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Foreclosure Epidemic Reaching More Expensive Homes

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posted on Oct, 19 2009 @ 10:41 PM

While subprime borrowers are still a factor in the current foreclosure epidemic, it's becoming increasingly apparent that the labor market is the driving force behind the mortgage crisis we face today. Mounting job losses are turning once-well qualified buyers of high-priced homes into foreclosure victims.

Every hear someone say that their eyes were to big for their stomachs? That is kind of what happened at the beginning of the housing collapse. People who had no business buying houses were being approved for ARMs with real low intro rates.

But now, its not the irresponsible that are fueling the current housing crisis. It is people who had good jobs and steady earnings. Now even the financially sound are unsound. We are in for some really bad times ahead. When the 2009 holiday shopping season is in the books, the green shoots will be quickly wilting.

posted on Oct, 19 2009 @ 10:48 PM
No kidding. I'm sitting back watching this with a bemused anticipation of exactly when the truth will sink in. I think baring another 9/11 event before then, that you are right on the money. They can only hide it for so long, and when the holidays are over and before the first quarter is in the books this house of cards will come a tumbling.

posted on Oct, 19 2009 @ 10:54 PM

posted on Oct, 19 2009 @ 11:10 PM
This can't be.

Obama's folks are saying very clearly that we've turned the corner.

Folks, we haven't begun to hit bottom yet. More and more people are losing their jobs, more and more businesses are going broke, we're looking at even higher taxes, more burdens on businesses, and an overall disappearance of capital.

There are tens of thousands of foreclosures that are in progress, but haven't been processed.

We are devouring ourselves.

Two years ago, I'd have laughed at a revolution. Citizens armed and on the warpath.

I'm not laughing now.

posted on Oct, 20 2009 @ 12:23 AM
I can't remember where I heard it. It was on a faux news show. No, not Fox News, but I was half listening to some special, expert analyst saying that the folks with the higher priced houses, were defaulting more and more, just to get rid of their debt. And in turn, they were downsizing. From the gist of it, I figured, those that can afford a half million dollar house, can also afford to get out from under it and then buy a mere little house like mine that cost 79,000 dollars. Makes sense to me.

Also, I was taking a finance course from a full professor. So I suppose that means he is really good at what he does, or he has been around for a long time.
He had a ARM loan for his house. He scoffed when another student mentioned something like when the SHTF economically he might be in deep doo doo. And, yes, he scoffed again. Not, it won't happen.

By the way, the commercial property bubble is about to burst, slowly, not with a bang, but with a wimper here in central Kentucky. A major mall has closed, a little plaze I pass often when I go to the "big city" is now half empty.
Thank goodness my wife works at a convenient mart that is the last one for 100 miles before you can buy beer. Otherwise she would probably be out of a job. The beer sales and the pizza sales keep this place afloat. Yes, she works her butt off, but at least she doesn't have to work her butt off for as many hours as she used to. That last sentence was sarcasm, by the way. Her hours have dropped, as has the number of employees.

I am so glad we are in a recovery period! Everything is much better now, yes? Oh, the neighbors just moved out of their home. No, it's too early in the cold weather for them to just be relocating to Florida for the season. They are really, REALLY, gone.

Red and yellow, black and white, they get equal pay, ALRIGHT!!!!

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