There was a house across the street from that was vacant for 3 years with several offers during that time. The bank kept stalling on the sale of the house so the buyers had no choice but to walk away. The bank eventually sold it a few months ago. BTW, the bank was the one, the only, BAC.
The Fed is forcing interest rates down by lowering the discount and Fed Funds rate and the long bond through the QE program so that means companies can finance their operation with very cheap money. Cheap money translates into stronger earnings, lower unemployment, and higher dividends. I suppose the banks in Canada should be congratulated for operating in a prudent way. I'm still waiting to see who from Wall Street is going to jail. I suspect I'll be waiting quite a while. The topics that S2007S brings up are generally right on point.
the best thing to do is hedge against loss in us purchasing power usually markets that are correlated with the usd like ..gold , silver, agriculture, mining, nat gas, (HOGS), bla bla blahhh when inflation hits hard these stocks are gonna out perform. By the time you realize i was right ima be somewhere in brazil drinking a cold one.
in 1990 my cousin owned and lived in a 4 family he paid 180k for 3 yrs earlier (note S&l crisis). he lost his job, stopped paying the mortgage, still receiving rent money while the bank did nothing for 3 years thereafter. then in 1993 the market started to turn; badabing badaboom..the bank took the house and sold it for 185k. no killing but not so bad. i wonder what will happen this time.....
In 1993 they still had clear titles, nowadays quite a different story. In fact, as cynical as I am, I've been somewhat amazed that so much of it has come to light. I have to believe that many of these banks underestimated the power of the blogosphere in uncovering alot of this. Going forward, it just makes things far more complicated.
yes all true. one thing does bug me; everyone is blaming banks for selling off the loans losing title's is all noteworthy. the fact still remains that the homeowner should still lose the house for defaulting one the mortgage. just because their doc's are lost should never preclude them from losing their home. all mortgage paying on time people should be outraged if these people get to keep their homes after not paying their debt for so long. i still think they should get thrown out ultimately.
And to think 90% of the world thought, and still thinks, that rising property prices are good I call it the paradox of property - Rising prices caused the mother of all busts.........
Rising property prices just gives a reason for the fucking town hall to raise the fucking taxes. That's it. Other than that, it's just changing numbers on pieces of paper.
So, FED officials are starting to worry about inflation, but they can't raise because the economy still sucks hairy balls. QE2 is about the end but they can't stop since the markets will die while house prices didnt even rise, so they'll start QE3. Only conclusion I can come to is that inflation is going to be WAY WAY higher than it already is right now ... It always has been and still is the only possible result of Bernanke's madness.