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Old 12-16-2008, 02:08 PM
 
4,271 posts, read 14,172,213 times
Reputation: 3374

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Quote:
Originally Posted by HappyTexan View Post
It's called "prudent investing" but that term got thrown in the trash years ago because "the sky was the limit and nothing could go down".

We were re-living the roaring 20's these past 10 years.
you're right, a lot of people did a lot of prudent investing but the "i didn't know it was gonna get that bad" excuse isn't gonna work in my book. i spent the last decade in my 20s-a time when i should've taken big risks when i had money saved up but real estate prices just got out of control. i just didn't want to risk it. perhaps it was me being too chicken that saved me from the same fate as some of these people but now my dream home that once sold for $1M is selling for half that and for once, i'll be able to afford something i want instead of some crappy house that's 150+ years old in an old beat up neighborhood.
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Old 12-16-2008, 02:11 PM
 
12,461 posts, read 18,059,107 times
Reputation: 6451
Quote:
Originally Posted by colleeng47 View Post
Yes, but how much do you want to bet she got that 20% by refinancing previous homes. Buy one house, 20% down, refi and buy second one with 20% down, refi, etc. etc.
Exactly.
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Old 12-16-2008, 02:34 PM
 
Location: Chicago, Illinois
3,047 posts, read 8,274,537 times
Reputation: 1373
Quote:
Originally Posted by foma View Post
that's where risk comes in ... greater risk equates to greater return on investment ... but it also means a greater loss. she gambled and lost. no different than someone going to vegas and losing $100,000 (5 down payments on investment property at $20,000 each for example). win big lose big. i'm not saying that everybody deserves to lose their home or whatever but i think most of us can agree that this lady got greedy and did not think it through properly.
right, but the problem is that there are millions more greedy idiots like her who were irresponsible and you better believe the government still has plenty of bailing out to do on your dime and mine.
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Old 06-23-2009, 01:10 PM
 
Location: Sitting on a bar stool. Guinness in hand.
4,429 posts, read 5,807,967 times
Reputation: 1708
US home sales higher for second month in row - Yahoo! News (http://news.yahoo.com/s/afp/20090623/ts_alt_afp/useconomypropertysales - broken link)

Quote:
"Housing continues to stabilize and it really does appear that the worst is finally behind us," said Joel Naroff at Naroff Economic Advisors.

"Housing led the downturn and we've been looking for some stability in this sector as a sign the recession is ending. Well, it appears those signals are getting stronger."
Nope.


Quote:
"Sales are stable but exceedingly low," said Celia Chen at Moody's Economy.com. "The NAR's inventory numbers likely understate the magnitude of the inventory overhang since many foreclosed units are not listed."
Yep.


Quote:
A large proportion of sales came from "distressed properties," although this declined to 33 percent of all sales in May from 45 percent in April.
Declined. Yeah for now.


Quote:
NAR officials said this distorts the median price.
The word distortion used by the NAR is laughable at best.

Remember. NOW IS A GREAT TIME TO BUY!


Quote:
Yun said the appraisal problem -- making it hard to get an estimate of a property's worth -- is holding back many sales.

Yeah and it will continue to be so with the avalanche of resest that seem to be coming. That is if you believe the report/graph the OP put up still stands. Which I believe still does.
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Old 06-23-2009, 01:34 PM
 
Location: Castle Hills
1,133 posts, read 2,380,051 times
Reputation: 611
Quote:
Originally Posted by baystater View Post
US home sales higher for second month in row - Yahoo! News (http://news.yahoo.com/s/afp/20090623/ts_alt_afp/useconomypropertysales - broken link)



Nope.




Yep.




Declined. Yeah for now.




The word distortion used by the NAR is laughable at best.

Remember. NOW IS A GREAT TIME TO BUY!





Yeah and it will continue to be so with the avalanche of resest that seem to be coming. That is if you believe the report/graph the OP put up still stands. Which I believe still does.
I feel the exact same way you do about the housing market. Which also cements my belief that this recession is going to last a hell of a lot longer than most think. This thing is going to go on for YEARS
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Old 06-23-2009, 01:35 PM
 
Location: Castle Hills
1,133 posts, read 2,380,051 times
Reputation: 611
Quote:
Originally Posted by At1WithNature View Post
right, but the problem is that there are millions more greedy idiots like her who were irresponsible and you better believe the government still has plenty of bailing out to do on your dime and mine.
Yes, keyword being MILLIONS. That is whats causing this recession.
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Old 06-23-2009, 02:20 PM
 
Location: Grove City, Ohio
10,414 posts, read 12,912,650 times
Reputation: 14906
Quote:
Originally Posted by darstar View Post
That was a very interesting report , 60 min. tonight. I think they should have devoted the entire hour to the subject. I don't understand people out there , its like all the reporting and discussion , is about the other person , or some where else , in a far off land. They just don't get it !
The American people are paying attention to what is important; American Idol, Survivor and the latest news on Paris Hilton!
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Old 06-23-2009, 02:30 PM
 
1,369 posts, read 2,039,763 times
Reputation: 1099
Quote:
Originally Posted by nicet4 View Post
The American people are paying attention to what is important; American Idol, Survivor and the latest news on Paris Hilton!
Don't forget Jon & Kate

Check out this summary of the RE crisis (particularly pages 40-88):


http://moremortgagemeltdown.com/down...age_crisis.pdf

I have posted it elsewhere here too but I think it's a very accessible and informative overview.

Not looking good I'm afraid.
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Old 06-23-2009, 03:42 PM
 
Location: Grove City, Ohio
10,414 posts, read 12,912,650 times
Reputation: 14906
Quote:
Originally Posted by London Girl View Post
Don't forget Jon & Kate

Check out this summary of the RE crisis (particularly pages 40-88):
And finally we are getting to where the news is important!.

On the six o'clock evening news what $42 million a year anchor host celebrity has the best looking blow dried hair?
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Old 06-23-2009, 04:26 PM
 
48,509 posts, read 86,173,019 times
Reputation: 18105
Quote:
Originally Posted by carp killer View Post
Real estate prices are still to high compared to the income needed to buy a decent place. I noticed that banks won't bargain the price yet. Uncle Sugar will buy up those places for more than they are really worth...and the tax payer will get stuck with the bill(corporate welfare for the rich). It pays to have friends in Congress.
Uncle sugar hasn't the cash thus the administration trying to get investor groups interested . Congress is pretty pissed at the administration for not helping those homneownjers so look for something pretty quickly. Its was prioity #2 after banks rememeber.I look for congress to push for using the TARP money paid back by banks to ehlp those homewoenrs and that maybe the 125% of price with FHA that is being discussed.
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