2008 Florida Housing market Thread Jan - Mar (Plantation: real estate, for sale)

[ucfjtm]

Originally Posted by Crazy G

""I won't waste my time replying to you anymore."""
================================================

I think that's really funnnnny....& I appreciate it....

The 3 categories of people I find most amuzing are;

Realtors, Car Salesmen, and Bankers.....

They all use "spin" .....

Although I agree with you about the market still not even close to being near the bottom, I agree with Mike on this one. Your style of getting your point across is directly from the used car salesman book. Throwing in a bunch of capitalization and punctuation in the form of <<<<<>>>>>, !!!!!!!!, """""""""", or ........ is not effective in displaying an honest and intelligent point of view. It looks like an ad from that broken down used car lot in the ghetto. Try calming down a lot and explaining posts in a clear manner like CJFlorida or others with the same view and you will be more believable. Your delivery looks like Chicken Little, regardless of if you're right or not.

To back up Mike's comment, to say >>>"""ANYONE!!!"""<<< buying a house in the last 3 years is upside down, that's simply not true. A friend purchased a fixer upper foreclosure with cash he got for a great deal about two years ago, put $20k into it, and wouldn't have a problem selling it for his total investment - about half of what current asking prices in his neighborhood are. There are also many people who purchased near-foreclosure or foreclosed houses at fantastic prices to live in as a permanent home, for much longer than 15 years, and they don't have a problem with the current market or see their purchase as a mistake.

[Mike Peterson]

I do appreciate that UCF. I know most here are on the opposite side of the table from me on what they feel the market will do but it is still nice to have a good discussion.

Most posters, even though we disagree, will present their posts in a thought out manner that invites discussion.

[carolac]

I hope you're not trying to compare us to Japan--that's just not credible. Japan created 50 and 100 year mortgages, and people were flocking to get themselves involved in that. Their whole country was out of control with regard to their economy and prices, and involved a whole lot more than houses. Look at the lunacy described in these articles re: 40 to 50 year mortgages, and the problems associated therewith:

Mortgages that outlive you - MSN Money

Hot Property 50-year mortgages? - BusinessWeek

Is There Any Reason to Consider a 40- or 50-year Mortgage?

[QUOTE=Crazy G;2456181In Japan, real estate went down 18 years in a row....and YES!!! that consecutive...

[Wild Style]

carolac

you mean to tell me, having a loan that is 5 to 9 times more than your annual income, with a adjustable rate that fluctuates isn't absolutely ridiculous in and of itself as well? Just look at where we are at as a country, right now. If I have the time I will post a interview with one of the architects of these exotic loans. If you read what he says is going to happen over the next 4 to 5 years, you will retract your statement.

I am not very expressive when I write on these forums because I feel people should do their own research. However, CJFlorida has touched on a few of the things I have read. One important thing he touched on is the fact, people were using their fixed mortgages as ATMs and they were doing so with exotic mortgages. Also subprime is just the tip of the iceberg, these exotic loans extend into prime loans as well. Trust me we have been just as reckless with our economy as Japan. Oh and lets not forget that for every dollar earned, on average, Americans have spent 3 dollars. This means people are living WELL above their means via credit cards. What happens as the economy starts to get worst and they can't pay? More economic woes are coming, big time.

[Crazy G]

You said;

"""I hope you're not trying to compare us to Japan--that's just not credible. Japan created 50 and 100 year mortgages, and people were flocking to get themselves involved in that. Their whole country was out of control with regard to their economy and prices, and involved a whole lot more than houses. Look at the lunacy described in these articles re: 40 to 50 year mortgages, and the problems associated therewith:""""
================================================== =====

Why is that NOT credible.....camparing us to Japan????

""EVERYTHING" you say about people 'flocking' into things, is exactly what we have here....people flocking into the stock market....housing market...bond market...
THE ROOT CAUSE OF ALL THIS IS THE FEDERAL RESERVE PRINTING TO MUCH MONEY...[aka...keeping interest rates to low]
I mean...40, 50, and 100 year mortgages .....come on!!!!
That's not buying; that's renting....
Under our current fiat currency system, ""ALL"" money is represented as debt...[look at a banks balance sheet]...The money in your pocket, is money that is credit taken on, by somebody elses liability.....""IF"" and when that person, can't or doesn't pay their bills, money just disappears....""PERIOD""
Whooof!!! It's gone...
That's happening right now...this very minute....Liquidity, credit...is contracting at an alarming rate, and the Federal Reserve is in panic mode to ""inject"" more liquidity [aka 'debt'] into the system...
LOADING PEOPLE UP WITH DEBT, IS NOT FREEDOM, IT'S SLAVERY, TO MONTHLY DEBT PAYMENTS....
As in the 1930's, and again in the 1980's, banks took the immediate brunt of the real estate collapse....
AND IT'S HAPPENING RIGHT NOW THIS VERY MINUTE, AND PEOPLE ARE REMISS TO IT'S OCCURANCE....

>>>>>WHEN WILL THEY EVER LEARN<<<<

>>>>>THERE WILL BE TEARS<<<<<

[Crazy G]

One of the largest banks in the United States is on the ropes, and primed to go ""DOWN"""....
YES!!! CitiCorp.....A ""MAJOR"" Wall Street Bank, just may ""NOT"" survive!!!

They've had 'captial injections' from the Arabs, they restricted ATM withdrawls, and wire transfers, and have announced workforce lay-offs of 5-10%....OHH YAH!!! They fired their boss man also!!!

Like I say:.....When you lose your job, and then can't get your money out of the bank...

>>>>>>>>"""THERE WILL BE TEARS"""<<<<<<<<

[Crazy G]

Fannie Mae boss sees trouble until 2010 - Real estate - MSNBC.com

He says.....2009...maybe 2010.....

I don't know why Mike Peterson, wants to bite the hand that feeds him....

Because that's where a big chunk of his income is originated!!!!

PS...And YES!!! Housing prices have fallen, and will continue to fall...AND MORE IMPORTANTLY!!!!!
""""IF"" You are NOT currently under water [ as Mike Peterson says some people aren't]..
THEY WILL BE.......
And YES!!!!
>>>>>>>>"""THERE WILL BE TEARS""<<<<<<<

[ucfjtm]

Originally Posted by Crazy G

PS...And YES!!! Housing prices have fallen, and will continue to fall...AND MORE IMPORTANTLY!!!!!
""""IF"" You are NOT currently under water [ as Mike Peterson says some people aren't]..
THEY WILL BE.......
And YES!!!!
>>>>>>>>"""THERE WILL BE TEARS""<<<<<<<

There won't necessarily be tears. I know a few homeowners who purchased in 2003-2005 who don't care about prices dropping right now. It gives them evidence to push for re-appraisal for lower insurance and taxes. They don't plan on selling for years, so a current drop in prices doesn't affect them negatively at all.

I agree with the Fannie Mae link.. 2009/2010 seems reasonable for a bottoming of prices nationwide, but like Mike, I'm done reading your 90% obnoxious used car salesman posts too.
>>>>>>"""DON'T SHED TEARS OVER IT"""<<<<<<

[carolac]

Don't put words in my mouth. Reread my e-mail.

[quote=Wild Style;2460678]carolac

you mean to tell me, having a loan that is 5 to 9 times more than your annual income, with a adjustable rate that fluctuates isn't absolutely ridiculous in and of itself as well?

[Wild Style]

[quote=carolac;2461764]Don't put words in my mouth. Reread my e-mail.

Originally Posted by Wild Style

carolac

you mean to tell me, having a loan that is 5 to 9 times more than your annual income, with a adjustable rate that fluctuates isn't absolutely ridiculous in and of itself as well?

re read it

I have quoted it below:

I hope you're not trying to compare us to Japan--that's just not credible. Japan created 50 and 100 year mortgages, and people were flocking to get themselves involved in that. Their whole country was out of control with regard to their economy and prices, and involved a whole lot more than houses. Look at the lunacy described in these articles re: 40 to 50 year mortgages, and the problems associated therewith:

And I replied with

carolac

you mean to tell me, having a loan that is 5 to 9 times more than your annual income, with a adjustable rate that fluctuates isn't absolutely ridiculous in and of itself as well? Just look at where we are at as a country, right now. If I have the time I will post a interview with one of the architects of these exotic loans. If you read what he says is going to happen over the next 4 to 5 years, you will retract your statement.

I am not very expressive when I write on these forums because I feel people should do their own research. However, CJFlorida has touched on a few of the things I have read. One important thing he touched on is the fact, people were using their fixed mortgages as ATMs and they were doing so with exotic mortgages. Also subprime is just the tip of the iceberg, these exotic loans extend into prime loans as well. Trust me we have been just as reckless with our economy as Japan. Oh and lets not forget that for every dollar earned, on average, Americans have spent 3 dollars. This means people are living WELL above their means via credit cards. What happens as the economy starts to get worst and they can't pay? More economic woes are coming, big time.

So what did I miss or how did I put words in your mouth? *confused*