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Nope, real house prices will fall a lot more, and nothing the government does can stop it, as evidenced already. It will hit a bottom at some point, but the bottom may be not as low and not as prolonged if government were to step out of the way.
You all post some very interesting and insightful comments here but here is the nine hundred pound Gorilla in the room that no one is willing to talk about. The commercial market is about to collapse at the end of the year because there is some 597 trillion dollars or commercial loans due to be renegotiated and or called and this will crush the comm. market just like residential. Get ready to see the malls and office bldngs. start to empty out. Its coming.
You all post some very interesting and insightful comments here but here is the nine hundred pound Gorilla in the room that no one is willing to talk about. The commercial market is about to collapse at the end of the year because there is some 597 trillion dollars or commercial loans due to be renegotiated and or called and this will crush the comm. market just like residential. Get ready to see the malls and office bldngs. start to empty out. Its coming.
It is already here. I see many store fronts barren, a Red Lobster just closed over this weekend, It is going to be a mess. There will be nothing to bail the commercial market out either.
Where I live things are closing left and right, and this is considered an affluent area. While the prices of single family homes hasn't completely crashed we are loosing many chains and small businesses.
WHY? Did you understand the process I described? I think not.
Do you understand that sheriff sales take place ONCE a month? Do you understand that bankruptcies ALWAYS take place to protect homeowners against losing their homes, and often times its simply a delay?
I have bought numerous properties at foreclosure auctions, i think I know the process...
And considering the fact that you think foreclosures take place in state court, I think you dont know anything about the process. Foreclosures take place in county courts, where the mortgages are recorded, not state..
The backup was already there. A lot of the "backup" is in the courts. The bank has to go to court FIRST before they can foreclose. In Miami the court calendar is backed up SIX MONTHS with forclosure hearings.
Additionally, some home owners go into bankruptcy in order to save their homes, and that puts a stay on any foreclosure proceedings in state court. The trustees and debtor's attorney try to work out a Chapter 13 plan of payment over five years so that the debtor can get a fresh start. Homesteads are exempt. However, if the debtor cannot come up with an acceptable bankruptcy payment plan, then the bankruptcy gets dismissed, the bank gets stay relief from the bankruptcy court, and then the forclosure goes back to state court for a hearing on the foreclosure.
You all post some very interesting and insightful comments here but here is the nine hundred pound Gorilla in the room that no one is willing to talk about. The commercial market is about to collapse at the end of the year because there is some 597 trillion dollars or commercial loans due to be renegotiated and or called and this will crush the comm. market just like residential. Get ready to see the malls and office bldngs. start to empty out. Its coming.
Yes, commercial investors are currently in the driving seat with banks as a very large percentage of the commercial market has balloon payments coming due in the next year. Some of them have already started coming due and defaulting. If I recall the nations largest mall owner has filed for bankruptcy protection along with numerous REITs..
Speculative boom financed by reckless loans is followed by speculative crash taking down the gamblers. Only the folks that sold out early and the brokers skimming in both directions made any money. Suprise!
I always think that if you need to buy a home wait until the Christmas holidays or just after New Year's to get the best deal.
But these will not be cleared out by then.
What would be really bad is if they supply of foreclosures continues to grow and mortgage rates jump because of inflation and heavy borrowing and spending by the government.
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Flood.
You all post some very interesting and insightful comments here but here is the nine hundred pound Gorilla in the room that no one is willing to talk about. The commercial market is about to collapse at the end of the year because there is some 597 trillion dollars or commercial loans due to be renegotiated and or called and this will crush the comm. market just like residential. Get ready to see the malls and office bldngs. start to empty out. Its coming.
