Comments on: Foreclosure Rate In U.S. Accelerating http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/ Sat, 11 Feb 2012 07:12:54 +0000 hourly 1 http://wordpress.org/?v= By: OutOfVegas http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11546 OutOfVegas Thu, 17 Apr 2008 14:33:29 +0000 http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11546 Sandman: I certainly do not claim to be an expert, but I personally question the depth of future damage. This being a wave of fallout that I perceive to be founded primarily in the housing market. Fallout coming from extended concerns with expanded debt and defaults on essential and non-essential items like motorcycles, boats, credit cards, home improvement, student loans, and so on. A wave that could continue to impact jobs and a wave that could be difficult to contain. This is a personal concern based upon what I perceive. Although I have an advanced education in finance, my world is one of beating out China and Mexico based upon quick action from drawing board to production to delivery on narrow margins while trying to keep everyone employed. I am the first to admit that I am not an expert and my views are usually based on some personal level of reason. And at this point, I can't build a wall in my mind that significantly isolates more reasonable buyers from the direct and collateral damage that I view as founded in the unreasonable portion of the housing market. Sandman:

I certainly do not claim to be an expert, but I personally question the depth of future damage. This being a wave of fallout that I perceive to be founded primarily in the housing market. Fallout coming from extended concerns with expanded debt and defaults on essential and non-essential items like motorcycles, boats, credit cards, home improvement, student loans, and so on. A wave that could continue to impact jobs and a wave that could be difficult to contain.

This is a personal concern based upon what I perceive. Although I have an advanced education in finance, my world is one of beating out China and Mexico based upon quick action from drawing board to production to delivery on narrow margins while trying to keep everyone employed.

I am the first to admit that I am not an expert and my views are usually based on some personal level of reason. And at this point, I can’t build a wall in my mind that significantly isolates more reasonable buyers from the direct and collateral damage that I view as founded in the unreasonable portion of the housing market.

]]> By: brucewho http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11545 brucewho Wed, 16 Apr 2008 05:43:20 +0000 http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11545 This is all leading towards chaos in our society. Banks/Lenders are already overwhelmed by the magnitude of the situation and can't effectively forclose. People who can't pay due to lost jobs and other credit problems are sensing this and will stay put daring anyone to throw them out while they live rent free. Others who can pay their mortgages will sense this and do the same cause the other guys are getting away with it. House flippers are just jingle mailing the keys back. The tax payers will become the defacto holder of the bag through bail-outs. The question in my mind is how draconian will the needed measures be to get things under control or will it just devolve into total absurdity? I'm in the absurdist camp. Interesting times. Yes Igor it's going to explode. This is all leading towards chaos in our society. Banks/Lenders are already overwhelmed by the magnitude of the situation and can’t effectively forclose. People who can’t pay due to lost jobs and other credit problems are sensing this and will stay put daring anyone to throw them out while they live rent free. Others who can pay their mortgages will sense this and do the same cause the other guys are getting away with it. House flippers are just jingle mailing the keys back. The tax payers will become the defacto holder of the bag through bail-outs. The question in my mind is how draconian will the needed measures be to get things under control or will it just devolve into total absurdity? I’m in the absurdist camp. Interesting times. Yes Igor it’s going to explode.

]]> By: sandman http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11544 sandman Wed, 16 Apr 2008 03:49:05 +0000 http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11544 <i>More reasonable buyers will get hurt</i> I disagree (in the majority case). Anybody who bought reasonably will be able to afford their payments, whether the "market price" of their home is $1 or a million. More reasonable buyers will get hurt

I disagree (in the majority case). Anybody who bought reasonably will be able to afford their payments, whether the “market price” of their home is $1 or a million.

]]> By: JimAtLaw http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11543 JimAtLaw Tue, 15 Apr 2008 23:27:17 +0000 http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11543 Yeah, they're looking to get the government to cover their losses and more so they can move on to the next bubble. Yeah, they’re looking to get the government to cover their losses and more so they can move on to the next bubble.

]]> By: Keith http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11542 Keith Tue, 15 Apr 2008 20:43:20 +0000 http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11542 MikeC: "maybe just maybe some executive in a bank’s ivory tower somewhere is looking over his industry’s losses and getting the idea that banks shouldn’t have greedily/happily bankrolled the housing bubble in the first place." I doubt that. They're probably just looking for the next way to get another buck. MikeC:
“maybe just maybe some executive in a bank’s ivory tower somewhere is looking over his industry’s losses and getting the idea that banks shouldn’t have greedily/happily bankrolled the housing bubble in the first place.”

I doubt that. They’re probably just looking for the next way to get another buck.

]]> By: MikeC http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11541 MikeC Tue, 15 Apr 2008 19:32:27 +0000 http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11541 OutOfVegas: >>I hate to see people lose their homes Me too! Thing is, since people being foreclosed on didn't own the home, it wasn't their home to begin with and they aren't losing "their" homes. If these people had money to pay rent - I mean "the mortgage" to the bank, they have money to rent somewhere nice when they have to move out of the home they never owned in the first place. Meanwhile, maybe just maybe some executive in a bank's ivory tower somewhere is looking over his industry's losses and getting the idea that banks shouldn't have greedily/happily bankrolled the housing bubble in the first place. OutOfVegas:
>>I hate to see people lose their homes

Me too! Thing is, since people being foreclosed on didn’t own the home, it wasn’t their home to begin with and they aren’t losing “their” homes.

If these people had money to pay rent – I mean “the mortgage” to the bank, they have money to rent somewhere nice when they have to move out of the home they never owned in the first place.

Meanwhile, maybe just maybe some executive in a bank’s ivory tower somewhere is looking over his industry’s losses and getting the idea that banks shouldn’t have greedily/happily bankrolled the housing bubble in the first place.

]]> By: Curly Gooch http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11540 Curly Gooch Tue, 15 Apr 2008 17:51:26 +0000 http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11540 The lesson here is personal and financial responsibility.This lesson is for everyone!!!!From the top to the bottom.Integrity has become a buzz word.This mess has just begun.We all will feel the pain on different levels.Hopefully our children will learn from our mistakes. The lesson here is personal and financial responsibility.This lesson is for everyone!!!!From the top to the bottom.Integrity has become a buzz word.This mess has just begun.We all will feel the pain on different levels.Hopefully our children will learn from our mistakes.

]]> By: OutOfVegas http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11539 OutOfVegas Tue, 15 Apr 2008 16:48:10 +0000 http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11539 Very sad. I hate to see people lose their homes, and I worry we will tread into those that made more reasonable purchases--not peak price with creative loans--as we continue downward. I keep hearing the same story-lenders are not flexible. We see this in credit cards, putting a squeeze on already drained people, like they can pay 28-30% when 18% wasn't working for them. Some may deserve what they get, wanting a 5 bedroom, needing a 3, ability to afford a 3, but purchased a 6 bedroom. More reasonable buyers will get hurt, this is the sad part. Very sad. I hate to see people lose their homes, and I worry we will tread into those that made more reasonable purchases–not peak price with creative loans–as we continue downward.

I keep hearing the same story-lenders are not flexible. We see this in credit cards, putting a squeeze on already drained people, like they can pay 28-30% when 18% wasn’t working for them.

Some may deserve what they get, wanting a 5 bedroom, needing a 3, ability to afford a 3, but purchased a 6 bedroom. More reasonable buyers will get hurt, this is the sad part.

]]> By: NVmike http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11538 NVmike Tue, 15 Apr 2008 14:25:52 +0000 http://housingdoom.com/2008/04/15/foreclosure-rate-in-us-accelerating/#comment-11538 "The keys are in the mail" Good. When enough people get fed up and walk away, maybe THEN lenders will be motivated to try to fix THEIR problem (rewrite the loans, reduce the principal, eat some losses) WITHOUT a big, fat taxpayer bailout. Sing it with me, people ... "Jingle mail, jingle mail, jingle all the way!" “The keys are in the mail”

Good. When enough people get fed up and walk away, maybe THEN lenders will be motivated to try to fix THEIR problem (rewrite the loans, reduce the principal, eat some losses) WITHOUT a big, fat taxpayer bailout.

Sing it with me, people … “Jingle mail, jingle mail, jingle all the way!”

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