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Thread: Housing crash is getting worse: report

  1. #1
    King Obama is a traitor! michaelr's Avatar
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    Housing crash is getting worse: report

    Housing crash is getting worse: report

    As our attention is drawn to 911 part deux, there are real problems happening that are being ignored. The economy tops the list, followed only by the fires at the nuclear reactors in Japan that are still raging.

    Somehow these clowns brought the dollar up. There is reason for a very modest gain, but not anything like what we have seen. Believe me, people are not rushing to the dollar because they supposedly killed Bin Laden. You do not go from countries dumping it for gold one day then running to it the next. My guess would be that through the illegal QE funds, Goldman is buying T-Bills. Man I would hate to hold their shares, it is a losing bet...it ain't even a bet.

    Enjoy it while you can, truth always prevails, and that can't be said with any more degree of accuracy then when said about the economy.

  2. #2
    No mercy for losers Addiction Solitaire Champion, Double Deuce Champion, Queen Jewels Champion, Ray Ray Shuffle Champion, Twins Champion, Blow Up: Arcade Champion, Bunch - Time Trial Champion, Znax Champion, Zoo Keeper Champion, Sobics School Champion, Swap a Smiley Champion, Makos Champion, Dino Drop Champion, Flower Frenzy Champion, Some Puzzle Champion, Funny Bubbles Champion, CubeZ Champion, Dinky Smash Champion, Fun Fun Animals Champion, Fruit Fabriek Champion, Raft Wars Champion, Rainbow Monkey RunDown Champion, Raft Wars Champion, Crime Puzzle Champion Blueneck's Avatar
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    For me, home prices declining is not a big deal. The house-flippers can go to hell, IMO. Get a real job, quit depending on inflation to make you rich.

    Maybe my home's value will go down and hopefully the property taxes will as well. Win/win.

    I don't care if people's assets are declining in value. Tough shit.

  3. #3
    King Obama is a traitor! michaelr's Avatar
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    Quote Originally Posted by Blueneck View Post
    For me, home prices declining is not a big deal. The house-flippers can go to hell, IMO. Get a real job, quit depending on inflation to make you rich.

    Maybe my home's value will go down and hopefully the property taxes will as well. Win/win.

    I don't care if people's assets are declining in value. Tough shit.
    No you do not win. Lets say you have been paying on a $300,000 home only to have it valued when this is done at $225,000. There is that little thingy, the MBS, and that is going to be top of the head, a million or so worth of securities with no base. Let me translate, that is what caused the crux of the crash and the reason for TARP.

    Hey not to mention the money you wasted buying the home.

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    No mercy for losers Addiction Solitaire Champion, Double Deuce Champion, Queen Jewels Champion, Ray Ray Shuffle Champion, Twins Champion, Blow Up: Arcade Champion, Bunch - Time Trial Champion, Znax Champion, Zoo Keeper Champion, Sobics School Champion, Swap a Smiley Champion, Makos Champion, Dino Drop Champion, Flower Frenzy Champion, Some Puzzle Champion, Funny Bubbles Champion, CubeZ Champion, Dinky Smash Champion, Fun Fun Animals Champion, Fruit Fabriek Champion, Raft Wars Champion, Rainbow Monkey RunDown Champion, Raft Wars Champion, Crime Puzzle Champion Blueneck's Avatar
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    Gee, I thought getting rid of mark to market was supposed to fix all that.

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    King Obama is a traitor! michaelr's Avatar
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    Quote Originally Posted by Blueneck View Post
    Gee, I thought getting rid of mark to market was supposed to fix all that.
    It is not the same thing, Mark to Market is an accounting trick. BTW they never got rid of it.

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    Quote Originally Posted by michaelr View Post
    It is not the same thing, Mark to Market is an accounting trick. BTW they never got rid of it.
    On March 16, 2009, FASB proposed allowing companies to use more leeway in valuing their assets under "mark-to-market" accounting, a move that could ease balance-sheet pressures many companies say they are feeling during the economic crisis. On April 2, 2009, after a 15-day public comment period, FASB eased the mark-to-market rules. Financial institutions are still required by the rules to mark transactions to market prices but more so in a steady market and less so when the market is inactive. To proponents of the rules, this removes the unnecessary "positive feedback loop" that can result in a deeply weakened economy.[19]

    On April 9, 2009, FASB issued the official update to FAS 157[20] that eases the mark-to-market rules when the market is unsteady or inactive. Early adopters were allowed to apply the ruling as of March 15, 2009, and the rest as of June 15, 2009. It was anticipated that these changes could significantly boost banks' statements of earnings and allow them to defer reporting losses.[21] The changes, however, affected accounting standards applicable to a broad range of derivatives, not just banks holding mortgage-backed securities.
    They kind of did.

    And they gave the SEC permission to suspend it:

    Section 132 of the Emergency Economic Stabilization Act of 2008, titled "Authority to Suspend Mark-to-Market Accounting" restates the Securities and Exchange Commissionís authority to suspend the application of FAS 157 if the SEC determines that it is in the public interest and protects investors.
    Mark-to-market accounting - Wikipedia, the free encyclopedia

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    Council Member Djinn's Avatar
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    Quote Originally Posted by michaelr View Post
    ... Hey not to mention the money you wasted buying the home.
    The money isn't wasted if it's keeping rain off your head. And if you were stupid enough to go with an adjustable-rate mortgage, or buy a home so expensive that the monthly payments exceed 33% of your after-tax income, then it's still tragic, but there's a lesson to be learned.

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    Drone Killer Liberal Doses's Avatar
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    No worries! Under the emerging fascist regime housing will be provided for the masses. Collective housing units will be built with recycled materials and be fashioned in a minimalist, utilitarian architecture with out using eye catching colors but the natural gray of cinder block. Space will be calculated according to personal need based upon age, height and weight(unless enrolled in MO-Obesity program, better known as fasting). When calculated to the minimum human requirement with the maximum benefit to the environment with minimal human impact being achieved, the results would be a living quarters, 8' x 5' with one toilet, one sink, and a solar powered hot plate, microwave and light bulb. Community showers and restrooms would also be available as would a central dining area.

    Peace

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    In the upside, the local taxing authority lowered the appraised value of my home a lot closer to what I could potentially sell it for. This lowered my taxes about 7%.

  10. #10
    King Obama is a traitor! michaelr's Avatar
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    Quote Originally Posted by Djinn View Post
    The money isn't wasted if it's keeping rain off your head. And if you were stupid enough to go with an adjustable-rate mortgage, or buy a home so expensive that the monthly payments exceed 33% of your after-tax income, then it's still tragic, but there's a lesson to be learned.
    This has nothing to do with you mythical excuse, you have one or two for every occasion. It has more to do with stagnate wages and lack of jobs whilst prices and taxes have increased.

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