Housing Bubble Blues

14 March, 2007 TC the Terrible 10 comments

It may suck for the stock market, but to us regular Joes the current housing market is looking very very good .

For those of us with decent credit watching all the posers getting foreclosed is like watching cheap porn in the middle of the night. We know that we shouldn't be doing it, but we keep watching and keep getting our rocks off. Because the more those suckers lose out the weaker the market gets for sellers. Meaning those of us that are looking to buy are getting better and better deals.

Yeah, it sucks for the market and for the families that are out on the street. But as long as the seller cuts the price and picks up my closing costs I won't be losing any sleep over it.

–
TC

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Written by Todd on 14 March, 2007. Reply

As someone working in the Financial Profession, I have to say this is troubling.

While I’m sorry that people are losing their homes, a lot of the blame (and rightly so)is being put on the “sub-prime” lenders… if you have poor credit, they’ll get you financed SOMEWHERE… higher interest rates, Adjustable Rate Mortgages, etc…

Truth is, these people should have never been qualified for mortgages… Now that the introductory rates are being adjusted upwards, their monthly payments are skyrocketing, and they’re defaulting at the highest rate in the past 40 years! So now, these sub-prime mortgage brokers who borrowed money from large investors are suddenly not able to pay THEIR bills… see the snowball growing??

This COULD be the next “Savings & Loan Scandal…”
Written by Wonkette on 14 March, 2007. Reply

Metro Section: Food, Money and 90s Celebrities…

Free Starbucks tomorrow. [DCFUD] At $50,000 a year, GW is the nation’s most expensive college. Nine local kids will now attend for free. [Read Express] RE: DC housing market: “For those of us with decent credit, watching all the……
Written by Your Future Landlord on 15 March, 2007. Reply

Amen. For the last 7 years I’ve been saving money, putting it in sound investments, driving a cheap-ass car and paying rent on a small apartment while watching people who make less than I do take on car payments, mortgages and lifestyles they can’t afford. Now it’s all coming crashing down? Boo fucking hoo. I’ll look forward to picking up that property on the foreclosure market and charging you rent, bitches, while you struggle with bankruptct. I’ll keep enough in the kitty to pay for the “crime scene cleaners” after you splatter your brains all over the wall out of sheer desperation.
Written by Pete on 15 March, 2007. Reply

I’m glad someone is asking the question about who should be getting our sympathy in this situation.

I’ve got a little sympathy for people who maybe took a shot at getting the first house they might not otherwise ever be able to buy. I’ve got NO sympathy for the hordes of people buying more house than they could afford. I’ve also got NO sympathy for people just trying to game the system by taking teaser rate mortgages figuring they could flip into a fixed if the going ever got tough. Hey, the opportunity wouldn’t exist if it was truly risk-free.

Are these sub-prime lenders the bad guys? They’re certainly no angels, but if people are willing to bet their house on getting a big raise before their interest rate shoots up, no sympathy. If people are willing to sign up for terms they don’t really understand, no sympathy. If people are willing to sign papers without reading them, no sympathy. If these deal were misrepresented by the lenders, different story. I guess time will tell.
Written by Todd on 15 March, 2007. Reply

The only issue I have with the sub prime lenders is this: Like credit card companies, they’re pretty well saturated within the middle/upper class… so, in order to show their stockholders that their respective companies are continuing to show growth, they have to look outside their normal client base in order to expand. So, they market to people who are not set to take on a large mortgage, and the risk of default goes way up…
One of the biggest problems now is that people have not been educated in fiscal responsibility… that’s not the fault of lenders… how many schools still teach economics nowadays?
Written by Greg Forest on 15 March, 2007. Reply

There is a word being deleted from ethical economic dialog in our country – usury. I always thought that the word was in our language for a reason but I guess I am wrong.

Our investors are no longer conservative. The old days of 10% being a good return and doubling your money in 7 years are gone. If you don’ show significant gain in the next quarter – you’re a loser. Greed is good and should be rewarded bountifully.
Written by Lola on 15 March, 2007. Reply

*sigh* You know, the problem is just not the sub-prime sector. It’s starting first in the sub-prime sector because their adjusted rate mortgages and interest only loans had a reset of 2 years. In the other sectors, the reset is 5 years. We’re going to be seeing a lot of foreclosures, even in Northwest. Even in neighborhoods like Logan, and Dupont, and Adams Morgan.

Housing was a bubble. And bubbles pop. Get over it.
Written by Your Future Tenant on 15 March, 2007. Reply

Thank goodness Hillary and Dodd are going to pass legislation to help out distressed borrowers. Now I can trade up from a boxster to a 911 when my lease is up next year!

See when the teaser rate expired I was vacationing in Hawaii and didn’t notice for a month or two since I took a few months off of work to travel. Everyone should take many expensive vacations, do like I do and use the mortgage payment money for it.

Now I’m back from Hawaii (with an awsome tan BTW!) and the credit cards are maxed out, the mortgage is behind and the rate reset up! Its not fair.

I’m glad this is The Dmocrats platform:
Everyone deserves 4 months a year vacation, a new porche every other year, and mortgage debt forgivness to pay for it all.

Hopefully they can raise the FHA loan limit like Hilaray wants to 500k so I can buy a beach front condo in Maui, and lie on my application that its a primary residence. That way I can get it for no down payment, guaranteed by the you dumb tax payers and then rent it one year and flip it for HUGE $$$$. Oh and I can write off my vacations too!

THANK YOU DEMOCRATS -THE PARTY OF THE REAL ESTATE FLIPPERS!!! REAL ESTATE IS THE NEW SOCIAL MOBILITY VEHICLE, YEAH!!!! Let the War On Savers continueth!
Written by James on 15 March, 2007. Reply

Word.
Written by TC the Terrible » Housing Options Should Include Cardboard Boxes on 10 April, 2007. Reply

[...] Housing bubbles burst.Â That’s a part of reality that homeowners are used to and we’ve discussed that here before.Â This new wrinkle at least makes it interesting. [...]

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