Sell, sell, sell
white_tea
3,262 Posts
Crazy shit right now on the markets. This has been a long time coming but still came out of nowhere. Did Bush officially fuck up the money? I guess you can't wage a war and cut taxes after all. Any publically traded booze companies I should know about? At least oil is dropping (well, was dropping -- London crude starting to climb back toward $90 it seems).
Comments
yay!
The main stock exchange in India was shut down for more than an hour earlier today because of a huge sell-off -- 10% decline in less than an hour! When it re-opened after an hour, things improved so now the net decline for the day is something like 5%. Crazy.
Credit cards to people with no social insurance numbers is fuckin' burnt as hell. They fucked up the money.
One day we were there and I saw a small classified ad in the back for a "need to sell now" home. Not one to pass up a good deal in the LA real estate market, I called the dude and was surprised and saddened by his situation:
3 years ago, during the "gold rush" period, this man bought a 2 bedroom 1.5 bath Craftsmen in my neighborhood for $565,000. In a very typical scenario, the home was listed for 525K, but with all the buyers scrambling to spend their subprime loans they had been pre-approved for, the house sold for 40K over asking. Apparently, the dude had a Interest only 2 year ARM (for chrissake). I didn't ask, but the dude's mortgage was probably 50$ a month. Anyways, the two year glory period eventually ended and dude could not re-fi, nor could he handle his now market interest rate. The house was facing immediate repo - but here's the catch. I pulled comps on the home and the house is worth, at most 485K. The dude owes the bank 565K (he didn't pay off a cent of principal), but at the very best they could only get 480 in the current market, and that would include a lengthy escrow which dude could not fade.
Bottom line, dude is going to sell the house for somewhere around 480 (if he's lucky) and walk out the front door still owing the bank at LEAST 80,000 dollars.
And the buyer is STILL paying full market price for a foreclosure. I have seen this over three times, enough to stop caring. There are is no equity in SoCal homes.
Anyone thinking they're gonna get rich on foreclosures in this subprime fallout has a
Yeah, shit is crazy. I love the fact that I know how much I will pay for my house as long as I live there, give or take a little bit for insurance and taxes.
The grip n flip real estate market is dangerous business.
I am not holding my breath.
lol, I own a 1,500 square foot 2 bathroom house. For the same amount I pay a month you couldn't even rent the above pictured shack in NYC. The trade off is living in Richmond VA, but it will do for now.
Does anyone know how accurate Zillow.com is? I just checked the value of my house and was pleasntly suprised.
It's crazy, people were so happy Frickin' around in real estate for 3 years they forgot to look around.
I almost feel like the fed pulled things a way to create that scenario so Americans were so happy chasing their first or bigger home that they didn't notice the war, a possible recession, failing health care, etc.
It almost makes GWB seem smart.
actually i am curious how many of these "flip this house" types of shows will hang on for future seasons.
this episode:
How to turn Tony's 350$ mortgage (a 3yearm ARM, 0 down, interest only) into a proper 30 Year fixed on his 1.7 Million McMAnsion in Palmdale!
Uh-OH! looks like your new mortgage is $4200 a month Tony!
It's sure fire hi-jinks as Tony tries to Re-Fi with a 480 Fica!!!
Tune in!
http://www.wsws.org/articles/2008/jan2008/bonu-j21.shtml
wow
well beyond fuct up shit
one day all of your right wing rhetoric will catch up with you in one felt swoop
causing you great pain and endless misery
and since you are such a friendless self important douche no one will come to your rescue
you'll see
ps
what is it like being 26 and still a virgin?
boring is my guess
oh excuse my typo
fell
happy now mr spelling bee moderator
get a life colonic
it your birthday shorty/baldy
you should be doing coke ,drinking scotch or reaming somone or some papers like any good NYC lawyer would
ahahaha....
yeah, world socialist[/b] web site. thanks for bringing that news gem to the table, as i am certain they are both Fair & Balanced ™....just like that other news group.
Ever heard of "If it's too good to be true, it probably is"?
Ever stop to think that maybe you should plop down a few hundred for a lawyer to make sure what you're doing won't fuck you later? You know, it's not like buying a home isn't the biggest financial decision you can make in your life!
I do not blame the banks.
And to think that our taxes will be bailing these idiots out... ridiculous...
Being a consumer whore isn't funny to me.
maybe you should do a little research before you talk shit
most of the loans were dis disproportionately bought by minorities in "bad" neighborhoods - south central LA and detroit