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Trusted Contributor
prunoid
Posts: 164
Registered: ‎01-16-2009
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Inventory in LA just plummeted 20% in a week ...

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WheelinDealin
Posts: 562
Registered: ‎01-25-2012

Re: Inventory in LA just plummeted 20% in a week ...

[ Edited ]

I believe this is because of all the mortgage modifications and help which is now available to those who are underwater on their home. Thus enabling them to stay in homes they can't afford and shouldn't have bought in the first place. I have mixed feeling about this. I have a friend who WAY overpaid on their home in 2007. They already got a interest rate modification and are now seeking a principal reduction. Because this person used bad judgement to buy a home they couldn't afford at the height of the market, they now believe they should get a bail-out at tax payers expense. It just doesn't seem right.

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prunoid
Posts: 164
Registered: ‎01-16-2009
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Re: Inventory in LA just plummeted 20% in a week ...


WheelinDealin wrote:

I believe this is because of all the mortgage modifications and help which is now available to those who are underwater on their home. Thus enabling them to stay in homes they can't afford and shouldn't have bought in the first place. I have mixed feeling about this. I have a friend who WAY overpaid on their home in 2007. They already got a interest rate modification and are now seeking a principal reduction. Because this person used bad judgement to buy a home they couldn't afford at the height of the market, they now believe they should get a bail-out at tax payers expense. It just doesn't seem right.


That's the attitude of the current administation. America can't have losers!

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mnsweeps
Posts: 196
Registered: ‎06-04-2008
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Re: Inventory in LA just plummeted 20% in a week ...

+1

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firsttimebuyer1
Posts: 13
Registered: ‎01-28-2013
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Re: Inventory in LA just plummeted 20% in a week ...

LOL, that is so true.  America cannot have losers!  Someone has to lose and someone has to win...that is LIFE! 

Silver Regular Contributor
WheelinDealin
Posts: 562
Registered: ‎01-25-2012

Re: Inventory in LA just plummeted 20% in a week ...

[ Edited ]

What happned to consequences for your actions? If you make a bad judgement or purchase you should have to live with it and deal with the consequences. Isn't that how life works? Live and learn. Hopefully next time you won't make the same mistake. I believe that only those select few who were taken advantage of or victims of fruad should be eligible for loan modifications. Not just any dummy that overpaid on their home and is now crying about it. Sure, the banks are at fault for betting on the property market upside and giving loans to anyone with a heartbeat, but no one twisted their arms and forced them to buy. Just because someone offers you a mortgage doesn't mean you can afford it. I remember in 2006-07 everyone running around saying "Buy now or forever be outpriced!" Guess what, they were wrong then, and should have to own it now, along with all the baggage and debt that comes with it.

 

Short sale, wait a couple of years, then buy something you can afford, should be the only option.

Trusted Contributor
Craftsmanluv
Posts: 131
Registered: ‎03-18-2010

Re: Inventory in LA just plummeted 20% in a week ...

"What happned to consequences for your actions?"

 

Not one banker is in jail, and failing corporations were bailed out left and right under some cockamainy social capitalism scheme. So that's ok, but helping individual families is not?

 

And it was not a "select few" who were taken advantage of. You're minimizing the problem as the corporations want you to do. The whole system was rigged. Everyone was affected on mutliple levels by falsley inflated housing prices. And in case you didn't notice, we all had 30%-40% of our retirment accounts stolen.

 

 

Gold Regular Contributor
lexa
Posts: 1,982
Registered: ‎05-13-2009

Re: Inventory in LA just plummeted 20% in a week ...


prunoid wrote:

That's the attitude of the current administation. America can't have losers!


nope, there are losers in case those people who bought over their means are bailed out. The losers are those who did not...not only they did not get bail out money, but their money were used to bail out others.

 

the current administration attitude is that of wealth redistribution at all costs and any means, whether those are civil and have Congress oversight (taxes and social payments) or covert (bail outs with debt spending and Fed money printing).

Contributor
moneypenny02
Posts: 45
Registered: ‎10-18-2012

Re: Inventory in LA just plummeted 20% in a week ...


Craftsmanluv wrote:

"What happned to consequences for your actions?"

 

Not one banker is in jail, and failing corporations were bailed out left and right under some cockamainy social capitalism scheme. So that's ok, but helping individual families is not?

 

And it was not a "select few" who were taken advantage of. You're minimizing the problem as the corporations want you to do. The whole system was rigged. Everyone was affected on mutliple levels by falsley inflated housing prices. And in case you didn't notice, we all had 30%-40% of our retirment accounts stolen.

 

 


+1,000.

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Mortmain
Posts: 196
Registered: ‎10-29-2012
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Re: Inventory in LA just plummeted 20% in a week ...


prunoid wrote:

WheelinDealin wrote:

I believe this is because of all the mortgage modifications and help which is now available to those who are underwater on their home. Thus enabling them to stay in homes they can't afford and shouldn't have bought in the first place. I have mixed feeling about this. I have a friend who WAY overpaid on their home in 2007. They already got a interest rate modification and are now seeking a principal reduction. Because this person used bad judgement to buy a home they couldn't afford at the height of the market, they now believe they should get a bail-out at tax payers expense. It just doesn't seem right.


That's the attitude of the current administation. America can't have losers!


America can't have 'losers' since by virtue of being relative the term is redundant. In other words, it is everyone, aka the tax payer. One example; the financial dire straits of the FHA, which has direct access to the Treasury. The boom bust cycle wasn't started by this administration. It is the prevailng risk strategy of unintended consequences that fuels it. As Greenspan admitted, "we were wrong".