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Double Trouble

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April 24, 2010 – Comments (2)

It is reading articles like this one that make me think we are not even close to a recovery:

 http://www.usnews.com/money/personal-finance/real-estate/articles/2010/04/23/10-cities-facing-a-double-whammy-of-default-risks.html

I am keeping cash on hand.  I don't believe everything I read, but this is real and at least a good part of it is still out there.  Lots of distressed homeowners and high unemployment.  The Feds can only do so much.  Once all is said and done, they still have to let go of this thing and let it correct itself.  This market is way over-priced...

TMFJMo

2 Comments – Post Your Own

#1) On April 30, 2010 at 7:24 PM, OneLegged (< 20) wrote:

Don't forget the Mark to Fantasy accounting that is being allowed.  At least one estimate of just B of A's off-balance-sheet "assests" weighs in at 1.7 TRILLION. 

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#2) On May 02, 2010 at 12:00 AM, caterpillar10 wrote:

I'm contracted w/ BOFA right now matching up distressed loans w/about 27 modification programs - some gub'ment some our own concoctions. We put the petal to the metal to tow the folks out of the mud. We don't want their property, that's for sure, just look at the REO (real estate owned) section of the BOFA site - it's public - to see what we could not move at auction. When it does sell @ foreclosure we lose an average of $40K per unit. The highest term of delinquency I've personally worked with is 26 months.

How do you stay in a home that long? Work with a (real) lender at least as hard as they try to work with you. The ones that sit it out waiting for the gub'ment and/or us to do all the heavy lifting will lose their home. The ones that fight for may keep it. Those who lose it anyway will be stronger for having 'taken arms against a sea of troubles'.

If my home was on the line you would see me at Walmart at 1 a.m. stocking shelves, or some such equivalent to that - on top of whatever i really do. I talk to them just like that...and then: 'so, what's it gonna be'?  Hopefully enough people across America will step up and in so doing save all our asses:)

I talked to 2 people this last week who gave up looking for a job and went into business for themselves and proceeded to make more money than they ever in their lives thought they could. $45,000 / mo. for one, 26K for the other.    

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