LOS ANGELES — Sales of homes in some stage of foreclosure declined in the first three months of the year, but they still accounted for 28 percent of all home sales — a share nearly six times higher than what it would be in a healthy housing market.
Foreclosure sales, which include homes purchased after they received a notice of default or were repossessed by lenders, hit the highest share of overall sales in a year during the first quarter, foreclosure listing firm RealtyTrac Inc. said Thursday.
"It's an astronomically high number," said Rick Sharga, a senior vice president at RealtyTrac. "In a normal market, you're looking at the percentage of homes sold in foreclosure to be below 5 percent."
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The pace at which homes are entering the foreclosure process has slowed in recent months amid bank and court delays. But distressed properties remain a fixture of a housing market still searching for a sustained recovery. The properties, often in need of repair, typically sell at a discount, weakening prices for other types of homes.
Story: No end in sight to foreclosure quagmire As a slice of all home purchases, foreclosure sales peaked two years ago at 37.4 percent. In the first quarter, they rose from 27 percent in prior quarter, but fell from 29 percent a year earlier, according to RealtyTrac.
Sales of foreclosure properties didn't fare much better than other types of homes, however.
In all, 158,434 homes in some stage of foreclosure were sold in the first quarter, down 16 percent from the last three months of 2010 and down 36 percent versus a year ago. Sales of all other types of homes also declined sharply, according to RealtyTrac's figures, which differ from other home-sales estimates.
While the number of bank-owned properties sold declined, they grew as a share of all home sales. Bank-owned homes accounted for nearly 19 percent of all sales, up from 17 percent in the fourth quarter and up from 18 percent a year ago, the firm said.
That's not good news for the housing market.
Story: Bill would let appraisers 'round up' home values RealtyTrac estimates there are 872,000 homes that have been repossessed by lenders, but have yet to be sold. At the first-quarter's sales pace, it will take three years to clear the inventory of 1.9 million properties already in some stage of foreclosure.
For bank-owned properties alone, that amounts to a 2-year supply.
"Clearly, the housing market is not out of the woods," Sharga said.
Homebuyers who purchased a bank-owned home in the first quarter saved an average of 35 percent versus the average price of other types of homes, RealtyTrac said.
That discount is unchanged from the previous quarter, but up from an average of 33 percent a year ago.
Buyers who snapped up other homes in the foreclosure process, including short sales, got an average discount of 9 percent, the firm said. That's down from an average of 13 percent in the fourth quarter and an average of 14 percent a year ago. In a short sale, the seller and their lender agree to sell the home for less than what is owned on the mortgage.
The biggest foreclosure discounts were to be had in Ohio, where foreclosure properties sold for an average of 41 percent less than other types of homes, RealtyTrac said.
The average sales price of a foreclosure property was $168,321, down 1.9 percent from the fourth quarter and 1.5 percent from the first quarter last year, the firm said.
At a state level, Nevada led the nation with foreclosure sales accounting for 53 percent of all home sales, RealtyTrac said. That was down from 59 percent the year before.
The state has the highest foreclosure rate in the nation and an inventory of nearly 28,000 bank-owned properties on bank's books. Buyers scooping up foreclosure properties there in the first quarter got an average discount of nearly 18 percent compared to the average sales price of other types of homes, RealtyTrac said.
In California, foreclosure sales accounted for 45 percent of all home sales in the first quarter, down from nearly 48 percent a year earlier. The average foreclosure property sold for nearly 34 percent less than the average sales price of homes not in foreclosure.
In Arizona, foreclosure sales represented 45 percent of all home sales for the quarter, down from 47 percent a year earlier.
Several other states had foreclosure sales that accounted for at least one quarter of all home sales in the first quarter: Idaho, Florida, Michigan, Oregon, Virginia, Colorado, Illinois, Georgia and Ohio.
Discuss this article
the banks ought to be sued for this housing market. You don't give a drink at the bar to a drunk so they can go drive.- the bar owner gets sued. He doesnt get to say, sorry but you bought the excess drinks. ....Banks should be held accountable for gross negligence when they didn't review income and gave massive amounts of loans to people who could not afford to pay for the house. There needs to be a class action suit by homeowners who lost value that can be directly traced to these large banks , aig and fannie and freddie.
- 6 votes
The banks or the regulators?
The banks were doing their job, which is to make as much money as possible no matter the harm. Where were the regulators? Where was the FBI when people were claiming "stated incomes" of $200k to get a $700k loan?
Where are the arrests? Where are the prosecutors? Am I the only one who sees a problem with "victim" foreclosures?
The banks were doing their job, which is to make as much money as possible no matter the harm. Where were the regulators? Where was the FBI when people were claiming "stated incomes" of $200k to get a $700k loan?
Where are the arrests? Where are the prosecutors? Am I the only one who sees a problem with "victim" foreclosures?
- 13 votes
Bank owned properties are usually 'priced to sell' that is they're so low that the other sectors of the market, particularly the traditional sellers, or homeowners with equity can't compete. REOs (bank owned) don't usually negotiate.... the buyer pays most costs including penalties the seller owes HOAs. These homes are picked up frequently by investors who have no desire to live in them. They become rentals thus accelerating the neighborhoods decline.
A house on my street has been foreclosed 3 times since 2008! Gotta be a record. It is currently a REO. The home has a pool that has turned green and mosquitos have become a problem. The Health Department cant get the owner (bank) to get rid of the problem so the neighbors have raised the funds to pay the exterminator. Hopefully the home will sell before we have to do that again...
A house on my street has been foreclosed 3 times since 2008! Gotta be a record. It is currently a REO. The home has a pool that has turned green and mosquitos have become a problem. The Health Department cant get the owner (bank) to get rid of the problem so the neighbors have raised the funds to pay the exterminator. Hopefully the home will sell before we have to do that again...
- 3 votes
I can empathize with anyone that has lost or is about to lose their home. I had a great career going then the bottom fell out. For 23 years I was in construction project management. Last year, I was unemployed for 6 months. I never lived beyond my means and was able to save a little money. Being out of work, took most of my savings. My house note fell behind. My mortgage was reasonable and was well within my means. I bought pre-bubble so my home was affordable. Currently my mortgage is in a loss mitigation program so I won't lose it... although I don't know why I care because I've lost over $100K of appraisal value. I am hoping against hope that eventually the housing market will turn around.
Not everyone took advantage of free money. I know I didn't. I never used my home as an ATM. I was under the impression that I was doing everything right until this mess occured.
Do I blame anyone? I sure do. I blame the government for initiating the housing bubble by forcing banks to loan to anyone that came along who wanted a home... no rules, no credit checks, no employment verification and no holds barred on those that couldn't afford a home. Now here we are in the worst financial crisis I've seen in my lifetime.
Things are not going to get any better when we have a reckless government that will not control spending or pay down the national debt. Standard and Poor lowered our creditworthiness and all the liberals can do is blame the republicans. We are in a mess that there is no leadership for.
Not everyone took advantage of free money. I know I didn't. I never used my home as an ATM. I was under the impression that I was doing everything right until this mess occured.
Do I blame anyone? I sure do. I blame the government for initiating the housing bubble by forcing banks to loan to anyone that came along who wanted a home... no rules, no credit checks, no employment verification and no holds barred on those that couldn't afford a home. Now here we are in the worst financial crisis I've seen in my lifetime.
Things are not going to get any better when we have a reckless government that will not control spending or pay down the national debt. Standard and Poor lowered our creditworthiness and all the liberals can do is blame the republicans. We are in a mess that there is no leadership for.
- 18 votes
It's the repeal of Glass-Steagall and enactment of GLB; yeah, I sound like a broken record, but it's fact. Fractional Reserve banking led to the banks MAYBE being on the hook for about 10% in terms of real money, the rest funny money. Even though they KNEW that in the end, things would go south, this made Fall Street happy as constant, CONSTANT profits were shown.... things always went up.
At first it was easier to blame the few home owners that over-reached, ARM'S, subprimes, etc... but the truth always rears it's ugly head. NAFTA and it's ilk, no legislation towards keeping American businesses at home, under and unemployed because of such and other nefarious treaties aimed at the Fed Reserves international banking interests of exploiting 3rd world wages..... the list goes on there, and off topic. Sorry.
With banking (thanks to GLB) now legalized gambling and fractional reserve policies, loans were being bundled that were known from the get go to be bad and sold with attractive ones.... similar to how Clowngress gets rider after rider added on for their votes on single (should be, at least... but grows to the hundreds) item A. They also weren't stupid; they KNEW they were TBTF, and would eventually be bailed.... only other option? Let the entire economy completely tank, not just partially as it has.
The Fed Reserve and Clowngress have gotten us here, and being in foreclosure, on my way out soon and living in Ohio, ..... let those values drop through the floor. Never bought mine as an investment, only a REAL home to live in. Now, our roots, history, kids connections.... all going to be gone, thanks to write-off policies that make it MUCH MORE ATTRACTIVE to foreclose on me, sell my home for at BEST 30K rather than modify my mortgage terms, NOT the principal, and keep me here for 64K.....
THANKS, CLOWNGRESS! Over a year on healthscare, yet no Glass Steagall back during the worst of recent financial times, no legislation towards jobs remaining in and coming back to America, no leash on Fall Street, continued golden parachutes, bail after bail out, banking loss write offs the gold standard, .... the list goes on and on and on, but have to go to work.
So I can STILL lose my home and buy one of those, you know.... 30K ones some other poor schmuck got booted from.
At first it was easier to blame the few home owners that over-reached, ARM'S, subprimes, etc... but the truth always rears it's ugly head. NAFTA and it's ilk, no legislation towards keeping American businesses at home, under and unemployed because of such and other nefarious treaties aimed at the Fed Reserves international banking interests of exploiting 3rd world wages..... the list goes on there, and off topic. Sorry.
With banking (thanks to GLB) now legalized gambling and fractional reserve policies, loans were being bundled that were known from the get go to be bad and sold with attractive ones.... similar to how Clowngress gets rider after rider added on for their votes on single (should be, at least... but grows to the hundreds) item A. They also weren't stupid; they KNEW they were TBTF, and would eventually be bailed.... only other option? Let the entire economy completely tank, not just partially as it has.
The Fed Reserve and Clowngress have gotten us here, and being in foreclosure, on my way out soon and living in Ohio, ..... let those values drop through the floor. Never bought mine as an investment, only a REAL home to live in. Now, our roots, history, kids connections.... all going to be gone, thanks to write-off policies that make it MUCH MORE ATTRACTIVE to foreclose on me, sell my home for at BEST 30K rather than modify my mortgage terms, NOT the principal, and keep me here for 64K.....
THANKS, CLOWNGRESS! Over a year on healthscare, yet no Glass Steagall back during the worst of recent financial times, no legislation towards jobs remaining in and coming back to America, no leash on Fall Street, continued golden parachutes, bail after bail out, banking loss write offs the gold standard, .... the list goes on and on and on, but have to go to work.
So I can STILL lose my home and buy one of those, you know.... 30K ones some other poor schmuck got booted from.
- 3 votes
If you're a real estate investor, I'm not, there's big money to be made on this. From what I saw, a lot of these homes need repair, some major work. I am betting on this market and I'll wait the 3-4 years until it turns. I'm betting that when it does it'll turn big? I like the reits and real estate mutuals. I have about 5% of my portfolio in there; so, if I get hurt it won't be too bad. I have a 7 year time frame that I'm looking at and I figure this will fit?
- 1 vote
Precisely what accountability beyond losses to their books should the banks assume that the mortgage defaulters shouldn't - including those who voluntarily abandon their mortgages?
The banks should be WAY down your list of potential defendants.
The banks should be WAY down your list of potential defendants.
- 1 vote
And now a message from your professional real estate agent and the NAR:
Buy Now! Buy now! Pricest will never be this low! Honestly speaking, real estate prices never decline. Believe me, the road to riches is through real estate. Trust me, get a piece of the American Dream before it's too late!
Buy Now! Buy now! Pricest will never be this low! Honestly speaking, real estate prices never decline. Believe me, the road to riches is through real estate. Trust me, get a piece of the American Dream before it's too late!
- 3 votes
@Brianb-999431
I'm with you, same story.
No jobs no home, period!
25 years for me and the 50 and over group are F-ED!!!
I'm with you, same story.
No jobs no home, period!
25 years for me and the 50 and over group are F-ED!!!
- 5 votes
ModerationInAllThings - I think you speak for many people when you describe your pain. I too bought before the bubble, had a very decent house payment - been here 16 years now. But being out of work for 10 months forced me to refinance my home in order to keep it, and it wasn't the most favorable terms. It's amazing to me how the bank was able to keep me in my home, yet screw me royally in the process of doing so insofar as the terms were concerned. But they had me over a barrel, and I have children who've never known any other home. I did what I had to do to keep my home, but I'll die before I ever get it paid off under the new loan terms!
#1.9 - Thu May 26, 2011 9:16 AM EDT
To those of you that posted about buying before the bubble and now being on hard times due to job loss, I do have sympathy for your situation...but sometimes life doesn't work out the way we plan - and sometimes we don't plan well enough. When life goes bad, you need to figure out how to make the best out of what you have, learn your lesson so you don't make the same mistakes again, and start moving forward.
As an example, even when our combined incomes were in the low 20's, my wife and I saved money each month (I even did that when making 10k/year in the navy). When my wife decided to go back to school we saved especially hard for another year because we wanted to be certain we could go with no income for at least 2 years - in case I got fired. As it turns out, I did get fired - but we had planned ahead so it wasn't a problem.
I'm not saying planning ahead always works, but I do think most people do a very poor job at financial planning. I'm perfectly willing to spend my money to make sure nobody in the US or homeless or hungry, but I'm not willing to spend my money to make sure everyone lives in the home they want...that's their responsibility.
As an example, even when our combined incomes were in the low 20's, my wife and I saved money each month (I even did that when making 10k/year in the navy). When my wife decided to go back to school we saved especially hard for another year because we wanted to be certain we could go with no income for at least 2 years - in case I got fired. As it turns out, I did get fired - but we had planned ahead so it wasn't a problem.
I'm not saying planning ahead always works, but I do think most people do a very poor job at financial planning. I'm perfectly willing to spend my money to make sure nobody in the US or homeless or hungry, but I'm not willing to spend my money to make sure everyone lives in the home they want...that's their responsibility.
- 2 votes
This debacle goes on and on. Your favorite President isn't fixing it fast enough and if you elect one to replace him, your new favorite President still won't get the job done. Banks destroyed people, destroyed themselves and got paid bonuses. People who didn't read the fineprint destroyed themselves and suffer over it. Bottom fishers will come in and try to make a profit, but mostly fail as there isn't enough money to go around anyway.
The result is national loss that won't be recovered. Accept it. This is the price we pay for being incentivized to do nothing useful for society than get as much money for ourselvs as possible and horde it. No one to blame but us, really, until we change our own values.
The result is national loss that won't be recovered. Accept it. This is the price we pay for being incentivized to do nothing useful for society than get as much money for ourselvs as possible and horde it. No one to blame but us, really, until we change our own values.
- 3 votes
Perhaps if those that signed for their mortgages were DRUNK when they did, I would give your post a thought. However, when an adult goes to sign for a loan they knew the terms and they either accepted them or they did not. So there is not ZERO blame on those that signed. While I agree banks share some blame, certainly the sober and lucid signer takes some blame as well.
But as we know, society has evolved into blaming someone else for everything. Blame the bartender serving me the extra drink when I go out and kill someone because I was too stupid to not drink OR to at least not get in the car and drive. Blame the bank because they 'made' me sign the mortgage. Blame the gun company because a gun accidently fired. Blame the doctor doing the surgery because I died even though I knew there is a risk of dying.
But as we know, society has evolved into blaming someone else for everything. Blame the bartender serving me the extra drink when I go out and kill someone because I was too stupid to not drink OR to at least not get in the car and drive. Blame the bank because they 'made' me sign the mortgage. Blame the gun company because a gun accidently fired. Blame the doctor doing the surgery because I died even though I knew there is a risk of dying.
- 1 vote
Hey, people should have used some common sense. No one forces another person to buy a house or sign on the dotted line.
- 1 vote
We have gone from a society of personal responsibility to one of entitlement and blame shifting, from the top, (white house), down.
- 1 vote
Well stated, v. Nobody held a gun to anyone's head and forced them to sign for a home that they couldn't afford.
- 1 vote
Jolly Joker wrote "There needs to be a class action suit by homeowners who lost value that can be directly traced to these large banks , aig and fannie and freddie."
Compared to the increase in value caused by the actions of all of the above?
Compared to the increase in value caused by the actions of all of the above?
#1.17 - Thu May 26, 2011 3:37 PM EDT
I believe that at the end of the day most of the blame falls back on the rating agencies (although I give congress a good hard look for getting the ball rolling). They were talking to one of the heads of a rating agencies on "House of Cards" which was on CNBC and this lady was saying that the agencies didn't understand what they were rating. Well, if you don't nderstand it how do you give it a triple-A rating?
If these loans were properly rated and valued most banks would not have been able to buy them and put them on their books in the first place. The market for the "liar" loans would have dried up quickly and the economic mess would have been avoided.
The big three rating agencies (Fitch, S&P, and Moody's) have shown themselves to be a joke time and time again and the fact that there have been no prosecutions for their complicity in this whole fiasco is a travesty.
If these loans were properly rated and valued most banks would not have been able to buy them and put them on their books in the first place. The market for the "liar" loans would have dried up quickly and the economic mess would have been avoided.
The big three rating agencies (Fitch, S&P, and Moody's) have shown themselves to be a joke time and time again and the fact that there have been no prosecutions for their complicity in this whole fiasco is a travesty.
#1.18 - Thu May 26, 2011 4:38 PM EDT
Why is it suprising that the foreclosures are "astronomically" high? This is NO suprise at all. What you have is a Washington administration that is sitting on it's hands and doing NOTHING RIGHT to FIX the problem.
The PROBLEM is the ECONOMY, and nobody has a job that will pay for those houses that are being forclosed on. It is as simple as that.
So, to FIX the problem, EXPERTS need to go to Washington. The WRONG people are there right now, otherwise we wouldn't be in this mess.
So, successful stock brokers of 30 years or more with the same clients, successful business CEO's with 30 years or more experience in the same company, or people that hold a Ph.D. in economics all need to go to Washington, and advise this current administration CORRECTLY about how to FIX the problem with our economy.
(Then there won't be "astronomically" high forclosures.)
The PROBLEM is the ECONOMY, and nobody has a job that will pay for those houses that are being forclosed on. It is as simple as that.
So, to FIX the problem, EXPERTS need to go to Washington. The WRONG people are there right now, otherwise we wouldn't be in this mess.
So, successful stock brokers of 30 years or more with the same clients, successful business CEO's with 30 years or more experience in the same company, or people that hold a Ph.D. in economics all need to go to Washington, and advise this current administration CORRECTLY about how to FIX the problem with our economy.
(Then there won't be "astronomically" high forclosures.)
- 9 votes
You are Delusional if you are Blaming this Mess on the current Administration.
Our last President was an MBA for goodness sakes and look at the Freakin Mess he left this time. Someone is always cleaning up after him and he left a Doosy this time!
Our last President was an MBA for goodness sakes and look at the Freakin Mess he left this time. Someone is always cleaning up after him and he left a Doosy this time!
- 9 votes
The current administration has no responsibility for the mess and has taken NO actoion to fix anything in the economy. Get the last guy back in office to fix this mess if the current moron will not!!!!!!!!!!
Who is the POTUS anyway? and after over two suffering years without a leader at the helm who then is responsible for fixing this mess created by the last guy?
If the current POTUS is not up to the job get rid of it and elect someone who IS!!!!
Who is the POTUS anyway? and after over two suffering years without a leader at the helm who then is responsible for fixing this mess created by the last guy?
If the current POTUS is not up to the job get rid of it and elect someone who IS!!!!
- 7 votes
ted - You would be correct, if, Obama had taken positive action to turn the economy around. You can sit and blame Bush all you like, but hold on for a second... what has the current president done that proves Bush wrong? There is no forward direction to reduce the national debt. Everytime someone mentions government spending control, Obama steps up to the podium to say there won't be any cuts in his administration that will harm the programs in place. In 2 1/2 years, Obama has piled on an additional $4.3 Trillion to an already staggering amount of debt.
Tell me ted, how can you sit there and blame Bush when your president has done all the wrong things, and there is zero sign from the administration to change course at all. We are heading over the falls with an economic zero at the wheel.
Tell me ted, how can you sit there and blame Bush when your president has done all the wrong things, and there is zero sign from the administration to change course at all. We are heading over the falls with an economic zero at the wheel.
- 12 votes
I really followed this housing problem very closely. Before this mess really cranked up, the major banks sent out hundreds of thousands of offers to refi and save your home. The response was minimal. If you can't make a house payment at any price, a couple hundred won't save you. Most folks took a look and decided to walk, couldn't see the light, saw no end in sight. Supposedly, the recession started in Dec. 2007 and ended in June, 2009??? I'm not sure? We're still sitting on a 9.8% unemployment rate and GDP growth is sluggish at best. Is it over---you tell me.
- 2 votes
How is it EITHER the current or previous administration's fault that so many people were living beyond their means??
If either me or my wife lost our jobs, we would be able to carry the monthly payments. Even if we BOTH lost our jobs, we would be able to carry on for quite a while... months, if not years.
I have a friend who had spread himself way to thin in real estate and owned several properties. He lost every property to foreclosure... his own d#mn fault. Take responsibility for your own poor financial decisions, and stop blaming the President for everything!
If either me or my wife lost our jobs, we would be able to carry the monthly payments. Even if we BOTH lost our jobs, we would be able to carry on for quite a while... months, if not years.
I have a friend who had spread himself way to thin in real estate and owned several properties. He lost every property to foreclosure... his own d#mn fault. Take responsibility for your own poor financial decisions, and stop blaming the President for everything!
- 6 votes
Hungry... "Why is it suprising that the foreclosures are "astronomically" high? This is NO suprise at all. What you have is a Washington administration that is sitting on it's hands and doing NOTHING RIGHT to FIX the problem."
Wake up. The government created the problem,
Wake up. The government created the problem,
- 4 votes
What, precisely, would these so-called experts do to solve the problem? There is no magic bullet. It will take several years of the market working its way through the mess to stabilize home values. And, why do we all look to Washington to fix every problem. "I'm losing my home because I can't make the mortgage payment. It must be the government's fault. The government must do something so I won't lose my home." Or, "I have flat feet, the govt must do something about it."
- 3 votes
There were a number of factors that lead to the housing crisis - it wasn't one thing that caused the problem, and we need to be willing to admit the causes in order to prevent this in the future. Here is what I think the major factors were;
Homeowner greed - nobody forced you to buy a house you couldn't afford to pay for if times got tough.
Government attempting to make everyone a home owner - this lead to a lack of appropriate oversight, and pushing lenders to make loans they knew were risky (but encouraging them to do so via things such as lower margin requirements)
Fannie and Freddie changes - whole lots of problems there, such as the lowest margin requirements, and congressional mandates to buy larger and larger percentage of sub-prime loans
Financial institutions pushing congress for legislative changes to make it easier to make risky loans, and bundling those loans into deceptive bundles that hid the overall risk.
Rating companies that didn't do their job evaluating risks in the housing market and bundled loans.
Homeowner greed - nobody forced you to buy a house you couldn't afford to pay for if times got tough.
Government attempting to make everyone a home owner - this lead to a lack of appropriate oversight, and pushing lenders to make loans they knew were risky (but encouraging them to do so via things such as lower margin requirements)
Fannie and Freddie changes - whole lots of problems there, such as the lowest margin requirements, and congressional mandates to buy larger and larger percentage of sub-prime loans
Financial institutions pushing congress for legislative changes to make it easier to make risky loans, and bundling those loans into deceptive bundles that hid the overall risk.
Rating companies that didn't do their job evaluating risks in the housing market and bundled loans.
#2.8 - Thu May 26, 2011 9:13 AM EDT
This mess started with Clinton and every President since, including Obama, has made it worst or have been incapable or correcting it.
- 2 votes
The Home Builders lobbied the Bush administration to make it easier for people to buy their huge mcmansions the bankers became 'creative' I would agree with some of you that it was the buyers fault for buying beyond their means, but even when people could afford Fixed Rate loans they were 'steered' to the creative financial products that created the huge asset bubble. And yes Bush has an MBA from Harvard but many people forget his 'cross eyed pappy' bought it for him.
That boy had always been financially supported by his dad. As a matter of complete fact Bush never had a real job before he became Governor of the state of Texas. The Bush administration spent over $8 trillion dollars to create this deficit and the asset bubble that destroyed wealth in 2008.
The Obama administration has been hamstrung by the republicans in congress and has only spent $580 billion with a b not a t so therefore the current administration has not wasted the amount of money that the Bush administration did, and every time they try to set up regulation to stop the banks from stealing from people they are thwarted by the republican majority in the house and now you've got Cantor 'bragging' about how the victims of the tornadoes will not be helped until 'cuts' are made.
That will cause needless human suffering that will conveniently be blamed on the Obama administration and not the republicans that caused the situation.
Just like the entire economic mess. We had a surplus, a surplus before Bush assumed office, he wasted all that money and nobody on the right condemned him. And many of you still defend him even though its truly indefensible...
That boy had always been financially supported by his dad. As a matter of complete fact Bush never had a real job before he became Governor of the state of Texas. The Bush administration spent over $8 trillion dollars to create this deficit and the asset bubble that destroyed wealth in 2008.
The Obama administration has been hamstrung by the republicans in congress and has only spent $580 billion with a b not a t so therefore the current administration has not wasted the amount of money that the Bush administration did, and every time they try to set up regulation to stop the banks from stealing from people they are thwarted by the republican majority in the house and now you've got Cantor 'bragging' about how the victims of the tornadoes will not be helped until 'cuts' are made.
That will cause needless human suffering that will conveniently be blamed on the Obama administration and not the republicans that caused the situation.
Just like the entire economic mess. We had a surplus, a surplus before Bush assumed office, he wasted all that money and nobody on the right condemned him. And many of you still defend him even though its truly indefensible...
- 2 votes
Ethelouise,
I'm definitely not a Bush defender - I disagreed with 80 to 90% of what he did in office. He was a social conservative and fiscal liberal - the opposite of me on most positions.
However, it is incorrect to say he inherited a budget surplus. We haven't had a surplus in this country for many decades. The "surplus" was an accounting trick they achieved by including SS money in the general fund. It was a very small deficit, but it was a deficit - not a surplus.
As to the home builders lobbying - yep, they did that. But, so did a lot of organizations...chief among them were Fannie and Freddie starting in the early 90's. Here are a couple interesting links you might like to read:
http://www.npr.org/templates/story/story.php?storyId=92540620
http://www.npr.org/2011/05/24/136496032/how-reckless-greed-contributed-to-financial-crisis
I'm definitely not a Bush defender - I disagreed with 80 to 90% of what he did in office. He was a social conservative and fiscal liberal - the opposite of me on most positions.
However, it is incorrect to say he inherited a budget surplus. We haven't had a surplus in this country for many decades. The "surplus" was an accounting trick they achieved by including SS money in the general fund. It was a very small deficit, but it was a deficit - not a surplus.
As to the home builders lobbying - yep, they did that. But, so did a lot of organizations...chief among them were Fannie and Freddie starting in the early 90's. Here are a couple interesting links you might like to read:
http://www.npr.org/templates/story/story.php?storyId=92540620
http://www.npr.org/2011/05/24/136496032/how-reckless-greed-contributed-to-financial-crisis
- 2 votes
Is it me, or do some people do not know how to read and comprehend. The article says:
Sales of foreclosed homes 'astronomically high' in first quarter
which in essence means that people are purchasing more foreclosed home as oppose to newly built homes. People are willing to purchase foreclosed homes at a discount and make the necessary renovations. Who could blame them if they could get a deal, why pay full price?
Ultimately, this is causing an excess inventory of newly built homes; in addition to the already high inventory of foreclosed homes. As a result, having a negative impact on the housing market inventory.
Sales of foreclosed homes 'astronomically high' in first quarter
which in essence means that people are purchasing more foreclosed home as oppose to newly built homes. People are willing to purchase foreclosed homes at a discount and make the necessary renovations. Who could blame them if they could get a deal, why pay full price?
Ultimately, this is causing an excess inventory of newly built homes; in addition to the already high inventory of foreclosed homes. As a result, having a negative impact on the housing market inventory.
- 1 vote
Please read the articles before sharing your partisan agenda comments on forums like this. I know that for many on both sides, every story is simply an opportunity to bash the other side. However, it is extremely annoying to have to wade through political nonsense when it is clear you didn't even read the article by the fact that your comment totally misses the gist of it. It is about sinister looking (read: 'should raise concerns about bubbles) exaggerated activity in buying foreclosures--not increased rate of foreclosure. We've seen this pattern before and it is time to learn from it before some Wall Street types and sociopathic bankers make off with the country's wealth yet again.
Just for clarification (not that you actually are interested in facts), the mortgage mess is the direct result of decades of deregulation by both parties and it won't stop until some grown up in the room says 'enough' to the banks having a free hand to manipulate markets in their favor. If you really want an 'administration' that won't 'sit on its hands' while banks steal us blind, pay attention to who you are voting for.
Just for clarification (not that you actually are interested in facts), the mortgage mess is the direct result of decades of deregulation by both parties and it won't stop until some grown up in the room says 'enough' to the banks having a free hand to manipulate markets in their favor. If you really want an 'administration' that won't 'sit on its hands' while banks steal us blind, pay attention to who you are voting for.
- 1 vote
I guess I wonder how many people lost their home because they lost their job. I can understand that and sympathize. But how many agreed to purchase a house on an inflated price and then realized, geez, we can't afford this house or thought the house payment fairy was going to appear down the road? When you signed the note you knew what your payments were going to be. And then what percentage was just plain fraud with straw borrowers, etc.
#2.14 - Thu May 26, 2011 10:47 AM EDT
Everyone expects Washington to fix the problem. First of all that is where the problems started. Second, the problems in the foreclosures cannot be fixed. Houses were sold to people that could not afford them. Unless you want Washington to pay their mortrgages then houses will have to be foreclosed on. If you could not afford to buy a house, and you were counting on the house to increase in value so you could sell it at a profit then buy a house that you could afford, well you are out of luck. Houses have to be foreclosed on as people cannot afford to make their monthly payments. People are screaming for banks to forgive loans, lower loan rates, lower principals and all sorts of other ideas, to keep people in houses. Well these people, even with all the reductions probably would not be able to make payments anyway. Thus the need to clean house so to speak and get them mess over with. The sooner we clear out the foreclosure the sooner we can start to rebuild our economy. Let’s not make this mistake again. Tighten up borrowing so people don’t get into houses they cannot afford and let it be lesson learned.
- 2 votes
Bush used Social Security surpluses as well he also raised the debt ceiling limit seven times, but you still insist this mess is from the current administration. And I was responding to comments not the article, the comments are 'off' blaming the current administration when this mess was created under BUSH.
#2.16 - Thu May 26, 2011 2:53 PM EDT
Anyone that says this mess is due to just the Bush or Obama administrations is just playing party politics. The roots of the housing bubble started as early as the early 90's, and there's a good case for saying it started in the 70's. I personally don't think Clinton, Bush or Obama have all been part of the problem - but to place the majority of the blame on any one of them seems misleading to me. (also, keep in mind that most of the legislative changes were supported by both parties in the last 2 decades)
#2.17 - Thu May 26, 2011 3:22 PM EDT
If looking to sell your house as short sale you need to read this
#3 - Thu May 26, 2011 1:12 AM EDT I guess foreclosure pricing is one way to get prices down to where they should be. 2005 - 2008 should not be the benchmark to return to. Those are the "bogus value" years, the years that the banks, realtors, appraisers, sellers and buyers who bought into the game screwed up the system.
#3.1 - Thu May 26, 2011 9:03 AM EDT
Common Sense, You forgot to add the builders into this mess! I havea buddy who is a builder and he was literally threatened by other contractors because he didn't want to jack the prices up on his houses like the rest. He could build a 3 bedroom 3 bath house for close to $40k and was selling them for $75K which is a good markup. The other builders and contractors were selling houses put up faster and cheaper than his were for $125k. Is this good business practice? NO!!!!!!!! Why cant people be honest and fair anymore!! I'm part of a small business and we have a reasonable % that we need to make and no more. If there are savings passed along to us, we pass it along to our customers! PERIOD!! It's all about GREED, plain and simple! Builders and contractors played a role in this as well. By the way, my buddy got out of that market and is doing custom building now because of the pressure to be GREEDY! What has happened to this once great, caring society????
#3.2 - Thu May 26, 2011 11:23 AM EDT
tkld68 wrote "The other builders and contractors were selling houses put up faster and cheaper than his were for $125k. Is this good business practice?"
They were merely selling at prices that customers were willing to pay.
"I'm part of a small business and we have a reasonable % that we need to make and no more."
If you increase your prices, you probably lose customers to your competitors. Price collusion is illegal, but it's nearly impossible for all house builders to raise their prices consistently.
They were merely selling at prices that customers were willing to pay.
"I'm part of a small business and we have a reasonable % that we need to make and no more."
If you increase your prices, you probably lose customers to your competitors. Price collusion is illegal, but it's nearly impossible for all house builders to raise their prices consistently.
#3.4 - Thu May 26, 2011 3:40 PM EDT
If your going sell the house as a short sale you need to read this
#4 - Thu May 26, 2011 1:14 AM EDT Build your own House, it's cheaper and there won't be any Deed problems.
Oh yeah, Hire American Kids to build them this Time...
Oh yeah, Hire American Kids to build them this Time...
- 2 votes
#5 - Thu May 26, 2011 1:26 AM EDT It is Wall Street and the corporate CEO's that have caused this problem along with their bought off cheap Washington politicians. All of this is caused by officially sanctioned treason.
It is the CEO's that have shipped all of our manufacturing jobs off to China and other third world country's to exploit the cheap slave labor. It is Wall Street that invented the sub-prime loan, and the garbage Derivatives that they were bundled into and sold around the world as good paper. And yes, it is the cheap politicians that green lighted all of this. As for the economists. They were the ones saying that everything was rosey right up to the criminal crash, with the exception of maybe a few.
So these are now the same people that are going to fix this. Okay
It is the CEO's that have shipped all of our manufacturing jobs off to China and other third world country's to exploit the cheap slave labor. It is Wall Street that invented the sub-prime loan, and the garbage Derivatives that they were bundled into and sold around the world as good paper. And yes, it is the cheap politicians that green lighted all of this. As for the economists. They were the ones saying that everything was rosey right up to the criminal crash, with the exception of maybe a few.
So these are now the same people that are going to fix this. Okay
- 5 votes
#6 - Thu May 26, 2011 1:26 AM EDT This Person has done their Homework Hungrymongoose. You can learn something from him.
If we stop selling out our own Children's futures to make a Quick Buck and stop letting Politicians keep us at each others throats, maybe, just Maybe we can give our American Kids a future worthy of what our Parents gave us.
Buy American Made and employ our OWN Children, they deserve NO LESS!
If we stop selling out our own Children's futures to make a Quick Buck and stop letting Politicians keep us at each others throats, maybe, just Maybe we can give our American Kids a future worthy of what our Parents gave us.
Buy American Made and employ our OWN Children, they deserve NO LESS!
- 6 votes
All ARM mortgages should revert back to an interest rate not to exceed 5%.
Many homeowners would be able to hold on until their income improves. The lenders would be better off with 5%, as opposed to taking back the house and selling at a loss.
Many homeowners would be able to hold on until their income improves. The lenders would be better off with 5%, as opposed to taking back the house and selling at a loss.
- 2 votes
Michael, I can't agree with you more brother! There was tons of manipulating derrivitives from BBB status to AAA status. Wall street gambles while main street suffers the consequences.
If the government is going to follow a policy of quantitative easing, they should give that printed money to the middle class as a credit and let it filter to the banks or just give us the interest free loans. This would substantially reduce principals while stimulating the economy. All banks are doing now is holding onto the money and letting the middle class suffer (look at m1).
If the government is going to follow a policy of quantitative easing, they should give that printed money to the middle class as a credit and let it filter to the banks or just give us the interest free loans. This would substantially reduce principals while stimulating the economy. All banks are doing now is holding onto the money and letting the middle class suffer (look at m1).
- 1 vote
Ted,
Yes he has some good ideas, but you cannot tell me that having patriotic veteran stock brokers and CEO's, and also economists with a Ph.D. going to Washington is wrong. Sure there are a few bad apples here and there, but true good hearted experts who really care about America, going to Washington to fix our problem, IS the right thing to do.
Yes he has some good ideas, but you cannot tell me that having patriotic veteran stock brokers and CEO's, and also economists with a Ph.D. going to Washington is wrong. Sure there are a few bad apples here and there, but true good hearted experts who really care about America, going to Washington to fix our problem, IS the right thing to do.
- 1 vote
Where do the former homeowners who borrowed over their heads figure into your grand scheme of blame placing?
- 1 vote
oh come now. we can't actually hold people responsible for their own actions! feels better to blame the banks, or a president. like bush or obama co-signed for you...lol
- 1 vote
sure david, everyone was ok with their ARM when they were betting the value would go up, but dont want to take the hit when they lose. i almost feel sorry for the gamblers...maybe we can get the folks in vegas to buy off on the same concepts?
#6.7 - Thu May 26, 2011 9:28 AM EDT
David California wrote "All ARM mortgages should revert back to an interest rate not to exceed 5%."
So why didn't these customers get a mortgage with a fixed rate in the first place? Did they want a few years of very low or interest-only payments?
So why didn't these customers get a mortgage with a fixed rate in the first place? Did they want a few years of very low or interest-only payments?
#6.8 - Thu May 26, 2011 3:41 PM EDT
How is home prices going down a bad thing? They're not going to go to zero but will drop to a level people can afford them without spending most of their income on the mortgage payment. That's a GOOD thing.
- 3 votes
#7 - Thu May 26, 2011 1:28 AM EDT You are right Eric housing prices still need to come down,so people with jobs or fixed incomes can afford live in them.People are setting them selves up with financial problems with over inflated home that they will never be able to pay off,because their debt slaves to banks.Buying a home in this country is way over rated anyway.Average home prices should be $50,000 not $150,000,lower is a better way to go when it comes to homes.
- 2 votes
It's only a good thing if you didn't work your butt off to buy a house that you could actually afford prior to the housing crash!
The economy was hit so hard by this whole mess that the entire company I worked for had to close their doors. Then I was stuck with a mortgage that was much higher than the value of the house I was once very proud of. How is that a good thing??
I guess everything has a way of being really good for some and really bad for others.
The economy was hit so hard by this whole mess that the entire company I worked for had to close their doors. Then I was stuck with a mortgage that was much higher than the value of the house I was once very proud of. How is that a good thing??
I guess everything has a way of being really good for some and really bad for others.
- 1 vote
DV-2427039 you got yourself to blame.A home should looked as a home not a investment.Next time you ever plan on buying home,i recommend you take a different approach to it.Like i said buying a home is way over rated.
- 2 votes
Wow, aren't you the sympathetic one TBI! It's all DV-2427039's fault? He/She knew the banks were gambling and using AIG as insurance and he/she knew AIG wouldn't pay?
I guess DV should have predicted he/she would lose their job due to the housing market crisis cascading into all the business world. I guess DV should have known banks wouldn't loan out money to businesses to pay their employees? TBI, you're the friggin idiot!
I guess DV should have predicted he/she would lose their job due to the housing market crisis cascading into all the business world. I guess DV should have known banks wouldn't loan out money to businesses to pay their employees? TBI, you're the friggin idiot!
- 3 votes
Mirror if you like over inflated homes and paying more than half your income on 1 be my guest.I guess you like being a debt slave to a bank for the rest of your life.
- 2 votes
Let's see....gas is going up in price, food is going up in price, all other merchandise and services are going up in price but homes will continue to go down? Ok TBI live in your little fantasy world. The government is printing money as fast as it possibly can and trying to infuse it into the economy but the financial institutions are just sitting on it, once the floodgates open, you'll see inflation (possibly hyperinflation). As the dollar loses value, it will require more dollars to buy merchandise. Which means to you TBI, that you'll probably be paying more for a new car in 10 years than you would for a house bought today, a #2 meal at Taco Bell will cost $50 dollars and homes will be up in the millions. The trend will be everything going up in price while slaries lag behind. It's the American way!
#7.6 - Thu May 26, 2011 2:41 AM EDT
DV wrote "Then I was stuck with a mortgage that was much higher than the value of the house I was once very proud of. How is that a good thing??"
Lower house prices are better for all future buyers. A decade of buyers that received easy credit to purchase over-priced assets will lose out. Oh well. Buy low, sell high, and not the other way around.
Lower house prices are better for all future buyers. A decade of buyers that received easy credit to purchase over-priced assets will lose out. Oh well. Buy low, sell high, and not the other way around.
#7.7 - Thu May 26, 2011 3:43 PM EDT
I am one of the many that has lost my home to the bank. Wells Fargo had a chance to sell the home before they payed the high prices the lawyers demanded. Several prospects wanted to buy my home under a short sale deal. Wells Fargo had approved our going that route. But when the time came, Wells Fargo always had an excuse why they could not sell to the individual. The latest buyer had the money in hand, but the bank lawyers told the judge in court that there were no buyers for the home and Wells Fargo was foreclosing on the home for $308900. The buyer that they forgot to tell the judge about had offered 310000. The judge had no choice but to order the home seized and turned over to Wells Fargo. Take the hint folks, don't do business with Wells Fargo!!!!
- 11 votes
Thanks for posting this. My parents started an minor's custodial investment fund for my son with them many years ago. After reading your post, I will be pulling the money out and putting it with a company that doesn't hate people ... Are there any? Meh, he's almost 18, maybe I'll just put it in a credit union CD. Sorry for your troubles. I hope things are better for you soon.
- 4 votes
you dont pay your mortgage and wells fargo is to blame? Your a loser and the housing crisis is caused by idiots like you.
- 1 vote
I am on the 7th year of a five year arm with Wells Fargo. I am making the same payment, but Wells Fargo refuses to lock me into a secure 30 year mortgage. My house is way upside down, and that's their reason, even though I was willing to make the payments at a financial loss. The pricipal on my loan goes down in small increments becasue I pay extra, but it is no where near the market value.
The contracting company I was with closed the operation in my area, but I couldn't move, (nobody was willing to take the huge hit). So I quit got a license, and worked as a consultant, from my home, since.
If inflation drives the prime rate up 1 to 2 points, my Adjustable Rate Mortgage will force me into forclosure. I'll lose my home and my business.
What a nice profit game for my bank to play with me and my family.
When I politely complained, my banker said that it was bank regulations that wouldn't allow me to lock into the 30 year rate. He then said that the bank didn't force me to buy the house. I assured him I wasn't speculating. I just needed a home for my family.
So I coast along, without getting ahead or behind, and each time I see the consumer price index jump, or the prime rate go up, I get depressed and my ulcer gets worse.
thanks WELLS FARGO! I see the pictures of the happy families in your mortgage ads that I receive as junk mail, and chuckle at the cynical irony.
The contracting company I was with closed the operation in my area, but I couldn't move, (nobody was willing to take the huge hit). So I quit got a license, and worked as a consultant, from my home, since.
If inflation drives the prime rate up 1 to 2 points, my Adjustable Rate Mortgage will force me into forclosure. I'll lose my home and my business.
What a nice profit game for my bank to play with me and my family.
When I politely complained, my banker said that it was bank regulations that wouldn't allow me to lock into the 30 year rate. He then said that the bank didn't force me to buy the house. I assured him I wasn't speculating. I just needed a home for my family.
So I coast along, without getting ahead or behind, and each time I see the consumer price index jump, or the prime rate go up, I get depressed and my ulcer gets worse.
thanks WELLS FARGO! I see the pictures of the happy families in your mortgage ads that I receive as junk mail, and chuckle at the cynical irony.
- 2 votes
Perhaps Wells Fargo has equal misgivings about doing business with you.
- 1 vote
What needs to be done with banks is to toss the vast majority of employees into the street starting with anyone who has manager in their title.
Banks are full of process oriented people who blindly follow instructions no matter how stupid. They are no better than a biologically computer. If the program their manager loaded into their brain says to collect the same document over and over they will just do it rather than question.
The problem is that many of the managers are also computers who blindly follow instructions. When you finally get to the person who writes the processes it is most likely the cheapest company the greedy top managers could outsource it to. Most likely a bunch of lawyers who who could care less since when the bank gets in trouble they will again be hired to write more paperwork up.
Unlike most other business where employees are rewarded for thinking outside the box banks, like government, rewards following instructions to the letter. The culture of banks drives out those who have their own brains leaving people whose only concern is do step A, collect paycheck, do step b become manager collect bigger paycheck, do step a.... all the while they are falling off the cliff to unemployment.
Banks are full of process oriented people who blindly follow instructions no matter how stupid. They are no better than a biologically computer. If the program their manager loaded into their brain says to collect the same document over and over they will just do it rather than question.
The problem is that many of the managers are also computers who blindly follow instructions. When you finally get to the person who writes the processes it is most likely the cheapest company the greedy top managers could outsource it to. Most likely a bunch of lawyers who who could care less since when the bank gets in trouble they will again be hired to write more paperwork up.
Unlike most other business where employees are rewarded for thinking outside the box banks, like government, rewards following instructions to the letter. The culture of banks drives out those who have their own brains leaving people whose only concern is do step A, collect paycheck, do step b become manager collect bigger paycheck, do step a.... all the while they are falling off the cliff to unemployment.
- 1 vote
If you don't fulfill your promise to pay your mortgage, why do you care what Wells Fargo does with the house. It's not yours.
#8.6 - Thu May 26, 2011 7:56 AM EDT
Upset with Wells Fargo! - I share your pain, but not at the level you experienced. Wells Fargo, which bought Wachovia, repoed my USED Toyota Avalon with over 80,000 miles and more than halfway through the loan period (I paid on that car for three years). I had put more than $15,000 in car payments into that car and was 69 day overdue, but was sending money; I just couldn't keep it current after being laid off and out of work for 10 months. They took it in the night with all sorts of personal belongings in it and got it hours away from me before they could tell me where it was. One year later I got a bill for the remaining balance after auction. They sold that car for $5,000 at auction, and sent me a bill for $10,000.
You know, if it were a brand new car and within the first year I was unable to keep my payments current, I could have understood. But this happened in 2010, and it was a 2003 model year automobile. I figured that I would eventually catch up with the loan, and that they wouldn't waste their time and energy - I figured they had bigger fish to fry than going after a 7 year old car with nearly 100,000 miles - but I thought wrong! They're vultures as far as I'm concerned!! They would have gotten more money out of me than they got at auction - way more. I had every intention of honoring my debt. But hey, it was and still is "the Great Recession". Today I earn almost half what I once earned.
You know, if it were a brand new car and within the first year I was unable to keep my payments current, I could have understood. But this happened in 2010, and it was a 2003 model year automobile. I figured that I would eventually catch up with the loan, and that they wouldn't waste their time and energy - I figured they had bigger fish to fry than going after a 7 year old car with nearly 100,000 miles - but I thought wrong! They're vultures as far as I'm concerned!! They would have gotten more money out of me than they got at auction - way more. I had every intention of honoring my debt. But hey, it was and still is "the Great Recession". Today I earn almost half what I once earned.
#8.7 - Thu May 26, 2011 9:05 AM EDT
Share the information with your US Senator. The US Senator from Alabama, Shelby is on the Finance committee. He would be interested in knowing what experience you had with Wells Fargo.
Welcome to the club of thousands who lost their home because of the predatory practices of Wells Fargo.
Welcome to the club of thousands who lost their home because of the predatory practices of Wells Fargo.
#8.9 - Thu May 26, 2011 9:44 AM EDT
Next time keep paying your mortgage and you won't loose your house. It seems like common sense to me. If you fell on hard times, then where was your emergency fund? If the fund ran out you didn't have enough and/or you should never have bought a house. The problem is not the bank, it is YOU who clearly should never have signed up for a mortgage.
- 1 vote
I love the guy complaining about how he was behind in his car payment and the bank repossessed his car. REALLY? You mean if you don't pay for the thing you promised to pay for someone can legally take it back? This is shocking to me. Life is not 'lets make a deal' you admit you were months behind in payments and you now want to calculate the blue book value of the car and question why the bank came and took it and sold it? The banks are not there to give you a pass on being incompetent, they are there to make a profit. You signed the car note, you didn't pay, the bank to what was theirs to make up for the fact you didn't fulfull your promise, end of story.
- 1 vote
It's not just Wells Fargo. I had bought a new house and was trying to sell my old house when the market collapsed. JP Morgan Chase happened to own the loan. The investors (Fannie Mae or Freddie Mac it was one of those) would not let me short sell, even those JP Morgan said I could. I had several cash offers. I paid on both houses for awhile and after several short sell declines from JP Morgan (they were even higher than the minimum they claimed we could short sell for) I told them they can have the house back. Bottom line is yes folks agree to pay and they should. If not they are in the wrong. But at the same time, banks should have to manipulate the system to approve folks who should not have been approved. So both parties are at fault. And 1 person foreclosing is NOT going to collapse an entire country's economy. But a corrupt banking system will.
- 1 vote
Or maybe just pay your bills? You took the risk of getting a loan on a home which later you couldn't afford... You signed the bottom of the mortgage contract which states you will be using your home as collateral in the event you would default on your loan. You signed the bottom which states you understand and acknowledge the contract...
Next time buy a house which you can afford if you lose your job...
Next time buy a house which you can afford if you lose your job...
#8.13 - Thu May 26, 2011 1:15 PM EDT
J. Hicks wrote "They sold that car for $5,000 at auction, and sent me a bill for $10,000."
This is the part about asset repossession I do not understand. How can a lender take your payments, the asset used as collateral and still send you a bill? Doesn't all of that add up to more than the loan?
This is the part about asset repossession I do not understand. How can a lender take your payments, the asset used as collateral and still send you a bill? Doesn't all of that add up to more than the loan?
#8.14 - Thu May 26, 2011 3:48 PM EDT
Vincent - Because he owed more than the car was worth. Not unusual with auto loans.
I'm sure he got billed for the banks added expense to repossess and auction the car, plus interest on the unpaid debt.
When you borrow money, you need to understand that the bank expects to be repaid. Period. They're not your mother, and they don't care about your problems. Grow up.
I'm sure he got billed for the banks added expense to repossess and auction the car, plus interest on the unpaid debt.
When you borrow money, you need to understand that the bank expects to be repaid. Period. They're not your mother, and they don't care about your problems. Grow up.
#8.15 - Thu May 26, 2011 4:31 PM EDT
If we stop selling out our own Children's futures to make a Quick Buck and stop letting Politicians keep us at each others throats, maybe, just Maybe we can give our American Kids a future worthy of what our Parents gave us.
Buy American Made and employ our OWN Children, they deserve NO LESS!
Buy American Made and employ our OWN Children, they deserve NO LESS!
#9 - Thu May 26, 2011 1:36 AM EDT All planned out. In early 1980’s both political parties endorsed and released “Workforce 2000” plans starting with the Fortune 500 companies. Workforce 2000 and NAFTA is Americas contribution to the new global economy. Jack Welch, then CEO of GE designed the model and the rest of the big leaguers followed in his foot steps. I remember it well working for a large aerospace company in So. Cal.
We attended a four hour presentation on how America was going to change. We were to become a service oriented country. How labor intensive work was going to be out sourced. How Chinas average pay scale was a whopping .35 cents per day. The man hours it took us to build one large airplane would be an equivalent cost to the most expensive BMW motorcar. Were all our stock holder excited. The Demographics of America were also explained. Guess what? The Hispanic communities was going to be the major population in the LA basin area. That’s right. See where we are today. All part of the plan and don’t forget, all endorsed by both political parties. Then the whipshooding began. Jack Welch implemented a theme called, “Keeping the Ideas Coming”. Ref. March Fortune 500 article. With the threat, or inevitable loss of our jobs, he started a manipulation cooptation strategy to pick the employees brains and make them think they could compete and save their jobs/asses. The CEO’s, corporate leaders and politicians are raking in all the benefits.
In 1992 United Auto Workers union, (UAW) predicted that only 4% of the American workers will be represented by a union. Police, fire services and a few more government jobs will be represented to show the world America is still labor friendly.
As Americans Change so to speak and our earning power diminishes Americans will eventually take what they can get. Just like other third world counties did. Its Americas turn to become the stepchild.
And now Obama is bringing in Jeffrey Immelt CEO from GE. Immelt cut his teeth under Jack Welch and Harry Stonesypher. GE was the model corporation which has led to American’s loosing their jobs. Amazing how everything predicted is coming to pass.
Wal-Mart has become the new commissary to America.
So when I hear and read about this new economy BS, remember our government has it all under control. The part I have trouble with is if people are not working and or making half of what they use to make, income tax revenue will drop as well. How dose a tax system expect to sustain and pay for basic services, afford a healthcare program and frequent handouts to the world in trouble?
- 9 votes
#10 - Thu May 26, 2011 1:38 AM EDT Now our Labor will be forced to compete with third world labor. I think that was the Globalists primary objective.
Clintons sales pitch for NAFTA was that it would Float all Boats.
Jobs will only come back to America when our Labor costs equal Third World Labor costs.
Ross Perot was Right, but they Drummed him out as being a Lunatic.
They couldn't bring the third worlds standard of living up to Americas, so they did the exact opposite. That's my best guess...
Clintons sales pitch for NAFTA was that it would Float all Boats.
Jobs will only come back to America when our Labor costs equal Third World Labor costs.
Ross Perot was Right, but they Drummed him out as being a Lunatic.
They couldn't bring the third worlds standard of living up to Americas, so they did the exact opposite. That's my best guess...
- 7 votes
I think the Sub Prime Meltdown was engineered, intentional. I could be all washed up on that but when the BANKSTERS reset all the interest rates to higher levels, they had to know that Borrowers couldn't make those higher payments, not with Liar Loans, ARMs and adjustable Rate Mortgages. These guys were just too highly educated to not what would follow.
After the Sub Prime melt Down happened all that Paper sold overseas became worthless and then the Dollar collapsed. What better way to equalize Labor Costs around the World. Now American Labor will have to work for less. They might make the same amount of money but it won't come close to buying what it used too. In one fell swoop, American Labor became Third World Labor and the Sub Prime Melt Down was the Coup De Grass
After the Sub Prime melt Down happened all that Paper sold overseas became worthless and then the Dollar collapsed. What better way to equalize Labor Costs around the World. Now American Labor will have to work for less. They might make the same amount of money but it won't come close to buying what it used too. In one fell swoop, American Labor became Third World Labor and the Sub Prime Melt Down was the Coup De Grass
- 3 votes
It's the only thing that makes sense, if something like that makes any sense.
Just thinking out loud and trying to understand it all...
Just thinking out loud and trying to understand it all...
- 1 vote
Laos Deo, you hit the nail on the head! In 1994, my corporation (Willamette Industries, which at that time, was in the Fortune 500) decided to "downsize". I was first asked, then TOLD to resign, lost my house to a foreclosure, and was unable to find a job in my area of design that I had been doing for 14 years. The headhunters told me that for some unexplained reason, ALL the like industries were doing exactly the same thing. But my wife and I sat down, thought it out carefully, and did what I think many Americans should do now - start over. I went from a high - class designer, at 52 years old, with secretaries, priviledges, six - figure income, bonuses, to working in a gas station for minimum wage, taking abuse from customers and bosses alike. Seventeen years later, we live on MUCH less income, I still work (at 69) on a night job, but have a 2000 sq. ft. home on 25 acres of property (now in Montana), a new car, two old trucks, huge garage, motohome (34 ft.) - and, everything but the motorhome is paid for! We bought the property first, paid it off, then bought the home, paid it off, then bought the car, etc. Now, we just bought a 1998 Winnebago 34 ft. motorhome, and should have it paid off by next year. We stopped drinking, smoking, going to movies, concerts, dinners, and instead paid as much as we could afford every month to pay off whatever we were buying. We still go out to lunch a couple of times a month, and go to many activities that are free, or at least inexpensive. Americans waste a ton of money on luxries, then whine when they can't pay their bills or their taxes. We pay our bills and pay our taxes.
- 3 votes
Ted, it was Bush SR that penned it and championed for NAFTA. He even ceremoniously signed it into law since it wouldn't take effect until Clinton was in office. It was an extension of Reagan's trade agreement with Canada.
Just wanted to clarify that.
Just wanted to clarify that.
- 1 vote
Bill, I have great respect for your family. What you have been through. What you have overcome. Your wisdom is tried and true. Yet, I must relate the train wreck that a friend has been in. He too has been discarded by the white collar corporate world. Working package delivery, retail clerk, etc... but now has stage 4 cancer, with minimal insurance coverage (spouse's). The spouse is facing a life alone and buried in medical debt. The critic would say that good pay and health benefits are unrealistic, the employee is never worth it. My response, there is no bottom to this slide. The new global economy offers no bottom and no peace for anyone. Not for a worker in America / UK / France, nor in China / Malaysia / Thailand / India. If you doubt my statements, read the following...
informationweek.com/news/163702861
siamenglish.com/2010/09/14/monthly-wages-for-manufacturing-workers-in-thailand-now-lower-than-in-china
The near-term scope of this drain...
labor.ny.gov/stats/PDFs/Offshore_Outsourcing_ITJobs_NYS.pdf
thehackettgroup.com/about/alerts/alerts_2010/alert_12022010.jsp
With each additional person out of work, there is an increased downward pressure on the salaries of unskilled workers. The job applicants at Walmart multiply until they'll lower the wage offered. If that happens to be the federal minimum wage, they'll someday go to their lobbyists in Congress and demand that [in the new global economy], the federal minimum wage must be abolished. A form of that mindset already exists. They'll continue to do the same with small business competition. Stand now for the middle class, or our voice may never be heard again.
informationweek.com/news/163702861
siamenglish.com/2010/09/14/monthly-wages-for-manufacturing-workers-in-thailand-now-lower-than-in-china
The near-term scope of this drain...
labor.ny.gov/stats/PDFs/Offshore_Outsourcing_ITJobs_NYS.pdf
thehackettgroup.com/about/alerts/alerts_2010/alert_12022010.jsp
With each additional person out of work, there is an increased downward pressure on the salaries of unskilled workers. The job applicants at Walmart multiply until they'll lower the wage offered. If that happens to be the federal minimum wage, they'll someday go to their lobbyists in Congress and demand that [in the new global economy], the federal minimum wage must be abolished. A form of that mindset already exists. They'll continue to do the same with small business competition. Stand now for the middle class, or our voice may never be heard again.
#10.6 - Thu May 26, 2011 10:15 AM EDT
To say that "27% of all sales are foreclosure properties" is somewhat misleading. That's not to say that 27% of the available inventory are foreclosures - the number is much lower. It's that the market prefers to buy distressed properties over non-distressed properties. And they prefer them for one reason: price. Why would a buyer pay 20% to 30% more for what is essentially the same house? As long as the banks continue to liquidation-price their foreclosed properties, those properties will continue to drive the market. That's a lot of inventory that needs to be sold off, and more coming in every day. Until the economy gets better there won't be enough buyers, and until there are more buyers the economy won't improve.
#11 - Thu May 26, 2011 1:39 AM EDT Ultimately what can be paid for a home is directely related to salaries and wages.
These are down - way down!
Expect house prices to follow no matter what shaninnigans are pulled!
These are down - way down!
Expect house prices to follow no matter what shaninnigans are pulled!
- 1 vote
Im glad more foreclosers are coming.This is a correction for over inflated home prices that people could never afford,bottom line is housing prices need to come way down,not up.Affordable housing is the way to go,people need to stop being debt slaves to banks.The ponzi scheme of over inflated home prices is coming to a end.
- 5 votes
#12 - Thu May 26, 2011 1:55 AM EDT Just like good JOBS teabrain idiot, they also came to an end!
Thanks Uncle China........
Thanks Uncle China........
- 1 vote
At least you're happy. That's a consolation to an economy on the brink. Look at the price of building a new house. Not the selling price, the cost of materials and labor. Then go see a specialist about getting your head out of your posterior.
- 1 vote
The whole banking and housing market is one huge scam! I hope this limp Government hammers these ass hole bankers and cleans house just like the FDIC does with a bad bank take overs! We have enough evidence lets jail these scam artists!
- 5 votes
#13 - Thu May 26, 2011 2:09 AM EDT Thanks to Obama the housing market is in a stage of collapse. Expect prices to fall not to 1995 levels, not to 1990 levels, but all the way to 1970 levels or lower.
Obama doesn't realize what's going on and how much surburbia made America one of the safer places for kids to grow up. He is fast destroying that due to his inaction.
Obama has peas for brains and is not fit to be a President.
Thanks to Obama fiddling while Rome is burning expect the housing situation to bring down this country as it will collapse all the major banks in the years ahead.
It will do this because prices will collapse, and the 30% underwater now will grow to nearly 100% underwater as prices fall to 1980 levels or lower then every single 30 year mortgage basically will be underwater.
And that will prompt a mass walk off and a mass bank failures and push America into bankruptcy.
Thanks Obama.
Obama doesn't realize what's going on and how much surburbia made America one of the safer places for kids to grow up. He is fast destroying that due to his inaction.
Obama has peas for brains and is not fit to be a President.
Thanks to Obama fiddling while Rome is burning expect the housing situation to bring down this country as it will collapse all the major banks in the years ahead.
It will do this because prices will collapse, and the 30% underwater now will grow to nearly 100% underwater as prices fall to 1980 levels or lower then every single 30 year mortgage basically will be underwater.
And that will prompt a mass walk off and a mass bank failures and push America into bankruptcy.
Thanks Obama.
- 1 vote
#14 - Thu May 26, 2011 2:16 AM EDT ImMelting, LOL! I am laughing at your name, but I don't dare laugh at your comment...
#14.1 - Thu May 26, 2011 2:25 AM EDT
I respectfully disagree.. If foreclosures continue to rise(my guess is they will), causing increased bank failures, the federal government will simply print more money to bail out the banks.. the housing market will not collapse, the value of your dollar will..
For the politician, it's very simple; give the bill to the people who can't vote.. our children
For the politician, it's very simple; give the bill to the people who can't vote.. our children
- 1 vote
Don't believe the numbers. Think about it - 2-3million homes foreclosed upon each
year 2008, 2009, 2010 - Conservatively that is 6million homes foreclosed upon so far. The banks have been able to sell 5.1million of these homes to date? I don't think so. The banks own a lot more than 872,000 homes. They actually own something more like 3-4 million homes and the situation is only getting worse. A shadow inventory of 872,00 homes not a big deal. A shadow inventory of 4-7 million homes that is a problem and that is the exact problem the banks are facing.
Home prices have nowhere to go but down. The numbers are still being fudged and the banks are not properly valuing these assets on their books. The question is not
whether another crash is coming but when, because all of the Too Big to Fail
Bank are now much larger and have more leverage on their books plus a toxic
asset base that has increased greatly since 2008. Hold on, this could get ugly.
year 2008, 2009, 2010 - Conservatively that is 6million homes foreclosed upon so far. The banks have been able to sell 5.1million of these homes to date? I don't think so. The banks own a lot more than 872,000 homes. They actually own something more like 3-4 million homes and the situation is only getting worse. A shadow inventory of 872,00 homes not a big deal. A shadow inventory of 4-7 million homes that is a problem and that is the exact problem the banks are facing.
Home prices have nowhere to go but down. The numbers are still being fudged and the banks are not properly valuing these assets on their books. The question is not
whether another crash is coming but when, because all of the Too Big to Fail
Bank are now much larger and have more leverage on their books plus a toxic
asset base that has increased greatly since 2008. Hold on, this could get ugly.
- 3 votes
#15 - Thu May 26, 2011 2:17 AM EDT I have a Realtor friend who basically agrees with WalkAway. He explained to me that the banks are sitting on huge inventories of repos but they dribble them out a few at a time.
The idea being that when they put a few on the market people with a little bit of money (buying power) rush to "cash in" on these "good deals" before the prices go up again. After all, you can't build a house for the sq-ft prices some of the houses are selling for.
The idea being that when they put a few on the market people with a little bit of money (buying power) rush to "cash in" on these "good deals" before the prices go up again. After all, you can't build a house for the sq-ft prices some of the houses are selling for.
#15.1 - Thu May 26, 2011 11:35 AM EDT
I agree completely! Finally the homes are affordable were a normal job can accomidate the finacial obligation of owning a home.
- 1 vote
#16 - Thu May 26, 2011 2:17 AM EDT Why all the foreclosures and bankruptcies? Look at the corporations and the politicians with our jobs in China, India, and anywhere there is dirt cheap labor and you'll know why we are loosing our homes and businesses. Then everything gets more expensive and our schools are falling apart and no healthcare coverage and losing fire and police but they rather keep paying welfare and services to the bums of society and illegals and immigrants. Looks like we're doomed and its 1929 depression again. Yet nothing is being done. I know Roosevelt would carry a very very big stick.
- 3 votes
#17 - Thu May 26, 2011 2:20 AM EDT Boeing is trying to open a factory in South Carolina but guess who's stopping them? Our celebrity POTUS! I wouldn't be surprised if Boeing just move to Mexico or China instead of dealing with union outrageous demands.
#17.1 - Thu May 26, 2011 4:45 PM EDT
Dont forget George Bush who created the financial crisis where banks didnt have the money and wouldnt dare make loans for people to buy homes and let businesses borrow money. Otherwise things would be a lot better. He such an idiot.
- 3 votes
#18 - Thu May 26, 2011 2:37 AM EDT I think the new home builders will all have to cave and drop their prices due to the shadow inventory! Oh and also check out my dudes site at www.iamjordaneli.com . It should invoke thought.
#19 - Thu May 26, 2011 2:39 AM EDT Does any one know how to get a report of what lender o (s) have own the loan of your house?. there is hope to those that have lost our homes, to sue their behinds for abuse on extra fines and change in mortgage agreements just because they decided to sell in packages our future and our dreams destroying our entire family life. now there is nos savings funds, no credit, no employment. there may be some one getting advantage of this but I'm pretty sure there are much more in the same hole.
- 1 vote
#20 - Thu May 26, 2011 2:48 AM EDT To truly understand the mess that happened with the housing, banking, and wall street look no further than Teflon Ron and his band of greedy BASTARDS that deregulated banks and wall street. Trickle down theory economics work only for the very wealthy and politicians.
- 6 votes
#21 - Thu May 26, 2011 2:54 AM EDT But, there's more! The unregulated criminal capitalists who administer the system also gave a quadrillion (that's a thousand billion) dollars to the most vile organized crime syndicate kingpins of all time, to cover-up their involvement and postpone judgement day.
This country's economy is so broken that it's not going to survive. It's time to imprison and torture the cult of the greedy. If you just enhance the torture by small incruments every day, with horrifying resolve, even sociopaths like Dick Cheney will tell you where they hid the money.
This country's economy is so broken that it's not going to survive. It's time to imprison and torture the cult of the greedy. If you just enhance the torture by small incruments every day, with horrifying resolve, even sociopaths like Dick Cheney will tell you where they hid the money.
- 1 vote
#22 - Thu May 26, 2011 3:21 AM EDT In *WHAT* planet is the author living on? I really want to know because it is very different than what RealtyTrac's own figures show! The article is plainly sensationalist and seems to point to a negative growth in the realty market when, in fact, the realty market is growing!! I signed up for RealtyTrac's free guest account and got some FACTS!!
1. Home price appreciation is no longer falling.
2. New foreclosure activities are falling!
3. Sales prices are rising!
4. Overall foreclosure sales count is falling
5. The discount rate between new and foreclosed home is shrinking!
All of these point to a recovering market. Also, the author of the article made a mathematical mistake! He opines that it will take three years to kill off the entire inventory of 1.8m homes in America. He neglects two things:
1) The US Population continues to grow. This means that demand is not on a straight line but, rather, a curve.
2) The economy will continue to grow for at least the next two years that I can see. This means that demand will continue to grow on a curve.
3) The building of new homes has slowed.
All of this means supply will quickly be consumed in LESS THAN THREE YEARS. My guess is we have about twelve months of inventory left before demand will start to outstrip supply. That means it will be a buyers market for a maximum of twelve more months. Enjoy it while it lasts!
1. Home price appreciation is no longer falling.
2. New foreclosure activities are falling!
3. Sales prices are rising!
4. Overall foreclosure sales count is falling
5. The discount rate between new and foreclosed home is shrinking!
All of these point to a recovering market. Also, the author of the article made a mathematical mistake! He opines that it will take three years to kill off the entire inventory of 1.8m homes in America. He neglects two things:
1) The US Population continues to grow. This means that demand is not on a straight line but, rather, a curve.
2) The economy will continue to grow for at least the next two years that I can see. This means that demand will continue to grow on a curve.
3) The building of new homes has slowed.
All of this means supply will quickly be consumed in LESS THAN THREE YEARS. My guess is we have about twelve months of inventory left before demand will start to outstrip supply. That means it will be a buyers market for a maximum of twelve more months. Enjoy it while it lasts!
- 1 vote
#23 - Thu May 26, 2011 3:26 AM EDT mindragon, you must not live where I do - Montana, where the value of homes is STILL falling, foreclosures are rising, employment is almost non - existent, businesses are still disappearing, new homes are not being built (for spec), yet the prices of everything is RISING! I shudder to think where this state will be in three years.
#23.1 - Thu May 26, 2011 4:11 AM EDT
If you do not believe me, go to realtytrac.com and register / login using the free guest process. The author of this article used this site for the basis of the doom and gloom article that was posted. The information for Montana is on their site and shows a similar trend. Foreclosure activities are going down.
I do not work for any Real Estate company. I was not talking about the rest of the economy. Yes, prices for gas and banking are going up. However, it is quite likely that this will be moderated by other changes to increase income or to lower other expenses.
I do not work for any Real Estate company. I was not talking about the rest of the economy. Yes, prices for gas and banking are going up. However, it is quite likely that this will be moderated by other changes to increase income or to lower other expenses.
#23.3 - Thu May 26, 2011 10:50 AM EDT
By all means, listen to the "hype" of Realty-Trac on their website! Then, hurry and buy this "limited" number of foreclosures because these prices aren't going to last long!
Try taking a look at http://www.zillow.com and see that housing values are still falling like a rock. I "claimed" our home on Zillow so every month they send me an email with the good news that the value of our home is still going down!
Since I'm not planning on moving my "paper loss" is only about $100K since I bought the home a few years ago. I know that loss is real because the exact same floor plans have sold at $100K less than I bought at. Zillow isn't an exact measure but it is a pretty accurate "general" trend.
Try taking a look at http://www.zillow.com and see that housing values are still falling like a rock. I "claimed" our home on Zillow so every month they send me an email with the good news that the value of our home is still going down!
Since I'm not planning on moving my "paper loss" is only about $100K since I bought the home a few years ago. I know that loss is real because the exact same floor plans have sold at $100K less than I bought at. Zillow isn't an exact measure but it is a pretty accurate "general" trend.
#23.4 - Thu May 26, 2011 12:00 PM EDT
I might add that those sales prices I was talking about were NOT short sales or repos. They were "market" sales by the owners.
#23.5 - Thu May 26, 2011 12:08 PM EDT
Greedy BASTARDS, Yep Wells Fargo is taking the home from my family also. The U.S.A is going to hell and wells fargo has the wagen. Government and corp. america took the jobs the money,and now your houses. U can't trust then,way fight for them. AND BUSH, YOU RAPED US ALL.
- 2 votes
#24 - Thu May 26, 2011 3:38 AM EDT A typical whiner. I noticed you never accepted any blame or fault yourself. Greed causes this nightmare, greed for money, greed for political power and greed driven by envy. We all had a hand in this and we will all have to work together to get out of it.
#24.1 - Thu May 26, 2011 9:05 AM EDT
Liberals (who love to blame others, especially conservatives) still have Bush Derangement Syndrome. Bush hasn't been POTUS for over 2 1/2 years. I "think" the POTUS is Obama?
And who has been in control of congress since 2006 (which changed in Nov 2010)? Democrats. Who was said that Fannie Mae and Freddie Mac were sound and to keep on lending...hmmmmmmm? Barney Frank and his buddies (including Franklin Raines). The Community Reinvestment Act started out as a reasonable move to prevent "redlining", but quickly evolved to "insist" that banks give loans to those who were poor, couldn't prove credit worthy, etc.
Now, that the housing market continues to meltdown with foreclosures, the progressives are screaming at Bush. Ridiculous. Also, no one forced anyone to sign a dotted line to buy something you knew you could not afford. My parents saved and saved until they had a large down payment and even then could only buy a home within their means. And that was with only my dad working and four kids to support.
And who has been in control of congress since 2006 (which changed in Nov 2010)? Democrats. Who was said that Fannie Mae and Freddie Mac were sound and to keep on lending...hmmmmmmm? Barney Frank and his buddies (including Franklin Raines). The Community Reinvestment Act started out as a reasonable move to prevent "redlining", but quickly evolved to "insist" that banks give loans to those who were poor, couldn't prove credit worthy, etc.
Now, that the housing market continues to meltdown with foreclosures, the progressives are screaming at Bush. Ridiculous. Also, no one forced anyone to sign a dotted line to buy something you knew you could not afford. My parents saved and saved until they had a large down payment and even then could only buy a home within their means. And that was with only my dad working and four kids to support.
#24.2 - Thu May 26, 2011 12:29 PM EDT
wells fargo taking your home from your family? Try making your mortgage payment loser!
- 1 vote
Sadly, people losing their homes is just another front in Obama's attempt to impoverish America. He's not going to be happy until we're all homeless and eating out of dumpsters. Obama works hard trying to ruin our great nation.
#25 - Thu May 26, 2011 3:41 AM EDT Sadly, people losing their homes is just another front in Americans impoverishing themselves. You can't blame Obama for everybody being an idiot - after all, they elected him.
- 1 vote
"""Americans impoverishing themselves"""
I don't recall that it was my idea to send all the jobs to China nor did I vote for it!
I don't recall that it was my idea to send all the jobs to China nor did I vote for it!
- 1 vote
Bedbug,
You did every time you purchased a product made outside the USA. Your vote was recorded by your credit card.
You did every time you purchased a product made outside the USA. Your vote was recorded by your credit card.
#25.3 - Thu May 26, 2011 9:06 AM EDT
navyvet98, while I share your sentiment, one can not just purchase U.S. goods anymore. Heck, your computer was most likely not made here. Turn your keyboard over and see where it was made. Or your DVD player.
We have outsourced for so long that we are pushed into purchases of products not made here.
I would love to buy nothing but U.S. made goods, but politics has made that not possible.
We have outsourced for so long that we are pushed into purchases of products not made here.
I would love to buy nothing but U.S. made goods, but politics has made that not possible.
- 3 votes
NYMike; you are very correct. I am frustrated just to find anything that is not made in China. Chinese goods are so much garbage...unreliable, break, horrible stuff foisted on the American consumer! I buy USA made first (rare) and then Mexican made (excellent quality), and from there Indonesia or India, any place other than China Crap.
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