THE HOUSING CRASH IS ON!!! TELL ME CAN YOU FEEL IT!

[EconCat88]

Eat shit and bark at the moon to the top-buying suckers and I hope all the condo flippers are now flipping burgers to pay their bills!

[aceyorba]

oh boy it's getting UGLY

welcome to Taxifornia

[kng863]

A house is a LIABILITY! Nobody cares if you owe more on the house than it's worth! Prices don't have to go up when there's cheaper alternatives. In some parts of the country, it's cheaper to rent than buy over 30yr. I have no remorse for they guy who bought a mcmansion thinking he could sell. I think I'll die before I see the McMansion sold or liquidated. I foresee terrible days ahead, like a spike in crime.

[aceyorba]

THEY KNOW NOTHING""

Send this Video to 5 people you know that are still in denial and watch the feedback you get...THEY WILL ASK IF YOU ARE OK...SINCE YOU ARE SO PESSIMISTIC ON THE ECONOMY/COUNTRY.

They are still in " heavy denial" even my Friends that have lost half of their 401K or shall I say 201K.

I feel that only one percent or less even have some sort of a clue that something is going seriously wrong in our country..Just keep watching your Dancing with the Stars. Sheeple...

[gunsandroses1111]

All true but why do Americans have to buy, why not as here in the UK, poorer people rent State properties? Owning is not for everyone. And who said house values should always go up? Why? There is no reason. When all this Subprime nonsense fell apart it exported that severe crisis to the rest of the world, who never had anything to do with pure greed in the US, Can we sue the US authorities for severe damage to our own financial system? Very angry (one of very many) British person .....

[NJ86O]

Housing crashes are good for people who could not afford a home, low prices always make life better for everyone (except the cold blooded

rich and greedy bankers/investors ) of course but hey the rich dont care about the poor

wallstreet poeple investors and bankers have no feelings

[danger0usknowledge]

A lot of our more educated geniuses think taxpayers are bailing out New york City or Wall St banks. Europe is as bad or worse than us. This isn't Cali or Florida, it's global. Funny thing is during the last crisis back in 1989 $75 BILLION went to TEXAS Savings & Loan institutions. 1/2 THE NATIONAL BAILOUT COST OF 175 Billion during the administration of Bush Sr. Bush Jr. has outdone his dad again. This one will cost 1 Trillion. How is it they both happened during with a Bush presidency?

[moniequa]

I just looked at craigslist's real estate section, people are still buying. Home prices are still high, thats why I am hoping that the economic crisis comes sooner. I am tired of waiting already.

[Anothercoilgun]

20% go to hell you fool. That that can put 20% down need no loan. Its called a paradox.

NACA baby.

[aviomaster]

IT is a scam OVER INFLATED HOUSE PRICES ... I just bought my house in JAnuary last year 2007,.... TODAY it is woth less than I paid for it ... IS it worht it paying 2100$ A MONTH for house which losses value ... I have old garage ,,, TO build new garage VILLAGE wants 12 000.... WHAT THE FUCK ...

[moniequa]

Aviomaster,

Why did you buy it? It was not a scam, they didn't trick you into buying, you bought it willingly. I bet you anything, you offered above the asking price.

[rdrserg]

Finally a place to vent and laugh at the stupid greety consumers who assed out on buying a house. I did my homework, and im glad i did!

[70short]

SELL SELL SELL SELL SELL

[kng863]

For people who had jobs and didn't buy into this hype, we're gonna see hyperinflation the US has never seen in it's life! Get ready for $5 denominated gas prices. A slow down of consumption at all income levels. Stock market falling. The house will remain for sale for years!

[moniequa]

But people are still buying houses. They just can't wait until the price go low. No they have to buy right now. Its always the ones who can't afford one too. They borrow and buy.

[Theresa567]

Interest rates at historic lows. Remember 21%mortgage interest a generation ago? Yes, that was ridiculously high, but at least you didn't have scavengers running around enticing "blue collar wage" renters into oversize homes and risky ARM's because the numbers worked (barely) during that snapshot in time. The Fed should've finagled to prevent such unrealistic lows. This is a grand example of LaizayFair (sp?) capitalism run completely amok those we elected to prote ct us had no clue.

[YourPropertyFree]

Why worry about a crash when you can get your property for FREE? Check out my new video now and learn how!

[lennyfest]

BE SMART DONT BUY NOW.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.

[moniequa]

Oh don't tell people not to buy they will buy. People are stupid and impulsive. Let them suffer and besides we need a lot of people to stay at the bottom anyway. Please encourage them to buy homes and drive big SUVs.

[codediporpal]

That's quote at around 2:00 sums it up well. Scary thing is lending standards are just in the beginning stages of tightening up. Bill just passed today allowing Fannie Mae to buy more (probably bad) 'jumbo' (i.e. most of CA) loans. Prepare for trillion dollar goverment bailout in 2010-15.

[indyproject]

that what happens to country who's sheep believe NEWS ON TV and elects presidents for two decades

[Joyriser]

Absolutely right! A sentence that says it all!!

[IntelligentChoice]

stupid yankee should have stayed up north.

thats what you get for being a tropical shirt wearing goon.

[Hopefl1]

So as the housing collapse continues, so will the commercial end also. No houses being built or foreclosures, no shopping center being built also. As California goes, so does the rest of the US. Oil, Gold, Silver and commodities are a good investment for anyone that is awake. Oil goes up as the dollar shrinks, gold & silver go up also. Commodities also rise because of gas price increases. Think about it?

[Mechman064]

Sure glad I bought my condo in 98 (with a 5.5% fixed VA loan) before the price tripled. The price will collapse soon but I have to live somewhere and it's still much better (and cheaper) than renting. Besides I'm going to have a killer container garden on my back deck next year. Scary thing is that I may really need it if things collapse as bad as I think they will.

[MillionaireMC]

I don't know - some people are stupid. you must have a REAL sour soul to be happy that people are losing their homes. Most of these people were just trying ahead while you were sitting on your butt doing nothing. Now you are happy that many are losing homes. You know what ... I BET even as the market is dropping you will find an excuse to not buy a house ... people like you always have an excuse NOT to do things.

[john67elco]

I sold property in early 2006. Everyone with half a brain saw this coming. Don't be stupid next time.

[lives2live]

lol I have bought 5 houses in the last 2 years and I sold 2 of them in 2007 and nearly doubled my money. I will be selling the others soon also at high profit. Values here have always risen, slowly at times no doubt but risen. Just don't buy in over inflated areas, and NEVER buy with an adjustable rate. I am always willing to pay a little higher interest rate to get it fixed. "dont be stupid next time" you rent now, and I dont have a mortgage on my home....whos the stupid one?

[moniequa]

Whatever I want to see what you'll get for your other 3 homes.

[lives2live]

I just sold another at 82% above what I bought it for. :)

and another almost ready for sale. Markets are only down where they were over inflated.

[moniequa]

And I just sold at 100% above what I bought for. You see, anyone can say that. So 1) I don't believe you. 2) If there is an idiot who is stupid enough to buy from you then let him/her suffer. 3) The market is down worldwide except your town, Ok, I believe that one too.

[lives2live]

the property was 604 west spruce Haskell OK 74436 you are welcome to look up the tax records for yourself. also, read a few articles about Oklahoma realestate. We are expecting above average growth in value this year. The market here is very stable because the banks dont give loans to any yahoo who shows up. you have to be credit worthy. You seem to think that the problem is the people, when it is the policies of the banks that caused the problem. Their greed, and now their problem.

[moniequa]

You know the banks DID NOT force people to take out any loans. If my annual income is $30,000 and I have 4 kids and a spouse to support, I sure wouldn't take a 500,000 loan to buy a home that I don't need and I sure wouldn't refinance my home to buy a boat, a car, a trip to Europe. I think a long hard economic turmoil will do us some good. I welcome it with open arms.

[Anothercoilgun]

If that 30K to 500K single income statement was true and you got 500K! Then you were preyed upon and preyed upon by the sharpest tooth sharks. There is not gross incompetence this large in the history of lenders.

[moniequa]

No its not a scam people should not spend beyond their god damn mean. The lenders didn't force them to take out the loans. I hope this economic crisis will last a long time so they can feel the pain. People are still buying homes, I still see sold signs.

[1samothrace77]

who is buying and at what prices are the questions you should be asking check property appraisers website

[moniequa]

I don't know but I just think people shouldn't be buying right now. Central Cal houses are still about $200/sft which a bout %130 over the value.

[moniequa]

It is remained to be seen

[Mechman064]

I'm sad to see good hard working people loose their homes but I don't give a rip about people who helped drive up the price by buying 3 homes as rental property and trying to make money off people who couldn't afford their own place to live. Screw em!

[Joyriser]

Well said! I like your comments and we are in exactly the same situation in the UK!I cant earn the money fast enough to keep a roof over my head!I see people losing their jobs and utility prices going sky high!I feel like walking free but its cold out there at the moment! Care to join me in a revolution anyone?

[Mechman064]

It's on! People are unplugging, throwing away their TV's (like I have), and settling into a more modest way of life. I'm a rather extreme example, being debit free with a home (condo) that I could afford on 30% of my current wages, I cook my own meals & grind my own flour, I put my hard earned money into gold and silver so the wealthy ruling class cant steal it by inflating the currency, I garden, I bike commute, and live a simple life. my motto is Downsize and simplify! That's my revolution!

[Joyriser]

Excellent I like your style! I am heading that way!Im looking at all the stuff around me which will all be repossesed at the rate I am going!To some it may sound naive but I long for a happier simpler life! Best wishes to you!

[Mechman064]

And I like your style. I've also longed for a simpler life and I've achieved it to some extent. Great strides are being made in co-housing these days so if you have to change your lifestyle, that might be an option. If the co-housing of today existed when I started my career I never would have bought my condo. I think it's a better way to live. People have become too isolated these days. The housing crash and the upcoming depression might serve to bring people together again. Let's hope.

[xxx12345yyy]

it's spelled lose, not loose

[AtheistAmerican]

Millionaire, it's not a matter of being happy that people are losing their homes. It's a matter of being happy that prices are returning to normal, so that other people can buy at a REASONABLE price. And many people are not "losing their homes" - they were greedy investors who bought property to flip it, and they very directly contributed to driving the prices sky high by causing excess demand.

[Joyriser]

Absolutely right! Investors have been making a killing at the expense of Home buyers and Home owners!At the expense of the whole messed up economy!Why has it been allowed to go on? That is the question we should now be asking!

[moniequa]

It was not just investors, it was stupid poor idiots who barely made enough money to afford bread and butter but they took out a huge loans to buy big homes they couldn't afford. I'm glad they lose their homes and I wish and food and gas will go higher too so they won't be able spend beyond their means again.

[Mechman064]

You'll get your wish Moniequa. The depression is going to be horrid and I think many people in the US will die, suicide, murder, riots, ect. It will last a very long time too, probably over 20 years. Soon normal non-subprime loans will go bad since the drop in value will put them underwater. When that happens the owners will walk away and then the economic meltdown will shift into high gear. I'm pretty set with a depression proof job so I won't get it as bad. Should be interesting to see.

[moniequa]

Mechman064,

I have been hearing about this economic melt down for a long time and I just want it to happen a little quicker. I would love to see it because people sure deserve it.

[valhala56]

moniequa, the subprime part of the economic melt down is only going to be an itzy bitzy part of the coming depression. You could say the icing on the cake for the end of the age of cheap oil. one year ago oil $70 a barrel, as I write this today it is $142. So moniequa your wish for the mother of depressions is coming to you like a huge tsumani.

[moniequa]

Valhala56, everytime I see a sold sign on a house I get pissed off thats why this this economic catastrophy would come a little sooner. I want to see Fannie May and Freddie Max collapse and see if there are still buyers. Oil will go to $200.

[valhala56]

Yeah, I can't wait either. Gettin my Mad Max suit together and my ride tricked out to run on NOS, then it's on with Fannie May and Freddie Max...their ass is mine!

[moniequa]

Yes, if Fannie May/Freddie Max collapse I will celebrate.

[moniequa]

Damn it Fannie and Freddie got saved by the fed.

[AtheistAmerican]

I love being on the side of the fence that is just sitting back and laughing at all of this....now, when prices bottom out, I can actually get into a house. Little ole' ME - someone with stable income, a down payment, PERFECT credit, and almost no debt - you know, the only people who should have been allowed to buy fucking houses in the first place!!!

[Arschenschmertz]

I personally love to laugh at all the californifaggots who got caught up in that. Also the idiots in florida and wherever. I dogdged the whole issue, and whereas most people I know have taken a hit, I'm making money. Fuck them.

[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

[Mechman064]

I'm expecting a depression to start next year but even though they can't afford to keep up their payments I doubt we'll have truly massive homelessness. If they tried that, people would just start kicking in the door of random empty homes and squatting there till they're discovered or things sort themselves out.

[SolitonPL]

Schiff rocks !!!

[islamichap]

that all ,a house for that price in australia will land you a $15,000 stamp duty tax when you buy the house ,not counting gst at 10% and ur local council rates each year $1,200 ,along with the annual land of $5,000 per yr based that the $550,000 price of a house ,$7,200 out of pocket fees just for being a home own then the mortgage , food car exp.ect

[damnright4]

Prices will be pushed off a cliff.

[antipovertycultz]

I ALSO consider it a 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. INFLATION rises rents and creates homelessness! any halfwitt economist and

politician knows this. SO YOU CAN THANK GOD FOR A HOUSING CRASH

[alanhowitzer]

I love how someone took out the kitchen sink in the photo inside the foreclosed house.

[DoctorJohnJGibbons]

Enjoy it now while it lasts. There'll likely be some sort of bailout and people who had foresight to predict this will be the scapegoats for fear mongering. Homeland security might be at our doorstep to haul naysayers away. Gold will be illegal to own (similar to 1934 reserve act until the 70's) and confiscation of commodities will take place to stabilize dollar.

[zenprole]

(Part II) SIt is definitely entertaining to see dumbasses of all size and stripe losing their shirts, but it isn't accurate to simply prattle on about the typically overspending American. Industrial-strength rot starts at the very top and this level of policy-based economic crime needs to be treated as felonious racketeering with a few death penalties tossed in for good measure.

[zenprole]

Thanks for the post. The housing bust is about the 4th wave of the looting of the United States since the early 80's. America is already a Third World nation, but we haven't yet hit bottom. When this bust really gets rolling, it will make the Great Depression look like a few hours' bad luck at the track.

[nine9s]

"The US is a Third World nation"?

Go sell crazy someplace else. Go visit the Philippines or Guatemala and see what "Third World" looks like.

[Mechman064]

We're not there yet, they're just saying we're heading that way. Especially since we're importing vast numbers of people who are actually from the third world. I've observed a decline in my own spending power during the last 7 years or so and if the trend continues, the only possible destination is a 3rd world level of income, and a 3rd world lifestyle shortly after that.

[moniequa]

And nothing is wrong with 3rd world lifestyle we deserve it. I only wish it happens faster and longer thats all.

[SPACE3200]

DONT BUY OR SALE BURN

[satiesgymnopedies]

Greenspan was a ringleader, it's no coinsidenceat all. Especially his retiring right in sink with the housing slump, this will play out just like the Savings loan scanda didl.

[Bo0ja]

This was manipulated. Don't believe for a second Greenspan didn't know what he was doing. The FED is a private company and was sold the the public on a lie and this housing crash only serves the interest of the globalists. get ready for unlimited immigration, a new currency, and an entirely new country similar to the EU. problem/reaction/solution

[laughzilla]

funny! :) very good one. thanks for checkin' out mine and responding to it with this very entertaining video :)

always,

-- laugh

[laplace977]

Great video!

thanks for video-responding!!!

take care & enjoy the bubble popping!!!

[Sofunnylol]

what is the agenda for having so much foreclosure

______________________________­___________________

Dontcha know.... HOUSE PRICES ONLY GO UP AND UP AND UP!

Banks thought that if the debter forclosed they could just sell the house for even more money. I don't think the banks realized the whole market would collapse like this.

[hdrkid]

I tell you there is like a for sale sign on every block. Houses are not moving. My dad is trying to sell his.

[Led7Zepp]

Greg Toher. You have a New York accent. You're a dumb fuck. If you paid 300k and are there to stay, then don't worry about it bitch. If you're an investor, you got your just desserts, you olive skinned bastard.

[mikexxxxnolan]

alanhowitzer seems a bit bitter. Think of all the bank employess working for a pitance while their directors receive a small fortune. Also the poor auditors who rubber stamp dodgy figures for dodgy banks. The SFO Report 3/C/920 about Abbey National Plc / Coopers & Lybrand for proven fraud of £64 million is testimony to light touch regulation. The public have only themselves to blame for not caring about others.

[alanhowitzer]

I was impressed by all the "For Sale" signs I saw in my sprawlburg outside NYC this weekend, more then I'd ever seen before. What was more impressive were they were not just for sale, but price reduced, vacation included and other incentives listed. Ha Ha HA HAAAA!!

[alanhowitzer]

Peter Schiff rules!

[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

[nikkiidaniels]

ha you can buy 10 acres of land in cambodia for 5000USD the lifestyle has to be more mello out out the rat race...We have just got to try to live cleaner lifestyles away from the cities.. you know we can exist without the city.. country living and grow your own.. got to be better cleaner lifestyle to raise your kids.. boycott the builders... do it yourself..

[mikexxxxnolan]

The housing market and other financial institutions are only reacting to a problem of non control of crooked banks etc. This applies to a Prime lender in contempt of court and found to have committed £64 million in fraud (SFO 3/C/920 in England. I refer to Abbey National Plc / Coopers & Lybrand. Sometimes your regulators do not want to worry you or affect Directors bonuses. They think they are above the law.

[alanhowitzer]

F'ers! They all deserve jail just like they do in the US.

[michaelntondie4e]

whoever was making the loans to anybody and their dog.had a reason for loaning out all that money and with adjustable interest they later raise the rate screwing the home owner for that house and whatever they own.what is the agenda for having so much foreclosure

[Sofunnylol]

this video is so awesome it gives me chills.

[corbettwilliams]

I love it!!!

[RushFan4ever]

AWESOME!! Now the people who actually deserve a house (like my family) can actually BUY ONE!!!

[allgoodnickstaken]

what a way to trick people in accepting immigration

[plaherty]

Dr. Doom baby! Peter ROCKS and this video is awesome!!!

[geocam2]

Wow - Peter Schiff described the present perfectly one year ago. All he did was ignore happy talk and construct a scenario using economic principles taught in any first year college econ class.

[BubbFromGEI]

Thanks, John. That's a nice photo chronicle of what happened only one short year after Peter Schiff's warning. There's still an opportunity to get out near the top in the UK (as my own video suggests), but few are taking advantage.

[darkcarnivaldesign]

Let it fall, baby, let it fall!!!

[hessdeals]

Peter Schiff has been the only one who nailed this thing. 5 years from now he will be well known for predicting the present collapse.

[cjlee41]

i can feel the bust!!!!!!!

[PrincessPoodlePoo]

As a Los Angeles resident who has been listening to years of BULL SHIT from stupid ignoramuses about how the housing market in Southern California is impervious to correction, just let me say THANK YOU FOR POSTING THIS VIDEO!

[drtphd]

I always loved Glenn Frey. Perfect song for this great vid.

[coastale]

Not one dime of government money for a subprime bailout. You made your beds, you thought you were entitled to more than you were. Get these squatters out!

[notu286]

You are doing a GREAT JOB! Thank's Again :o) Great song to go with it!!!

Keep up the Great work :o)

[killer2021]

I loved it! 5 stars