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July 18, 2006 at 3:09 PM in reply to: US Dollar Held Up by Confidence, Not Reality: Peter Schiff #28746waiting hawkParticipant
1) Who ultimately holds all the debt? Chinese Bond holders? American Bond holders? Banks? Mortgage Companies? To put it another way what nations and institutions would be most stressed?
All of them, probably the foreign banks would be most upset if it “did” meltdown and our US dollar took a dive.
2) What happens when a homeowner who is significantly upside-down (let’s say $75k) declares bankruptcy? With the new bankruptcy laws is he/she likely to be told by the court “you will need to keep paying on this?”
If people do not refinance they can walk away from the home without recourse except on credit. Once they refi or HELOC (home equity line of credit-home ATM), banks can take them to court and actually have peoples wages garnished to where you can never get rid of it like taxes.
3) Tell me anything of interest about the financial ripples of a meltdown.
A meltdown in homes where you could pick them up for 100k means that 80% on this board would be jobless and paying 400% more in necessary consumption goods (energy, food, and gas). A price reduction and small recession would be ok but a meltdown I do not hope for.
waiting hawkParticipantGOOD IDEAS!!!!!!!!!!
My plan is:
Depending on how far the market comes down, we will buy a property (probably not in the end of cycle cause impatient wife) and put 40%-50% down. We will buy a foreclosure and not use a realtor. If the market drops even further in 4-5 years then we will gain a realtor and buy a larger home and rent out the first. I will not have raw land this time in another bubble (balloon whatever masses want to call it). Realtors are not bad and you need them on certain aspects for sure. I will use one on a second property due to better negotiation because I don’t think our second home will be a foreclosure. I WILL always use one to sell. When I sold my property, I would’ve NEVER sold it on my own. My realtor form Century 21 T/C found one buyer. ONLY ONE even called btw after 30% price drop selling for 50% less than 20 parcels away. Selling I believe they are needed the most (that’s my view of course). Pays to have one on the selling side because who else would sit in an open house all day reading a book for free or deal with low ball buyers 🙂 (not me)If market does not drop far then we will just buy and pay the one place off within 5-8 years and not sell at a later bubble. I just can’t stand owing anyone $1.00
waiting hawkParticipantAdvice for first time buyer, thanks:
Easy DONT BUY!!If you have to buy, go buy a foreclosure and try to deal with the bank directly to cut out a realtor (nothing against em. SD) and have the bank pay all closing cost if you finance through them. Try to make a deal best as possible.
July 18, 2006 at 11:46 AM in reply to: US Dollar Held Up by Confidence, Not Reality: Peter Schiff #28724waiting hawkParticipantMultiple bids for rentals lol. Hey you never know. Hope the sellers saw that. I have some money in gold but I would like Chris to jump on and tell us which foreign investment would be really really be safe so I can park my ING cd out of the dollar. I do not like how the fed measures inflation and believe they are way way off. Only +.2 CPI for June? No way… If they included energy and housing (not rents) then it would be way higher. Where has MR. Chris been?
July 18, 2006 at 11:34 AM in reply to: US Dollar Held Up by Confidence, Not Reality: Peter Schiff #28722waiting hawkParticipantI was on his July 12th’s radio brodcast lol. If you listen to it you will know which I was. I couldnt shut up.
http://www.europac.net/radioshow_archives.aspJuly 18, 2006 at 10:28 AM in reply to: 1 New Foreclosure Filing for every 438 households in Riverside #28706waiting hawkParticipantJuly 18, 2006 at 10:17 AM in reply to: 1 New Foreclosure Filing for every 438 households in Riverside #28699waiting hawkParticipant7-13-06…1 in 14.2 homes for sale are bank owned at the moment in city of Temecula per http://www.realitytrac.com. 102 Bank owned/1453 for sale per Zipreality.
waiting hawkParticipantThx PS,
I posted an extensive post on OC Registers blog about how more $7.00-$10.00 an hour jobs were not going to help this market. So the job growth is a joke unless they are adding tons of double paying jobs. They still have not posted it yet or I would’ve sent a link.waiting hawkParticipantnaw man pay it off. Rent it to someone else when you want another place and sell it in the next bubble. This is not once in a lifetime. Plus, kinda late to sell. I read an article about long beach and stuff is sittin.
waiting hawkParticipantYa I hear ya Tone,
There is no way (in my view) that South Riverside county can ever be in the same realm as OC, but never know. If OC falls into the ocean and they gain ocean front properties that will do it 🙂 That area is still building at an alarming rate and will over build like Inland Empire did in 1990’s.waiting hawkParticipantyou know theres a bubble popping when…..
you run over a Century 21 sign in the middle of the street.
waiting hawkParticipantI was in PC Club buying new mother board and stuff. We were talking about how the prices for LCD screens and DVD burners are now SO cheap. He said “way too much competition”, I said “ya like housing is now”, and He said “you’re a sucker to buy right now”. Damn even the guy behind the counter at PC Club knows better. Good grief Charlie Brown. Thanks for the comment on my site SD. It’s all doom and gloom but it’s true.
Nobody threw me a LOL when I posted this though 🙁
waiting hawkParticipantmydogsarelazy,
This site is right in ur neck of the woodswaiting hawkParticipant“Kinda like Bush’s poll numbers finally plummenting after all his years of incompetence.”
Interesting cause I fliped floped. Bush sucks imo and cant wait till he goes. Comin from a republican. Democrates are going to take a lot of the house coming up.
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