankruptcy laws will keep you there.
jackiebaron 4 years ago 3
i feel bad but thats how banks fuck you guys .... just save alot of money guys.... dont let those banks hold you buy your balls
Braves300 4 years ago
haha my dad paid his house off in like 4 years and our house is bigger then all of these houses shown.
Braves300 4 years ago
bahahahaha, this is fucking hilarious.
"When you save a lot of money, you don't expect to lose it."
A fool and their money...
acidie 4 years ago
Gee, and none of the "experts" saw it coming...
Scotto2008 4 years ago
just 3 years ago i remember an average house was on the 75 to 90 thousands and now they want 500,000, thats is insane.
SquareElix 4 years ago
have owned their homes ? If you have mortgage you do not own your Home , Home owns you .Mortgage means Death Grip .
tuktukktotam 4 years ago 3
Bwahahaha!
alanhowitzer 4 years ago
Well cry me a river!
papatoony 4 years ago
Shit i'll buy a house out there! Fuck Greenspan! He fucked EVERYONE! Why is it all black people? America loves to Fuck over it's citizens man.
satiesgymnopedies 4 years ago
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.
billsmithishere 4 years ago 4
Interest rate as it applies to the loan taken out. Thats what screwed alot of folks. This is a disaster...I live in California and went to a subdivision where I was considering...then reexamined the situation...and am just going to keep the fixer upper Med style home I have now.
StanGrad97 4 years ago
Gray Davis? High energy prices. Arnold Schwarzenegger?
TYX91101 4 years ago
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 3
screw economic growth, economic growth is what causes housing inflation, and inflation is what causes homelessness and poverty!
Zopre 4 years ago
To Bad loans had so much low initial investement requirement ! WOOT for canada, sry we have more less mininum cash down for are houses.
David5201 4 years ago
Its not that sad. Me and my famly looked into a mortgage and came to the conclusion we can not afford these prices sooo we never had a chance at a nice house we stayed right here in the inner city with all the crime and bullshit noisy traffic. In the meantime everyone lent and borrowed what they should not have witch fucked things up for the average joe.. .. and I say GOOD!! you all get what you deserve . prices have to come down a lot more..
damnright4 4 years ago
As creditors become more conservative, they slow their lending. As debtors and potential debtors become more conservative, they borrow less or not at all. These behaviors reduce the "velocity" of money, i.e., the speed with which it circulates to make purchases, thus putting downside pressure on prices. These forces reverse the former trend." - Bob Prechter, Conquer the Crash
TYX91101 4 years ago
This is exactly what I have been predicting! How can a 3 bed 2 bath home in So. Cal that was worth $250,000 in 1996 be worth $900,000 in 2006?? It just doesnt add up! There has to be a major correction with a family of young professionals making well over $100,000 a year can't afford to buy a home within 40 miles of thier job due to inflated home prices!!
theip2002 4 years ago
Is it too late for tax payers to ask for their money back? for the money spent on educating people....
jhr001 4 years ago
Joke: How can you tell a real estate agent is lying?
Answer: Their lips are moving!
rwrice1 4 years ago
This is nuts. A house is always worth what it would cost to replace it ($ per sq ft cost). If you get for less you get INSTANT gain on paper. With properties like this one going on the market and getting NO bidders (ZERO) indicates to me that the buyers (multiple investors) are happy to wait a few more months to find the bottom before buying at BARGAIN prices.
Majellanz 4 years ago
But what if a house is only worth $10K to replace? That value can change as well. Families can consolidate households, multiple people can sell their homes and co-op a residence, etc etc
DoctorJohnJGibbons 4 years ago
a house that COSTS $10K to replace must be a very small shack. I don't know specifically what the cost per sq metre is in the US, but here (in NZ) the cost of materials (cement, steel, wood, brick and all the internal fittings) are rising still, along with the cost of skilled labour and compliance costs (local authority charges for permits, resource consent, reserve contributions etc etc) have doubled over the last 5 years. .
Majellanz 4 years ago
But the house is old and therefore the materials have depreciated in value significantly due to age.
DoctorJohnJGibbons 4 years ago
If a 12 year old structure is considered "old" in the American market, then it's all too bad for you guys. Besides, depreciation is an accounting function that does not actually affect the price a buyer is prepared to pay for it.
Majellanz 4 years ago
If I built a structure in a shitty area, it wouldn't be worth the materials it took to build it because the materials would have to be separated from the structure and relocated to a habitable neighborhood.
DoctorJohnJGibbons 4 years ago 2
Your argument is becoming increasingly narrow, even bizarre. Certainly, my residence is not in a "shitty" area...something that's hard to find in NZ. I've lived in the US so I know what you mean by the term, though. Is the property featured in the video in a "shitty" area?
Majellanz 4 years ago
It's "blackened", if you know what I mean. That makes it less valuable. America is more racist than other countries, so this (un)forunately means something, usually negative. You'd have to eliminate the blacks in order to recoup value.
DoctorJohnJGibbons 4 years ago
Oh, yeah - I guessed that, but there's also the "white trash" areas, aren't there? It's a sad state of affairs, all over. And combined with the broader macro "market forces" etc...
Majellanz 4 years ago
I am simply being objective in asserting that a house isn't even worth the building materials if it's in a heavily black or otherwise "shitty" neighborhood, since you'd have to transport the material to a safer, whiter neighborhood. Of course oreos and white trash are the exceptions to both classes.
DoctorJohnJGibbons 4 years ago
"Oreos"? I know about the biscuit, but how did this become a demographic?
Majellanz 4 years ago
oreo = black man on the outside, white man on the inside. Basically what differentiates a black man from a nigger, negro, negroid (like humanoid)
DoctorJohnJGibbons 4 years ago 2
oh...I have a friend in Phila who might be described as such - gets a white band under his watch strap in the summer? Is thta what you mean?
Majellanz 4 years ago
No. In order to be a negro, his soul has to be black. He has to enjoy delicacies such as chicken necks, fried chicken, watermelon, and grape soda on a regular basis.
DoctorJohnJGibbons 4 years ago
do you consider yourself a racist?
Majellanz 4 years ago
Not really. I only go by observations drawn from empirical analysis. Negroes consume more of the aforementioned foods than white people do, they bring property values down, and they smell bad.
DoctorJohnJGibbons 4 years ago
I was based in Phildelphia when I lived there (1989), and travelled right around over a period of 12 months. Where do you live?
Majellanz 4 years ago
I used to be around that area actually. Now I'm in NC. Used to be a librul too, but then I grew up.
DoctorJohnJGibbons 4 years ago
What in the hell...? Quit breathing the oxygen on my planet, you waste of skin!
That woman was not very versed on what a 'lease' is. She does not have a 'right' to a house she doesn't own. Like many of the deferred and ARM loans, most folks lept before they looked.
cecilbdml 4 years ago
HAHAHA!!! This is increasingly getting off the subject but in a hilarious, ambiguously racist way.
kayata123 4 years ago
It's simple. Black people reduce housing prices. Is it racist? You bet. But, it's a practical observation. Capitalism works in mysterious ways.
DoctorJohnJGibbons 4 years ago 2
How did this turn into a racist thing? there are plenty of african americans in houston and atlanta that are doing well ther are bad places everywhere
but just because a black person lives near the property has to go sown in value? nada also your little side comments leads me to believe the you are tunnel minded person to say the lease
foxybrown2 4 years ago
And that's all BESIDES the rising ocst of land (due to squeezed availablity).I built my house in 1995 - 170 sq m, on 1250 sq m (1/4 acre). Land cost $26,000, building cost $95,000. Currently, the land value is assessed at $56,000 and the improvements at $329,000, or $1,970 sq m. To build the same place now would cost $2,000 a sq m, ergo, the replacement cost matches the current assessed value
Majellanz 4 years ago
Only idiots were paying nosebleed prices for homes in the past 5 years with the flipper mentality, "it does not matter what I pay for a home, because I'll always be able to find a bigger fool than myself to sell it to at a higher price." This is the exact same type of momentum bubble chasing mentality that got so many margin traders into trouble during the DOT BOMB bubble. If you bought a home with an interest only or negative amort loan, you bought a home you could not afford. Foolish
ghostzapper2006 4 years ago
Question: We paid off our family home and downsized to a retirement cottage, expecting to sell the family home to pay off our children's college loans and have a retirement nest egg. The old house won't sell. Now what? Do I give up and rent it to folks who will tear it up? HELP!
cavecraw 4 years ago
Yes. Rent it for a 3-4 years until the market turns,
fix the stuff they break, and then cash out in better times. It don't make no money sitting empty.
mikeboulder 4 years ago
Will take 10-15 years, ez, for the market to return to those levels. Cramer says walk away if you lose 20% or more. 7 year credit hit and you're clear.
julebuggy 4 years ago
why do you have to rent to people who will tear it up? can't you screen your renters to get a good renter? all renters are not bad
foxybrown2 4 years ago
People are incredibly DUMB. "I'd better get in so I can make tons of money when prices hit the moon!"... dopes. I heard home prices are fairly cheap in Compton, maybe they can move there -lol!
JP5466 4 years ago
all black area..what a surprise..holly is the video is kind of cute ..
HunterofJustice 4 years ago
Rights smites! If you cant afford it dont buy the damn thing! These interest only loans are killing people! All people are seeing is the low monthly payments at the start! Then come higher interest rates and blamo your monthly mortgage is more than you make in a month! Wake up and do your homework before you buy!!!
stoneagearcher 4 years ago
Idiot woman at the end.
Flintymeat 4 years ago
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 4 years ago
I live in Sacramento we are getting hit bad does anybody no what happens if you cant file bank and you owe 300.000 and the only gets 200.00 does the bank come after you for the? thank you
MCCRIDLEY 4 years ago
Don't ask about financial advice in a YouTube comments thread please. There are too many factors depending on your individual circumstances.
Better to ask the bank the hard questions.
CBound 4 years ago
Im not asking for myself I was just wondering man if you lose your job or something does that mean you deserve to get kicked when your down?
stillnailing 4 years ago