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Old 09-23-2011, 10:02 AM
 
Location: Silver Springs, FL
23,410 posts, read 36,818,072 times
Reputation: 15560

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Quote:
Originally Posted by Sunny-Days-in-Florida View Post
The economy started going downhill after 2007.

Remember what happened in 2007, the spend and steal libs took over the congress and in 2009 they added the idiot we have now.
Actually, the mortgage crisis started in 2006, very quietly.
Small B paper hangers started folding in March of that year.
Who was on duty when that happened?
Oh yeah, Bush, thats who.
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Old 09-23-2011, 12:13 PM
 
12,638 posts, read 8,894,203 times
Reputation: 7458
Quote:
Originally Posted by kshe95girl View Post
Actually, the mortgage crisis started in 2006, very quietly.
Small B paper hangers started folding in March of that year.
Who was on duty when that happened?
Oh yeah, Bush, thats who.
Still blaming Bush 3 years after he's gone. Pathetic.
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Old 09-23-2011, 12:18 PM
 
Location: Silver Springs, FL
23,410 posts, read 36,818,072 times
Reputation: 15560
Quote:
Originally Posted by Trace21230 View Post
Still blaming Bush 3 years after he's gone. Pathetic.
Learn how to read, please.
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Old 09-23-2011, 01:55 PM
 
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
8,865 posts, read 10,400,492 times
Reputation: 6670
Quote:
Originally Posted by Trace21230 View Post
Still blaming Bush 3 years after he's gone. Pathetic.
Yeah, just like we still remember 9/11 (which also happened on his watch).
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Old 09-23-2011, 03:31 PM
 
Location: Bella Vista, Ark
77,772 posts, read 104,081,702 times
Reputation: 49243
Quote:
Originally Posted by kshe95girl View Post
Actually, the mortgage crisis started in 2006, very quietly.
Small B paper hangers started folding in March of that year.
Who was on duty when that happened?
Oh yeah, Bush, thats who.
I don't think the housing crash really started in 2006. Our daughter, in Orlando area: Windermere, and paid top $$ for her home, plus sold her former home to the first lookers, again, top dollar. My brother has a similar story about his property in So Calif. We sold our house in NM in 2008. and bought here. That is about the time the drop might have been starting. If it was as early as 2006, I don't think many saw it. I do know, many figured the present pace could not and would not continue, but I think you are off by about a year.

Nita
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Old 09-23-2011, 03:53 PM
 
Location: Silver Springs, FL
23,410 posts, read 36,818,072 times
Reputation: 15560
Quote:
Originally Posted by nmnita View Post
I don't think the housing crash really started in 2006. Our daughter, in Orlando area: Windermere, and paid top $$ for her home, plus sold her former home to the first lookers, again, top dollar. My brother has a similar story about his property in So Calif. We sold our house in NM in 2008. and bought here. That is about the time the drop might have been starting. If it was as early as 2006, I don't think many saw it. I do know, many figured the present pace could not and would not continue, but I think you are off by about a year.

Nita
What I am speaking of is small, subprime mortgage lenders, and they started going belly-up in 06, very quietly.
The reason I remember it so clearly is that I had my design office in a mortgage brokerage, what better place to snag a design client?
In my off-time I would update the brokers documents, which included the lender lists.
By May of 06, I had updated that list 4 times, they would give me the list, along with additions and subtractions.
I couldnt help but notice what was going on, so I asked the gentleman that owned the company, he told me quite clearly that the bubble was going to pop within a year, and to sell any real estate I wanted to get rid of NOW.
I know it was in 06 because the person of which I am speaking was diagnosed with cancer later in the year and passed away in January of 07.
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Old 09-23-2011, 07:36 PM
 
Location: Long Island (chief in S Farmingdale)
22,092 posts, read 19,296,640 times
Reputation: 5251
Quote:
Originally Posted by nmnita View Post
I don't think the housing crash really started in 2006. Our daughter, in Orlando area: Windermere, and paid top $$ for her home, plus sold her former home to the first lookers, again, top dollar. My brother has a similar story about his property in So Calif. We sold our house in NM in 2008. and bought here. That is about the time the drop might have been starting. If it was as early as 2006, I don't think many saw it. I do know, many figured the present pace could not and would not continue, but I think you are off by about a year.

Nita
Housing prices generally peaked between late 2005 and 2007 (depending on the market). Home prices actually dropped in the 1st quarter of 06, then saw some bump and small drops for the next year or so. Declines started piling up in late 2007, (07 saw the sharpest drop in new home sales since 1982) then really took a nosedive in 08, especially the 2nd half of 2008. My parents btw who retired down to the Carolina's put their house on the market two weeks before the Lehman collapse.

As kshe pointed out the mortgage crisis generally started in 2006. In 2006 the sharp increases in value ended, so when people started to get into financial trouble tapping equity like many kept doing in the past no longer became an option. From about 2002-2006 the lending industry basically became one big clusterf*** (for lack of a better term), homes were used as cash cows where the thought was well you could always keep taking more $$$ out since homes are never going to go down. Also in 2004 the option arms really took off (perhaps the single worst loan product in history). Mortgage companies started dropping like flies in 2006 and 2007.

Many of those who got into these products did so because they could not qualify for a traditional loan and were simply told oh you could just refinance again when the products reset. Well when these products actually reset and the borrowers could no longer afford the payments they did not have the equity to refinance because not only did prices stop rising by 06, but started dropping a bit more in 07 then free felling in 2008.

Last edited by Smash255; 09-23-2011 at 08:22 PM..
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