anyone else smell Bushit ?

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raggedjim said:
The thing that is hard for me right now is the money I have in my 401k. I'm down 20% since the first of the year... It's hard to watch the $ go down and keep sinking $ into it, but I do.
Rg
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I made a change here. I stppped putting in for a while, and applied the difference towards credit card balance. I know the argument that your dollar buys more now while it is down, but I would rather pay off a CC at 10+% then lose 2-5% in the short term. Once it is a little better, I will flip it back.
 
You haven't smelled bullshit untill you've lived in the Texas Panhandle!! Just because the WMD's were not found does not mean they were not or are not there. There are credible reports that WMDs and components were moved to Syria prior to the liberation. 2shelbys pretty much hit my points. Chris Dodd, Barney Frank and Obama got lots of special consideration from Fanny Mae. Feel good legislation that allows people who can't afford a house a loan they can't pay back is another one of those ways politicians have been buying votes and screwing the responsible segment of the population.
 
Saddam HAD WMD at one time; he used them on his own people.
I believe they were moved to another country before we invaded, but no proof. Iraq was training terrorists, and funding a lot of them, so he needed to go regardless. You cannot wait for another 911, you have to go to them and stop them there, not here.
If a Democrat wins the White House, you can bet you'll see a lot more buildings laying in ruin in our own country.

George
 
mrtires24 said:
But back to my question. Is it all over USA that is haveing the morgage problems? cause I see on the news streets with for sale/forclosure signs at every house, But I don't see that if I cross the boarder. Must be down south more. I hear california is doing OK. maybe in the south East is bad...anyone?

Phil
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I believe California, Florida, Arizona & maybe Nevada top the list. Mostly due to huge run-ups in value over a short period of time. More in the larger populated cities of these states.

Here in the Phoenix metro area, the hardest hit are the outlying areas where people could buy very large houses for smaller $$.....then the gas prices escalated....most of these buyers had to commute into the city and well......you can see the snowball coming.

Also, I forgot to mention that here in Phoenix, there were "alot" of....speculators/investors...especially from California buying up property like crazy.
 
Backtobasics said:
It is possible. Right now, the wife and are where we are not supposed to be. My mortgage is 45% of monthly net earnings. I work, she is stay at home mom, and the kids just doubled with the birth of the twins. We do it with cells, cable(no HD), and internet. The difference is AUTO's, and the descretionary spending. No monster HD tv (I want, but not a need, so it waits) no designer 125.00 jeans, and we have company come over for dinner, as opposed to eating out. We have no car payments, paid cash for both, and we keep them pretty basic, (I paid more for my Dart then I did my 1997 Ram, and she has had a Neon and stepped to a used Caravan) and I keep them on the road with my tools and hands. I am making payments on the Dart, so in order for this to work, I have to give up a Saturday, and the OT from Saturday covers the Dart payment.

My point is, it can be done, if people will adjust livestyle, but too many people think Iphone/198" big screen TV/Escalade on 26"'s/ is a RIGHT, when they are actually an OPTION.
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Rest assured there are bank executives carrying brown bag lunches to work now too. NOT !

We are the people. If we are buying all these empty houses all over the counrty lets free up the FEMA trailers and "rent to own' these houses to those homeless folks.
 
I live in Lee County, FL. We bought our house 3 years ago when this area was booming and paid $250k for it with a fixed rate, 30-yr VA loan. Now, our $250k house (3BR/2BA) is only worth $120K per the current appraisal and will likely drop a little more.

So, I'm paying a $250k mortgage payment on a house that is only worth $120k and no way in hell I could ever sell it to break even...I'd have to come up with almost $100k to just get rid of it. I went to discuss a refinance from our bank and they told me that there's nothing they could do because of the current market situation.

THAT is why you see a lot of people walking away from their homes. When you're that far flipped and see no light at the end of the tunnel a lot of people give up.

I have a great job, one of the few lucky ones still living down here, and we always pay our mortgage payment on time. Still, the lender won't even discuss any compromises based on the actual value now.

The Government, Dems/Reps, have nothing to do with the housing bubble popping. You can blame the lenders for giving people mortgages they couldn't afford...but since the Clinton Administration pressured lenders to give low income people and minorities loans I guess the Government is hold some of the blame?

If I knew it wouldn't DESTROY my credit for the next ten years I have to admit it would definitely be a thought to give it back. For me, though, it's just not worth the credit risk. So, I pay for something that's not worth the actual value.

Not just homes are like this...what are you driving?! Yea, they aren't usually worth what is owed, either.

Just my .02
 
George R said:
Saddam HAD WMD at one time; he used them on his own people.
I believe they were moved to another country before we invaded, but no proof. Iraq was training terrorists, and funding a lot of them, so he needed to go regardless. You cannot wait for another 911, you have to go to them and stop them there, not here.
If a Democrat wins the White House, you can bet you'll see a lot more buildings laying in ruin in our own country.

George
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Amen to that! Obama wants to just be friends with everyone and vote "present." You have to have big, brass balls to be the Commander in Chief...and we can't afford to put a 'sissy' in that position.

McCain is no Saint, either. However, I'd rather put someone in the chair that's at a minimum got something on his resume. He's a man that won't take any s**t from anyone...I like him. Has it been determined what exactly Obama has done in his political career, yet?
 
Holy cow, that's a heck of a decline in value. I know it's easier to get in that situation in some parts of the country, but we haven't seen the massive decline in values in my area. Sure, houses are staying on the market a bit longer, but I think it's still around a 3-4 month turn.

I do see more houses being auctioned off on the court square... I can only speculate as to why this is happening.

Times like this is when some people go broke and others get rich...

Rg
 
They say the home is worth 125, but what is it worth to you? At some point it was worth 250K to you, and you bought it at that. In your case, since you can afford to maintain where you are, then I encourage you to do so. The market will come back, it may take a little while, but it will come back around. In addition, the house is not likely going any where (acts of God as exception) and the neighborhood is probably going to be the same, so IMO you still have a 250K house, and given a little time, it will be valued as such. There is no way that the house is half value, you still have a full house, presumably in same shape as it was when you bought it?
 
raggedjim said:
Holy cow, that's a heck of a decline in value. I know it's easier to get in that situation in some parts of the country, but we haven't seen the massive decline in values in my area. Sure, houses are staying on the market a bit longer, but I think it's still around a 3-4 month turn.

I do see more houses being auctioned off on the court square... I can only speculate as to why this is happening.

Times like this is when some people go broke and others get rich...

Rg
Click to expand...
Lee County, FL is ranked #1 in the Country for foreclosures...that has a lot to do with home prices around here.
 
I could be wrong but I have to imagine that was a brand new house in a recent development. Sidewalks, cul-d-saks, underground utilities, and everythinng else that drive up the realestate cost before the house is erected. It appeared to be worth a qrtr mill when you signed the papers.
Those type "neighborhoods" is where middle class americans wanted to live so thats what was built for them. Similar to SUVs in a way. Every mfgr. offered one. Sell the people what they think they want or need and charge them out the nose for it.
I sympathise with your situation and remind you you're not doomed or alone in this. The price tag on the house will come back up eventually.
Even in todays market my modest home is worth about 3 times what it cost to build ... in 1983. Best of luck to you :)
 
Should save you a bundle in property taxes. Not much of a consolation, but I take whatever I can get.
 
The constition of these United States Dose not give the congress any right to bail out any finical instution that is on the verge of failing .

If you want the econony to pick back up follow these simple ideas

Get the goverment out of the regulatory business

Cut capital gains taxes to 0.00 %

Cut taxes on business

Cut the tax rate on everbody

And ask on simple question WWRD ( What Would Reagan Do)

And one last thing as a OIF Vet. Sarin gas was found ( if that isnt WMD what is)
 
6pk2goDemon said:
I believe California, Florida, Arizona & maybe Nevada top the list. Mostly due to huge run-ups in value over a short period of time. More in the larger populated cities of these states.

Here in the Phoenix metro area, the hardest hit are the outlying areas where people could buy very large houses for smaller $$.....then the gas prices escalated....most of these buyers had to commute into the city and well......you can see the snowball coming.

Also, I forgot to mention that here in Phoenix, there were "alot" of....speculators/investors...especially from California buying up property like crazy.
Click to expand...
Things are not too bad here in Maryland. Sales are slow but values have not taken too much of a hit.
 
440superduster said:
The constition of these United States Dose not give the congress any right to bail out any finical instution that is on the verge of failing .

If you want the econony to pick back up follow these simple ideas

Get the goverment out of the regulatory business

Cut capital gains taxes to 0.00 %

Cut taxes on business

Cut the tax rate on everbody

And ask on simple question WWRD ( What Would Reagan Do)

And one last thing as a OIF Vet. Sarin gas was found ( if that isnt WMD what is)
Click to expand...
The Constitution does not give Congress the authority to do 90% of what they do.
 
Then lets do are duty and take this country back to what it should be.

We now have a chnace to elect people in congres , senate and the big white house to put things right .
 
70SwingerGT said:
I live in Lee County, FL. We bought our house 3 years ago when this area was booming and paid $250k for it with a fixed rate, 30-yr VA loan. Now, our $250k house (3BR/2BA) is only worth $120K per the current appraisal and will likely drop a little more.

So, I'm paying a $250k mortgage payment on a house that is only worth $120k and no way in hell I could ever sell it to break even...I'd have to come up with almost $100k to just get rid of it. I went to discuss a refinance from our bank and they told me that there's nothing they could do because of the current market situation.

THAT is why you see a lot of people walking away from their homes. When you're that far flipped and see no light at the end of the tunnel a lot of people give up.

I have a great job, one of the few lucky ones still living down here, and we always pay our mortgage payment on time. Still, the lender won't even discuss any compromises based on the actual value now.

The Government, Dems/Reps, have nothing to do with the housing bubble popping. You can blame the lenders for giving people mortgages they couldn't afford...but since the Clinton Administration pressured lenders to give low income people and minorities loans I guess the Government is hold some of the blame?

If I knew it wouldn't DESTROY my credit for the next ten years I have to admit it would definitely be a thought to give it back. For me, though, it's just not worth the credit risk. So, I pay for something that's not worth the actual value.

Not just homes are like this...what are you driving?! Yea, they aren't usually worth what is owed, either.

Just my .02
Click to expand...

Wow, I wish realestat was as cheap as your's used to be. My house is a 1 bedroom, and its valued at $300k right now. I am guessing that you have a 2 maybe 3 bedroom...is it twio stories? Its all relative, in the 80's interest rates hit here 24% and everyone lost. But thats when you could buy a house for $100k...now look at it. I would bet your house that in 5-10 years it will be worth more than 300K. Realestate allways has corections and dips...but you have to remember the dips run for about 3-7 years the rises last 7-12. so it will even out. don't worry.

Phil
 
There are a couple of house in my neighborhood that were sold to some of those rent-to-own people that should never gotten a loan.
ZERO down with ARM mortgage on 120% of value. Guess what....6 months down the road they are already 3 months behind in their payments, they have trashed the place and they can't figure out why the big bad finance company is throwing them out.
When I sold my house in Siver Springs, I put that money down on this place so my payments would be really reasonable. I have 1 more car payment and then I will only have the house payment.
My older brother bought 5 acres north of Cincinnati, designed and built a huge garage, built the house, panel by panel, in the garage and then erected the house. It took 6 years to do it, dealing with his kids and the grandkids, watching over my parents, etc. By the time it was done, the increase in the value of the land alone almost covered what he had in the house and garage. And it is paid for!
 
I have had my home for 15 years and it is now so far down in value that it is worth what I payed for it 15 years ago. I refinanced 4 years ago for the lower interest rate and cut 5 years off what was left. The mortager asked if I wanted the full value of what it was worth I said no just what I owe. I think if all people were responsible on their money we would not be in the shape we are in now. I feel I was smart and should not have to pay for others stupidity.
 
I think the housing market is so important in this country because it's about the only thing left that is built here:) If they could build the houses cheaper in china or somewhere else and ship them I think they would. It puts alot of people out of work, sorta like the last 20 yrs when everything else we made in this country went over seas. We really need to get manufacturing back on our soil. How can a country be so rich and not have a foundation? As far as the bailout.......I think they should let it fail. I just read that there are ear marks in the bailout plans for projects. Like 3 or 4 hundred million for a common sense study and many more. I think congress is pulling the wool over our eyes.
 
63dartman said:
I think the housing market is so important in this country because it's about the only thing left that is built here:) If they could build the houses cheaper in china or somewhere else and ship them I think they would. It puts alot of people out of work, sorta like the last 20 yrs when everything else we made in this country went over seas. We really need to get manufacturing back on our soil. How can a country be so rich and not have a foundation? As far as the bailout.......I think they should let it fail. I just read that there are ear marks in the bailout plans for projects. Like 3 or 4 hundred million for a common sense study and many more. I think congress is pulling the wool over our eyes.
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No, very bad idea. If they let it fail, not only will we see bank failures on a scale not seen since the 1930's but an untold number of people will lose their insurance, entire retirement portfolio, if not their life savings. The devastation to the economy would be horrorific. You are correct about the pork the democrats added into the bailout. That is one of the reasons the republicans refused to be a part of it yesterday. I have heard figures as high as $2 billion in pork in the democrat plan including over 51 million requested by Joe Biden alone. The other reason the republicans balked at the plan was that it was a handout. They want a solution that is like the Chrysler bailout, where the money must be repaid with interest and not tossed into our laps.
 
Carter called Bush "the worst president in US history.." He isn't great by any stretch, but Carter seems to forget the double-digit unemployment, double-digit-interest rates, the inflation climbs, the Iranian hostages, the dying inner cities, et cetera that happened on his watch. Not to mention the lack of class when Carter turned Rosa Parks funeral into a political stumping pulpit for the democrats. This whole political and economic fiasco was brought to us by the two parties over the last 15 years or so and our own lack of focus on what the f' was going to happen (aka 'foresight').
 
6T9 V-100 said:
Carter called Bush "the worst president in US history.." He isn't great by any stretch, but Carter seems to forget the double-digit unemployment, double-digit-interest rates, the inflation climbs, the Iranian hostages, the dying inner cities, et cetera that happened on his watch. Not to mention the lack of class when Carter turned Rosa Parks funeral into a political stumping pulpit for the democrats. This whole political and economic fiasco was brought to us by the two parties over the last 15 years or so and our own lack of focus on what the f' was going to happen (aka 'foresight').
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That is like Gilbert Godfried calling someone annoying.
 
I can't help but thinking this whole economy fiasco is somehow politically motivated. The timing is just perfect for one of them.....I'm thinking McCain will have the advantage in this one. I just hope he doesn't try to act like HE saved the U.S. from a financial meltdown. From what I saw about the pork ear marks it wasn't just the Dems it was both parties making sure they get theirs. Talk about a bunch of greedy bastards.
 
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