Is Sarah Palin POTUS Material?

j_dirge

Super Anarchist
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outer sunset
And down goe Lehman???
What is there left for the shrub to fuck us over with? A war with Iran? A black hole? How much wore can things get???

Lehman shares plunge over capital worries

Investors anxious fourth-largest securities firm may end up failing

http://www.msnbc.msn.com/id/26627454/
FWIW.. this goes way beyond GWB.

Obviously I am no fan.. but my disgust goes back to deregulation and an unwillingness to "pay as you go".. this goes back to Reagan, even thru Carter, to Ford and Nixon... and beyond.

Enjoy your dance on GWB's legacy grave. I am tempted too. But I fear for this nation's future.

We have shown no ownership in our government's messes for several decades running.. going back to before the boomers, even.

 
Not just the "sub-prime"Just about every homeowner is taking a big hit on this.

When my neighbor's house was purchsed for 25% more than we paid.. but then droped tight back to what we paid (hypothetical) it brings down the "value" for all homes in the negihborhood.

A rash of foreclosures ruin entire communities.

Unless you were fortunate to have bought more than 10 yrs ago and avoided home equity loans and/or refinancing, you are still vulnerable to depreciation. And will be for some time.

Loans are getting very tough to find. The days of big remodels on equity lines.. over.

This hits not only housing starts, but guys like Booth.

Ripple effect... YEARS out.
Right. When buying a house, there's a chance that you may face depreciation during the time you own your house -- the value of your house may go up and it may go down. The best bet is to buy a house within your financial means to live in for the long term, not as an investment. Some consumers bought with the notion that their house was an investment, betting on immediate appreciation, and bought something beyond their means and that's when they got in trouble. Then again, there are always the unlucky who lost jobs, or had to move due to job changes or whatever so the long term plan changed on them.

Loans should be tough to find.

Over time, I believe house values increase at the rate of inflation.

There's guy down the street from us who bought his huge 4,000 sq ft house in 1988 for $800k. He was unhappily upside down on his mortgage for years. Now his house is worth maybe $3 million or more. So...is he a real estate genius or not?

 

j_dirge

Super Anarchist
10,284
0
outer sunset
Right. When buying a house, there's a chance that you may face depreciation during the time you own your house -- the value of your house may go up and it may go down. The best bet is to buy a house within your financial means to live in for the long term, not as an investment. Some consumers bought with the notion that their house was an investment, betting on immediate appreciation, and bought something beyond their means and that's when they got in trouble. Then again, there are always the unlucky who lost jobs, or had to move due to job changes or whatever so the long term plan changed on them.
Loans should be tough to find.

Over time, I believe house values increase at the rate of inflation.

There's guy down the street from us who bought his huge 4,000 sq ft house in 1988 for $800k. He was unhappily upside down on his mortgage for years. Now his house is worth maybe $3 million or more. So...is he a real estate genius or not?
Yep...

And there's still a chance that many who are upside down in mortgages today will be sitting on positive gains in 20 yrs time.. That's how my pappy tought me to invest. Long term.

But I disagree on one note.

A house IS an investment. It may not be a quick return investment.. but if something appreciates/depreciates and has real value in terms of your net worth, it is by definition an "investment".

 

d'ranger

Super Anarchist
29,213
4,306
I know some people who do "trash outs" - they do the clean up on foreclosed houses for a large realty company that handles all the foreclosures for a couple of large mortgage outfits. When I was contracting renovations we crossed paths a lot.

The most common item found? 'How To Get Rich In Real Estate' packages - the stuff of late night TV.

 
Yep...
And there's still a chance that many who are upside down in mortgages today will be sitting on positive gains in 20 yrs time.. That's how my pappy tought me to invest. Long term.

But I disagree on one note.

A house IS an investment. It may not be a quick return investment.. but if something appreciates/depreciates and has real value in terms of your net worth, it is by definition an "investment".
Historically houses increase in value at about the rate of inflation. Not really a great investment compared to alternatives but you do have to live somewhere.

 

capstan

Super Anarchist
3,752
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Many people bought homes, with no intention of living in them. Just to "flip" them in a few months and get rich.

Also, a news story last week, pointed out that 60% of the people with sub-prime mortgages, could have qualified for conventional prime mortgages, but were steered to the sub prime stuff, and told to take it or leave it. More money to be made in sub-prime, I guess. Plenty of blame to go around.

Now, for the whole Price Is Right Shopping Cart, who is going to bail out the federal government, when they can't make their social security payments. We are not that far from a total collapse, boys and girls! The Fannie and Freddie bailout just added another 200 billion to the national debt, or possibly more. And the neocons aren't done with their wars.

 
Yep...
And there's still a chance that many who are upside down in mortgages today will be sitting on positive gains in 20 yrs time.. That's how my pappy tought me to invest. Long term.

But I disagree on one note.

A house IS an investment. It may not be a quick return investment.. but if something appreciates/depreciates and has real value in terms of your net worth, it is by definition an "investment".
It is by definition an "asset" that you own (likely with the mortgage company).

 

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