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It's going to be fun watching millions of people foreclose and have negative amotization. It's starting with the ARMs.
Feel free to add your comments here.
I'll add more comments comments and articles soon.
It's going to be fun watching millions of people foreclose and have negative amotization. It's starting with the ARMs.
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For those who don't know the terms,
negative amortization means that your monthly payment won't even pay off the interest, so your mortgage balance due INCREASES.
Then again, negative equity simply means that you owe more on the mortgage now, than you could possibly sell it for. That's when people walk away. A friend of mine was one of the first in Houston to do that, circa 1985: "Here's the keys to YOUR house; it's not my house any more. I don't care about my credit rating."
"The times I've been mistaken, it's impossible to say" - by the Moody Blues
^ A lot of sheep jumped into the hot-period by doing ARMs and over-extending.
It was not only a housing boom but a lending boom.
There may be some good deals for some folks in the near future.
Also, wages in the U.S. have actually been falling for 6 years. This decline is for workers with MA/MS, BAs, and high school grads. Professional, skilled trade etc.
arnold seeks rehabilitation with housing trend threads. sad, it is.
Vell b,Originally Posted by b
I've always dabbled in reading about the economy. This is interesting to me. Not many otters I know, but to me, it's fazinating.
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heh, when I can get an apartment in San Fran for a decent price, then I'll belive you
"$!!str8 hood!$$" - This is how one of my student's parents ends the text messages they send me... What planet am I working on?
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You will never be able to get an apartment in San Fran for a "good" price.
Even after a 40-60% correction/drop.
Limited space, high demand.
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Being an expat and laughing at those who believe in this credit bullshit, I can only hope that I will be vindicated. If that is the case I shall once again the able to live in California.
I do I hope you are right snaff, as it will right screw your namesake. Govenor of the state with the most to lose.
I cant even say I feel sorry for the people that are so overextended. I hope the market falls but does not crash. I dont want to see the elderly hit too bad.
Too long in Exile, too long not singing my song.
Too long like a rolling stone, Too long in exile
Too long in Exile, baby you just arent my friend.
Too long in Exile my friend, Baby you can never go home again.
There have been major corrections in several major markets, but you never hear of it. My friend said Boston went down 10% a year, three years in a row. Condos in Houston were hardest hit (50% of peak value, and took over 12 years to rebound), but almost all the major cities of Texas took at least a 15% dip all at once. Mortgage lenders always assume such things could never happen.
"The times I've been mistaken, it's impossible to say" - by the Moody Blues
San Antonio being the only exception I'm aware of.
Last edited by Eric; 23rd August 2006 at 02:22.
Follow the three R’s: Respect for self Respect for others and Responsibility for all your actions.
--Erma Bombek
I see things similar to the way you do, AO.
California will go down, but I wouldn't call it a crash. It's just way over-inflated, propelled by the lowest interest rates in 4 decades and over-lending and dubious lending.
Being overseas, I don't like the concept of high debt, let alone any debt really.
People have chosen to strap themselves.
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"millions of people foreclose"
gee
just a little hyperbole
or what
"A man has got to know his limitations."
Harry Callahan
Millions means "more than 1 million." And I included Negative Amortization.
Mostly the people who got in over their heads with ARMs.
This does sound hyperbolic.
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With cheap money to fuel the housing boom and an expanding US economy based upon this boom, Greenspan and Company were involved in the final raping of America, taking everything they could before the crash.
Read the Wanta story.
The Fed is printing money 24/7 and not having to report it. The US debt is overwhelming. When the holding of this debt, ie. the Chinese/Japanese and the oil rich nations, figure out how to extract themselves w/o getting killed, they will and the US Empire will crumble.
The signs are everywhere.
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^ yez, Kerux.
There are more and more financial analysts saying that same thing.
It is a possibility. I usually don't foresee gloom-and-doom, but the Yankz are pushing it.
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