Things not good in Lee County (Cape Coral: mortgage, real estate, foreclosures)

[firemed]

Foreclosures in Lee County topped 1,000 in July — an all-time high — as investors continued to let go of houses and land they bought on speculation in the real estate industry boom that ended two years ago.

Cape Coral accounts for about half of all the ones in the county last month.

President Bush said Thursday that concern should be shown to those who’ve lost their homes, but it’s not the federal government's job to bail them out.



The News-Press, news-press.com, Real Estate, Record number forfeit homes in Lee County

[tallrick]

On the other hand news like this is good for us natives. The lower the values go the better, there is no down side to paying less for a home!

[macguy]

Originally Posted by firemed

Foreclosures in Lee County topped 1,000 in July — an all-time high — as investors continued to let go of houses and land they bought on speculation in the real estate industry boom that ended two years ago.

Cape Coral accounts for about half of all the ones in the county last month.

President Bush said Thursday that concern should be shown to those who’ve lost their homes, but it’s not the federal government's job to bail them out.



The News-Press, news-press.com, Real Estate, Record number forfeit homes in Lee County

I guess, when do you start bailing out people who made bad investments, what next, the stock market. People have to take some responsibility. All this means is they will go back on the market and hopefully at a realistic price and things will wind down and get back to some kind of reality. It is for the best in the long run.

[tallrick]

Besides, how can the Federal Government bail out bad investments when it cannot even get itself out of debt!

[firemed]

Originally Posted by macguy

I guess, when do you start bailing out people who made bad investments, what next, the stock market. People have to take some responsibility. All this means is they will go back on the market and hopefully at a realistic price and things will wind down and get back to some kind of reality. It is for the best in the long run.

Amen to that !!!

[MrTudo]

Originally Posted by macguy

I guess, when do you start bailing out people who made bad investments, what next, the stock market. People have to take some responsibility. All this means is they will go back on the market and hopefully at a realistic price and things will wind down and get back to some kind of reality. It is for the best in the long run.

Absolutely true, however Americans have whined and snivelled for more and more socialism over the years and that's but one reason why there's an outstanding 9 Trillion in debt and another 40-60 Trillion in unfunded liabilities. Despite socialism imploding in the old soviet empire, now China and elsewhere, the US is going to show the world that IT can make this immoral and failed economic theory work, no matter how many pegs of the ladder we have to fall . So it should come as no surprise when they get their way and government announces a "bail out". How? Combination of factors. Print more fiat money ( Has anyone noticed that the Canadian dollar is now worth MORE than the US Dollar? ) making the dollar worth even less, having "some" peoples losses be circumvented by everyone absorbing some of it just like the S&L bailout, and then making sure that 40 and 50 year mortgages become the norm, thereby "stabilizing" prices of real estate that now, nobody will get to own. The circle to destroy what used to be the greatest country in world history will then be complete and most will all be the blubbering idiots who are under absolute control will be finalized.

What a tragedy.

[lostbuyer]

Originally Posted by MrTudo

Absolutely true, however Americans have whined and snivelled for more and more socialism over the years and that's but one reason why there's an outstanding 9 Trillion in debt and another 40-60 Trillion in unfunded liabilities. Despite socialism imploding in the old soviet empire, now China and elsewhere, the US is going to show the world that IT can make this immoral and failed economic theory work, no matter how many pegs of the ladder we have to fall . So it should come as no surprise when they get their way and government announces a "bail out". How? Combination of factors. Print more fiat money ( Has anyone noticed that the Canadian dollar is now worth MORE than the US Dollar? ) making the dollar worth even less, having "some" peoples losses be circumvented by everyone absorbing some of it just like the S&L bailout, and then making sure that 40 and 50 year mortgages become the norm, thereby "stabilizing" prices of real estate that now, nobody will get to own. The circle to destroy what used to be the greatest country in world history will then be complete and most will all be the blubbering idiots who are under absolute control will be finalized.

What a tragedy.

very true this might be bigger than housing,amero anyone?I wonder how much that will be worth?

[backtofla]

very true. bail them out? with what money? we (the u.s.) are in debt up to our eyeballs

[MrTudo]

Originally Posted by backtofla

very true. bail them out? with what money?

With your earnings. And mine.

[hiknapster]

Originally Posted by MrTudo

( Has anyone noticed that the Canadian dollar is now worth MORE than the US Dollar? )

As a matter of fact, I have. Well, they were about equal, last time I checked, which was a couple of weeks ago.

I was stunned. I don't ever remember that happening in my life time. I would think that would be a huge red flag that something is very, very wrong.

It's nice to see that someone else noticed.

This economy is very frightening.