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95% of homeowners are just fine. It's the 5% of fools who thought they could afford a $300K home when they only make $50,000, as well as the flippers who got caught in mid-flip, and also the ignorant applicants who failed to EDUCATE themselves about ARMs vs fixed rates. I'll just htrow in a few of the brokers who engaged in not so ethical behavior as well.
5% are delinquent. Many, many, many, many more are preparing to be from the ARM adjustment tidal waves that have just transpired and are going to.
The Ponzi scheme was unfolded late last year. It takes time for people to realize they were suckered before they walk away en masse.
The foreclosure rate you are now seeing has been primarily fueled by the properties puchased by investors
You mentioned the "upcoming" foreclosures as a result of ARMS - I'm not saying there aren't going to be foreclosures but, I am telling you that many homeowners are getting notices that their payments are going down.
Also, we have seen a real surge in refi's out of many ARMS as well
As you all know, we are in a major recession. The real estate bubble has collapsed, oil/gas prices are rising and showing no signs of slowing down, inflation is worsening (food prices, water, milk, etc.), Wall Street is declining, companies (insurance, etc.) are struggling, FedEx is slowing down, workers are being laid off, renters are being foreclosed even though they've paid all their rent, etc.
They're comparing this year to 1928, the year before the Depression started. Turn on MSNBC or other news channels now. It's coming our way.
In what ways do you think this will affect political and economic centers such as New York and Chicago? A rising homeless population, poor people overtaking rich neighborhoods again, etc.
Grow up!
Geez, children today have it so good yet they are the biggest complainers and America-bashers on Internet forums.
The ONLY real problem with our economy right now is oil/gas prices. The sub-prime crisis is being widely overblown by the media to influence the November election. 95% of people are paying their mortgages, but by listening to the media you would think the whole country was collapsing. If we could somehow get down to $2 gas and $60 oil, I don't think we could ask for a better economy. Sure its not perfect, but has there ever been a perfect economy?
We are in a recession. Many people in my neighborhood are politicians. That's all they talk about at neighborhood parties we have. And they're not a bunch of idiots, they work in New York City and a couple of them have met the President of the US.
Chances are, if they're politicians, they're not very bright. It's not a guarantee, but I've known some politicians myself and geneally have C-SPAN running in the back.
There's a saying: Those who can, do. Those who can't, teach. Politicians run along those lines. They're generally people who have little scruples: They don't really take anything personally. They're quite content having the power the position affords them and just doing what's popular. That's not true of all, but from what I've seen, all but a very few.
Quote:
Originally Posted by ViewFromThePeak
Warren Buffett says we're in one.
But having America's most successful investor say it won't matter to the neo-Bolshevist Bush-bots and other assorted government apologists.
Wasn't there growth last quarter? Isn't Buffet a value-investor who'd have a personal stake in stock prices falling?
Can there really be such a thing as a government apologist in America? Wouldn't that person be an "electorate apologist"... I mean... the government is only the manifestation of the people in a democracy, right? Being mad at the government is just misplacing blame, right?
I would believe something written in an accredited book over the brain drain boob toob every day of the week and twice on the Lord's day.
Uneducated people might prefer the TV.
An accredited book? I prefer to believe in the ACTUAL STATISTICAL FACTS rather than someones opinion. You know what they say about opinions, don't you? Just like A-holes, everybody has one.
You act like foreclosures are an unheard-of, anomoly that just never happens. Take my advise, expand your knowledge base. Those the "sky is falling pessimists" will really bring you down, if you let them.
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