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alstry (35.68)

WOW!!!! 2/3 of Nevada home loans underwater?

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August 19, 2009 – Comments (11)

California had the nation’s fifth-highest percentage of home loans that are higher than the value of the homes they’re financing.

According to Santa Ana-based First American CoreLogic, : 42% of all loans were upside-down, or under water, as of June 30.

That compares to Nevada, where two out of every three home loans were under water; Arizona and Florida, where about half were; and Michigan, where 48% households owe more than their homes are worth.....

The combined property value for under-water loans was $3.4 trillion. That’s the total property value at risk of default.In California, the combined value of homes with negative equity was $969 billion, followed by Florida ($432 billion), New Jersey ($146 billion), Illinois ($146 billion) and Arizona ($140 billion).In numerical terms, California (2.9 million) and Florida (2.3 million) had the largest number of negative equity mortgages, accounting for 5.2 million, or 35%, of all negative equity loans.

http://lansner.freedomblogging.com/2009/08/19/42-of-california-loans-under-water/33965/

Our nation is  bankrupt.....over 15 million homes with mortgages underwater.......commercial real estate values crashing  due to over building  and over leverage......our second largest bank failure of the year is about to take place.....100,000,000 million Americans are living on the government dole and the government doesn't have the funds to make such payments.......credit default swaps are driving our nation into a money losing economy........tax receipts to New York are evaporating.....as well as practically every other municipality......and now the banks are about to really tighten the reigns on the economy as we reallly squeeze the nation with higher interest rates.

Whoooops.....Alstry forgot......the recession is over as we approach 9.09.

Do you really think the bankers are ever going to let you know what really just happened to you....prepare.... because if you don't know by now, you will never know.

11 Comments – Post Your Own

#1) On August 19, 2009 at 6:57 PM, wvillegas007 (< 20) wrote:

Alstry. You are my number one source of news ; )

Please let us know the best way to prepare.

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#2) On August 19, 2009 at 7:35 PM, alstry (35.68) wrote:

Prepare? 

If you are a banker and want to destroy the private economy and take over all of the assets....you would simply raise interest rates, tighten credit, and make it harder to discharge debts in bankruptcy.

Whoops.  We don't have to prepare for that...it has already occured.

By the time the leveraged die economically, there will not be much left for the unleveraged.... and the bankers will party like never before after being bailed out by those they killed plus will own most of the natural resources of America free and clear to sell to Asia.

The only additional thing the bankers could wish for is a pandemic to wipe out the population so the tens of trillions of entitlement obligations would vanish.

Prepare if you are a citizen?  First educate your friends about what is going on..... and/or marry the right banker.

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#3) On August 19, 2009 at 8:50 PM, alstry (35.68) wrote:

We lost some more taxpayers today:

Two dozen non-firefighting employees were laid off from the Sacramento Metropolitan Fire District today as part of $11 million in cost-cutting by the organization.

http://www.sacbee.com/

The swap induced civil wars intensify:

CalPERS filed suit today over Gov. Arnold Schwarzenegger's furlough program, saying its 2,000 employees shouldn't be subjected to the unpaid days off....

No....let's just furlough the other 200,000 employees.

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#4) On August 19, 2009 at 8:52 PM, JerseyShoreGirl (< 20) wrote:

Alstry ... I agree that we're in for more pain .. I would be more hopeful that American will emerge strong at the other side of the storm if it didn't seem like there were sinister forces 'gaming' against us ... intentionally derailing our country and the what has made it a great nation.

Without listing the litany of stats that are stacked against us right now, I am curious if you think things will transpire quickly (as in one morning we'll wake up and the (stool) will hit the fan) across the nation .. or, do you think the decay will be slower and gradual .. with the likelihood that as things further decay, an event either domestically (widespread civil unrest) or internationally (possible World War) will be the tipping point down the road.

Also, for this whole 9.09 MOAP, do you have some credible source, helping to back up this prediction .. or, is it just your assessment of the cumulative effect of all that is unfolding in all the corners of our country?

I want good answers .. or no more recs!

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#5) On August 19, 2009 at 9:22 PM, alstry (35.68) wrote:

9.09 is simply my assessment.  No secret number or special secret info....although I have a number of friends who work in sensitive positions.  Just my best guestimate at the time for change with a pinch of something I would rather not reveal.

It is the point where the anger likely reaches a boiling point.

The catalyst for the change?....it could be any of the things you mention above and when it occurs....the consequences will be swift, severe and revolutionary.

Remember the movie Trading Places....when Dan  Ackroyd lost everything, it was highly likely he would turn to crime....exactly what kind of crime.....did it really matter?

Our nation's economic oxygen is now being sucked out of the room by our bankers.....we are losing taxpayers everyday....and Obama is being backed into a corner...

When a nation doesn't earn enough to feed its people, and its bankers cut it off.....a leader is not left with too many options from which to proceed......none of which are very positive.

 

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#6) On August 19, 2009 at 9:33 PM, alstry (35.68) wrote:

New Home Sales DOWN 90% By $$$$$ Value......

Now Commercial RE Sales DOWN OVER 90%.

Only three Manhattan office buildings worth more than $30 million were sold in the first half of year, as buyer and sellers failed to agree on pricing and credit stayed tight, according to a report by real estate services company CB Richard Ellis Group Inc(CBG).

"Buyers are seeking distressed pricing," said the report released on Tuesday. "Owners do not want to sell at distressed pricing, and lenders have largely withdrawn from the market."

"When the CMBS market shut down, that really shut off the financing mechanism that allowed a lot of these large transactions to get done," Enoch Lawrence, senior vice president, CBRE Capital Markets, said in a statement.

The three sales compare with an average 32 seen in the first half of the past five years, the report said. Sales of office buildings valued at more than $30 million, fell to a total of $767.5 million in the first half of the year, 91 percent off the five-year average of $8.2 billion.

http://globaleconomicanalysis.blogspot.com/2009/08/manhattan-commercial-real-estate-office.html

As I recall, one of the sales was the AIG building which was sold for 90% OFF!!!!!

Welcome to the consequences of the current Zombulation policies.

And some people call this a Recession?

If Obama wasn't spending, this economy would be ending.

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#7) On August 19, 2009 at 10:18 PM, JerseyShoreGirl (< 20) wrote:

Our nation's economic oxygen is now being sucked out of the room by our bankers.....we are losing taxpayers everyday....and Obama is being backed into a corner...

Did you see Denninger's post re. the banks parking $Billions on the sidelines right now at 0.14% .. I think he indicated they were 'parking' in for the next 60 days because of some event they were (most likely) aware of ...

Been doing a lot of reading today and it seems like there's a lot of speculation about the North American Union out there .. and dollars being converted to Ameros.. just a (speculative) thought. 

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#8) On August 19, 2009 at 10:33 PM, alstry (35.68) wrote:

NO PLACE BUT OUT.....

From the wsj:

When PepsiCo Inc. laid off administrative assistant Sonia Service in February 2008, she thought she'd have a leg up on her next job. Pepsi referred Ms. Service to an "outplacement" firm that specializes in helping laid-off employees get new work.

Eighteen months later, Ms. Service says outplacement was a waste of time. She says the job-search training was rushed. During a practice lunch interview, a coach chided her for ordering cranberry juice, saying it could be interpreted as a sign of a urinary-tract infection, she recalls. ....

Outplacement firms say some frustration with their services reflects the stress of trying to find work during the downturn. "We understand that clients get angry; angry at their former employer, angry at us, angry at the prospective employers that don't seem to be calling back," John Challenger, CEO of Chicago-based outplacement firm Challenger, Gray & Christmas Inc., wrote in response to questions.

http://online.wsj.com/article/SB125069793645343423.html

Cranberry juice...a urinary tract infection?  Could you imagine what they would say about my bloody?

With New Home sales down 90% from peak, Commercial RE Sales in Manhatten  down 91% in a year, and practically every company in America downsizing at the same time....

where do you think people are going to find jobs?......and we havn't even started seriously with the millions of  municipal and state layoffs.........

As I said.....9.09 is not much time

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#9) On August 19, 2009 at 10:41 PM, alstry (35.68) wrote:

Jersey,

Bankers are putting trillions into 3 1/2% U.S. Treasuries after getting free money from taxpayers.

Not a bad gig, loan me a dollar at 0-1/4% and I will loan you back ten that I don't have at 3 1/2%.

Multiply that by a few trillion and we are talking some serious taxpayer subsidies that few ever know about as the bankers raise the interest rates on citizens.

We are soon approaching the boiling point....I am not sure we will make it to Michael Moore's movie on point due out 10/02.

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#10) On August 20, 2009 at 2:43 PM, AdirondackFund (< 20) wrote:

I hate to mention this, being as I am a lifelong NY'er and no longer living there, but Commercial Real Estate declines of this magnitude have simply never existed ever before.  In each and every case when they do decline in number 'the mood' has then spread to NY Suburban Real Estate which is mostly unaffected by markets.  Taking out this segment of the population will prove fatal to the US Economy, if that hasn't in fact already occurred.

No amount of counter psychology can match an absense of activity in markets. This must be just killing Donald Trump...tho I doubt he would ever admit it.   

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#11) On August 20, 2009 at 3:03 PM, beatnik11 (< 20) wrote:

I enjoy Alstry's comments but honestly, you need to stop bumping your own topics like a mad man.  Its really tacky.  6 our of the 10 comments are yours on your own post.  Responding is one thing but you kinda get a bit excessive

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