What is Digg?122 Comments
- 309east, on 10/14/2007, -3/+29Woot! Maybe in a couple years houses will be affordable again.
- 97thfloor, on 10/15/2007, -2/+26I heard people are foreclosing and still living in their houses in Vegas cause the banks are too busy and they would rather have them lived in and cared for while trying to sell them off. You can drive on streets down there where almost every house is for sale and vacant. It is crazy.
- lOvOl, on 10/15/2007, -5/+28When 25% of your billionaires come from the financial sector, you know that the parasite can't suck much more blood from your economy before you end up dying. It is just sickening how much wealth is being extracted from our economy by parasites whose only skill in life is managing fiat money.
- redmonkey, on 10/15/2007, -8/+27What about personal responsibility? May be some people should start to think and do simple math before make big financial decision?
- inactive, on 10/14/2007, -6/+24Unlike the government, people can't print money out of thin air and use it. The reason foreclosures are up is because people are adopting the spending policies of the government. They spend beyond their means. At the same time, the fiduciary policies of the Fed are causing the dollar to tank. Many look at the stock market as their index regarding stability of the economy. Bad move. The Fed just prints more money and infuses it into the system as a band-aid which causes the market to rise but at the same time the actual value of the dollar shrinks. Each new dollar printed makes the one in your wallet worth less. Fractional reserve banking will be the doom of this country financially. Had we adhered to the policies clearly spelled out in the Constitution regarding who can coin money and determine it's value, we would not be in this mess. Allowing a bank to take over the monetary system, print money out of thin air while charging face value plus interest will eventually destroy our economy.
This house of cards will come crashing down and it will be ugly. It's easy to pass blame on someone for making a poor decision regarding their choice of loan but when they see their government doing the exact same thing, what do you expect?
Our government borrows money from a non-government bank (Federal Reserve), rather than coining money as the Constitution dictates, and therefore continues the downward spiral of perpetual debt this country continues to rack up.
You think the depression was bad? Wait until you see what is coming. - fadeout, on 10/14/2007, -4/+16Predatory lending is going to bankrupt this country. Aside from outright greed I can't think of any rational way to even explain why this adjustable mortgage ***** is legal in the first place.
- mrbubbleboy, on 10/14/2007, -0/+11Although September's foreclosure numbers were down slightly from August, the prediction is that this is just the beginning. There are still millions of subprime adjustable mortgages that are about to reset which will surely add fuel to this foreclosure fire. This article was just released yesterday which provides a very good up to date summary of the foreclosure crisis including graphs and specific numbers for many states and metro areas. http://efinancedirectory.com/articles/September_Fo ...
- aukxsona, on 10/15/2007, -1/+11The economic crisis is here. The divide between the haves and have nots is so great...I go to college. I have a family. I have one vehical. It recently broke down. When I called to explain I couldn't make it to school because of my only vehical breaking down this was response.." Don't you have another?" "It doesn't cost that much to get a new one or even a used one" (My yearly in come is less than 5k) "You should have just moved here" (That would cost 500 a month in rent, more than my monthly income) "Well, that isn't a good enough excuse, you should live on campus" (I have 5 children, and who would care for them?)
It is an upper class college, which apparently, most of the professors and staff are so well paid they have no clue what it is like to financially struggle. So yeah, we're here. I hate rich *****. - Orb9, on 10/13/2007, -0/+9After doing a little research it seems like a myth that you can buy foreclosure property for pennies on the dollar.. I wonder if that will really ever be the case once banks have more properties than they know what to do with. Correct me if Im wrong, but buying foreclosures from banks are cheaper yes, but not by THAT much...
- ChimpFlix, on 10/13/2007, -0/+8This too will pass. People in trouble now were foolish in trying to do what stock traders have known for many years... don't try to "time" the market. People always arrive to the party too late, light on knowledge and try to play the game that all the insiders know better. It had all the appearances of a gold rush, and you all know that the gold rush came to a crashing end, right?
- inactive, on 10/14/2007, -0/+8Foreclosures going up has an EXTREME effect on the economy. Lenders lose money, builders for new construction lose money (because more houses are back on the market), construction companies lose money, jobs are lost, those who lose their jobs foreclose on their own houses.... the cycle grows and grows.
Im truly amazed at this administration. We have, as a people, never before witnessed such a massive ***** up of a country as we are currently witnessing right now. We have GOT to get the old engine Democraps and Repubcants OUT. - DankLogic, on 10/13/2007, -1/+9mmmm, second great depression here we come.
- deadlikeoscar, on 10/13/2007, -0/+8When I bought my house, a family member recommended a certain mortgage lender. When we went to look at a house, the realtor showing the house asked us who our lender was. We told him and he said he had never heard of them and to get a good faith estimate from them. When we got it, it was a 9-something percent rate and wasn't even a fixed rate. The realtor put us in touch with another lender that gave us a 5.15 percent fixed rate and upped the amount we were financed for in case we wanted to go a little higher. We didn't end up buying the house the realtor showed us but from then on he was and always will be our realtor. We didn't have the best credit and the first lender pretended that he was having a hard time financing us to get us to take whatever he offered. Our new lender told us that Ohio has one of the worst foreclosure rates in the country because of predatory lenders just like this.
- Tomboys, on 10/14/2007, -5/+13We are in so much trouble.
- rhabd0mancer, on 10/13/2007, -0/+8Interesting. I should give my ex-neighbor a call and see if he could move back in and mow his overgrown lawn.
- gquaglia, on 10/23/2007, -0/+6This is what happens when $200K homes are inflated to $500K and families making 60K a year qualify to buy it.
- reeder, on 10/15/2007, -8/+14Just as the Fed planned. If this country was serious about preventing this financial collapse, that only benefits the enormously wealthy, they would outlaw the predatory practice of variable rate mortgages.
- breezyflight, on 10/13/2007, -2/+8There's nothing worse than self-congratulatory platitudes in response to someone else's pain.
- inactive, on 10/23/2007, -0/+6BTW, trade your paper for something of intrinsic value. Gold, silver or copper jacketed lead will be the deciding factors once the "banks" run out of phony cash.
Or don't.
When you have nothing and your bank can't keep up with the demand to hand you worthless pieces of paper with dead president's stamped on them, those of us who have prepared will offer our condolences....whilst telling you to get the ***** off our property since we'll have family to feed.
We'll see what your beloved, bloated, unConstitutional government does for you then. - inactive, on 10/13/2007, -2/+7You're a ***** idiot.
- hoowahman, on 10/14/2007, -2/+7Dude 5 kids? That's a lot of money right there.
- maliath, on 10/14/2007, -1/+6Also, do not forget that because of our "conservative" administration's spending policies, foreign governments may lose faith and start selling off dollar reserves, thus further reducing the value of the dollar.
- amsterdamordeth, on 10/13/2007, -0/+4Read the article closer. It doubled from September 2006, not the month before in 2007.
A total of 223,538 foreclosure filings were reported in September, up from 112,210 in the same month a year ago - sockpuppets, on 10/13/2007, -0/+4I hope I get one in my bandoleer of carrots!
- inactive, on 10/13/2007, -5/+9The reason foreclosures are up is because so many people barrow more than they can mange, they buy a $500,000 house when they could have bought the $250,000 house.
- jeffiek, on 10/13/2007, -0/+4It dipped from huge to almost as huge.
Both are double from a year ago. - MikeMacMan, on 10/13/2007, -0/+4Why do people buy ***** they can't afford?
Adjustable rate mortgage? Well there is no way that the interest rates would ever go up! - ZenMojo, on 10/13/2007, -4/+8Are you nuts? The stockmarket's through the roof! Why would the stock market prop up a failing economy? I mean, that would result in...in...oh *****...
- nitrojunky24, on 10/13/2007, -1/+5people just need to learn personal responsibility and say can I afford this if my payments increase by X amount. I think the best thing to do is just to get a 30 year fixed rate.
- deadlikeoscar, on 10/13/2007, -0/+4When you need a house and your credit isn't perfect, certain lenders will make you believe that you are lucky to have even gotten a loan in the first place. They will string you along for a week or two, calling you saying "I'm going to try another bank to see if they won't approve you." If you don't know better, they will make you believe that you got the best deal that your credit would allow. Don't fall for it, get a good faith estimate and see what they want to charge you. Find a lender that will do first time homebuyer loans (not every lender does) and can get you amazing fixed rates even with less than perfect credit.
- DestroyFascism, on 10/15/2007, -0/+4Just think of the Nice Loan Brokers on Wall street driving their new BMW,s ......
Gotta love a country that supports theft by deception... - King0007, on 10/13/2007, -0/+4THis is just the start people. THis is the first of the ARM resets. Any news outlet that says things are looking better are just blowing smoke. It will take over 3 years for all of this BS to blow over and it will be hard.
- vawksel, on 10/14/2007, -4/+7I think this is the answer to our economic crisis, I hope you listen: http://youtube.com/watch?v=-bCRc2ub8hU
- inactive, on 10/13/2007, -0/+3On the contrary, they not only have a clue, they expect this and have planned it to happen.
I truly feel sorry for those who haven't prepared for what is coming. An ounce of prevention is worth a pound of cure. I've spent quite a bit to get ready but know it is the best "insurance" I've ever spent. - Litespeed, on 10/13/2007, -0/+3If your expenses exceed your income, then you can't afford it. Seems pretty simple to me.
- breezyflight, on 10/14/2007, -0/+3Ever see Animal House? Remember the "All is well" guy at the parade?
- inactive, on 10/13/2007, -3/+6You speak of a "run" on the banks. People get skittish and head to the bank to withdraw their currency. The bank, since it operates under fractional reserve policies, does not have the funds to supply the people with their currency. For every dollar you keep in the bank, it lends between $10 - $100 based on the premise that the money lent will be returned.......eventually.
It didn't work out so well for Northern Bank in the UK and it will not work here. We can all certainly make a run on the banks and demand our currency (Federal Reserve Notes) be handed over. Keep in mind that the Note you are handed is a piece of paper that was printed out of thin air. It has no inherent value other than what you or those you plan to pass it to believes it has.
Those ***** can print a $1 bill for the same cost as they print a $100 bill and charge us at face value! If any of us could do the same thing, we'd be doing it yesterday! Change the plates on the press and you pump out the fiat currency. It astounds me that we allowed ourselves to get into this mess considering the Constitution explicitly states who is Constitutionally authorized to coin legal tender.
Those who don't know/understand history are doomed to repeat it. The Germans couldn't buy a loaf of bread with their money during WWII. I don't worry since I've thought ahead and won't have to stand in a bread line.
People need to get their rose colored glasses off and realize what is happening. Just because someone tells you the world is flat doesn't make it so. - zdiggler, on 10/13/2007, -0/+3I want to see prices of the homes come down a bit from that so I can finally buy a home and build a man cave in there.
- mrbubbleboy, on 10/13/2007, -1/+4I've dedicated my favorites list to only housing bubble stories, so if anyone comes across any good ones send me a shout and I'll add it.
- NSResponder, on 10/19/2007, -1/+4That's half of the problem. The other half is that mortgage lenders generally don't care whether the person they're giving the loan to can actually make the payments for any longer than it takes for the lender to sell the mortgage to Fannie Mae.
Creating a government corporation to facilitate reselling loans has an upside and a downside. The upside is, a hell of a lot of people are able to get a loan and buy a house now, who would otherwise have waited many years while they were saving up a downpayment. The downside is that a lot of those people can't afford the loans they get, and if they don't have a major downpayment (ie, some skin in the game), all they lose by defaulting is five years of bad credit.
-jcr - Prosequi, on 10/13/2007, -0/+3f8tbrautmehre is about right. Also, consider that:
1) if you buy a foreclosure, many times the prior owner has the right to cut you off within a certain amount of time. So even though you put the money up, you can still end up without the house - you have to be able to afford the layout for the period of redemption.
2) You may not have the opportunity to get inside before you buy. The damage cause by a previous owner can be extensive.
3) You need to know if you are "buying" the foreclosed property based on the first or second lean holder's position. If you take over the second position you will be liable for the first - meaning the first mortgage will be our responsibility.
4,5 and 6) Do not try buying these without an attorney. - fixedcoma, on 10/13/2007, -0/+3Round of applause for all the greedy house flippers!!!! "clap, clap,clap, clap!"
- pigfister, on 10/13/2007, -0/+2with the dollar so low its a good time for the elite to push the new currency for the North American Union "the amero"
http://www.youtube.com/watch?v=H65f3q_Lm9U
http://www.youtube.com/watch?v=AHJPSLgHemM
http://www.youtube.com/watch?v=vuBo4E77ZXo - Richandler, on 10/13/2007, -1/+3The middle class knows we are in trouble and the politicians and wall street blockheads have no clue.
- URnotheonly1, on 10/15/2007, -0/+2Abut ***** time, I have been waiting 10 years to buy a house in California. You crazy? You think I am going to pay 850k for a 500k house? You are out of your ***** mind. Now get out of my way, I am moving in.
Ones mans trash is another mans treasurer. - gquaglia, on 10/13/2007, -0/+2If thats the case, then we are all truly lost.
- j0keR, on 10/23/2007, -1/+3I truly fear what Hillary has plans to do to the economy if she's the one elected. She's proposed a bail-out program for people foreclosed on, which will likely screw up the economy even more. That and her fascist health care program-- she's still calling it "universal health care" though, but that's not what it is at all. And surely all the blame will be on Bush. Once again like the Great Depression, socialism will be pointed to as the answer. We'll be told that it's all the fault of the "greedy" lenders, while failing to notice that they were playing hand-in-hand with the government in the first place. Only Ron Paul can turn this ***** around, and I get the feeling the Republican party plans on going down with the ship, instead of trying to find a ***** life boat. Time to drown, bitches.
- smithfly114, on 10/13/2007, -1/+3hmm.....some say it doubled, some say it dipped...I am so confused
http://www.msnbc.msn.com/id/21229057/ - f8tbrautmehere, on 10/13/2007, -0/+2You would be lucky to save 15 percent from a bank.
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