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Unread 10-12-2010, 08:15 AM
 
10,485 posts, read 12,902,612 times
Reputation: 6304
Quote:
Originally Posted by ladysovereign View Post
Is he a Lawyer?
Yep

 
Unread 10-12-2010, 10:29 AM
 
3,436 posts, read 2,543,573 times
Reputation: 2169
Quote:
Originally Posted by ladysovereign View Post
Is he a Lawyer?

Stick it to the Lenders who Foreclosed on them in the first place!

The one problem in all of this is the STUPID government bought the (junk) mortgage backed securities. Many of the notes that are getting foreclosed on are now owned by all of us. It's why the lenders are not rational. They are simply hired to take care of all of this mess that they created. So when the politicians say "stop the foreclosures" they will. After all, they don't own most of them anymore even if you write out a check to Wells Fargo or BofA.

Were is the outrage?? Heads need to roll. Literally. All of these thieves need to be brought to justice. Since the government isn't going to do it, who will??? Ask a typical friend or neighbor, they are clueless on what has happened.
 
Unread 10-12-2010, 10:44 AM
 
Location: In an alternate universe according to some
10,093 posts, read 10,365,641 times
Reputation: 4230
Quote:
Originally Posted by MN-Born-n-Raised View Post
The one problem in all of this is the STUPID government bought the (junk) mortgage backed securities. Many of the notes that are getting foreclosed on are now owned by all of us. It's why the lenders are not rational. They are simply hired to take care of all of this mess that they created. So when the politicians say "stop the foreclosures" they will. After all, they don't own most of them anymore even if you write out a check to Wells Fargo or BofA.

Were is the outrage?? Heads need to roll. Literally. All of these thieves need to be brought to justice. Since the government isn't going to do it, who will??? Ask a typical friend or neighbor, they are clueless on what has happened.
The only way heads will roll is if people step up in November and get rid of ANY incumbent and the same in 2012 if things aren't straightened out by then. Two cycles of tossing the incumbent would give those dense idiots the hint that we're not going to take it anymore.
As for this mess, you won't hear much until after the elections. They're doing everything they can to avoid the hot button issues except for totally ticking off the seniors by stopping their SSI COLA. I don't know in who's world their living in saying there's no inflation, my costs have risen this year.

It's going to be interesting to see how this plays out, whether they hit this head on or try to sweep it under the rug creating a further mess down the road since it seems every time they kick the can down the road it flies back to hit us in the head waaaay sooner than first anticipated.
 
Unread 10-12-2010, 10:45 AM
 
660 posts, read 674,688 times
Reputation: 278
Quote:
Originally Posted by Howard Roark View Post
Oh I definitely agree with you. Seems in this case the lenders screwed up. Incompetency should not be subsidized, nor should any failure to be accountable for one's own mistakes (from organizations to individuals) be subsidized.

I do think that people with cash are still waiting, eating popcorn, watching the real estate bubble deflate further. This new foreclosure crisis is the next big spoiler that will certainly lower the value of houses.
I agree with you as well. With the exception of the last year or so, for the past few years every time I spoke to a Realtor I kept being told "Buy now or the price will go up!", until it was way way way out of my price range.

I would love to go back to those same Realtors and see what they say now. I do wish the Media would quit repeating that the ceasing of Foreclosures is going to raise Home Prices. It's getting old fast and I don't think they're right.

Quote:
Originally Posted by jimj View Post
I don't know in who's world their living in saying there's no inflation, my costs have risen this year.
My costs have been rising for years but my paycheck hasn't. It's as if the Government has decided to keep lowering rates (and barely rising them) to create this artificial sense of stability in the market. Anyone who shops or pays bills knows that prices are increasing constantly and yet there seems to be no mention of inflation at all. And every time the excuse given is due to oil prices (raising transportation costs).

Last edited by ladysovereign; 10-12-2010 at 10:55 AM..
 
Unread 10-13-2010, 09:59 AM
 
523 posts, read 469,427 times
Reputation: 201
jimj,

SSI deflation is likely to continue, let's hope the job market finds some footing otherwise it's going to get worse. If people aren't working, then there's less money circulation around to keep asset and other prices artificially high.
 
Unread 10-13-2010, 10:31 AM
 
8,650 posts, read 8,352,152 times
Reputation: 5532
Quote:
Originally Posted by ladysovereign View Post
I agree with you as well. With the exception of the last year or so, for the past few years every time I spoke to a Realtor I kept being told "Buy now or the price will go up!", until it was way way way out of my price range.

I would love to go back to those same Realtors and see what they say now. I do wish the Media would quit repeating that the ceasing of Foreclosures is going to raise Home Prices. It's getting old fast and I don't think they're right.
We have a realtor on this forum who was indirectly encouraging people to buy homes insinuating the market was close to bottoming out in the Spring of 2008. When I asked him about his early prognostications, he denied ever making those claims even though I cut and paste his responses with links showing proof of his statements.

Realtors have a conflict of interest. They have to feed their families. They are not going to be honest and tell you to wait 2 years to buy a home. They need to buy and sell homes now so obviously they are going to present information in a way to create urgency now. It doesn't matter what year it is or the time of the year. They will always find a reason to encourage you to buy a home now. If the market is down, they will say "Well now is a great time to buy because everyone assumes the market is going to bottom out but you will be one of the first to get a great deal on a house because reports show the market is going up soon"

My advice is to get your own real estate license. Even when you account for the costs of paying for a course and maintaining fees, you still come out on top by saving a lot of money buying and selling your own homes. You also have peace of mind in that you can search the MLS on your own time and drive and see houses by yourself without having a realtor nag you. Realtors also get special rates and deals. A friend of mine is an ER doc and he has his real estate license. He bought some property in Scottsdale and got a special deal on the lot that saved him about 60K. The more expensive your property is the more you save. If you are buying a 1 million dollar home, that is 30K you are saving..which is a significant amount of money.
 
Unread 10-13-2010, 10:40 AM
YAZ
 
Location: Phoenix,AZ
5,701 posts, read 5,596,801 times
Reputation: 3793
I remember that episode, River Fan.

Never ask a barber ifya need a haircut.
 
Unread 10-14-2010, 08:21 PM
 
660 posts, read 674,688 times
Reputation: 278
Quote:
Originally Posted by azriverfan. View Post
Realtors have a conflict of interest. They have to feed their families. They are not going to be honest and tell you to wait 2 years to buy a home. They need to buy and sell homes now so obviously they are going to present information in a way to create urgency now. It doesn't matter what year it is or the time of the year. They will always find a reason to encourage you to buy a home now. If the market is down, they will say "Well now is a great time to buy because everyone assumes the market is going to bottom out but you will be one of the first to get a great deal on a house because reports show the market is going up soon"
So very true! It's like walking into a furniture store and asking if my sofa might be outdated.

Quote:
My advice is to get your own real estate license. Even when you account for the costs of paying for a course and maintaining fees, you still come out on top by saving a lot of money buying and selling your own homes. You also have peace of mind in that you can search the MLS on your own time and drive and see houses by yourself without having a realtor nag you. Realtors also get special rates and deals. A friend of mine is an ER doc and he has his real estate license. He bought some property in Scottsdale and got a special deal on the lot that saved him about 60K. The more expensive your property is the more you save. If you are buying a 1 million dollar home, that is 30K you are saving..which is a significant amount of money.
Hmm... it might be handy to have a RE license in Arizona, for the good reasons you stated. I like that story about the ER Doc. Very clever of him.
 
Unread 10-14-2010, 09:37 PM
 
Location: Anchored in Phoenix
1,680 posts, read 2,056,059 times
Reputation: 1165
AzRiverfan,

I know who you are talking about (Hee Hee Hee)!

I'll take this opportunity here to say that I checked zillow this evening and another price drop on a house I'm watching. Today it's 18%. The house is solidly built. The price drop takes it to the year 2000 in prices. It's still a bit too expensive to me. Maybe "the twain will meet" if it drops another 10% and my net worth goes up another 9%.
 
Unread 10-15-2010, 07:22 AM
 
Location: In an alternate universe according to some
10,093 posts, read 10,365,641 times
Reputation: 4230
Quote:
Originally Posted by Howard Roark View Post
AzRiverfan,

I know who you are talking about (Hee Hee Hee)!

I'll take this opportunity here to say that I checked zillow this evening and another price drop on a house I'm watching. Today it's 18%. The house is solidly built. The price drop takes it to the year 2000 in prices. It's still a bit too expensive to me. Maybe "the twain will meet" if it drops another 10% and my net worth goes up another 9%.
The problem is if your net worth goes up 9% it'll be taxed back down to -10%
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