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Housing Crisis Likely to Wipe Out Two Decades of Family-Earned Wealth
Face it, lose a job in a two income family, it is highly likely you will lose your home, since you likely bought it based on two incomes. Unemployment pays next to nothing. No income is "0" income. Can't amke huge unreasonable house payments on that amount. So, moral of the story, until the value of "0" increases, it is possible that some day you too could find yourself understanding the value of "0" first hand.
Are Short Sales Shorting the Real Estate Market?
It's like buying a car, they want to sell you the car based on the payment... The only figure I want to know is the cost of the home... Any mention of payment is based on this cost first and the interest can be changed as time goes on and according to market conditions.
Home Prices: Location, Location, Location [Housing Tracker]
Oil Bubble Spin
""As he pointed out, the common wisdom of five years ago was "there are more and more people that need housing and a limited amount of land-there's not place for housing prices to go but up" and, like oil, it was a commodity that people "needed". ""
Farmers said the same thing in the 1970's, farmland, they don't make anymore... but you got to pay the bill for it someday.
Americans today are "Ilfunctional literates":
Individuals who are educated, yet fail to apply basic mathematics, reading and logic to simple everyday contracts.
I saw the housing thing coming because it looked just like the farming mess of the 70's... It will take years for this to correct. In the mean time, banks will fail just like the S&L's did....
Oil Bubble Spin
US Housing Inventories Reach Record Highs
Bank of America: Better Than Treasuries
We're going to wake up one Monday morning soon and see the same news about B of A as we saw about Bear Strearns...
Are you in over your head and hope that others will buy this dog?
Will the Next Banking Crisis Originate in Europe?
NEW YORK (CNNMoney.com) -- Among the nightmares lurking around the corner for the already battered housing and credit markets would be a meltdown at mortgage financing giants Fannie Mae and Freddie Mac.
Although few are predicting an imminent need for a bailout just yet, credit rating agency Standard & Poor's recently placed an estimated price tag on this worst case scenario -- $420 billion to $1.1 trillion of taxpayer's money.
This dwarfs how much it cost to help banks during the savings and loan crisis of the late 1980's and early 1990's. That cost taxpayers about $250 billion in today's dollars.
Has anyone added all the lost money and compaired that to the perceived worth of the world? What % of the beleive wealth of the world is the loss we have seen and the loss not yet reported? At some point we may have spent all our wealth?
Time to go back to the gold standard....
Dear Ben...
Fine in 2009 (Not So Great in 2008)
With Government intervention, this downward spiral should be resolved in 12 years. It's an election year, and yes our mental midgets wanting to be a President will promise everything. Keep in mind that one person caqn not make a difference without the support of the House of Reps and Senate. It's a system of Checks and Balances, and Our system of Government does not allow for a Dictatorship, where a single person can "fix" anything.
Housing Bubble and Real Estate Market Tracker
Buoyed by low interest rates, financiers introduced the concept of intergenerational loans, and eased credit standards as a way of helping people attain the booming prices.
Every day investors were caught up in the mania. Many salarymen, fearing they'd be priced out of the market as it continued higher, bought properties they knew they couldn't afford, in the hope that price increases would wipe away their folly.
Between 1989 and 1990 the Bank of Japan became worried that the property boom was becoming a bubble and took preventative steps, tightening interest rates. The bubble popped.
The resulting bust saw housing prices fall for 14 years in a row, and prices retreated as far as 60 per cent in Japan's capital cities.
The stockmarket crashed 80 per cent, consumers slowed their spending and the economy plunged into a prolonged recession.
Daisuke Sato was one bloke I met who was caught in the crash. He bought an apartment in 1990 for (roughly) $500,000, and 17 years later the pad is worth only $280,000.
Sato has a constant reminder of the mania – a massive mortgage that needs to be paid back regardless of the price of his home.
Caveat Emptor: The Tumbling Housing Market
Buoyed by low interest rates, financiers introduced the concept of intergenerational loans, and eased credit standards as a way of helping people attain the booming prices.
Every day investors were caught up in the mania. Many salarymen, fearing they'd be priced out of the market as it continued higher, bought properties they knew they couldn't afford, in the hope that price increases would wipe away their folly.
Between 1989 and 1990 the Bank of Japan became worried that the property boom was becoming a bubble and took preventative steps, tightening interest rates. The bubble popped.
The resulting bust saw housing prices fall for 14 years in a row, and prices retreated as far as 60 per cent in Japan's capital cities.
The stockmarket crashed 80 per cent, consumers slowed their spending and the economy plunged into a prolonged recession.
Daisuke Sato was one bloke I met who was caught in the crash. He bought an apartment in 1990 for (roughly) $500,000, and 17 years later the pad is worth only $280,000.
Sato has a constant reminder of the mania – a massive mortgage that needs to be paid back regardless of the price of his home.