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You know, I think this whole BS about non financially savvy borrowers are the only ones going to default … is total BS. I have excellent credit, and I can read and read fine print and make sense of it all … even when the crooked realtor is trying to distract me … and I am acutely aware of how worthless my 720+ credit is. Ok fine not worthless … but I never plan to get a car loan, never plan to get any more credit cards, in fact I only use the 1 or 2 where I have incentives, and if I go under on my house for say 100,000 I will never buy another for 10+ years and I will have no problem walking away … especially if I feel its going to go down even more. Heck, with my life the way it is, 10K loss is enough for me to take my credit and run.
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Its a phenomenon where builders build on the cheapest, shittiest and lousiest land they can buy and they put in the mandatory brick here and dramatic entryway and what not and charge an arm and a leg. mean while you’re commuting to work 100 miles on a 1 lane roads with the 10,000 other Idiots thinking man we are so cool, we are homeowners. There is such peace and quiet in our neighborhood, right after all the construction equipment and what ever leaves … like that will ever happen … 20 years. On a related note, anyone need a front end loader … if you know how to hot wire one, and where the diesel goes, its yours … atleast till you knock over the overhead power lines and shut off a whole section of the country … then you hide in the darkness.
Its happening in Charlotte NC as well, and the further away it is, the more useless crap is there in it and more it costs. I mean square footage has a function. You can atleast use it, or have it when family wants to visit and stay for months … like injun families do … after spending 1500 per head on tickets, stay for 6 months is what I say so we are sick of you … and you can do it again next year … :)).
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Piece of Crap.
How about over priced piece of crap.
Or, how about Over priced piece of crap far far away from job centers and no redemming qualities what so ever.
Or try this … worthless.
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Paint and plant fruit trees in the rental. Your owner will love you for it and you get to enjoy it for the time you are there. When you leave, the karma will follow you.
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Ohio is one of those states that used to be an industrial hot spot in the 60’s and 70’s. So a lot of older people lived and worked there. Now they are retiring and getting out, presumably to FL. Of course some of them cant sell and there fore cant buy in FL, the rest have sold or listed it and bought elsewhere anyway …
If CA crashes hard and fast and starts to recover before 2010 – 2011 it will have some semblence of recovery going before Ohio and michigan’s problem repeats itself. If not, its going to be a looooong 30 or 40 years and the landscape of real estate is going to be changed for ever (and I dont mean a “permanently high plateau” either) baby boomers retire and dump their built in the 70’s crap in record numbers on the market. Prices drop and still most of that crap doesn’t sell. RE depression spreading to the whole market. we slowly start making more of the things we need instead of buying it off china cos cost of living has dropped here and slowly everything starts selling but at a much much lower price.
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Bob007: CA has lost high tech and medium tech and call center jobs to India and china. Its michigan in a few years. Ohio is michigan in 1-2 years. CA is 3-5 years.
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JG: What do you use to trade. ETrade or ameritrade or any other. I will ahve to cos I already own a house and I am deluding myself that I will not go under since I ahve paid off like 30% of the original purchase price which was very very low IMHO. But if I do … I am trying to hedge my bets.
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Oh yea, I guess those bonds are going to sell like hotcakes and make a lot of money for the ones buying them. You guessed it, old people and retirement savers are going to once again be shafted.
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Oh professional help … here it is …
Bring a large suitcase filled with large bills to your closing table. Needless to say you advertise that fact and dont record it in the sale. Your buyer leaves with that suitcase full of case and the house which you are upside down in … only to shaft the new bank tommorow. Then you both go to Jail, but hey pretty boi casey serin will be waiting with his sweet mouth and a romantic dinner.
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Charlotte NC is also inflate the bubble.
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SDR: Right, they like CA and in fact they like total foreigners. Maybe true northerners they may hate. But no idea.
DCR: Isn’t that insane. Charlotte never had a bubble but looks like one is popping. Thanks to beazer in part. But get this though, I was looking for foreclosures a few years ago, 02-03 in fact. And I must ahve seen 50 of them, if not in person, on paper/GIS etc. And 1 of those was worth making an offer on just based on 1 fact. It wasn’t under power lines. I dunno, maybe 20% of developments are under power lines … but 90% of foreclosures are under power lines. Now in 2003 I went to 13 beazer developments. Except 3 all were under power lines. Somehow builders can build and sell under power lines, and no one that buys one is able to. These beazer ones that have been named are all under power lines.
Now here is what people haven’t realised. If you start seeing this in the entry level market, guess what, its going to kill the move up, and eventually kill the entire market. They like to point and laugh and say we live in this 400K shea Piece of crap, we are above that. we’ll never get affected. BS.
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They may be right in blaming Greenspan but I’d say that is one lousy way to start a bailout bill. I’d say Greenspan has enough brains to deflect the blame and bury the stupid bill with fuzzy math.
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Most places outside of the south of charlotte aren’t overpriced IMHO. Ballantyne and weddington is the only region I’d say is over blown as a sorta rule. However D/T concord is very very hispanic and light industrial in nature. My mechanic, welder, as well as several other shops are there. Great place to get your car fixed for next to nothing, but I’d not neccesarily live there. Commute from there to charlotte isn’t too bad yet though. I’d pick say harrisburg over concord, but then again, I dont like old houses, the lead paint and asbestos are bad for my son. Land is nice, but you can get land a 100 ways around here.
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I know that its well known that most white people prefer mostly white neighborhoods … as an injun, ironically most of my compatriots I seem to find flock to mostly white neighborhoods. They want Injun and white, however what I have seen is … that creates an undesirability for whites (to a certain extent, dont want to get bogged down in this or that or get bashed for being racist or calling white people racist) and they slowly flee, making the neighborhood truly mixed race – again percentages, I know some people will not flee, and whatever. Essentially creating the exact scenario the injuns wanted to avoid. Ok see my final target … anyway, just an off color (no pun intended) observation. I dont live in a white+injun only neighborhood, and I dont care to live in one either. I fit right in with anyone that looks at everyone as people. AKA, the working class.
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Evidently from ~1.5 million in 2006 charlotte NC is going to grow to over 4.5 million in the next 20 years. All those people will be Illegal, so that this area will support itself on basis of that alone.
Yes … They were debating it on the radio.
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