Massive Tzunami of Home Defaults Coming or How to Rob America Blind

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Housing Crash Continues
It's Still A Terrible Time To Buy
Why?
http://patrick.net/housing/crash.html

Because there is a massive and growing backlog of latent foreclosures. Millions of owners have simply stopped paying their mortgages, and the banks are doing nothing about it, letting the owner live in the house for free. If a bank forecloses and takes possession of a house, that means the bank is responsible for property taxes and maintenance. Banks don't like those costs. If a bank then sells the foreclosure at current prices, the bank has to admit a loss on the loan. Banks like that cost even less. So there is a tsunami of foreclosures on the way that the banks are ignoring, for now. To prevent a justified foreclosure is also to prevent a deserving family from buying that house at a low price. One day, those foreclosures will wash over the landscape, decimating prices, and benefitting millions of families which will be able to buy a house without a suicidal level of debt, and maybe without any debt at all!

Category:

News & Politics

Tags:

• realty
• buying
• home
• warning
• forclosures
• loan
• mortgage
• refi
• refinance
• real
• estate
• g4t
• fox
• news
• ghostowns

[KingDrudge]

LMFAOOO...Max Keiser said it best:

"Conspiracy theories eventually turn into conspiracy facts"

When I heard that bullshit about Bernanke being named TIME Mag P.OT.Y., the first thing i did was buy more gold & silver. Shits about to hit the fan real fuckin fast and the majority of my fellow Americans dont even see it coming.

[evoval]

All this is happening and the American people are further insulted by Fed chief Bernanke being named man of the year. BWAAHAHAHAHA He's someones man of the year but not the peoples yet most sheep will just lap it up and go along with it and keep playing there game of destruction, buy a lot of nice made in China crap this x-mas did we. Just keep running around ridiculing and yelling freakin conspiracy nut jobs to those trying to help there pathetic asses, some theory seems pretty much reality.

[danpt2000]

Yes..., letting home prices fall should hurt speculators, people who plan on staying in their homes, and building their communities would not be affected by home price decrease.

[PomonianLiving]

So true.

[spectre1929]

when ancient civilisations collasped the residents during these times of collapse were unable to grasp where they were in the stream of time ? the majority today are unable to grasp the world has reached a pinacle of wickedness ? the economy has been the uniting factor of the world ? gone our civilisation collapses !

[stinkypoon]

Sell the houses for dirt cheap, let prices fall back to Earth. Stop trying to keep people in homes they can't afford. Undo everything that the bubble did. If that means you get wiped out because you bought during the bubble, sorry, you're a dumbass. Easiest bubble ever seen.

[oaklandraider81]

buildum' for 50k, sell them for 500k. give your $ to haiti. fuck everything

[damnright4]

Rather than these houses sitting there empty... They should sell them for what folks can afford...and not how much they can borrow.

[ycformosa]

can you tell me where can I find duranna web page

[repo4sale]

1-Listing inventory shrinks & fewer sale signs?

2-Mass Media spurs talk of a bottom

3-Volume picks up

4-People are less fearful of the market.

5-People talk about investing in real estate

6-Increasing calls to realty offices on listings

7-The Fed finishes tinkering with interest rates

8-People talk about the bottom like its a thing of the past

9-Prices seem to stop dropping.

10-Financing becomes easier

[menderfire9]

I agree its about greater education, but I'm afraid we don't agree on what kind of education. Certainly not university education because univesities educations are part of the problem. All that is is more b s to keep people in debt and still in dead end jobs. We need street smart education; intensive courses on how to survive the real world, how to say no to our own spending & no to our government spending; how to earn more, invest better & stick together against the institution.