1

[ImaCannin]

:conf: :conf: :conf:

[Unobtainium]

Housing will not recover any time soon. We are in deflation and will remain in deflation for at least the next 20 or so years. People are not lining up to borrow money for upgrades on their McMansions, neither are banks eager to lend as the risk is so great. The money (debt) supply has shrunk the past year, so there is less money to bid up the prices of homes. We are in deep doo doo.

[mamboni]

The second massive waves of Option-ARM resets crests in the next 12-18 months. Massive wave of foreclosures will happen in it's wake. Anyone who buys a house in the next 2-3 years wants to throw his money away.

[Book]

Housing will not recover any time soon. We are in deflation and will remain in deflation for at least the next 20 or so years.


The chronically unemployed will be moving back to mom and dad's house for the next twenty years too.

[Unobtainium]

Housing will not recover any time soon. We are in deflation and will remain in deflation for at least the next 20 or so years.


The chronically unemployed will be moving back to mom and dad's house for the next twenty years too.


Yup, it'll be like the Waltons...3 generations living under the same roof. The new days are gonna look a lot like the olden days.

[PatColo]

REstate going to "zero",



I still give good odds that one of the agendas of the NWO conspiracy is ending the institution of private property. "Everything you own are belong to us!"

Residential & commercial RE remain in freefall like dominos as was meticulously engineered by the banksters. States & municipalities going broke, again engineered. They have the power to tax property owners to the point the whole enterprise of ownership comes at excessive/unacceptable cost (it's only proper in this unforeseen economic calamity; property owners are the only ones with any wealth left, they must carry a corresponding "responsibility" for the common good, right?!). Property insurers can and will get their licks in with skyrocketing premiums, due to the "increased risk" from civil unrest & rampant insurance fraud. The ability of residential or business tenants to sustain livings and pay rent reliably is broken with the economy, so sustained rental income offsetting these rising ownership costs plummets. Real estate resale values "go to zero", because in any case "ownership" just aint worth it, nothing but a money pit. The NWO banksters are waiting in the wings with their "solution" to this "broken system".


The under water sheeple, and those soon to be, are just now gradually shaking off the brainwashing about the 'righteousness & honor of repaying their debts'. There's going to be a tidal wave of walk-aways as times get tougher and more wake up to the scale of how they've been cheeted & fleeced. These "walk aways" will be both by those tapped out, but increasingly by those who can afford to keep paying, but make a strategic business decision not to. What's the pending walk away tidal wave, which the media's not even talking about yet, going to do to today's already awful inventory implications?

From PBS News Hour, video inside:

'Strategic Defaulters' Skip Mortgage Payments as House Values Tumble (http://www.pbs.org/newshour/bb/business/jan-june10/mortgage_04-20.html)

[Grand Master Melon]

Don't forget that house sales will come to a crawl again now that Obama is stopping the give-away of the 8,000 bucks.

[Ponce]

They would have to hire a lot of new people to be able to foreclose 45,000 houses a month..........one way to rebuild the economy with new jobs.

[EE_]

Don't you people watch CNBC?
We are out of the recession and in a 4 year bull market...for Wall Street.

[Cebu_4_2]

My house dropped 25% since last April, 75% from its peak and almost 50% since I bought it in 1995ish

[Kali]

I have a home (not my residence) I owe 320K on and it would sell today for about $200K.

Pisses me off. Not sure WTH to do.

[StackerKen]

I don't even wanna know what mine might sell for.

[PatColo]

My house dropped 25% since last April, 75% from its peak and almost 50% since I bought it in 1995ish


75% off the peak? CA Central Valley? AZ? Vegas? FL? (don't have to say...)

It's fugly out there (http://patrick.net). :o

[PatColo]

I have a home (not my residence) I owe 320K on and it would sell today for about $200K.

Pisses me off. Not sure WTH to do.




Consider defaulting, makes no sense to keep paying the mtg. You'll most likely be able to live there free for at least a year... you can save alot of coin in that time!

correction: it's not your residence, so a rental? you're entitled to collect rent until title actually changes, again likely to be at least a year as things are now. So you can accumulate alot of coin! http://www.youwalkaway.com

See: 'Strategic Defaulters' Skip Mortgage Payments as House Values Tumble (http://www.pbs.org/newshour/bb/business/jan-june10/mortgage_04-20.html)

[CJay8]

I live in a new subdivision...in what's been billed the 3rd Phase area. That means all the houses in my section were supposed to be the most expensive, nicest houses. Typically 350K and up. Nothing in the covenants that specifies this, it was the original builders intent to maintain this standard because he owned all the empty lots and was exclusively building the houses.

He's since gone out of business and another builder has come in. The new guy just built a spec house across the street from me and sold it for 199K. He's bought 5 more lots and is building 199K houses on all of them. All the houses have sold so far before they were completed. We have a brand new house(original builder) up the street sitting empty, it's original asking price was 479K. It's now going for 359K....and it has a 199K house sitting next to it.

My point is these newly built houses are selling like hot cakes. I'm not seeing the crash. I wish to hell I was cuz these comps are killing my home value. I've got an empty lot sitting next to me that I'm just itching to buy. I'm going to the courthouse tomorrow to research and see if I can determine the original sale price and then make an offer. Last year the owner wanted 50K for the empty lot. I'm gonna offer him 15K cash or 12K in gold/silver.

[k-os]

My house is 50% of the peak, but pretty much the same as I bought it. In my neighborhood, if you didn't buy your house in 2005-2007, you're doing OK right now in terms of being underwater.

I am surprised to see 5 properties listed for sale in my town. That has got to be a record. People move in, but they don't move out. At least that's how it's been for the last 60 years . . .

[Gknowmx]

I bought in 2000. I am in the DC suburbs. Prices in my neighborhood are down 20% from the peak but are still 100% above where I got in. It looks like pricing has stabilized for now. Plenty of government money in this area to prop things up.

[Awoke]

Source link, please.

[PatColo]

Source link, please.



http://www.counterpunch.org/whitney04222010.html
also
http://www.informationclearinghouse.info/article25305.htm

I like reading most anything Mike Whitney writes, he's always been spot on as a long time real estate/economic crash doomer, but I wish he were better about linking to the sources he cites.

[chad]

depends entirely upon where you live. prices where i live are about what they were 10 years ago. i just looked extensively at sales data before i bought my property. i bought mine for $2,600 above what it sold for in 2000. granted, it was brand new in 2000, but a $260 a year appreciation is hardly bubble territory.

[SunTzu]

I bought in 2000. I am in the DC suburbs. Prices in my neighborhood are down 20% from the peak but are still 100% above where I got in. It looks like pricing has stabilized for now. Plenty of government money in this area to prop things up.


DC area is booming. you should be ok.

My home is basically worth what I paid for it 10 years ago. 3 years ago I could have sold it for twice what I paid but could not convince my wife.

[chad]

I bought in 2000. I am in the DC suburbs. Prices in my neighborhood are down 20% from the peak but are still 100% above where I got in. It looks like pricing has stabilized for now. Plenty of government money in this area to prop things up.


DC area is booming. you should be ok.

My home is basically worth what I paid for it 10 years ago. 3 years ago I could have sold it for twice what I paid but could not convince my wife.


do you get some mileage out of that around the house? ;D

[saint]

I've been renting for all these years because bankers and elite were so much "invested" in real estate

I did not want to be slave to people who interject themselves between myself and my house.

Ability to make money out of thin air is the only virtue by which bankers own homes through mortgages.

Did they deserve to own my house and collect rent from me?

What did they do for that privilege? Keystrokes on the computer, for which I should pay for 30 years?



I will buy my house for cash when I see bankers and the government release their grip on the home I was deprived of by these criminals pretending to be my friends.


Bumped for truth.
Well articulated truth.

[cigarlover]

Do away with the 30 year mortgage and house values will plummet 80-90%. Not a bad thing long term but short term theres a lot of pain associated with that. The question is how do we go from a 30 yr mortgage back to a 5 yr or less type of situation without all the pain.

The only way to keep the ponzi scheme alive and values increasing is to go to a 40 yr and then a 50 yr mortgage.

What we should do instead is take he hit, get rid of the banks and then all Americans could write their own deals. Own a home and want to sell? Offer owner financing. Keep the wealth in the average Americans pockets instead of sending it all to the wealthy bankers and wall street. This is how America was supposed to work.

[chad]

Do away with the 30 year mortgage and house values will plummet 80-90%. Not a bad thing long term but short term theres a lot of pain associated with that. The question is how do we go from a 30 yr mortgage back to a 5 yr or less type of situation without all the pain.

The only way to keep the ponzi scheme alive and values increasing is to go to a 40 yr and then a 50 yr mortgage.

What we should do instead is take he hit, get rid of the banks and then all Americans could write their own deals. Own a home and want to sell? Offer owner financing. Keep the wealth in the average Americans pockets instead of sending it all to the wealthy bankers and wall street. This is how America was supposed to work.



you're absolutely correct. this is the same reason it costs 50k to go to college for 4 years: you can pay it off over the next 40 years.

it's absolutely stupid to allow 30 year mortgages.

[k-os]

During the height of the real estate mania here, I saw signs offering 40 and 50 year mortgages. What a horrible idea.

[Awoke]

Hell, in China they are passing their Mortgage down to their kids when they die!

[SunTzu]

I bought in 2000. I am in the DC suburbs. Prices in my neighborhood are down 20% from the peak but are still 100% above where I got in. It looks like pricing has stabilized for now. Plenty of government money in this area to prop things up.


DC area is booming. you should be ok.

My home is basically worth what I paid for it 10 years ago. 3 years ago I could have sold it for twice what I paid but could not convince my wife.


do you get some mileage out of that around the house? ;D


Not enough... ;D

[StreetsOfGold]

Mortgages are a judgement of God against a people...in the Bible that is

Nehmiah 5:3
Some also there were that said, We have mortgaged our lands, vineyards, and houses, that we might buy corn, because of the dearth. (<---judgement)

[Libertytree]

There's so many vacant houses here one could easily break the locks, replace them, get the electric turned on, keep the yard up and squat until you're discovered, then move on to the next vacant home. Many of these houses are kind of secluded anyway and people really don't pay a whole lot of attention to them anymore.

If this place goes into foreclosure I'll stay until I'm physically run out then I'll do the above and bank all the cash, metal and supplies I can in the meantime, as long as I have a job.

[Libertytree]

I remember how I was laughed at when posted those Bible verses on a Christian forum once upon a time before the RE crash.

:(


I bet they ain't chucklin' now.

[Awoke]

Ima, you canning Queen, please post the source link.
Thanks.

[Awoke]

The second massive waves of Option-ARM resets crests in the next 12-18 months. Massive wave of foreclosures will happen in it's wake. Anyone who buys a house in the next 2-3 years wants to throw his money away.

This is what I am trying to impress upon my friends that are house shopping right now. (Canada)

[Kali]

I have a home (not my residence) I owe 320K on and it would sell today for about $200K.

Pisses me off. Not sure WTH to do.




Consider defaulting, makes no sense to keep paying the mtg. You'll most likely be able to live there free for at least a year... you can save alot of coin in that time!

correction: it's not your residence, so a rental? you're entitled to collect rent until title actually changes, again likely to be at least a year as things are now. So you can accumulate alot of coin! http://www.youwalkaway.com

See: 'Strategic Defaulters' Skip Mortgage Payments as House Values Tumble (http://www.pbs.org/newshour/bb/business/jan-june10/mortgage_04-20.html)


I have a friend that's homeless...I think I'll let him live there until the bank comes and gets it.

No more payments from me.

I don't care about my credit anymore...my main residence is paid off...I just wonder if they'd come after it.

Normally, I'd pay my debts but since it's all one big scam, screw em.