patrick.net

PockyClipsNow says

It was VERY DIFFERENT the country still had rule of law.

IT WAS. Now we have effects of lobbying.
Bailouts were an overnight decision, predicted by banks, thanks to have Goldman Sachs insider as a US Treasure.

Schizlor says

Eventually these hopeless souls, or the scammers, are going to find their way to liquidation one way or another, be it REO, Short Sale, or Deed in Lieu. We've long past the point of people who truly need help, and we're just getting dipshits who are experiencing buyer's remorse, or a-holes with $10k a month net income with expenses of $6k, who are incredulous why we won't approve their short sale when they could easily afford 2 more homes and still be able to have money left over each month.

For instance, we have a guy who bought a home in July of 2012. He signed the papers in July. He applied for "assistance" in August after making 0 payments, claiming he wants a better interest rate because other people called in and got their's lowered to 2% (the initial HAMP rate that's only realy in effect the first 5 years, and most people don't qualify for anyway) This douchebag is already unable to pay and hasn't made one payment. Whoever qualified him for this loan should be throttled.

This country is being ruined by the lowest common denominator. The "barely got out of high school" crowd is being given $500,000 loans to buy houses, and they think things are going to turn out a-okay.

More than any other time in my life, I've thought about moving out of the country. 10 years ago, I would've thought it was crazy to even consider.

Why buy a house? I just don't get it. Because rents are too high? Eh, it's sixes. I'd be stuck in a place i can't sell when i need to that has perpetually increasing property taxes. Even when people "own" their home, they don't intend on spending more than eight years in it. The investment angle is dead. People aren't buying because they think it's a good investment anymore. I'm a prime target. I easily have 25 percent to put down on a decent place, but don't count on it. Good renters with a good rep are still solid gold. Our landlords bend over backwards to keep us happy. The last time we were in the market to find a new rental, I gave an application to the potential landlords, because I didn't want to sign a lease with a quick flipper or desperate multi house owner. They thought I was kidding. I wasn't. I'd pay more for the right area and a stable owner. Unencumbered and free to go.

IF ... if welfare is cut .... if Section 8 is no longer allowed in the SFH rental market .... if EBT removes the cash function .... if there is ever a closed border .... if Obamacare, or some Rupub version of Republicare-Obamacare-lite is forced upon the public ... if a real nasty war starts, with real high numbers American deaths ... if solar flares take out the grid ... if the Mayans date was miscounted by us by a year .... if just the right amount of bad things happen, THEN cali-housing will no longer be the playground for the specuvestors that make up the REmob responsible for funding the REnazi-lobby that keeps the poopoo flowing. As of today, in central cal, there are still "programs" being used to create buyers, resulting in prices being higher than a true market would support. End those progams, and prices keep going down. I think.