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.
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.
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.
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.
Location: Sitting on a bar stool. Guinness in hand.
4,428 posts, read 6,508,655 times
Reputation: 1721
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.
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
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.
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!
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.
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.
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.
