http://money.cnn.com/2008/07/30/news/economy/housing_bill_Bush/index.htm?postversion=2008073010
TOTAL JOKE…400,000 POSSIBLE homeowners helped when the problem is conservatively estimated to be in the tens of millions.
I can’t wait to see the parties break out in this country the day NIT WIT leaves the White House. I know for SURE they’ll be breaking out around the world.
I honestly believe that if you became President of the United States and INTENTIONALLY did EVERYTHING and ANYTHING you could to screw this country up, you could NOT have done a better job than George W.
whats 10s of millions? we don’t have 10s of millions foreclosures.
2006…1.4 million foreclosures filings
2007…2.4 million foreclosures filings
2008…estimates are for 3.3 to 4.7 million filings
Think 2009 is going to see this vanish??? Not with heating oil and Natural gas at historic highs!! Wait…the best is yet to come.
REMEMBER this program is for people that are STILL paying their mortgages. Not for the people who stopped. Foreclosure FILINGS will be over 10 million by late 2009. Not every filing leads to a bank taking a property, but this program is for these people. IT’S A JOKE. 400,000??? Are you kidding me??? My guess is 15 million filings before it’s over.
The next phase of this that NO ONE is talking about is the people who pulled every ounce of equity out of homes that were purchased BEFORE the boom. REMEMBER these are the folks that every economist on planet earth say “fueled the consumer economy for the last 7 years!!!” Can you say BYE, BYE??? THESE are the people who will start losing their homes next.
Last week I did over 40 title searches on Properties listed for forsclosure that were all purchased BEFORE 1999. NOT ONE OF THEM HAD A PENNY OF EQUITY IN THEM!! NOT ONE!!!
This isn’t even CLOSE to being over.
this past weekend I met a guy who is trying to do a short sale on his house. The asking price in the MLS is around 70k. He owes approximately $146k. He understands that he will not be able to get any money from the transaction. And he is a little disappointed with this. However as I was talking with him, he told me that he consolidated the 1st and 2nd mortgage in September 2007 and got a bunch of money out of the house - his house was valued at almost $250k. When I mentioned that he was actually paid back in September 2007 he looked at me with a strange look in his face… Until then he hadn’t realize that he did get his equity (and then some) out of the house. If he got any money now he would be basically double dipping… I believe he finally understood. I felt he was feeling better by the time I left his home.
Can you imagine a house that was “worth” almost $250k being in the market for $70k now?
Crazy times…
that is shocking. that right there shows you the run up of real estate was artificial. unless their was a major fire or act of nature on the house lol.
I plan on getting some appraisals done if some of these rental property offers get accepted
as about the housing bill, its another band aid rescue by the government when they fail. thats gonna be one helluva expensive band aid. I’m for the bill, the alternative is what ?? do nothing and maybe the whole country breaks down into a depression/anarchy ??? what im not happy about is how we got to this point. I watched a video on Greenspan about how they had no idea how bad the sub prime mortgage crisis was… how the hell do you not know ?? these guys who are instituting the way banks / business is conducted are the people we should have jailed for incompetence. well see how many politicians/commitee members/ chairman want to do a half ass job then.
look at the bright side we all get great deals on real estate in the mean time.
As with just about everything else in Washington, I just wonder what are the far-reaching after effects. What is the grand strategy, or do we even have one? I have no idea what these bailouts are costing us. Somewhere between $25 and $100 billion?
I just don’t understand how we’re paying for it. Liquidity is right, what else are you going to do, let the whole stack of cards fall down and really put us into a depression? We can’t afford that, so we spend, spend, spend and I don’t hear anyone talking about where in the budget we are going to cut to save the money. It’s not even in the debate what Federal departments we can afford to lose. Instead, all of this spending looks to get passed off onto the taxpayer, and I just wonder where that really leaves us…
Trillions !!! ive seen reports of 1.5trillion and others of 4 or 5 trillion thats when all is said and done.