Housing Crash #2 Under Way?

[Saint Nick]

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).

 

[Patranus]

What do you mean housing crashing #2?
We are still in housing crash #1.

http://www.google.com//finance?chdn...HI;NYSE:TOL&cmptdms=0;0;0;0&q=NYSE:LEN&ntsp=0

 

[Zebo]

Those boys all got bailed out or they would not even be listed.

 

[Patranus]

Those boys all got bailed out or they would not even be listed.

When did housing get bailed out?

 

[Zebo]

Market sinks after manufacturing "unexpectedly" slows.

http://finance.yahoo.com/

Posted 2/2009

News will get worse and worse, you'll here "xyz was worse than expected" in the news - .... Recovery will happen once we fully deleverage and create wealth again.

 

[Zebo]

When did housing get bailed out?

When did they not? They got boost from $8000 buyers program in 08, retroactive tax refunds for big builders in 09 and money from the fed in 10'.

 

[piasabird]

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.

 

[dmcowen674]

Originally Posted by dmcowen674
Dude the only people in the country not affected by this is the rich Republicans in here.

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

Newsflash

You are rich republicans

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

Do you get outside at all?

 

[IndyColtsFan]

Newsflash

You are rich republicans

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

Do you get outside at all?

I think a fast food worker is rich compared to you. What a joke.

 

[GTaudiophile]

"We are on the verge of a Great, Great Depression."

 

[Patranus]

When did they not? They got boost from $8000 buyers program in 08, retroactive tax refunds for big builders in 09 and money from the fed in 10'.

Do you have a link of builders getting money from the fed?

 

[Zebo]

"We are on the verge of a Great, Great Depression."

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.

 

[GTaudiophile]

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.

 

[Trianon]

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.

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

 

[IceBergSLiM]

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?

LOL @ 90k income being rich!!!! thats rich!

 

[Zebo]

Do you have a link of builders getting money from the fed?

You need excel
http://www.federalreserve.gov/newsevents/reform_talf.htm

 

[IceBergSLiM]

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.

don't forget sugar up 47% in a year.

 

[BoberFett]

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.

Impossible. First, LegendKiller, and Bernanke all insist everything is healthy.

 

[Trianon]

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.

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

Also good comments here:

http://www.bloomberg.com/video/69814976/

 

[wwswimming]

I wish this was the case for L.A. I want to buy a place and there's nothing decent under like 350k.

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.

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


overall, there's much better deals to be had in ... North Dakota.

 

[WhipperSnapper]

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.

In the fable of Squanderville vs. Thriftville, we are Squanderville Squared.

 

[WhipperSnapper]

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.

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.

 

[dullard]

What about immigration? (Or is that considered in your population growth?) I believe we get something like 1.5-2 million every year

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.

 

[Zebo]

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...

 

[blackangst1]

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.

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.