Foreclosures at record as household wealth falls (Page 4/19)
blackrams MAR 07, 12:44 AM
Listening to talk radio today, I heard of a plan that is being circulated around the Senate. It won't help everyone but, it might help some. The crutch of the plan is tax credits being made available to anyone that buys a home in foreclosure. I believe they said that the buyer had to stay or keep the home a minimum of three years to get the whole tax credit. Though it doesn't really save anyone that used ARM's and now can't make the payments, it does keep the market moving and keeps homes occupied. I don't think there is a good answer to this. I'm definately not in favor of another Savings and Loan Bail Out. We're still paying for that mess. Some banks are going to fail, that's part of doing business. Hopefully, folks will learn from this and not bite off more than they can chew. Even if the full meal doesn't come along for three to five years. If you can't afford it now, what's makes folks think they will in a few years.

Ron
Puckhead MAR 07, 12:45 AM
Sorry about your give-a-damn bro.....


PS I didn't ask for your help or even your compassion

just telling a story that's different than the ones you hear in the news......
Puckhead MAR 07, 12:54 AM

quote
Originally posted by aceman:
Why would you have 4 and then 5 kids if you really couldn't afford them in the first place? Hey I can see one and then an Oops! But 5 kids???.



Dude, I'm going to guess that reading wasn't your best subject in school, but, I fail to see ANYWHERE in my post that I said I couldn't afford my kids. I could have 2 and the $300+ a month would still be a bite in the a$$. Again, I never asked for help or sympathy especially from a douchebag like yourself..........


-T
Wichita MAR 07, 12:57 AM

quote
Originally posted by Puckhead:


You're so right man........especially when your neighbors start to lose their houses and then investors buy them and start moving in renters......or better yet they just sit there vacant, until windows get broken and boards go up. It's great for every taxpayer. Think of all the empty properties to invest in for young Saudi oil barons or companies with Chinese money. I'm sure you can't wait for Wichita to look like Detroit..........I hope they don't do anything either (tounge firmly in cheek)

PS Wichita do you own a house??

-T





It's not going to happen here. Our local economy is strong, we don't have inflated house prices and never did (one of the most affordable in the nation for a large city), and yes I own a home. Locked rate and affordable.

We didn't get stupid here.
Spektrum-87GT MAR 07, 01:03 AM
I've been saying this would happen for years. Just do a search of my posts a couple of years ago. Many said I was acting like chicken little... but it looks like I was right.

People were paying way too much for houses a couple of years ago. As unfortunate as it is for people who bought homes that they could not afford, it is beneficial to our economy to see these prices come back down to sane, proper levels.

I don't want to point my finger at anyone, but two people are at fault here:

1) The people who were buying a home that was 2-3x more the price they could actually afford.
2) The lenders for loaning out the money.

Who's going to lose out in this? The same people that caused it. That is, unless the government does a bail out, then everyone gets to foot the bill.

*edit* Wow, I just read the whole thread and it looks like this has been said already... by everyone, lol

[This message has been edited by Spektrum-87GT (edited 03-07-2008).]

aceman MAR 07, 01:04 AM

quote
Originally posted by Puckhead:


Dude, I'm going to guess that reading wasn't your best subject in school, but, I fail to see ANYWHERE in my post that I said I couldn't afford my kids. I could have 2 and the $300+ a month would still be a bite in the a$$. Again, I never asked for help or sympathy especially from a douchebag like yourself..........


-T




You needed to buy a house WHY? Could it be because you needed more room and more BEDROOMS. Need larger house=more money. If you didn't have 5 kids, you wouldn't need a larger house. You could AFFORD a smaller living accommodations like a 2 bedroom house or apartment. Sorry, you're just digging a deeper hole.

So why did you need to buy a large house? Why did you need to get into a loan that jacked up $300-400 more a month? Those 4-5 kids had nothing to do with that.

You said poor credit...... 5 kids won't put someone to living paycheck to paycheck and robbing from Peter to pay Paul.

And, I will be an ass-hole now......... YOU ARE A PROVEN IDIOT THAT LACKS ANY COMMON SENSE. It is evident and proven in one simple post.
maryjane MAR 07, 01:05 AM

quote
Originally posted by Puckhead:


just telling a story that's different than the ones you hear in the news......



Ok= he got his 5 kids the same way I got my 4, and everyone else got theirs.
Puckhead, since you are personally involved-give me your take on what you would like to see happen. I'm guessing you are already working as many hrs as possible, and the wife can't leave 5 young ones with a babysitter to go to work.

If you are mature enough to have a large family and buy a home, you are informed enough to know that the money the bank gave you to buy the home wasn't actually theirs--it belonged to the people who had accounts there--people like me-your neighbors and friends. People who invested in the bank. Ordinary people. They are the ones who will get hurt when banks start failing.

What would you like to see the bank do? Cut the monthly payments/intrest and lengthen the term of the loan? Would that work in your case?
Puckhead MAR 07, 01:23 AM

quote
Originally posted by maryjane:


Ok= he got his 5 kids the same way I got my 4, and everyone else got theirs.
Puckhead, since you are personally involved-give me your take on what you would like to see happen. I'm guessing you are already working as many hrs as possible, and the wife can't leave 5 young ones with a babysitter to go to work.

If you are mature enough to have a large family and buy a home, you are informed enough to know that the money the bank gave you to buy the home wasn't actually theirs--it belonged to the people who had accounts there--people like me-your neighbors and friends. People who invested in the bank. Ordinary people. They are the ones who will get hurt when banks start failing.

What would you like to see the bank do? Cut the monthly payments/intrest and lengthen the term of the loan? Would that work in your case?




We're trying to re-fi through NACA (if you've got time naca.com is an interesting read) it's ALOT of meetings and paperwork but we started and we'll see where it leads (5.25% @30yrs fixed would be nice). As far as what I'd like to see happen, I would like to see more people get the benefits of a NACA style re-fi.......I don't have a clue,I work, hang with the family whenever possible drink a beer before bed, surf a bit and then start it all over again tomorrow. I'm certainly no economist.

peace

-T
Puckhead MAR 07, 01:31 AM

quote
Originally posted by Wichita:
It's not going to happen here. Our local economy is strong, we don't have inflated house prices and never did (one of the most affordable in the nation for a large city), and yes I own a home. Locked rate and affordable.

We didn't get stupid here.



May your good fortune continue, my man. Housing around here didn't get stupid really either (avg 5-7% a year) although mine appraised for 110k I got it for 100k but with the foreclosures nothing's selling and it's hurting everybody here. Again good luck man Kansas is God's country. My brother-in-law lives in Overland Park (works for Garmin)


-T
sostock MAR 07, 01:53 AM
ask your bro in law to get ya a job a garmin. (and get me one too!)