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Disappearing Now: $6 Trillion In Housing Wealth

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posted on Apr, 30 2008 @ 01:14 PM
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Disappearing Now: $6 Trillion In Housing Wealth


latimesblogs.latimes.com

A Washington think tank is warning that housing prices are falling at an accelerating level, destroying wealth at a pace that will cost the average homeowner $85,000 in lost wealth this year alone.

The projections by the Center for Economic and Policy Research are based on the numbers in Tuesday's Case-Shiller home price index, which showed accelerating price declines in most big cities.

(visit the link for the full news article)



[edit on 30-4-2008 by DimensionalDetective]




posted on Apr, 30 2008 @ 01:14 PM
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Think the nose-diving economy is bad now? You ain't seen nothing yet!

The "artificial wealth bubble" created by the Housing fiasco already popped, and now it's deflating WAY past the zeroing out mark, and will create MASSIVE losses of wealth and debt!

This is just further icing on the cake of an already struggling nation---Gas, food, crappy job market = nation-wide suffering and repression...


The annual rate of price decline over the last quarter was 24.9% in the 20-city index and 25.8% in the 10-city index," the center said in its Housing Market Monitor today. "At this rate of price decline, the excesses of the housing bubble will have largely disappeared by the end of the year. At the same time, the price decline implies an incredibly rapid loss of wealth. In real terms, the rate of price decline in the 20-city index would imply a loss of almost $6 trillion in real housing wealth over the course of the year, an average of $85,000 per homeowner."




latimesblogs.latimes.com
(visit the link for the full news article)

[edit on 30-4-2008 by DimensionalDetective]



posted on Apr, 30 2008 @ 01:19 PM
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S&F as usual DD

Great, the property that I have paid so dear for, that I was hoping to be my old age retirement, ain't worth squat.

Who's responsible for the deregulation that allowed the thieves to prosper while the middle class gets screwed?

Lou Dobbs is correct, there really is a war by the neocons against the middle class!!



posted on Apr, 30 2008 @ 01:38 PM
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Originally posted by whaaa
S&F as usual DD

Great, the property that I have paid so dear for, that I was hoping to be my old age retirement, ain't worth squat.

Who's responsible for the deregulation that allowed the thieves to prosper while the middle class gets screwed?

Lou Dobbs is correct, there really is a war by the neocons against the middle class!!



You right, whats even more absurd; is that as our homes we own that we paid top dollar for 4 years ago is not worth squat now but the fact that they continue to hit us with the continuing to increase property taxes!!!!!Why does this never go down.......always up, no matter what!!My property taxes have not gone down a single cent.How can they justify this!! SPIT!!!


[edit on 30-4-2008 by CaptGizmo]



posted on Apr, 30 2008 @ 02:38 PM
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Wasn't someone speculating that the Federal Reserve, or something.. Would start to swoop in and buy up our properties cheaply as we get forced out of our homes??

Cannot remember who said that, maybe Justin Oldham? Cannot remember... But someone was saying SOMEONE would take complete advantage of Americans being forced out of their houses, by buying them up cheaply.



posted on Apr, 30 2008 @ 02:47 PM
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Doesn't the property taxes get revalued when the house price goes down? I thought that if you get an appraisal or something like that and submit to your local prop. tax office, they'll adjust your rates? And if it's a large county movement in prices, don't they automatically adjust the property taxes?

In 2004 I really really wanted that big house, but I couldn't find the right one for the price I could afford and so it never happened, now I'm glad things worked out the way they did. Sure I still have less house, but I also have less worries.



posted on Apr, 30 2008 @ 03:13 PM
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Remember, the wealth is NOT lost - it IS going somewhere. Someone is MAKING money on our losses. Never stop seeking the answer to who that might be. The only way wealth can be destroyed is if the creators admit it never existed in the first place - does anyone here think that's likely to occur?

Also, the speculation of the Central Bank (Fed) getting in the real estate business is a component of the NWO theory (which does not invalidate the possibility).

I am beginning to suspect that the wealth-masters are having a 'moment' of pause to consider that they may have irritated the teat by sucking too hard. It would serve them right if the entire nation defaulted on their usurious loans and collectively said; "Come get it if you think it's yours." It would be uncomfortable and damaging to many, but mostly to them.

But it's the function of the corporate junta in power to ensure America never - EVER - reasserts her independence. To that end, their corporate media puppets will be instructed to weave the illusion that to do that would somehow 'destroy' America - instead of set her free.

[edit on 30-4-2008 by Maxmars]

PS - In order to get you property taxes reduced you must 'appeal' to have it reviewed. I don't think it's automatic.

[edit on 30-4-2008 by Maxmars]



posted on Apr, 30 2008 @ 03:21 PM
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Right now I have over fifty loan applications sitting on my desk, good credit, good income and work history, excellent ability to repay the loan.

And I can't do one single thing for them.

Why? Because the value of their Mcmansions have dipped below what they paid for the place four or even five years ago. Home values are plummeting, and from what many of my colleagues who are based in other states like CA and FL are telling me, they are basically done for.

The values were so over inflated by a false market over the past six or seven years that now that prices are coming back down to reality, they are realizing that many people are upside down in their mortgages. The end result of this is that home owners are turning tale and walking away. They figure that there is no point staying in a home that is worthless to them in value. And I hate to be the bearer of bad news, but the worst is still yet to come. 2008-2011 is projected to be a disaster for housing. Good luck out there.



posted on Apr, 30 2008 @ 03:21 PM
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reply to post by worldwatcher
 


That is a good question, taking into consideration that property taxes goes for the support of the individual states and that they are hurting because the overall economy, I will say that probably states taxes will be put on hold as long as the property owners do not complain about the devaluation for the property.

This one is going to be interesting to follow.



posted on Apr, 30 2008 @ 03:23 PM
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Yes. because there are massive ovens where they shovel all that money. Or maybe "they" had 6 trillion in thier back pocket when they did the laundry. Money doesnt "dissapear" it just changes hands.



posted on Apr, 30 2008 @ 03:27 PM
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I was real lucky,I got divorced and sold house end of 2005,the market was peaked I made 486k profit off it,today house is worth like 150 k less one of few times lately things worked out for me,but in 90's at one time I owed more then house was worth so I know how some are feeling,just hope your happy with the home you have because you'll be stuck with it a while



posted on Apr, 30 2008 @ 03:33 PM
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Originally posted by BlackOps719


Right now I have over fifty loan applications sitting on my desk, good credit, good income and work history, excellent ability to repay the loan.

And I can't do one single thing for them.


Believe it or not, my heart goes out to you. You are going to witness many a desperate situation as time passes, and people will hate you for explaining the reality of the situation to them. Good luck to you too.



posted on Apr, 30 2008 @ 03:37 PM
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I suppose it is a good thing that I really like my house because it seems that whether or not I like it, I will be there for a while.

Thanks to my ex-husband, I am now one of the many with an upside down mortgage. Fortunately, it is not by a whole lot of money. However, any little bit is frustrating! I am throwing money at something at which I now no longer have any equity.

I feel for those who are losing thousands and thousands. As of this particular moment, I won't be one of the ones who just walks away, but I honestly cannot blame those who do.



posted on Apr, 30 2008 @ 03:41 PM
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One more note, not to sound alarmist but from what I understand that many Chinese firms have become very involved in the business of investing in distressed American real estate. Namely in the western states such as California. It is safe to say that when these markets correct themselves someone will stand to make a hefty ransom in properties purchased at rock bottm prices.


Not sure if anyone should be worried about this as it may just be fair open market activity, but figured I would throw it out there just for informational purposes. Heck, if I had an extra million laying around I know what I would be doing.



posted on Apr, 30 2008 @ 03:44 PM
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Originally posted by BlackOps719
Heck, if I had an extra million laying around I know what I would be doing.


I am right there with ya!

Wouldn't that be nice?



posted on Apr, 30 2008 @ 03:49 PM
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reply to post by Maxmars
 




Thanks for the words of consolation Max, but I can assure you that I have already seen the worst of the worst that this business has to offer. It is difficult on a personal level any time you have to tell someone that they have no hope and will soon lose everything they own to foreclosure.

How do you tell a 75 year old woman that because she listened to her kncukle head loan officer and decided to take that adjustable rate thet her loan will soon go into forebearance and her payment will jump $1200 in the next month due to the first adjustment taking place. Especially difficult when they are on a fixed income and you know that the person you are talking to has no chance. Most companies will not work with you, most will not accept partial payments, and after that 90 day late registers they will be on your front step to take your home.

Don't get me wrong, I love what I do and I really genuinely do get the chance to help a lot of families that otherwise would have struggled. Im a big fan of paying off people's debts and saving them $500-$1000 per month on their bills. People love you for it, and you know that you just impoved their quality of life 10 fold. The good days make up for the bad ones I suppose.



posted on Apr, 30 2008 @ 03:51 PM
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reply to post by BlackOps719
 


Bless you, if you have saved even one person a little grief - your post was worth it. Although I'm not a Californian, Star for you.



posted on Apr, 30 2008 @ 03:54 PM
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reply to post by worldwatcher
 


If you live in a place that the property taxes have ever gone down....please tell me so I can move there.I have never in my entire life....ever seen property taxes go down....always up or stationary.They are suppose to adjust your property taxes as the value of the property changes...however they use language like "you property has been adjusted to a higher percentile for future community expansion".!!!




posted on Apr, 30 2008 @ 04:02 PM
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reply to post by CaptGizmo
 


my property taxes has only increased about $100 per year or so for the last three years, but the written of value of my house has doubled. I'm in western Fort Lauderdale and I can tell you there is a wide array of what people are paying on property taxes... low end (where I'm at) $1200-$1300, people with more land not too far from me are paying in $3000 to $5000 range and others in the much nice neighborhoods, nicer houses and more land are in the $5000 and above range. I'm pretty sure the "homestead" tax exemption rule has something to do with why my taxes are low and the fact that I live in a very urban area with little to no "land" to my townhouse.



posted on Apr, 30 2008 @ 04:13 PM
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reply to post by worldwatcher
 


My other house is in Coral Springs so I feel your pain....There and here in Port St lucie my values have shot down but guess what my taxes havent..its pathetic..



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