US Housing Market Faggotry

[lurch70]

I highly doubt Canada is going to turn in to a tropical paradise any time soon.

i think what they are saying is that Canada will be more livable rather than cold ... whereas the US is turning warmer and warmer. JUST heard on the evening news that this is the warmest October in recorded history for NY

 

[NAD]

Morbo says: IT IS A CATCHY SONG, DO NOT DAMN ME! even if Music for the Jilted Generation is a better album.

Includes one of the scarier charts around:

Japan is still in a 15 year decline thanks to their bubble, for people like me who think a year from now will be a good time to buy a house, it might not really be so for over a decade. When the biggest amount of ARMs pop in March 2008, I'm thinking it will take at least a year for the repercussion to hit the market, which might, might signal a bottom to this mess in Q2 2009. But even that could be far too soon, considering this was a 5 year build up using obvious indicators, or a 12 year one if you take a closer look at the credit bubble. 2 year slump? We're there already, and just getting started. 5 years? Possibly, but since prices decline much slower than they ascend in bubbles, unlikely. 10 years? That could be a mess. 15 years? Distinctly possible. 25 Years? One of my favourite Pantera songs.

 

[lurch70]

you think this might have been a foreclosure class action "fire"?

http://www.cnn.com/2007/US/10/23/wildfire.ca/index.html

 

[lurch70]

didn't you have something to do with this Ali?

http://www.nytimes.com/aponline/business/AP-Earns-Countrywide-Financial.html?_r=1&oref=slogin

 

[J.]

that company is terrible

 

[NAD]

http://www.newsmax.com/headlines/credit_card_debt_banks/2007/11/06/47264.html

In the U.K., homeowners are reportedly using their credit cards for mortgage payments. Credit card interest typically runs much higher than mortgage rates, so reducing one debt by increasing another at a higher rate can be the first step on the road to default and eventual bankruptcy.

:d'oh: :wtf:

 

[JayKeeley]

LOL

Stupid Brits. I speet on them *acchhh thoo*

Thing is though, if you default on your mortgage payments, you get kicked out of your house and the bank reclaims the property. With credit card debt, it just keeps adding up but you still get to keep your roof. Am I right? I don't own any credit cards.

 

[NAD]

I think it depends on what the bankruptcy laws are, in the UK I have no idea but in the US it used to be you could file for it yet keep your house, but in 2005 they changed that rule apparently so banks could keep more jewtokens from inept consumer types. Although the final LOL is still at the banks, according to what I read this morning:

http://www.bloomberg.com/apps/news?pid=20601109&sid=ar909uO1CqHw

Washington Mutual, Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc. spent $25 million in 2004 and 2005 lobbying for a legislative agenda that included changes in bankruptcy laws to protect credit card profits, according to the Center for Responsive Politics, a non-partisan Washington group that tracks political donations.

The banks are still paying for that decision. The surge in foreclosures has cut the value of securities backed by mortgages and led to more than $40 billion of writedowns for U.S. financial institutions. It also reached to the top echelons of the financial services industry.

Assholes.

Something scary I heard Peter Schiff saying the day is that credit cards are the next major economic disaster in the US, but looks like the UK is coming first. Apparently all those shitty CDOs people had for subprime loans were also doled out based on consumer credit card debt. Who the fuck would INVEST in someone's debt?! Most people never pay them off, it's like a guaranteed zero return.

 

[Ellestin]

I would probably just kill anyone who tries to seize my Hirilorn CD

 

[NAD]

All the people get foreclosed upon who ruin their house before getting kicked out, I would totally do that.

Light a match, hop in the car, north to Alaska.

 

[JayKeeley]

the end of the world is nigh

 

[JayKeeley]

All the people get foreclosed upon who ruin their house before getting kicked out, I would totally do that.

Light a match, hop in the car, north to Alaska.

If someone isn't paying their mortgage payments, how do you physically get them out the house? Is that where folks like Doomcifer come in? I see how repo guys come grab TVs and stuff, but how do you get the family out?!

Also, in the UK, there is this thing called "squatters rights". If you're homeless and you move into some abandoned building/house, the law says you can stay. Or something weird like that.

 

[Dark One]

If someone isn't paying their mortgage payments, how do you physically get them out the house? Is that where folks like Doomcifer come in? I see how repo guys come grab TVs and stuff, but how do you get the family out?!

It's a long, annoying process to evict someone if they refuse to move out on their own. I think there comes a point where the law (like a bounty hunter) can arrest someone if they leave the house, but still can't break in to the house. It takes longer if a bank owns the home due to a mortgage default I believe.

There are also other ways - the utilities companies can be instructed to turn off the electricity/water, etc. which will often force people out of the house (even if payments are up to date).

Also, in the UK, there is this thing called "squatters rights". If you're homeless and you move into some abandoned building/house, the law says you can stay. Or something weird like that.

Yep - they have them here as well in various incarnations, but again, people can hold out only so long once their resources run out.

 

[Reign in Acai]

People are fucking retards. My co-worker who brags about how great of a human being he is ad nauseum, makes a pretty penny in wages, but boastfully spends it quicker than he can make it. Do I look like I give a flying fuck whether you recently purchased a 2k therma-pedic mattress?!? This gent could have a nice little hacienda in the hills of El Gay, but has decided to buy shit like 40k trucks, 6k rolexs (which he already has 5 of), and a collection of dvds bigger than your local blockbuster retail, to name just a few earthly possessions. Whatever happened to putting your jew tokens in a bank so you could live life comfortably as an old geezer?!?! Credit cards are the devil, I'm still tackling the few K that I've fallen behind on. Once I get my head above quicksand, I'm out like Greg Louganis come a gay rave.

 

[dorian gray]

I've heard it's pretty difficult legally to kick someone out of a house. However, seems like turning off the utilities would do the trick. My uncle used to work for an electric company and he would do this quite frequently. I bet he and Ken could swap stories.

 

[lurch70]

I've heard it's pretty difficult legally to kick someone out of a house. However, seems like turning off the utilities would do the trick. My uncle used to work for an electric company and he would do this quite frequently. I bet he and Ken could swap stories.

uhmmm ..

http://www.nytimes.com/interactive/2007/09/02/weekinreview/20070902_FORECLOSE_FEATURE.html#

 

[dorian gray]

LOL I wonder if any of those folks working on the eviction crew show up at their own house
Also, a huge LOL at that dolphin statue. WTF people?

 

[NAD]

uhmmm ..

http://www.nytimes.com/interactive/2007/09/02/weekinreview/20070902_FORECLOSE_FEATURE.html#

Am I supposed to feel bad for these fucking idiots? Catch a clue you fucks, if you make $3,000 a month and your mortgage is $4,000 YOU CAN'T FUCKING AFFORD IT.

Also, someone needs to Photoshop lurch into this one:

 

[NAD]

This is the funniest thing I've read in awhile:

http://www.doctorhousingbubble.com/...ution-and-justice-the-fantastic-ag-bb-and-hp/

“The Oropezas arrived at Calle Canon Road in 2004. Corona appealed to them because of its quality of life and regional cachet. “It was labeled as the new Orange County,” Mrs. Oropeza says. Public records show they paid $557,000 for a four-bedroom house and took out a $500,000 mortgage. Her husband is an area manager for an auto-parts retailer and she is a purchasing manager for a firm that sells dietary supplements.

As property values skyrocketed, they refinanced three times, most recently in late 2006, for $835,000, Mr. Oropeza says.”

Okay, so they pulled out a whopping $278,000 in inflated equity out of their home over two short years. The article goes on to talk about how they used the money to add the ever-important backyard waterfall. What the hell is America coming to when you can’t even have a waterfall in your backyard? They also used a large portion of this money to pay off credit cards which I’m sure where used very prudently. Before you put your fist through the monitor, there may be some vindication brought on by the gods of financial prudence. The housing market as we all know took a trip down its own Niagara waterfall:

“The couple listed the house several times, even before the final refinancing, which raised their monthly payments to about $6,300. Earlier this year, they were asking $839,000 for the house. But it just sat. Elsie Cambone, the Coldwell Banker agent who had the listing, says prospective buyers were put off by the vacant home next door.

The couple due to a job transfer needed to move to Texas. So they somehow managed in this easy credit world to qualify for another home and purchased a place in Texas for $283,000. By my own tally, this puts their collective debt total to over half-a-million since they haven’t sold their old home off. In light of all this impending credit doom they did what any financially struggling person would do, they took the family to a trip to the Caribbean.

“In the run-up to their move, she says, the couple lived off credit cards to “make sure we had cash for the house payments” in Corona. They packed up in June, and then took their 9-year-old son and 2-year-old daughter on a long-planned Caribbean vacation. They returned to Calle Canon Road, “got in our cars and drove to Texas,” Mrs. Oropeza says.”

Bwahaha! Can this get any more surreal? They are swimming in over $500,000 of debt and they go off to the Caribbean? I’m sure that is all the credit shenanigans one could muster up for a lifetime. Oh, what is this? Just when you are getting ready to gouge your eyes out for the incredible amount of financial mismanagement, you stop right before you pluck them out to realize that they in fact where capable of going deeper into debt:

“Neighbors Ms. Lefranc and Mr. Saffold are dismayed over the Oropezas’ departure and note that shortly before leaving, the couple bought a new Lexus. “I think they took money out of their house and split,” Ms. Lefranc says.

Mrs. Oropeza says that she and her husband recently bought a Lexus and a Chevrolet Suburban with no money down. She denies that the family intended to abandon the house. The choice was straightforward, she says: “It was easier to keep the house in Texas than the one in California.”

We have a winner here folks! Not only did they conscientiously decide to forego their obligation to the debt on their California home but also they decided to go further into debt with artifacts of wealth and walk away from their current home. Maybe these are the folks Ben Bernanke is talking about when he mentions that it will be a smart idea to increase caps to $1 million. After all, they only went for the Lexus and not a Mercedes and we can’t have that can we? They gutted all the value out of their current home and left it sitting at $835,000. Why rob banks when you can rob the American taxpayer and get away with it?

hahahaha fucking worthless assholes. I used to live just down from there, they put up a bunch of fancy houses but it was still a shitty area.

 

[NAD]

There's a chick with big fake tits in front of me at work talking about how all her boyfriends pay for her shit (they do), one dude in particular gives her free reign with his credit card (I got a free lunch from that deal once, score), and she never even gives him any fuckin' poontang. I figure if people are dumb enough to willingly get into that kind of mess, the above situation shouldn't be surprising.

People are stupid.