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More Mortgage Industry Fallout



September 04, 2007 – Comments (3)

Read news of the shocking domino effect here.

3 Comments – Post Your Own

#1) On September 04, 2007 at 11:20 AM, hall9999 (92.38) wrote:

CNBC had a piece the other day about ad revenue from mortgage companies drying up and hurting companies like Google. Apparently those, "GET $100,000 FOR $100/MONTH" ads accounted for a hefty chunk of online ads.

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#2) On September 05, 2007 at 11:33 AM, giantsny (< 20) wrote:

They also said the housing numbers that came out today were a shocker!  I think they're may have been a 13% drop (not sure I caught it quick). But how could anyone be surprised, I'm surprised anyone bought a house. Screw the liqudity crunch. Housing is 6-9 months from crashing. I sold mine 6 months ago, moved into an apt and invested. Was pretty clear to see that personal income didn't support housing prices. Even a layman could figure out there is a problem when housing is doubling annually and income is only increasing nominally. The only legitimate buyers were buying with the profits from they're old house.  The kid out of college was buying an instant, unaffordable forclosure. Back to the ads don't forget all the e-trade  and credit card etc ads on every financial page. They're also mortgage linked.  Web's like t.v. make 90% of revenue from ads. I would be very concerned holding $500 Google shares! Also be concerned about the credit card companies because  the foreclosure rate has stayed low because everyone is blasting they're cards and that money isn't going to be recouped.


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#3) On September 07, 2007 at 4:59 PM, Ambrose340 (< 20) wrote:


Thanks for the article Seth!I agree 100%. I've already called my Senator and Congresswoman and urged them not to support this bailout.I have been hit already by a factor of three in the recent market. I sold my house in Orlando, which I owned for seven years, in 1998. During the time I owned it it appreciated by 10%. Since then, it has tripled in value. I then bought a house in Memphis and it has appreciated by maybe 20% over the last eight years (haven't sold it yet).Then my job situation changed and I was able to buy back down in Florida. We started looking and found out some ugly truths. We started in Naples and found out that the Billionaires are displacing the Millionaires and they are moving up to Sarasota. Fort Meyers was flat out over priced. Port Charlotte, because of the hurricane that recently went through, had a lack of livable houses and those for sale needed to be either completely gutted (or were gutted) or rebuilt to some degree. Sarasota became too pricey because of the Millionaires. Tampa had some affordable housing, until we found out about CDD fees that are now commonplace and had no ceiling. The CDD is a bond sold to pay for infrastructure of the property and owners are liable.The best value we found was in Dade City, about 35 miles North of Tampa. We are now officially in the sticks. A daily commute to Tampa on I-75 and I-275 is almost unbearable between 6 am and 9 am. But that's not the reason I got shafted again. It's because the tax appraiser, who got caught up in the euphoric market, appraised my house at 25% more than what I paid for it (I'm in the process of fighting City Hall on this) before things slowed down.The biggest reason I am against any aid to irresponsible owners and flippers is this, during our house hunt, almost every subdivision and realtor we talked to fell all over themselves to tell us how many lots or houses they had bought to flip. I started asking them, who the incremental buyers were? They had no answer except to say that there out there. Unfortunately I was out there, but not to make a quick buck, but to buy a home. They drove the prices up on me. Why then do I have to bail them out?So if there is a bailout, then I pay again through my taxes. What part of 'sucking a working stiff dry' doesn't the government get?Keep up the cause and the good work. Feel free to use my comments.Cheers, Report this comment

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