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now you have morons in government like obama trying to go back to the horrible situation and "free up money for the banks to lend." thats code for "start lending irresponsibly." the market is correcting and the government is trying to destroy it still.
that's not the root cause -- don't you realize that the theives on Wall St. bundled the mortgages into securities, so that they wouldn't bear the risk ?
by doing so, housing is now inextricably linked to the health of the overall economy. no way out.
cheering for housing to deteriorate is equivalent to welcoming another Great Depression.
let's just hope for a flat-line from here on out.
New Jersey will always be expensive, but at least now (with the interest rates so low) the monthly payments will be a smaller percentage of your take-home pay.
that's not the root cause -- don't you realize that the theives on Wall St. bundled the mortgages into securities, so that they wouldn't bear the risk ?
by doing so, housing is now inextricably linked to the health of the overall economy. no way out.
cheering for housing to deteriorate is equivalent to welcoming another Great Depression.
let's just hope for a flat-line from here on out.
New Jersey will always be expensive, but at least now (with the interest rates so low) the monthly payments will be a smaller percentage of your take-home pay.
the securities were bundled by the corrupt GSE's (fannie mae, freddie mac, etc.) and then sold to the wall street firms as securities. you are buying the president's and other politicians propaganda that this was wall streets doing. the government is to blame for this. its amazing we are looking to the cause of the problem (government) to solve it and all they can do is add more corruption.
whether i cheer for housing to detoriorate or not makes no difference, its the reality. same for the depression, its reality. much like FDR's new deal, what obama is doing will drag out this depression much longer than it should last.
that's not the root cause -- don't you realize that the theives on Wall St. bundled the mortgages into securities, so that they wouldn't bear the risk ?
if they didnt bear the risk then what are the "bad securities" that they have on their books? they are the mortgage backed securities created by the GSE's and sold to these firms as extremely low risk assets backed by a theoretical government guarantee.
why were these loans given so frivolously? because the GSE's (thanks to help from corrupt politicians) were lowering the standards of the loans that they would accept to be bundled by these securities. so a mortgage broker could sell the mortgage, make lots of money, and pass the risk along.
let me make this clear GOVERNMENT IS TO BLAME FOR THIS MESS.
Bergen County. Logical. North Jersey - 1. Sucks to me, 2. is likely to have a harder landing.
Your North Jersey hate has been well documented on this site. Let it go already.
You're the same guy scared of some suburbs because they have black people, right?
That in & of itself speaks volumes.
"sales of new single-family homes dropped, but inventories plummeted at a record pace"
Umm, that's only because people are opting not to move because of the terrible economy. Inventory is not replenshing because far less people have listed their homes for sale this spring.
Some sellers are also holding out because they can't get what they could get last year or the year before for their house. Well, hope the have a lot of patience cause it's gonna be a while before they can command those types of prices again!!
by doing so, housing is now inextricably linked to the health of the overall economy. no way out.
No, what's inextricably linked to the health (or lack thereof) of the overall economy is how much debt America takes on, as a nation and we as individuals.
"beyond the balance sheet, David Beim has a much more profound reason why banks shouldn't lend .... [W]hat is happening to us is something that goes way beyond toxic assets in banks, it’s something that had little to do with mortgage securitization, or ethics on Wall Street, or anything else. It says the problem is us. The problem is not the banks, greedy though they may be, overpaid though they may be. The problem is us. We have over-borrowed. We have been living very high on the hog. We are, our standard of living has been rising dramatically over the last 25 years, and we have been borrowing to make much of that prosperity happen."
at least you admit it, many (if not all) of the super-bears who post here have the same motivation for the incessant threads on pricing.
What "motivation" would that be ?
As a potential buyer, I obviously would prefer it if prices fell.
Also, as a potential buyer, I am interested in analyzing the housing market.
However, as a potential buyer, I would just go out and buy now, if my analysis indicated that, as you often state, affordability is at an all time high.
My "super bearishness" is partly due to the context -- there are some housing markets where prices are genuinely quite reasonable now. NY/NJ, far from being one of them, is actually one of the worst.
As for the supposed tendency to "spread doom and gloom", this is not a sinister conspiracy to try to cause a fall in housing prices by posting on this forum -- we understand that we don't have the power to do this. But when I participate in public discussions, I do like to correct misinformation, and in my book, claims that "affordability is at an all time high", "NJ has always been expensive", etc, are misinformation.
what, you mean that at your age you're still not making $81K per year ?
81k doesn't get you very far in this market.
I believe you already posted your salary, and suffice it to say, you're lucky you bought in 1998 -- because in today's market, it wouldn't get you very far.
Your North Jersey hate has been well documented on this site. Let it go already.
You're the same guy scared of some suburbs because they have black people, right?
That in & of itself speaks volumes.
I don't hate north jersey, I dislike most of it.
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