CNBC: Job losses to cause more foreclosures

[gmarc]

I bought a few months at prices that were 30% under sales just 3 months before me but unfortunately i think prices are about to spiral down again according to this article. i guess 30 years of good times will be met by 10 years of bad as this could last 3-5 more years.


Housing Market Being Pounded By a New Wave of Foreclosures - Companies * US * News * Story - CNBC.com

 

[wrobert]

I think the next wave in this area is going to be the vacation owner market. Lots of homes bought with 5 year balloons that are going to start coming due. Owners were thinking with 10% per annum gains they would not need dollars to refi, but that is not going to be the case. And as vacation rentals drop, they are not going to have the income needed to make the regular payments, much less interest only payments that they had enjoyed. In a tough market, I would think they will start to just walk away from the places and go back to just renting themselves when they want to vacation in the area.

Of course those are just my thoughts.

 

[Lynnie]

Was at a party last night and if one asked, all of them asked me about the housing/financing situation. I told them three years for the housing market to recover. Just my opinion/educated guess with the number of foreclosures and redefaults on mods, current global economy.....GA unemployment is approaching 10%, although they claim it is stabilizing.

Hunker down......this will be a wild ride!

 

[Beauty hunter]

I agree Lynnie- wild ride like a roller coaster- at least we're all together hangin on...speak on girl!

 

[steyou]

What could get this economy going? More government or less government?

 

[ASH]

And the can of worms has now been opened.

 

[scooterbug44]

I think people/companies have to hit bottom and then recover and it takes a while for it all to work its way through the system.

Hopefully a lot of hard financial lessons are being learned so history won't repeat itself.

 

[wrobert]

What could get this economy going? More government or less government?

Around here it would be more government. Because most believe that government somehow creates productivity and wealth. No one can tell you just how that happens, but most that post certainly seem to believe it.

 

[30ashopper]

I bought a few months at prices that were 30% under sales just 3 months before me but unfortunately i think prices are about to spiral down again according to this article. i guess 30 years of good times will be met by 10 years of bad as this could last 3-5 more years.


Housing Market Being Pounded By a New Wave of Foreclosures - Companies * US * News * Story - CNBC.com

I think it depends on how fast and high interest rates climb. There is a massive wave of resets coming over the next two and half years, if interest rates remain low or only slowly climb up over an extended period, these resets won't have much of an effect. If interest rates balloon, and it looks like that has started now that people are loosing faith in our monetary policy, things could get much uglier.

 

[melscuba]

Around here it would be more government. Because most believe that government somehow creates productivity and wealth. No one can tell you just how that happens, but most that post certainly seem to believe it.

Uh, not me! I'm not from the 30-A area so I can't speak for the local feelings, but I certainly don't feel that way. The government has us in a position of working our tails off for everyone else. The "government" has no interest in my well being, just what I can contribute to the well being of the masses. I don't really want to go into it. Politics is a no win conversation. I just wanted to voice that not everyone who enjoys the 30-A area sees government regulation, involvement, and money tossing as a solution. We're just along for the ride and pray to God it's not the worst mistake we've made yet for our and our children's future.