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FormerOwner
ParticipantIt’s got to be something energy or transportation related; those are the Achilles heels of our civilization.
Here are some ideas:
1-Nuclear power
2-High speed rail systems
3-Solar panels for housesParticipantsnail,
Did you attend the auction? How did it go?
Participantsnail,
Did you attend the auction? How did it go?
Participantsnail,
Did you attend the auction? How did it go?
ParticipantIt’s happening already. From what I’ve observed, the only homes that are actually selling are the ones that are way under last year’s prices. All the others just sit on the market.
I think a lot of the banks don’t want to lower the comps in the neigborhoods because they know that the rest of their 100% financed borrowers will then have no hope of refinancing and would have a high probability of walking away. Corporate America runs on short-term profitability, so I think the lenders know they are just pushing the inevitable losses into the future by listing the REO’s high and letting them stagnate on the market. Little by little, some banks sell houses at what the market will bear and the comps get lower each time that happens. At some point, the banks will have to unload these places en masse unless they want to become landlords for a long time!
ParticipantIt’s happening already. From what I’ve observed, the only homes that are actually selling are the ones that are way under last year’s prices. All the others just sit on the market.
I think a lot of the banks don’t want to lower the comps in the neigborhoods because they know that the rest of their 100% financed borrowers will then have no hope of refinancing and would have a high probability of walking away. Corporate America runs on short-term profitability, so I think the lenders know they are just pushing the inevitable losses into the future by listing the REO’s high and letting them stagnate on the market. Little by little, some banks sell houses at what the market will bear and the comps get lower each time that happens. At some point, the banks will have to unload these places en masse unless they want to become landlords for a long time!
ParticipantIt’s happening already. From what I’ve observed, the only homes that are actually selling are the ones that are way under last year’s prices. All the others just sit on the market.
I think a lot of the banks don’t want to lower the comps in the neigborhoods because they know that the rest of their 100% financed borrowers will then have no hope of refinancing and would have a high probability of walking away. Corporate America runs on short-term profitability, so I think the lenders know they are just pushing the inevitable losses into the future by listing the REO’s high and letting them stagnate on the market. Little by little, some banks sell houses at what the market will bear and the comps get lower each time that happens. At some point, the banks will have to unload these places en masse unless they want to become landlords for a long time!
ParticipantI was also 1/2 kidding – the last part anyway. This all just shows to go ya how upside down things are these days. There’s some truth in almost everything.
ParticipantI was also 1/2 kidding – the last part anyway. This all just shows to go ya how upside down things are these days. There’s some truth in almost everything.
ParticipantI was also 1/2 kidding – the last part anyway. This all just shows to go ya how upside down things are these days. There’s some truth in almost everything.
Participantirvinesinglemom,
Don’t despair; not ALL guys in So Cal are superficial. You sound perfect. I’m happily married but I’m sure there are a few decent single guys still out there, but I agree they’re probably the minority nowadays. By they way, if I thought you were a lesbian that would make me even more interested!
Participantirvinesinglemom,
Don’t despair; not ALL guys in So Cal are superficial. You sound perfect. I’m happily married but I’m sure there are a few decent single guys still out there, but I agree they’re probably the minority nowadays. By they way, if I thought you were a lesbian that would make me even more interested!
Participantirvinesinglemom,
Don’t despair; not ALL guys in So Cal are superficial. You sound perfect. I’m happily married but I’m sure there are a few decent single guys still out there, but I agree they’re probably the minority nowadays. By they way, if I thought you were a lesbian that would make me even more interested!
ParticipantI’ve heard from a couple of friends that people are starting to “get smart” about this whole loan debacle. They put their house on the market for what it would take to pay off the loan(s) and if it doesn’t sell after a few months, they stop making payments and live rent free until they are forced to move out – at least 6 or 7 months. They are able to save $$ on living expenses during those months – I’m assuming they shut off their sprinker systems in addition to not paying their mortgage. From what I understand, “purchase” loans are non-recourse; the only thing that will happen to these people by walking away is bad credit. However, with refinance loans banks have recourse to get a judgement against the borrower to compensate the bank for their loss. For people that didn’t refinance and are underwater, Cramer is probably right that they should just walk away.
For those that refinanced, things are much worse in my opinion and those people probably should look into filing for bankruptcy. It would be up to the lenders to decide whether it’s worth going after them to get the $$ back.
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