poor&unemployed

CBRE: All That Real Estate Money Out There Waiting...

Judy,

Sooner or later we are going to hear slightly different tune.

If the automakers get bailed out, you can be sure the real estate industry with it's mighty force all over the country will demand a bailout for themselves.

You will see crying babies and 85 year old realtors on TV making their case for government money for realtors, developers and managers.

Most likely, our new leader and congress / senate will buy the office buildings and condo towers for their social agenda.

Latest Mortgage Trends [Housing Tracker]

Hi Judy,

Great website.

Your quote of the day actually tells us the mind set of our business leaders.

Housing prices were highly inflated and still remain so. There are lot of people I know, who were smart to sell their houses and rent during the crazy period of home flipping. These people have the cash and the credit to buy the houses without any problem. Most may not need the mortgage to buy a house. But who is selling? If you check the county records, there are thousands of houses owned by the banks (REO Properties), which are not being marketed. WHY? Is it because the banks do not want to take the losses? Key to liquidity is to sell at market price and get cash. Retail industry has been doing this for centuries.

No one is asking the right questions. We have already lost 800 billion dollars to the banks and will lose more.

It would appear that we want to recreate the same problem once again - Lend people money to buy overpriced and unaffordable houses.

Mortgages and Lending In The Subprime Meltdown [Housing Tracker]

Saginaw house

To think everyone is stupid, especially the seller and all those involved in the sale.............. and all those who did not bid..................

Mortgages and Lending In The Subprime Meltdown [Housing Tracker]

But if you can't afford the fully amortizing payment, what do you do then? How many people would be able to make the new mortgage payment? (It's probably easier to earn that much in LA than in Reno, NV, but you get my drift.)
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One has to do the same thing that all other hard working Americans have done for a very long time.......

Declare bankruptcy, cut your credit card, give back the Hummer, stop drinking $5 latte, rent a small cheap apartment, drive a 10 year old junk, throw away your cel phone......... I can go on and on!

Let's get one thing clear - bankers have never been in business of losing money. On the otherhand, they are known for asking for a pound of flesh! It is high time that we start placing the blame where it belongs - the reckless gamblers and social climbers. Second mortgage should be looked down upon not glamorized in to some kind of exotic investment. House is to live in and raise family not a casino.