patrick.net

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.

100,000+ in Nevada who haven't made a mortgage payment in 90 days.

How many of those will cure?

"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

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.

"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.

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

“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

Shouldn't these squatters be taxed on this ?

Just like forgiveness on a short sale you are taxed on the the forgiven amount?

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.

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?

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.

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.

You had the presidency for 8yrs, dem's handed over an in the black budget.

8yrs later, your guy, destroyed the world.

Your guy crashed the "WORLDS" economy, live with it for a few decades and get back to us.

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!

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.

"...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.

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.

Yes the Democrats were lucky! Luck had nothing to do with it.

Jeez.

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,"

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.

"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.

scary articles in this thread. it is the canaries in the coal mine

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"

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...

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.

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.

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.

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?

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.

"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/