Housing Woes Bring New Cry: Let Market Crash

How do you keep your stuff dry?

Sorry to hear your upside down Bran. As bad as everything is there are actually some home prices going up in certain parts of the bay area, in fact I just bought a foreclosure there and I consider my self lucky (with my lowball bid) as there is much competition in this market. When the foreclosures and short sales dry up and jobs take a positive note we should see more appreciation on existing homes...IMO. . .

The housing will definitely collapse even more.....

In the end, the middle class will be wiped out. If you look at the programs which have already failed miserably and examine the mechanics of the program it becomes obvious that the goal was not to help those that were knocked to their knees by the banking systems fraud. The programs were specificly designed to move up , once again, those that couldnt afford it and allow greater investment by the very banks and financial companies that brought about the collapse.


Think about it.

The two most hyped programs were both based on targeted tax credits for first time buyers and those whose employment was not impacted by the down turn. The lower class and federal employees by any other name. Through Fannie and Freddie the federal government owns nearly 90% of American mortgages, consider what could have been done with the stroke of a pen. But wasnt.

Why not? Why not impose a temporary moratorium on federally backed foreclosure? The fed owns the notes.
Why not take the arrearage and renegotiate the terms to allow current home owners to move the past due to the rear of the loan and pay a reduced note until the economy recovers? The fed owns the notes.
Why not mark the debts to current valuations and prevent tens of millions of Americans from becoming homeless due to corporate malfeasance? The fed owns the notes.

They brag about holding the mortgage notes at every opportunity. So why not do something useful?



If they really own the notes. They could.

But they wont. Paulson and Bernanke lied....And the middle class died.


Welcome to Orwells world.




Good Luck

Meh, being underwater only hurts you if you need to sell or if you have a balloon payment that needs to be covered by a new mortgage. If neither of those 2 fit your situation then it is no sweat. I bought a house at the peak of the bubble in 1981, 6 months later it lost 33% of its value. My friends and family tried to convince me to walk away from it. I just figured I needed to live somewhere so I might as well live there. I kept paying the mortgage every month and 10 years later it was worth what I paid for it again. I held it another 13 years and sold it for 6 times what I paid for it. Your house isn't a quick flip of a stock.

I don't see real estate collapsing more. It will be a slow grind to recover, but existing homes are already selling for less than the cost to build in many cases. I've already said I believe the bottom is in in real estate.

My house is underwater in California and I had to move several states away.

However, I was able to rent it and make a small profit. You might be able to do the same.

I totally understand what you're saying. Our first renter thrased out house over two months before we kicked her out. Kids eating on the floor, food all over the walls, disgusting.

We got her out quick though and the next family we got in has been there for three years now and they not only take good care of the house, they put about 20k into it, as they intend to buy it.

So, we were fortunate.

But yes, having someone rent is a real pain, specially if you live several states away.

Big difference between wanting and needing to move. I wouldn't trash my credit by walking away or doing a short sale just because I wanted to move. I'd look really hard at the rental market in your area and try to rent it for more than your payment.

It really is, unless you have enough units to afford a manager or you just really love being a handyman and bill collector.

i think, people shown in the video dont have worries about their houses..

I just don't get how the so-called "experts" (including the one in my signature - although any proclamation of a "recovery" would be self-serving) could claim that there's no chance for a double-dip recession?

US homes lost to foreclosure up 25 pct on year

^ Is that a good sign? Could it mean that all, or at least most, of the people in the system doomed to lose their house now have and that bargain buyers can now swoop up the inventory? How are the "experts" calling for no chance of a double dip when we continue to get reports like the above that point to a reslipping economy?

Its just Denial...or trying to be the 'optimist' all while hoping it will all just 'be ok' or that positive thinking instead of constructive thinking will do wonders for the masses...

Some people denied the titanic was sinking and went back to their cabin too...reality is sometimes overwhelming...


-w

I think this is a problem with our news, as the story is kind of confusing.

The headline is actually misleading.

It's not that more homes are going into foreclosure, as you'll notice above. It's that banks are buying them back and clearing their inventory.

I'm not saying the news is good. I'm only saying that journalists are morons and turn their news stories into commercials, rather than into helpful, newsworthy information that can be properly understood via the facts.

Most likely what we're seeing right now is banks that have stabalized are now able to clear their balance sheets by putting the properties through the forclosure process. When they don't have the cash to do that, and the property looks bad on their sheets, it slows the whole process down.

sorry wrong thread