Housing crunch (foreclosure, for sale, condo)

[baystater]

Originally Posted by jumpygh

You're hoping for a recession? Wow, that's really sick.

At any rate, I don't think you'll get your wish. And it's laughable to bring up the "D" word. Ha!

And the subprime meltdown is contained and won't spread to the broader economy. Right. Then explain to me what happen Friday. In detail if you please.
As for being sick on hoping that there is a recession. I can live with being considered sick. What I don't like is seeing the nation sick and horribly addicted to credit.

[magellan]

Originally Posted by baystater

And the subprime meltdown is contained and won't spread to the broader economy. Right. Then explain to me what happen Friday. In detail if you please.
As for being sick on hoping that there is a recession. I can live with being considered sick. What I don't like is seeing the nation sick and horribly addicted to credit.

I once heard or read that if you are under 45, that you should actually want a recession or two. It brings pricing down on major investments, and it generally makes securities (stocks, mutual funds, etc.) cheaper to pick up. Buy low, sell high, right?

[baystater]

Originally Posted by magellan

I once heard or read that if you are under 45, that you should actually want a recession or two. It brings pricing down on major investments, and it generally makes securities (stocks, mutual funds, etc.) cheaper to pick up. Buy low, sell high, right?

That is a part of my motivation Magellan to want to see a pull back in liquidity. But also thinking in a broader sense. I'm an X'er and I know the perception of my Gen to be slackers,socially apathetic, and just blame everything that wrong on the babyboomers and never take initiative to fix things. (well actually I do blame BBs for just about ever thing. Have to be honest) And while that is somewhat true. I understand and see what going on around me. And I realize America as a nation is a debtor nation that's wealth is held up by foreign investors (mostly china) that invest into our securities. And as individuals we are what I consider "slaves" to our materialism. Half of us buy stuff we can't afford and just say I'll put it on the CC or get a Arm,no doc, heloc, loan and worry about it later. Well I think as of Friday Later has come. Time to pay the piper. I know a lot of people are going to be hurt by what I think will be a recession. With 401k funds, pension funds, hedge funds, and other financial instruments defaulting or other wise becoming illiquid. In a board view this hopefully will "teach" Gen x, Gen Y,and Millennial that you should only buy stuff on credit when you absolutely have to. (Btw, given up on BBs). I can understand that you have to buy sensible cars, homes (hopefully not way overpriced.), and your College Education with loans. It almost impossible for people do not use credit for those things. But buying flat screen TV's, Hummers, large boats, multiple vacations, etc,etc. Is in my mind ridiculous.
So summary: DON'T BUY STUFF THAT YOU CAN'T AFFORD ON CREDIT!
YouTube - Don't buy stuff you cannot affort!

As for the U.S. economy. I do think there will be some stock market rallies until about November but the general course is down for the next two years. And while there probably will be a recession, I don't think a depression is coming. Even it if it does America will survive as we always do. I fact this is the time for the people who were responsible with there finances to thrive. As you said Magellan buy low, sell high.

[Driller1]

Many streets in Flint are named after people that got rich during the depression.

[Driller1]

The constitution give the right to pursue happiness, no nanny state to provide it. Things are not comparable to the depression at all. Some are looking for others to maintain their lifestyle. It will not be me.

[Andre5140]

Originally Posted by Driller1

Many streets in Flint are named after people that got rich during the depression.

...and now look at that toilet. What ashame.

[SALteacher]

Originally Posted by baystater

That is a part of my motivation Magellan to want to see a pull back in liquidity. But also thinking in a broader sense. I'm an X'er and I know the perception of my Gen to be slackers,socially apathetic, and just blame everything that wrong on the babyboomers and never take initiative to fix things. (well actually I do blame BBs for just about ever thing. Have to be honest) And while that is somewhat true. I understand and see what going on around me. And I realize America as a nation is a debtor nation that's wealth is held up by foreign investors (mostly china) that invest into our securities. And as individuals we are what I consider "slaves" to our materialism. Half of us buy stuff we can't afford and just say I'll put it on the CC or get a Arm,no doc, heloc, loan and worry about it later. Well I think as of Friday Later has come. Time to pay the piper. I know a lot of people are going to be hurt by what I think will be a recession. With 401k funds, pension funds, hedge funds, and other financial instruments defaulting or other wise becoming illiquid. In a board view this hopefully will "teach" Gen x, Gen Y,and Millennial that you should only buy stuff on credit when you absolutely have to. (Btw, given up on BBs). I can understand that you have to buy sensible cars, homes (hopefully not way overpriced.), and your College Education with loans. It almost impossible for people do not use credit for those things. But buying flat screen TV's, Hummers, large boats, multiple vacations, etc,etc. Is in my mind ridiculous.
So summary: DON'T BUY STUFF THAT YOU CAN'T AFFORD ON CREDIT!
YouTube - Don't buy stuff you cannot affort!

As for the U.S. economy. I do think there will be some stock market rallies until about November but the general course is down for the next two years. And while there probably will be a recession, I don't think a depression is coming. Even it if it does America will survive as we always do. I fact this is the time for the people who were responsible with there finances to thrive. As you said Magellan buy low, sell high.

I agree with you baystater. People have been relying too much on credit to get them through or buy things they can't afford. I unfortunately put myself in that category, but only because I decided to go back to school full time to start a second career. My wife is full time as a nurse and I pick up sub teaching jobs while I can. But with a mortgage, bills etc we had to resort to buying food and other items on the credit card which makes me cringe We pay what we can month to month and we vowed that when I'm done school and working full time again the credit card will only be used for emergencies.
Credit has become too simple for people to get. Even those with a terrible history of paying their bills. Look at how these companies go after kids about to graduate. I don't how many pieces of mail I toss out each week from companies pushing credit cards on us. This brings to mind a recent commercial I saw ( I can't remember the credit card, I think visa) where there were people going through a line up buying various items using of course the credit card. Everything is running as smooth as can be. People put their items on the counter, the card gets swiped and bingo you're on your way. The line gets backed up or breaks down when someone decides to pay CASH$$$ God forbid. The cashier, with this scowl on her face, hands the man back his change , as if it were a major crime he committed by paying in cash. The commercial closes with the cash man looking somewhat puzzled and the
"line" moving so smoothly once again with everyone paying through credit. I hope someone knows the commercial I'm talking about.
Bottom line, too much credit and people not being able to pay up.

[baystater]

Originally Posted by SALteacher

I agree with you baystater. People have been relying too much on credit to get them through or buy things they can't afford. I unfortunately put myself in that category, but only because I decided to go back to school full time to start a second career. My wife is full time as a nurse and I pick up sub teaching jobs while I can. But with a mortgage, bills etc we had to resort to buying food and other items on the credit card which makes me cringe We pay what we can month to month and we vowed that when I'm done school and working full time again the credit card will only be used for emergencies.
Credit has become too simple for people to get. Even those with a terrible history of paying their bills. Look at how these companies go after kids about to graduate. I don't how many pieces of mail I toss out each week from companies pushing credit cards on us. This brings to mind a recent commercial I saw ( I can't remember the credit card, I think visa) where there were people going through a line up buying various items using of course the credit card. Everything is running as smooth as can be. People put their items on the counter, the card gets swiped and bingo you're on your way. The line gets backed up or breaks down when someone decides to pay CASH$$$ God forbid. The cashier, with this scowl on her face, hands the man back his change , as if it were a major crime he committed by paying in cash. The commercial closes with the cash man looking somewhat puzzled and the
"line" moving so smoothly once again with everyone paying through credit. I hope someone knows the commercial I'm talking about.
Bottom line, too much credit and people not being able to pay up.

As I said earlier going into debt to get an education is usually worth it. It the one, (I guess I call it) "service" that can make you money for long run. So I wouldn't compare your situation to the irresponsible ones i posted earlier because when you get out of school you will be more than likely a better and more productive citizen. And probably be out of debt sooner rather than later. I hope you have chosen a good career path so you may stay in MI. I know it's been tough there for a lot of fields lately.

As for the commercial I know the one your taking about. Actually I was for a Debit card. Which I actually like using instead of carrying around cash. Granted you still have to be careful about your mindset with it. Because it links right to your bank account and if your impulse buyer then you could spend your out your checking account. But if you bright you try to budget out so you only have enough money in you checking for what you need and a little extra for emergencies. You should be find with it.

[SALteacher]

Originally Posted by baystater

As I said earlier going into debt to get an education is usually worth it. It the one, (I guess I call it) "service" that can make you money for long run. So I wouldn't compare your situation to the irresponsible ones i posted earlier because when you get out of school you will be more than likely a better and more productive citizen. And probably be out of debt sooner rather than later. I hope you have chosen a good career path so you may stay in MI. I know it's been tough there for a lot of fields lately.

As for the commercial I know the one your taking about. Actually I was for a Debit card. Which I actually like using instead of carrying around cash. Granted you still have to be careful about your mindset with it. Because it links right to your bank account and if your impulse buyer then you could spend your out your checking account. But if you bright you try to budget out so you only have enough money in you checking for what you need and a little extra for emergencies. You should be find with it.

Thanks for clearing up the commercial end. I wasn't sure who created it. I plan to go into elementary teaching, so we may have to leave MI. I hope we don't. We've established some roots here. But if it meant choosing between a full time job in a good district out of state or staying here subbing until something came up, I would choose the former.

[Miborn]

How many foreclosures were there during the Clinton years? Anyone know? Just curious.