- This topic has 137 replies, 23 voices, and was last updated 16 years, 5 months ago by latesummer2008.
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May 20, 2007 at 9:31 PM #54015May 21, 2007 at 12:15 PM #54040latesummer2008Participant
Well put, Dr.Chaos. Kind of like trying to “close the barn door once the horse is out” The only word the comes to mind is “IRRESPONSIBILITY” We have a mess, that is going to hurt alot of people and the ones responsible have been laughing all the way to the bank. The question is “what happens when they are finally caught?” This reminds me of Katrina and the GOVT response. They new sooner or later New Orleans would be hit, but just “hoped” it would miss. I’m afraid the mortgage mess is much larger than they want people to believe, “hoping” it will go away.
Bernanke is like a “deer in the headlights right now” “Hoping the economic mess goes away”. I don’t think so.
May 21, 2007 at 12:15 PM #54051latesummer2008ParticipantWell put, Dr.Chaos. Kind of like trying to “close the barn door once the horse is out” The only word the comes to mind is “IRRESPONSIBILITY” We have a mess, that is going to hurt alot of people and the ones responsible have been laughing all the way to the bank. The question is “what happens when they are finally caught?” This reminds me of Katrina and the GOVT response. They new sooner or later New Orleans would be hit, but just “hoped” it would miss. I’m afraid the mortgage mess is much larger than they want people to believe, “hoping” it will go away.
Bernanke is like a “deer in the headlights right now” “Hoping the economic mess goes away”. I don’t think so.
May 21, 2007 at 1:07 PM #54141AnonymousGuestDr. C., you have much more confidence than I do in regulators to put in place “…stricter underwriting and sober credit risk understanding…” that allows prudent but profitable risk taking/lending.
I’m no bank officer nor regulator, but c’mon, the FSLIC sure didn’t prevent the S&L crisis, nor has the FDIC prevented silly lending by our banks this time around.
Nah, the only thing that works is for smart, experienced folks to have their own money at risk. That’s called ‘equity.’
May 21, 2007 at 1:07 PM #54154AnonymousGuestDr. C., you have much more confidence than I do in regulators to put in place “…stricter underwriting and sober credit risk understanding…” that allows prudent but profitable risk taking/lending.
I’m no bank officer nor regulator, but c’mon, the FSLIC sure didn’t prevent the S&L crisis, nor has the FDIC prevented silly lending by our banks this time around.
Nah, the only thing that works is for smart, experienced folks to have their own money at risk. That’s called ‘equity.’
May 21, 2007 at 4:01 PM #54183latesummer2008ParticipantEquity? What’s that? Many people have or will have negative equity in the near future. With no money down, they can live rent free while they get evicted. Banks will have their hands full of properties. If you don’t believe me, check out the website:
http://www.Foreclosureradar.com
It will blow your mind…..
May 21, 2007 at 4:01 PM #54196latesummer2008ParticipantEquity? What’s that? Many people have or will have negative equity in the near future. With no money down, they can live rent free while they get evicted. Banks will have their hands full of properties. If you don’t believe me, check out the website:
http://www.Foreclosureradar.com
It will blow your mind…..
May 21, 2007 at 5:14 PM #54199crParticipantlatesummer2008 and LA Renter. You guys are West LA, right? What do you think about the valley, namely Glendale/Burbank/La Canada?
These areas tend to have less room like the coastal areas (thought they still find room or build bigger) but I’m still seeing 50 year old 3br houses go for $700 in the decent areas, and many for more than that. Prices have definately dipped into the $500’s in some areas, but I will be a first time buyer so I don’t have massive equity from the bubble to use towards something I otherwise couldn’t afford.
You also get the Aerospace excuse out here, but I just laugh at that and follow it with Real Estate IS the new Aerospace.
What do you guys think?
May 21, 2007 at 5:14 PM #54212crParticipantlatesummer2008 and LA Renter. You guys are West LA, right? What do you think about the valley, namely Glendale/Burbank/La Canada?
These areas tend to have less room like the coastal areas (thought they still find room or build bigger) but I’m still seeing 50 year old 3br houses go for $700 in the decent areas, and many for more than that. Prices have definately dipped into the $500’s in some areas, but I will be a first time buyer so I don’t have massive equity from the bubble to use towards something I otherwise couldn’t afford.
You also get the Aerospace excuse out here, but I just laugh at that and follow it with Real Estate IS the new Aerospace.
What do you guys think?
May 21, 2007 at 5:20 PM #54204gracieParticipantwhat about San Diego….?
May 21, 2007 at 5:20 PM #54216gracieParticipantwhat about San Diego….?
May 21, 2007 at 5:35 PM #54210The-ShovelerParticipantNor_LA-Temcu-SD-Guy
Don’t know much about “Glendale/Burbank/La Canada”,
But SCV seems to be falling fast.
sorry Gracie …
May 21, 2007 at 5:35 PM #54221The-ShovelerParticipantNor_LA-Temcu-SD-Guy
Don’t know much about “Glendale/Burbank/La Canada”,
But SCV seems to be falling fast.
sorry Gracie …
May 21, 2007 at 6:11 PM #54222latesummer2008ParticipantNot familiar with the Glendale Area. I would imagine it is being hit just like all the other areas now. 10-15% drops already and headed for more declines. Clean houses, PRICED RIGHT in decent areas are selling. But most property is just sitting and losing value as we speak.
Try checking Zillow for comparable sales.
May 21, 2007 at 6:11 PM #54233latesummer2008ParticipantNot familiar with the Glendale Area. I would imagine it is being hit just like all the other areas now. 10-15% drops already and headed for more declines. Clean houses, PRICED RIGHT in decent areas are selling. But most property is just sitting and losing value as we speak.
Try checking Zillow for comparable sales.
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