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Utah foreclosures up 141%
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magnus | 11:53 a.m. July 10, 2008
@ You Should
WHAT?!?!?!? Thats Crazy talk!!!!
First of all how do you expect me to get the 4 bedroom house I need for me and my two kids for $150,000?
Second, my wife is a horrible cook, I will die if I don't eat out.
Third, skip the vacation and volunteer? Please, if the poor had money they would be going on vacation.
Fourth, I have savings, it's called home equity.
Fifth, No cell phone, no cable, no internet? So what, you want everybody to go back to the dark ages? No thanks I'd rather get kicked out of my house and destroy my credit than lower my standard of living. Besides who needs a credit rating anyways, someone will ALWAYS loan you money.
Lastly, how do you know what makes me happy? Maybe I like the daily exitement of dodging creditors and perfecting the ability to live so far beyond that people think I am a drug dealer. Maybe thats my thing....
WHAT?!?!?!? Thats Crazy talk!!!!
First of all how do you expect me to get the 4 bedroom house I need for me and my two kids for $150,000?
Second, my wife is a horrible cook, I will die if I don't eat out.
Third, skip the vacation and volunteer? Please, if the poor had money they would be going on vacation.
Fourth, I have savings, it's called home equity.
Fifth, No cell phone, no cable, no internet? So what, you want everybody to go back to the dark ages? No thanks I'd rather get kicked out of my house and destroy my credit than lower my standard of living. Besides who needs a credit rating anyways, someone will ALWAYS loan you money.
Lastly, how do you know what makes me happy? Maybe I like the daily exitement of dodging creditors and perfecting the ability to live so far beyond that people think I am a drug dealer. Maybe thats my thing....
Compasionate conservatism | 12:03 p.m. July 10, 2008
The government can't bail the middle class out. The government has to loan
is ear marked for Wall Street because of 1.6 trillion in defaults threatening to
bring us in to a depression.
All of you wishing to retire who are invested in stocks, your shares are in the tank. You, who now can't retire and who saved through investing, must deserve it reading these conservative's remarks. You wanted to play mister investor and you should have seen phony high bond ratings for securitized home loans would tank the stock market because of a liquidity crisis.
Y
All of you wishing to retire who are invested in stocks, your shares are in the tank. You, who now can't retire and who saved through investing, must deserve it reading these conservative's remarks. You wanted to play mister investor and you should have seen phony high bond ratings for securitized home loans would tank the stock market because of a liquidity crisis.
Y
Comments continue below
wrz | 12:17 p.m. July 10, 2008
Anonymous @ 6:51 a.m.: "There is no recession. That is just lie made up by
liberals. Everything is just fine and dandy."
Liberal Democrats have been trying to get us into a recession for about seven years. They finally make it.
Liberal Democrats have been trying to get us into a recession for about seven years. They finally make it.
Sally | 12:26 p.m. July 10, 2008
>>Yeah, I wondered how it was possible for so many people to get into the
300-400k houses. They are all over Utah from St. George to Logan.<<
They got in with no down payment and teaser rates confident that, in a year or so, when their ARM rate went up they could dump it and walk away with a nice profit. Well, they got caught in what I would describe as a normal business cycle plus the human greed syndrome. Plus perhaps a little bit of stupidity.
They got in with no down payment and teaser rates confident that, in a year or so, when their ARM rate went up they could dump it and walk away with a nice profit. Well, they got caught in what I would describe as a normal business cycle plus the human greed syndrome. Plus perhaps a little bit of stupidity.
Rent Free | 12:33 p.m. July 10, 2008
Those stinkin investors anyway, what are they trying to do make money?
Ridiculous!
As for the first comment about renting and sleeping at night, I agree, I rent my house, my car, my clothes, my furniture and most importantly that ever depreciating asset... the 47" flat panel TV. Renting is the only way to go!
As for the first comment about renting and sleeping at night, I agree, I rent my house, my car, my clothes, my furniture and most importantly that ever depreciating asset... the 47" flat panel TV. Renting is the only way to go!
Bailout? | 12:32 p.m. July 10, 2008
To bailout these losers would be a big mistake, they took the risk......do you
see those who made money during the boom sharing their profits with us?
Scott | 12:36 p.m. July 10, 2008
Some one mentioned earlier about the lack of High Schools offering Personal
Finance classes.
It is very sad that there is so much focus in our schools on sex education and virtually NO talk or emphasis on the basics of Finance and Economics. I am amazed how little that people know about basic economics and managing a budget in their own personal lives.
We need to teach financial responsibility and the basics of finance in our high schools. I think we should require 2 years of finance/budgeting/econ in High School. One year that teaches the basics of finance and economics and another that teaches a practical method on how to manage finances.
If we teach these things, then, I would imagine that in the next 10-20 years, we would have more financially responsible adults and we would see less consumer debt, less foreclosures and greater economic growth.
It is very sad that there is so much focus in our schools on sex education and virtually NO talk or emphasis on the basics of Finance and Economics. I am amazed how little that people know about basic economics and managing a budget in their own personal lives.
We need to teach financial responsibility and the basics of finance in our high schools. I think we should require 2 years of finance/budgeting/econ in High School. One year that teaches the basics of finance and economics and another that teaches a practical method on how to manage finances.
If we teach these things, then, I would imagine that in the next 10-20 years, we would have more financially responsible adults and we would see less consumer debt, less foreclosures and greater economic growth.
Blame Game | 12:44 p.m. July 10, 2008
I don't dispute that the banks are greedy. The common consensus seems to
lay all of the blame on the bank for loaning people too much or for offering
adjustible rate mortgages. I have not heard of a bank that has FORCED anyone to
borrow more than they could afford or that has FORCED any borrowers to use risky
adjustable mortgages. It is sad to see a family lose their home but they are
losing something they should have never had. It is going to hurt but it is a
lesson everyone has to learn now or later. It might as well be now.
There is nothing wrong with renting an apartment for a few years while you SAVE a down payment for a home you can afford. That is what normal people have always done.
There is nothing wrong with renting an apartment for a few years while you SAVE a down payment for a home you can afford. That is what normal people have always done.
re: wrz | 12:49 p.m. July 10, 2008
Don't blame me.
I didn't vote for the neocons that are responsible for putting the economy of this country into the toilet.
I didn't vote for the neocons that are responsible for putting the economy of this country into the toilet.
a friendly tip | 12:47 p.m. July 10, 2008
If you can afford to do so - rent.
Stressed Mommy | 12:49 p.m. July 10, 2008
My home is about to be foreclosed on. Mainly due to my daughters failing health
after getting into the home. We refinanced with an individual that we trusted
during the highest stress to relieve some pressure. He has gotten us into a loan
that is way to much and growing, with the price of medical bills in our home.
Refinancing again isn't an option due to the new medical costs ruining our
credit. We live in a very small home but nice and we live very, very modestly.
I have learned one thing and that is no matter how much you trust individuals don't expect the contracts to be fair to both parties. READ THE FINE PRINT! Also plan for the unexpected, you never know.
I have learned one thing and that is no matter how much you trust individuals don't expect the contracts to be fair to both parties. READ THE FINE PRINT! Also plan for the unexpected, you never know.
thanks | 12:49 p.m. July 10, 2008
Thanks wrz-
I needed the laugh.
I needed the laugh.
RL | 12:50 p.m. July 10, 2008
It blows me away we still have such stupid people (and sooooooo many) that
apparently don't understand our government and how it works at all. If I
see one more blasted comment about how this is all Bush's fault... good
grief!!! Go back to high school and take those government and economics classes
over!
re: You should | 12:51 p.m. July 10, 2008
Wow, what a simple solution: Buy a home for $150,000. Do you know what you get
on the Wasatch front for $150K? If you're lucky you can find a Tuff Shed
on .04 acres.
Still though, good advice. And that's why as a first time buyer we are waiting until next year to buy. We meticulously watch prices and they are coming down in ALL markets including below $250,000 despite what your realtor "friends" will tell you.
In my monitoring of the market in my price range ($150-$250K) I have seen the same 8-10% reduction mentioned by the Wells Fargo dude...even if realtors will tell you otherwise.
Still though, good advice. And that's why as a first time buyer we are waiting until next year to buy. We meticulously watch prices and they are coming down in ALL markets including below $250,000 despite what your realtor "friends" will tell you.
In my monitoring of the market in my price range ($150-$250K) I have seen the same 8-10% reduction mentioned by the Wells Fargo dude...even if realtors will tell you otherwise.
Thomas | 12:54 p.m. July 10, 2008
"Re:wrz" -- Still waiting for the explanation of how
"neocons" caused the ongoing global real estate meltdown.
Are neocons in charge in Shanghai? Check out the graph of the real estate market there. Ditto Britain, Ireland, Spain, eastern Europe, etc.
Are neocons in charge in Shanghai? Check out the graph of the real estate market there. Ditto Britain, Ireland, Spain, eastern Europe, etc.
Anonymous | 12:55 p.m. July 10, 2008
no worries, the end of the world is coming soon enough. Callit the apocolypse,
the second coming, whatever.
EmilyW | 1:13 p.m. July 10, 2008
Simple Economics. It amazes me how many people do not understand this concept
and how things work. I play a Video Game online and so many times people are
asking for Money Hand Outs and I say work the market make your own
millions...(They complain they do not know how) It is not hard to learn but it
comes from our mentality that people want a hand out instead of working to make
their money. And that is what our downfall as a country is. We all expect and
want a hand out. No body wants to work anymore. And they are always looking to
blame someone instead of pointing the fingers at themselves for failure to learn
about what they were getting themselves into.
I work in Foreclosures and I have to say I hate seeing my work load Double every month this year. But at the same time it all boils down to Greed and Ignorance and not reading the fine print.
I work in Foreclosures and I have to say I hate seeing my work load Double every month this year. But at the same time it all boils down to Greed and Ignorance and not reading the fine print.
tell it to the foreclosed | 1:17 p.m. July 10, 2008
As John McCain struggles to identify with the overwhelming majority of Americans
who think the economy's in recession, one of his top economic advisors and
surrogates, former Sen. Phil Gramm, has exposed the nasty conservative id on
this subject. In an interview with the Washington Times, Gramm opined that
America's economy is only suffering from a delusional "mental
recession" of unconfidence, created by a "nation of whiners" who
don't know how well they've got it.
As Mike Allen reports at the Politico, the McCain campaign was quick to distance itself from Gramm's remark. But it's telling, coming from one of McCain's oldest and closest political friends.
As Mike Allen reports at the Politico, the McCain campaign was quick to distance itself from Gramm's remark. But it's telling, coming from one of McCain's oldest and closest political friends.
Anonymous | 1:20 p.m. July 10, 2008
The end began the moment BushCo took control.
GOP needs new programs | 1:21 p.m. July 10, 2008
One of the firmly established theories about contemporary partisan political
dynamics is that Republican strength among white working-class voters has been
offset by Democratic gains among upper-middle-class suburban voters. The
relative value of these categories of voters was the explicit subject of the
smartest recent Democratic take on political demographics, the Ruy Teixeira/Alan
Abramowitz Brookings study titled "The Decline of the White Working Class
and the Rise of a Mass Upper Middle Class."
Interestingly, the two young conservative theorists most thoroughly identified with the argument that Republicans need a new, pro-public-sector strategy to consolidate their white working-class vote have now come out with a parallel strategy to reclaim the upper-middle-class surburbs.
Interestingly, the two young conservative theorists most thoroughly identified with the argument that Republicans need a new, pro-public-sector strategy to consolidate their white working-class vote have now come out with a parallel strategy to reclaim the upper-middle-class surburbs.
land prices still high | 1:33 p.m. July 10, 2008
Try buying a 1/4 acre lot in North Utah County - you will pay on average $200k.
Cedar Hills and Highland you will pay around $210k-$250k and PG, AF and Lehi
will go for 190K - $220k. That is down from a year ago when lot prices in Cedar
Hills were $280k. So, now go do the math. Build a 3700 sq ft home and add the
lot and you are $470-$500k. So the REAL killer here is BUILDING A NEW HOME not
buying an exisiting home. You can buy an existing 3700 sq ft home for MUCH
less.Anyway, I am still trying to figure out how my 29 year old neighbors afford
their 4200 sq ft home along with their 28' brand new trailer along with
their brand new Mac computer complete with 48" flat screen monitor. Our
entire neighborhood in Cedar Hills is FULL of young couples (average age 30) who
own 4000 sq ft + homes along with their BIG SUV's... and the wives
don't work either? Go figure. I am thinking they must have a gold mine
somewhere. Keep an eye out !!!
Here's an idea... | 1:50 p.m. July 10, 2008
Don't buy more house than you can afford! I know that was a novel idea in
the roarin' '00s, but jeez, you guys make it sound like rocket
science. For those of you who are happy to be renting, get real. You're
gonna flush $12,000 in rent this year and have nothing. You'd have been
better off to buy an affordable home during the boom. The only people facing
foreclosure are those who made poor decisions. The big crisis is that those who
were fiscally responsible have to bail the rest of you out.
Anonymous | 1:52 p.m. July 10, 2008
THANKS TO BUSH!!!!! Will the LDS help all those who are homeless...THAT will be
the day
SLC | 1:54 p.m. July 10, 2008
Responding to the 150k house suggestion, I agree with the other responses. I
would consider someone making $60k a year to be pretty well-paid. The fact that
s/he can't find much that is safe or comfortable in that price range, is a
huge warning sign. So when I hear about people getting into more house than they
could afford, it's more about people getting into more mortgage than they
could afford. The crippling prices they paid were actually for very modest
and/or cookie cutter, low-quality homes. There was a dichotomy in first time
buyers in the past few years. There were the people who bought modest homes at
outrageous boom prices, thinking they were going to get left behind. Then there
were the people who believed that the modest homes were priced immodestly, and
refused to support the trend. The first group contributed to the stampede they
thought they were running from. The second group is now seeing their predictions
becoming reality, as the stampede stops and lets the rest of us catch up.
Thomas | 2:08 p.m. July 10, 2008
"GOP needs new programs" -- I think what the GOP actually needs is for
the Democrats to be in power for awhile, so everybody can in turn get sick of
*them* instead of us.
Frankly, postmodern social democracy has gotten to the point where expectations are elevated far beyond the ability of government to satisfy them. The economy is indeed shaky right now -- but it's being portrayed as the second coming of the Great Depression, and a historically illiterate population has no idea how utterly moronic this is. We the People were so colossally stupid in buying more property than we could afford that there is no way on earth that government, business, or Deity could avert the coming correction.
We will throw out the party in power, which has it coming, because it failed to save us from ourselves. Four years later, we will throw out the new crop of bums we elected to replace the old bums, because *they* failed to save us from ourselves. And so on, until the average American figures out how to work a calculator and ignore his Realtor/stockbroker/other self-interested parasite.
Frankly, postmodern social democracy has gotten to the point where expectations are elevated far beyond the ability of government to satisfy them. The economy is indeed shaky right now -- but it's being portrayed as the second coming of the Great Depression, and a historically illiterate population has no idea how utterly moronic this is. We the People were so colossally stupid in buying more property than we could afford that there is no way on earth that government, business, or Deity could avert the coming correction.
We will throw out the party in power, which has it coming, because it failed to save us from ourselves. Four years later, we will throw out the new crop of bums we elected to replace the old bums, because *they* failed to save us from ourselves. And so on, until the average American figures out how to work a calculator and ignore his Realtor/stockbroker/other self-interested parasite.
Always wondered how Utah did it | 2:18 p.m. July 10, 2008
My wife and I make about $115K a year together working hard.
We live in a very modest home in Tooele. And no, our home does not glow from radioactive materials or smell bad from noxious toxic gases. In fact, the new growth in Utah County ie Saratoga Springs and Eagle Mountain are more threatened by the chemical depot due to prevailing winds than the Tooele Valley.
Our home is worth about $200k give or take which realtor you talk to. My cars are both paid off. I have one credit card I am working on paying off.
We have a smaller than average Utah family. The girls each have their own rooms, and my sons share a bedroom.
We have a decent credit rating and can afford occasional fun vacations. We save money and fully fund our 401k. Although the market has been brutal on it lately.
I guess my point is this... There are still smart consumers out here that know when the housing market is screwed up.
There is no way, even though I could technically afford it, that I would buy a home for over $350k.
How does Utah afford it? You live beyond your means.
We live in a very modest home in Tooele. And no, our home does not glow from radioactive materials or smell bad from noxious toxic gases. In fact, the new growth in Utah County ie Saratoga Springs and Eagle Mountain are more threatened by the chemical depot due to prevailing winds than the Tooele Valley.
Our home is worth about $200k give or take which realtor you talk to. My cars are both paid off. I have one credit card I am working on paying off.
We have a smaller than average Utah family. The girls each have their own rooms, and my sons share a bedroom.
We have a decent credit rating and can afford occasional fun vacations. We save money and fully fund our 401k. Although the market has been brutal on it lately.
I guess my point is this... There are still smart consumers out here that know when the housing market is screwed up.
There is no way, even though I could technically afford it, that I would buy a home for over $350k.
How does Utah afford it? You live beyond your means.
Re: For you | 2:17 p.m. July 10, 2008
What's your interpretation of Isaiah 5:8?
The popular church in Utah uses scriptures to draw logic onto 'modern revelation'.
Being LDS myself, I'm curious to know what your and others think of Isaiah 5:8, & 9?
The popular church in Utah uses scriptures to draw logic onto 'modern revelation'.
Being LDS myself, I'm curious to know what your and others think of Isaiah 5:8, & 9?
Buyers Market | 2:21 p.m. July 10, 2008
The problem with some of these comments from people in the industry, where their
incomes depend on the health of the market, is that there opinion is biased
because if they are not optimisitc about the market, then they don't make
any money. I wish Realtors and Lenders would really admit the truth, instead of
sugar coating things and making a frozen tundra sound like a beach.
a proud Country | 2:24 p.m. July 10, 2008
Everything is impermanent. Everything changes. This is a universal fact. Even
the mountains of the Wasatch front will wear down and disappear.
Politics is no different.
What does NOT help things are people like Thomas who resist the natural occurence of change and dictate, berate and insult everyone in their path (ie., "illiterate population, utterly moronic, colossally stupid, new crop of bums, and self-interested parasites." This is Limbaughism at its best. It's not so much WHAT conservatives say - it's HOW they say it. Always loud. Always nasty. They try to maintain the status quo which is a gross mistake the modern American conservative movement always makes.
This is why the Conservative movement is dead and has been dead for two decades already. It made a brief comeback post 9/11 when the country was scared [bleep] less.
But no more. This proud country is much, much better than a bunch of nasty rednecks.
Politics is no different.
What does NOT help things are people like Thomas who resist the natural occurence of change and dictate, berate and insult everyone in their path (ie., "illiterate population, utterly moronic, colossally stupid, new crop of bums, and self-interested parasites." This is Limbaughism at its best. It's not so much WHAT conservatives say - it's HOW they say it. Always loud. Always nasty. They try to maintain the status quo which is a gross mistake the modern American conservative movement always makes.
This is why the Conservative movement is dead and has been dead for two decades already. It made a brief comeback post 9/11 when the country was scared [bleep] less.
But no more. This proud country is much, much better than a bunch of nasty rednecks.
Re: A proud Country DUDE | 2:55 p.m. July 10, 2008
HEY! WHO EVER SAID REDNECKS ARE NASTY!?
I'm a PROUD REDNECK and am grateful to my REDNECK predecessors who FOUNDED THE COUNTRY YOU'RE LIVING IN!
THANK YOU
I'm a PROUD REDNECK and am grateful to my REDNECK predecessors who FOUNDED THE COUNTRY YOU'RE LIVING IN!
THANK YOU
Forclosures | 3:03 p.m. July 10, 2008
Please tell me why they always use percentages for these articles? it drives me
crazy. I mean if there where 2 last quarter and 5 this that is a huge
percentage increase but means very little.
Please give us the numbers, we do not care what percentage it is. I realize it may not be as exciting or flashy.
Please give us the numbers, we do not care what percentage it is. I realize it may not be as exciting or flashy.
Bail us out | 3:06 p.m. July 10, 2008
I don't think it is the governments job to bail us out. If people were
smart enough to get in a house they could afford they wouldn't be having
this problem. I feel bad for these people but what about the people who were
smart and didn't go into too much debt. It seems to me that you punish
them if you bail out the stupid people. That is not fair when they live in the
nicer house because they are now getting government help.
to Re: Country Dude | 3:18 p.m. July 10, 2008
I think that at this point, one must define 'redneck'.
The most accepted definition would be similar to a KKK or skinhead member.
Both I understand think they are consummate patriots. And therefore one must define patriotism -"don't we?"
The most accepted definition would be similar to a KKK or skinhead member.
Both I understand think they are consummate patriots. And therefore one must define patriotism -"don't we?"
"Evil" Realtor | 3:17 p.m. July 10, 2008
Realtors are really way too far down the pecking order to affect the price of
homes. Easy credit plus news that Utah was underpriced fueled a buying frenzy
with investors, who in turn fueled a buying frenzy amongst native Utahans.
Developers, sub-contractors, general contractors jumped on the bandwagon and no
matter how many times, I as a realtor tried to slow down clients, developers and
contractors and other realtors I was looked at as a crazy person.
I am not only a real estate agent, but I invest in real estate. I read the economic news closely, was not in debt at all and invested in a home to sell. What threw me and many others into bankruptcy was the inability to sell a home because the lenders, almost overnight, decided to stop lending.
I have learned too late that listening to bank economists and to ones touted by the National Assoc. of Realtors were either blind or lying. No wonder you got bad info from your realtors. We were given bad info from our trusted advisors. I believed we had 2-3 years more of a strong market before it slowed down.
Now the frenzy is going the other way.
I am not only a real estate agent, but I invest in real estate. I read the economic news closely, was not in debt at all and invested in a home to sell. What threw me and many others into bankruptcy was the inability to sell a home because the lenders, almost overnight, decided to stop lending.
I have learned too late that listening to bank economists and to ones touted by the National Assoc. of Realtors were either blind or lying. No wonder you got bad info from your realtors. We were given bad info from our trusted advisors. I believed we had 2-3 years more of a strong market before it slowed down.
Now the frenzy is going the other way.
We've being bashed | 3:25 p.m. July 10, 2008
It's funny how things work. You whine about Clinton. You bash liberals.
Then, you get into power. You said you would bring morality to Washington. You brought scandals. You told us a incoming tide raises all boats. We saw only yacht owner benefit from your tide. You told us the cutting taxes would create wealth that would trickle down. The debt has increased and the dollar as collapsed.
Why are conservatives and Bush being bashed?
You just don't get it.
What wonderful music: you're paying my tune. Let those who bad mistakes pay. You must not read. People who had nothing to do with subprime loans are paying through decreased property vales, not being able to retire, few jobs and more national debt as we bail out Wall Street.
Nothing speaks louder than the delusional idea that you support our troops and respect their sacrifices when you won't sacrifice and pay for the war. This is the heart ans soul of conservative values. Greedy people love you to pick up their tabs for them. When you leave they talk about how stupid you were for picking up the check.
Then, you get into power. You said you would bring morality to Washington. You brought scandals. You told us a incoming tide raises all boats. We saw only yacht owner benefit from your tide. You told us the cutting taxes would create wealth that would trickle down. The debt has increased and the dollar as collapsed.
Why are conservatives and Bush being bashed?
You just don't get it.
What wonderful music: you're paying my tune. Let those who bad mistakes pay. You must not read. People who had nothing to do with subprime loans are paying through decreased property vales, not being able to retire, few jobs and more national debt as we bail out Wall Street.
Nothing speaks louder than the delusional idea that you support our troops and respect their sacrifices when you won't sacrifice and pay for the war. This is the heart ans soul of conservative values. Greedy people love you to pick up their tabs for them. When you leave they talk about how stupid you were for picking up the check.
re: Buyers Market | 3:28 p.m. July 10, 2008
It wasn't the Realtors that drove the prices up. It was the out-of-state
investors and the appraisers that damaged the market. Several appraisers lost
their license because of over-appraising homes. Good Realtors have actually
saved people from bankruptcy and foreclosures. Now the Realtors are expected, by
the sellers, to save them from their wreck and get what they owe on their homes
or investments. An offer can't be higher than the appraisal. Thanks to the
appraisers and out-of-state investors we are hurting.
Shuaige | 3:32 p.m. July 10, 2008
YAY, I CAN FINALLY AFFORD A HOUSE!!!!
Numbers | 3:49 p.m. July 10, 2008
"Overall, Utah ranked 10th among the states in the rate of foreclosure
filings." I went to realtytrac and counted 25 states with MORE than 1500
foreclosures (Utah's amount for June). If he means percentage change than
yes, we ranked 10th for percentage of change. I agree though that numbers tell a
better story than percentages. I believe the best number was mentioned: one in
501 versus one in 600 nationally.
Reflection of Economy | 3:53 p.m. July 10, 2008
Too bad our "DICK CHENEY" economy is causing people to go under...
@ Karl | 3:56 p.m. July 10, 2008
Congrats on your whopping 10 years in real estate. I'm sure with that VAST
pool of experience you certainly have "seen it all". The hubris
astounds me!
While I do not work in real estate myself, and I am not all that old, I am smart enough to realize that the last ten years have been an unrealistic and utterly unsustainable joy ride for real estate speculators in this country. You guys have made easy money hand over fist.
Come back and give me advice in another 15 years. Perhaps at that point you actually will have seen a thing or two. Until then realize you've seen one stupendous boom cycle and the start of a market correction.
While I do not work in real estate myself, and I am not all that old, I am smart enough to realize that the last ten years have been an unrealistic and utterly unsustainable joy ride for real estate speculators in this country. You guys have made easy money hand over fist.
Come back and give me advice in another 15 years. Perhaps at that point you actually will have seen a thing or two. Until then realize you've seen one stupendous boom cycle and the start of a market correction.
Anonymous | 3:57 p.m. July 10, 2008
Best of luck to all
Anonymous | 4:23 p.m. July 10, 2008
Interestingly, I haven't seen one comment attributing blame to the Federal
Reserve and our fiat currency. Until we go back to sound money and free markets
booms and busts of this nature and worse will continue.
wrz | 4:29 p.m. July 10, 2008
@ 8:16 a.m.:
>>2 of my 3 sisters are in foreclosure and will be moved out into low life rentals this month. My third sister is only a couple of months away from being foreclosed.<<
Your two sisters should have no more difficulty living in their homes now than they did before the slump. I'm sure they didn't both lose their jobs at the same time. So why are they being foreclosed on? Did they suddenly discover that their mortgages were higher than the house values and used that as an excuse to to stop making payments? Silly.
This slump will pass just as others have.
If they have jobs and can make payments they should stay put. Foreclosures can cause future credit problems. They may not be able to buy again for a long time.
>>2 of my 3 sisters are in foreclosure and will be moved out into low life rentals this month. My third sister is only a couple of months away from being foreclosed.<<
Your two sisters should have no more difficulty living in their homes now than they did before the slump. I'm sure they didn't both lose their jobs at the same time. So why are they being foreclosed on? Did they suddenly discover that their mortgages were higher than the house values and used that as an excuse to to stop making payments? Silly.
This slump will pass just as others have.
If they have jobs and can make payments they should stay put. Foreclosures can cause future credit problems. They may not be able to buy again for a long time.
MoJules | 4:32 p.m. July 10, 2008
So what does Utah's part in helping our wonderful economy. When I left
Utah five years ago it was said that it was one of the highest in foreclosures
and that young people were making purchases that were really not what they could
afford. Shame on the lenders for this, but also shame on these young families
that are worldly and greedy. Cost of food, the stock market and so many other
things have been affected by the selfish choices on both sides, the lender and
the borrower.
guru | 4:33 p.m. July 10, 2008
The bottom line is this. people need to put their foot down, and live in what
they can afford. Ditch the 50,000 dollar gas guzzeling suv, and live in
something affordable. We don't have to keep up with the jones', even
though we desperately would like to afford that type of lifestyle. I'd
rather be able to sleep at night.
Fence Sitter | 4:37 p.m. July 10, 2008
In reply to "Here's an idea..."
Perhaps you would be willing to divulge to us how much you "threw away" in interest on your home loan last year. When your done with that, please tell us how much you "threw away" in maintenance costs, taxes, insurance, remodeling, upgrades, etc.
That $12,000 that I'm throwing away in rent is the best $12,000 I've ever spent. And I get the luxury of living where I want. I can wake up and look down upon all the overstretched home owners in the valley (on days that I can see through the smog layer that is).
Perhaps you would be willing to divulge to us how much you "threw away" in interest on your home loan last year. When your done with that, please tell us how much you "threw away" in maintenance costs, taxes, insurance, remodeling, upgrades, etc.
That $12,000 that I'm throwing away in rent is the best $12,000 I've ever spent. And I get the luxury of living where I want. I can wake up and look down upon all the overstretched home owners in the valley (on days that I can see through the smog layer that is).
wrz | 4:37 p.m. July 10, 2008
@ 8:45 a.m.:
"Speculators usually don't have the analytical skills to determine whether the investment will give a positive return."
The key to speculation is to know when to get in and when to get out. If you are buying on speculation you must keep your ear tightly to the ground to carefully read the market before the big slump hits... and it always hits.
"Speculators usually don't have the analytical skills to determine whether the investment will give a positive return."
The key to speculation is to know when to get in and when to get out. If you are buying on speculation you must keep your ear tightly to the ground to carefully read the market before the big slump hits... and it always hits.
wrz | 4:55 p.m. July 10, 2008
RL @ 12:50 p.m.:
>>It blows me away we still have such stupid people (and sooooooo many) that apparently don't understand our government and how it works at all. If I see one more blasted comment about how this is all Bush's fault... good grief!!<<
Everything bad that happens is Bush's fault... and will be for years to come. Ask any liberal, left-wing Dem. They'll be glad to confirm.
>>It blows me away we still have such stupid people (and sooooooo many) that apparently don't understand our government and how it works at all. If I see one more blasted comment about how this is all Bush's fault... good grief!!<<
Everything bad that happens is Bush's fault... and will be for years to come. Ask any liberal, left-wing Dem. They'll be glad to confirm.
wrz | 4:57 p.m. July 10, 2008
Thomas @ 12:54 p.m.:
>>Are neocons in charge in Shanghai? Check out the graph of the real estate market there. Ditto Britain, Ireland, Spain, eastern Europe, etc.<<
Shows how far and wide G.W. Bush's bad management practices have reached.
>>Are neocons in charge in Shanghai? Check out the graph of the real estate market there. Ditto Britain, Ireland, Spain, eastern Europe, etc.<<
Shows how far and wide G.W. Bush's bad management practices have reached.
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Get rid of non vital expenses to pay your mortgage; cancel cell phones, expanded cable packages, high spped internet, etc
Eat at home not in restaurant. Restaurants are still packed.
Skip the vacation and volunteer for a charity, then you can save $ and have perspective on tough times
Save to create a rainy day fund for unexpected problems. You will never feel secure until you do!
Many people losing their homes are in too expensive a house with rooms they rarely use and have too many expenses. Think of how people lived in the 70's; 1500 square feet homes with one car and limited phone & TV expense. It's not inflation that is killng us, it our desire for more stuff that rarely increase our happiness.