San Diego Real Estate Bust of 1945?
This is a must watch video, with a lot of solid points.
This real estate bust is NOT fair! Already the California legislature is considering a four month moratorium on foreclosures. In July, a new California law requiring lenders to try a number of times to contact homeowners prior to filing a notice of default has delayed the foreclosure process by 30 days. Plus, Obama is said to be in favor of a 90 nationwide foreclosure moratorium. With the average mortgage payments in San Diego running about $2,000 a month, who is paying for these moratoriums? Just one guess! To help, consider that the Government owns or will be buying these bad loans.
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Why not just cut to the chase, and give the poor, misguided, troubled homeowners the homes for free? After all, the Constitution guarantees happiness, which in these days can be construed only to mean a big house, new cars, and lots of cash for lavish vacations. The poor want nice stuff as much as the rich, and they should have it. The rich guys shouldn't be the only ones who have convertibles and summer homes. Everyone should have those things.
Why should troubled homeowners have to leave their homes and go back to renting? Why wasn't the government watching out for them? It is just because no one watched out for them that they are now in trouble. If the bank was willing to loan all that money, why should the borrower bear any responsibility? Why are only a few people allowed to have what everyone wants? It isn't fair that only those with money are allowed to have a nice life when everyone wants to have a big house and new cars.
San Diego troubled homeowners should hang on; the Obama administration will turn this mess around. It looks like a 90 day nationwide foreclosure moratorium is assured. That should be followed about 60 days later, with another 90 day moratorium extension. Plus, if this plays out right, California should have its 120 day moratorium in effect by then. To be fair, I would assume the California moratorium will be in addition to the Federal moratorium. Those projected foreclosure moratoriums will run to about November 2009. Naturally, the government would not want to spoil the holiday period, so, somehow the foreclosures will again be postponed until 2010!
I’m just kidding with the above scenarios. We all know the San Diego real estate market is really on the verge of an historic ‘V’ shaped market bottom. In San Diego, by mid-2009, most real estate values will be appreciating by double digits! It certainly feels good to go into a fantasy world when talking about the San Diego real estate bust!
Related San Diego real estate bust posts:
Home Mortgages – One in Ten Behind in Payments
Will The Government Bailouts Really Help?
Greenspan … Wrong On Regulation
#1 EZ Fix to The U.S. Housing Market
Emergency Rescue Package – The Devil’s in The Details
Trackbacks & Pingbacks
- Twas The Real Estate Report Before Christmas — Really Better Real Estate
- San Diego real estate blog » San Diego Real Estate Recovery in 2009?
- San Diego real estate blog » San Diego Real Estate - It Could Get Really Ugly
Comments are closed.
Owning a home is not the be all and end all. In fact, for a fair number of people renting is a much better choice. A house can be an albatross that is hard to dispose of. It certainly limits your mobility. The government is making a mistake trying to maximize home ownership with it’s easy money policies.
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Future inflation will not manifest itself in the ways it did in the past. There will not be wage inflation due to a global labor market. The new inflation will result in higher prices for goods and services, but this won’t be offset by higher wages. So you will see an erosion of your standard of living. Housing prices won’t appreciate at the inflation rate because people won’t be able to afford higher prices for housing due to the fact that their incomes aren’t increasing at the same rate. Employers don’t need to increase wages because lower cost labor is available abroad. This is unlike the situation in the 1970s when there was both wage and price inflation. Now we will get only price inflation.
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When I saw how the housing prices were going up, up, up and most peoples’ salaries didn’t pay enough to afford them, I knew the market was going to crash three or four years ago. Some real estate dealers and owners were just so incredibly greedy. They ask for a sales price or rent not based on how much they really need to charge to recover their expenses and make a reasonable profit, but on getting the maximum money for themselves, without regard for the effect on society.
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The genesis of this meltdown is the outrageous decriminalization of usury by the United States Congress which allowed predatory lending at stratospheric interest rates, and the perversion of the Internal Revenue Code, rewarding layoffs of American workers, outsourcing of their jobs to the cheapest wog-land labor market, and the offshore relocation of fat-cat corporations with little or no tax liability. Home buyers are mostly what are known in the securities business as unsophisticated investors and when they have gotten sucked into adjustable rate mortgages just so they could get a tiny piece of the American Dream, little did they know that this most predictable of economic disasters would be laid mostly upon them. Congress is a club of millionaire whore lobbyists, run by big-money lobbyists. Example of how we’ve been screwed: the infamous Senate Bill 256, which forbids the discharge of medical and credit card debts, condemning its victims to a lifetime of fiscal misery.
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To those who think only low income people are losing their homes. WRONG….middle-class folks are losing their homes MORE than low income folks are. I think it makes some people feel good to try to put a rationale on this that it has to be people with low income, than to accept the fact that it is middle income folks more so.
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They are raising interest rates to shore up the banks. They don’t care diddlysquat about the struggling homeowners. The rising interest rates now will cause more with adjustable mortgages to go into default. This is just a temporary slowing and even if the slow figure holds, the bottom line is more people are going to default despite bailing out Fannie Mae which is basically giving money to the foreign investors like China and Russia. Let them default! The price of housing NEEDS to go down another $200,000! Why should our tax dollars and the Federal Treasury print monies to devalue our dollars to keep people in overpriced housing they could not afford to begin with? They can walk away now and buy cheaper homes.
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And this is just the tip of the iceberg. When the dust finally settles, both housing prices and mortgage rates will be subsidized by the taxpayer. This, amigos, is just the next step on the glorious road to socialism. It truly does take a village.
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Real estate should always be thought of as long term investments. People who buy properties whether in San Diego or anywhere else must realize that the potential for loss is ever present.
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It seems speculators were first into the dot com boom, when that went bust they moved into real estate and now it seems like they’re moving into commodities.
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