Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-15-2008, 03:29 PM
 
2,197 posts, read 7,381,163 times
Reputation: 1702

Advertisements

Well, the insanity continues. The new bubble is FHA loans. They're courting first-time buyers with 3% down, financed closing costs and a $7500 gift loan from Uncle Sam. (Yeah, how many will be paying that back?) They'll approve you practically on a smile if you're a minority.

Um, 3% equity in markets that are declining 4-5% or more annually? Isn't that grade school math? Not to mention, the first thing most first-time home buyers do is open deferred credit accounts (no payments for 18 months!) at Lowe's (appliances), Best Buy (home theater) and Insert Your Local Furniture Store (houseful of furniture) here-- and they do it all at once so it won't show up on their credit report until they've finished loading up. Most of these people will be so underwater in 18 months that they won't even bother walking away-- they'll run! Then these homes will hit the market as another wave in our ongoing tsunami.
Reply With Quote Quick reply to this message

 
Old 09-15-2008, 08:46 PM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,716,372 times
Reputation: 3587
Lehman failed today. We are still alive and life goes on. It will if Wa Mu and AIG fail too. It will if GM and Ford fail. In the end we will all be better off for it. Once the dirt and dung is washed out of the economy we can get back to doing what we do best- producing and growing!
Reply With Quote Quick reply to this message
 
Old 09-15-2008, 08:49 PM
 
Location: Los Angeles Area
3,306 posts, read 4,144,465 times
Reputation: 592
Quote:
Lehman failed today. We are still alive and life goes on.
Don't count your chickens before they hatch. The credit markets are tightening rapidly, the TED spread jumped to 2.0 essentially over night.
Reply With Quote Quick reply to this message
 
Old 09-16-2008, 03:37 AM
 
Location: Hope, AR
1,509 posts, read 3,079,539 times
Reputation: 254
And the media is still yapping nonstop about Palin while this stuff is going on?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads

All times are GMT -6. The time now is 01:47 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top