Number of qualified house buyers is shrinking…

[HLS]

There should come a time when there won’t be chaotic bidding on lower priced homes, and there will be plenty to choose from.
That will be sign of sanity returning, it’s probably going to take a while (IF the govt allows it to happen)

I remember the late 1980’s very well. Homes in the 90K-100K range rented for $800 a month. There was no chaotic bidding. There were plenty available.
They made sense as investments. Most smart investors didn’t even consider a condo as a rental.

Hard for many people to believe there was a time when:
A house was a place to live and not a road to riches or an ATM machine.
A smaller % of the population owned, people who rented weren’t looked down upon as losers.
For those who did own rentals, nobody in their right mind had anything other than basic bread and butter rentals, 2br-3br basic homes. McManisons hardly existed.
Only a small % of ppl owned stocks or mutual funds.

The NEW American dream for many is wishing that they had no money in the stock market and were tenants with no mortgage debt, property taxes, insurance, HOA fees, sub HOA fees and Mello Roos payments…..

The govt propaganda has worked its magic on millions of sheeple… HLS

[CA renter]

[quote=patientrenter]”With FHA income IS verified and the no appraisals are on refi’s only on certain loans. This is solely being done so nobody has to admit the loss, just pretend like all is well. (Mark to market would recognize the collapse immediately) HLS”

So it’s effectively a way to take bad loans off banks’ books at their full book value, without any write-off. This makes it yet another bailout. It’s hard to keep track of all the hoses pumping taxpayer dollars into housing and housing finance. It’s like an ICU patient with 40 needles and tubes stuck inside of them.[/quote]
———————

Exactly.

The people with the money make the rules, and their rules state that they will be made whole at our expense.

IMHO, it’s not so much about saving J6’s home equity, as it is about quickly transferring the unrealized losses to the govt. Once that is done, expect them to go back to mark-to-market, and the downslide will be allowed to continue.

I’ve always thought we wouldn’t get near a bottom until 2012 — and not go up for years after that. It looks like it might take even longer.

[CA renter]

[quote=patientrenter]”With FHA income IS verified and the no appraisals are on refi’s only on certain loans. This is solely being done so nobody has to admit the loss, just pretend like all is well. (Mark to market would recognize the collapse immediately) HLS”

So it’s effectively a way to take bad loans off banks’ books at their full book value, without any write-off. This makes it yet another bailout. It’s hard to keep track of all the hoses pumping taxpayer dollars into housing and housing finance. It’s like an ICU patient with 40 needles and tubes stuck inside of them.[/quote]
———————

Exactly.

The people with the money make the rules, and their rules state that they will be made whole at our expense.

IMHO, it’s not so much about saving J6’s home equity, as it is about quickly transferring the unrealized losses to the govt. Once that is done, expect them to go back to mark-to-market, and the downslide will be allowed to continue.

I’ve always thought we wouldn’t get near a bottom until 2012 — and not go up for years after that. It looks like it might take even longer.

[CA renter]

[quote=patientrenter]”With FHA income IS verified and the no appraisals are on refi’s only on certain loans. This is solely being done so nobody has to admit the loss, just pretend like all is well. (Mark to market would recognize the collapse immediately) HLS”

So it’s effectively a way to take bad loans off banks’ books at their full book value, without any write-off. This makes it yet another bailout. It’s hard to keep track of all the hoses pumping taxpayer dollars into housing and housing finance. It’s like an ICU patient with 40 needles and tubes stuck inside of them.[/quote]
———————

Exactly.

The people with the money make the rules, and their rules state that they will be made whole at our expense.

IMHO, it’s not so much about saving J6’s home equity, as it is about quickly transferring the unrealized losses to the govt. Once that is done, expect them to go back to mark-to-market, and the downslide will be allowed to continue.

I’ve always thought we wouldn’t get near a bottom until 2012 — and not go up for years after that. It looks like it might take even longer.

[CA renter]

[quote=patientrenter]”With FHA income IS verified and the no appraisals are on refi’s only on certain loans. This is solely being done so nobody has to admit the loss, just pretend like all is well. (Mark to market would recognize the collapse immediately) HLS”

So it’s effectively a way to take bad loans off banks’ books at their full book value, without any write-off. This makes it yet another bailout. It’s hard to keep track of all the hoses pumping taxpayer dollars into housing and housing finance. It’s like an ICU patient with 40 needles and tubes stuck inside of them.[/quote]
———————

Exactly.

The people with the money make the rules, and their rules state that they will be made whole at our expense.

IMHO, it’s not so much about saving J6’s home equity, as it is about quickly transferring the unrealized losses to the govt. Once that is done, expect them to go back to mark-to-market, and the downslide will be allowed to continue.

I’ve always thought we wouldn’t get near a bottom until 2012 — and not go up for years after that. It looks like it might take even longer.

[CA renter]

[quote=patientrenter]”With FHA income IS verified and the no appraisals are on refi’s only on certain loans. This is solely being done so nobody has to admit the loss, just pretend like all is well. (Mark to market would recognize the collapse immediately) HLS”

So it’s effectively a way to take bad loans off banks’ books at their full book value, without any write-off. This makes it yet another bailout. It’s hard to keep track of all the hoses pumping taxpayer dollars into housing and housing finance. It’s like an ICU patient with 40 needles and tubes stuck inside of them.[/quote]
———————

Exactly.

The people with the money make the rules, and their rules state that they will be made whole at our expense.

IMHO, it’s not so much about saving J6’s home equity, as it is about quickly transferring the unrealized losses to the govt. Once that is done, expect them to go back to mark-to-market, and the downslide will be allowed to continue.

I’ve always thought we wouldn’t get near a bottom until 2012 — and not go up for years after that. It looks like it might take even longer.

[Author]

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