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“There are so many people like me who aren’t paying their mortgage..."

By pazuzu   Follow   Tue, 2 Oct 2012, 11:10am   2,962 views   40 comments
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“There are so many people like me who aren’t paying their mortgage so they can buy groceries and gas,” said Harris, who was rejected for loan modification programs. “It’s creating this whole FALSE ECONOMY.”

Question is how long can our false economy facade be maintained before it collapses, the dead cat falls through the floor, and house prices resume their inevitable unstoppable decline.

http://www.bloomberg.com/news/2012-09-13/nevada-desert-drowning-as-underwater-loans-hurt-schools-police.html

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1. StoutFiles Follow Befriend (1) 24 threads 557 comments

   1   11:24am Tue 2 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   pazuzu says Question is how long can our false economy facade be maintained before it collapses As long as the people with jobs can be taxed to cover everyone else. So, not much longer.

2. Goran_K Follow Befriend (4) 26 threads 1,566 comments Laguna Beach, CA Premium

   2   11:28am Tue 2 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   100,000+ in Nevada who haven't made a mortgage payment in 90 days. How many of those will cure?

3. pazuzu Follow Befriend 6 threads 198 comments

   3   12:32pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   "This artificial restriction of inventory by lenders has been well-documented; not only are there millions of homes in the foreclosure pipeline that are not being moved onto the marketplace, there are at least (by some estimates) ANOTHER FOUR MILLION IN-DEFAULT HOMES THAT ARE BEING HELD OUT OF THE PIPELINE ENTIRELY; this is the "shadow inventory," the inventory that is not even recognized as being in default despite THREE PLUS years of non-payment." http://www.oftwominds.com/blogoct12/artificial-economy10-12.html

4. Strategic Renter Follow Befriend 31 threads 100 comments

   4   12:38pm Tue 2 Oct 2012   Share   Quote   Permalink   Like   Dislike   pazuzu says "This artificial restriction of inventory by lenders has been well-documented; not only are there millions of homes in the foreclosure pipeline that are not being moved onto the marketplace, there are at least (by some estimates) ANOTHER FOUR MILLION IN-DEFAULT HOMES THAT ARE BEING HELD OUT OF THE PIPELINE ENTIRELY; this is the "shadow inventory," the inventory that is not even recognized as being in default despite THREE PLUS years of non-payment." http://www.oftwominds.com/blogoct12/artificial-economy10-12.html They can only play this game as long as buyers are prepared to play. If buyers refuse to buy in this market this strategy by the banks will collapse.

5. pazuzu Follow Befriend 6 threads 198 comments

   5   1:17pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   "They can only play this game as long as buyers are prepared to play. If buyers refuse to buy in this market this strategy by the banks will collapse." Exactly, the industry is desperate to keep buyers from realizing this is only a temporary buoying of prices due to all kinds of chicanery and fraud. Its why their is so much cheerleading propaganda from the orifices of the REIC. Including of course the shrill voices of Real Estate "professionals" here on this site.

6. pazuzu Follow Befriend 6 threads 198 comments

   6   2:03pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Incomes continue to fall so house prices will rise... lol Uh, no. “almost EVERY group is worse off than it was three years ago, and some groups had very large declines in income,” http://www.bloomberg.com/news/2012-08-23/u-s-incomes-feel-more-in-recovery-sentier-says.html

7. duckhead Follow Befriend 3 threads 81 comments

   7   3:51pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   “Harris, 38, stopped paying her mortgage three years ago…” HAHAHAHAHAHA and you idiots here keep saying Renting is cheaper than buying!!!! I FART IN YOUR GENERAL DIRECTIONS. Here is proof you are WRONGOBONGO. You buy a house knowing for certain you will be rich of course, but just in case that doesn’t work out just stay in it for FREEEEEEEEEEEEEEE…… ZABADOOO

8. Politicofact Follow Befriend (3) 99 threads 464 comments

   8   3:55pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (5)   Dislike   Shouldn't these squatters be taxed on this ? Just like forgiveness on a short sale you are taxed on the the forgiven amount?

9. Raw Follow Befriend 10 threads 694 comments

   9   4:03pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   Politicofact says Shouldn't these squatters be taxed on this ? Just like forgiveness on a short sale you are taxed on the the forgiven amount? These Are Not The Droids You Are Looking For Yes they should, and I think without the debt forgiveness they are being taxed. The back payments are simply added to the amount owed, and the difference between the amount owed and the proceeds from the sale is what the bank is supposed to send you a 1099 on.

10. Raw Follow Befriend 10 threads 694 comments

    10   4:05pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike (1)   pazuzu says Exactly, the industry is desperate to keep buyers from realizing this is only a temporary buoying of prices due to all kinds of chicanery and fraud. Its why their is so much cheerleading propaganda from the orifices of the REIC. Including of course the shrill voices of Real Estate "professionals" here on this site. Gosh, you guys make it sound like you have some insider information here. Does anyone have a direct line to Bernanke's office?

11. Call it Crazy Follow Befriend 249 threads 2,915 comments

    11   4:06pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike (3)   Politicofact says Just like forgiveness on a short sale you are taxed on the the forgiven amount? Sorry dude, no taxation on the forgiven amount, thanks to your democrat friends in CONgress...... you get to walk FREE..... although that is suppose to end in December....

12. Politicofact Follow Befriend (3) 99 threads 464 comments

    12   4:10pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (3)   Dislike   Call it Crazy says Sorry dude, no taxation on the forgiven amount, thanks to your democrat friends in CONgress...... you get to walk FREE..... although that is suppose to end in December.. You think your shit doesn't stink? grow up. Bush was responsible for the CRASH , while you sit there and complain about Obama.

13. Call it Crazy Follow Befriend 249 threads 2,915 comments

    13   4:11pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike (2)   Politicofact says Listen , Call It Crazy, you want to have a normal conversation start to understand that your President, President Bush, over 8yrs put us in the crap hole. Here dude.... read the link.... oh by the way... which party controlled the House and Senate in 2007??? http://en.wikipedia.org/wiki/Mortgage_Forgiveness_Debt_Relief_Act_of_2007

14. FortWayne Follow Befriend (13) 106 threads 3,863 comments

    14   4:11pm Tue 2 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   Call it Crazy says Sorry dude, no taxation on the forgiven amount, thanks to your democrat friends in CONgress...... you get to walk FREE..... although that is suppose to end in December.... That was a parting gift by the Bush administration actually. Next administration simply continued to kick the can.

15. Call it Crazy Follow Befriend 249 threads 2,915 comments

    15   4:12pm Tue 2 Oct 2012   Share   Quote   Permalink   Like   Dislike (3)   Politicofact says and yet there is no issue with illegals voting in any election, especially Pennsylvania however the republicans are running around illegally destroying democratic voter registration forms and fraudulently changing addressees of voters. You're such a asshole, you can't even place your posts in the right thread... Loser!!

16. Politicofact Follow Befriend (3) 99 threads 464 comments

    16   4:12pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike (1)   You had the presidency for 8yrs, dem's handed over an in the black budget.

17. Politicofact Follow Befriend (3) 99 threads 464 comments

    17   4:12pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   8yrs later, your guy, destroyed the world.

18. Politicofact Follow Befriend (3) 99 threads 464 comments

    18   4:13pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   Your guy crashed the "WORLDS" economy, live with it for a few decades and get back to us.

19. Call it Crazy Follow Befriend 249 threads 2,915 comments

    19   4:14pm Tue 2 Oct 2012   Share   Quote   Permalink   Like   Dislike (3)   Politicofact says You had the presidency for 8yrs, dem's handed over an in the black budget. And your boy has used the last 4 years to fuck it up even more!!

20. Politicofact Follow Befriend (3) 99 threads 464 comments

    20   4:16pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (3)   Dislike (1)   Call it Crazy says You're such a asshole, you can't even place your posts in the right thread... Loser!! oh no, please don't make me cry. You are another moron. Another right wing apologist, just like Captain'Troll trying to give BUSH HIS LEGACY. NO WAY!

21. Politicofact Follow Befriend (3) 99 threads 464 comments

    21   4:18pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (3)   Dislike   Call it Crazy says Politicofact says You had the presidency for 8yrs, dem's handed over an in the black budget. And your boy has used the last 4 years to fuck it up even more!! Nope, again your face is tool close to your asshole. That shit running out of your mouth needs to stop. . 5 Million new jobs. 51.8% Corporate profits a high since 1933. Stock market has doubled. After being handed the worst economic crash in history by BUSH! and go ahead and look at the latest manufacturing figures. While China and Europe contract, the USA MANUFACTURER IS EXPANDING AND IS GROWING, growing faster than under any Repuke President.

22. pazuzu Follow Befriend 6 threads 198 comments

    22   4:22pm Tue 2 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   "...dem's handed over an in the black budget." But only because they were lucky to preside over one of the sweet spots in our 30 year debt orgy, the internet bubble & about half the housing bubble, then got out before it popped. Don't get me wrong though, I'm not defending the Republicrats, both they and the Demublicans sold us out a long time ago. Meanwhile the owners of our "elected officials" snicker while you bicker, taking the two party system seriously.

23. Politicofact Follow Befriend (3) 99 threads 464 comments

    23   4:23pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (3)   Dislike   and we'd have another 4 million jobs if the repukes, like Eric Cantor, Mitch McDonnell, Paul Ryan didn't block vet bills, works and more bills to put Americans back to work.

24. Politicofact Follow Befriend (3) 99 threads 464 comments

    24   4:23pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (3)   Dislike   Yes the Democrats were lucky! Luck had nothing to do with it. Jeez.

25. pazuzu Follow Befriend 6 threads 198 comments

    25   4:26pm Tue 2 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   btw, Politicofact, go easy there I know its happy hour and all, but you're starting to sound really stupid: "USA MANUFACTURER IS EXPANDING AND IS GROWING,"

26. Call it Crazy Follow Befriend 249 threads 2,915 comments

    26   4:27pm Tue 2 Oct 2012   Share   Quote   Permalink   Like   Dislike (3)   FortWayne says That was a parting gift by the Bush administration actually. Next administration simply continued to kick the can. Actually, it was a gift from the split administration (the dems controlled the house and senate)... take a look who the original sponsor of the bill was.... that should tell you all you need to know... (and while your at it, take a look at the list of co-sponsors). http://www.govtrack.us/congress/bills/110/hr3648

27. Call it Crazy Follow Befriend 249 threads 2,915 comments

    27   4:28pm Tue 2 Oct 2012   Share   Quote   Permalink   Like   Dislike (4)   pazuzu says Politicofact, go easy there I know its happy hour and all, but you're starting to sound really stupid: Ha Ha... he's trying to get all his typing in during the 2 hour time frame his mommy gives him on the computer... he will be sent back down to his bedroom in mommy's basement shortly...

28. Politicofact Follow Befriend (3) 99 threads 464 comments

    28   4:33pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (3)   Dislike   Call it Crazy says pazuzu says Politicofact, go easy there I know its happy hour and all, but you're starting to sound really stupid: Ha Ha... he's trying to get all his typing in during the 2 hour time frame his mommy gives him on the computer... he will be sent back down to his bedroom in mommy's basement shortly... Nope I'm a self suffiencient adult, can you say the same? Child.

29. pazuzu Follow Befriend 6 threads 198 comments

    29   5:05pm Tue 2 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   "America’s CEOs Sharply Reduce Expectations for U.S. Economy" "CEO Economic Outlook Survey for 2012 show a further downturn in CEOs’ expectations for sales, capital spending and hiring" http://businessroundtable.org/news-center/americas-ceos-sharply-reduce-expectations-for-u.s.-economy/ This depression is just getting started, don't worry though, its a great time go into decades of debt to live in house because that suckers price is just gonna keep going up... NOT.

30. Oxygen Follow Befriend 14 threads 168 comments Brooklyn, NY

    30   1:00am Wed 3 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   scary articles in this thread. it is the canaries in the coal mine

31. pazuzu Follow Befriend 6 threads 198 comments

    31   9:31am Wed 3 Oct 2012   Share   Quote   Permalink   Like   Dislike

32. Raw Follow Befriend 10 threads 694 comments

    32   9:39am Wed 3 Oct 2012   Share   Quote   Permalink   Like   Dislike   Politicofact says Call it Crazy says Sorry dude, no taxation on the forgiven amount, thanks to your democrat friends in CONgress...... you get to walk FREE..... although that is suppose to end in December.. You think your shit doesn't stink? grow up. Bush was responsible for the CRASH , while you sit there and complain about Obama. These Are Not The Droids You Are Looking For When Obama became President the economy was already collapsing. Obama gets credit for turning things around. Why else do the polls show Obama as a strong favorite. "It's the economy, stupid"

33. JG1 Follow Befriend 3 threads 243 comments Los Angeles, CA

    33   9:41am Wed 3 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   StoutFiles says As long as the people with jobs can be taxed to cover everyone else. So, not much longer. That's been going on for what, 100 years at least in this country, so...

34. CaptainShuddup Follow Befriend (1) 300 threads 5,288 comments

    34   10:07am Wed 3 Oct 2012   Share   Quote   Permalink   Like   Dislike (2)   Obama is famous for emplementing do nothing policy. Sure he'll sign off on loan modifications, provided the terms are so rediculous nobody can actually qualify. Sure he'll cover preexisting conditions on terminal cancer patients provided they can hang in there for 6 months after being rejected by two other insurance companies. Sure he'll pass the dream act so more illegals can work, provided they are younger than 18 are in school. But it wont give them actual Citizenship mind you.

35. BoomAndBustCycle Follow Befriend 28 threads 353 comments

    35   10:54am Wed 3 Oct 2012   Share   Quote   Permalink   Like   Dislike   Goran_K says 100,000+ in Nevada who haven't made a mortgage payment in 90 days. How many of those will cure? Well, there aren't enough RENTALS to house those 100,000+ squatters, unless a game of musical chairs occurs... where all the renters and owners swap.. and rentals and home prices collapse comparably. I don't see it as being that simple.

36. Goran_K Follow Befriend (4) 26 threads 1,566 comments Laguna Beach, CA Premium

    36   11:05am Wed 3 Oct 2012   Share   Quote   Permalink   Like   Dislike   Protected   BoomAndBustCycle says Well, there aren't enough RENTALS to house those 100,000+ squatters, unless a game of musical chairs occurs... where all the renters and owners swap.. and rentals and home prices collapse comparably. I don't see it as being that simple. Who said anything about rentals? Some of these people can't even pay rent.

37. BoomAndBustCycle Follow Befriend 28 threads 353 comments

    37   11:08am Wed 3 Oct 2012   Share   Quote   Permalink   Like   Dislike   Goran_K says Who said anything about rentals? Some of these people can't even pay rent. So they'll be camped out on your lawn instead? Rooting through your garbage and scaring your kids?

38. Goran_K Follow Befriend (4) 26 threads 1,566 comments Laguna Beach, CA Premium

    38   11:17am Wed 3 Oct 2012   Share   Quote   Permalink   Like   Dislike   Protected   BoomAndBustCycle says So they'll be camped out on your lawn instead? Rooting through your garbage and scaring your kids? I don't live in Vegas, but yeah, why not? You can see evidence of this happening in many metro areas as the economy becomes more unstable. OCCUPY didn't spring out of thin air. It was created by an economy that is not providing opportunities to its citizens.

39. robertoaribas Follow Befriend (23) 56 threads 4,081 comments Scottsdale, AZ robertoaribas's website

    39   11:39am Wed 3 Oct 2012   Share   Quote   Permalink   Like   Dislike   BoomAndBustCycle says Well, there aren't enough RENTALS to house those 100,000+ squatters, unless a game of musical chairs occurs... where all the renters and owners swap.. and rentals and home prices collapse comparably. I don't see it as being that simple. Actually, that statement is kind of silly. they get foreclosed on and evicted,so they have to move somewhere, but somebody gets the house, probably an investor. So you get one more renter, and one more rental... It's a wash.

40. pazuzu Follow Befriend 6 threads 198 comments

    40   12:23pm Wed 3 Oct 2012   Share   Quote   Permalink   Like   Dislike   "So you get one more renter, and one more rental... It's a wash." Becoming less true everyday, household consolidation trends higher and higher as incomes trend lower and lower: "At a demographic stroke, this means reduced effective demand for 2,650,000 homes – more than two years’ total national housing production." "Where did the households go? Back into hibernation, by doubling and tripling up or moving back home – today roughly 30% of all young adults live with their parents, and for one principal reason: jobs. They can't afford to be independent." http://www.rooflines.org/2676/trending_housingextendedfamily/