Comments on: Remember 2008? Another Terrifying Housing Crash Is Now in Progress

By: JN TEX

JN TEX — Thu, 16 Jun 2022 13:07:26 +0000

In reply to Jaye.

In what world is, “… the moment for home ownership revitalization…”? Did you not read the article? Maybe you just don’t believe it. Your displaced optimism is typical of too many people today. Open your eyes and read the writing on the wall.

By: Libsrnuts

Libsrnuts — Wed, 15 Jun 2022 22:20:58 +0000

In reply to Dave Coleman. Exactly, A few weeks ago I saw a video where a conglomerate in Canada I think, has been buying up homes that are for sale all over the US. Then they rent them out.

By: Deplorable Joe Voter UltraMAGA

Deplorable Joe Voter UltraMAGA — Wed, 15 Jun 2022 08:45:54 +0000

I remember well the 2007 (sorry, you’re off a year) housing crash. I worked for Merrill Lynch in their Loan Servicing REO (bank owned homes) department. I had a huge inventory that was growing by the day due to foreclosures. That was bad enough, but then the inevitable began to happen. Everyday I came to work and was handed a list of banks that had failed. Every DAY, not week or month. Since my job was selling the bank owned homes I would have to go through all of my pending sales, determine whose loans were with a failed bank and tell the buyers there loan was gone and they would have to find another bank. That was the start of the banking crisis and the credit freeze. I went to work for the FDIC during that period and it was UGLY. By 2013 the obumbles misadministration was claiming the banking crisis was over, but it wasn’t. Not even close. We simply lowered the liquidity threshold to the point where a bank literally could not fail by FDIC standards. That didn’t mean they were solvent. It just meant we weren’t going to go rescue them which was the sole reason for the existence of the FDIC.

To this day you couldn’t get me to put money in a US bank. Nothing has changed and THIS banking crisis, which will become apparent by the end of 2022, will wipe out two or three generations, or more, of wealth.

By: Dave Coleman

Dave Coleman — Wed, 15 Jun 2022 05:10:16 +0000

When housing prices go down, huge investment companies like Blackrock will swoop in and buy up even more real estate to turn more former owners into renters. “You will own nothing and be happy.”

By: Branson

Branson — Wed, 15 Jun 2022 04:34:52 +0000

In reply to Jaye. Fabulous? OK, another alphabet neighborhood coming to a crime ridden city near you soon! Lock your kids up and keep them away from parades...no matter how innocent sounding.

By: Branson

Branson — Wed, 15 Jun 2022 04:31:59 +0000

But Obama…I mean Biden…stated that he was sick of the lies today in a speech. Surely a non-elected, installed, leader would not lie to the American public (again)…would he?

By: Mike Majors

Mike Majors — Wed, 15 Jun 2022 03:34:51 +0000

Contact your Senator/congressman, these “corporations” help hype up the housing boom. Then when the market crashes, they will demand U.S. Government Bail Out money to the sum of Trillions of dollars.
The rich uneducated real estate group will pocket millions, the lower class will turn to subsidies, and the hard working HONEST middle class will pay with their tax dollars to support these morons!
WHERE DID AMERICA GO WRONG? AMERICANS ARE TRADING THEIR RIGHTS AND THERE BACKBONE FOR LEFT OVER SCRAPS FROM BAILOUTS.
When I was 18, I got talked into a “finance here” car dealership. I was fully aware of the higher price, weekly cashiers checks, and elevated interest rate. As a man I accepted the personal responsibility for that action. 2 months later, I moved across the country. I could have EASILY dumped the car, and let the dealership spend thousands trying to recover the vehicle 3000 miles away. MY IMMIGRANT PARENTS informed me that that was extremely wrong and dishonest. My dad made me pick up a second job as a custodian so I could do the right thing. I ended up paying 3 times as much for the cheap car. And even though I had to work 2 labor intensive jobs for over 2 years, I paid off the car and got the title in my name. My dad made a photo copy of the cars title. For my 21st birthday, he framed it for a present. I have hung that in EVERY PLACE I WORKED OUT WAS STATIONED AT IN THE MILITARY!

By: Jaye

Jaye — Wed, 15 Jun 2022 02:40:58 +0000

It was an over-heated market. It will be good to open up more home ownership. This country needs the stability of property owners invested in its future.

Hope every single beautiful house in Detroit sells and that city comes back to life again. This is the moment for home ownership revitalization – incredible bargain in those formerly wealthy cities – they left a fabulous housing inventory behind.