bottom predictions
05-25-2010, 04:20 PM
#21
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Things are not going to get well for a very long time IMO. The problem is that the printing of money has stopped and now the market is reponding. Add to that all the uncertaintee in europe. It is going to be up and down for a while. The banks don't want to lend and even with the very very low interest rates we are seeing this week not many qualify for these rates. I don't see prices on new stuff dropping much but the used market is still flooded. I was driving around the other day thinking wow there are a LOT of boats for sale on the side of the roads.
My issue, however, is that banks won't write notes that should be almost guaranteed! I don't get it!... When I recently wanted to buy an investment property. I could afford to pay for it in cash, but I didn't want to wear myself thin. I was going to buy an already foreclosed property, put 50% down on it, and they still wouldn't lend on the property... reason being... the final loan amount was too small. That doesn't make any sense to me whatsoever... They didn't want to write any loan below $50k regardless as to how much cash someone wanted to put down on the property.
Last edited by wjb21ndtown; 05-25-2010 at 04:22 PM.
05-25-2010, 04:38 PM
#22
OSO OG
Gold MemberThread Starter
lending standrds are really nuts. I started a post about how my ex is looking for a mortgage and cant get one because she bought a business as an asset sale instead of a stock sales (the only smartthing to do) and now b/c it's a new corp she doesnt have tax returns for 2 years. The business has been profitable for 17 years. Prior to her buying that biz her and I had a very successful biz together for over 10 years. It's a no-brainer. 20% down, 1.1m appraisal on the home. Bank short sale at 750K. she's got a 750 beacon and less than 40% dti. crazy she can't get approved.
05-25-2010, 04:53 PM
#23
Charter Member #232
Charter Member
IMO it's a good thing that the printing press has stopped for a while. This country needs to spend less not more. We just have to get the govt. on board with all of this. They're still operating under the belief that you can spend your way out of debt, and dig yourself out of a hole...
My issue, however, is that banks won't write notes that should be almost guaranteed! I don't get it!... When I recently wanted to buy an investment property. I could afford to pay for it in cash, but I didn't want to wear myself thin. I was going to buy an already foreclosed property, put 50% down on it, and they still wouldn't lend on the property... reason being... the final loan amount was too small. That doesn't make any sense to me whatsoever... They didn't want to write any loan below $50k regardless as to how much cash someone wanted to put down on the property.
My issue, however, is that banks won't write notes that should be almost guaranteed! I don't get it!... When I recently wanted to buy an investment property. I could afford to pay for it in cash, but I didn't want to wear myself thin. I was going to buy an already foreclosed property, put 50% down on it, and they still wouldn't lend on the property... reason being... the final loan amount was too small. That doesn't make any sense to me whatsoever... They didn't want to write any loan below $50k regardless as to how much cash someone wanted to put down on the property.
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05-25-2010, 06:50 PM
#25
OSO OG
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The levels of '01 through 07 will never be seen again. ever. I see the perf segment reaching 25% of the last peak and the rest of the industry 40-50%...maybe
05-25-2010, 06:57 PM
#26
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05-25-2010, 07:49 PM
#27
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05-25-2010, 09:03 PM
#29
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It is sad when MB sells more S class cars in China than the US. The point being is that we are in a losing battle that is gonna get worse. The US has been on the wrong path for quite some time.
07-13-2010, 09:10 PM
#30
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were in the aerospace manufacturing Industry and have been lossing our asses this whole year, 2009 was the start of our recession but we still made a profit. For this year if we were making last years money we'd be happy. I remember last year when things started to slow down we were complaining while still making a profit, this year haha were shiiiiting bricks.
