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Housing Crash #2 Under Way?

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Thanks for the response. I'm hoping in about eight months I will have been in a FT job and have money saved for a down payment. Lots of big ass houses in my area going for crazy deals. Its awesome (not for the sellers, clearly).
 
This is what happens when the Government tries to bail out the market. Eventually the government money bailout ends and then there is a correction bringing the market back to a true market price. In reality inflated prices are simply what people will pay. There is just so much people will pay for any given piece of property. As people lose their jobs there is less demand for housing at a given price. In this scenario, only rich people get richer. They can afford to buy your house at reduced prices or simply to hold on to properties till the prices increase. So in reality even the government bailout of property like the $8,000.00 investment incentive was a total waste of money and now even that property will become worth less, proving the government wasted the money.
 
Originally Posted by dmcowen674
Dude the only people in the country not affected by this is the rich Republicans in here.

JockoJohnson said:
That's a BIG fucking bunch of bullshit. I am not affected...or actually, I am affected in a good way. I own my SMALL home free and clear.

Now I have a shit ton of money saved and am going to put down more than 20% on one of these homes that some jackass can no longer afford to live in because they overpaid. I am by no means rich. My wife and I combined make around 90k
Click to expand...

Newsflash

You are rich republicans

I don't understand why you don't even realize it.

Do you get outside at all?
 
GTaudiophile said:
"We are on the verge of a Great, Great Depression."
Click to expand...

Everything in America is running on debt today. It only took one generation to take what was once the most productive nation in human history and outsource most of its production to foreign nations. To hide all that wealth and income destruction we borrowed like crazy, from same who profited from the destruction, so the population could continue to consume and live same lifestyle without really having to work very hard. Pretty good deal, right? The Federal Government, State Governments, Local Governments, People, Businesses...massive fuckin debt, we've all seen the parabolic charts.

Now the problems are starting to peculate, we are tapped out credit wise with interest due. We're still bailing out Wall Street not Main Street. And this fool wonders why people can't spend?

Now the FED counterfeits money (QEs) which drives up the costs of almost everything further crashing our consumption lifestyle...still wondering?

What's next, I dunno but it's not pretty.
 
Not everyone is in debt. I am not. My parents were/are hard-working who have never taken out a single loan and paid off all credit cards on time. They budgeted, saved, and then bought carefully. As do I. And we have all paid our taxes to the best of our ability.

Not everyone did it wrong.
 
GTaudiophile said:
Not everyone is in debt. I am not. My parents were/are hard-working who have never taken out a single loan and paid off all credit cards on time. They budgeted, saved, and then bought carefully. As do I. And we have all paid our taxes to the best of our ability.

Not everyone did it wrong.
Click to expand...

so now, unless you take precautions, Fed will destroy whatever wealth your parents andyou may have accumulated by destroying faith in US dollar. This is the kind of gratitude you get these days for being prudent and level-headed.

watch this, especially part 2 for good rundown of what went wrong:
http://www.zerohedge.com/article/co...here-probably-more-democracy-china-there-west
 
dmcowen674 said:
Originally Posted by dmcowen674
Dude the only people in the country not affected by this is the rich Republicans in here.



Newsflash

You are rich republicans

I don't understand why you don't even realize it.

Do you get outside at all?
Click to expand...

LOL @ 90k income being rich!!!! thats rich!
 
Acanthus said:
As for the "traditional" evidence for inflation.

Copper
http://futures.tradingcharts.com/chart/CP/M

Gold
http://futures.tradingcharts.com/chart/GD/M

Silver
http://futures.tradingcharts.com/chart/SV/M

Platinum
http://futures.tradingcharts.com/chart/PL/M

Corn
http://futures.tradingcharts.com/chart/CN/M

Oats
http://futures.tradingcharts.com/chart/OA/M

Soy
http://futures.tradingcharts.com/chart/SB/M

Wheat
http://futures.tradingcharts.com/chart/CW/M

Cattle
http://futures.tradingcharts.com/chart/FC/M

Hogs
http://futures.tradingcharts.com/chart/LH/M

Crude (Brent)
http://futures.tradingcharts.com/chart/BC/M

Gasoline
http://futures.tradingcharts.com/chart/GO/M

Natural Gas
http://futures.tradingcharts.com/chart/NG/M

Literally every commodity on the market except for natural gas and lumber is trending up, fast.
Click to expand...

don't forget sugar up 47% in a year.
 
Zebo said:
Everything in America is running on debt today. It only took one generation to take what was once the most productive nation in human history and outsource most of its production to foreign nations. To hide all that wealth and income destruction we borrowed like crazy, from same who profited from the destruction, so the population could continue to consume and live same lifestyle without really having to work very hard. Pretty good deal, right? The Federal Government, State Governments, Local Governments, People, Businesses...massive fuckin debt, we've all seen the parabolic charts.

Now the problems are starting to peculate, we are tapped out credit wise with interest due. We're still bailing out Wall Street not Main Street. And this fool wonders why people can't spend?

Now the FED counterfeits money (QEs) which drives up the costs of almost everything further crashing our consumption lifestyle...still wondering?

What's next, I dunno but it's not pretty.
Click to expand...

Impossible. First, LegendKiller, and Bernanke all insist everything is healthy.
 
Zebo said:
Everything in America is running on debt today. It only took one generation to take what was once the most productive nation in human history and outsource most of its production to foreign nations. To hide all that wealth and income destruction we borrowed like crazy, from same who profited from the destruction, so the population could continue to consume and live same lifestyle without really having to work very hard. Pretty good deal, right? The Federal Government, State Governments, Local Governments, People, Businesses...massive fuckin debt, we've all seen the parabolic charts.

Now the problems are starting to peculate, we are tapped out credit wise with interest due. We're still bailing out Wall Street not Main Street. And this fool wonders why people can't spend?

Now the FED counterfeits money (QEs) which drives up the costs of almost everything further crashing our consumption lifestyle...still wondering?

What's next, I dunno but it's not pretty.
Click to expand...

ditto... did you see interview in my post above?

Also good comments here:

http://www.bloomberg.com/video/69814976/
 
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abaez said:
I wish this was the case for L.A. I want to buy a place and there's nothing decent under like 350k.
Click to expand...

even with cash ?

cash has a way of softening bankers' hearts.

even if you're offering half of the asking price.

they want cash, not to be in the property management business.


see any good examples at realtor.com ?

http://www.realtor.com/realestateandhomes-detail/2108-Cove-Ave_Los-Angeles_CA_90039_M24396-10603

$430K for a home with fewer than 1000 square feet ? i think the seLLer has too much HOPE. maybe he read Obama's book.


http://www.realtor.com/realestatean...Street_Los-Angeles-City_CA_90012_M21514-61194

3 BR 2 BA on a tiny lot - views of Dodger Stadium ... $375K.

offer ... $200K.


http://www.realtor.com/realestateandhomes-detail/600-S-Bullis-Rd_Compton_CA_90221_M25201-85868

5 BR 4 bath in COMPTON for $320K. make them pay you to live there. will need 2" of plywood on the windows & walls to stop stray bullets.

110131compton4--129647546347901300.jpg


/\ the Compton Homies - that's the name of a CRICKET team.


overall, there's much better deals to be had in ... North Dakota.
 
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Zebo said:
Everything in America is running on debt today. It only took one generation to take what was once the most productive nation in human history and outsource most of its production to foreign nations. To hide all that wealth and income destruction we borrowed like crazy, from same who profited from the destruction, so the population could continue to consume and live same lifestyle without really having to work very hard. Pretty good deal, right? The Federal Government, State Governments, Local Governments, People, Businesses...massive fuckin debt, we've all seen the parabolic charts.
Click to expand...

In the fable of Squanderville vs. Thriftville, we are Squanderville Squared.
 
Trianon said:
so now, unless you take precautions, Fed will destroy whatever wealth your parents andyou may have accumulated by destroying faith in US dollar. This is the kind of gratitude you get these days for being prudent and level-headed.
Click to expand...

It's not merely that. GTaudiophile may have "done everything right", but as you suggest, it won't insulate him from the nation's economic problems if the entire economy collapses around him. It won't prevent him from losing his job if his employer goes out of business, etc.
 
Exterous said:
What about immigration? (Or is that considered in your population growth?) I believe we get something like 1.5-2 million every year
Click to expand...
That was included. We don't actually know it was 0.9% exactly since we are only taking a census every 10 years. But the trend between 2000 and 2010 shows we should be about 0.9%. I suspect that it was actually more than 0.9% in the early 2000s and less than 0.9% in the late 2000s due to immigration slowing down (and in some cases reversing). There just weren't jobs to drive the immigration like there used to be. The population in the 2010 census was fairly significantly below what the expectations were due to low immigration at the end of the decade.
 
Commercial Real Estate sux too...Prices declined 4.2% Hit new Post-Bubble Low
http://www.calculatedriskblog.com/2011/05/moodys-commercial-real-estate-prices.html

And it will keep going lower and lower and lower like I've been saying 3 years now.

In the end it's all about jobs...No Job...No Income...No Credit...No Money...No Spending...No Demand for businesses...No demand for commercial RE.

Why create Jobs here when Chinese work twice as hard for much much less?
Why create Jobs here with outrageous HC costs as Big 3 found out moving engine plants to Ontario?
Why create Jobs here with ridiculous environmental laws like Intel Chief said 1 Billion more per FAB in USA?

Only thing I've seen going sky high is rural/farm property. People bunkering up for when the shooting starts is my guess...
 
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wwswimming said:
even with cash ?

cash has a way of softening bankers' hearts.

even if you're offering half of the asking price.

they want cash, not to be in the property management business.
Click to expand...


FYI Banks dont care if its cash or certified funds. Its all the same. The green stuff doesnt open any magic doors with a bank. Its like buying a car. Whether its cash or a cashier's check, you'll get the same deal.
 
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