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Old 11-26-2007, 04:11 PM
 
2,141 posts, read 6,340,399 times
Reputation: 588

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Quote:
Originally Posted by TampaKaren View Post
Reminds me of Black Monday...greed followed by panic.
I don't think we have the panic yet. This is still Denial.
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Old 11-26-2007, 04:45 PM
 
Location: The Conterminous United States
22,553 posts, read 47,245,506 times
Reputation: 13382
The industry is "going to be a shadow of itself once we get through this downturn," said Mark Zandi, chief economist at Moody's Economy.com, who predicts home prices won't rebound until late 2009 or early 2010. "Everyone was too optimistic."

Some Homebuilders Could End Up Bankrupt - MSNBC Wire Services - MSNBC.com (broken link)

OSLO - Former Federal Reserve Chairman Alan Greenspan said on Friday that U.S. house prices have not bottomed out after a crisis in the subprime mortgage market.

“The markets are becoming aware that the decline in U.S. housing prices is not stopping. It is at an unprecedented pace compared to the last 50 years,” Greenspan told a financial audience in the Norwegian capital.

He said the housing bubble had burst and the market was “a good deal away” from its selling climax — a point at which sellers ultimately lower their prices to match lower bids.


Greenspan: Home prices haven’t bottomed - Stocks & economy - MSNBC.com (broken link)

updated 23 minutes ago

NEW YORK - Wall Street sold off sharply Monday as concerns about a weakening credit market wiped out investors' enthusiasm about strong retails sales over the holiday weekend. The Dow Jones industrial average fell nearly 240 points.

The Dow's decline from its mid-October closing high is now 10.03 percent, putting the blue chip index past the 10 percent threshold that signifies a correction.

The swoon comes as investors were unnerved by another series of announcements that pointed to continuing problems in the credit markets, the result of home loan debt going bad under the weight of a faltering housing market.

Wall Street walloped - Stocks & economy - MSNBC.com
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Old 11-26-2007, 06:00 PM
 
Location: America
6,985 posts, read 15,455,914 times
Reputation: 2067
Quote:
Originally Posted by macguy View Post
The high grass and empty houses is where the deals will be. So by the very nature of things it will be self correcting. Those houses will not stay empty forever and your purchase will appreciate possibily. No one wants to be the first anything. I made a small fortune buying building lots in high end gated communities.

I would be one of the first in, buying the best lots at the best price. The builders want their maps to show sales, that is what will kick-start the project, plus they get some money flowing. It is of course over, but It was like I had a printing press to make money. Like I said, everyone is afraid to be the first, but that is where the deals will be, or they won't, life has no guarantees.
read me

IMHO I think very few people really understand the gravity of what is up head for us in the USA as far as the economy is concerned.
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Old 11-26-2007, 06:28 PM
 
Location: The Conterminous United States
22,553 posts, read 47,245,506 times
Reputation: 13382
Wow. Get a load of this:

Some estimates suggest that banks may have vastly under-estimated their potential liability, especially in connection with off-balance sheet activities.

One look at Citigroup, using SEC data, suggested that their potential liability could be $343bn rather than the $55bn they declared.

Another issue is how much of the potential liabilities may eventually have to be written off. In recent announcements, Citigroup wrote off 20% of its admitted $55bn liability, while other banks have written off between 10% and 40%.

Another key measure of the stress on banks is the amount of so-called "tier 3" capital they are carrying on their books. These are risky loans that cannot be valued except by an economic model because there is no market for them..

By that measure, the big investment banks like Goldman Sachs and Morgan Stanley are much more exposed, relative to their total capital , than Citigroup or Merrill Lynch.


BBC NEWS | Business | Carnage on Wall Street as loans go bad
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Old 11-26-2007, 06:40 PM
 
2,141 posts, read 6,340,399 times
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Its not a good news day for housing. "After years of living happily beyond their means, Americans are finally facing financial reality." This will be bad for Florida.

Jittery consumers seem likely to trigger a recession - Nov. 25, 2007
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Old 11-26-2007, 06:43 PM
 
548 posts, read 390,012 times
Reputation: 126
Quote:
Originally Posted by Wild Style View Post
read me

IMHO I think very few people really understand the gravity of what is up head for us in the USA as far as the economy is concerned.
I think you are right. The natural cycle of recession was artificially broken in 2000 by the housing bubble and credit spree. The correction will have to be even more severe than the recession that should have happened in 2000. Perhaps much, much more severe.
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Old 11-26-2007, 07:36 PM
 
Location: America
6,985 posts, read 15,455,914 times
Reputation: 2067
Quote:
Originally Posted by CJFlorida View Post
I think you are right. The natural cycle of recession was artificially broken in 2000 by the housing bubble and credit spree. The correction will have to be even more severe than the recession that should have happened in 2000. Perhaps much, much more severe.
A recession happened in 2001, it was centered around the tech bubble. I am not going to go into detail but I really think we are in for a crap storm
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Old 11-27-2007, 08:56 AM
 
164 posts, read 590,630 times
Reputation: 78
This whole thing is one big mess .And it 's a real shame how could you even think of buying a home you could not afford .
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Old 11-27-2007, 09:47 AM
 
Location: America
6,985 posts, read 15,455,914 times
Reputation: 2067
^^

living the American dream?
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Old 11-27-2007, 01:12 PM
 
1,023 posts, read 2,990,397 times
Reputation: 271
Quote:
Originally Posted by TriMT7 View Post
Gosh, I wish I could say the same! It was like all of Quebec was down here last week, and the ubiquitous car trailers shipping in cars from out of state.
I have to agree here...my husband is a yacht broker, and his last 3 sales all went to the Canadians......
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