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Utah foreclosures up 136%
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Not feeling too sorry | 8:21 a.m. Oct. 23, 2008
I don't want to sound like I'm being unsympathetic, but I wonder how
many of these foreclosure homes are $400,000 or above, and the people were
simply greedy and keeping up with the Jones?
There is a great deal of that in Utah (it is becoming like California), and I honestly don't feel sorry for them. I am living in a home that I can actally afford and don't have two brand new SUV's and a boat, and my kids and wife don't go on shopping sprees or have a personal trainer. Not saying that everyone in foreclosure is, but it serves them right if they live a silly lifestyle they can't afford and then go into foreclosure as a result. What will really get members of the LDS Church angry is if these same people go to their Bishop to get help. That is unfair and selfish. I've seen it happen a few times, and can only imagine what the future will hold.
There is a great deal of that in Utah (it is becoming like California), and I honestly don't feel sorry for them. I am living in a home that I can actally afford and don't have two brand new SUV's and a boat, and my kids and wife don't go on shopping sprees or have a personal trainer. Not saying that everyone in foreclosure is, but it serves them right if they live a silly lifestyle they can't afford and then go into foreclosure as a result. What will really get members of the LDS Church angry is if these same people go to their Bishop to get help. That is unfair and selfish. I've seen it happen a few times, and can only imagine what the future will hold.
MIke | 8:24 a.m. Oct. 23, 2008
Just keep voting Republican Utah, it seems you never learn.
Comments continue below
Thinking for myself | 8:40 a.m. Oct. 23, 2008
I love statistics! If I pay my mortgage payment on the 32nd day after it's
due (yes it's late) it's considered a "foreclosure" notice
just as if I haven't paid for months and it's for sale at the
courthouse. By the way, how many "metro areas" are we competing
against and coming in 43rd? I'd bet it's less than 50. In Tooele
County, we have roughly the same number of bank owned properties we had in
'03-04. It's what is needed. Yeah, it'll hurt values for a while,
but they'll be back, as lenders come up with more creative ways for us to
express our basic greed!
YUP YUP YUP | 8:45 a.m. Oct. 23, 2008
People living beyond their means cause most of the housing/mortgage problem in
Utah and in the country as well!!!
I too have been told by 2 mortgage companies....
You want $$$ but we would like to extend to you $$$$$$$$ because you qualify for that much!! I had to repeatedly tell them NO!!!
I can hear President Hinckley.....
I am suggesting the time has come to put your houses in order, there is a portent of stormy weather on the horizon..... 1998 Conference
Who was listening???????? It was said to the men in the church...at the priesthood session
A friend who moved to Utah in about 1999 after seeing the homes in the valley... asked just that question... what do you people do for a living.... Then she realized there was no living to pay for what she was seeing.. it was all mortgaged to the hilt!!!
I am so so so glad I heard President Hinckley and didn't follow the trend....
Thanks to Prophets, seers, and revelators for the warning 10 years ago I heard!!!
I too have been told by 2 mortgage companies....
You want $$$ but we would like to extend to you $$$$$$$$ because you qualify for that much!! I had to repeatedly tell them NO!!!
I can hear President Hinckley.....
I am suggesting the time has come to put your houses in order, there is a portent of stormy weather on the horizon..... 1998 Conference
Who was listening???????? It was said to the men in the church...at the priesthood session
A friend who moved to Utah in about 1999 after seeing the homes in the valley... asked just that question... what do you people do for a living.... Then she realized there was no living to pay for what she was seeing.. it was all mortgaged to the hilt!!!
I am so so so glad I heard President Hinckley and didn't follow the trend....
Thanks to Prophets, seers, and revelators for the warning 10 years ago I heard!!!
Re: Mike | 8:58 a.m. Oct. 23, 2008
What does voting Republican have to do with people buying homes they can't
afford, immediately loading them up with new furniture, landscaping, tv's,
etc (all on credit)?
Leave it to a democrat to not take responsibilty for there their own actions and blame all their problems on republicans.
Leave it to a democrat to not take responsibilty for there their own actions and blame all their problems on republicans.
lost in DC | 8:59 a.m. Oct. 23, 2008
Liberal Larry, I work with a former LDS bishop who said he would not support
people's mortgages. It's real dangerous for me to speculate;
I've never been a bishop and do not speak for the church, but -
I think it's up to each bishop and he will have to decide on a case-by-case basis, but I would hope that generally if he sees the situation as a long term problem, the best solution might be foreclosure; if it's short-term, maybe a month or two of mortgage support might be OK. I have known of someone close to losing their home and their bishop helped them find a rental property they could afford. One thing about the church's welfare program - it's designed to help support life, not a lifestyle. Does that mean there won't be any mistakes made? no, but I think most do the best they can.
Mike, our local economy is not as bad as that in CA (Dems control the legislature, more powerful than the governor, RINO Arnold) or MA, which has dems controlling the governor's mansion and the legislature. Both CA and MA were talking of asking the US Treasury for a bail-out.
I think it's up to each bishop and he will have to decide on a case-by-case basis, but I would hope that generally if he sees the situation as a long term problem, the best solution might be foreclosure; if it's short-term, maybe a month or two of mortgage support might be OK. I have known of someone close to losing their home and their bishop helped them find a rental property they could afford. One thing about the church's welfare program - it's designed to help support life, not a lifestyle. Does that mean there won't be any mistakes made? no, but I think most do the best they can.
Mike, our local economy is not as bad as that in CA (Dems control the legislature, more powerful than the governor, RINO Arnold) or MA, which has dems controlling the governor's mansion and the legislature. Both CA and MA were talking of asking the US Treasury for a bail-out.
re: Thinking | 9:00 a.m. Oct. 23, 2008
You're delusional. Home values will not be back to where they were. You
have witnessed an artificial market from 2005-2007, driven by the exotic
mortgages and the resulting speculation stated in this article. Prices will
continue to drop through 2009. The simple fact is this: Homes appreciated by
75% during this time, but salaries sure didn't. You will see things drop
even more. Home prices are always a bit sticky coming down, and people are
still making bad decisions just like they always have, such as paying 300K these
days for a home that in a year will be worth 220K. Don't buy a home today
if you can wait...this market will continue to deflate.
Re:MIke | 9:07 a.m. Oct. 23, 2008
LOL, yes, vote for Obama and we get Socialism. Democrats want to give away
everything for free, no need to work for it. I cant say McCain is any better
though. Is there an option c) none of the above?
Craig | 9:08 a.m. Oct. 23, 2008
Yes, Utah, please do continue to vote Republican. Utah is one of the best
managed states in the nation. Compare it to other states controlled primarily
by democrats and you will soon find out that our Republican state government is
doing an excellent job.
The "D" Word | 9:11 a.m. Oct. 23, 2008
Still think we're not headed for a depression? The main thing proping up
the failed US dollar right now is how poorly the rest of the world's
markets are performing. And now Zion's bank is seeking bailout help.
Yeah...if you haven't yet created an emergency fund and a food storage, I
seriously recommend you do so. Or, you can continue to live in "Happy
Land" where money doesn't matter, the FEDs can keep printing money out
of thin air, and this economic crisis is just a "small bump in the
road." (:
Kick E'm Out | 9:13 a.m. Oct. 23, 2008
Put the dreamers and fantasy thinkers in the street. It's time for all to
live a life of reality. Get up in the morning and before you paint yourself up
take a good look at yourself in the mirror-thats reality. Same goes for
lifestyles, you are what you are. Quit trying to impress yourself and others
with debt you can't afford. If you must-suffer the consequences. I do not
feel sorry for these spoiled pampared brats. Financial businesses are definetly
wrong in all of this but, the real blame lays at the feet of the borrowers who
know they are living in a fantasy world. No compassion here for any of them.
To: Not Feeling to Sorry... | 9:19 a.m. Oct. 23, 2008
About your Utah is becoming more like CA comment. I'm from the Oakland
area, born and raised, and recently moved to Utah (not permanently). I have seen
far more amount of materialism and "Keeping up with the Jones'"
here in Utah then I ever did in the Bay Area. This is not to say that it
doesn't exist, and to a high degree, in the Bay Area. However in Utah
it's much more blatant and, frankly, desperate. Those here in Utah who
behave this way seem to be scrabbling and scatching to prove something to
someone somewhere so desperately that it comes across as wanton and empty.
It's disappointing and a touch disturbing.
Ultra Bob | 9:32 a.m. Oct. 23, 2008
All the bad information that I hear about who has caused the mortgage problems
makes me wish that somewhere, someone would have the smarts and the access to
information to actually provide the truth.
Hopefully the truth would give us the information we need to correct and prevent these kind of problems.
Hopefully the truth would give us the information we need to correct and prevent these kind of problems.
The Godfather | 9:43 a.m. Oct. 23, 2008
I love hearing the commercials on the radio "utah economy is great! keep
buying! support your business's!"
with what money if the economy , NOT unlike the rest of the US, is going down.
with what money if the economy , NOT unlike the rest of the US, is going down.
Anonymous | 9:55 a.m. Oct. 23, 2008
keep voting republican ? As opposed to New York -- New Jersey ? Illinois ? Mass.
? Michigan ? California rolls democratic from head to toe (ARnold is a democrat
too -- just like Mccain is )and is virtually bankrupt ?
think before you speak.
think before you speak.
LOL | 10:01 a.m. Oct. 23, 2008
All I can say is you are a cruel lot. Yes, mistakes were made, people outspent
and they (along w/ the rest of us) are paying for it. Yes, I even know people
are upset that they are paying for everyone else's mistakes.
All that being said, I hope all of you are perfect in every way becuase you sure sound like you think you are. For those of you who actually think you are religous, you sure aren't acting like it. The God I beleive in sure wouldn't appreciate your attitudes towards those who are in a bad position now.
All that being said, I hope all of you are perfect in every way becuase you sure sound like you think you are. For those of you who actually think you are religous, you sure aren't acting like it. The God I beleive in sure wouldn't appreciate your attitudes towards those who are in a bad position now.
Realtors | 10:18 a.m. Oct. 23, 2008
The thing that I most bothered by, is realtors who helped drive the prices out
of whack and made tons of money knowing their buyers did not have what it takes
to pay for these overpriced homes but still pushed them to their buddy mortgage
guy who could get them in. Now there are forclosures and short sales and the
same realtors are going to cash in on this market as well! What is wrong with
this picture? Their slogan at all times is "Now is a great time to
buy" I point blame equally on Banks creating fake loans, mortgage brokers
pushing them,realtors pushing the buyers to new big homes, builders jacking up
prices and borrowers falling for the whole thing.
Kevin | 10:22 a.m. Oct. 23, 2008
@Ultra Bob,
Just read the Wall St. Journal. I saw the sell-off in debt coming years away. There were many varieties of viewpoints, of course, even up to August 2007. Economics is not deterministic. Nevertheless, I divested in real estate in 2005 when I saw what was happening in other parts of the country.
I've been dumbfounded by the ignorance in Utah. The Utah housing market has lagged the U.S., up and down, in slow motion. Yet people were still buying into it as the rest of the country started to crash.
They were still buying into the notion that "real estate is local," oblivious to the global credit markets and the securitization of mortgages that was driving the whole mess.
Heck, I know a couple of numbnuts who are closing on a house this month, thinking they can flip it in 2 years. It's still going on!
Just read the Wall St. Journal. I saw the sell-off in debt coming years away. There were many varieties of viewpoints, of course, even up to August 2007. Economics is not deterministic. Nevertheless, I divested in real estate in 2005 when I saw what was happening in other parts of the country.
I've been dumbfounded by the ignorance in Utah. The Utah housing market has lagged the U.S., up and down, in slow motion. Yet people were still buying into it as the rest of the country started to crash.
They were still buying into the notion that "real estate is local," oblivious to the global credit markets and the securitization of mortgages that was driving the whole mess.
Heck, I know a couple of numbnuts who are closing on a house this month, thinking they can flip it in 2 years. It's still going on!
re: MLke | 10:36 a.m. Oct. 23, 2008
It was President Clinton (democrat) who approved the every two year tax exempt
rule that gave greedy people the opportunity to go hog wild and use real estate
as a get rich quick scheme. Then several appraisers lost their license because
they over appraised homes. Then the mortgages used "stated income"
when qualifying people. STILL the people acted upon the king pin of what Clinton
approved.
It is also Nancy Paloci (democrat) who wants to sink another $300 billion, in addition to the $700 billion, into the market. By the way the whole Emergency Economic Stabilization Act is to buy mortgage-backed securities.
Once the banks get their bandaid they will start to foreclose homes.... Hmmm... Seems to be happening.
THANKS BILL CLINTON.
It is also Nancy Paloci (democrat) who wants to sink another $300 billion, in addition to the $700 billion, into the market. By the way the whole Emergency Economic Stabilization Act is to buy mortgage-backed securities.
Once the banks get their bandaid they will start to foreclose homes.... Hmmm... Seems to be happening.
THANKS BILL CLINTON.
@ LOL | 10:48 a.m. Oct. 23, 2008
The God I know asks us to be self reliant. Not to depend on the Government. You
are geenralizing a situation that is overtly corrupt and driven by greed, envy
and against one of those silly little things we call the 10 commandments - Thou
shalt not covet.
Mike is Right | 10:53 a.m. Oct. 23, 2008
The Bush tax policy takes money out of the pockets of working class people and
rewards the wealthy and overseas corporations.
Mitt Romney has the right idea, to cut taxes on those earning less than $200k.
Politicians like Jason Chaffetz and George Bush are dead wrong. True conservatives like Mitt and Bennion Spencer have the right idea.
Mitt Romney has the right idea, to cut taxes on those earning less than $200k.
Politicians like Jason Chaffetz and George Bush are dead wrong. True conservatives like Mitt and Bennion Spencer have the right idea.
Anonymous | 11:06 a.m. Oct. 23, 2008
Utah foreclosures up 136%?
Nah. Just more liberal lies trying to get elected.
Nah. Just more liberal lies trying to get elected.
Dan | 11:07 a.m. Oct. 23, 2008
Ditto, LOL. People are so quick to judge and point fingers when things go bad.
Every one of us has screwed up in more ways than one in life. Way too many have
a "mercy-for-me-but-justice-for-everone-else" attitude.
Anonymous | 11:07 a.m. Oct. 23, 2008
Utah is always a little behind the times, economically, socially, politically,
the list goes on. The slide in "The Jonse's" home values is only
begining.
Obama Lover | 11:16 a.m. Oct. 23, 2008
To "Re: Mike": Looking For Option "C", it isn't
"None Of The Above", it is C. "Present"..... Lol.....
Anonymous | 11:22 a.m. Oct. 23, 2008
"Realtors" is right, they made a ton selling and pushing up prices and
pushing us to their buddies at mortgage companies, and now they are going to
make a fortune selling foreclosed homes! They aren't stupid, and you know
what, for them it is always a great time for you to buy!
I guess in reality the blame rests on us, good ole "We The People" who didn't use common sense and just filled our want and greed with ability given to us by other greedy people looking for a fast buck! That is the truth of it. The smart ones have waited or bought a home they could afford, the ignorant ones got what they wanted now they must pay the consequences until BIG BROTHER GOVERNMENT saves their butts! The rest of us won't get "Saved By Big Brother" or get a huge discount, not fair, but hey, it's the AMERICAN WAY!!!
I guess in reality the blame rests on us, good ole "We The People" who didn't use common sense and just filled our want and greed with ability given to us by other greedy people looking for a fast buck! That is the truth of it. The smart ones have waited or bought a home they could afford, the ignorant ones got what they wanted now they must pay the consequences until BIG BROTHER GOVERNMENT saves their butts! The rest of us won't get "Saved By Big Brother" or get a huge discount, not fair, but hey, it's the AMERICAN WAY!!!
Dan | 11:41 a.m. Oct. 23, 2008
Ditto, LOL. So many are so quick to point fingers and rail when things go badly.
Every one of us has screwed up more than once in life. Too many have a
"mercy-for-me-but-justice-for-everyone-else" attitude.
Dan RE: Mike | 11:42 a.m. Oct. 23, 2008
Voting Democrat or Repubilcan has very little to do with the way individuals
manage personal finances.
Conservatively managing personal finances is what will make the most difference.
This is obviously going to be a difficult time for those who have been living beyond their means.
Conservatively managing personal finances is what will make the most difference.
This is obviously going to be a difficult time for those who have been living beyond their means.
Milton Friedman Lives | 12:47 p.m. Oct. 23, 2008
Just a point of order:
Utah foreclosures are up 136% over last year, yes?
Now look in the box on the front page of the Deseret News today: The number of foreclosures in Utah in Sept 08 is now 1 household in 516 households. Thats less than 0.2% of houses, multiplied by 12 months you end up with an annual rate of foreclosure of 2.3%
Summary: Last years annual foreclosure rate was only 1.69% of homes foreclosed and NOW it is UP 136% (WOW!) so the rate is now 2.3% of homes in foreclosure.
Lets look at it from the other angle: Last year 98.3 of us paid our mortgages and now only 97.7% of us are paying our mortgages.
Hmmm...Not quite a crisis is it? So why is the ehadline "up 136%"?
Here's a thought: The bailout passers would sure like you to think theres a major crisis, wouldn't they?
Don't let misleading headlines like this sway you into thinking that the bailout is needed.
Utah foreclosures are up 136% over last year, yes?
Now look in the box on the front page of the Deseret News today: The number of foreclosures in Utah in Sept 08 is now 1 household in 516 households. Thats less than 0.2% of houses, multiplied by 12 months you end up with an annual rate of foreclosure of 2.3%
Summary: Last years annual foreclosure rate was only 1.69% of homes foreclosed and NOW it is UP 136% (WOW!) so the rate is now 2.3% of homes in foreclosure.
Lets look at it from the other angle: Last year 98.3 of us paid our mortgages and now only 97.7% of us are paying our mortgages.
Hmmm...Not quite a crisis is it? So why is the ehadline "up 136%"?
Here's a thought: The bailout passers would sure like you to think theres a major crisis, wouldn't they?
Don't let misleading headlines like this sway you into thinking that the bailout is needed.
Duke | 12:53 p.m. Oct. 23, 2008
That's exactly what happens when people who can't afford a mortgage,
get one anyway, and find out they can't really afford a mortgage.
Shouldn't be a big surprise people!
And some thought we'd never have to use math after we got out of school. I guess some still don't!
Shouldn't be a big surprise people!
And some thought we'd never have to use math after we got out of school. I guess some still don't!
LOL | 12:58 p.m. Oct. 23, 2008
@LOL 10:48 am - You are still judging and you are not God (as far as I know).
Have a heart for those in a really bad situation, even if it may be their fault
they are there.
I guess you really are perfect, huh.
I guess you really are perfect, huh.
Tom | 1:10 p.m. Oct. 23, 2008
It is indeed sad that Utahns have such problems with foreclosures and
bankruptcy. It is no wonder they need someone from the pulpit telling them what
to do with their finances. Small minds...
awesomeron | 1:39 p.m. Oct. 23, 2008
Being that we are about to have a Marxist President, why don't we just ban
foreclosures, because they cause hardships. This would solve the problem of
people being put in the street because their ARM kicked in and they can no
longer pay for the over expensive house they bought, and are putting a strain on
the Apartment Rentals and forcing Rent prices and qualifications to rise.
This would prevent cruelty to Pets who are either being turned loose or turned into the humane society both which mean almost certain death.
The kids would no longer have to come down in Social Status which could in a stretch be considered Child Abuse.
Maybe Homeowners should be to big to fail.
Also the Man who bought the house in the first place because his wife said she would so much more kind and loving, if she had a house and the Apartment walls are really to thin and the kids or neighbors might hear what they are doing. So she no longer feels she should do it, if she does not have a house.
This would prevent cruelty to Pets who are either being turned loose or turned into the humane society both which mean almost certain death.
The kids would no longer have to come down in Social Status which could in a stretch be considered Child Abuse.
Maybe Homeowners should be to big to fail.
Also the Man who bought the house in the first place because his wife said she would so much more kind and loving, if she had a house and the Apartment walls are really to thin and the kids or neighbors might hear what they are doing. So she no longer feels she should do it, if she does not have a house.
Re: Tom 1:10 pm | 2:16 p.m. Oct. 23, 2008
I've lived in both Utah and California, so I paid attention to both states
in the article. It seems to me that Californians have "such problems"
more than anyone else in the country. Maybe if more of them listened to someone
telling them what to do with their finances, it would be a good thing. No need
to leave your home. Great personal finance information is available free
online. I've always thought it was a sign of intelligence to be able to
apply good advice-no matter where it comes from.
MIke | 2:32 p.m. Oct. 23, 2008
The problem is the political attitude fostered by the republican party.
"The market will handle any financial situation" Lets deregulate it,
lets tie the hands of the regulators. The "wisdom" of the market is
all knowing. Socialism is "evil". Lets get the people thinking about
wedge issues and divide them so that we can take and hold power. That is the
republican mantra and now they must live with the consequenses. The sad thing
Utah is, so do you! Me, I took my money out of the stock market months ago. I
haven't lost a cent. How are you Utah republicans doing? Yes
conservatives, blame the victims, its all their fault. This mess couldn't
have anything to do with your smug self-interested "its all about me"
ideolgy.
Amy | 3:07 p.m. Oct. 23, 2008
I lived in Utah (previoulsy from New Zealand) and was amazed by the amount of
people obviously living outside of their means... I mean I worked 2 fulltime
jobs and as the boss earned more than my employees, yet they were driving brand
new cars and had expensive (but beautiful houses) I grew up in the LDS culture
knowing that if I lived the good life Heavenly Father would help me... I
don't think that was the good life he meant though. There needs to be a
shift in thinking, it doesn't matter if we dive the nicest cars etc, it
matters wether we are good people. We needed be ashamed otherwise. I know this
is not a situation unique to Utah, but that was my experience there.
Anonymous | 3:15 p.m. Oct. 23, 2008
Milton Friedman above hit it right on the head.
You can put a % statistic out there to make headlines. However, when you really look at the numbers, they are small.
In my neighborhood of 60 houses (all worth $400,000 +) there is only one that is in foreclosure and they were people that everyone knew wouldn't be there long. No real jobs, no real income.
So in my neighborhood we went from Zero foreclosure all the way up to ONE!
Wow let's put that into percentages and get a great headline!
You can put a % statistic out there to make headlines. However, when you really look at the numbers, they are small.
In my neighborhood of 60 houses (all worth $400,000 +) there is only one that is in foreclosure and they were people that everyone knew wouldn't be there long. No real jobs, no real income.
So in my neighborhood we went from Zero foreclosure all the way up to ONE!
Wow let's put that into percentages and get a great headline!
Re: Mike 2:32 | 3:16 p.m. Oct. 23, 2008
I'm in my dream home, with a mortgage I can afford. My investment dollars
are buying 20% more stock this month than they were two months ago. With 30
years to go before retirement, I can afford some paper losses. This Utah
conservative is feeling good. Thanks for your concern.
new Utahn | 4:25 p.m. Oct. 23, 2008
I just moved to Utah from Kansas. My house in Kansas sold for full price,
$170,000, in two days. I've looked for a house in the $ 250,000 range here
and found a very nice one. Since my house in Kansas was paid off, I have a nice
down payment and the mortgage payment is low. There is still a housing market
in the U.S. and Utah. Houses below $250,000 still move, and I actually had to
hurry to make an offer on my new house. It's the big expensive ones that
default. Honestly, I have always lived frugally, simple vacations, no boats,
used cars. I know we have to show mercy, and I'm sure many will, but on
the other hand, people who have lived like there was no tomorrow, will have to
bear the consequences of their actions. And people who have no debt can still
go out and shop like they always did.
Stewart | 4:34 p.m. Oct. 23, 2008
So they are foreclosed, they had no equity anyway, and had a good deal while
they lived in the home for much less than the place could have been rented for.
How are these folks different than renters that fail to pay the rent, and have
to move on? This mentality is renter mentality anyway, and so just go back to
renting.
Let the mortgages foreclose and the property purchased by those with cash down payment to live in or rent. Then those who have been foreclosed can rent foreclosed property that investors have bought. Property will then find its true value and we can move on.
A bailout would simply be unfair to those who have purchased a home with a down payment and not a subprime, no down payment ARM. If there is a bailout only the fool wins and the prudent person loses and has to pay for the fool.
Let the mortgages foreclose and the property purchased by those with cash down payment to live in or rent. Then those who have been foreclosed can rent foreclosed property that investors have bought. Property will then find its true value and we can move on.
A bailout would simply be unfair to those who have purchased a home with a down payment and not a subprime, no down payment ARM. If there is a bailout only the fool wins and the prudent person loses and has to pay for the fool.
spudover | 4:56 p.m. Oct. 23, 2008
If you can't pay the piper then don't dance
twinkie | 5:03 p.m. Oct. 23, 2008
It's just a matter of time before Utah will be in a budget crunch along
with everyother money hungry state in this greedy nation!
Taxes | 5:07 p.m. Oct. 23, 2008
In my opinion I think we should look at how overtaxed we are as a country. Think
of the hundreds of dollars per month set aside to pay our yearly taxes. It is an
insane amount of money that we pay every year with no end in sight.
Hey Milton Friedman | 5:45 p.m. Oct. 23, 2008
If you knew anything about mortgage backed securities you would know that
defaults going from 1.69% to 2.3% is a huge deal.
Anonymous | 5:53 p.m. Oct. 23, 2008
Utah economic experts say Utah is recession proof. What is the booking rate for
ski vacations in Utah? What was tourism like this summer? How are retail sales
in Utah?
re: Realtors | 6:11 p.m. Oct. 23, 2008
It's easy to blame the Realtor. Just think how much power the Realtor has
OVER the mortgage company and the bank. It's amazing that a Realtor will
push people into buying a higher priced home. It has NOTHING to do with the fact
that the mortgage company and the bank told the buyer that they qualify for MORE
than they can afford. Then the buyer told the Realtor what they want, want,
want. Yep, It's ALL the Realtor's fault.
Please, You live an a backwards world. The Realtor can't make the bank agree to high loans. In fact the Realtor is at the banks mercy. The BUYER tells the Realtor how much they qualify for and the Realtor goes to work for the GREEDY BUYER.
Buyers fault, not the Realtor. Oh wait, I forgot, The Realtor does secretly brainwash the buyers and if that doesn't work they hold a gun to the buyers heads and MAKE them buy an overpriced home.
Please, You live an a backwards world. The Realtor can't make the bank agree to high loans. In fact the Realtor is at the banks mercy. The BUYER tells the Realtor how much they qualify for and the Realtor goes to work for the GREEDY BUYER.
Buyers fault, not the Realtor. Oh wait, I forgot, The Realtor does secretly brainwash the buyers and if that doesn't work they hold a gun to the buyers heads and MAKE them buy an overpriced home.
Steve | 7:41 p.m. Oct. 23, 2008
The funniest comments are those from folks that expect homes to evaporate in
value.
Is there some downward pressure? Sure.
But, long term, prices will move up again. Right now is very similar to what happened in the late 1970s and early 1980s. Prices dipped a bit -- and then moved up. It's a market. Prices don't always go up every year.
People needs to take a deep breath. This too will pass. . .
Is there some downward pressure? Sure.
But, long term, prices will move up again. Right now is very similar to what happened in the late 1970s and early 1980s. Prices dipped a bit -- and then moved up. It's a market. Prices don't always go up every year.
People needs to take a deep breath. This too will pass. . .
awesomeron | 7:43 p.m. Oct. 23, 2008
I have a friend, who was going to buy a house in a developing area of West Oahu.
Leeward side no view but close to the Ocean, which is usable now that the City
and County of Honolulu drove the Homeless people off the area Beach. Some of the
Homeless People had been there for years. Some had nice Tents, Pallets and
flooring. Some where so entrenched that they flew their flags outside their
Ocean Front Estates. Tapped into HECO Power Lines etc. No harm in the above
except that they raise their kids there and they have dogs which they use to
keep everyone else who is not in their group off the area.
Point is the Developer wanted $30,000 dollars over the assessed value of the House. So that would have required a 2nd Loan and a higher payment. So my friend said go bite, and moved to Utah. His wife said their Daughter was never quite good enough in Utah, so they moved to Las Vegas bought another house and are active and get along fine.
Lucky my friend is High Skilled Labor (Classic Car Restoration and Body Work).
Moral they live well within their means.
Point is the Developer wanted $30,000 dollars over the assessed value of the House. So that would have required a 2nd Loan and a higher payment. So my friend said go bite, and moved to Utah. His wife said their Daughter was never quite good enough in Utah, so they moved to Las Vegas bought another house and are active and get along fine.
Lucky my friend is High Skilled Labor (Classic Car Restoration and Body Work).
Moral they live well within their means.
Next time... | 8:19 p.m. Oct. 23, 2008
...keep these rules in mind when asking, "How much can I afford?":
1. House? Mortgage no higher than 1/4 of your TAKE-HOME pay. "But 25% of take-home won't get me a house!" No problem. Rent.
2. Car? Total value of everything parked in the driveway no more than 1/5 of your annual salary. And NEVER BUY NEW unless you're a millionaire. Not kidding.
3. Unsecured debt (credit cards)? NONE. Get another job if you want more stuff. Or - call me crazy - save for a few months.
4. Education? Stay in state and stay out of debt. It is unnecessary to borrow to obtain a solid, marketable degree.
5. Motorized toys? Got the cash? Buy used and have fun! No cash? Buy a bicycle and provide the motor yourself!
6. Next recession? Watch for lows, buy cheap, and sell dear. Enjoy!
1. House? Mortgage no higher than 1/4 of your TAKE-HOME pay. "But 25% of take-home won't get me a house!" No problem. Rent.
2. Car? Total value of everything parked in the driveway no more than 1/5 of your annual salary. And NEVER BUY NEW unless you're a millionaire. Not kidding.
3. Unsecured debt (credit cards)? NONE. Get another job if you want more stuff. Or - call me crazy - save for a few months.
4. Education? Stay in state and stay out of debt. It is unnecessary to borrow to obtain a solid, marketable degree.
5. Motorized toys? Got the cash? Buy used and have fun! No cash? Buy a bicycle and provide the motor yourself!
6. Next recession? Watch for lows, buy cheap, and sell dear. Enjoy!
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Haven't we all driven around a neighborhood being built and said to ourselves "What do these people do for a living?" The answer is they are all doing just what we do, they just did it with exotic mortgages and credit cards. Not many could afford home prices...period. Now we are paying for a market that outstripped consumers' abilities to pay.
Exotic mortgages and credit that was given away gave so many the illusion they could "afford" something when they really couldn't. How many times has a bank told you that you could "qualify for more" even when you knew you couldn't afford more. Housing prices should adjust back to a place where people can afford to live again.