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ParticipantSDEngineer has not seen ANY sign of the shadow inventory hitting the market. Its now safe to assume it never will and must simply evaporate into thin air leaving housing values un-affected by the magnitude of its enormity.
Unfortunately for us, RT66, the government is subsidizing the banks so that they can keep the shadow inventory in the shadows. Just like they cook the books on CPI, unemployment, and everything else. The banks know that they are ruined if the true values of these assets become known so they just get their buddies in the government to make sure that doesn’t happen…
ParticipantThe banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:
1) Bought as many houses as possible with as many crazy loans as I could have gotten.
2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.
3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.
4) Stopped making payments on it in 2008.
Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.
What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!
ParticipantThe banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:
1) Bought as many houses as possible with as many crazy loans as I could have gotten.
2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.
3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.
4) Stopped making payments on it in 2008.
Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.
What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!
ParticipantThe banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:
1) Bought as many houses as possible with as many crazy loans as I could have gotten.
2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.
3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.
4) Stopped making payments on it in 2008.
Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.
What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!
ParticipantThe banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:
1) Bought as many houses as possible with as many crazy loans as I could have gotten.
2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.
3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.
4) Stopped making payments on it in 2008.
Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.
What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!
ParticipantThe banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:
1) Bought as many houses as possible with as many crazy loans as I could have gotten.
2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.
3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.
4) Stopped making payments on it in 2008.
Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.
What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!
ParticipantIt’s even worse than the picture shows because government spending is included in GDP. So what you can’t see from that picture is that not only is Debt/GDP increasing, but government spending as a proportion of GDP has also been increasing for a long time too. We are in bizarro-land, folks…
ParticipantIt’s even worse than the picture shows because government spending is included in GDP. So what you can’t see from that picture is that not only is Debt/GDP increasing, but government spending as a proportion of GDP has also been increasing for a long time too. We are in bizarro-land, folks…
ParticipantIt’s even worse than the picture shows because government spending is included in GDP. So what you can’t see from that picture is that not only is Debt/GDP increasing, but government spending as a proportion of GDP has also been increasing for a long time too. We are in bizarro-land, folks…
ParticipantIt’s even worse than the picture shows because government spending is included in GDP. So what you can’t see from that picture is that not only is Debt/GDP increasing, but government spending as a proportion of GDP has also been increasing for a long time too. We are in bizarro-land, folks…
ParticipantIt’s even worse than the picture shows because government spending is included in GDP. So what you can’t see from that picture is that not only is Debt/GDP increasing, but government spending as a proportion of GDP has also been increasing for a long time too. We are in bizarro-land, folks…
ParticipantThere are lots of people in the restaurants here downtown and the condos are all still overpriced.
However there are new tent communities springing up everyday, and the people in them don’t look like the homeless I’m used to seeing down here (and I’ve lived here since 2001). More young people, more families with children.
So maybe everything is still peachy and these people were already living in tents but have relocated from somewhere else. Or maybe not. All I know is you won’t get the real answer from the media…
ParticipantThere are lots of people in the restaurants here downtown and the condos are all still overpriced.
However there are new tent communities springing up everyday, and the people in them don’t look like the homeless I’m used to seeing down here (and I’ve lived here since 2001). More young people, more families with children.
So maybe everything is still peachy and these people were already living in tents but have relocated from somewhere else. Or maybe not. All I know is you won’t get the real answer from the media…
ParticipantThere are lots of people in the restaurants here downtown and the condos are all still overpriced.
However there are new tent communities springing up everyday, and the people in them don’t look like the homeless I’m used to seeing down here (and I’ve lived here since 2001). More young people, more families with children.
So maybe everything is still peachy and these people were already living in tents but have relocated from somewhere else. Or maybe not. All I know is you won’t get the real answer from the media…
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