Which Dallas suburb will die first? (Plano, McKinney: crime, mortgage, buying a house)

[zatires]

Originally Posted by bluescreen73

zatires - In the grand scheme of things, yes, it is a temporary situation. A VERY temporary one. This country survived the Great Depression, it will survive this, and I don't personally believe this will be anywhere near as bad as it was in the 1930's. Hell we're not even to double digit unemployment yet.

Of course we will survive this. And i think when all is over we will surface from this as a much stronger country, I don't doubt that.

But;

It will be very painful. Really painful.

The unemployment rate is not calculated the same as it was in the 30s. Right now the real unemployment is around 13%. And it is increasing rapidly. By the end of 09 it may very well be around 18-19%. Don't forget, the great depression lasted over 10 years. And unemployment did not shoot to 25% in one month or one year. It took a few years. As it will take a few years right now as well.

With the new government decided unemployment figures, we will be around 12-13% in 2010. But in real figures it will be much higher of course. You can find out how government calculates unemployment figures and see the grand scheme of things in that calculation

The current crisis is not just in the US, it is almost spread to each and every country globally. Some countries are not as much affected, but they will be.

The world population is growing rapidly, thus the world economies should also grow to be able to keep the balance (basic macro economics). But what is happening now is, the growth is halted, literally it is halted, and even worse is a shrinking economic environment is intact. Many countries are now shrinking, which starts an epidemic of imbalance. This is the biggest problem.

In our global economy, if you stop the growth the whole machine stops, and when the machine stops bad things happen. Such started, the unemployment is increasing etc. And it will not stop. Because business world follows the financial world a bit late, 6-9 months or so from behind. What happened 6-9 months back is now showing its effects. What is happening now will show its effects later this year. And when Bank Of America and Citibank and Bank of NY etc are being nationalized (i don't think they can let them fail) will show its ugly side 6 to 9 months later.

And the bank failures are nowhere near the end. The endgame for the banks will be JPM Chase, and that will be huge. Literally huge. Chase is the largest derivative contract holder of any US bank, I believe second to HSBC for the global scale. Such bank failures are happening in Europe as well. Barclay's will most likely be taken over by UK government, Deutsche Bank by Germany etc.

The financial system of the world is changing right now. And it will take some time for the whole system to change. And those changes will be with extremely rough times. The end result will be great IMO, it will be excellent and a better system. But until then...

[caligurltotx]

They just covered this last week on the local news but can't remember what suburb it was. They interviewed a lady that bought a new home expecting the area to develop more and grow and now it's like she lives in a ghost town. The builders halted everything so it's her house and a bunch of vacant lots. Darn it where was that?

[momof2dfw]

Originally Posted by caligurltotx

They just covered this last week on the local news but can't remember what suburb it was. They interviewed a lady that bought a new home expecting the area to develop more and grow and now it's like she lives in a ghost town. The builders halted everything so it's her house and a bunch of vacant lots. Darn it where was that?

It was either Prosper or Anna. It was a WAY OUT THERE "suburb". I would not even consider those "suburbs" of Dallas.

[zatires]

Layoffs spike, housing tumbles; outlook worsens: Financial News - Yahoo! Finance

A good read;

[Saintmarks]

Originally Posted by momof2dfw

It was either Prosper or Anna. It was a WAY OUT THERE "suburb". I would not even consider those "suburbs" of Dallas.

They are suburbs of McKinney!!!

Saw a situation just like this in the Atlanta paper, guess it is happening all around. One guy in a totally empty subdivision. He was rather enjoying his peace and quiet, liked having 25 acres all to himself.

This is not the first time this has happened. I remember in the 80s after the energy sector crash seeing blocks upon blocks of apartments and condos along I 30 in Garland going out toward Lake Ray Hubbard sitting unfinished. Looked like doomsday in Suburbia. In time that all got finished.

This too shall pass. There will be some pain and loss in the meantime, but one mans loss will be another's fortune.

[rdfw]

Originally Posted by bluescreen73

zatires - In the grand scheme of things, yes, it is a temporary situation. A VERY temporary one. This country survived the Great Depression, it will survive this, and I don't personally believe this will be anywhere near as bad as it was in the 1930's. Hell we're not even to double digit unemployment yet.

Aside from the fact that unemployment is not calculated in the same manner as it was in the 30s (like previously stated), the reason the country came out of the Great Depression is due largely to the massive public works project that was World War II...
While I don't think there will be large food lines like in the 30s, this is a very serious and very large global economic crisis you would do well to not wave off as inconsequential and unworthy of attention.

[zatires]

The seriousness of the problem lies in these words from David Walker - ex US comptroller general;

“FEMA is being upgraded as a federal agency, and upon passage of PATRIOT Act III, which contains the amendment to overturn posse comitatus, FEMA will be re-militarized, which will give the agency military police powers. . . . Why is all of this being done? Why is the regime moving to a militarized police state and to a dictatorship? It is because of what Comptroller General David Walker said, that after 2009, the ability of the United States to continue to service its debt becomes questionable. Although the average citizen may not understand what that means, when the United States can no longer service its debt it collapses as an economic entity. We would be an economically collapsed state. The only way government can function and can maintain control in an economically collapsed state is through a military dictatorship.”

Mystery Prison Buses in the Desert | NowPublic News Coverage

You guys should read this very carefully. The issue is very serious, much more than what common folks do think as.

[bluescreen73]

Originally Posted by rdfw

Aside from the fact that unemployment is not calculated in the same manner as it was in the 30s (like previously stated), the reason the country came out of the Great Depression is due largely to the massive public works project that was World War II...
While I don't think there will be large food lines like in the 30s, this is a very serious and very large global economic crisis you would do well to not wave off as inconsequential and unworthy of attention.

I'm not trying to be dismissive about what's going on with the economy. All I am saying is that this isn't the end of modern civilization. It will end, whether it takes 1 more year or 10 more years. It's a temporary condition. Everyone's not going to move to the country and begin subsistence farming.

I know how unemployment figures are calculated. I know about under-employment figures. I also know we have a Fed Chief who's spent decades researching the Great Depression. He, along with his worldwide counterparts, are trying to prevent that epic event from ever happening again.

It does you no good to sit around worrying about the freaking economy. There's next to nothing you and I can do to change its direction except spend money.

[stan4]

Originally Posted by Big G

Wilmer?
My choice for dead suburb walking? Frisco. Far-flung location, half-completed developments with builders walking away, foreclosures up the wazoo, next to impossible to sell an existing home these days, heavy expenditures on schools and infrastructure still needed, very little business base to tax, dropping property values - it's the perfect storm.

I have to agree. Plano is still too desirable as a place to live, especially with its proximity to many businesses and downtown Dallas. Frisclosure has had way too much unsustainable new building out there in BFE.

I think that in the end, though, DFW will come out way better than most of the other major areas in the country.

[FarNorthDallas]

Yeah, I think Plano could survive without it even being next to Dallas.