Foreclosures at record as household wealth falls (Page 7/19)
Phranc MAR 07, 01:22 PM

quote
Originally posted by Old Lar:

I'm feeling left out. Since I pay my mortgage on time, I won't see any reduction in my balance owed or break with the interest on my mortgage. Since I live within my means, I won't see any benefit from a welfare payment. Since I pay for my health care insurance, I won't get any benefit from free health care or free prescriptions. I get to foot the bills for myself, then see my tax dollars subsidizing those who are unable or unwilling to take the responsibility for their actions. Something is wrong with the system.



Well sir you are a better man then then the rest if thats any consolation.
Pyrthian MAR 07, 01:35 PM

quote
Originally posted by JazzMan:
I wonder who defines "...can't afford to be there..."?

Realtors try to convince people to buy as much house as they can because that's their job and their only way to earn their commission.

Banks want to make loans because if they're not loaning money they're not making a profit.

People for the most part just want to own a home for themselves and their kids, and would like to live in as nice a neighborhood as the realtors and bankers will let them.

So, who's job is it to tell homebuyers to not listen to their realtors, not to get a mortgage from their banker?

Who's job is it to define who is and who is not allowed to live in a given neighborhood?

JazzMan



who defines "cant afford to be there"? easy: the home owner. if he can afford it - he will. if he cant - he wont.
banks only make money on loans when the interest is higher than inflation.
of course. thats the basic use of a home - a stable environment to raise the kids.
who's job is it? who does NOT know that buying a home (especially the 1st home) is the single largest decision a person will make? the paymenst are laid out right in front of the buyer. the payments are not held secret until the deal is closed. I dont think it is up to the banker or realtor to explain to the buyer that homes come with other expenses, besides the mortgage payment - like appliances, lawnmowers, heaters, A/C units, curtains, furniture, driveways, porches, windows, and so on.
Red88FF MAR 07, 01:55 PM
I like the idea of opening the market through incentives for the investors with "money" who will hold and maintain the houses till things turn around. This will solve all kinds of problems. It could not be more obvious that the people foreclosed on could not afford to live their.

It is always the buyers responsibility to decide what they can afford. It is idiotic to blame the salesman for selling YOU a house or too much TV or car than you need or can afford. Next we can blame the stock broker because your investment tanked! OH Mr. bitter already tried to do that.
Last time I looked into housing loan requirements they made a big deal over how much debt you were carrying, such as car loans, store and other credit cards, too much? no loan. Problem is the idiots get the house and then spend spend spend on other things using credit.

Home equity is only on paper till you SPEND it, or sell. You have to live someplace so as long as the housing is fitting your needs and you could REALLY afford to live there in the first place it is a non issue.

I heard on the news yesterday that the home market unexpectedly flattened last month. I have not been able to find it online though, no big surprise here. Too many people nned the crash for personal gain, beit political power or financial,,,,, or both.
Toddster MAR 07, 03:51 PM

quote
Originally posted by 84fiero123:
He has an education, right?





How many kinds of ******* are you?

I JUST got through saying exactly the opposite. I don't tell people what they can afford and neither do any other Realtors. that is not our job.

Hell I had a couple ready to write an offer on a $638K house the other day when they shocked me by saying that they wanted to keep the mortgage under $2400/month. I said, "you can't afford this house". $2400 puts you in the $450K to $500K range TOPS! You need to go back and talk to your mortgage broker again before we make an offer.

The problem, you pinhead, are the LENDERS, not real estate agents.

Put your personal envy of me on hold long enough form a rational though from now on.
Toddster MAR 07, 03:53 PM

quote
Originally posted by 84fiero123:


Hey, buy that house, you can sell it for more than you owe in a year or 2 and make money and buy an even bigger and better house.

Isn’t that what Toddster has said?





No.

Anymore questions Einstein?
pokeyfiero MAR 07, 06:25 PM

quote
Originally posted by JazzMan:

I wonder who defines "...can't afford to be there..."?

Realtors try to convince people to buy as much house as they can because that's their job and their only way to earn their commission.

Banks want to make loans because if they're not loaning money they're not making a profit.

People for the most part just want to own a home for themselves and their kids, and would like to live in as nice a neighborhood as the realtors and bankers will let them.

So, who's job is it to tell homebuyers to not listen to their realtors, not to get a mortgage from their banker?

Who's job is it to define who is and who is not allowed to live in a given neighborhood?

JazzMan




quote
"People for the most part just want to own a home for themselves and their kids, and would like to live in as nice a neighborhood as the realtors and bankers will let them.

So, who's job is it to tell homebuyers to not listen to their realtors, not to get a mortgage from their banker?"




If you ever wondered what the differences were between the two great opposing gladiators of the universe as far as intelligent life goes this statement summed up one sides ideals to a tee.

The social agenda is so vile even when they are dying they will blame everyone but themselves. " It isn't my fault it isn't my fault" Is the last thing I heard as I shoveled enough dirt into the grave to fill in their mouth muffling the disgusting sounds of self delusion.
maryjane MAR 07, 06:48 PM
Kind of off topic-but...
Heard today of a new "mini-industry" that is getting legs around here. Evidntly, it is next to impossible to get insurance on an empty building-uninhabited. Banks are "leasing" their foreclosures to people to live in them--6 months at a time-then they have to move to another property. Zero cost to the person living in the foreclosure-no rent-no utility bill-no insurance-no maintenance. In fact-a $200/mo fee was quoted to me--the bank pays that person to occupy the house. The person I know that is doing this did the following:
1. Put most of her possessions into storage, incl most of her furniture.
2. Kept her job, but is now able to bank most of her paycheck.
3. Has 3 yr contract with the bank she is dealing with to occupy their vacant forclosures.
4. Bank pays for the moves.
She will move 6 times in that 3yr period and expects to save $120K in that period.
84fiero123 MAR 07, 06:49 PM


quote
Originally posted by Toddster:
In addition, the housing market is getting stronger. It's pure bullshit but that's the Japanese take on things not mine.



Did you or did you not post that 07-27-2007 04:51 PM
In the thread I started about the economy.

------------------
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.

84fiero123 MAR 07, 06:53 PM

quote
Originally posted by Toddster:
Now to answer your question about why. Our economy is designed to give every sucker in this country ONE, and only one, break...Real Estate.
Investing in a home is the best way to plan for your future and unless you have a couple hundred grand burning a hole in your pocket you need to borrow. And you can't do it without credit.



You said that 08-02-2006 11:32 PM
Didn’t you?

------------------
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.

pokeyfiero MAR 07, 06:57 PM

quote
Originally posted by 84fiero123:


You said that 08-02-2006 11:32 PM
Didn’t you?




So what do you find wrong with those statements?

I am really interested in what you think. You represent a group of people that confuse me.