500 foreclosures a day??? Holy S hit

Discussion in 'Wall St. News' started by PAPA ROACH, Apr 22, 2008.

  1. But but but, they keep telling me to hurry up and buy before its too late, there will be a fast rebound and the market gets away from me.

    I just heard the bottom is in again this month, and next month, and next month, and next month

  2. S2007S


    foreclosures could top 2 million by the end of 2008.

    Bottom in housing is still a long ways off.
  3. RhinoGG

    RhinoGG Guest

    Quote from a comment after the article...

    "This is very misleading. FORECLOSURES UP 327 PERCENT.

    What is failed to be related in this article is the fact that there are TWENTY MILLION active mortgages in california. Lets say the number of foreclosures LEAPS INTO THE STRATOSPHERE, say, to SIXTY THOUSAND foreclosures from its current level (47k). Well, that may sound REAL impressive and doom and gloom lovers can rejoice, but that is only THREE TENTHS OF ONE PERCENT of the total number of active mortgages. 99.7% of mortgages are intact, a dreadful, horrible, amazing MEASLY three tenths of one percent are in foreclosure!

    Let's face it, we do have a problem in the housing market, but it is WAY WAY WAY WAY overblown by ridiculous, and misleading headlines such as this."
  4. Who do they think is going to buy all these houses?

    The same problem that's affecting Social Security is going to affect housing. Retiree's moving out of their homes into assisted living.

    Is there even going to be a rebound? That's the question everyone should be asking.
  5. ok, so what are you saying is, only "THREE TENTHS OF ONE PERCENT " did all the damage to all those banks right??? can you imagine what kind off damage to the banks would do 1% ...2% maybe 5% .
  6. maxpi


    I still get a laugh thinking about the guy I met that was very energetically placing subprime loans. He got thousands for each one. He had trained people scouring the ghettos of Los Angeles and bringing him paperwork and he rewarded them handsomely for their efforts.... then it was CDO'ed and sold to European bankers with AAA ratings!! It's not a crisis, it's the laugh of the century!! The US economy would be failing due to crisis probably were it not for the Trillion or so dollars we took in........ :D