Something similar to this showed up in my inbox yesterday, I found it amusing and with a few alterations have decided to share it with you, enjoy . . .
On the first month of default my true love said to me…we lost all of our equity!
On the 2nd month of default my true love said to me… There’s 2 past due letters, and we lost all of our equity.
On the 3rd month of default my true love said to me… Our bank got a bailout, 4 past due letters and we lost all of our equity.
On the fourth month of default,
my true love said to me… We have 4 calling collectors,
the big banks got bailed out,
a dozen past due letters, and we lost all of our equity.
On the fifth month of default,
my true love said to me… we live in our house for free!, more calling collectors,
banks bailed out,
a dozen past due letters, and we lost all of our equity.
On the sixth month of default,
my true love said to me we now have
6 months of savings, we live in our house for free! ,
more calling collectors,
banks bailed out,
2 dozen past due letters, and we lost all of our equity
On the seventh month of default,
my true love said to me home prices keep a-fallin, 7 months of savings, we live in our house for free! ,
more calling collectors,
banks bailed out, 3
dozen past due letters,
and we lost all of our equity.
On the eighth month of default,
my true love said to me let’s go on vaction, prices keep a-fallin, 8 months of savings, we live in our house for free! ,
more calling collectors,
banks bailed out, 3
dozen past due letters,
and we lost all of our equity.
On the ninth month of default,
my true love said to me I
found some great new rentals, what a great vacation, prices keep a-fallin, 9 months of savings, we live in our house for free! ,
more calling collectors,
banks bailed out, 3
dozen past due letters,
and we lost all of our equity.
On the tenth month of default,
my true love said to me 10 days till auction,
found some great new rentals, what a great vacation, prices keep a-fallin, 10 months of savings, we live in our house for free! ,
more calling collectors,
banks bailed out, 4
dozen past due letters,
and we lost all of our equity.
On the eleventh month of default,
my true love said to me
the lender postponed the sale, 30 days till auction,
found some great new rentals, what a great vacation, prices keep a-fallin, 11 months of savings, we live in our house for free! ,
more calling collectors,
banks bailed out, 5
dozen past due letters,
and we lost all of our equity.
On the twelfth month of default my true love said to me house sold at auction, we need to vacate, cash for keys offer,
found a great new rental, we went on vacation, prices keep a-fallin, one year of savings, we lived in our house free! , no
more calling collectors,
we got bailed out, we will fix our credit,
and in 3 years we’ll buy a house cheap.
Want help? check out www.trghelp.com or info "help me" to info@trghelp.com Happy Holidays!
Thursday, December 17, 2009
Wednesday, December 9, 2009
Loan Modification Failures - And the hits just keep on coming . . .
10,000 permanent loan mods have been accomplished to date - that's it just 10,000!!!
In the last 90 days about 1,000,000 (that's one million) new people have entered the foreclosure process.
Even if all 10,000 of the successful loan mods were in the last 90 days that's still only 1%!!!
Q: What happens to the other 99+% who aren't receiving successful loan mods?
A: They become short sales or foreclosures
Q: What happens when all of those short sales and foreclosures enter the market over the next 5+ years?
A: Prices continue to correct. I wrote previously that prices nationally would return to levels last seen in 1996-1998. I am now thinking that they will most likely correct further. The only possible way that prices won't correct to those levels would be if our government and the Fed instead opt to create significant inflation. That would mean that values would stop dropping and could ultimately push prices up high enough that the projected 50+% of homes that will have be underwater* by end of 2011, might not actually realize that fate . . . of course the level of inflation needed to reach that point would also push a McDonald's value meal to a price of over $25!
If you think dropping values are a problem, PRAY that our government and the Fed don't choose to simply inflate their way out of one problem and into a far worse problem.
For details on the article click on title above or cut and paste link below.
For solutions to this situation please email a brief description of your situation to kirk@kirknace.com and simply raise your hand and ask for help.
http://finance.yahoo.com/news/Only-10000-permanent-loan-apf-1828618683.html?x=0&sec=topStories&pos=2&asset=&ccode=
*being underwater is the term used when an owner owes more against the property than the property is worth. Currently only about 1 out of every 4 US homeowners are suffering from this. HSBC recently released a study wherein they project that number to grow to 1 out of every 2!
In the last 90 days about 1,000,000 (that's one million) new people have entered the foreclosure process.
Even if all 10,000 of the successful loan mods were in the last 90 days that's still only 1%!!!
Q: What happens to the other 99+% who aren't receiving successful loan mods?
A: They become short sales or foreclosures
Q: What happens when all of those short sales and foreclosures enter the market over the next 5+ years?
A: Prices continue to correct. I wrote previously that prices nationally would return to levels last seen in 1996-1998. I am now thinking that they will most likely correct further. The only possible way that prices won't correct to those levels would be if our government and the Fed instead opt to create significant inflation. That would mean that values would stop dropping and could ultimately push prices up high enough that the projected 50+% of homes that will have be underwater* by end of 2011, might not actually realize that fate . . . of course the level of inflation needed to reach that point would also push a McDonald's value meal to a price of over $25!
If you think dropping values are a problem, PRAY that our government and the Fed don't choose to simply inflate their way out of one problem and into a far worse problem.
For details on the article click on title above or cut and paste link below.
For solutions to this situation please email a brief description of your situation to kirk@kirknace.com and simply raise your hand and ask for help.
http://finance.yahoo.com/news/Only-10000-permanent-loan-apf-1828618683.html?x=0&sec=topStories&pos=2&asset=&ccode=
*being underwater is the term used when an owner owes more against the property than the property is worth. Currently only about 1 out of every 4 US homeowners are suffering from this. HSBC recently released a study wherein they project that number to grow to 1 out of every 2!
Tuesday, December 8, 2009
From Russia with Love . . .
Take a minute and read what the rest of the world is thinking, writing and saying about us "Passive, hapless SHEEPLE" that's what we've become - Sheeple - it's a damn shame, read on and thank you to David Tanzer for sharing this.
American capitalism gone with a whimper
It must be said, that like the breaking of a great dam, the American descent into Marxism is happening with breath taking speed, against the back drop of a passive, hapless sheeple, excuse me dear reader, I meant people.
True, the situation has been well prepared on and off for the past century, especially the past twenty years. The initial testing ground was conducted upon our Holy Russia and a bloody test it was. But we Russians would not just roll over and give up our freedoms and our souls, no matter how much money Wall Street poured into the fists of the Marxists.
Those lessons were taken and used to properly prepare the American populace for the surrender of their freedoms and souls, to the whims of their elites and betters.
First, the population was dumbed down through a politicized and substandard education system based on pop culture, rather than the classics. Americans know more about their favorite TV dramas than the drama in DC that directly affects their lives. They care more for their "right" to choke down a McDonalds burger or a Burger King burger than for their constitutional rights. Then they turn around and lecture us about our rights and about our "democracy". Pride blinds the foolish.
Then their faith in God was destroyed, until their churches, all tens of thousands of different "branches and denominations" were for the most part little more than Sunday circuses and their televangelists and top Protestant mega preachers were more than happy to sell out their souls and flocks to be on the "winning" side of one pseudo Marxist politician or another. Their flocks may complain, but when explained that they would be on the "winning" side, their flocks were ever so quick to reject Christ in hopes for earthly power. Even our Holy Orthodox churches are scandalously liberalized ………in America.
The final collapse has come with the election of Barack Obama. His speed in the past three months has been truly impressive. His spending and money printing has been record setting, not just in America’s short history but in the world. If this keeps up for more than another year, and there is no sign that it will not, America at best will resemble the Weimar Republic, and at worst Zimbabwe.
These past two weeks have been the most breath taking of all. First came the announcement of a planned redesign of the American Byzantine tax system, by the very thieves who used it to bankroll their thefts, loses and swindles of hundreds of billions of dollars. These make our Russian oligarchs look little more than ordinary street thugs, in comparison. Yes, the Americans have beat our own thieves in the shear volumes. Should we congratulate them?
These men, of course, are not an elected panel but made up of appointees picked from the very financial oligarchs and their henchmen who are now gorging themselves on trillions of American dollars, in one bailout after another. They are also usurping the rights, duties and powers of the American congress. Again, congress has put up little more than a whimper to their masters.
Then came Barack Obama's command that GM's president step down from leadership of his company. That is correct, dear reader, in the land of "pure" free markets, the American president now has the power, the self given power, to fire CEOs and we can assume other employees of private companies, at will. Come hither, go dither, the centurion commands his minions.
So it should be no surprise that the American president has followed this up with a "bold" move of declaring that he and another group of unelected, chosen stooges will now redesign the entire automotive industry and will even be the guarantor of automobile policies. I am sure that if given the chance, they would happily try and redesign it for the whole of the world, too.
Prime Minister Putin, less than two months ago, warned Obama and UK 's Blair, not to follow the path to Marxism, it only leads to disaster. Apparently, even though we suffered 70 years of this Western sponsored horror show, we know nothing as foolish, drunken Russians, so let our "wise" Anglo-Saxon fools find out the folly of their own pride.
Again, the American public has taken this with barely a whimper...but a "freeman" whimper.
So, should it be any surprise to discover that the Democrat controlled Congress of America is working on passing new regulations that would give the American Treasury department the power to set "fair" maximum salaries, evaluate performance and control how private companies give out pay raises and bonuses? Senator Barney Frank, a social pervert basking in his homosexuality (of course, amongst the modern, enlightened American societal norm, as well as that of the general West, homosexuality is not only not a looked down upon life choice, but is often praised as a virtue) and his Marxist enlightenment, has led this effort. He stresses that this only affects companies that receive government monies, but it is retroactive and taken to a logical extreme, this would include any company or industry that has ever received a tax break or incentive.
The Russian owners of American companies and industries should look thoughtfully at this and the option of closing their facilities down and fleeing the land of the Red as fast as possible. In other words, divest while there is still value left. The proud American will go down into his slavery without a fight, beating his chest and proclaiming to the world, how free he really is. The world will only snicker.
(To meet our legal copyright obligation, the article was written by Stanislav Mishin 1999-2009 @ PRAVDA.Ru. When reproducing the materials in whole or in part, hyperlink to PRAVDA.Ru should be made. The opinions and views of the authors do not always coincide with the point of view of PRAVDA.Ru's editors.)
American capitalism gone with a whimper
It must be said, that like the breaking of a great dam, the American descent into Marxism is happening with breath taking speed, against the back drop of a passive, hapless sheeple, excuse me dear reader, I meant people.
True, the situation has been well prepared on and off for the past century, especially the past twenty years. The initial testing ground was conducted upon our Holy Russia and a bloody test it was. But we Russians would not just roll over and give up our freedoms and our souls, no matter how much money Wall Street poured into the fists of the Marxists.
Those lessons were taken and used to properly prepare the American populace for the surrender of their freedoms and souls, to the whims of their elites and betters.
First, the population was dumbed down through a politicized and substandard education system based on pop culture, rather than the classics. Americans know more about their favorite TV dramas than the drama in DC that directly affects their lives. They care more for their "right" to choke down a McDonalds burger or a Burger King burger than for their constitutional rights. Then they turn around and lecture us about our rights and about our "democracy". Pride blinds the foolish.
Then their faith in God was destroyed, until their churches, all tens of thousands of different "branches and denominations" were for the most part little more than Sunday circuses and their televangelists and top Protestant mega preachers were more than happy to sell out their souls and flocks to be on the "winning" side of one pseudo Marxist politician or another. Their flocks may complain, but when explained that they would be on the "winning" side, their flocks were ever so quick to reject Christ in hopes for earthly power. Even our Holy Orthodox churches are scandalously liberalized ………in America.
The final collapse has come with the election of Barack Obama. His speed in the past three months has been truly impressive. His spending and money printing has been record setting, not just in America’s short history but in the world. If this keeps up for more than another year, and there is no sign that it will not, America at best will resemble the Weimar Republic, and at worst Zimbabwe.
These past two weeks have been the most breath taking of all. First came the announcement of a planned redesign of the American Byzantine tax system, by the very thieves who used it to bankroll their thefts, loses and swindles of hundreds of billions of dollars. These make our Russian oligarchs look little more than ordinary street thugs, in comparison. Yes, the Americans have beat our own thieves in the shear volumes. Should we congratulate them?
These men, of course, are not an elected panel but made up of appointees picked from the very financial oligarchs and their henchmen who are now gorging themselves on trillions of American dollars, in one bailout after another. They are also usurping the rights, duties and powers of the American congress. Again, congress has put up little more than a whimper to their masters.
Then came Barack Obama's command that GM's president step down from leadership of his company. That is correct, dear reader, in the land of "pure" free markets, the American president now has the power, the self given power, to fire CEOs and we can assume other employees of private companies, at will. Come hither, go dither, the centurion commands his minions.
So it should be no surprise that the American president has followed this up with a "bold" move of declaring that he and another group of unelected, chosen stooges will now redesign the entire automotive industry and will even be the guarantor of automobile policies. I am sure that if given the chance, they would happily try and redesign it for the whole of the world, too.
Prime Minister Putin, less than two months ago, warned Obama and UK 's Blair, not to follow the path to Marxism, it only leads to disaster. Apparently, even though we suffered 70 years of this Western sponsored horror show, we know nothing as foolish, drunken Russians, so let our "wise" Anglo-Saxon fools find out the folly of their own pride.
Again, the American public has taken this with barely a whimper...but a "freeman" whimper.
So, should it be any surprise to discover that the Democrat controlled Congress of America is working on passing new regulations that would give the American Treasury department the power to set "fair" maximum salaries, evaluate performance and control how private companies give out pay raises and bonuses? Senator Barney Frank, a social pervert basking in his homosexuality (of course, amongst the modern, enlightened American societal norm, as well as that of the general West, homosexuality is not only not a looked down upon life choice, but is often praised as a virtue) and his Marxist enlightenment, has led this effort. He stresses that this only affects companies that receive government monies, but it is retroactive and taken to a logical extreme, this would include any company or industry that has ever received a tax break or incentive.
The Russian owners of American companies and industries should look thoughtfully at this and the option of closing their facilities down and fleeing the land of the Red as fast as possible. In other words, divest while there is still value left. The proud American will go down into his slavery without a fight, beating his chest and proclaiming to the world, how free he really is. The world will only snicker.
(To meet our legal copyright obligation, the article was written by Stanislav Mishin 1999-2009 @ PRAVDA.Ru. When reproducing the materials in whole or in part, hyperlink to PRAVDA.Ru should be made. The opinions and views of the authors do not always coincide with the point of view of PRAVDA.Ru's editors.)
Monday, November 30, 2009
Supply and Demand is a Law, not a suggestion
Whether you believe in the law of gravity or not, it impacts you. Similarly, whether you believe in the law of supply and demand it too has an absolute impact.
Let's start by looking at the supply side of the US Housing Market . . .
In the 3rd quarter of 2009 almost a million homes in the US entered the foreclosure process, an increase of over 22% from the same period in 2008. For your convenience we have provided website addresses for you to cut and paste into your browser to review ...
http://www.realtytrac.com/news/press/newsletter-articles.asp?a=b&itemid=7740&accnt=225575
This represents 1 out of every 136 homes in the country entering the foreclosure process during 3Q09, in some areas the number was as low as 1 in 20 homes entering the process during just this 3 month period!
During the same period, 3Q09, mortgage delinquencies across the country hit a new high ...
http://finance.yahoo.com/news/Mortgage-delinquencies-hit-apf-3335040402.html?x=0&sec=topStories&pos=1&asset=&ccode
having increased 58% from the same period in 2008! With unemployment continuing to rise, and maximum mortgage resets still not due for about another 2 years, which direction will this go?
Combined, this brings the total to almost 4 million homeowners who are either in foreclosure or at least 3 months behind ...
http://finance.yahoo.com/news/Foreclosures-hitting-more-apf-24626172.html?x=0&sec=topStories&pos=2&asset=&ccode
at the end of 3Q09.
Barry Sternlicht, CEO of Starwood Capital Group (who just cut a super sweet deal w/ the govt on distressed assets) stated recently that the total number of "Shadow inventory" could be as high as 12-15 million. While no one knows for certain exactly how many properties banks, financial institutions and investors are sitting on, we do know, for certain, that there are literally millions of people who have not made mortgage payments for months and in some cases for up to 3+ years without being foreclosed upon.
Ok, so what about demand?
According to The National Association of Realtors (notorious for misleading the public) the number of sales in 2010 should be approximately 5.3 million. This represents demand.
You do the math
With about 4 million homes 90+ days delinquent or currently in the foreclosure process, plus who knows how much shadow inventory, plus the rate of foreclosure filings and new delinquencies growing rapidly - what will happen to supply? for how long?
Even if we get to NAR's projected 5.3 million sales next year how will that level of demand even make a dent in the supply?
Bottom line:
US Housing Markets are at least another 5 years from a bottom and will return to price levels similar to those seen in 1996-1998.
Want to understand more about where we are and how we got here? visit www.smashedfeet.com
Now that you have been shaken and awakened, what are you going to do to improve your situation?
If you are considering disposing of real estate holdings I strongly encourage you to review www.6weeklistingstrategy.com and find an agent who understands how to use it.
Let's start by looking at the supply side of the US Housing Market . . .
In the 3rd quarter of 2009 almost a million homes in the US entered the foreclosure process, an increase of over 22% from the same period in 2008. For your convenience we have provided website addresses for you to cut and paste into your browser to review ...
http://www.realtytrac.com/news/press/newsletter-articles.asp?a=b&itemid=7740&accnt=225575
This represents 1 out of every 136 homes in the country entering the foreclosure process during 3Q09, in some areas the number was as low as 1 in 20 homes entering the process during just this 3 month period!
During the same period, 3Q09, mortgage delinquencies across the country hit a new high ...
http://finance.yahoo.com/news/Mortgage-delinquencies-hit-apf-3335040402.html?x=0&sec=topStories&pos=1&asset=&ccode
having increased 58% from the same period in 2008! With unemployment continuing to rise, and maximum mortgage resets still not due for about another 2 years, which direction will this go?
Combined, this brings the total to almost 4 million homeowners who are either in foreclosure or at least 3 months behind ...
http://finance.yahoo.com/news/Foreclosures-hitting-more-apf-24626172.html?x=0&sec=topStories&pos=2&asset=&ccode
at the end of 3Q09.
Barry Sternlicht, CEO of Starwood Capital Group (who just cut a super sweet deal w/ the govt on distressed assets) stated recently that the total number of "Shadow inventory" could be as high as 12-15 million. While no one knows for certain exactly how many properties banks, financial institutions and investors are sitting on, we do know, for certain, that there are literally millions of people who have not made mortgage payments for months and in some cases for up to 3+ years without being foreclosed upon.
Ok, so what about demand?
According to The National Association of Realtors (notorious for misleading the public) the number of sales in 2010 should be approximately 5.3 million. This represents demand.
You do the math
With about 4 million homes 90+ days delinquent or currently in the foreclosure process, plus who knows how much shadow inventory, plus the rate of foreclosure filings and new delinquencies growing rapidly - what will happen to supply? for how long?
Even if we get to NAR's projected 5.3 million sales next year how will that level of demand even make a dent in the supply?
Bottom line:
US Housing Markets are at least another 5 years from a bottom and will return to price levels similar to those seen in 1996-1998.
Want to understand more about where we are and how we got here? visit www.smashedfeet.com
Now that you have been shaken and awakened, what are you going to do to improve your situation?
If you are considering disposing of real estate holdings I strongly encourage you to review www.6weeklistingstrategy.com and find an agent who understands how to use it.
Saturday, November 14, 2009
Prices continue falling in 123 out of 153 cities
Read the attached information put out by NAR a few days ago (click on article title above or cut and paste from below) Then please tell me how, with the huge (and ever growing) shadow inventory we could possibly see prices rise next year???
go back and reread: http://smashedfeet.blogspot.com/2009/11/why-isnt-there-class-action-lawsuit.html and let me know how the inconsistencies presented by NAR could ever be accepted by any sane, logical human being.
http://finance.yahoo.com/news/Median-home-prices-fell-apf-2299106760.html?x=0&sec=topStories&pos=2&asset=&ccode=
go back and reread: http://smashedfeet.blogspot.com/2009/11/why-isnt-there-class-action-lawsuit.html and let me know how the inconsistencies presented by NAR could ever be accepted by any sane, logical human being.
http://finance.yahoo.com/news/Median-home-prices-fell-apf-2299106760.html?x=0&sec=topStories&pos=2&asset=&ccode=
And the punch line is California . . .
I just came across a study showing how well, or poorly, each of the 50 states is AS COMPARED TO CALIFORNIA, the underlying assumption is things are so bad in CA that by comparing your state to CA you can gauge how bad things are in your state. Incredible. You can click on the title above, or cut and paste: http://downloads.pewcenteronthestates.org/Beyond_California_Appendix.pdf
either way enjoy
either way enjoy
Friday, November 13, 2009
Why isn't there a class action lawsuit against NAR
Click on the title above or cut and paste below.
Read the absolute total bullshit now being spouted by NAR
there is no way in hell prices are going to rise in the next year without an insane level of inflation, which would then lead to interest rates so high that no one will be able to purchase anyhow.
Why is it that NAR is allowed to consistently, blatantly lie to the public???
Someone please show me a single statement or projection that they have made over the past few years that was even remotely close to accurate, please.
This sickens me. Is it any wonder that 70% or more of the people who have been foreclosed on never even list their homes for sale? If that doesn't scream that the public doesn't believe in or trust Realtors, most of them bought their properties from one and have such little faith in the industry that they just loose their homes and don't even bother dealing with Realtors. Why? Because of things like the bullshit in the attached article!
It's getting cold here in the midwest, time to hibernate is around the corner, maybe when I wake up in the spring this will all have just been a bad dream.
http://finance.yahoo.com/news/Realtors-home-prices-to-rise-apf-935437126.html?x=0&sec=topStories&pos=2&asset=&ccode=
Read the absolute total bullshit now being spouted by NAR
there is no way in hell prices are going to rise in the next year without an insane level of inflation, which would then lead to interest rates so high that no one will be able to purchase anyhow.
Why is it that NAR is allowed to consistently, blatantly lie to the public???
Someone please show me a single statement or projection that they have made over the past few years that was even remotely close to accurate, please.
This sickens me. Is it any wonder that 70% or more of the people who have been foreclosed on never even list their homes for sale? If that doesn't scream that the public doesn't believe in or trust Realtors, most of them bought their properties from one and have such little faith in the industry that they just loose their homes and don't even bother dealing with Realtors. Why? Because of things like the bullshit in the attached article!
It's getting cold here in the midwest, time to hibernate is around the corner, maybe when I wake up in the spring this will all have just been a bad dream.
http://finance.yahoo.com/news/Realtors-home-prices-to-rise-apf-935437126.html?x=0&sec=topStories&pos=2&asset=&ccode=
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