Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Now - who's going to be the first bone-head to full-quote the entire
text of this post just to add one line?

=========================================

http://www.reuters.com/article/2012/...83319E20120404

Americans brace for next foreclosure wave
Wed Apr 4, 2012 6:22pm EDT

(Reuters) - Half a decade into the deepest U.S. housing crisis since the
1930s, many Americans are hoping the crisis is finally nearing its end.

House sales are picking up across most of the country, the plunge in
prices is slowing and attempts by lenders to claim back properties from
struggling borrowers dropped by more than a third in 2011, hitting a
four-year low.

But a painful part two of the slump looks set to unfold: Many more U.S.
homeowners face the prospect of losing their homes this year as banks
pick up the pace of foreclosures.

"We are right back where we were two years ago. I would put money on
2012 being a bigger year for foreclosures than 2010," said Mark Seifert,
executive director of Empowering & Strengthening Ohio's People (ESOP), a
counseling group with 10 offices in Ohio.

"Last year was an anomaly, and not in a good way," he said.

In 2011, the "robo-signing" scandal, in which foreclosure documents were
signed without properly reviewing individual cases, prompted banks to
hold back on new foreclosures pending a settlement.

Five major banks eventually struck that settlement with 49 U.S. states
in February. Signs are growing the pace of foreclosures is picking up
again, something housing experts predict will again weigh on home prices
before any sustained recovery can occur.

Mortgage servicing provider Lender Processing Services reported in early
March that U.S. foreclosure starts jumped 28 percent in January.

More conclusive national data is not yet available. But watchdog group,
4closurefraud.org which helped uncover the "robo-signing" scandal, says
it has turned up evidence of a large rise in new foreclosures between
March 1 and 24 by three big banks in Palm Beach County in Florida, one
of the states hit hardest by the housing crash

Although foreclosure starts were 50 percent or more lower than for the
same period in 2010, those begun by Deutsche Bank were up 47 percent
from 2011. Those of Wells Fargo's rose 68 percent and Bank of America's,
including BAC Home Loans Servicing, jumped nearly seven-fold -- 251
starts versus 37 in the same period in 2011. Bank of America said it
does not comment on data provided by other sources. Wells Fargo and
Deutsche Bank did not comment.

Housing experts say localized warning signs of a new wave of foreclosure
are likely to be replicated across much of the United States.

Online foreclosure marketplace RealtyTrac estimated that while
foreclosures dropped slightly nationwide in February from January and
from February 2011, they rose in 21 states and jumped sharply in cities
like Tampa (64 percent), Chicago (43 percent) and Miami (53 percent).

RealtyTrac CEO Brandon Moore said the "numbers point to a gradually
rising foreclosure tide as some of the barriers that have been holding
back foreclosures are removed."

One big difference to the early years of the housing crisis, which was
dominated by Americans saddled with the most toxic subprime products --
with high interest rates where banks asked for no money down or no proof
of income -- is that today it's mostly Americans with ordinary mortgages
whose ability to meet payment have been hit by the hard economic times.

"The subprime stuff is long gone," said Michael Redman, founder of
4closurefraud.org. "Now the folks being affected are hardworking,
everyday Americans struggling because of the economy."

"HARD TO CATCH UP"

Until December 2010, Daniel Burns, 52, had spent his working life in the
trucking industry as a long-haul driver and manager. When daily loads at
the small family business where he worked tailed off, he lost his job.

Unable to cover his mortgage, Burns received a grant from a government
fund using money repaid from the 2008 bank bailout. That grant is due to
expire in early 2013 and Burns is holding out on hopeful comments from
his former employer that he might get his job back if the economy
recovers.

"If things don't pick up, I will be out on the street," he said, staring
from his living room window at two abandoned houses over the road in the
middle-class Cleveland suburb of Garfield Heights, the noise of traffic
from a nearby Interstate highway filling the street.

Underscoring the uncertainty of his situation, Burns' cell phone rings
and a pre-recorded message announces that his unemployment benefits are
due to be cut off in April.

A bit further up the shore of Lake Erie, Cristal Fell, who works night
shifts entering data for a trucking company in Toledo, has fallen behind
on her mortgage a second time because her ex-husband lost his job and
her overtime was cut.

"Once you get behind it's so hard to catch up," she said.

Fell, a mother of four, hopes the economy will gather enough speed to
help her avoid any risk of losing her home. Her ex-husband has found a
new job and she is getting more overtime, so she hopes she can catch up
on her mortgage by the fall.

Burns and Fell are the new face of the U.S. housing crisis: Middle
class, suburban or rural with a conventional 30-year fixed mortgage at a
reasonable interest rate, but unemployed or underemployed. Although the
national unemployment rate has fallen to 8.3 percent from its peak of 10
percent in October 2009, nearly 13 million Americans remain jobless,
meaning many are struggling to keep up with their mortgage payments.

Real estate company Zillow Inc says more than one in four American
homeowners were "under water" or owed more than their homes were worth
in the fourth quarter of 2011. The crisis has wiped out some $7 trillion
in U.S. household wealth.

"We're seeing more people coming through who have good loans with
reasonable interest rates," said Ed Jacob, executive director of
non-profit lender Neighborhood Housing Services of Chicago Inc, which
provides foreclosure counseling. "But in many households only one person
works now instead of two, or they had their hours cut."

"The answer to the housing crisis now is job creation."

EARLY SIGNS OF UPTICK?

Zillow expects the resurgence in foreclosures this year, combined with
excess inventory of unsold, bank-owned homes will contribute to a 3.7
percent national decline in prices before the market hits bottom in 2013
and stays there until 2016.

"The hangover from this crisis will far outlast the party of the boom
years," said Zillow chief economist Stan Humphries.

Getting through the remaining foreclosures and dealing with the
resulting flood of homes on the market in the wake of the bank
settlement is a necessary part of the healing process for the U.S.
housing market, he added.

According to leading broker dealer Amherst Securities, some 9.5 million
homes are still at risk of default and in February it said it expected
to see the uptick in foreclosures start to hit in March and April.

There is other evidence that many of the foreclosures that did not
happen in 2011 will happen this year.

A January report by the Neighborhood Economic Development Advocacy
Project in New York found that in the first half of 2011 the number of
90-day pre-foreclosure notices in New York City outnumbered court
foreclosure actions by a ratio of 14 to one, indicating that while
proceedings were initiated against many homeowners, they were left
incomplete.

"Now the banks have a settlement, foreclosure numbers for 2012 are going
to be high," said NEDAP co-director Josh Zinner.

A recent survey by the California Reinvestment Coalition, an umbrella
group of nearly 300 non-profit groups in the state, of member agencies
found 75 percent of respondents expected increased demand for their
foreclosure prevention services in 2012 but more than a third had to
scale back services because of funding cuts.

"Funding is a major concern given what our members expect for this
year," said associate director Kevin Stein.

All this has non-profits intensifying calls for the Federal Housing
Finance Agency to drop its opposition to allowing the government-backed
mortgage giants Fannie Mae and Freddie Mac it regulates to reduce
principal for underwater homeowners.

Principal reduction involves reducing the amount borrowers owe in order
to make a loan modification affordable for struggling homeowners.
Republicans and the FHFA oppose principal reduction because of the risk
of "moral hazard"- that homeowners who do not need help will seek to
abuse largesse and have their mortgages reduced too.

ESOP in Ohio engages in "hits" on Chase branches -- they say Chase is
the least accommodating major bank when it comes to working with
struggling homeowners -- where they try to hand letters to bank mangers
calling on chief executive Jamie Dimon to lobby FHFA head Edward DeMarco
for principal reductions. A Chase spokeswoman said the bank has made
"extensive efforts" to work with homeowners, helping 775,000 borrowers
stay in their homes since early 2009, avoiding foreclosure "more than
twice as often as we have had to foreclose." Housing groups like ESOP
maintain, as they have throughout the housing crisis, that unless the
FHFA embraces widespread principal reduction, many more under water
borrowers face losing their homes.

"Until banks engage in meaningful principal reduction as a matter of
course," ESOP's Seifert said after a recent protest at a Chase branch in
Cleveland, "this crisis will not end."

On 4/4/2012 6:42 PM, Home Guy wrote:
Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Now - who's going to be the first bone-head to full-quote the entire
text of this post just to add one line?

=========================================


The OECD says Canada has the second highest rate of overvaluation of
homes in the developed world.... And that the USA is undervalued at 9%


http://www.businessinsider.com/the-m...-world-2012-2#

On 4/4/2012 6:42 PM, Home Guy wrote:
Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Now - who's going to be the first bone-head to full-quote the entire
text of this post just to add one line?

=========================================


Forgot to ass this link from my clipboard...


The link that says Canada's housing market is more overvalued than the
USA's was at it's peak....


http://www.huffingtonpost.ca/2011/11...n_1113031.html

Forgot to ass this link from my clipboard...


Should read pass, not ass :P

Duesenberg wrote:
On 4/4/2012 6:42 PM, Home Guy wrote:
Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Now - who's going to be the first bone-head to full-quote the entire
text of this post just to add one line?

=========================================


The OECD says Canada has the second highest rate of overvaluation of
homes in the developed world.... And that the USA is undervalued at 9%


http://www.businessinsider.com/the-m...-world-2012-2#

Hi,
No wonder Canadian government is tightening the regs. on housing market.
Mortgage and financing. Latest survey shows about 60% of people said
they can withstand housing market crash. Also the risk level is
different between regions. Over all, it won't be as BAD as U.S. if and
when worst comes.
I don't care, all my 3 properties are paid for long ago.(House in the
suburb, condo in down town, cabin in the mountain)

On 4/4/2012 8:40 PM, Duesenberg wrote:
On 4/4/2012 6:42 PM, Home Guy wrote:
Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Now - who's going to be the first bone-head to full-quote the entire
text of this post just to add one line?

=========================================


Forgot to ass this link from my clipboard...


The link that says Canada's housing market is more overvalued than the
USA's was at it's peak....


http://www.huffingtonpost.ca/2011/11...n_1113031.html


Man we've been lucky. I bought a house in Austin TX right when the
prices were at their highest nationwide and the prices here have only
gone up. Not near as fast as they were but still climbing. My house has
appreciated about 10% in 7 years.

Sorry to all that lost money. I can imagine how devastating it must be.
I wouldn't wish that even on a Canadian.

Duesenberg wrote:

Ever notice that you never see headlines like "Canadians brace
for next forclosure wave" ???

The link that says Canada's housing market is more overvalued than
the USA's was at it's peak....

Studies like that always end up looking primarily at Vancouver - which
is way overvalued but because we don't have stupid "no money down"
mortgages you're going to almost always have affluent people buying
those homes so there's not as much risk for the banks.

I bought my house in Q3 1999 for $182k (and paid off my $132k mortgage
by 2004). If I were to sell it today (13 years later) I could get $300k
for it within a week, and possibly $325k if I held out for 3 months.

The same house in Vancouver would probably sell for $1.5 million.

But still - there's no forclosure waves happening in Canada.

On 4/4/2012 9:21 PM, Home Guy wrote:
Duesenberg wrote:

Ever notice that you never see headlines like "Canadians brace
for next forclosure wave" ???
The link that says Canada's housing market is more overvalued than
the USA's was at it's peak....
Studies like that always end up looking primarily at Vancouver - which
is way overvalued but because we don't have stupid "no money down"
mortgages you're going to almost always have affluent people buying
those homes so there's not as much risk for the banks.

I bought my house in Q3 1999 for $182k (and paid off my $132k mortgage
by 2004). If I were to sell it today (13 years later) I could get $300k
for it within a week, and possibly $325k if I held out for 3 months.

The same house in Vancouver would probably sell for $1.5 million.

But still - there's no forclosure waves happening in Canada.

Yup. Location, location, location.

But don't be surprised if it hits. I was lucky and played the real
estate game. I could have easily lost a small fortune. I still may.
Don't get too cocky. We should all use common sense from here on out. If
it looks too good to be true it probably is.

On Apr 4, 11:42*pm, Home Guy wrote:
Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Now - who's going to be the first bone-head to full-quote the entire
text of this post just to add one line?

=========================================

http://www.reuters.com/article/2012/...e-idUSBRE83319...

Americans brace for next foreclosure wave
Wed Apr 4, 2012 6:22pm EDT

(Reuters) - Half a decade into the deepest U.S. housing crisis since the
1930s, many Americans are hoping the crisis is finally nearing its end.

House sales are picking up across most of the country, the plunge in
prices is slowing and attempts by lenders to claim back properties from
struggling borrowers dropped by more than a third in 2011, hitting a
four-year low.

But a painful part two of the slump looks set to unfold: Many more U.S.
homeowners face the prospect of losing their homes this year as banks
pick up the pace of foreclosures.

"We are right back where we were two years ago. I would put money on
2012 being a bigger year for foreclosures than 2010," said Mark Seifert,
executive director of Empowering & Strengthening Ohio's People (ESOP), a
counseling group with 10 offices in Ohio.

"Last year was an anomaly, and not in a good way," he said.

In 2011, the "robo-signing" scandal, in which foreclosure documents were
signed without properly reviewing individual cases, prompted banks to
hold back on new foreclosures pending a settlement.

Five major banks eventually struck that settlement with 49 U.S. states
in February. Signs are growing the pace of foreclosures is picking up
again, something housing experts predict will again weigh on home prices
before any sustained recovery can occur.

Mortgage servicing provider Lender Processing Services reported in early
March that U.S. foreclosure starts jumped 28 percent in January.

More conclusive national data is not yet available. But watchdog group,
4closurefraud.org which helped uncover the "robo-signing" scandal, says
it has turned up evidence of a large rise in new foreclosures between
March 1 and 24 by three big banks in Palm Beach County in Florida, one
of the states hit hardest by the housing crash

Although foreclosure starts were 50 percent or more lower than for the
same period in 2010, those begun by Deutsche Bank were up 47 percent
from 2011. Those of Wells Fargo's rose 68 percent and Bank of America's,
including BAC Home Loans Servicing, jumped nearly seven-fold -- 251
starts versus 37 in the same period in 2011. Bank of America said it
does not comment on data provided by other sources. Wells Fargo and
Deutsche Bank did not comment.

Housing experts say localized warning signs of a new wave of foreclosure
are likely to be replicated across much of the United States.

Online foreclosure marketplace RealtyTrac estimated that while
foreclosures dropped slightly nationwide in February from January and
from February 2011, they rose in 21 states and jumped sharply in cities
like Tampa (64 percent), Chicago (43 percent) and Miami (53 percent).

RealtyTrac CEO Brandon Moore said the "numbers point to a gradually
rising foreclosure tide as some of the barriers that have been holding
back foreclosures are removed."

One big difference to the early years of the housing crisis, which was
dominated by Americans saddled with the most toxic subprime products --
with high interest rates where banks asked for no money down or no proof
of income -- is that today it's mostly Americans with ordinary mortgages
whose ability to meet payment have been hit by the hard economic times.

"The subprime stuff is long gone," said Michael Redman, founder of
4closurefraud.org. "Now the folks being affected are hardworking,
everyday Americans struggling because of the economy."

"HARD TO CATCH UP"

Until December 2010, Daniel Burns, 52, had spent his working life in the
trucking industry as a long-haul driver and manager. When daily loads at
the small family business where he worked tailed off, he lost his job.

Unable to cover his mortgage, Burns received a grant from a government
fund using money repaid from the 2008 bank bailout. That grant is due to
expire in early 2013 and Burns is holding out on hopeful comments from
his former employer that he might get his job back if the economy
recovers.

"If things don't pick up, I will be out on the street," he said, staring
from his living room window at two abandoned houses over the road in the
middle-class Cleveland suburb of Garfield Heights, the noise of traffic
from a nearby Interstate highway filling the street.

Underscoring the uncertainty of his situation, Burns' cell phone rings
and a pre-recorded message announces that his unemployment benefits are
due to be cut off in April.

A bit further up the shore of Lake Erie, Cristal Fell, who works night
shifts entering data for a trucking company in Toledo, has fallen behind
on her mortgage a second time because her ex-husband lost his job and
her overtime was cut.

"Once you get behind it's so hard to catch up," she said.

Fell, a mother of four, hopes the economy will gather enough speed to
help her avoid any risk of losing her home. Her ex-husband has found a
new job and she is getting more overtime, so she hopes she can catch up
on her mortgage by the fall.

Burns and Fell are the new face of the U.S. housing crisis: Middle
class, suburban or rural with a conventional 30-year fixed mortgage at a
reasonable interest rate, but unemployed or underemployed. Although the
national unemployment rate has fallen to 8.3 percent from its peak of 10
percent in October 2009, nearly 13 million Americans remain jobless,
meaning many are struggling to keep up with their mortgage payments.

Real estate company Zillow Inc says more than one in four American
homeowners were "under water" or owed more than their homes were worth
in the fourth quarter of 2011. The crisis has wiped out some $7 trillion
in U.S. household wealth.

"We're seeing more people coming through who have good loans with
reasonable interest rates," said Ed Jacob, executive director of
non-profit lender Neighborhood Housing Services of Chicago Inc, which
provides foreclosure counseling. "But in many households only one person
works now instead of two, or they had their hours cut."

"The answer to the housing crisis now is job creation."

EARLY SIGNS OF UPTICK?

Zillow expects the resurgence in foreclosures this year, combined with
excess inventory of unsold, bank-owned homes will contribute to a 3.7
percent national decline in prices before the market hits bottom in 2013
and stays there until 2016.

"The hangover from this crisis will far outlast the party of the boom
years," said Zillow chief economist Stan Humphries.

Getting through the remaining foreclosures and dealing with the
resulting flood of homes on the market in the wake of the bank
settlement is a necessary part of the healing process for the U.S.
housing market, he added.

According to leading broker dealer Amherst Securities, some 9.5 million
homes are still at risk of default and in February it said it expected
to see the uptick in foreclosures start to hit in March and April.

There is other evidence that many of the foreclosures that did not
happen in 2011 will happen this year.

A January report by the Neighborhood Economic Development Advocacy
Project in New York found that in the first half of 2011 the number of
90-day pre-foreclosure notices in New York City outnumbered court
foreclosure actions by a ratio of 14 to one, indicating that while
proceedings were initiated against many homeowners, they were left
incomplete.

"Now the banks have a settlement, foreclosure numbers for 2012 are going
to be high," said NEDAP co-director Josh Zinner.

A recent survey by the California Reinvestment Coalition, an umbrella
group of nearly 300 non-profit groups in the state, of member agencies
found 75 percent of respondents expected increased demand for their
foreclosure prevention services in 2012 but more than a third had to
scale back services because of funding cuts.

"Funding is a major concern given what our members expect for this
year," said associate director Kevin Stein.

All this has non-profits intensifying calls for the Federal Housing
Finance Agency to drop its opposition to allowing the government-backed
mortgage giants Fannie Mae and Freddie Mac it regulates to reduce
principal for underwater homeowners.

Principal reduction involves reducing the amount borrowers owe in order
to make a loan modification affordable for struggling homeowners.
Republicans and the FHFA oppose principal reduction because of the risk
of "moral hazard"- that homeowners who do not need help will seek to
abuse largesse and have their mortgages reduced too.

ESOP in Ohio engages in "hits" on Chase branches -- they say Chase is
the least accommodating major bank when it comes to working with
struggling homeowners -- where they try to hand letters to bank mangers
calling on chief executive Jamie Dimon to lobby FHFA head Edward DeMarco
for principal reductions. A Chase spokeswoman said the bank has made
"extensive efforts" to work with homeowners, helping 775,000 borrowers
stay in their homes since early 2009, avoiding foreclosure "more than
twice as often as we have had to foreclose." Housing groups like ESOP
maintain, as they have throughout the housing crisis, that unless the
FHFA embraces widespread principal reduction, many more under water
borrowers face losing their homes.

"Until banks engage in meaningful principal reduction as a matter of
course," ESOP's Seifert said after a recent protest at a Chase branch in
Cleveland, "this crisis will not end."

You shouldn't gloat so. It's very unbecoming.

Americans are in a slave society. A modern feudalism where the many
work to enrich the few. A lot are not well educated and believe their
government propaganda. It's getting worse too.

What they need is a proper people's revolution.
Until they have this revolution, the poverty will grow.
A few politicians and bankers need to be hung from lamp posts.

On Apr 5, 2:33*am, Duesenberg wrote:
On 4/4/2012 6:42 PM, Home Guy wrote:

Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Now - who's going to be the first bone-head to full-quote the entire
text of this post just to add one line?

=========================================

The OECD says Canada has the second highest rate of overvaluation of
homes in the developed world.... *And that the USA is undervalued at 9%

http://www.businessinsider.com/the-m...ing-markets-in...

Compared with what? Stupid statistic.

On Apr 5, 2:40*am, Duesenberg wrote:
On 4/4/2012 6:42 PM, Home Guy wrote:

Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Now - who's going to be the first bone-head to full-quote the entire
text of this post just to add one line?

=========================================

Forgot to ass this link from my clipboard...

The link that says Canada's housing market is more overvalued than the
USA's was at it's peak....
http://www.huffingtonpost.ca/2011/11...market-bubble-....

That is the most stupid argument I have yet seen. Completely different
economies and situations.

On Apr 5, 2:53*am, Tony Hwang wrote:
Duesenberg wrote:
On 4/4/2012 6:42 PM, Home Guy wrote:
Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Now - who's going to be the first bone-head to full-quote the entire
text of this post just to add one line?

=========================================

The OECD says Canada has the second highest rate of overvaluation of
homes in the developed world.... And that the USA is undervalued at 9%

http://www.businessinsider.com/the-m...ing-markets-in...

Hi,
No wonder Canadian government is tightening the regs. on housing market.
Mortgage and financing. Latest survey shows about 60% of people said
they can withstand housing market crash. Also the risk level is
different between regions. Over all, it won't be as BAD as U.S. if and
when worst comes.
I don't care, all my 3 properties are paid for long ago.(House in the
suburb, condo in down town, cabin in the mountain)- Hide quoted text -

- Show quoted text -

What you need to fear is the coming revolution.

"Until banks engage in meaningful principal reduction as a matter of
course," ESOP's Seifert said after a recent protest at a Chase branch in
Cleveland, "this crisis will not end."

You shouldn't gloat so. It's very unbecoming.

Americans are in a slave society. A modern feudalism where the many
work to enrich the few. A lot are not well educated and believe their
government propaganda. It's getting worse too.

What they need is a proper people's revolution.
Until they have this revolution, the poverty will grow.
A few politicians and bankers need to be hung from lamp posts.

On Apr 4, 3:42*pm, Home Guy wrote:
Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Now - who's going to be the first bone-head to full-quote the entire
text of this post just to add one line?

SNIP

HG-

Making more friends in case you have a home repair question?

cheers
Bob

On Apr 4, 7:21*pm, Home Guy wrote:
Duesenberg wrote:
Ever notice that you never see headlines like "Canadians brace
for next forclosure wave" ???

The link that says Canada's housing market is more overvalued than
the USA's was at it's peak....

Studies like that always end up looking primarily at Vancouver - which
is way overvalued but because we don't have stupid "no money down"
mortgages you're going to almost always have affluent people buying
those homes so there's not as much risk for the banks.

I bought my house in Q3 1999 for $182k (and paid off my $132k mortgage
by 2004). *If I were to sell it today (13 years later) I could get $300k
for it within a week, and possibly $325k if I held out for 3 months.

The same house in Vancouver would probably sell for $1.5 million.

But still - there's no forclosure waves happening in Canada.

So what? The price of your house went up and now you can sell it for
1.8x.

Where are you going to live? In your RV?
Any other house you might want to buy went up too.

If you have more than one house; one to live in, one to rent & then
sell...... you'd have something.

If any property you own can be sold for more than 20x yearly rent.....
it's probably over priced & you'd be wise to sell.
Also eval it based on replacement cost per sq ft.

Pass the link out of your ass? Work out same.

Christopher A. Young
Learn more about Jesus
www.lds.org
..

"Duesenberg" wrote in message
...


Forgot to ass this link from my clipboard...


Should read pass, not ass :P

On 4/5/2012 7:23 AM, Stormin Mormon wrote:
Pass the link out of your ass? Work out same.


Depends if it floats or sinks....

On 4/5/2012 2:26 AM, harry wrote:

The OECD says Canada has the second highest rate of overvaluation of
homes in the developed world.... And that the USA is undervalued at 9%

http://www.businessinsider.com/the-m...ing-markets-in...

Compared with what? Stupid statistic.

They use the classic measures to calculate housing value and
affordability: compare the price paid/rental value and price
paid/average annual income. For investors, the standard rule of thumb
for buying rental property is to pay no more for it than what you'll
earn from it as 10-12 year's annual rental income. For homeowners, the
standard rule of thumb for most locations is to pay no more than 2.5-3
times your annual income. So, to gauge what should be the average home
value in any given area, look at the average cost to rent and the
average annual income. Compare that to the average value of a property
and you'll get a good idea as to whether it is over- or under-valued.

Problem is, the larger the area you look at using these factors, the
more variation and thus the less reliable your data will be. It works
very well on a neigborhood/city basis, but as has already been
mentioned with regards to Canada, prices may be much higher than
average in one city or province, but not show that trend (or as great
a trend) nationwide. And that 2.5-3 x income measure used for
calculating home affordability just doesn't work in much of
California, where housing demand has driven prices in choice locations
so high that a 10x income standard has become commonplace. (Even so,
that seems insanely risky, imo.)

Anyhow, anyone who's lived through a prior housing bubble could spot
this past one forming, and a whole lot of people observed, commented,
and worried about it. Corrupt mortgage lenders and banks were willing
to loan people insane amounts of money, but that didn't mean those
people would ever be able to repay it -- and these finance people
_knew_ that. But they collected their commissions on the loans, then
swiftly sold the loans off, thus maximizing their profits and
minimizing their exposure. Developers worked hand in hand with
mortgage lenders and real estate agents to run house flipping schemes
with straw buyers, in order to sell inventory they'd already built and
collect enough money to start yet another development. The US built an
entire generation's worth of housing stock in less than six years. In
large parts of the country there is such an inventory surplus as a
result, home prices will continue to be depressed for a good many years.

On Wednesday, April 4, 2012 6:42:03 PM UTC-4, Home Guy wrote:
Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Well, you see, Canada actually has regulations in place that actually PROTECT the people. In the USA, the regulations are written so that certain elements can legally rob everyone else blind.

You're socialist, we used to be free market.

Christopher A. Young
Learn more about Jesus
www.lds.org
..

wrote in message news:13613309.0.13336

Well, you see, Canada actually has regulations in place that actually
PROTECT the people. In the USA, the regulations are written so that certain
elements can legally rob everyone else blind.

On 04/05/12 04:33 pm, wrote:

Ever notice that you never see headlines like "Canadians brace for next
foreclosure wave" ???

Well, you see, Canada actually has regulations in place that actually PROTECT the people. In the USA, the regulations are written so that certain elements can legally rob everyone else blind.

Australia did OK too, thanks to sensible regulations.

However, somebody said that Texas actually did better than some of the
other US states because it had laws that were called "personal property
protection laws" -- pretty much the same as "consumer protection laws"
in other places, but they couldn't call them that because the latter are
"socialist."

Perce

"Percival P. Cassidy" wrote:

However, somebody said that Texas actually did better than some
of the other US states because it had laws that were called
"personal property protection laws" --

The states that suffered the worst collapse in terms of forclosures and
value declines were the ones that were over-built in terms of
speculation (second homes, vacation homes, etc). This included Florida
and Nevada.

I don't think Texas saw much in terms of over-supply of homes because
it's not a desirable place to have a second home for, say, someone
living up north or east coast.

I think that Florida and Nevada also don't have state income taxes,
which can also influence people's decisions on where they want to live
or have a second home.

On 4/5/2012 4:50 PM, Percival P. Cassidy wrote:
On 04/05/12 04:33 pm, wrote:

Ever notice that you never see headlines like "Canadians brace for next
foreclosure wave" ???

Well, you see, Canada actually has regulations in place that actually
PROTECT the people. In the USA, the regulations are written so that
certain elements can legally rob everyone else blind.

Australia did OK too, thanks to sensible regulations.

However, somebody said that Texas actually did better than some of the
other US states because it had laws that were called "personal
property protection laws" -- pretty much the same as "consumer
protection laws" in other places, but they couldn't call them that
because the latter are "socialist."

Perce


Better than some but Central TX did better because of the stronger than
average economy. New home construction came to a stand still. It's
picking up a little. Nothing to get excited about. I'm not sure about
the CPLs. Parts of TX suffered along with the rest of the country,

wrote:
On Wednesday, April 4, 2012 6:42:03 PM UTC-4, Home Guy wrote:
Ever notice that you never see headlines like "Canadians brace for
next forclosure wave" ???

Well, you see, Canada actually has regulations in place that actually
PROTECT the people. In the USA, the regulations are written so that
certain elements can legally rob everyone else blind.

Not everywhere.

Texas law, for example, prohibits a home mortgage for more than 80% of the
appraised value. Many homeowners in my state were hit along with the rest of
the country, but we didn't have anywhere near the percentage of defaults as
were seen elsewhere.

Home Guy wrote:
"Percival P. Cassidy" wrote:

However, somebody said that Texas actually did better than some
of the other US states because it had laws that were called
"personal property protection laws" --

The states that suffered the worst collapse in terms of forclosures
and value declines were the ones that were over-built in terms of
speculation (second homes, vacation homes, etc). This included
Florida and Nevada.

I don't think Texas saw much in terms of over-supply of homes because
it's not a desirable place to have a second home for, say, someone
living up north or east coast.

Shows what you know. Why we are just now recovering from our preimer social
event - The Harris Count Livestock Show and Rodeo. The attendance at the
show exceeds the annual attendance of the Texans, Rockets, and Astros.
Combined.

Pet the llama. Tease the bunnies. Marvel at the size of a thoroughbred
race-horse or Angus bull. Tormet the chickens. Hear so much country music
your teeth get loose.

The show only happens once a year, but it takes six months to get ready (new
custom boots, etc.) and six months to get back to normal.

On the other hand, we didn't build the first air-conditioned sports stadium
to be ostentatious (well, maybe a little bit). It was required.




I think that Florida and Nevada also don't have state income taxes,
which can also influence people's decisions on where they want to live
or have a second home.

Texas doesn't have an income tax either. There are nine states so situated.

In addition to the above three, the remaining ones a

Alaska
New Hampshire
South Dakota
Tennessee
Washington
Wyoming

"harry" wrote in message
...
On Apr 5, 2:33 am, Duesenberg wrote:
On 4/4/2012 6:42 PM, Home Guy wrote:

Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Now - who's going to be the first bone-head to full-quote the entire
text of this post just to add one line?

=========================================

The OECD says Canada has the second highest rate of overvaluation of
homes in the developed world.... And that the USA is undervalued at 9%

http://www.businessinsider.com/the-m...ing-markets-in...

Compared with what? Stupid statistic.

Maybe you're not smart enough to understand the concept
Overvaluation means that the valuation put upon a house is higher than it's
market value
It's easily verified by comparing the prices that houses ACTUALLY sell for
and their valuation before and after the sale.
Since most sale prices are reported to the tax authorities to track capital
gains, it's a no-brainer that can by crunched by a very simple program.

"Home Guy" wrote in message ...
"Percival P. Cassidy" wrote:

However, somebody said that Texas actually did better than some
of the other US states because it had laws that were called
"personal property protection laws" --

The states that suffered the worst collapse in terms of forclosures and
value declines were the ones that were over-built in terms of
speculation (second homes, vacation homes, etc). This included Florida
and Nevada.

I don't think Texas saw much in terms of over-supply of homes because
it's not a desirable place to have a second home for, say, someone
living up north or east coast.

I think that Florida and Nevada also don't have state income taxes,
which can also influence people's decisions on where they want to live
or have a second home.

Yup
Texas is usually declared a primary residence state.
My in-laws officially lived in Texas, and were summer residents of Minnesota
after they retired.

On Apr 8, 11:00*pm, "Attila.Iskander"
wrote:
"harry" wrote in message

...





On Apr 5, 2:33 am, Duesenberg wrote:
On 4/4/2012 6:42 PM, Home Guy wrote:

Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Now - who's going to be the first bone-head to full-quote the entire
text of this post just to add one line?

=========================================

The OECD says Canada has the second highest rate of overvaluation of
homes in the developed world.... *And that the USA is undervalued at 9%

http://www.businessinsider.com/the-m...ing-markets-in....

Compared with what? * *Stupid statistic.

Maybe you're not smart enough to understand the concept
Overvaluation means that the valuation put upon a house is higher than it's
market value
It's easily verified by comparing the prices that houses ACTUALLY sell for
and their valuation before and after the sale.
Since most sale prices are reported to the tax authorities *to track capital
gains, it's a no-brainer that can by crunched by a very simple program.

theres no capital gains tax anymore for most private residences,
unless they are ultra expensive

On Apr 9, 12:36*am, bob haller wrote:
On Apr 8, 11:00*pm, "Attila.Iskander"
wrote:





"harry" wrote in message

....

On Apr 5, 2:33 am, Duesenberg wrote:
On 4/4/2012 6:42 PM, Home Guy wrote:

Ever notice that you never see headlines like "Canadians brace for next
forclosure wave" ???

Now - who's going to be the first bone-head to full-quote the entire
text of this post just to add one line?

=========================================

The OECD says Canada has the second highest rate of overvaluation of
homes in the developed world.... *And that the USA is undervalued at 9%

http://www.businessinsider.com/the-m...ing-markets-in....

Compared with what? * *Stupid statistic.

Maybe you're not smart enough to understand the concept
Overvaluation means that the valuation put upon a house is higher than it's
market value
It's easily verified by comparing the prices that houses ACTUALLY sell for
and their valuation before and after the sale.
Since most sale prices are reported to the tax authorities *to track capital
gains, it's a no-brainer that can by crunched by a very simple program.

theres no capital gains tax anymore for most private residences,
unless they are ultra expensive

or you sell too soon.

nate

If it's true, that unemployment is coming down. The housing market should be
just fine. Unless, maybe, all those millions who stopped working have no
money, and stop paying morgages?

Christopher A. Young
Learn more about Jesus
www.lds.org
..

"Stormin Mormon" wrote in message
...
If it's true, that unemployment is coming down. The housing market should
be
just fine. Unless, maybe, all those millions who stopped working have no
money, and stop paying morgages?

Christopher A. Young
Learn more about Jesus
www.lds.org
.


Around here (northern OH) the poor housing market has resulted in thousands
of foreclosed and empty homes. The worst are being knocked down and now
with rentals reporting over 90% occupancy, a new industry is taking shape.
The empty homes are being bought up (6 in one day by one company),
refurbished and then rented out. The question is whether or not small
rental companies can properly handle rental homes vs. apartments which are
usually in 2-3 story, relatively small, buildings. Nice to see the vacant
homes taken off the market though.

Tomsic

Stormin Mormon wrote:

If it's true, that unemployment is coming down.

I guess you don't pay attention to the various economic reports that
come out daily / weekly.

The non-farm payroll numbers that came out on (good) friday was a big
turd. It missed expectations by about 100k.

If you're wondering why the markets took a dump on friday (look how the
ES went into the toilet) - that's why.

But don't worry. QE-3 is just another red candle away...

On 4/9/2012 1:30 PM, Tomsic wrote:
"Stormin wrote in message
...
If it's true, that unemployment is coming down. The housing market should
be
just fine. Unless, maybe, all those millions who stopped working have no
money, and stop paying morgages?

Christopher A. Young
Learn more about Jesus
www.lds.org
.


Around here (northern OH) the poor housing market has resulted in thousands
of foreclosed and empty homes. The worst are being knocked down and now
with rentals reporting over 90% occupancy, a new industry is taking shape.
The empty homes are being bought up (6 in one day by one company),
refurbished and then rented out. The question is whether or not small
rental companies can properly handle rental homes vs. apartments which are
usually in 2-3 story, relatively small, buildings. Nice to see the vacant
homes taken off the market though.

Tomsic


Metal thieves are burning unoccupied houses to make it easier for them
to get the metal from them. Of course, the outside AC equipment is the
first thing to vanish from an empty home. o_O

TDD

On Apr 5, 9:50*pm, "Stormin Mormon"
wrote:
You're socialist, we used to be free market.


Well you're fascists now.

On Apr 5, 10:50*pm, "Percival P. Cassidy" wrote:
On 04/05/12 04:33 pm, wrote:

Ever notice that you never see headlines like "Canadians brace for next
foreclosure wave" ???
Well, you see, Canada actually has regulations in place that actually PROTECT the people. In the USA, the regulations are written so that certain elements can legally rob everyone else blind.

Australia did OK too, thanks to sensible regulations.

However, somebody said that Texas actually did better than some of the
other US states because it had laws that were called "personal property
protection laws" -- pretty much the same as "consumer protection laws"
in other places, but they couldn't call them that because the latter are
"socialist."

Perce

Yes,we have consumer protection laws. Unfortunately,they didn't extend
to the banking system.

On 4/5/2012 4:50 PM, Percival P. Cassidy wrote:
On 04/05/12 04:33 pm, wrote:

Ever notice that you never see headlines like "Canadians brace for next
foreclosure wave" ???

Well, you see, Canada actually has regulations in place that actually
PROTECT the people. In the USA, the regulations are written so that
certain elements can legally rob everyone else blind.

Australia did OK too, thanks to sensible regulations.

However, somebody said that Texas actually did better than some of the
other US states because it had laws that were called "personal
property protection laws" -- pretty much the same as "consumer
protection laws" in other places, but they couldn't call them that
because the latter are "socialist."

Perce


Right now Austin is doing very well.

On Wed, 18 Apr 2012 00:00:25 -0500, The Daring Dufas
wrote:

On 4/9/2012 1:30 PM, Tomsic wrote:
"Stormin wrote in message
...
If it's true, that unemployment is coming down. The housing market should
be
just fine. Unless, maybe, all those millions who stopped working have no
money, and stop paying morgages?

Christopher A. Young
Learn more about Jesus
www.lds.org
.


Around here (northern OH) the poor housing market has resulted in thousands
of foreclosed and empty homes. The worst are being knocked down and now
with rentals reporting over 90% occupancy, a new industry is taking shape.
The empty homes are being bought up (6 in one day by one company),
refurbished and then rented out. The question is whether or not small
rental companies can properly handle rental homes vs. apartments which are
usually in 2-3 story, relatively small, buildings. Nice to see the vacant
homes taken off the market though.

Tomsic


Metal thieves are burning unoccupied houses to make it easier for them
to get the metal from them. Of course, the outside AC equipment is the
first thing to vanish from an empty home. o_O

Why isn't the legislature doing something about it? This is really an easy
problem to solve. Simply force scrap dealers to positively identify their
customers and have them pay by check. If they get caught in the underground
economy with stolen scrap, charge them as accessories. It works.

On 4/18/2012 3:50 AM, zzzzzzzzzz wrote:

Why isn't the legislature doing something about it? This is really an easy
problem to solve. Simply force scrap dealers to positively identify their
customers and have them pay by check. If they get caught in the underground
economy with stolen scrap, charge them as accessories. It works.

People are desperate. They've lost their jobs, unemployment benefits,
homes, cars, etc. Now they're doing what it takes to survive.

Until we start practicing "Made in USA", we're screwed.

There is a shortage of houses over here. That keeps prices up.
The houses we build last far longer than your typical US built house
too.

so how long do they last?

its rare a home gets torn down around here unless its in a terrible
area and not maintained...

Harry Johnson wrote:

People are desperate. They've lost their jobs, unemployment
benefits, homes, cars, etc. Now they're doing what it takes
to survive.

Until we start practicing "Made in USA", we're screwed.

It's totally unexplainable that the US gives south korea a free pass
when it comes to trade.

The US imports a ****-load of high value industrial and commercial
products (cars, construction equipment, etc) while they import next to
zero US stuff.

If you applied reasonable tarrifs on the Korean stuff, you'd be able to
bring back heavy manufacturing (and jobs) to the rust belt.

Korea (for some reason) flys under your radar in the mind of the public
and press. It's always about Japan and China.