Housing market crashes, will the workforce and avarage folks get to have all the foreclosures?
Question:
The banks forced to sell at living wage prices homes that defaulted..thoughts
Answer:
Lol, we are no where near such an event like the one that occurred during the great depression when disintermediation occurred. You will be surprised to know that the insurance companies were the ones that came in during that time and bailed out the real estate home industry. However in view of what's been happening with the insurance industry in the Gulf Coast after Katrina, I think that we would be in deep you know what if we ever got into a situation in where we had to rely on them again. And besides if we got into that situation again not even the program that Roosevelt did in putting people back to work would help since it was ultimately ruled by the supreme court to be unconstitutional. Right now all the lenders are in trouble, a true lenders bubble so I doubt they'll run over and help. So maybe Microsoft, McDonalds or WallMart could help out.
Buena Suerte
I am not sure where you are getting your thinking. First there is no crash. There has been a decline in value, but no crash.
Second, if there were a rash of foreclosures, where do you think the majority would be from, the average folks. If they can't afford to keep their home and have it foreclosed on them, where would they get the money to buy a foreclosed home, no matter what the price. Remember the foreclosure just hit their credit score making them a poor risk. The rich just keep on getting richer.
regular folx always get the short end of the stincky stick .whats going on right now in housing market gonna hurt the avg. guy more than anyone for the following causes.
out of the 37000 foreclosures happening now ,81% are first time buyers(young people 23-35)and the rest 15% belong to people who do "fixer-upper".they buy a junkyard ,spend say $150,000.00 on fixing it and usually they stick it to avg.joe for $200000.00 more than what they bought it for +difference of market value.when market crashes these guys got the money to put up with payment and can absorb the loss,but the little guy is the only looser.only 5% of homes with defaulted loans belong to a second or third property owner..because they rent their property out ,they always got the means to make the mortgage,.by getting the rent from avg.joe.little guy cant win for loosing.only 10% of people who made it are real rich ,rest of the people work for the 10%.you see i didnt get to be alone for nothing i got shafted in the last home market crash.try to keep your mortgage no larger than 1/4 of your income ,otherwise the big guy gonna get you.
First off there is a crash happening , it is happening is slow motion but it is hear.
Hear is why there is a crash.
http://www.breakingbubble.com/
Foreclosures are now and will be held off the market as not to flood the market, see above web site.
The bank will not flood the market even more so there Will be even more defaults.
As for giving them to the poor I hope not they should ask and demand a fair and open market.
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