Real Estate Crash thread

[Hugh Conway]

it's a continual embarrassment how fucking incompetent the big banks are and were and how they've continued to get away with it and profit from it.

[Benny Profane]

Absolutely. And Obama has spent his Presidency distracting us from that fact. It will be his legacy.

[MontuckyFried]

it's a continual embarrassment how fucking incompetent the big banks are and were and how they've continued to get away with it and profit from it.

Yup. It is beyond pathetic.

And I looked up the whole MERS thing. Balls, that whole system is beyond messed up. It explains EXACTLY the very mess we have on our hands with this particular piece of property. Amazing how they can get away with transferring mortgages without properly recording an Assignment of Mortgage at the very least. How is that even legal?! I could have sworn that violated real estate law in most states.

This is EXACTLY why good title searches and title insurance are valuable commodities these days. Yeesh!

[liv2ski]

Absolutely. And Obama has spent his Presidency distracting us from that fact. It will be his legacy.

Agreed, this and so much more will be his legacy of fail. That from a dood who thought he might be different in his first term. Fool me once........

[4matic]

Absolutely. And Obama has spent his Presidency distracting us from that fact. It will be his legacy.

Yup. It is beyond pathetic.

Agreed, this and so much more will be his legacy of fail. That from a dood who thought he might be different in his first term. Fool me once........

It's not like Congress and the banks support new regulation.

[Mazderati]

Can you contact the municipality to which the taxes are paid and try to find out whose name is on the check? What is the name on record with the assessor's office?

[Hugh Conway]

It's not like Congress and the banks support new regulation.

that's right, pass the buck around in the blame circle so nobody ever is held accountable!

[MontuckyFried]

Can you contact the municipality to which the taxes are paid and try to find out whose name is on the check? What is the name on record with the assessor's office?

I actually did stop by the tax office the other day. They were helpful enough to tell me who actually paid the bill. Ends up it's a 3rd party company who pays tax bills on banks' behalves, which seems to be an attempt to keep things somewhat anonymous? Anyhow, I dug deeper and ends up they're connect with the scumbags at Company B, which by the way is NationStar Mortgage. Freaking awful company to deal with. Anybody here familiar with them?

that's right, pass the buck around in the blame circle so nobody ever is held accountable!

That's all that seems to end up happening, huh? Bush and congress at the time started the whole bank bail out business. Then Obama took over the reigns and continued business as usual. Seems to me that ALL are somehow in on this. Definitely not a D or R issue. The stuff going on over the past decade makes Tammany Hall seem like child's play!

[mud]

that's right, pass the buck around in the blame circle so nobody ever is held accountable!

The accountability has always been there in the smarter markets, except for those suckers that bought in Santa Monica, they are fucked.

[rideit]

This Great Recession has been good for us, we just closed two weeks ago on a 4 bedroom rental in town, short sale. It seems like it was the very last house 'at the bottom' (it took 5 months or so since our offer, since then this market has rebounded about 15-20%).
We bought it for $400k less than the last owners bought it for.
Ouch. (It is a skid type house)
Excellent rental history, positive revenue flow all around.
And yes, it is rented to over educated white kids, taking a break from reality....

[Hugh Conway]

The accountability has always been there in the smarter markets, except for those suckers that bought in Santa Monica, they are fucked.

always wondered how many homes in Santa Monica were sold to Angelo's unaccountables

nice for rideit the stokepimp to talk up his book always. not about the money... cash flow positive.

[rideit]

Talk up my book?

I couldn't stand the realtor game.
I tried it just long enough to know that.

My book is more like Douglas Adams than Keller Williams...


You need a place to crash?

[Hugh Conway]

Talk up my book?

You need a place to crash?

like most self proclaimed mountain people I can never tell if the self parody is intentional

[rideit]

I'm not a 'mountain person'.
Except for being born in them, and living in them almost all of my adult life, I guess.

I'm a fun hog, more like.
You just seem like a sourpuss this year.
What gives?

[RootSkier]

So, all of that business for the past few years has been re-fi? Makes sense, that, if rates crawl up, there will be no business left on that side. Everybody who wanted to do it, did it. Too late for the rest.

Yes. Plenty of people refied twice over the past few years.

[4matic]

"New home sales plunge 13.4 percent in July, far below expectations"

What a surprise.

[liv2ski]

The August numbers feel like they could be way below that

[XXX-er]

Went long amortization/ low payments 30 yrs at 2.25% and I still owe 45- 50% of the mortgage but the guy in the basement is covering most all the cost of home ownership and its more important to not work

Around here The market goes up/down/sideways and normal folks can still buy a house but the vancover market is seriously crazy

[rideit]

Is wheestler seeing the price uptick that the US 'resort' markets are?

[cramer]

pssssssstt......hey cramer......there is this little island called Japan.... maybe read about it. It may be eye opening.

what about japan? Do elaborate.

[liv2ski]

^^^^She is our future looking back at us in the mirror.

[4matic]

^^^^She is our future looking back at us in the mirror.

I don't get the Japan comparison. We have so many more resources to exploit if we need to. It is funny that what ails the US (low savings rate) is just the opposite of what ails the Japanese economy (high savings rate).

[rideit]

Either way, the oceans and their abundance are fucked...

[Benny Profane]

Either way, the oceans and their abundance are fucked...

The Japanese are working on that one at the moment. More three eyed fish, glow in the dark!

[liv2ski]

I don't get the Japan comparison. We have so many more resources to exploit if we need to. It is funny that what ails the US (low savings rate) is just the opposite of what ails the Japanese economy (high savings rate).

The comparison is debt ridden guberments and the inevitable economic problems that creates. While the Japanese do save money to buy their debt, Amerika just hits Ctrl P. I wonder which will be more destructive of the countries currency/economy down the road? And as far as the Real Estate comparison, I sure hope Amerika doesn't follow in Japans footsteps. But how could we? With the unavoidable inflation associated with a declining currency, shit will just look more expensive