Satellite Tour Of America's Foreclosures

[KarotheGreat]

Re: Satellite Tour Of America's Foreclosures

When house prices went up, Americans took home equity loans against the worth of their house to spend on things they wanted to buy. They spent money that they thought they had saved in the price of their home but the price was inflated.

Then Americans get what they deserve, if they are so stupid and risk everything then I should have their homes taken away from them.

Home prices: 'Double-dip' confirmed


NEW YORK (CNNMoney) -- Home prices hit another new low in the first quarter, down 5.1% from a year ago to levels not reached since 2002.

It was the third straight quarterly drop for the S&P/Case-Shiller national home price index, which was released Tuesday.

Prices are now down 32.7% from their peak set five years ago.

"Home prices continue on their downward spiral with no relief in sight," said David Blitzer, spokesman for Standard and Poor's.

The index covers 80% of the housing market, and this month's report confirmed "a double-dip in home prices across much of the nation," said Blitzer.

The housing market went through a brief recovery period starting in mid-2009, recovering nearly 5% of earlier losses. After homebuyer tax credits expired last April, the slump resumed.

http://money.cnn.com/2011/05/31/real...htm?hpt=hp_bn1

This article shows that the prices will again go up, in 2002 there was also a low point and it went up so it will do in this case as well. The question now is can the Americans handle that?

[Sip]

Re: Satellite Tour Of America's Foreclosures

Seems to me most foreclosures are due to people trying to buy beyond their means (as in they shouldn't have been able to afford to buy a house to begin with). This just sets things right. So what is so "bad" about it? Also, yah less than 1% nationally in terms of forclosures doesn't sound that bad. What percentage were getting foreclosed on the financial meltdown?

[KanadaHye]

Re: Satellite Tour Of America's Foreclosures

Then Americans get what they deserve, if they are so stupid and risk everything then I should have their homes taken away from them.

This article shows that the prices will again go up, in 2002 there was also a low point and it went up so it will do in this case as well. The question now is can the Americans handle that?

Well the reason that the prices went up was due to people flocking to buy homes to take advantage of the homebuyer tax credits (a government endorsed gimmick to pull more suckers into debt)


The rich rules over the poor, and the borrower is the slave of the lender. - Proverbs 22:7

[Sip]

Re: Satellite Tour Of America's Foreclosures

Wow .. the bible actually has SOME truth in it!

[KanadaHye]

Re: Satellite Tour Of America's Foreclosures

Seems to me most foreclosures are due to people trying to buy beyond their means (as in they shouldn't have been able to afford to buy a house to begin with). This just sets things right. So what is so "bad" about it? Also, yah less than 1% nationally in terms of forclosures doesn't sound that bad. What percentage were getting foreclosed on the financial meltdown?

Even people like Donald Trump lose out on a defective real estate market. Not to mention that a lot of good housing is going to waste left empty.

Wow .. the bible actually has SOME truth in it!

It's like Shakespeare.... you have to interpret it keeping in mind the time frame and the setting it was written.

[londontsi]

Re: Satellite Tour Of America's Foreclosures

The rich rules over the poor, and the borrower is the slave of the lender. - Proverbs 22:7

This guy thinks we are all in it together !

http://www.youtube.com/watch?v=CQvszQWzYnI

[londontsi]

Re: Satellite Tour Of America's Foreclosures

The rich rules over the poor, and the borrower is the slave of the lender. - Proverbs 22:7

http://www.economist.com/content/global_debt_clock

Is this map suggesting something different?

[retro]

Re: Satellite Tour Of America's Foreclosures

House prices will not stay as low as they are right now, they will go up when demand goes back up

Whilst the problem is that the banks are not lending. Property prices will stabilize even in the face of asset deflation. As demand for property and demographic growth are closely linked and the construction industry in the West is now massively under capacity. Hence property like any other suppressed, tangible asset class will eventually start to detach from the underlying fundementals.

[retro]

Re: Satellite Tour Of America's Foreclosures

The only way they will go back up is by foreign investment and foreigners got rich off of U.S. spending so it's not that simple for demand to turn around. It might take decades for people to catch up with their debts.

The foreigners are cash buyer and they aren't trying to to cacth a falling knife as such. But rather to offload their ill gotten gains in some off shore, banana bank into something more secure. What is more, not everyone in the US is a morgage slave and sooner or latter the banksters are going to have get off their chunky asses and devise ways to make new slaves.

[londontsi]

Re: Satellite Tour Of America's Foreclosures

US debt clock

http://www.usdebtclock.org/#

.