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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Sorry but I don't believe your friend at all. Posted by Daniel D on December 06, 2009 at 4:24 PM In Reply to: Re: Sorry but I don't believe your friend at all. posted by Rob on December 01, 2009 at 10:20 AM The "game" they've been playing certainly slowed down the rate of depreciation. But ultimately market forces will prevail as the Ponzi scheme which consisted of a combination of the Fed's irresponsible interest rate policy, the GSE's, etc. brought us to home prices way above what is affordable. True affordability is way out of sync as the 2004-2008 salaries, at least a significant number of them, were in their own bubble. What we are experiencing is a duplication of the Japanese Housing crash - with major interference. But it's not working. We have data now that shows how 40+% of those with loan modifications are defaulting within the first three months, by April the data will most likely show how 80+% of those with loan modifications will be re-defaulting as well. It's only a matter of time until a significant greater number of properties are allowed to be short sold and foreclosed on. That will be the perfect opportunity for the financial elite to gain more market share by buying out BAC which, IMO a lender that is beyond insolvent. But thanks to changes in account regs. they hang in there just a bit longer. Take a look at the loan modification data. http://www.fool.com/investing/general/2009/12/04/the-dumbest-stimulus-plan-to-date.aspx : JK, believe what you will. I don't buy at the trustees sales anymore, but do play the Short Sale game. I can say that very few lenders are aggressive about foreclosing. As for refusing to give an extension on the short, most likely one of two things happened. There were too many other extensions were already granted or the sellers representative did not know what they were doing. If the numbers are better for a short than a trustees sale OWB will do them every day of the week and twice on Friday! Chance are it was a self proclaimed short sale expert Realtor that did not have a clue. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : The "game" they've been playing certainly slowed down the rate of depreciation. But ultimately market forces will prevail as the Ponzi scheme which consisted of a combination of the Fed's irresponsible interest rate policy, the GSE's, etc. brought us to home prices way above what is affordable. True affordability is way out of sync as the 2004-2008 salaries, at least a significant number of them, were in their own bubble. What we are experiencing is a duplication of the Japanese Housing crash - with major interference. : But it's not working. We have data now that shows how 40+% of those with loan modifications are defaulting within the first three months, by April the data will most likely show how 80+% of those with loan modifications will be re-defaulting as well. It's only a matter of time until a significant greater number of properties are allowed to be short sold and foreclosed on. That will be the perfect opportunity for the financial elite to gain more market share by buying out BAC which, IMO a lender that is beyond insolvent. But thanks to changes in account regs. they hang in there just a bit longer. : : Take a look at the loan modification data. : http://www.fool.com/investing/general/2009/12/04/the-dumbest-stimulus-plan-to-date.aspx : : JK, believe what you will. I don't buy at the trustees sales anymore, but do play the Short Sale game. I can say that very few lenders are aggressive about foreclosing. As for refusing to give an extension on the short, most likely one of two things happened. There were too many other extensions were already granted or the sellers representative did not know what they were doing. If the numbers are better for a short than a trustees sale OWB will do them every day of the week and twice on Friday! Chance are it was a self proclaimed short sale expert Realtor that did not have a clue. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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