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October 10, 2007 at 12:03 PM in reply to: So you still think that a 50% correction or more is crazy??? #87831
bsrsharma
Participantall houses are suddenly getting more affordable at the same time.
Some people consider it as becoming less "Wealthy". Since most of the national "Wealth" is home equity, cutting it by a factor of two or more can have strange psychological effect on who we are and how well we are. This is what economists are afraid of. Fear of "Poverty" can produce some bad effects like real poverty. Just the opposite of the “Wealth Effect”
October 10, 2007 at 12:03 PM in reply to: So you still think that a 50% correction or more is crazy??? #87835Participantall houses are suddenly getting more affordable at the same time.
Some people consider it as becoming less "Wealthy". Since most of the national "Wealth" is home equity, cutting it by a factor of two or more can have strange psychological effect on who we are and how well we are. This is what economists are afraid of. Fear of "Poverty" can produce some bad effects like real poverty. Just the opposite of the “Wealth Effect”
October 10, 2007 at 11:47 AM in reply to: So you still think that a 50% correction or more is crazy??? #87821ParticipantThis is from Michigan; but I am not conviced it can’t happen in California or SD.
——————————————————-The Flint Journal from Michigan. “Kevin and Kassie Gast listed their four-bedroom home in Grand Blanc’s tony Kirkridge Hills subdivision last July for $267,000.”
“When it didn’t sell in three months, they repainted and recarpeted, and lowered the price to $230,000, then to $220,000 and again to $203,000. Finally, in July they slashed it to $199,000.”
“No luck yet. ‘I haven’t received a single offer,’ said Kevin Gast, who moved from the area with his family to work.”
“Gast might have to lower his asking price even more to compete in today’s local housing market. During the past year, the average sale price of homes has dropped in every school district in Genesee County, according to a new survey by the Flint Area Association of Realtors.”
“There are more than 8,000 homes for sale across the county, a number that’s been climbing by about 1,000 each year for the past three years. Real estate agents say a whopping 45 percent of area homes for sale are foreclosures, the bulk of them in Flint. Agents said banks are accepting offers so low they are driving down the price of other homes.”
“Gast said he’s willing to take a hit in the pocketbook just to unload his 2,800-square-foot home, which he bought seven years ago for $215,000.”
October 10, 2007 at 11:47 AM in reply to: So you still think that a 50% correction or more is crazy??? #87824ParticipantThis is from Michigan; but I am not conviced it can’t happen in California or SD.
——————————————————-The Flint Journal from Michigan. “Kevin and Kassie Gast listed their four-bedroom home in Grand Blanc’s tony Kirkridge Hills subdivision last July for $267,000.”
“When it didn’t sell in three months, they repainted and recarpeted, and lowered the price to $230,000, then to $220,000 and again to $203,000. Finally, in July they slashed it to $199,000.”
“No luck yet. ‘I haven’t received a single offer,’ said Kevin Gast, who moved from the area with his family to work.”
“Gast might have to lower his asking price even more to compete in today’s local housing market. During the past year, the average sale price of homes has dropped in every school district in Genesee County, according to a new survey by the Flint Area Association of Realtors.”
“There are more than 8,000 homes for sale across the county, a number that’s been climbing by about 1,000 each year for the past three years. Real estate agents say a whopping 45 percent of area homes for sale are foreclosures, the bulk of them in Flint. Agents said banks are accepting offers so low they are driving down the price of other homes.”
“Gast said he’s willing to take a hit in the pocketbook just to unload his 2,800-square-foot home, which he bought seven years ago for $215,000.”
ParticipantHow can you find out what the current potential bills that congress is reviewing based on this housing mess?
Goto http://thomas.loc.gov/ and type 'subprime' in search field (for example) and search for bills referring to subprime.
This is for ‘subprime’
17 Bills from the 110th Congress ranked by relevance on “subprime “.
17 bills containing your phrase exactly as entered.——————————————————————————–
Listing of 17 bills containing your phrase exactly as entered.
1 . Predatory Mortgage Lending Practices Reduction Act (Introduced in House)[H.R.2061.IH]
2 . Homebuyer’s Protection Act of 2007 (Introduced in House)[H.R.3535.IH]
3 . Protecting Access to Safe Mortgages Act (Introduced in Senate)[S.2036.IS]
4 . Fair Mortgage Practices Act of 2007 (Introduced in House)[H.R.3012.IH]
5 . Financial Literacy for Homeowners Act (Introduced in House)[H.R.3133.IH]
6 . STOP FRAUD Act (Introduced in Senate)[S.1222.IS]
7 . Foreclosure Prevention and Homeownership Protection Act (Introduced in House)[H.R.3666.IH]
8 . Expand and Preserve Home Ownership Through Counseling Act (Introduced in House)[H.R.3019.IH]
9 . Expanding American Homeownership Act of 2007 (Reported in House)[H.R.1852.RH]
10 . Federal Housing Finance Reform Act of 2007 (Introduced in House)[H.R.1427.IH]
11 . Expanding American Homeownership Act of 2007 (Referred to Senate Committee after being Received from House)[H.R.1852.RFS]
12 . Expanding American Homeownership Act of 2007 (Engrossed as Agreed to or Passed by House)[H.R.1852.EH]
13 . Federal Housing Finance Reform Act of 2007 (Reported in House)[H.R.1427.RH]
14 . Federal Housing Finance Reform Act of 2007 (Engrossed as Agreed to or Passed by House)[H.R.1427.EH]
15 . Federal Housing Finance Reform Act of 2007 (Referred to Senate Committee after being Received from House)[H.R.1427.RFS]
16 . Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2008 (Engrossed Amendment as Agreed to by Senate)[H.R.3074.EAS]
17 . Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2008 (Public Print)[H.R.3074.PP]ParticipantHow can you find out what the current potential bills that congress is reviewing based on this housing mess?
Goto http://thomas.loc.gov/ and type 'subprime' in search field (for example) and search for bills referring to subprime.
This is for ‘subprime’
17 Bills from the 110th Congress ranked by relevance on “subprime “.
17 bills containing your phrase exactly as entered.——————————————————————————–
Listing of 17 bills containing your phrase exactly as entered.
1 . Predatory Mortgage Lending Practices Reduction Act (Introduced in House)[H.R.2061.IH]
2 . Homebuyer’s Protection Act of 2007 (Introduced in House)[H.R.3535.IH]
3 . Protecting Access to Safe Mortgages Act (Introduced in Senate)[S.2036.IS]
4 . Fair Mortgage Practices Act of 2007 (Introduced in House)[H.R.3012.IH]
5 . Financial Literacy for Homeowners Act (Introduced in House)[H.R.3133.IH]
6 . STOP FRAUD Act (Introduced in Senate)[S.1222.IS]
7 . Foreclosure Prevention and Homeownership Protection Act (Introduced in House)[H.R.3666.IH]
8 . Expand and Preserve Home Ownership Through Counseling Act (Introduced in House)[H.R.3019.IH]
9 . Expanding American Homeownership Act of 2007 (Reported in House)[H.R.1852.RH]
10 . Federal Housing Finance Reform Act of 2007 (Introduced in House)[H.R.1427.IH]
11 . Expanding American Homeownership Act of 2007 (Referred to Senate Committee after being Received from House)[H.R.1852.RFS]
12 . Expanding American Homeownership Act of 2007 (Engrossed as Agreed to or Passed by House)[H.R.1852.EH]
13 . Federal Housing Finance Reform Act of 2007 (Reported in House)[H.R.1427.RH]
14 . Federal Housing Finance Reform Act of 2007 (Engrossed as Agreed to or Passed by House)[H.R.1427.EH]
15 . Federal Housing Finance Reform Act of 2007 (Referred to Senate Committee after being Received from House)[H.R.1427.RFS]
16 . Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2008 (Engrossed Amendment as Agreed to by Senate)[H.R.3074.EAS]
17 . Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2008 (Public Print)[H.R.3074.PP]Participantwhat kind of solution is this
Voter friendly! Custom tailored for 2008.
But I will ask you a puzzle: If you are a homeowner in a neighborhood with many ARMed homes, would you rather have them all foreclosed and make a dump of your home value or have a bank go under and screw some dumbvestors in France or Kangaroo land? Note: I didn’t even use the word ‘Voters’ in my question.
Participantwhat kind of solution is this
Voter friendly! Custom tailored for 2008.
But I will ask you a puzzle: If you are a homeowner in a neighborhood with many ARMed homes, would you rather have them all foreclosed and make a dump of your home value or have a bank go under and screw some dumbvestors in France or Kangaroo land? Note: I didn’t even use the word ‘Voters’ in my question.
October 10, 2007 at 7:18 AM in reply to: Debt Forgiveness Act (AKA screw those who sell their second home Act) #87726ParticipantWhat population (both in numbers as well as % of voters) owns second homes that may be subject to this rule? I don’t think that would be very large, since the bill seems to be sailing through the House & Senate pretty smoothly. There wasn’t even much of a debate, no threats of amendments, filibusters, vetoes .. nothing. So politically, this must be very popular & safe.
October 10, 2007 at 7:18 AM in reply to: Debt Forgiveness Act (AKA screw those who sell their second home Act) #87731ParticipantWhat population (both in numbers as well as % of voters) owns second homes that may be subject to this rule? I don’t think that would be very large, since the bill seems to be sailing through the House & Senate pretty smoothly. There wasn’t even much of a debate, no threats of amendments, filibusters, vetoes .. nothing. So politically, this must be very popular & safe.
Participant1st generation American (F.O.B.)?
Funny & beautiful at the same time. FOB considered 1st generation "American". Don’t you have to wait till he/she swears Oath of Allegiance to call him American?
Participant1st generation American (F.O.B.)?
Funny & beautiful at the same time. FOB considered 1st generation "American". Don’t you have to wait till he/she swears Oath of Allegiance to call him American?
Participantkewp: That would have been good advice 5 years back (but buying RE would have been a better advice, provided you sold 2 years back!). But going forward, say 5 -10 years, do you think Canada is sufficiently decoupled from US to survive a USD fall without CAN $ falling in tandem? I don’t think Canadian economy can survive without a friendly trading regime in US. I think when USD falls a lot, Canadian $ has to fall to survive. The 3000 mile long (and 100 mile wide) hip is hard to separate.
Participantkewp: That would have been good advice 5 years back (but buying RE would have been a better advice, provided you sold 2 years back!). But going forward, say 5 -10 years, do you think Canada is sufficiently decoupled from US to survive a USD fall without CAN $ falling in tandem? I don’t think Canadian economy can survive without a friendly trading regime in US. I think when USD falls a lot, Canadian $ has to fall to survive. The 3000 mile long (and 100 mile wide) hip is hard to separate.
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