[hipmatt]

Costco sales are actually down lately… they seem busy.. but because this is the end of the fiscal year and the managers are fighting to get their payroll bonuses… so they cut massive hours.. and then the store looks busy.. in reality there is less traffic, but less employees and open lines too.

Costco will always “look” busy even if the economy is slowing.. one reason is that they sell food, water, and consumer staples. The other and possibly more important is that Costco is constantly adjusting their workforce in regards to sales volume, door counts, and average shop price. They will always seem busy because they are too efficient to have employees standing around if unnecessary.

[hipmatt]

Costco sales are actually down lately… they seem busy.. but because this is the end of the fiscal year and the managers are fighting to get their payroll bonuses… so they cut massive hours.. and then the store looks busy.. in reality there is less traffic, but less employees and open lines too.

Costco will always “look” busy even if the economy is slowing.. one reason is that they sell food, water, and consumer staples. The other and possibly more important is that Costco is constantly adjusting their workforce in regards to sales volume, door counts, and average shop price. They will always seem busy because they are too efficient to have employees standing around if unnecessary.

[hipmatt]

Costco sales are actually down lately… they seem busy.. but because this is the end of the fiscal year and the managers are fighting to get their payroll bonuses… so they cut massive hours.. and then the store looks busy.. in reality there is less traffic, but less employees and open lines too.

Costco will always “look” busy even if the economy is slowing.. one reason is that they sell food, water, and consumer staples. The other and possibly more important is that Costco is constantly adjusting their workforce in regards to sales volume, door counts, and average shop price. They will always seem busy because they are too efficient to have employees standing around if unnecessary.

[hipmatt]

falcon eyes.. excellent article, and it is true that there are many parallels to the frenzy of 99-2006 in the USA.

[hipmatt]

falcon eyes.. excellent article, and it is true that there are many parallels to the frenzy of 99-2006 in the USA.

[hipmatt]

falcon eyes.. excellent article, and it is true that there are many parallels to the frenzy of 99-2006 in the USA.

[hipmatt]

Chris S said:
I personally do not want to see people’s lives ruined who were tricked by dishonest people into the situations they are in.

.. dude I can see you not wanting bad things to happen to all the FBs out there, but when you say that they were “tricked” into the situations that they are in… it makes you look like an idiot. Why are you so quick to forgive the lack of responsibility, research, common sense, and thriftiness that anyone who buys a home should have. Anyone who practices any one or two of the preceding traits could have avoided the “crisis” they are facing now.

Many of those who are currently struggling to make the 100% financed mortgage on their MCMansion are doing so due to greed, pride, and complete recklessness in regards to spending and the responsibilities that come with taking on debt.

If someone told you that you can afford a 500k home on 70k per year with 0 down, and you believed them … that’s not being tricked.. that many other things.

The problem is that these actions did help ruin things for those who are responsible in life with their money, and possibly for our childrens, and now with the fed preparing for an attempted bailout of the markets, so as to lessen the blow to those who risked the most, we may all pay in the form of higher inflation.

I don’t want our economic system to “tank”, but it would be nice to have an economic system where people are rewarded for saving money, housing prices appreciate, yet are stable and affordable, and food and energy doesn’t double in price every 4 years. It also wouldn’t hurt to see the most irresponsible banks/lenders/borrowers be taught a lesson.

[hipmatt]

Chris S said:
I personally do not want to see people’s lives ruined who were tricked by dishonest people into the situations they are in.

.. dude I can see you not wanting bad things to happen to all the FBs out there, but when you say that they were “tricked” into the situations that they are in… it makes you look like an idiot. Why are you so quick to forgive the lack of responsibility, research, common sense, and thriftiness that anyone who buys a home should have. Anyone who practices any one or two of the preceding traits could have avoided the “crisis” they are facing now.

Many of those who are currently struggling to make the 100% financed mortgage on their MCMansion are doing so due to greed, pride, and complete recklessness in regards to spending and the responsibilities that come with taking on debt.

If someone told you that you can afford a 500k home on 70k per year with 0 down, and you believed them … that’s not being tricked.. that many other things.

The problem is that these actions did help ruin things for those who are responsible in life with their money, and possibly for our childrens, and now with the fed preparing for an attempted bailout of the markets, so as to lessen the blow to those who risked the most, we may all pay in the form of higher inflation.

I don’t want our economic system to “tank”, but it would be nice to have an economic system where people are rewarded for saving money, housing prices appreciate, yet are stable and affordable, and food and energy doesn’t double in price every 4 years. It also wouldn’t hurt to see the most irresponsible banks/lenders/borrowers be taught a lesson.

[hipmatt]

Chris S said:
I personally do not want to see people’s lives ruined who were tricked by dishonest people into the situations they are in.

.. dude I can see you not wanting bad things to happen to all the FBs out there, but when you say that they were “tricked” into the situations that they are in… it makes you look like an idiot. Why are you so quick to forgive the lack of responsibility, research, common sense, and thriftiness that anyone who buys a home should have. Anyone who practices any one or two of the preceding traits could have avoided the “crisis” they are facing now.

Many of those who are currently struggling to make the 100% financed mortgage on their MCMansion are doing so due to greed, pride, and complete recklessness in regards to spending and the responsibilities that come with taking on debt.

If someone told you that you can afford a 500k home on 70k per year with 0 down, and you believed them … that’s not being tricked.. that many other things.

The problem is that these actions did help ruin things for those who are responsible in life with their money, and possibly for our childrens, and now with the fed preparing for an attempted bailout of the markets, so as to lessen the blow to those who risked the most, we may all pay in the form of higher inflation.

I don’t want our economic system to “tank”, but it would be nice to have an economic system where people are rewarded for saving money, housing prices appreciate, yet are stable and affordable, and food and energy doesn’t double in price every 4 years. It also wouldn’t hurt to see the most irresponsible banks/lenders/borrowers be taught a lesson.

[hipmatt]

4runner, thats an excellent point, I can see that theory making sense, and I can see how so many up here would practice it. after all, no one here wants to look desperate, and before you know it they have bailed out of the neighborhood when the home goes into foreclosure and they don’t have to face as much shame.

One of the guys I know that is going into foreclosure told me his story. He and the wife make about 100k per year combined income. Bought his home for around 250k-300k new.. as it appreciated he refied the heck out of it, and HELOC’ed it, bought and sold a number of cars/suvs, then bought a big dually diesel truck (60+k) and a big toybox(60+k), then bought quads, dirtbikes/riding gear for the whole family(25+k). A year or two later and he realizes that he can’t afford all these payments. He decides to try to sell the house. He moves his family out to a rental. The house has been listed for about 6 months… no takers. Three wimpy price reductions later and no dice.. he has now stopped paying the mortgage, and has come to terms with foreclosure. In fact, it doesn’t even seem to bother him in the least..

he puts it like this.. “the worst part of it is that I will have a ding on my credit, oh well, the cool part is that we love our rental, and I get to keep all the toys.” I told him, yeah, in this country, your credit will be good enough to allow you to do the same thing again in a few years.

Point of my story.. banks and lenders are so stupid to allow these crazy loans and HELOCs up to 100%LTV. There is no way that they know if the home owner is going to put the money into the home. In this case, they have no rights to anything that he purchased with the home equity line. The only collateral they have is the home, which is now worth much less than the total of all the loans. I suspect there are many more like this guy.

[hipmatt]

4runner, thats an excellent point, I can see that theory making sense, and I can see how so many up here would practice it. after all, no one here wants to look desperate, and before you know it they have bailed out of the neighborhood when the home goes into foreclosure and they don’t have to face as much shame.

One of the guys I know that is going into foreclosure told me his story. He and the wife make about 100k per year combined income. Bought his home for around 250k-300k new.. as it appreciated he refied the heck out of it, and HELOC’ed it, bought and sold a number of cars/suvs, then bought a big dually diesel truck (60+k) and a big toybox(60+k), then bought quads, dirtbikes/riding gear for the whole family(25+k). A year or two later and he realizes that he can’t afford all these payments. He decides to try to sell the house. He moves his family out to a rental. The house has been listed for about 6 months… no takers. Three wimpy price reductions later and no dice.. he has now stopped paying the mortgage, and has come to terms with foreclosure. In fact, it doesn’t even seem to bother him in the least..

he puts it like this.. “the worst part of it is that I will have a ding on my credit, oh well, the cool part is that we love our rental, and I get to keep all the toys.” I told him, yeah, in this country, your credit will be good enough to allow you to do the same thing again in a few years.

Point of my story.. banks and lenders are so stupid to allow these crazy loans and HELOCs up to 100%LTV. There is no way that they know if the home owner is going to put the money into the home. In this case, they have no rights to anything that he purchased with the home equity line. The only collateral they have is the home, which is now worth much less than the total of all the loans. I suspect there are many more like this guy.

[hipmatt]

4runner, thats an excellent point, I can see that theory making sense, and I can see how so many up here would practice it. after all, no one here wants to look desperate, and before you know it they have bailed out of the neighborhood when the home goes into foreclosure and they don’t have to face as much shame.

One of the guys I know that is going into foreclosure told me his story. He and the wife make about 100k per year combined income. Bought his home for around 250k-300k new.. as it appreciated he refied the heck out of it, and HELOC’ed it, bought and sold a number of cars/suvs, then bought a big dually diesel truck (60+k) and a big toybox(60+k), then bought quads, dirtbikes/riding gear for the whole family(25+k). A year or two later and he realizes that he can’t afford all these payments. He decides to try to sell the house. He moves his family out to a rental. The house has been listed for about 6 months… no takers. Three wimpy price reductions later and no dice.. he has now stopped paying the mortgage, and has come to terms with foreclosure. In fact, it doesn’t even seem to bother him in the least..

he puts it like this.. “the worst part of it is that I will have a ding on my credit, oh well, the cool part is that we love our rental, and I get to keep all the toys.” I told him, yeah, in this country, your credit will be good enough to allow you to do the same thing again in a few years.

Point of my story.. banks and lenders are so stupid to allow these crazy loans and HELOCs up to 100%LTV. There is no way that they know if the home owner is going to put the money into the home. In this case, they have no rights to anything that he purchased with the home equity line. The only collateral they have is the home, which is now worth much less than the total of all the loans. I suspect there are many more like this guy.

[hipmatt]

sd realtor, do you think the buyers of your deal using CFC at 100% financing will be a FB as well?

[hipmatt]

sd realtor, do you think the buyers of your deal using CFC at 100% financing will be a FB as well?

[hipmatt]

sd realtor, do you think the buyers of your deal using CFC at 100% financing will be a FB as well?

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