redriver

Total Rating:
0 / 0

20 Comments

    • Fri Apr 4th 17:52 PM | Rating: 0 0
      Commented on:
      "Reluctant Banks" Let Defaulted Borrowers Stay in Homes
      I read where something like 18% of the sub prime borrowers never made their first payment! (Someone correct me on the percentage if I am wrong).

      So, we should all go out, buy the highest price foreclosed home we can afford (there will be fewer people then coming to kick us out) and just never make any payments. Probably live rent free for at least 3 years. If you're not going to buy another car or home for awhile, what do you need credit for anyway? Plus, when the government sends the $7000 tax rebate along for buying the foreclosure we can all meet in Hawaii for drinks. I'm buying!

      Its a great country, with "free" health care on the way. ;-)
      View article »
    • Mon Mar 31st 13:26 PM | Rating: 0 0
      Commented on:
      Calls For A Market Ready to "Rocket Higher"
      Hmmmmm, if everything since 2001 has been in the bubble (values, home prices,profits, potential earnings, etc.) then what does "if you compare stock prices to underlying business value, stocks are cheaper now than at anytime since 2002" really mean?

      Must mean that they are still over priced or, it means Nothing.
      View article »
    • Fri Mar 28th 10:41 AM | Rating: 0 0
      Commented on:
      Upside to Falling Prices: Housing Affordabilty Index Reaches 4-Year High
      What a tool!

      It is and always has been: AAA Fico, 20% down and 2.5X your gross household income = max. mortgage

      Don't have it..........go get it

      Considering the fact that "affordability&qu... went right out the window in 2000, "highest affordability since 2004" is so NAR: once again, building homes on foundations of mud.
      View article »
    • Wed Mar 26th 18:11 PM | Rating: 0 0
      Commented on:
      Why US Interest Rates and the US Dollar Will Continue to Fall
      Why are Canadians flush with cash?

      PS to user 168566.
      Yep its screwed up but, it (living beyond our means) has been injected into every aspect of our lives over the last 20 years. We're just now facing the music. So, its "we the people" who are at fault. We elect though apathy "politicians"... not leaders who then do relatively nothing as to their job which is to protect the health, safety and welfare of the people. So, as the old saying goes, "in a democracy you get what you deserve". Our representatives are just that, representative - of us.
      View article »
    • Thu Mar 20th 12:43 PM | Rating: 0 0
      Commented on:
      Did the Fed and GSEs Avert a Crisis?
      The nadir or lowest point of the housing market would be the point at which you can identify support. Here in Phoenix that point is 2001. The city was thriving/growing, housing was affordable 2.6 on the Harvard (AI) affordability index. AI = median home price/median household income. Now its 4.8 (actually went up in 2007). That's the same AI as Santa Barbara! Does anyone really believe that making Phoenix as expensive as Santa Barbara is a good business decision?
      So, not being a "economist", it would seem we have a ways to fall before "the market/the buyers" come back out and buy. The current median home price is around $242,000 and the current median household income (citydata) is $61,863. So 61,863 X 2.6 is $160,843 or, a 34% decline needed to get back to balance.
      Obviously the more propping up we do, the longer it will take the market to fix itself. The ramp of pain will just keep getting longer. Having just read The Forgotten Man and just seen the Fed Lending Graph I am not at all comforted by any of these moves. Lynch said it best, Mr. Market doesn't care about you, doesn't know your name. Probably doesn't care about how much equity we have lost or, how safe our families are now. That was our job.
      But then again, I'm not an economist. Not a buyer either.
      View article »
Loading...
Symbols:
Authors:
Quick Links:
Contribute an Article Become a Seeking Alpha Contributor

Transcripts

More Transcripts»