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August 29, 2007 at 11:40 AM in reply to: Why is Texas dirt cheap compared to California for real estate? #82409August 28, 2007 at 6:23 PM in reply to: Nasty day at the stock market today. Dow lost nearly 300 pts…. #82300
hipmatt
ParticipantCan someone explain to me how lowering the fed funds rate again could strengthen the dollar?
Participantjust signed.. thanks for the link, home it works!!
…edit..
not only did I sign, I created an email that I sent to many of my contacts… here it is..http://www.petitiononline.com/bailout/petition.html
Hello.. I don’t usually forward political emails or spam, but I really feel that this issue is important. There is already talk of a government sponsored “bail out” that would be unconstitutional as well as unethical.
If you believe that it is wrong for our government and the taxpayers to bail out irresponsible homeowners who bought more than they could afford, lied about their wages, took out too much home equity, and are now facing financial trouble, please read and sign the petition.
If you feel that it would be wrong if we bailed out the lenders, who are now struggling, because they loaned ridiculous amounts of money to just about anyone, regardless of the home price, their credit history, and lack of down payment, please sign this petition.
If during the last 5-10 years, you lived below your means, were financially responsible, and did your best to save up for a home that you could afford with a traditional mortgage, and now are priced out due to the rampant speculation, easy money home flippers, and loans that you could have gotten, but didn’t seem right, you need to sign this petition. If we let the government go on, it is possible that they will reward those who were irresponsible with money from many of us who have been responsible.
Please sign the petition, and forward this email to all the other hard working Americans you know, who wouldn’t want to reward those who risked the most.
Thanks, Matt
Here is a quick, recent story you can read to get a better idea of what some politicians are already talking about. http://www.nytimes.com/2007/08/28/business/28workout.html?pagewanted=2&_r=2&ref=business
Here are some of the things that others who signed the petition had to say…
-DON’T DO IT – IT IS UNFAIR TO THOSE LIKE ME WHO DIDN’T BUY WHAT WE KNEW WE COULDN’T AFFORD, AS MUCH AS WE WANT A HOME OF OUR OWN!! THE AMERICAN DREAM IS OUT OF REACH.
-I pay for my mistakes, let the lenders pay for their mistakes and not with my tax dollar!
-I is not the job of government to protect the interests of idiots who overborrowed or hedge funds who facilitated the credit extension to those who should never have been allowed to borrow. What took place was the financial equilivent of crack dealers peddling low cost crack to the dimwits. It is time the dimwits and financial crack dealers suffer together. The lessons learned will be far more beneficial to them in the long run than any legislation. If you pursue a bail out of any sort or authorized the shift of risk to the GSEs who have already proven to be incompentent, you will do great damage to this Country both short and long term. Think very carefully!
-the home flippers and bankers need to lie in their own bed
-Free market, means…FREE MARKET
-DON’T DO IT – IT IS UNFAIR TO THOSE LIKE ME WHO DIDN’T BUY WHAT WE KNEW WE COULDN’T AFFORD, AS MUCH AS WE WANT A HOME OF OUR OWN!! THE AMERICAN DREAM IS OUT OF REACH.
-House prices went up 100-200% but why it can not goes down?
-Lower house prices are good for first-time homebuyers and the economy as a whole. Let the correction run its course and don’t waste tax money on trying to stop it.
-In no case should any help go to these people who never looked at fundamentals or their ability to pay for these cardboard boxes.
-No to irresponsible lenders and borrowers. Capitalism without any financial failures is socialism – for the rich
-Just as it would have been foolish and counterproductive to bail out investors after the dot-com bubble burst, it is equally foolish and unwise to bail out home debtors after the housing bubble burst. Impose regulatory sanity at both the OFHEO and the Fed, prosecute the predatory lenders, and fix the mortgage system, but don’t throw away (the public’s) good money after bad on a doomed attempt to rescue insolvent debtors.
-Millions of American’s like me paid 12%-9% interest rates for over 20 years. We put 10%-20% down and bought small affordable homes. How dare Congress reward people for living beyond their means!!! You did not bail out the millions of baby boomers who paid 9% interest rates but you want to bail out whinners who complain about having to pay 7%!!! ARM’s were free gifts to these people and now you want to call it “pretator lending”.!!!!! Give hard working American Taxpayers who have no debt a tax-break rather than reward those who live beyond their means!!!!!
-As someone who is and has always been responsible for my own debts I resent my tax money being used in yet another way which coddles the people whose greed caused this debacle.
-Bailing out sends the wrong message to borrowers and lenders and will only ensure that this happens again and again.
ParticipantAlex, just to inform you.. the so called “crisis” you are referring to was happening from about 2001-2006. This is when lenders would loan more money than would be logical to buyers who probably shouldn’t be getting home loans in the first place. HELOCS were given up to 100% LTV. Instead of proving you made a big salary you could just “state” any amount you wanted. The era of the negative savings rate was born and embraced in America. It became trendy to live well above your means. This made things look good(on wall street), and it made people feel rich, but like many here have fore casted, this couldn’t last forever. This is likely the crisis, the completely irrational, irresponsible, ill-regulated, and out of control credit ORGY that has gotten us into this mess.
.. what you are seeing now is merely the correction, or the cleanup, or the … detox stage… for many, this will be uncomfortable to say the least. I say it is only a crisis to those who have partied too hard.
ParticipantAlex, just to inform you.. the so called “crisis” you are referring to was happening from about 2001-2006. This is when lenders would loan more money than would be logical to buyers who probably shouldn’t be getting home loans in the first place. HELOCS were given up to 100% LTV. Instead of proving you made a big salary you could just “state” any amount you wanted. The era of the negative savings rate was born and embraced in America. It became trendy to live well above your means. This made things look good(on wall street), and it made people feel rich, but like many here have fore casted, this couldn’t last forever. This is likely the crisis, the completely irrational, irresponsible, ill-regulated, and out of control credit ORGY that has gotten us into this mess.
.. what you are seeing now is merely the correction, or the cleanup, or the … detox stage… for many, this will be uncomfortable to say the least. I say it is only a crisis to those who have partied too hard.
ParticipantAlex, just to inform you.. the so called “crisis” you are referring to was happening from about 2001-2006. This is when lenders would loan more money than would be logical to buyers who probably shouldn’t be getting home loans in the first place. HELOCS were given up to 100% LTV. Instead of proving you made a big salary you could just “state” any amount you wanted. The era of the negative savings rate was born and embraced in America. It became trendy to live well above your means. This made things look good(on wall street), and it made people feel rich, but like many here have fore casted, this couldn’t last forever. This is likely the crisis, the completely irrational, irresponsible, ill-regulated, and out of control credit ORGY that has gotten us into this mess.
.. what you are seeing now is merely the correction, or the cleanup, or the … detox stage… for many, this will be uncomfortable to say the least. I say it is only a crisis to those who have partied too hard.
ParticipantIts going way higher too! … those counts are before the beginning of the credit crunch…. wait till FEB 08.. ouch
ParticipantIts going way higher too! … those counts are before the beginning of the credit crunch…. wait till FEB 08.. ouch
ParticipantIts going way higher too! … those counts are before the beginning of the credit crunch…. wait till FEB 08.. ouch
ParticipantBTW.. there are still plenty of nice rentals in TEM for under $1700
http://inlandempire.craigslist.org/apa/406086206.html
http://inlandempire.craigslist.org/apa/404187305.html
http://inlandempire.craigslist.org/apa/401623304.html
http://inlandempire.craigslist.org/apa/400242587.html
http://inlandempire.craigslist.org/apa/390026355.htmlAs far as when I’m planning.. I will definitely wait out this holiday season.. it should be bad(the most loan resets are coming).. from there I expect things to continue downward into early 2009… probably by then this housing slowdown will be old news and it will have lost its novelty, just like the past housing slowdowns. I am a pretty happy renter, and I can easily wait till 2009, but am prepared to go longer if necessary. I think you will easily find your 1800sqft home for under $280k if you can manage to hold out… good luck!
Great links Temecula guy, those prices are actually fair considering the rest of the market, and they will help bring down the comps even more, but I really expect them to go way lower.
ParticipantBTW.. there are still plenty of nice rentals in TEM for under $1700
http://inlandempire.craigslist.org/apa/406086206.html
http://inlandempire.craigslist.org/apa/404187305.html
http://inlandempire.craigslist.org/apa/401623304.html
http://inlandempire.craigslist.org/apa/400242587.html
http://inlandempire.craigslist.org/apa/390026355.htmlAs far as when I’m planning.. I will definitely wait out this holiday season.. it should be bad(the most loan resets are coming).. from there I expect things to continue downward into early 2009… probably by then this housing slowdown will be old news and it will have lost its novelty, just like the past housing slowdowns. I am a pretty happy renter, and I can easily wait till 2009, but am prepared to go longer if necessary. I think you will easily find your 1800sqft home for under $280k if you can manage to hold out… good luck!
Great links Temecula guy, those prices are actually fair considering the rest of the market, and they will help bring down the comps even more, but I really expect them to go way lower.
ParticipantBTW.. there are still plenty of nice rentals in TEM for under $1700
http://inlandempire.craigslist.org/apa/406086206.html
http://inlandempire.craigslist.org/apa/404187305.html
http://inlandempire.craigslist.org/apa/401623304.html
http://inlandempire.craigslist.org/apa/400242587.html
http://inlandempire.craigslist.org/apa/390026355.htmlAs far as when I’m planning.. I will definitely wait out this holiday season.. it should be bad(the most loan resets are coming).. from there I expect things to continue downward into early 2009… probably by then this housing slowdown will be old news and it will have lost its novelty, just like the past housing slowdowns. I am a pretty happy renter, and I can easily wait till 2009, but am prepared to go longer if necessary. I think you will easily find your 1800sqft home for under $280k if you can manage to hold out… good luck!
Great links Temecula guy, those prices are actually fair considering the rest of the market, and they will help bring down the comps even more, but I really expect them to go way lower.
ParticipantWhat to do? .. hmm RENT.. this is just the beginning of the clean up phase in Temecula. I’ve been here since 1990, and am a former RE agent. My advice, find a nice rental, and enjoy the show. It should be at least 2 years before hitting the bottom IMHO. There are many foreclosure, but the prices haven’t come down. I know of 2 foreclosures that have been sitting on the market for OVER 1 year, with no action. BTW there are many more foreclosures coming by the way people around here are talking. I know of a few people at work who are about to toss in their keys… and the neighbors across the street just tossed in theirs. Inventory is staggeringly high, and money is getting tougher to come by. Popular jobs up here (mainly RE related and construction related) are vanishing. The people that shouldn’t have bought a home are now learning why.
Honestly.. this is just the tip… TIP of the iceberg IMHO.. now I admit, I am a bit more bearish than some, but the TEM/MUR valley is a ticking time bomb… just imagine if gas was going up right now to make matters worse. The fact that gas has dropped since May is the only good news in this valley, as most that make a decent salary have a significant commute… ohh and they like their (Yellow) Hummers too.
ParticipantWhat to do? .. hmm RENT.. this is just the beginning of the clean up phase in Temecula. I’ve been here since 1990, and am a former RE agent. My advice, find a nice rental, and enjoy the show. It should be at least 2 years before hitting the bottom IMHO. There are many foreclosure, but the prices haven’t come down. I know of 2 foreclosures that have been sitting on the market for OVER 1 year, with no action. BTW there are many more foreclosures coming by the way people around here are talking. I know of a few people at work who are about to toss in their keys… and the neighbors across the street just tossed in theirs. Inventory is staggeringly high, and money is getting tougher to come by. Popular jobs up here (mainly RE related and construction related) are vanishing. The people that shouldn’t have bought a home are now learning why.
Honestly.. this is just the tip… TIP of the iceberg IMHO.. now I admit, I am a bit more bearish than some, but the TEM/MUR valley is a ticking time bomb… just imagine if gas was going up right now to make matters worse. The fact that gas has dropped since May is the only good news in this valley, as most that make a decent salary have a significant commute… ohh and they like their (Yellow) Hummers too.
ParticipantWhat to do? .. hmm RENT.. this is just the beginning of the clean up phase in Temecula. I’ve been here since 1990, and am a former RE agent. My advice, find a nice rental, and enjoy the show. It should be at least 2 years before hitting the bottom IMHO. There are many foreclosure, but the prices haven’t come down. I know of 2 foreclosures that have been sitting on the market for OVER 1 year, with no action. BTW there are many more foreclosures coming by the way people around here are talking. I know of a few people at work who are about to toss in their keys… and the neighbors across the street just tossed in theirs. Inventory is staggeringly high, and money is getting tougher to come by. Popular jobs up here (mainly RE related and construction related) are vanishing. The people that shouldn’t have bought a home are now learning why.
Honestly.. this is just the tip… TIP of the iceberg IMHO.. now I admit, I am a bit more bearish than some, but the TEM/MUR valley is a ticking time bomb… just imagine if gas was going up right now to make matters worse. The fact that gas has dropped since May is the only good news in this valley, as most that make a decent salary have a significant commute… ohh and they like their (Yellow) Hummers too.
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