ONE Million! - GoFuckYourself.com

$5 submissions · 04-14-2007, 07:58 PM

One MILLION borrowers may be at risk of defaulting on their loans. Impact of the housing bubble on the larger US economy: up to $120 Billion!

Check it: http://money.cnn.com/2007/04/13/real...ex.htm?cnn=yes

On the upside, buying foreclosed properties might get real lucrative as the bottom of the market comes to view. I doubt it's hit bottom yet, though.

mattz · 04-14-2007, 07:59 PM

So, does that mean it would be time to buy a house soon if your going to?

$5 submissions · 04-14-2007, 08:00 PM

Quote:

Originally Posted by mattz

So, does that mean it would be time to buy a house soon if your going to?

Depends on your area. I personally would wait before investing.

tony286 · 04-14-2007, 08:01 PM

its going to be scary

Ace_luffy · 04-14-2007, 08:02 PM

yeah i agree 5submissions...

Ace_luffy · 04-14-2007, 08:03 PM

yeah i agree 5submissions...

BJ · 04-14-2007, 08:03 PM

I don't get how people who are at risk for foreclosure, don't realize this months in advance and sell their property. Please enlighten me.

Helix · 04-14-2007, 08:09 PM

I got my taxes done today and my tax guy made mention that more than a few of his clients are losing their houses to foreclosure. Things are pretty grim in the Detroit suburbs with the auto industries struggling.

$5 submissions · 04-14-2007, 08:14 PM

Quote:

Originally Posted by PureMeds

I don't get how people who are at risk for foreclosure, don't realize this months in advance and sell their property. Please enlighten me.

Well, a lot are probably trying to sell but the market is flooded with people trying to sell. So sales time drags out. Prices keep dropping. It becomes a downward spiral. That happened in Southern California in the early 90s. I remember my ex-neighbors down the street, it took around 10 years to get the price they PAID for their house.

$5 submissions · 04-15-2007, 04:42 AM

Quote:

Originally Posted by tony404

its going to be scary

A good scenario would be if the rest of the economy stays strong to cushion the blow....

thebestdamnsexshow · 04-15-2007, 04:49 AM

thats some good info..

bvds · 04-15-2007, 05:18 AM

It's not going to be pretty for those most at risk!

SinisterStudios · 04-15-2007, 06:11 AM

The major problem is alot of the properties getting foreclosed are upside down. Almost all of them i have looked at have no equity at all, its a really bad trend. Im hoping when it starts to really get bad there will be some good bargins out there.

IllTestYourGirls · 04-15-2007, 07:19 AM

Quote:

Originally Posted by PureMeds

I don't get how people who are at risk for foreclosure, don't realize this months in advance and sell their property. Please enlighten me.

simple, they bought to high and no one wants their POS house anymore. Many people are buying condos and that is just funny shit. Buying a condo in some areas is like buying a used car, it will only go down in value.

onlymovies · 04-15-2007, 07:32 AM

Quote:

Originally Posted by SinisterStudios

The major problem is alot of the properties getting foreclosed are upside down. Almost all of them i have looked at have no equity at all, its a really bad trend. Im hoping when it starts to really get bad there will be some good bargins out there.

Bad trend? Not at all....'upside downs' ARE bargins. Do some research.

onlymovies · 04-15-2007, 07:34 AM

Quote:

Originally Posted by mattz

So, does that mean it would be time to buy a house soon if your going to?

In my opinion, tail end of 2008 is around the time to buy. I wouldn't buy before then if you're buying at market.

SinisterStudios · 04-15-2007, 10:09 AM

Quote:

Originally Posted by onlymovies

Bad trend? Not at all....'upside downs' ARE bargins. Do some research.

How do you get that? If a house i upside down they owe more on it than its worth. If its foreclosed upside down the bank usally wont let it go for less than market value.

$5 submissions · 04-15-2007, 01:35 PM

An interesting 'side effect' of this whole process is that rental rates are shooting through the roof in some areas.

04-14-2007, 07:58 PM	#1
$5 submissions I help you SUCCEED Industry Role: Join Date: Nov 2003 Location: The Pearl of the Orient Seas Posts: 32,195	ONE Million! One MILLION borrowers may be at risk of defaulting on their loans. Impact of the housing bubble on the larger US economy: up to $120 Billion! Check it: http://money.cnn.com/2007/04/13/real...ex.htm?cnn=yes On the upside, buying foreclosed properties might get real lucrative as the bottom of the market comes to view. I doubt it's hit bottom yet, though. __________________ Need a NON-ADULT income stream? We build your YOUTUBE CHANNEL for only $20 per video! For Hire: $3/hour or $400 per month Marketing Specialist Virtual Assistants

04-14-2007, 08:02 PM	#5
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04-14-2007, 08:03 PM	#6
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04-14-2007, 08:09 PM	#8
Helix Confirmed User Join Date: Feb 2002 Location: Michigan Posts: 5,991	I got my taxes done today and my tax guy made mention that more than a few of his clients are losing their houses to foreclosure. Things are pretty grim in the Detroit suburbs with the auto industries struggling. __________________ Free jscott !!! Free OneHungLo !!! Free Baddog !!!

04-15-2007, 05:18 AM	#12
bvds www.fuckingeverywhere.com Join Date: Feb 2004 Location: Sydney Posts: 25,085	It's not going to be pretty for those most at risk! __________________ Sex is the question, yes is always the answer .... fucking everywhere you go!

04-14-2007, 07:59 PM	#2
mattz Confirmed User Industry Role: Join Date: Dec 2001 Location: AZ Posts: 7,697	So, does that mean it would be time to buy a house soon if your going to?

04-14-2007, 08:01 PM	#4
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	its going to be scary

04-14-2007, 08:03 PM	#7
BJ Confirmed User Join Date: Mar 2002 Location: asia Posts: 5,590	I don't get how people who are at risk for foreclosure, don't realize this months in advance and sell their property. Please enlighten me.

04-15-2007, 04:49 AM	#11
thebestdamnsexshow So Fucking Banned Join Date: Mar 2007 Posts: 451	thats some good info..

04-15-2007, 06:11 AM	#13
SinisterStudios Confirmed User Join Date: Nov 2003 Location: New Joisey Posts: 3,087	The major problem is alot of the properties getting foreclosed are upside down. Almost all of them i have looked at have no equity at all, its a really bad trend. Im hoping when it starts to really get bad there will be some good bargins out there. __________________ SEOIP.com Multiple IP Webhosting Shared and Dedicated IP's - Multiple Class A's - From $1.99/ip

04-15-2007, 01:35 PM	#18
$5 submissions I help you SUCCEED Industry Role: Join Date: Nov 2003 Location: The Pearl of the Orient Seas Posts: 32,195	An interesting 'side effect' of this whole process is that rental rates are shooting through the roof in some areas. __________________ Need a NON-ADULT income stream? We build your YOUTUBE CHANNEL for only $20 per video! For Hire: $3/hour or $400 per month Marketing Specialist Virtual Assistants