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For those who say the recession is over,,,we have not even begun to see how bad it really is concerning the real estate crisis. Looks likes this video was right on the money. People need to secure some goods or gold and silver, if able, so when things go really bad, they are prepared.
Houses which should never have been sold in the first place.
Houses which should never have been built in the first place. Once they are built you have to do something with them. The developers have most of the guilt.
We had a small wave of foreclosed homes who were sold...now we see more and more foreclosures from people with no ARM mortgages...just walking away, because they are underwater as they call it, but to me they never even owned their homes for more than 10%, since they didn't pay more than that. People are having their minds screwed with the wrong attitude and think they own things they haven't paid off. They are responsible for their car's and home but they don't own it...as long as the mortgage and loans haven't paid off...back to reality and hopefully the people walking away will get judgments for being irresponsible!
Houses which should never have been built in the first place. Once they are built you have to do something with them. The developers have most of the guilt.
Um no, try banks and federally mandated lax lending standards.
Without the cheap and easy $$$, the developers wouldn't have existed in the first place.
Um no, try banks and federally mandated lax lending standards.
Without the cheap and easy $$$, the developers wouldn't have existed in the first place.
Ultimate blame for the woes of the American economy reside with Mr Greenspam and his wholly responsible lowering of interest rates at the behest of that clown BUSH.
I watched strip malls being built at an alarming rate in Florida along a stretch of highway that already had a lot of half empty malls. The housing was the same. I watched orange groves in Hillsborough county levelled, and saw tacky doublewides go in, and the crash started. The former orange groves are now mostly empty, with a few crappy looking doublewides. Boomer and Gomer are happy with that garbage, but it looks nothing like the "deluxe estates" the developers promised. Down the road : ostentatious suburban homes that are developing mildewed walls already.
Ultimate blame for the woes of the American economy reside with Mr Greenspam and his wholly responsible lowering of interest rates at the behest of that clown BUSH.
Will you also rush to give credit to Greenspan for keeping interest rates low during the unprecendent economic expansion of the 1990's, instead of raising interest rates, as standard economic theory of the time dictated? The American economy was growing at an annual 6% per year and unemployment hit levels below 5.5%. According to most economists, that scenario was ripe for increasing interest rates to slow expansion and to avoid inflation. But Greenspan thought differently, and hedged that the technological expansion of the 1990's would cushion the blow of possible inflation, of which it did, thus making Greenspan right on target.
I highly doubt your comments are rooted in economic theory, but instead are more of the same anti-Bush rhetoric that you've painted as your MO on this forum.
If you're truly an objective, non-partisan, you'll come forth with praise for Greenspan and his brilliant economic moves during the 1990's.
Houses which should never have been sold in the first place.
Interesting point.
I have the money to buy a home, but I won't do that because of future uncertainty.
It is very joyful to own a home, it is very painful to sell a home. When you finish the whole cycle of American dream, you will be a conservative towards homebuying.
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