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Good thing this "recovery" is going so well!

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Old 05-19-2010, 12:26 PM
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Default Good thing this "recovery" is going so well!

1 in 7 mortgages! I maintain we aren't even half way through this nightmare yet...

http://www.cnbc.com/id/37231670

We have not even bottomed out yet and they are talking about V shapes LOL. Idiots
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Old 05-19-2010, 12:46 PM
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That number is going up. And until the government stops gauranteeing loans it will keep going up.
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Old 05-19-2010, 12:58 PM
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I think it was 60 minutes the other night where even people that could pay but now are upside down have just decided to stop paying and live for free until they get kicked out.

Takes about a year, there are web sites set up to help people do it.

SICK,,,,,,,,,,,,,,,,,,,,,,,
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Old 05-19-2010, 01:09 PM
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Well as many I am "upside down" as many are. I am paying have no trouble paying but would like to refi and include insurance and taxes in the payment with a simple intrest rate. But I can't because I am upside down in value not by much but l am looking at what I can do. I refuse to walk away as my house is very nice and I have issues with those that just walk away when they did not have to. If anyone knows of anything I am all ears, again not that I have to get out just would be nice too refi. I have heard that they are coming out with a loan for those "upside down" home owners. I am in no way of any danger of losing my home just looking to save some money, for boat gas

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Old 05-19-2010, 01:11 PM
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I do my own financing. There not paying for there furniture either.Losing there jobs, I'm see a attitude were they don't care also.
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Old 05-19-2010, 01:12 PM
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Originally Posted by sunsation96 View Post
If anyone knows of anything I am all ears, again not that I have to get out just would be nice too refi. I have heard that they are coming out with a loan for those "upside down" home owners.
Be patient!!!

http://www.youtube.com/watch?v=P36x8rTb3jI

[youtube]P36x8rTb3jI[/youtube]
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Old 05-19-2010, 01:15 PM
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That is great I hope she was not serious but I think she really was
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Old 05-19-2010, 01:22 PM
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I know I may open myself up for a bit of flame, as people generally become rather "emotional" in regards to my industry, but oh well. I'm in the collateral recovery (repo) industry, and if our current numbers are any sign of the times, things are on the up and up. We generally experience an extreme slow down around tax time, as people get their refunds, however this year things are slow to pick back up. We're down roughly 200% vs. just 3 or 4 months ago. I'm not saying this is, or should be a measure of our nations financial state, however I feel, at least in regards to the repo industry, things have stabilized. At least for the time being....
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Old 05-19-2010, 01:26 PM
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I know I may open myself up for a bit of flame, as people generally become rather "emotional" in regards to my industry, but oh well. I'm in the collateral recovery (repo) industry, and if our current numbers are any sign of the times, things are on the up and up. We generally experience an extreme slow down around tax time, as people get their refunds, however this year things are slow to pick back up. We're down roughly 200% vs. just 3 or 4 months ago. I'm not saying this is, or should be a measure of our nations financial state, however I feel, at least in regards to the repo industry, things have stabilized. At least for the time being....
I would agree I watch the repo yards looking for the "next" boat and they have not had too much rolling thru as they did not to long ago I hope it is getting better for the unemployed to get back to work.
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Old 05-19-2010, 01:27 PM
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Where in the article does it support the 1 in 7 claim? Banks report delinquency based on dollars past due not percent of loans in number. 1 in 7 is almost 15% of all homes are past due or in foreclosure by number of units.

If you figure that most of the RE past dues are foreclosures are in AZ, CA, NV adn FL which are all high cost areas and therefore loan balances higher than the national average then one could make the case that $$ past due by % is much higer than the then by number of properties past due by units.

That is a totally made up headline in my opinion to grab attention.

In my opinion the person that wrote that headline took 10.44% past due (by $$) and added the 4% of units (by #) in foreclosure and said hey thats 1 in 7 without understanding that you are adding apples to oranges and not taking into account that all foreclosures are also in that past due percentage (ie if you aren't getting foreclosed if you aren't past due)

Again, it may be true but you can't prove it by that article.

Last edited by Von Bongo; 05-19-2010 at 01:58 PM.
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