Housing Rescue Bill Signed By Bush 7/30/2008

[RonBurgundy&Gold]

From my experiences in skip tracing to find folks that abandoned houses, I saw maybe 3 or 4 out of hundreds/thousands that had sketchy loan applications, with made up phone #s and bogus verification.

I have no idea who is legal and who isnt, but most of the hispanic folks I come into contact with on a daily basis are willing to do whatever it takes to get thier mortgage paid. Get rid of the vehicle? No problem. Get a second/third job? Done. Rent a room? Already in the works.

Whites/blacks/asians/etc....not so much. Its always about what they can't do and not what they can do. Of course I am generalizing here, but I have definitely noticed this over the past few years. I think the folks who have recently came to the US be it legally or illegally don't have the same sense of entitlement that most US born people seem to have today.

[Ellis]

Well, based on some of what you guys have said, I'm not sure why the numbers my boss and I found do not match. We looked up the numbers back in May/June and it showed 4.6% vs 6.2%...

So I'll take the new info in mind... but I'm gonna look up the info we found and post it.

I live in the only real city in southern New Mexico 40 miles north of the border. I've worked in the real estate industry for over 20 years. There is no large problem with foreclosures here in fact real estate values are still increasing for all types of properties excepting the McMansions that are bought by people who used to sell in the areas that are a problem now (CA, NV, back east). My townhouse has gone up about 10% in the last year. How did those nasty illegals let that happen? :doh:

How much of the rest of your post is made up bull****?

My boss and I looked a map of the US that showed the areas hit hardest by foreclosures. southern New Mexico was one of those areas. Sue me.:notworthy

And for the record, the map did NOT calculate New Orleans in it since Katrina caused so many of their problems.

[The 12th Commandment]

Well, based on some of what you guys have said, I'm not sure why the numbers my boss and I found do not match. We looked up the numbers back in May/June and it showed 4.6% vs 6.2%...

So I'll take the new info in mind... but I'm gonna look up the info we found and post it.

My boss and I looked a map of the US that showed the areas hit hardest by foreclosures. southern New Mexico was one of those areas. Sue me.:notworthy

And for the record, the map did NOT calculate New Orleans in it since Katrina caused so many of their problems.

I won't sue you if you post a link to said map. I'd be curious to see it.

[Ellis]

I won't sue you if you post a link to said map. I'd be curious to see it.

We've been looking for it all day. It was part of an article that talked of the foreclosure/housing crisis. It was about the last 5 years, not just a quarter here or there.

The map I'm referring to is a representation of the boom we've seen for a few years. Maps that go quarter by quarter don't show the major impact of what's going on.

[Fergasun]

Somebody posted a chart here, I'd say about six months ago. It showed, historically, the median home price as a percentage of the median income. And what it showed was that the percentage has been unchanged since before the Declaration of Independence. Until, IIR, about 10-20 years ago, when home prices went through the roof compared to income. They like quadrupled.

Wish I could find that chart again. But what I remembered was that if you assume that that historical percentage is some kind of natural law, then it would imply that home prices right now need to fall something like 75% to get back to the historical level.

I think this is part of what you are looking for. This blog post breaks the same ratio down to locality... see how over-valued Los Angeles is? Real Estate is local... no?

I think I found the chart you were looking for... right here.

[PokerPacker]

If that's true, than F that. I'll just keep going as I was going.

you could collect the 4k and invest it in something that gains at least minimal interest. that way you pay back a no-interest loan on something that gained interest for you... free money.

[PokerPacker]

I got it....but not every scenario fits that.

What if someone has medical bills that forces them to sell before foreclosure. Death in family that causes a need for a sell.

These situations will cause someone to sell. But those over valued homes with the rug pulled from under will cause problems when someone needs to sell.

Next thing will be foreclosure and take the financial hit. For some 100K+ is reality.

The housing market should not be the stock market where it can ruin lives for no reason to the owner. They can't help it that Lenders and appraisers were in bed together.

I happen to know of one such case. The man who was the jazz band director where I went to high school and hosted a weekly poker game until just last week when we cleared out his house, can no longer afford to live in his house. His wife recently died and he just can't afford mortgage. When the school was hiring a new band director, they didn't even give him the chance to interview for the job even though he's done wonders with the programs he's been a part of (and pretty much the only person keeping any respect within the band program that the school killed with their last few band directors).

He has been trying to sell his house for the better part of a year now but just can't get the papers signed. now he is just weeks away from foreclosure.