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Old 03-04-2008, 08:45 AM
 
Location: New York, NY
307 posts, read 927,855 times
Reputation: 81

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Ben Bernanke on Tuesday warned mortgage delinquencies and foreclosures were likely to rise and that more house price declines could be expected.


Bernanke sees more house price drops - Yahoo! News (broken link)
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Old 03-04-2008, 08:21 PM
 
289 posts, read 1,039,663 times
Reputation: 85
This CNN clip says it all:

Link:
YouTube - 3/1 CNN Your Money: Talks of Great Depression Coming

"We have a severe recession ahead of us... it's probably going to be the worst business cycle seen since the Great Depression."


I've said it before, I'll say it again: this is not a drill. This is the year the crap starts hitting the fan. Look no further than Ben Bernanke. This week the man actually said -- PUBLICLY -- that a solution to the housing collapse is for the bank's to write down the principal on a home loan and refinance it with a new loan.

To quote a crackerjack financial blog:

"Do you folks have any idea what that sort of change would do to the banks? Such a policy, were banks to actually adopt it, would force the hit onto the banks who made the bad loans! In bubble areas this hit could be well north of $100,000 a house!"

And this is the CHAIRMAN OF THE FEDERAL RESERVE proposing this solution! He KNOWS how much trouble we're in to be making this sort of suggestion! Wake up sheeple! Smell the coffee!

Last edited by dude66; 03-04-2008 at 08:39 PM..
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Old 03-05-2008, 09:43 PM
 
Location: Issaquah, WA
818 posts, read 3,698,026 times
Reputation: 258
Excuse me while I jump off the Stratosphere!
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Old 03-06-2008, 08:32 AM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,493,779 times
Reputation: 7615
Oh Chest....don't be so stupak!
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Old 03-06-2008, 09:43 AM
 
59 posts, read 261,882 times
Reputation: 44
I hate to beat a dead horse but...
Foreclosures hit all-time high Delinquencies continue to climb - Mar. 6, 2008
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Old 03-06-2008, 05:12 PM
 
289 posts, read 1,039,663 times
Reputation: 85
Yeah, it's been a tough run of headlines this week. Like I've said before, forewarned is forearmed:


Housing Market Spirals, No End in Sight
Housing Market Spirals, No End in Sight: Financial News - Yahoo! Finance (broken link)

U.S. Stocks Drop to 18-Month Low on Deepening Concerns Over Loan Defaults
Bloomberg.com: Worldwide

U.S. Mortgage Foreclosures Rise as Owners `Give Up'
Bloomberg.com: Worldwide

U.S. Household Worth Fell for First Time Since 2002
Bloomberg.com: U.S.

Pending home sales below market forecast
Pending home sales below market forecast (broken link)

Mortgage Defaults Reach a New High
http://www.nytimes.com/2008/03/06/bu...ss&oref=slogin

Record Number of Americans Lost Homes in '07
ABC News: Record Number in U.S. Lost Homes in '07

Homeowner Equity Is Lowest Since 1945
Homeowner Equity Is Lowest Since 1945: Financial News - Yahoo! Finance (broken link)


On the other hand, there is one silver lining. Apparently, the cost of flying to Europe has increased quite a bit so maybe more Americans will stay home and go to Vegas instead:

Pricey trip across the pond
It's a pricey trip across pond : Nation : The Rocky Mountain News

Last edited by dude66; 03-06-2008 at 05:24 PM..
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Old 03-06-2008, 06:38 PM
 
Location: las vegas
229 posts, read 814,634 times
Reputation: 56
What is all this bad news?! Olecapt just told us last week that the tide was turning, and now this! It's a good thing all real estate is local and we don't have to worry about this. Is home-ownership still at an all-time high? If so, does it still imply the same thing it did a few short years ago?

I hope some good documentaries and/or books come out of all this.
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Old 03-06-2008, 06:54 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,197,261 times
Reputation: 2661
Quote:
Originally Posted by ackackack View Post
What is all this bad news?! Olecapt just told us last week that the tide was turning, and now this! It's a good thing all real estate is local and we don't have to worry about this. Is home-ownership still at an all-time high? If so, does it still imply the same thing it did a few short years ago?

I hope some good documentaries and/or books come out of all this.
Las Vegas volume is up. The small price increase became a small price decrease in the end of the month scramble but it is basically a flat market.

Have not yet seen official inventory figures but they appear down slightly.

The pending indicate continued increasing sales.

The Las Vegas local RE market is getting better. Now maybe we are into some general collapse that will turn it around...but Las Vegas will still do better than most if existing trends hold.

Nah I don't have a general buy recommedation. But I think, at this point, it is probably safe and you will not do a lot better by waiting six months. This of course is null and void if we go into a general depression and end up with half the population eating on food lines.

Be kind of fun. We retirees end up owning the world. Pick the million dollar place you would like. With no one else having any income you will get those places for 10 cents on the dollar. Gonna be nice.
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Old 03-07-2008, 12:34 PM
 
Location: New York, NY
307 posts, read 927,855 times
Reputation: 81
Default Nevada's January gambling revenue falls 4.8 pct!

Gambling revenue down see article below:

Nevada's January gambling revenue falls 4.8 pct | Markets | Markets News | Reuters

Couple that with $4.00 a gallon gas, rising unemployment, and I find it hard to believe that there will be a rising real estate market in Las Vegas over the next 12 to 18 months.
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Old 03-07-2008, 12:44 PM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,493,779 times
Reputation: 7615
Quote:
Originally Posted by SHEPNYC View Post
Gambling revenue down see article below:

Nevada's January gambling revenue falls 4.8 pct | Markets | Markets News | Reuters

Couple that with $4.00 a gallon gas, rising unemployment, and I find it hard to believe that there will be a rising real estate market in Las Vegas over the next 12 to 18 months.
Things will change very quickly in LV (for the worse) if the casinos continue to take a hit. Never in history has there been this level of Vegas gambling to support during hard economic times. As gambling goes, so does Las Vegas.

Think Detroit.

Last edited by jfkIII; 03-07-2008 at 12:54 PM..
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