patrick.net

kimtitu says

Please don’t tell me the government is using my tax money to buy some nice SFR for low income housing program.

If you live in the Bay Area, especially San Francisco, this happens constantly. However, what's even more common in San Francisco is that this cost is pushed onto everyone else by putting massive taxes on each housing unit, which raises the cost of housing for everyone else, and then the revenue that's raised is wasted on more social programs that don't attack root causes and overinflated public sector wages. It's lose-lose.

corntrollio says

kimtitu says

Please don’t tell me the government is using my tax money to buy some nice SFR for low income housing program.

If you live in the Bay Area, especially San Francisco, this happens constantly. However, what’s even more common in San Francisco is that this cost is pushed onto everyone else by putting massive taxes on each housing unit, which raises the cost of housing for everyone else, and then the revenue that’s raised is wasted on more social programs that don’t attack root causes and overinflated public sector wages. It’s lose-lose.

Security! Security! Bite him in the Ass State!

E-man says

I believe NSP and first time home buyers typically get the first dip on REO properties that are owned by Fannie and Freddie. If no takers by the above parties above the specified date, than they would consider offers from investors.

I didn't realize this program was called NSP. Here's literally the first link from Google:

http://www.mcbreo.com/forms/nsp/NSP_FAQ.pdf

Is it only first-time home buyers, or is it any owner-occupied buyer? My impression was that NSP only requires you to exclude investors (i.e. non-owner-occupied) during the first 14 days.

http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2009/HUDNo.09-159

Here is where our tax dollars went, overpaid consultants for NSP. The list is in the middle of the article.

http://www.marketwatch.com/story/why-housing-is-in-a-depression-2011-06-01?source=patrick.net#mostpopular

"This means that prices have now fallen by more than the 31% decline endured during the Great Depression"

Interesting statement on marketwatch. How can they compare it to the depression? When the number of houses was no where near what is around today?

Of course they make this statement to justify the stock market scam.

"But try telling that to the Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed DJIA -0.34% , high as a kite — in more ways than one — above 12,000. What is Wall Street smoking?"

The stock market folks is not an asset. Now saying anything here really dosen't do crap to hurt the "stock market". True its some kind of oddball gambling scheme. I'm not amazed at the "stock market". I don't think anyone else is at this point either. I turn on MSNBC to watch the fast talking hustlers. Con's that take grannies purse with no hesitation and leave her with nothing but a slip of paper saying your broke and have a margin call to boot.

BUT WAIT! Oh I will wait Aristotle. See. Houses for a song. A good life for me. Its depressing I know. However those of us that don't get invited to the gyro store for a coke and some lambie. Could care less. You can sit around an wait for your stock market to fart. Meanwhile I will be making a fortune and if I don't well I will have an asset no matter what. See its no good to wind up with a pocket full of toilet paper.

corntrollio says

this cost is pushed onto everyone else by putting massive taxes on each housing unit, which raises the cost of housing for everyone else,

ChrisLA says

Here is where our tax dollars went, overpaid consultants for NSP.

Guys, guys, this is how it works, gaming the system. Getting paid big time as long as everyone else pay for it.

MoneySheep says

Guys, guys, this is how it works, gaming the system. Getting paid big time as long as everyone else pay for it.

the sad reality of how our government works indeed.

I made an offer before on a property that got its listing removed because NSP wanted to buy it. I was told that the neighbors had to approve of it and they usually won't. Sure enough, the neighbors did not approve and it came back on the market.

This is "phase 2" namely take the housing wealth, make sure people are not able to buy the discounted properties, whether it be from bad credit reports, the bank being over dilligent and killing the deal ("time is of the essence" that little phrase a part of all realty contracts) or from crooked brokers/agents. No matter, as long as property is not sold at a reasonable rate to an able buyer... No realty wealth shall escape the government & other corporate interests.

We could clear out all the inventory on the market in a proverbial day with special contracts that called for owner financing, a certain amount for a deposit and an absolute default period such as "if the owner for any reason decides to, or cannot for whatever reason pay the mortgage, for __ straight months the property, with deposit goes back to the bank." Or some such contract. Any of the more intelligent posters could imagine a contract where banks could transfer property with an owner financing arraingment of one sort or another and where the banks would hold all the carda and the person would have to have skin in the game.

However the banks do not want to sell property to a buyer, what they want to do and will be doing now is forming cabals with large corporate. quasi-government corporate entities comprised of investors, probably eventually forming an inbred corporate-slash-government entity.... a frankenstein like Sallie Mae or Freddie Mac. These investors will monopolize real estate assets, buying blocks of houses, tax liens, etc.... Banks already are buying tax leins and programs such as this one for example.

The government will manage to transfer real estate wealth out of the hands of people, and destroy the wealth building potential of these assets once and for all. Speaking of which, despite the despicable scenerio of it all housing did make a lot of middle class, smart people, legitamately economically endowed (that fact gets short shift here at times).

But I digress, in the next few years after this crisis we will all be living in section 8 housing, the government will be our landlord. Real estate was the last class of assets that could truly help people escape having to go to the cubicle.... When they could not brainwash people the banks held the properties, letting them decay rather than sell at a market price.... and when people agreed to buy at the market price? well people are now being rebuffed and if you think entities like this one mentioned will stop because of neighborhood associations in anywhere but Nimby heaven (san francisco) I gots abridge to sell ya!

I smell fraud in NSP program. If someone from NSP program has first dip into a nice property and buy it with a discount, this person controls who the property to be sold to next. From the agent, I learn that the asset manager was given instruction that NSP person will have first dip into the property before it is listed on MLS. This can be a really serious fraud which is largely overlooked by the public.
Sometimes, we really need government gets out of the way and let free market to works its magic. Wherever government intervenes, the possibility of fraud increases.

our government is an old boys club fraud system.

"Real estate was the last class of assets that could truly help people escape having to go to the cubicle….'

Exactly. It promoted sloth. It promoted low prpductivity. It promoted tax breaks galore for the ownership society at the expense of people who work for a living. It promoted the death of this country.

Get off your butt and work for a living. Stop whining about not being able to access the welfare handouts attached to homeownership.

Real estate was the last class of assets that could truly help people escape having to go to the cubicle….”

I like that statement. Or better yet why be someone elses slave. HAHA. Thing here is there is more than real estate. Way more to do. Most people are crippled by something. They are crippled into believing cash is the only way to make their life work. Highly crippling.

I've delt with some very smart cookies in my life. I hand out no limitations.

This is a very aggressive nation. The thing this nation fails to realize however is that they have a lot of resources. It's been said put your energy into these. However as a country the US has few things that other nations has. It's all here. Why lick someone elses boots. Takes a little hard work. Which know it or not your doing most of it anyway for very little. Someone built all of these houses. Someone put up all of those buildings. Warehouses and everything else here. So whats the deal? So when you look at it we kind of did all the work. If you look at it real hard your giving it away really really cheap.

ptiemann says

NSP had bid against me on an REO. They paid way too much for it. I talked to the agent who did the resale after NSP had fixed it up. I was given $ numbers what NSP had paid. Too much.

At least you are given chance to compete with NSP. In my case, I'm already loss even before the game starts. I'm not sure who are the buyer beside the buyer identify him/herself from NSP agency. I don't have info as of which city/county he/she comes from. If I've these info, at least I still have chance to buy it from them.