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Time to sell your house.
Topic Started: Nov 26 2006, 09:34 PM (1,711 Views)
mireland
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shufty
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werz
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http://www.informationclearinghouse.info/article17338.htm
By Mike Whitney

03/17/07 "ICH" -- -- The stock market is about to crash. The only question is whether it will quickly drop down the elevator shaft or follow the jerky flight-path of a man pushed down a stairwell. Either way, the outcome will be the same; stocks will nose-dive, the dollar will plummet, and the bruised US economy will be splattered on the canvas like George Foreman in Rumble in the Jungle.

Troubles in the sub-prime market have just begun to materialize and already 38 main sub prime lenders have gone kaput. Foreclosures have reached a 37 year high, and an estimated 2 million homeowners will be put out on the street in the next few years.

And that’s just for starters.

The contagion has spread beyond the sub prime sector to other ARMs (Adjustable Rate Mortgages) where late payments and defaults are cropping up faster than their sub-prime counterparts. According to Goldman Sachs chief economist Jan Hatzius, “Prime ARM delinquencies are above their worst levels of the 2001 recession…. By contrast, sub-prime fixed-rate delinquencies are well below their recession levels.” (Barrons)
High-flying US fund manager Jim Rogers summed up the impending crisis like this:

“You can’t believe how bad it’s going to get. It’s going to be a disaster for many people who don’t have a clue about what happens when a real estate bubble pops. Real estate prices will go down 40-50% in bubble areas. There will be massive defaults. And it’ll be worse this time because we haven’t had this kind of speculative buying in U.S. history.”

Then he added ominously, “When markets turn from bubble to reality, a lot of people get burned.”
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03/17/07 "ICH" -- -- The stock market is about to crash. The only question is whether it will quickly drop down the elevator shaft or follow the jerky flight-path of a man pushed down a stairwell. Either way, the outcome will be the same; stocks will nose-dive, the dollar will plummet, and the bruised US economy will be splattered on the canvas like George Foreman in Rumble in the Jungle.
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Johnny Fist
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Eh, while I agree to a certain extent with the article, I think its a bit exaggerated.

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Today, the reason is supposedly terror in the subprime mortgage market. To put this as frankly as possible, this is just nonsense.

Even if subprime delinquencies and defaults are up, they're a tiny portion of total mortgages. Suppose 13 percent of subprime mortgages are in default. Subprime itself is less than 15 percent of total mortgage debt, so that means that roughly 2 percent of mortgage debt is delinquent or in default.

Yes, that's more than it used to be, and is a disaster for the subprime mortgage companies.

But when a mortgage defaults, the lender takes back the house or condo, sells it, and usually recovers about 75 percent of the loan value or more. That means the real loss would be about 25 percent of 2 percent, or 1/2 of 1 percent.

In the context of a market as huge as the nation's mortgage market, that's not a lot. A few companies will go bankrupt, and someone will make a killing buying their bonds and portfolios at a huge discount as they turn out to be worth a lot more than people thought in March 2007. But it won't mean a lot to a roughly $14 trillion economy, of which the subprime mortgage market is a tiny blip.


The minor correction we had several weeks back has nearly been erased, but I can't help but worry about the next one. As of last week, 50% of my long term investments have been sold and converted to cash. I've added those proceeds to my short term and day trading portfolio. I'm not ready to start hitting up CDs and bonds yet, but I'm hesitant to stay long on anything except a few well diversified mutual funds I believe can ride out the turbulance. Oil is a big favorite of mine right now. I'm up around 12% with the whole Iran vs. UK mess.

I guess the moral of the sotry is the stock market is due for a correction, but its not going to be from the "subprime meltdown" as they say all over the news nowadays.

Source.
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mireland
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people who loan money to people who they know won't be able to pay back get the fucking they deserve.
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Johnny Fist
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Well, the bright side is homes are getting cheap. You know, if you're looking to invest in real estate.
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werz
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It's time prices dropped substantially, how bad is it when a guy on an average income of 40 to 50 thou, has to pay 1/2 a mil to buy a house that 15 yrs ago cost $40,000.
All it did was force lower paid workers out of the market, and speculators and real estate agents made huge profits off the basic necessity we all need, that is to house ourselves and families.
20% of a household income is the maximum it should cost to buy a house which is sufficient to meet the needs of a family.
If prices do drop, it will mean there will be a large number of people stuck paying way above the odds for there present house, and will have to wait 10 years for the prices to rise again, to reach their present values.
The worry is, how will this adjustment ripple through to the rest of the economy causing unemployment.
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Johnny Fist
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The people that are forced out of the market were the ones responsible for inflating the subprime loans. Otherwise they'd just go to a bank like everyone else. Do I feel bad for them? Not at all. In fact, they're probably the ones who are going to be the ones laid off when this "ripples through the economy." I don't see it being that big of a deal if the bottom of the barrel has a hard time.
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werz
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The crisis deepens.
http://www.informationclearinghouse.info/article17543.htm
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Johnny Fist
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Now without copying and pasting describe to me in your own words what that article is saying.
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herosrest
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lt says - Fist is a KUNT. BIg wet sloppy smelly and.............. hehe
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mireland
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there's a tear in my beer and I'm crying for my dear..... :blah:
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tantone
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herosrest
Apr 18 2007, 01:40 PM
lt says - Fist is a KUNT. BIg wet sloppy smelly and.............. hehe

Typical herosrest post. Nothing useful or contributing. Just mindless and erratic ramblings of a sociopath.
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Johnny Fist
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I tend to just ignore him because trying to reason with him is like reasoning with a retard.
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werz
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Johnny Fist
Apr 21 2007, 09:08 PM
I tend to just ignore him because trying to reason with him is like reasoning with a retard.

Now you know how we feel fist, trying to reason with you.
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herosrest
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3 Stable Mews

http://theavengers.tv/forever/flat-1c.htm http://theavengers.tv/forever/locations-1.htm

http://www.professorharbottle.co.uk/pub/lo...tend/dover.html

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J..M
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They have Homo's In Omaha ? :o
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Johnny Fist
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This thread sucks.
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werz
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It all came true but even worse than I imagined,it's a long way down from here till we hit the bottom.
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Zybch
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mireland
Apr 6 2007, 10:34 PM
people who loan money to people who they know won't be able to pay back get the fucking they deserve.

The problem though, is that they never pay. They get protection from the Govt and then just screw everyone over even harder.
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Johnny Fist
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And then people that don't even live here bitch about it.
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porsch1909
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What ever happened to heroshit?
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Johnny Fist
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Who cares as long as he isn't here.
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mireland
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Johnny Fist
Mar 19 2008, 08:09 PM
Who cares as long as he isn't here.

I was thinking the same about porsche... :lol:
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werz
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mireland
Mar 20 2008, 07:45 AM
Johnny Fist
Mar 19 2008, 08:09 PM
Who cares as long as he isn't here.

I was thinking the same about porsche... :lol:

We all were.
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herosrest
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mireland
Mar 19 2008, 09:45 PM
Johnny Fist
Mar 19 2008, 08:09 PM
Who cares as long as he isn't here.

I was thinking the same about porsche... :lol:

Oh i'm here mofo................ :P :P
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