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Utah foreclosures up 141%
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Anonymous | 5:13 p.m. July 10, 2008
wrz-
I don't know how to put this politely, but the way the majority of Republicans who are distancing themselves from the Bush/Cheney fiasco, might indicate that it's not only Democrats, liberals or however the terminology you deluded neocons choose to label or denigrate them, and that a big-time change is in the wind.
But for the record, your hero, Rush Limbaugh would be quite proud of you.
I don't know how to put this politely, but the way the majority of Republicans who are distancing themselves from the Bush/Cheney fiasco, might indicate that it's not only Democrats, liberals or however the terminology you deluded neocons choose to label or denigrate them, and that a big-time change is in the wind.
But for the record, your hero, Rush Limbaugh would be quite proud of you.
Reid | 5:27 p.m. July 10, 2008
WRZ wrote "The liberal, Bush-hating Dems have been on a mission trying to
get citizens to lose confidence in the America economy for seven years"
Wow, I'm not a Dem, but that has got to be one of the most ignorant statements I've ever heard. I think it would be more accurate to say that Rep deficit spending coupled with the Federal Reserve's easy money policies has had more of an impact on the economy than the "Dems trying to get citizens to lose confidence." Wow.
Also, our economy is not based on confidence. It is based on unsound money and debt. That would be the reason the economy is faltering...not for a lack of confidence.
Wow, I'm not a Dem, but that has got to be one of the most ignorant statements I've ever heard. I think it would be more accurate to say that Rep deficit spending coupled with the Federal Reserve's easy money policies has had more of an impact on the economy than the "Dems trying to get citizens to lose confidence." Wow.
Also, our economy is not based on confidence. It is based on unsound money and debt. That would be the reason the economy is faltering...not for a lack of confidence.
Comments continue below
Anonymous | 5:29 p.m. July 10, 2008
wrz tells us:
"...ever since they lost the election in 2000."
Leave it to a deluded wacky neocon to call that convoluted, corrupt American embarrassment and "election."
These ridiculous neocon fools totally support what happened in Florida and then later in Ohio.
The beginning of the darkest days in this great country's history.
"...ever since they lost the election in 2000."
Leave it to a deluded wacky neocon to call that convoluted, corrupt American embarrassment and "election."
These ridiculous neocon fools totally support what happened in Florida and then later in Ohio.
The beginning of the darkest days in this great country's history.
RRRRRRR | 5:33 p.m. July 10, 2008
Hey, I feel bad for those who are being foreclosed upon. I wouldn't wish
that on my worst enemy - Having said that - I have a son who just finished first
grade and cannot believe how over-indulged most of the kids in his class are.
The video game collections of some of his friends are worth thousands! The
birthday parties he's invited to are over the top and cost hundreds of
dollars. Maybe these parents can afford it, I have no idea but if I tried to
"keep up with the Jones", I would be on the brink of loosing my home
as well. It is hard to say no to yourself and your kids but how "fun"
will life be for your kids when they have to support you in your golden years?
Stop blaming politicians for everything and just start living a responsible life
making $200,000 a year or $50,000 a year and remember. . . there will always be
someone out there with a better house, car, job, boat or clothes so get out of
the race and just enjoy what you have.
Now I heard it all | 5:44 p.m. July 10, 2008
Some people hear are claiming it is University of Utah grads that or most often
going into foreclosure? Let's be civil about this. People have debt,
can't pay the bills, get sick, and stuff happens, OK?
Nice guys finish last | 5:49 p.m. July 10, 2008
People are just greedy. This will just turn out that the gov't will bail
out the people who over spent and the smart people who don't will get
nothing. That is the way the country is going.
Re: Facesitter | 5:47 p.m. July 10, 2008
But then why would the economy be struggling? There are a myriad of issues here
that are hurting the economy...
Portugese Breakfast | 6:04 p.m. July 10, 2008
The government needs to step in and work on the falling value of the dollar.
Then the market will stabilize, and the housing market will improve. There
needs to be less borrowing in washington.
it's the economy, stupid | 6:39 p.m. July 10, 2008
We need change in America.
I work in the financial sector, I did not vote for Bill Clinton, but I have to admit that Democrats focus on jobs and pay-as-you-go budgeting helped the economy.
McCain sounds like Bush on the economy, very simplistic: promising to balance the budget by 2013, and keep the Bush tax cuts, and stay in Iraq, all at the same time, are just nonsense financially.
I work in the financial sector, I did not vote for Bill Clinton, but I have to admit that Democrats focus on jobs and pay-as-you-go budgeting helped the economy.
McCain sounds like Bush on the economy, very simplistic: promising to balance the budget by 2013, and keep the Bush tax cuts, and stay in Iraq, all at the same time, are just nonsense financially.
Thomas | 6:39 p.m. July 10, 2008
I think it's fair to state that there are more people who hate George W.
Bush than know why.
Rational people understand that economies are cyclical, going through periods of boom and bust.
Irrational people are convinced that it would be all boom if not for their opponents, who are Bad People.
I would sincerely like to hear a thoughtful liberal (I know there are some of you out there!) draw a logical connection between specific acts or omissions of GWB and/or Congressional Republicans pre-2006 that substantially contributed to the unfolding global real estate collapse.
The mess is a joint creation of Main Street and Wall Street, not (primarily) government.
I believe the only thing that could have been done by the government would have been to somehow restrict nonagency mortgage securitization. To be fair, neither Democrats nor Republicans showed any interest in this.
This real estate crisis is the product of a California-New York axis, with crooked California realtors and brokers originating trash mortgages and equally crooked Wall Street types (who contribute more to Democrats than to Republicans) packaging them up and selling them. You'll notice that both of those states are blue states.
Rational people understand that economies are cyclical, going through periods of boom and bust.
Irrational people are convinced that it would be all boom if not for their opponents, who are Bad People.
I would sincerely like to hear a thoughtful liberal (I know there are some of you out there!) draw a logical connection between specific acts or omissions of GWB and/or Congressional Republicans pre-2006 that substantially contributed to the unfolding global real estate collapse.
The mess is a joint creation of Main Street and Wall Street, not (primarily) government.
I believe the only thing that could have been done by the government would have been to somehow restrict nonagency mortgage securitization. To be fair, neither Democrats nor Republicans showed any interest in this.
This real estate crisis is the product of a California-New York axis, with crooked California realtors and brokers originating trash mortgages and equally crooked Wall Street types (who contribute more to Democrats than to Republicans) packaging them up and selling them. You'll notice that both of those states are blue states.
Reid | 6:58 p.m. July 10, 2008
Thomas - you couldn't be more wrong. I suggest you study the Austrian
school of economics to understand that the boom and bust cycle is the product of
fiat currency, credit expansion/detraction, and deficit spending. The housing
bust had many contributing factors, but was primarily caused by years of credit
expansion by the Federal Reserve, which increased the monetary supply making it
appear there was more money which resulted in malinvestments in the real estate
market. The Bush administration and Republican Congress fueled this credit
expansion with their unprecedented deficit spending. Where did the debt come
from? They issued US Treasury Securities which the Fed bought by creating money
out of nothing, which increased the money supply, thereby leading to further
malinvestments, etc. Main Street and Wall Street absolutely contributed, but
their contribution was made possible by the Federal Reserve's monetary
policy. Oh, and I'm not a liberal.
And? | 7:34 p.m. July 10, 2008
Thomas your conservative�s failure to pay for the war has
driven up debt. This has help aid in the dollars decline. Failure to regulate
the money supply caused there to be money at low interest rates to feed the real
estate and sun prime markets. As home loans were being securitized their
wasn�t over sight of the bond rating industry. Bond raters
were paid by those issuing the bonds. These bonds were rated by S&P as AA++.
The largest transfer of wealth by a tax system that deferring taxation through increased debt. We own China over one trillion bucks.
Bush's foreign polices created regional instability in the Middle East and with other oil producing nations causing the price of oil to increase.
The largest transfer of wealth by a tax system that deferring taxation through increased debt. We own China over one trillion bucks.
Bush's foreign polices created regional instability in the Middle East and with other oil producing nations causing the price of oil to increase.
HarryL | 7:54 p.m. July 10, 2008
There are very serious issues here, and I think what needs to be focused on is
the fact that many were deceived and many acted as deceivers of others as well
as self. The outcome is that many lives will change for the worse and may
perhaps never recover emotionally or financially from what has happened. The
worse possible scenario is if as far as national economics are concerned if we
are in much worse shape than has been admitted to. Personally I think we are and
when we make our plans or rise to condemn others, we may want to keep in mind
that as things get worse as far as foreclosures and so forth are concerned, they
are going to get much worse socially than we could have imagined; we are already
at that point in many respects. It is no longer a shock, it is now the deepening
of trauma and the feeling of neglect, loss of hope, and help that may not have
come anyway. It is a sad thing, but worse to feel condemned when all along you
may have thought you were doing the best you could, if even out of fear.
life is great | 7:54 p.m. July 10, 2008
I pay 10% to my church, drive a suv. pay my 401k 10%. put another 500 in
savings, etc. raisings 6 kids. enjoy nice vacations. pay an extra 100 on my
mortgage. very little debt on credit cards. even enjoyed a few years of getting
every penny back I paid in federal taxes. Trickle down has been good to me since
the reagan years. President Hinckley told us 10 years ago to get out of debt,
live within our means and save a little.
Workinglate | 8:22 p.m. July 10, 2008
It's not trickle down economics that got people in trouble - it's
trickle down stupidity. If someone got themselves in over their head with a
mortgage that they couldn't afford, it's their own fault - NO reason
why the government should put taxpayer money to save people from their own
shortsightedness.
Reality | 8:51 p.m. July 10, 2008
No: trickle down never happened. People did believe they could gain wealth in an
economy driven by a flood of cheap money from the fed. If rates had been higher
and money tighter people wouldn't have qualified.
"Senior U.S. officials on Thursday sought to reassure the markets about the financial health of the nation's two largest mortgage finance companies as their stock prices plunged to their lowest level in 17 years on fears that they could face the possibility of a government bailout.
The rapid sell-off of shares of Fannie Mae and Freddie Mac came after comments from a former central banker that they may not be solvent, as well as a critical report about Freddie Mac from an analyst at UBS. The turmoil also shook the debt of the companies, with one main measure indicating that their cost of borrowing has risen to the highest level since mid-March, when the government rescued Bear Stearns."
"Senior U.S. officials on Thursday sought to reassure the markets about the financial health of the nation's two largest mortgage finance companies as their stock prices plunged to their lowest level in 17 years on fears that they could face the possibility of a government bailout.
The rapid sell-off of shares of Fannie Mae and Freddie Mac came after comments from a former central banker that they may not be solvent, as well as a critical report about Freddie Mac from an analyst at UBS. The turmoil also shook the debt of the companies, with one main measure indicating that their cost of borrowing has risen to the highest level since mid-March, when the government rescued Bear Stearns."
Jake AZ | 8:54 p.m. July 10, 2008
I remember in 1998 (and several times after that) a wise man warning us that
"there is a portent of stormy weather ahead to which we had better give
heed" and we were counseled to get out of debt. I believe the storm has
just begun and will get worse before it gets better.
They'll Go Up | 9:05 p.m. July 10, 2008
I am a Realtor and can promise you that Foreclosures in Utah will go up the next
few years. The Utah housing economy really is fairly stable for the moderately
priced homes. In most areas, the starter homes actually still are affordeable
for the average wage earner. Even with the negative media, these homes will keep
moving. The big problem in our state is the number of huge, high end spec houses
and properties that were purchased during the boom by investors. It was these
purchases that artifically appreciated housing. Prices went up too fast, and
will continue to fall a little more. The big problem is the huge surplus of
vacant high end homes for sale. The average list price in Utah is about $100,000
more than the average price homes are selling for. Thousands of these highe end
houses will never sell. There won't be demand for this many homes for years
and the investors and builders who currently own them will eventially give up
and let them foreclose. So yes Utah real estate does have a problem and
foreclosures will go up. We're following the same trend that occured in
Calif/AZ/NV
not from Utah anymore | 9:06 p.m. July 10, 2008
I'm old enough to have listened to grizzled old school teacher substitutes
in the early 70's tell us how ungrateful,wasteful and careless we were as a
generation and just ASKING for a repeat of the great depression. Well I'm
"survivor" of the 80's recession and watched them give away 5000
sq. ft."foreclosed on" homes in Highland and elsewhere for nothing and
wonder why we don't ever learn from our past. Greed is the biggest factor
as so many Utahns (abandoning common sense) don't care about the whole
picture, just their personal advancement (buy low, sell high too bad about my
neighbor).
Skip 2 mortgage payments on your mini- mansion and see what happens with your fly by night mortgage co.,It's going to be a sad STATE of affairs.
Skip 2 mortgage payments on your mini- mansion and see what happens with your fly by night mortgage co.,It's going to be a sad STATE of affairs.
wrz | 9:54 p.m. July 10, 2008
Anonymous @ 5:13 p.m.: "wrz- I don't know how to put this politely,
but the way the majority of Republicans who are distancing themselves from the
Bush/Cheney fiasco, might indicate that it's not only Democrats..."
Unfortunately, there are a lot of gullible conservatives who will believe almost anything... as long as it repeated over and over enough times. That's what the Dems count on with their non-stop Bush hatred rhetoric. Any politician knows this by heart.
Unfortunately, there are a lot of gullible conservatives who will believe almost anything... as long as it repeated over and over enough times. That's what the Dems count on with their non-stop Bush hatred rhetoric. Any politician knows this by heart.
wrz | 10:14 p.m. July 10, 2008
Reid @ 5:27 p.m.:
"I think it would be more accurate to say that Rep deficit spending coupled with the Federal Reserve's easy money policies has had more of an impact on the economy than the 'Dems trying to get citizens to lose confidence.'"
Deficit spending? As a percent of GDP deficit spending has seldom been as low.
Easy money policy? The Fed's job is to manage monetary policy for economic stability. They've done a fair job of it. Occasionally, a sub-prime or other fiasco will catch them by surprise. Which, by the way is not the Repub Admin's fault.
"Also, our economy is not based on confidence."
Oh, but it is. As an example, take a five dollar bill from your wallet and look at it. It's only a piece of paper with ink on it. Yet it has value. Why? Because everyone has confidence that it has value. Give it to and aborigine and he will likely use it to light his fire. He has zero confidence that it is good for anything. You can tell him it will buy a cup of latte but he will likely laugh at you.
"I think it would be more accurate to say that Rep deficit spending coupled with the Federal Reserve's easy money policies has had more of an impact on the economy than the 'Dems trying to get citizens to lose confidence.'"
Deficit spending? As a percent of GDP deficit spending has seldom been as low.
Easy money policy? The Fed's job is to manage monetary policy for economic stability. They've done a fair job of it. Occasionally, a sub-prime or other fiasco will catch them by surprise. Which, by the way is not the Repub Admin's fault.
"Also, our economy is not based on confidence."
Oh, but it is. As an example, take a five dollar bill from your wallet and look at it. It's only a piece of paper with ink on it. Yet it has value. Why? Because everyone has confidence that it has value. Give it to and aborigine and he will likely use it to light his fire. He has zero confidence that it is good for anything. You can tell him it will buy a cup of latte but he will likely laugh at you.
wrz | 10:18 p.m. July 10, 2008
Anonymous @ 5:29 p.m.: "wrz tells us:
'...ever since they lost the election in 2000.'
Leave it to a deluded wacky neocon to call that convoluted, corrupt American embarrassment and "election." These ridiculous neocon fools totally support what happened in Florida and then later in Ohio.
The beginning of the darkest days in this great country's history."
Another sore loser.
See what I tell ya? Dems are still mad at Bush for winning in 2000. And they have been badmouthing him and anything else that they think will hurt him... including the economy, non-stop.
'...ever since they lost the election in 2000.'
Leave it to a deluded wacky neocon to call that convoluted, corrupt American embarrassment and "election." These ridiculous neocon fools totally support what happened in Florida and then later in Ohio.
The beginning of the darkest days in this great country's history."
Another sore loser.
See what I tell ya? Dems are still mad at Bush for winning in 2000. And they have been badmouthing him and anything else that they think will hurt him... including the economy, non-stop.
wrz you aren't Rush | 10:19 p.m. July 10, 2008
wrz. I don't hate Bush. Don't put you conservative emotions on me.
What go does hating Bush do me?
I don't like what conservatives values stand for: lies and greed. It's like the rock song lyrics. "I want it now and I want it my way."
Conservatives bash Clinton for honestly saying he got of of the draft. They decry Kerry who served where fire was live and body bags were standard issue.
You revene Bush who dropped out of the national graud and a flock of chicken hawks using our White House as a coop.
You talked a great line about all boats rising on a tide and today our economy is is smambles. Your answer comes down to conservatives did nothing. Do nothing isn't getting it as aanswer. It's one more lie and cop out.
Most American don't have it better today than they did eight years ago.
Quit your whining about taxes. Did you whine about federal spending when Utah got 1.6 bilion for their Winter Games? Do you think Utah would be better wihout those federal jobs and dollars at Hill AFB? Will you complain about federal dolars cleaning up that Alas Mine near Moab?
I don't like what conservatives values stand for: lies and greed. It's like the rock song lyrics. "I want it now and I want it my way."
Conservatives bash Clinton for honestly saying he got of of the draft. They decry Kerry who served where fire was live and body bags were standard issue.
You revene Bush who dropped out of the national graud and a flock of chicken hawks using our White House as a coop.
You talked a great line about all boats rising on a tide and today our economy is is smambles. Your answer comes down to conservatives did nothing. Do nothing isn't getting it as aanswer. It's one more lie and cop out.
Most American don't have it better today than they did eight years ago.
Quit your whining about taxes. Did you whine about federal spending when Utah got 1.6 bilion for their Winter Games? Do you think Utah would be better wihout those federal jobs and dollars at Hill AFB? Will you complain about federal dolars cleaning up that Alas Mine near Moab?
wrz | 10:36 p.m. July 10, 2008
Thomas @ 6:39 p.m. "The mess is a joint creation of Main Street and Wall
Street, not (primarily) government."
You're wrong, Thomas. The government is responsible for regulating the mortgage industry to keep things under control and running smoothly. They pulled controls that eventually allowed no-down loans and ARMS. Essentially the same thing happened in the late 1980's and early 1990's with the Savings and Loan debacle. I doubt if Congress will ever learn how to do proper oversight.
And the same thing is happening today with escalating oil/gas prices. Much of it is from speculation in the poorly regulated commodities market. Who's job is it to regulate such commerce? Congress's. They hardly understand what's going on let alone what their job is to control it. They are a bunch of lazy, know nothing, fat cats with but one goal... get re-elected.
You're wrong, Thomas. The government is responsible for regulating the mortgage industry to keep things under control and running smoothly. They pulled controls that eventually allowed no-down loans and ARMS. Essentially the same thing happened in the late 1980's and early 1990's with the Savings and Loan debacle. I doubt if Congress will ever learn how to do proper oversight.
And the same thing is happening today with escalating oil/gas prices. Much of it is from speculation in the poorly regulated commodities market. Who's job is it to regulate such commerce? Congress's. They hardly understand what's going on let alone what their job is to control it. They are a bunch of lazy, know nothing, fat cats with but one goal... get re-elected.
wrz | 10:40 p.m. July 10, 2008
And? @ 7:34 p.m.: "We own China over one trillion bucks."
When the value of the dollar get low enough, we'll pay it back with cheap dollars. Not a bad deal, I'd say.
When the value of the dollar get low enough, we'll pay it back with cheap dollars. Not a bad deal, I'd say.
K | 10:56 p.m. July 10, 2008
Up 141% makes a very impressive headline. But only 2-3% of mortgages are in
forclosure. That's not very many.
In the Depression we had a 25%-30% unemployment rate. Not 6% like now. In the early 80's a fixed mortage was at 18%, not 6% like it is now.
Put down an actual down payment. Adjustable actually means adjustable. People took a gamble and lost. They wanted the same standard of living as their parents, but they wanted it right away. They didn't wait and save for it.
And the middle east has been unstable for hundreds of years. It's not any president's fault that has ever held office. We should start drilling and forget all these bans on drilling. It's obviously lucrative. We have a 300 year supply of coal with current technologies. We should build refineries - haven't in decades. I heard China is drilling off the coast of Cuba! There are nuclear power plants in the midwest and there the electric bills aren't as high as other places. If it's good enough for France and Iran??? why not the rest of the US?
In the Depression we had a 25%-30% unemployment rate. Not 6% like now. In the early 80's a fixed mortage was at 18%, not 6% like it is now.
Put down an actual down payment. Adjustable actually means adjustable. People took a gamble and lost. They wanted the same standard of living as their parents, but they wanted it right away. They didn't wait and save for it.
And the middle east has been unstable for hundreds of years. It's not any president's fault that has ever held office. We should start drilling and forget all these bans on drilling. It's obviously lucrative. We have a 300 year supply of coal with current technologies. We should build refineries - haven't in decades. I heard China is drilling off the coast of Cuba! There are nuclear power plants in the midwest and there the electric bills aren't as high as other places. If it's good enough for France and Iran??? why not the rest of the US?
California | 12:00 a.m. July 11, 2008
Here I sit in the Bay Area of California and the same thing is happening
here...maybe a bit worse and the houses are a lot more ugly, oh and they are
million dollar homes.
I like the pig-headed comments about how only SUV driving mormon families with lots of kids and no financial education are the only ones that are getting foreclosed on. Last I checked Wells Fargo didn't have you sign on the line "Did you pray about this, and how did you feel?"
I'm surrounded by non-mormon, prius driving, no kids, berkeley grads getting foreclosed on. I believe the foreclosure rate is no respecter of religion.
I like the pig-headed comments about how only SUV driving mormon families with lots of kids and no financial education are the only ones that are getting foreclosed on. Last I checked Wells Fargo didn't have you sign on the line "Did you pray about this, and how did you feel?"
I'm surrounded by non-mormon, prius driving, no kids, berkeley grads getting foreclosed on. I believe the foreclosure rate is no respecter of religion.
Anonymous | 1:11 a.m. July 11, 2008
Amen to Az Jake. Nobody is mentioning the pyramid schemes that persuaded people
to take 2nds out on their homes and hand it over to some rube who then handed it
over to a crook who banked it off shore and left all the little guys holding the
bag.
don't blame me | 6:41 a.m. July 11, 2008
wrz seems gleeful that he voted for the Bush/Cheney debacle that has lowered the
bar for this great country perhaps for all time.
I am proud to say I did not vote for these fascists.
I am proud to say I did not vote for these fascists.
Insanity | 7:08 a.m. July 11, 2008
A few years back I had a "friend" who had gone through two
bankruptcy's himself, try to sell me on one of those "wonderful"
mortgages that were only 1.7% interest (the other details were mumble, mumble,
mumble). I took a look at his life and the lack of accumulation of equity and
looked at my old fashioned "turtle" pace with mine, and decided
INSANE! I still have my 5.38% rate and am very grateful for it! Where is the
education for people to not buy into this?
Any guesses... | 8:24 a.m. July 11, 2008
...on how high the divorce rate will soar after all these disillusioned couples
who bought these unaffordable homes are forced to live within their means.
"But you promised me a three-car garage with a Lexus and a Hummer."
Might be a good market for divorce lawyers soon...
Mmmmac! | 11:31 a.m. July 11, 2008
Bbut I thought Utah was DIFFERENT! Naw. Same as Oregon... our timing is about
the same. See, we're the last cars on the roller coaster.
The only people I feel sorry for are those who bought their first place at the peak. All else should know better. Heck, when we bought our place, the bank wanted to lend us twice as much as we took out. Good thing, no?
The only people I feel sorry for are those who bought their first place at the peak. All else should know better. Heck, when we bought our place, the bank wanted to lend us twice as much as we took out. Good thing, no?
Really? | 11:39 a.m. July 11, 2008
"They" aren't making any more land?
Wanna bet? "They" make more land every time "they" re-zone land from agricultural or whatever to residential.
You think we're really that stupid? Buy now or be priced out forever. That Kool-Aid lost its sweetness.
Wanna bet? "They" make more land every time "they" re-zone land from agricultural or whatever to residential.
You think we're really that stupid? Buy now or be priced out forever. That Kool-Aid lost its sweetness.
Reid | 3:28 p.m. July 11, 2008
wrz: "Deficit spending? As a percent of GDP deficit spending has seldom
been as low." Two problems with this statement. First, it is not true.
Since WWII only the Reagan and Bush I administrations had comparable deficits as
a percentage of GDP. Second, even if true such a measure does not equal fiscal
responsibility and is a Rep's way of copping out to try to appear to be
fiscally conservative. Instead, let's look at fiscal responsibility in
terms of living within our means. Under Bush the debt has climbed from
approximately $5.7 trillion to $9.4 trillion. That debt nearly doubled the
money supply in this country, which was created out of thin air by the Federal
Reserve, which lead to malinvestments in real estate and created the bubble,
which is now busting.
Since the Fed was created in 1913 the dollar has lost 96% of its value. The Fed creates the booms and busts, it isn't taken by surprise. I suggest you study the Austrian school of economics to learn what the Fed does and how it causes the booms and busts.
Since the Fed was created in 1913 the dollar has lost 96% of its value. The Fed creates the booms and busts, it isn't taken by surprise. I suggest you study the Austrian school of economics to learn what the Fed does and how it causes the booms and busts.
Reid | 3:30 p.m. July 11, 2008
wrz: I'm glad you understand that the dollar has no intrinsic value and has
value only because it is legal tender. The confidence in the dollar is waning
and you will continue to see savvy investors move into gold and silver. You can
blame Bush's spending policies and the Fed for the falling dollar.
Eventually all confidence will be lost in the dollar and hyperinflation will
result. It happens to all paper currencies. Why do you think the Founders were
so adamant that the federal government only have power to coin money. They knew
the results of paper money (e.g. the Continental dollar). You, my friend, are
buying into intellectually bankrupt ideologies, that will ultimately result in
the monetary bankruptcy of our country. I suggest you look outside of your
party (but please avoid the Dems as they are just as bad) for truth.
Who even needs a 500k home??? | 10:19 a.m. July 12, 2008
I'm greatful for easy lending, without it I wouldn't have gotten into
my home 5 years ago. It cost me 150K and now it's about to be sold for
230K best investment I ever made, and it happened because of easy lending
What I can't understand is why people even WANT 500K homes?? Why not get a 250K home and sock away a few thousand a month for a nice, early retirement.
If you invested $200 per month into a 12% interest account from the day you were born till you turned 40, you'd be a millionaire............so go easy on the house and save for later, you'll need it!
What I can't understand is why people even WANT 500K homes?? Why not get a 250K home and sock away a few thousand a month for a nice, early retirement.
If you invested $200 per month into a 12% interest account from the day you were born till you turned 40, you'd be a millionaire............so go easy on the house and save for later, you'll need it!
wz doesn't get it | 6:01 a.m. July 14, 2008
wrz is part of the failing nasty conservative movement, that has supported
illegal and immoral war, shock and aweing of civilians in Iraq, wire-tapping,
torture and the overall trashing of the American economy and then can't
understand why people are so against the Bush/Cheney Empire.
Go back to the Rush Limbaugh Show wrz - and laugh and guffaw at liberals. It's all neocons know what to do.
Go back to the Rush Limbaugh Show wrz - and laugh and guffaw at liberals. It's all neocons know what to do.
The sad truth | 9:28 a.m. July 14, 2008
Fact: most people are selfish and if allowed will take whatever they can. This
past year's average home was 5 years ago's parade home. People are
full of themselves and need need need. Bigger & better...
I know. I am a builder and have watched the disease unfold. Human nature I guess?
But, the real problem can be blamed on 2 entities.
1- Governement
2- Lending industry
The government allowed the lending industry to do what it has.
What has it done?
1- Anyone could purchase a home WAY outside of their loan to debt ratios over the last 10 years through irresponsible sub-prime lending practices.
2- When it finally realized it had to change the lending industry "corrected" it's bad practices by eliminating programs. Requiring people to actually (wait for this...), actually "qualify" for a loan. The problem: They didn't account for those already in process. 8 months earlier they provided a letter of long term approval so local banks approved construction loans.
So, MANY people were left holding construction loans with no way to secure long term lending. The end result; foreclosure! And, contractor devestation.
Lending industry: Shame on you!
Government: Step up and do something about it!!!
I know. I am a builder and have watched the disease unfold. Human nature I guess?
But, the real problem can be blamed on 2 entities.
1- Governement
2- Lending industry
The government allowed the lending industry to do what it has.
What has it done?
1- Anyone could purchase a home WAY outside of their loan to debt ratios over the last 10 years through irresponsible sub-prime lending practices.
2- When it finally realized it had to change the lending industry "corrected" it's bad practices by eliminating programs. Requiring people to actually (wait for this...), actually "qualify" for a loan. The problem: They didn't account for those already in process. 8 months earlier they provided a letter of long term approval so local banks approved construction loans.
So, MANY people were left holding construction loans with no way to secure long term lending. The end result; foreclosure! And, contractor devestation.
Lending industry: Shame on you!
Government: Step up and do something about it!!!
Kenn | 2:36 p.m. July 18, 2008
This is a clear reflection of a "Free Market" running wild! I have
never advocated the government regulating our industries, but it sure seems we
need some kind of regulatory methods to keep the greed from running our economy
into the ground.
Yes, the consumer has to take responsibility (that will never be argued on my part) but the mortgage industry and its secondary market's greed has us in the shape our economy is in. How do these lenders sleep at night knowing that they have sold loans to people they know could not afford them?
The real point here is homeowner education should be a must for anyone purchasing a home for the first time. It teaches them whether they are "mortgage ready" financially, what to look for in a home loan, what it takes to sustain their housing, etc. And, housing counseling has proven to prevent foreclosuers! Just go the www.hud.com and look up a local approved housing counseling agency; many offer their services for free!
For the USA to survive corporate America needs to regulate themselves and quit being so greedy. To see what I mean just look at the gasoline industy.
Yes, the consumer has to take responsibility (that will never be argued on my part) but the mortgage industry and its secondary market's greed has us in the shape our economy is in. How do these lenders sleep at night knowing that they have sold loans to people they know could not afford them?
The real point here is homeowner education should be a must for anyone purchasing a home for the first time. It teaches them whether they are "mortgage ready" financially, what to look for in a home loan, what it takes to sustain their housing, etc. And, housing counseling has proven to prevent foreclosuers! Just go the www.hud.com and look up a local approved housing counseling agency; many offer their services for free!
For the USA to survive corporate America needs to regulate themselves and quit being so greedy. To see what I mean just look at the gasoline industy.
George | 7:52 a.m. Oct. 11, 2008
Why not leave the system alone. Foreclosed homes would be purchased by those who
want to take advantage of lax lending practices and the system moves on.
Responsibility would prevail. Those who purchase over there head receive
forclosure notice, those who didn't carry on responsibly and the
responsible bottom feeders pick up the foreclosures and sell them to people that
use lax lending practices. If left alone the lending ecosystem would work fine.
Let people fail and let them succeed. That's called LIFE.
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