Foreclosures at record as household wealth falls (Page 10/19)
Francis T MAR 08, 12:49 AM
Like the CCR song says, it's been coming for some time.
Just think about it, at least us older guys, can you remember a time when so many basically young couples (many with kids) got huge new homes like they did for what, the last ten years or more. I mean these people were not buying the 'starter homes' they should have and then move up as they could afford it. Nope, they went right to big 3,000, 4,000, 5,000 sqr ft or bigger exspenive beyond-their-reach houses.

You can blame the banks if you want with their tricky mortages etc.and they do have it coming.
However, I think the blame also needs to fall upon others like: the parents and education system, especially the high schools. There's more to getting young people ready to go into the world (and such should be priority #1) than teaching them dates when this or that happend. Why are such a topics like 'how to buy a house, understanding loans, the dangers of credit cards, etc, etc' not classes you must take and MUST pass? And lets not forget the ones most at fault, the young buyers of those huge homes. What on earth made you think it was NOT beyound your means. Did your parents start out like that, I doubt it. Didnt your parents and/or friends warn you that you may be getting in over your head, likely someone did. The ones I feel for are those that did buy true starter homes (1,100 - 2,000 sqr ft etc) , had no one warn them and just did not comprehend how bad the loan was that they signed.

As for older couples doing the same, you had to know better! But them I guess I'm all wet becuase it seems these days one is not supose to be responsible one's own actions. Spill hot coffee on yourself, sue the dinner. Buy a 16 room mansion in a pricy area way beyound your means (and likely your needs) and then cry foul when it all falls apart. I'm sure a lot you think I'm way out of line, so what.
Red88FF MAR 08, 12:58 AM
No, that's fair.

As said before, even without a "crisis" when you have more homes being bought than anytime in history and personal home ownership at an all time high it only figures you would have record foreclosures just by the numbers.
Obviously in some areas it is way worse BUT you must also consider the doom and gloom criers (news with an agenda) and the folks trying to achieve political gain by playing on fear as a factor in perpetuating the downturn.

Homes will go back up and more just as soon as they are done with us.

[This message has been edited by Red88FF (edited 03-08-2008).]

sostock MAR 08, 01:33 AM
I'm not trying to kick anyone when they are down. I've lived a pretty reckless life at times but money and credit is one thing I've been fairly responsible with.

When I graduated college my lease was up on my apt. My g/f (wifey now) were living together and needed to move to KC. We looked a some apts and didn't see anything we liked for the money. We got approved through country wide for $75K. We were both making $10 per hour then (1999). We borrowed $1200 from her parents for closing costs and bought a two bedroom ranch in Independence, MO for 50K. I worked on that house 4 years and sold it for 70K.

We bought a 120K house in the burbs and with the money we had made off the sale of the old house paid off the closing costs and some other bills. I see couples all the time that want to start in the job market, have the nice house and new cars, have the kids and dog and all that other stuff. It takes work to get there! Start out small, increase in size and value as you build equity and move on.

I'm no financial advisor but I know what I can and can't afford. When we bought the first house preapproved for 75k i thought ok lets look for a 50k house. when we bought the second one preapproved for 175k we bought a 120k house. To me its all about sales. They don't care if you can afford a house or a car or any material crap you can buy. These people are out to sell a product for the most they can. Its not their fault if you buy it.

I think that home ownership is one of the best things a person can do. Working on your house. Mowing the lawn. I think it builds pride in a person. Everyone should be able to enjoy that but you need to start out with that "fixer uper" house. Learn how to do some electrical and plumbing work. Spend some money on paint and wood. Learn.
84fiero123 MAR 08, 09:18 AM
Hey when you can’t find fault with someone argument simply divert it by saying they are stupid, can’t spell. Ace you are wrong,


So this means nothing then?
People are just giving up looking for work.


The unemployment rate actually dipped slightly from 4.9 percent to 4.8 percent, as 450,000 people left the labor force for any number of reasons. Economists thought many people probably gave up looking for work.

From this article, where our moron Pres said,

"Losing a job is painful, and I know Americans are concerned about our economy; so am I," said President Bush. "It's clear our economy has slowed."

Is this man out of touch with reality or just plain drunk or stupid?

Dangerous Cracks Appearing in Job Market



Saturday March 8, 6:42 AM EST

WASHINGTON (AP) — Dangerous cracks in the nation's job market are deepening. Employers slashed jobs by the largest amount in five years and hundreds of thousands of people dropped out of the labor force — ominous signs that the country is falling toward a recession or has already toppled into one.
For the second straight month, nervous employers got rid of jobs nationwide. In February, they sliced payrolls by 63,000, even deeper than the 22,000 cut in January, the Labor Department reported Friday.
The grim snapshot of the country's employment climate underscored the heavy toll the housing and credit debacles are taking on companies, jobseekers and the economy as a whole.
"It sounds like the recession bell is ringing for the U.S. economy, although it is still faint," said Stuart Hoffman, chief economist at PNC Financial Services Group.

http://money.excite.com/jsp...ews_id=ap-d8v97og00&

And I suppose when I said oil would stay over $100 a barrel I was wrong about that to.

Oil Rally May Be Economy's Undoing

Saturday March 8, 5:36 AM EST

NEW YORK (AP) — Preoccupied the last few months with shrinking credit and a slumping economy, Wall Street has all but ignored the relentless rise in oil prices that has taken a barrel of crude to a once-unthinkable $106.

http://money.excite.com/jsp...ews_id=ap-d8v96plg0&

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Technology is great when it works,
and one big pain in the ass when it doesn't.
Detroit iron rules all the rest are just toys.

aceman MAR 08, 10:07 AM
Title of the thread:

Foreclosures at record as household wealth falls

Mr Bitter posts articles about oil and jobs.

It's hard to control that bitterness you feel towards me and Phranc, isn't it.
84fiero123 MAR 08, 10:21 AM
Ace they are all related, the housing market is being affected by the price of oil.
The oil prices are being affected by the US markets, dollar falling, because of the fed lowering the interest rates.

You are wrong and just refuse to admit it.

Hey it’s great to be you and right all the time, even if it is only in your own mind.

To blame just one segment of the people for the housing collapse is ignorant. They all had a hand in it, many more at fault than others, but most of the real problem is greed.

Greedy Bankers who weren’t making enough with regular loans.
Greedy realtors who kept saying things like, “ Homes can only increase in value.”
Greedy people who bought homes believing what the educated greedy Bankers and realtors told them.

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Technology is great when it works,
and one big pain in the ass when it doesn't.
Detroit iron rules all the rest are just toys.

aceman MAR 08, 10:27 AM
NO! They are not related. Once again, YOU'D LIKE TO THINK they're related, but they ARE NOT related. They are related in your own little mind. (Which seems full of paranoia and burnt out cells more than anything else.)

The middle portion of your post=Bitterness.

The last part of the post.... Yes, they all had a part in it. I never said they didn't all have a part in it. We disagree on who was the bigger part of the problem.

Off this Topic......You think there will be a recession of "biblical proportions" (That'd be a depression, wouldn't it?) Most economists say that if there is a recession, it will be a minor recession lasting two quarters. (That would be just enough to be called a recession and then you're out of it.) Mr Bitter, you'd have 3 months of saying, "I told you so." and then the rest of of us that didn't worry about a recession would have years to state it was not even really a blip on the screen in our economy.

[This message has been edited by aceman (edited 03-08-2008).]

84Bill MAR 08, 10:28 AM

quote
Originally posted by Red88FF:
Obviously in some areas it is way worse BUT you must also consider the doom and gloom criers (news with an agenda) and the folks trying to achieve political gain by playing on fear as a factor in perpetuating the downturn.



Looks like the chimp in charge agrees with the "doom and gloom" sayers.

Bush: 'Economy has slowed'

NEW YORK (CNNMoney.com) -- President Bush said Friday that "it's clear our economy has slowed," hours after a government report showed a decline in payrolls for the second straight month.

[This message has been edited by 84Bill (edited 03-08-2008).]

loafer87gt MAR 08, 10:34 AM

quote
Originally posted by 84fiero123:

Greedy realtors who kept saying things like, “ Homes can only increase in value.”
Greedy people who bought homes believing what the educated greedy Bankers and realtors told them.




This is the one of the main causes of our housing boom here. Every day the realtors association release numbers predicting huge gains in house prices. They play on peoples fear generating panic by telling people that if they wait on the side lines any longer, their dreams of home ownership will be be unrealized as the market runs away from them. They tell people that even if they feel they can't afford it, to still buy now or they will find themselves in an even worse situation later. After all, everyone knows, housing ALWAYS appreciates. :rollseyes:

Even though our local economy hasn't changed at all in the past five years, and the average income has actually fell by nearly five percent since 2001, housing for some reason has increased almost 120% in the past two years. People are shelling out 350,000 for a bungalow in need of work, because they have been told if they don't buy now, the same house COULD be upwards of 500,000 in a couple of years. It's almost criminal to watch, and all these greedy SOB's who have worked to artificially inflate the market should be held liable when things inevitably take a nose dive.

[This message has been edited by loafer87gt (edited 03-08-2008).]

Red88FF MAR 08, 10:39 AM

quote
Originally posted by 84Bill:


Looks like the chip in charge agrees with the "doom and gloom" sayers.

Bush: 'Economy has slowed'

NEW YORK (CNNMoney.com) -- President Bush said Friday that "it's clear our economy has slowed," hours after a government report showed a decline in payrolls for the second straight month.



This was a self fulfilling prophecy by design. Scare the hell out of everyone till they stop spending money and wallah!, couldn't happen any other way.

He also says the outlook is good. We did how many pages of this last time?