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Housing Bubble Smackdown: Bigger Crash Ahead
- Text size
Global Research
April 21, 2009
Due to the lifting of the foreclosure moratorium at the end of March, the downward slide in housing is gaining speed. The moratorium was initiated in January to give Obama’s anti-foreclosure program—which is a combination of mortgage modifications and refinancing—a chance to succeed. The goal of the plan was to keep up to 9 million struggling homeowners in their homes, but it’s clear now that the program will fall well-short of its objective.
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| Another 20 percent carved off the aggregate value of US housing means another $4 trillion loss to homeowners. | |
In March, housing prices accelerated on the downside indicating bigger adjustments dead-ahead. Trend-lines are steeper now than ever before–nearly perpendicular. Housing prices are not falling, they’re crashing and crashing hard. Now that the foreclosure moratorium has ended, Notices of Default (NOD) have spiked to an all-time high. These Notices will turn into foreclosures in 4 to 5 months time creating another cascade of foreclosures. Market analysts predict there will be 5 MILLION MORE FORECLOSURES BETWEEN NOW AND 2011. It’s a disaster bigger than Katrina. Soaring unemployment and rising foreclosures ensure that hundreds of banks and financial institutions will be forced into bankruptcy. 40 percent of delinquent homeowners have already vacated their homes. There’s nothing Obama can do to make them stay. Worse still, only 30 percent of foreclosures have been relisted for sale suggesting more hanky-panky at the banks. Where have the houses gone? Have they simply vanished?
600,000 "DISAPPEARED HOMES?"
Here’s a excerpt from the SF Gate explaining the mystery:
"Lenders nationwide are sitting on hundreds of thousands of foreclosed homes that they have not resold or listed for sale, according to numerous data sources. And foreclosures, which banks unload at fire-sale prices, are a major factor driving home values down.
"We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market," said Rick Sharga, vice president of RealtyTrac, which compiles nationwide statistics on foreclosures. "California probably represents 80,000 of those homes. It could be disastrous if the banks suddenly flooded the market with those distressed properties. You’d have further depreciation and carnage."
In a recent study, RealtyTrac compared its database of bank-repossessed homes to MLS listings of for-sale homes in four states, including California. It found a significant disparity – only 30 percent of the foreclosures were listed for sale in the Multiple Listing Service. The remainder is known in the industry as "shadow inventory." ("Banks aren’t Selling Many Foreclosed Homes" SF Gate)
- A d v e r t i s e m e n t
Here is more on the story from Mr. Mortgage "California Foreclosures About to Soar…Again"
"Are you ready to see the future? Ten’s of thousands of foreclosures are only 1-5 months away from hitting that will take total foreclosure counts back to all-time highs. This will flood an already beaten-bloody real estate market with even more supply just in time for the Spring/Summer home selling season…Foreclosure start (NOD) and Trustee Sale (NTS) notices are going out at levels not seen since mid 2008. Once an NTS goes out, the property is taken to the courthouse and auctioned within 21-45 days….The bottom line is that there is a massive wave of actual foreclosures that will hit beginning in April that can’t be stopped without a national moratorium."
JP Morgan Chase, Wells Fargo and Fannie Mae have all stepped up their foreclosure activity in recent weeks. Delinquencies have skyrocketed foreshadowing more price-slashing into the foreseeable future. According to the Wall Street Journal:
"Ronald Temple, co-director of research at Lazard Asset Management, expects home prices to fall 22% to 27% from their January levels. More than 2.1 million homes will be lost this year because borrowers can’t meet their loan payments, up from about 1.7 million in 2008." (Ruth Simon, "The housing crisis is about to take center stage once again" Wall Street Journal)
Another 20 percent carved off the aggregate value of US housing means another $4 trillion loss to homeowners. That means smaller retirement savings, less discretionary spending, and lower living standards. The next leg down in housing will be excruciating; every sector will feel the pain. Obama’s $75 billion mortgage rescue plan is a mere pittance; it won’t reduce the principle on mortgages and it won’t stop the bleeding. Policymakers have decided they’ve done enough and are refusing to help. They don’t see the tsunami looming in front of them plain as day. The housing market is going under and it’s going to drag a good part of the broader economy along with it. Stocks, too.
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April 21st, 2009 at 2:49 pm
I filed Chapter 7 to get rid of my credit card debt and auto loan. I had no intention of declaring my home and the mortgage company contacted me and offered to lock me into a 30 yr fixed rate at 4% dropping my mortgage $500/month. I think a lot of banks will do whatever they can to keep homeowners in because they know they’ll get pennies on the dollar at these mortgages.
Shadow Reply:
April 21st, 2009 at 3:35 pm
lol last line meant “pennies on the dollar at these auctions”.
April 21st, 2009 at 2:52 pm
Two of my neighbors, down the road, just walked away from their homes and one just bought the home 1 1/2 years ago.
teamlaw.org Reply:
April 21st, 2009 at 3:04 pm
ditto, no….wait…..quadruple ditto….
August Reply:
April 21st, 2009 at 4:36 pm
The nice family last summer put in a pool & a killer landscaping job in the backyard; maybe $60,000 gone not including the down payment etc…
John Pegues Reply:
April 22nd, 2009 at 1:10 pm
August: Any idea where they walked TO? It’s difficult to “just walk away”. I suppose that’s the only way sometimes.
unlawflcombatnt Reply:
April 23rd, 2009 at 12:01 am
‘Walking away’ is exactly what they should have done. If everyone did that when they were hopelessly underwater, the lenders would start bending over backwards to re-negotiate mortgages. And home price declines would drastically accelerate.
April 21st, 2009 at 2:58 pm
Spread the word on Austrian economics now! Peter Schiff is exposing the truth all over the news. He’s predicting a dollar collapse in the next year or so after a false economic boom.
http://www.theaustrianswereright.com
ferdg Reply:
April 21st, 2009 at 5:07 pm
Those who laughed then are not laughing now. I remember seeing Peter Schiff on CNBC and he made a logical case. 2007 many were buying homes and reselling homes to make profit, homes were rising high which were not worth the money. The stock Market DOW rose to quicky to a high at 14,000. The signs were there and Peter Schiff was right along. Thanks for the recap.
John Henke Reply:
April 22nd, 2009 at 12:55 am
The economic “boom” is just like the real estate boom.
A giant scam!
April 21st, 2009 at 2:58 pm
Pay down your debts. That is the smartest investment you can make right now. As long as your debt is attached to you it remains a compounding monster ready to eat your future earnings.
John Henke Reply:
April 22nd, 2009 at 12:56 am
Screw debts! Walk away from them.
John Pegues Reply:
April 22nd, 2009 at 1:11 pm
…And then what?
April 21st, 2009 at 2:58 pm
You were wrong about the price of oil shooting up to $200, when my mother Cynthia Kase called it down, yeah Google that name, was right.
You’ll be wrong about housing as well, because this above is all based on hearsay.
teamlaw.org Reply:
April 21st, 2009 at 3:06 pm
it would have idiot…had not the other dominoes started falling down…
if the economy ever recovers oil will be right back where it was and beyond…
it is inevitable….peak oil…duh
skipuke Reply:
April 21st, 2009 at 4:06 pm
Who is an idiot? If you were wrong, then you were wrong and should admit it. If we’re in the middle of a deflationary period, then commodity prices will go down… duh. Oil prices can’t go up until demand from China and US comes back.
Freeman Reply:
April 22nd, 2009 at 12:31 am
Skipuker, wait till hyper-inflation hits. Demand will not matter…
Teach Reply:
April 21st, 2009 at 3:47 pm
It shouldn’t take a rocket scientist to figure out that high oil prices also contributed to the economy’s collapse. When Bush let the gas prices rise so high, people who were laid off couldn’t afford the gas to look for another job. That was even maim stream news. Well, just link can’t find new job to can’t pay mortgage to banks collapsing. Not a very far stretch.
Dan Kase Reply:
April 21st, 2009 at 3:57 pm
Gas prices are based on (RBOB) not CL.
It’s not the job of the Government to control prices.
The Government’s Job is to provide its citizens with an army, that’s all.
She called it long before the news even mentioned the collapse.
yellowhak1 Reply:
April 22nd, 2009 at 10:01 am
oh but they do control the oil prices. if they want to tweak the prices to line their pockets they will and have as TEACH has just told you
go back to school teach Reply:
April 21st, 2009 at 4:04 pm
Don’t you get it by now? You’re still blaming a puppet for high oil prices? Don’t you understand: oil prices, housing prices, the banker bailouts, 9/11, OKC Bombing, etc, etc, etc. It’s all a “controlled demolition” of the US. Planned, carried out with precision by the NWO banking elite. Do you really think Bush was anything more than a puppet? There is no shortage of anything on this planet except intelligence. The price of oil, the price of everything you buy has nothing to do with supply and demand, unless you’re referring to the artificial supply and demand created by mafia organizations like the Federal Reserve, OPEC, the IMF, etc. We are in the midst of a fascist takeover. And when the SHTF, If you don’t plan to shoot then lay down and play dead.
godbluff Reply:
April 22nd, 2009 at 6:57 am
good points,–go back to…== It is a shame to see in 2009 people are still stuck in the paradigm. it boggles the mind.
April 21st, 2009 at 2:59 pm
Thanx Mike! Thanx for the heads up.
April 21st, 2009 at 3:01 pm
Dan, Whitney never guessed at oil prices as far as I remember. He was a housing crash dude. He’s been writing almost strictly, barring a handful of essays, about housing and finance.
Dan Kase Reply:
April 21st, 2009 at 3:58 pm
I was talking about Alex Jones, pay attention to detail.
April 21st, 2009 at 3:02 pm
BRING IT ON….
IVE BEEN PLANNING AND PLOTTING WHILE WAITING FOR THIS,
WHILE THE MASSES HAVE BEEN GORGING THEMSELVES INTO
VOLUNTARY INDEBTED SERVITUDE WITH HORSE BLINDERS ON,
LETTING THE FEDERAL GOV RUN AWRY AND AMOK TO RUIN
THE NEXT GENERATIONS LIVES BY BIRTHING THEM INTO
INVOLUNTARY INDENTURED SERVITUDE AND CORPORATE
SLAVERY, AND SLAUGHTERING, CONSPIRING AND CORRUPTING
COUNTLESS COUNTRIES ABROAD, THE LIST OF THE WICKEDNESS
FROM THIS “GREAT” (U.S.S.A.) COUNTRY IS ENDLESS….
YOU HAVE ALL HAD IT COMING FOR A LONG TIME…
SOW THE WIND IGNORANTLY OR ARROGANTLY,
REAP THE WHIRLWIND OF YOUR FOOLISHNESS.
Rory Toybot Reply:
April 21st, 2009 at 3:29 pm
There is this thing called language, that when used correctly, can convey meaningful internal thoughts to others.
If the English language did not exist, what would the voices sound like in out heads ???
…He’s been fudging since day One !
Rory Toybot Reply:
April 21st, 2009 at 3:31 pm
duuuu…me stupid…..me make speling mistake
TOYBOT !
Goober Reply:
April 21st, 2009 at 3:51 pm
Team… I am in the same place as you are. I brought my daughter up that way too. I think it sucks that people allowed themselves to get lulled into this spend spend spend mentality without thinking about it. Makes me sick that greed and apathy on all levels along with the entitlement attitude has brought this country to it’s knees. I am ready…. Bring it!
April 21st, 2009 at 3:03 pm
Revelation 18
1And after these things I saw another angel come down from heaven, having great power; and the earth was lightened with his glory.
2And he cried mightily with a strong voice, saying, Babylon the great is fallen, is fallen, and is become the habitation of devils, and the hold of every foul spirit, and a cage of every unclean and hateful bird.
3For all nations have drunk of the wine of the wrath of her fornication, and the kings of the earth have committed fornication with her, and the merchants of the earth are waxed rich through the abundance of her delicacies.
4And I heard another voice from heaven, saying, Come out of her, my people, that ye be not partakers of her sins, and that ye receive not of her plagues.
5For her sins have reached unto heaven, and God hath remembered her iniquities.
6Reward her even as she rewarded you, and double unto her double according to her works: in the cup which she hath filled fill to her double.
7How much she hath glorified herself, and lived deliciously, so much torment and sorrow give her: for she saith in her heart, I sit a queen, and am no widow, and shall see no sorrow.
8Therefore shall her plagues come in one day, death, and mourning, and famine; and she shall be utterly burned with fire: for strong is the Lord God who judgeth her.
9And the kings of the earth, who have committed fornication and lived deliciously with her, shall bewail her, and lament for her, when they shall see the smoke of her burning,
10Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.
11And the merchants of the earth shall weep and mourn over her; for no man buyeth their merchandise any more:
12The merchandise of gold, and silver, and precious stones, and of pearls, and fine linen, and purple, and silk, and scarlet, and all thyine wood, and all manner vessels of ivory, and all manner vessels of most precious wood, and of brass, and iron, and marble,
13And cinnamon, and odours, and ointments, and frankincense, and wine, and oil, and fine flour, and wheat, and beasts, and sheep, and horses, and chariots, and slaves, and souls of men.
14And the fruits that thy soul lusted after are departed from thee, and all things which were dainty and goodly are departed from thee, and thou shalt find them no more at all.
15The merchants of these things, which were made rich by her, shall stand afar off for the fear of her torment, weeping and wailing,
16And saying, Alas, alas that great city, that was clothed in fine linen, and purple, and scarlet, and decked with gold, and precious stones, and pearls!
17For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
18And cried when they saw the smoke of her burning, saying, What city is like unto this great city!
19And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.
20Rejoice over her, thou heaven, and ye holy apostles and prophets; for God hath avenged you on her.
21And a mighty angel took up a stone like a great millstone, and cast it into the sea, saying, Thus with violence shall that great city Babylon be thrown down, and shall be found no more at all.
22And the voice of harpers, and musicians, and of pipers, and trumpeters, shall be heard no more at all in thee; and no craftsman, of whatsoever craft he be, shall be found any more in thee; and the sound of a millstone shall be heard no more at all in thee;
23And the light of a candle shall shine no more at all in thee; and the voice of the bridegroom and of the bride shall be heard no more at all in thee: for thy merchants were the great men of the earth; for by thy sorceries were all nations deceived.
24And in her was found the blood of prophets, and of saints, and of all that were slain upon the earth.
Beck smacker Reply:
April 21st, 2009 at 3:51 pm
And what did you learn from rev. 18? God and the host don’t have a clue how to teach, only vengence and destruction. All hail fire and brimstone. They could have said in one sentence instead of 24…………….boom your dead.
Married to 1/3 Native American Reply:
April 21st, 2009 at 5:21 pm
Speaking of Religion, do any of you know anything about a Catholic conspiracy dealing with ‘Malachi Prophecy of 1190 A.D.’? I’m not Catholic, but I read that this so called prophecy gives a list of all the names of all the Popes. The last Pope is what ends the Catholic Church or perhaps the end of age; according to prophecy. The current Pope Benedict XVI {Gloria Olivae} is the second to the last Pope. Do any of you know this is true?
Christine Reply:
April 21st, 2009 at 7:15 pm
If we’re lucky, it’s true.
There will be no peace until all organized religions and especially Christianity no longer exist.
Mike Reply:
April 22nd, 2009 at 8:51 am
http://www.youtube.com/watch?v=mTAr8iZYHvg
This is solid evidence for Catholic Christianity. Please be patient and watch the whole thing. You owe it to people if you’re going to make these extreme and broad-brush claims.
edjoy74 Reply:
April 21st, 2009 at 9:48 pm
Some years ago I heard that we only had 50 years left of the Catholic church and that was some years ago indeed. I am a woman of 58 so it was quite a number of years ago that I heard about that.
brian Reply:
April 22nd, 2009 at 5:07 pm
Maybe if people stopped giving to churches, cults, faith healers, and otherwise wasting their money, and saved their money (and paid their bills), we would have a more prosperous country. I’m sick of all the flim-flam people leaching off the population. And this includes clergy.
sunday Reply:
April 21st, 2009 at 9:40 pm
Hi there,
This verse could be referring to 2 possibilities:
1) Rome
2) Jerusalem
God Bless….
http://www.endtimestube.com
rat Reply:
April 22nd, 2009 at 3:27 pm
Yea it`s rough you are right to be upset we Brits might not get killed (as much ) so we are a bit blyth about it but if it kicks off big time we`ll be in deep digery doo as well.
April 21st, 2009 at 3:11 pm
What about those of us who do rent, but can’t make a rent payment? What about the owners who don’t pay their mortgage even though they’re getting their rent payments?
jesus Reply:
April 21st, 2009 at 3:21 pm
well then you purchase a gun with that rent money my son
Lex Pakistan Reply:
April 21st, 2009 at 3:42 pm
I’m going to use that quote in a song, thats a good one!
rat Reply:
April 22nd, 2009 at 3:18 pm
Dear Lex
Afraid to say Green on Red ( 1970s ) from their album “Gravity Talks* the track
called ” Five easy pieces”.
But nobody has done this one ” 911 was an inside job” .
If you know better please do tell er, post I might mean.
Thank you.
Michael Reply:
April 21st, 2009 at 3:44 pm
Got em already. Need more. I am accepting donations.
IBSammyG Reply:
April 21st, 2009 at 6:33 pm
New currency: 10 X .22 bullets = 1 9mm good or .40 cal plinker bullet
2 X 9mm good or .40 bullet = 1 .223 good or .308 plinker bullet
20 X .223 good or .308 bullet = 1 oz of silver
1 Glock pistol or AK rifle = 35 oz of silver or 1/2 oz of gold
1 “very basic” AR-15 rifle = 1 oz of gold
Use bullets instead of clips at your next poker game and see how it feels when you rake in a pile of real “money”.
Please note this is a rough guide line.
rat Reply:
April 22nd, 2009 at 3:21 pm
Excuse me but does IBSammyG mean chips not clips I`m a Brit not sure what to belive
on that one.
IBSammyG Reply:
April 22nd, 2009 at 5:13 pm
rat
chips not clips
mshort Reply:
April 21st, 2009 at 11:52 pm
I LOVE YOU JESUS
Phantom Cell Reply:
April 21st, 2009 at 7:29 pm
I’d have some camping equipment ready. My bug-out bags filled, and a back-up place to live, along with some firearms. The s--- is coming on many fronts to overwhelm us. Don’t get caught off guard and unprepared.
mshort Reply:
April 21st, 2009 at 11:58 pm
So Im not the only one who thought of a bugout bag. Cammo, check, ammo, check foodwater, check, matches,smokes,fishingline,compas,10″ knife,flint seeds,bandages check, check, check. Pump action,check, extra ammo, check, How prepared are you, where will you go. how about when you die.
Who cares Reply:
April 22nd, 2009 at 8:26 am
Kinda sucks that people are like that Michael…move to an apartment!
Texas native Reply:
April 22nd, 2009 at 6:51 pm
im not so keen to do so. this whole house market crash is of course a sham. we have to know this. they will cover every basis to control us. right??? so why wouldnt it be there plan to move us all into gated communities, or apartments, just to control us better? same thing by the way, all apartments are gated now, and alot of people are moving into them, and they are building them like crazy here in Austin. it just doesnt seem right to me, alot easier to control people, and deal with them when they are stacked in like sheep. all together, less of a problem when you know where everyone is, and the floor plans are very accessable, easy to access, and very CONTROLLABLE!!!
WE SHOULD BE WARE, YOUR HOMES ARE YOUR ONLY SAFE POINT, BECAUSE YOU CAN PERSONALLY REBUILD, OR MAKESHIFT ANYTHING IN YOUR HOME FOR YOUR OWN SAFTEY. THINK ABOUT IT, WHERE CAN YOU HIDE, FIGHT, OR DEFEND YOURSELF IN AN APARTMENT? ABSOLUTLEY RIGHT WHERE THEY WANT YOU TO, AND THEY WILL CONTROL YOU IN THAT CELL YOU CALL HOME. STAND BY YOUR HOUSE!!!!!
nbtrouble Reply:
April 22nd, 2009 at 10:18 am
its a s---ty deal if you are doing the right thing and making your rent payments while your land lord is pissing it away on something other than his/ her mortage. but you can not sit there and expect that some one is going to do soemthing for you if you find yourself in the situation. people get stuck in s--- all the time, pick up the pieces and move on the best you can. your only other option is to stand there and bitch and whine and HOPE somebody will provide you with a hand out becuz you’re a victim. all the while it just keeps getting worse and worse. people disappoint big time, they would rather cry and whine than stand up and make a change. american are weak, are you a victim or a survivor?
April 21st, 2009 at 3:14 pm
yep I couldn’t agree more. The rally last month with housing was a f---ing joke. I am waiting 2 years then going in and buying with cash in hand for 1/5th the current price.
sandy Reply:
April 21st, 2009 at 4:17 pm
you better hope the money doesnt collapse before then because then your $$$$ will be worth 1/5 of what it does now
Axewinder Reply:
April 21st, 2009 at 5:02 pm
Yes Sandy, that is so true. LOL
April 21st, 2009 at 3:20 pm
i think they took the bailout money, cash deferred the accounts up to date, to make it look like these “bankers” were holding their own in the market. now the accounts are going delinquent again, and the payoffs are getting HIGHER, they will probably give he accounts non-cash deferrments again after 6 mos and let them charge off at 12 months worth of additional interest added to the payoffs, THEN they’ll loose their thieving asses. i could be wrong but i doubt it. its standard practice. the weird thing is they’ll have to have the owners “signatures” on the deferrment slips. wonder whose going to sign them…….hummmm……
April 21st, 2009 at 3:26 pm
are you positive that excerpt wasnt reffering to babylon..?
Beck smacker Reply:
April 21st, 2009 at 3:54 pm
Herman, he probably is refering to “Mystery Babylon”. some people think its America, and others Rome, guess thats why they call it mystery
edjoy74 Reply:
April 21st, 2009 at 9:52 pm
I came across something quite interesting about this Babylon thing. You know that the catholic cardinals wear purple and scarlet. Well so did those involved with this Nimrod of Babylon. The Jewish Talmud (satanic jews) are involved with this Babylonian thing.
One lady that I know of studies Bible prophecy and she thinks that it is the US that is Mystery Babylon. It can be Rome as well. Both are almost equal.
Henry Reply:
April 22nd, 2009 at 4:32 am
Another possibility exists as well. The passage says, “fallen, fallen is Babylon…” It could be talking about both in the same breath.
Mike Reply:
April 22nd, 2009 at 8:57 am
Or the color schemes you point out are completely speculative and the Catholic Church is in fact the true Church. For example, the early Church Fathers (found in the Ante-Nicene Fathers) worshiped extremely close to how Catholics today worship. these early Church Fathers are also the ones who decided which Bible books were inspired by God. They cannot be written off, given their crucial role and the fact that they were students of the original Apostles. You can rail against political evils of the Church, but the worship practices remain valid and historic, as well as supported by modern Marian apparition: http://www.youtube.com/watch?v=mTAr8iZYHvg.
truth hurts Reply:
April 22nd, 2009 at 9:26 am
Could it be talking about the current world system which includes all the major governments which are under the NWO? The talmud came out of Babylon-the world economic system is akin to the talmudic belief system. Rev 2:9 America is not finished it is going to go through war, famine, and pestilence, and invasion before it is restored. then will it’s inhabitants wake up and obey Divine Law.
April 21st, 2009 at 3:32 pm
LOTS more housing with the commercial kicking in as well ~
Goober Reply:
April 21st, 2009 at 3:54 pm
I am in the construction industry and I am here to tell you folks. Commercial IS kicking in… I am in the financial side of material supply… I am here to tell you it is going to thin the herd that is for sure and I think that is exactly what the PTB want. I think I am going to find a nice cave in the hills….
Beetlejuiced Reply:
April 21st, 2009 at 8:27 pm
Hate to tell you this but no place is safe for the prole…. except perhaps certain parts of Sri Lanka…NWO is knocking at the door.
April 21st, 2009 at 3:36 pm
I cannot wait till these homes flood the market. I will buy 5 or 6. I (44 year old) have never owned a home because I thought the 30 year mortgage and the prices compared to what people make has been out of whack for years. I have seen so many people buying as much house and they could possible afford and even though this would mean they would live paycheck to pay check for years to come so the slave owners(employers) and abuse them as they want for years to come. It makes me angry that so many people choose to live this way. It makes it hard for people like me who know what living truly within your means with money left over each month have to put up with the artificially high prices of services and housing while the banker have sucked them dry. It is your own faults for the way you screw ups are willing to spend and out bid each other into poverty for a particular house or location.
Goober Reply:
April 21st, 2009 at 3:56 pm
It was designed to be that way Death…. Indetured servants is what they wanted and looks like they get thier wish… not from me man.. DON’T TREAD ON ME!
gimmeabreak Reply:
April 21st, 2009 at 11:42 pm
Good luck with your home purchases, Hope you have cash cause financing will be difficult to find for anything other than a primary residence. Best of luck making the enormous property tax payments which are sure to come. Even though you paid cold hard cash for your house, default on the property taxes and you’ll find out who truly owns “your house”. Don’t forget your home owners insurance. I’m sure the insurance companies wont be scrounging for more cash in the future (sarcasm). Home ownership….the American dream.
blackopsman Reply:
April 22nd, 2009 at 1:42 am
Are you saying we are all screwups??? Because it’s obvious to me that you are a arrogant, douche. Get this GORDEN GEKKO…… You won’t be buying s---! Because YOUR $$$$ IS WORTHLESS! So save you “blanket” statements for someone dumb enough to YES YOU TO DEATH.
-So good luck buying 5 homes with WORTHLESS CASH.
Some people STILL DON’T GET IT!
AMAZING.
April 21st, 2009 at 3:40 pm
I think we should all go back to watching Dancing with the Tarts and forget all these problems. The only time we should REALLY be concerned is after the next Terror attack….. then we should beg the government to come take our ass-ets somewhere safe.
Chris Reply:
April 21st, 2009 at 4:57 pm
I think you took the blue pill.
jones Reply:
April 21st, 2009 at 5:20 pm
Stay away from ANY pills.
rat Reply:
April 22nd, 2009 at 3:29 pm
And places where people are fireing guns at you.
April 21st, 2009 at 3:42 pm
It should be obvious, that for the globalists to really succeed at their “new world order’, that they would have to wreck this country economically..to plant the seed for a world reserve currency..to cause the required unrest and rioting to implement their martial law….to finally rid us of our guns…to put us “down on wounded knee’…we can never give up our guns….NEVER….”for a man without freedom, is a fool without guns”—Carlos Gonzalez—
April 21st, 2009 at 3:51 pm
The solution to the US housing crisis and the worldwide financial crisis is sitting right in front of you. Its called the Homeowners And Bank Protection Act (HBPA). It freezes foreclosures, for however long it take to fix, and puts the Federal Reserve into bankruptcy.
Sound good so far? Theres more…
This legislation has been passed in many cities, towns and counties all across the USA. Get off your butt and get it passed in your locale.
For a copy of the HBPA, articles and video of the HBPA – and other articles explaining the facist takeover of the U.S., visit http://www.larouchepac.com
I like infowars.com for the ’steps to facism’ articles and videos that it provides, but Alex Jones never offers solutions. Larouchepac.com DOES!
Kingsman Reply:
April 21st, 2009 at 5:32 pm
Lyndon Larouche is a Trotskyite! When that cult leader dies, so will his whack religious organization.
edjoy74 Reply:
April 21st, 2009 at 9:58 pm
I thought that Lyndon Larouche was for real and a good person and one lady on a forum I was on – nothing to do with this forum or anything like this one – told me that he is a Nazi. I know nothing about the man but he seemed to be a mighty intelligent person who knows what he is talking about.
April 21st, 2009 at 3:56 pm
I’m going to keep paying for my house-it’s cheaper than RENT! That and I can build bunkers and set up a fortified perimiter if I need to. Maybe I’ll start my own check point in the alley, stop and search the cops. You can do a lot more stuff to you own house that you can’t with a rental! I could go on but you get the idea.
April 21st, 2009 at 4:07 pm
Here is an idea.
lets all stop paying our mortgage!!
This way the banks will go under sooner, then we can just homestead our own homes.
The system will be to busy burning and crashing to worry about you staying in your own home.
lets take America back , by helping to bring down the monetary system…all the rich would fold up like the house of cards that they are.
Then we can go back to faming and hunting for our own existence and not working for the white man anymore!!
let it crash…and help it along its definitive end
August Reply:
April 21st, 2009 at 4:39 pm
I did stop paying; I paid it off!
April 21st, 2009 at 5:18 pm
Head for the hills you crazy conspiracy kooks! You’re all going to die. The apocalypse is now!
April 21st, 2009 at 5:53 pm
buy a gun.. it will be worth its weight in gold when the economy collapses.
April 21st, 2009 at 6:11 pm
who gives a s--- if houses going down . If u only have 1 house do not worry about it
media always acts like it is going to last forever when we had boom they were saying buy now or you will never be able to afford it and now what ? Bulls---
Let homes go to 0 for all that I care . Houses provide real value not cash
infowars need to get their damn story straight it is real values people need to worry about not cash
if u have cash then you are in real trouble u can not devalue houses , well u can but only in cash which has no real value
so f--- them f--- them all these wicked bastards are all going to die
f--- them all
April 21st, 2009 at 6:35 pm
At Joe Martin’s Vancouver Gold show in January of 2008 I predicted a major
stock market crash in October. My speech was titled “Derivatives and the Crash
of 2008.” It came true.
In October/November I was predicting a market rise into March/April of 2009. We
got it.
I’m going to crawl way out on a limb. A major crash this way cometh.
The stock markets have gone up for six straight weeks. That’s a pretty strong
sign of a top. Our financial system continues to come unglued as Goldman
Sachs leads the looting of the treasury after a financial coup d’état that has stolen
$46,000 from each taxpayer to hand it over to the banks now running the country.
After over $13.6 trillion has been poured into the banking system, I cannot see
that a person I know has been enriched by even a single cent but each American
is now indebted to the tune of an additional $46,000.
It’s going to end badly. We are not at the bottom; we aren’t even near the bottom.
In terms of the Great Depression, we are in 1931 or so; the bottom is ahead of
us. I expect the dollar to default in the next few months after a General Motors and
Chrysler bankruptcy convinces everyone that we are truly in a depression.
US Bonds are on the brink of a collapse. When they do, the dollar will tank and
interest rates soar. As measured by John Williams at ShadowStats.com, the real
pre-Clinton unemployment rate is above 20%.
I’ve called for riots by summer but even I have been startled by the number of
mass murders in the United States in the last month or so. It’s the economy,
stupid. SEE THE REWST OF THE ARTICLE AT http://www.thegrandawakening.com
April 21st, 2009 at 6:42 pm
I totally agree, but I think it will start to forment during the summer. Things are going so fast that we will see the market taking a drastic spike down and some form of attack may happen in August.
April 21st, 2009 at 6:57 pm
Peter Schiff had recently an excellent radio interview where he explained a lot about the housing bubble and how to profit from it you can find the whole interview here http://www.peterschiff.tk or if you prefer youtube here is the link of part 1 of 3 : http://www.youtube.com/watch?v.....annel_page
April 21st, 2009 at 6:59 pm
http://www.youtube.com/watch?v.....r_embedded oh well alex
motel420 Reply:
April 22nd, 2009 at 1:57 am
PS I apologise for gettin off topic folks – I hate when idiots sucker me down to their level.
April 21st, 2009 at 7:54 pm
This website is so full of lies and disinformation. I can’t help but sit here and laugh.
the Anti-Devil Reply:
April 22nd, 2009 at 4:46 pm
but the Devil always lies, so ………….
(translation)
“This website is so full of truths and information. I can’t help but stand here and cry.”
Eat sh!t and love it pitchforker.
April 21st, 2009 at 8:41 pm
I often hear people say they will buy real estate as soon as this correction is over, perhaps in a year or two. There is one additional trend people do not talk about, which is the possibility they may repeal the mortgage interest tax deduction. Think of it, with the amount of debt being generated by the Federal government, they’ll be looking carefully as to how to increase the tax base. Currently, about 1/3 of the population rents, 1/3 owns their homes outright, and 1/3 still have a mortgage on their home. It’s this last third that is creating this entire financial mess. People are going to start asking why the government gives such a large incentive for home ownership, when it just got us into this much trouble. Look at this article, which is much more eloquent: http://www.economist.com/opini.....d=13492469 I think buying real estate any time within the next five (5) years is a risky option. Right now real estate is thought of as being an asset, but with a simple change in the tax chart and you have a huge liability.
April 22nd, 2009 at 12:34 am
Maybe the FEMA camps are for people who stop paying their taxes.
April 22nd, 2009 at 2:13 am
History repeats itself. All great nations rise and fall. Greed and corruption always lead to destruction. The die has been cast. The verdict is guilty. Now comes the reckoning. Time to reap what was sown. Heartbreaking to watch. So sad that America has seen its best days. The extent of the carnage none knows.
April 22nd, 2009 at 7:21 am
STUPID SHEEPLE… Jews are the problem, Religion is a scam, WAKE UP PEOPLE free yourselves.
April 22nd, 2009 at 8:10 am
WELCOME TO THE MARK OF THE BEAST AND THE CONTROL SYSTEM OF THE WORLD
JUST WAIT UNTIL YOU are told to take the MARK
WAKE UP
WAKE UP NOW
goodnewsaboutgod.com
April 22nd, 2009 at 11:16 am
In a headline from another site. “Police found Freddie Mac CFO Dead by Hanging”.
April 22nd, 2009 at 3:26 pm
i’m thinking that during the great depression it was the end of the world then to some folks
April 22nd, 2009 at 4:33 pm
witness the fall of babylon and her habitants.
April 22nd, 2009 at 10:53 pm
please enough with the piscean religion