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Old 03-31-2008, 01:06 PM
58 posts, read 165,238 times
Reputation: 31


Bankers want the most interest paid for the highest loan value they can get so banks loaned these demographically challenged developers money to build, the developers are in default, the bankers have portfolios with 80% of the loans in default.
The same guys who crashed the stock market in 2000 became mortgage brokers in 2001 to 2005 and inflated the market criminally using fake appraisal and over pay loans, ie a developer borrowed twice the property amt value and pocketed the cash payouts.
Mc Cain said he will not bail out banks and people who do bad money management, ie., buyers who overpay. HUH????? Bank bail out, solvency, is called FDIC Federal Deposit Insurance Corporation.
I would worry about any IRA or KEOGH held by 'money managers'.
I heard the crooks in lending are now all trying to get jobs as property managers to GOUGE and ROB homeowners via fraudulent assessments in condos parks and gated association communities.
The other crooks now want to be IRA and KEOGH fund managers. There is no one left to rob except those who have a IRA or KEOGH or ROTH retirement fund, so watch your money people, the enron type boys spend every day watching your money trying to figure out how to rob it from you and put your retirement fund into THIER and THIER COHORTS pockets.
I support rent control, and housing price control set by government, NOT lenders.
btw-regarding taxes, bankers only pay 10 cents on the dollar taxes, as long as they pay a few pennies the law stops tax confescation, they bankers play all the loopholes and angles to gouge those INTEREST dollars from borrowers.
No one will buy mortaged backed bundled securities anymore, not even forgein investors.
A government intervention is needed, price controls. The capitalistic LASSISE FAIRE (free market) way of robbery,fraud, price gouging, cronyism, and deceptive practice has let morally retarded 14 year old mentality, confabulating greedy boys, dressed as 40 -50 year old biz men, destroy the US housing markets. Prices will adjust to 50% of current ask. FUNDAMENTALS and DEMOGRAPHICS apply here.
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Old 03-31-2008, 08:00 PM
51 posts, read 151,861 times
Reputation: 29
Originally Posted by imagardener View Post

Blame your county commissioners who gave approval to these developments which costs taxpayers money to build more infrastructure (sewers, schools, roads). They think they'll get more property tax money to spend but in the end everybody else gets the gold mine and the average homeowner gets the shaft.

What we need now is a taxpayer revolt to get lower property taxes. Why should we keep paying taxes based on prices no one can get? Let's cut out some administrative jobs and keep the teachers, cops and ER people working. We'll probably never miss the middle managers and things will run better.
There is a lot of blame to go around. County commissioners have their fair share of the blame. Sarasota County commissioners were bad, but not as bad as the city of North Port.

I agree, cut out some of these middle managers. Having worked closely with gov't in FL over the last few years, I can attest both the waste and the fact that there are some hard working caring people in government. Many are there for a free ride though. The state is doing the right thing in squeezing the local gov't IMO.
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Old 04-01-2008, 04:00 AM
Location: South of Buffalo
39 posts, read 106,809 times
Reputation: 13
I will say honestly I don't know much about the housing market, and I'm from western NY. But we have spent countless hours looking at properties in FL. I have to agree with an above poster, that even with the market crashing, I cannot believe how much homes are down there. In this area, 90K will get you a small mansion. $200K can get you a condo slope side at the valley. I just don't get it.
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Old 04-01-2008, 12:11 PM
Location: Sarasota Florida
4 posts, read 13,849 times
Reputation: 10
depressing and NOT what I see
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Old 04-01-2008, 03:52 PM
25 posts, read 47,085 times
Reputation: 10
Thanks for the background
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Old 04-01-2008, 03:55 PM
25 posts, read 47,085 times
Reputation: 10
Originally Posted by SRQ_Sioux View Post
I'm in Sarasota and my neighbors were unable to sell their home and are mvoing back to Pa. tomorrow and will probably let their home go into foreclosure. They can not even rent it to cover the mortgage, taxes and insurance. Very scary to me! We saw the boom in our area! Now I see the same model of home I have where my neighbor's mortgage must be triple mine. For that I feel fortunate but seems terribly unfair.
I'm now worried the property values will further decline with all the homes that will be vacated when the economy worsens.
Yes that is scary no good for anyone.
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Old 04-01-2008, 04:07 PM
25 posts, read 47,085 times
Reputation: 10
Originally Posted by jay2007 View Post
We will continue to see real estate decline in price over the next few years and property taxes will decline and to stay competitive condo and park assessments will decline.
The first wave of 78 million retirees now entering the market in 08 living on a small SSA pension with no assests high medical expenses and only cc debt can not and do not pay inflated living costs on fixed retirement income. Low income buyers are 55% of the market, and they only buy or rent low cost affordable housing. Overpriced vacancies will stay vacant for years, maybe decades, as the real estate markets re-adjust to brick labor material and land value, about 50% drop.
I have seen houses and condos sitting vacant for 3-4 years now on the open market. The sellers are losing rent income every month and price value every year, they wait. ENRON prices are not going back up, duh.
This is NOT a good time to be into real estate unless you own to rent or sell low income affordable housing and affordable handicapp accessable housing. Offer 50% of ask price and you will be paying the corrected price, as a general rule.
Warren Buffet last 7 years built and invested in building LOW COST AFFORDABLE HOUSING all along the east coast, he knew people would seek AFFORDABLE HOUSING and not granite counter tops that cost 250 and owners that want to gouge 25,000 for same cheap granite counter tops from home depot and the other big box stores.
Housing inflation was built on irrational exhuberence, deceptive appraisels, predatory lending practices and inflated price gouging. I would not touch anything but very low cost affordable housing for the next 10 years.
Good Luck
That's a stark assessment and one that's difficult to argue with. These issues are not US related either. Much of the West has been on a credit binge with a lot funding lifestyles they knew they couldn't afford. Its almost as if everyone thought it was the last Hoorah!! Personally I am afraid some of these wounds mean China, India and others will now be the future powerhouses.
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Old 04-01-2008, 07:50 PM
58 posts, read 165,238 times
Reputation: 31
There is nothing wrong with homes selling at corrected values.

Just offer 50% of current ask and you will usually be close to corrected levels.

Developers realtors and sellers ran out of suckers who will overpay.

And lenders are having a harder time pushing bad deals to screw suckers thru the lending payout systems.

You are all free to pay 200,000 for a 39,000 dollar condo. And you are all free to pay 400,000 for a 100,000 dollar home. If you are determined to be a sucker and overpay there are robbers whose job it is as robbers, to take your money and overcharge you.
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Old 04-01-2008, 08:08 PM
58 posts, read 165,238 times
Reputation: 31
By the by- suckers who overpay hurt everyone else. when a sucker overpays the property tax values go up based on inflated sucker sales.

One idiot mother BRAGGED her 21 year old son paid 500,000 for a 100,000 dollar home. The poor kid, an IT specialist and his 20 yr old secretary wife, busted out of thier INFLATED mortgage months after he lost his job, and the house is now in foreclosure.

The appraiser, realtor, lender are predators and the stupid mother of this kid who let him be suckered into such an inflated unpayable debt is too stupid for words.

Realtors, bankers, developers and fraud appraisers robbed conned and suckered this kid. Multiply this con a million times and you will understand the housing crisis, soon to be the banking crisis.
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Old 04-01-2008, 08:29 PM
58 posts, read 165,238 times
Reputation: 31
I see attys on tv now advertising for victims of fraudulent mortgage practices.

Maybe when a few of these sellers lenders realtors developers and fraudulent appraisers get sued in civil court and prosecuted in criminal court for FRAUD AND DECEPTIVE PRACTICE, inflated PREDATORY housing swindles will become a thing of the past.

Sadly the US mint was considering making US paper dollars braille readable for the blind. It seems in USA business people, incl. banks and merchants, ROUTINELY ROB blind people and take a 100, 50 or 20 dollar bill and give the blind person change for a 1 or 5 or 10 dollar bill instead of the correct amt. This problem is so epidemic the blind are calling for BRAILLE paper bills.

Same predatory practice and robbery has been going on in USA housing markets.

Liars abound in real estate. Pay 50 cents on the dollar and you will help stabilize the housing markets and correct the inflated tax assessments.

The suckers who were swindled can get relief in bankruptcy court and hopefully learn the value of a dollar in mandatory credit counseling, now required in bk cases. So they do not overpay the next time. Ideally we will have price caps with government rent and price controls to assist in preventing housing price gouging robbery and exploitation in the RE markets.

23 million USA families now need and get US gov food coupons to eat, as they can not eat thier woodwork and they are paying TOO MUCH for thier mortgage, due to fraud appraisals crooked lenders, greedy sellers, LYING realtors and SWINDLER developers.
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