vanzack says:

The other amazing thing that happened in Orlando was Condo Conversions.....

Tons of apartment complexes decided to cash in about 3 years ago, and started to sell their regular rental units to buyers.  Problem is, the market crashed halfway though - so now you have 400 unit complexes that are half rentals and haf condos - the condo people are fucked because of high fees and nobody wants their condo because their neighbors are renters.

I went to one of these places when they started converting back in 06 - big circus atmosphere - people were buying on day 1 for 300K for the same condo that is now 30K....

MaineRoad says:
That article uses a pretty extreme example. Heck, anyone who continues to pay a $600K mortgage on something worth $200K is an idiot. It would be interesting to know how many of these under-water mortgages invovle such "no brainer" defaults.

help says:


because everyone that's out to get a piece of your pie would just as soon have the appraiser say it's a 50k 'gain',,,,,more for the taking

who benefits from higher house valuations?

- governments that collect taxes
-banks that write loans and collect interest
- NAR n the realtwhores that steal their hefty piece of the transaction fees
-insurance companies because they can jack your rates

If you buy a house with intentions of living in it and using it for what it's purpose, shelter, you'd best keep your mouth shut when you do upgrades, because all they do is cost you more money

Homeownership is a myth. it should be called house debtorship. After you've utilized the tinder box that has been rotting in the sun for the 30 years you've been paying your mortgage and taxes, you get to have one of those parties where you burn your mortgage! YAAYYY! NO more house debt. But, you are still on the hook for property taxes and insurance, and no more mort interest deduction. And think of how much prop taxes n insurnace go up over the course of 30 years! THink of how much everything you buy goes up over time, 30 years

It's all a scam

By the way, if anyone reads SHadowStats.com, he has an interesting report that claims that USA just had 3 lost decades as far as wages are concerned. That's right, inflation adjusted wages in this country are exactly where they were 30 years ago.  Not old enough to know myself, but i doubt routine expenditures were anywhere near what they are today, and they didn't have 100$per cell phone, 30$ internet, and 120$ month satellite with 300$ nfl package and 200 MLB package. I know it's only 4500 per year in frivolties, but just sayn, with 30 years of flat wages it's no wonder everybody's broke

lbcake says:

EOD closed at 79.47.

Giddy Up.

lbcake says:
Can you say VIX ?

MRSARATOGA says:
Everything you are saying is correct but you add one key addition. This presents tremendous opportunities for buyers and the properties will appreciate from there. People will always buy and sell.

help says:
people should now see how not only are these poor souls everyone was crying about since the election last year 'we gotta keep the people in their homes' complicent but they choose when they want to be ignorant

if you were stupid enough to overpay, like the guy in that story 600k for a house that's now worth 300k, how are you smart enough to realize now it's a good business decision, because two years ago you thought house prices would only ever go up and go parabolic forever, now you're sure that it will take 20 years to break even

the stupidity is criminal, i shed not one tear for any idiot that is underwater on their mortgage. sorry, if you shopped for a good deal (which were few and far between) and bought and lived within your means, guess what. YOU AREN'T HURTING NOW AND YOU AREN'T UNDERWATER. now that this slide into depression is in phase 2 of about 10, i understand that unemployment plays a role that some might not have forecasted. well if you did what you were supposed to, and had a good years+ rainy day fund and 20% equity in the house, you still aren't hurting. There are exceptions, so save it for someone who cares, but the majority are getting what they deserve

the banks as well, fuck them. walk from your mortgage if it's what makes sense, morals were drawn off the table back when lawyers like Barak Obama were suing mortgage banks to accept welfare as proof of income for a mortgage

glyde69 says:

I know people who haven't made a payment in 2-3 years.  Shame they all haven't saved a penny in the process.

barneybeans says:
"I dont understand how the stock market goes up, while jobs go down"

The market goes up BECAUSE jobs are going down - overseas to India, China, Russia....

Things are cheap in those countries and technology is awesome (internet vid conf etc...) so instread of paying a US worker $50/hr, a worker in India will do the job for $20 because a loaf of bread in India is 50 cents and a beer in a bar $1, the Indian worker is happy as a pig in shot because min wage is $2 - that worker is making a killing.

The corp outsources all their jobs and the corp is saving $30 an hour per employee. So earnings and stock prices are up - problem is you don't own the stock and now the guy wh owas making $50/hr is out of a job so he steps down and overqualified, takes the job away from you.

Now that corp, a lage bank for example, buys their competitor and there is a merger and with that comes a duplication of systems, so lay off all off the workers from the other company and just plug that other company's customers into the buying company's existing system - just buy more storage and some more servers to handle the doubling of the load - double the sales and profits without having to retain all of the employees and take on the overhead from the "bought" bank.

Today's politicians and news chanels will never mention this 800lb gorilla: outsourcing. They will talk about how taxes (either side) is going to create jobs.

But the real problem is our jobs have already "left the building" and they continue to gush out to other countries.

So if jobs are sparse and salaries are not keeping up with inflation how is someone supposed to pay their mortgage?

Did the mortgage holders bite off more than they can chew? Possibly. I am not trying to defend the foreclosing folks but the real issue with everything is that Company X's customers are buying less and less because Company X's customers used to be Company Z's employees whose jobs are now over in India. So Company X in an effort to boost earnings for shareholders outsources their jobs to other countries.... They save on labor because sales are down.

The downward spiral is an outflow of jobs which kill the consumerism of the US. This affects the world. Who makes out? India and countries liek that whose stock markets have been soaring. The market and economy where I am is up a few 100% every year, unemployment is down, salaries are on the rise and foreign investment (your jobs from the US) are coming here. Large corps are opening up shop here and all over the rest of the world where labor is cheaper than the US

Move to India and stop whining, your country is not going to save you but rather turn their back on you because the politicians are all getting paid by the corporations and the corporations all work for the shareholders and that's about it.

Check out the 2004 town hall Charles Gibson moderated debate at Wash Univ (St Louis) between Kerry and Bush - both said they could do nothing to stop out sourcing. Why not?

Outsourcing and mergers and monopolies will have a few chapters in the book "How Larger Corporations were allowed by politicians to kill a thriving world's Economy".

This correction we are going through will recover - but the US will not be the same.

To bad I can't post my charts...

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