Please drive by....

On Feb 15, 11:07 am, b....TakeThisOut@bullcratewhipnuts.clam wrote:
> Someone please drive by ChuckK's new house....is there a For Sale sign
> out front?
>
> Did ChuckK get caught in the sub prime mess? He would be so
> embarrassed if that happened.
>
> FB

No, Chuck took a variable rate home equity loan on his McMansion. He
is living off of the tax savings from the interest deduction. The
higher the interest rate goes on his loan, the more Chuck earns. Or at
least I think how it works.

In any event, since Chuck has perfect foresight, there is no way he
got trapped in the subprime or any other mess. He saw it coming.
 >> Stay informed about: Please drive by.... 

On Feb 15, 3:35 pm, Andrew in Alabama <andre... DeleteThis @yahoo.com> wrote:

> DD, you'd be amazed at some of the properties here in Alabama that are
> being foreclosed on.

When I was in Vegas last month, that's all they had listed.

> Mrs. Andrew is in the mortgage business, and has an associate who is
> presently sitting on 4 or 5 properties, including spec houses and
> vacation properties, ALL on adjustable-rate arms. The arms are slowly
> expiring, and these folks, who were considered wealthy just a year
> ago, may have no choice but to let the banks foreclose, since they
> can't be sold unless they take a huge financial loss.

Why did they have ARMs? That's crazy.

> I think we will be seeing lots more of this before this mess is over.
>
> For those of us with cash (or equity) and good credit, it is a great
> buying/refinancing opportunity, but a lot of people who seemed like
> geniuses not too long ago are going to find themselves out in the cold
> sooner rather than later.

So true. The only problem is money (mortgages) is getting tight these
days. It's not like 2 years ago where anyone with a pulse could get a
100% LTV loan on a home.

> Sorry to add to a Chuck K thread, but I find the whole issue at once
> disturbing and fascinating (not unlike Chuck K himself.)

Who?


--EE--
 >> Stay informed about: Please drive by.... 

On Feb 15, 3:47 pm, Steve Harder-Kucera <st...@do-not-spam-
betterwaywebsites.com-please> wrote:

> Didn't a housing bubble guy used to post here every now and again?
>
> Here's an interesting read:
>
> http://tinyurl.com/3a5ydr

Great threads.

> I have two questions re: the "crisis":
>
> A: Who couldn't see this coming?

People who do not know how to invest and rely on gimmicks and trends.

> and
>
> B: Wasn't the real crisis the insane escalation of the cost of one of our
> most basic of needs? The "crisis" started a long time ago. The correction
> was long overdue.

True. Now's the time to buy.

> Now it's time for someone to come in and "solve"
> things... that should really screw things up!

How about a 5-year freeze on interest rates just because someone says
so. Funny, the politicians who are crying the loudest are the ones
that screwed this up in the first place.


--EE--
 >> Stay informed about: Please drive by.... 

On Feb 15, 3:16 pm, Danno <danin....DeleteThis@gmail.com> wrote:

> No, Chuck took a variable rate home equity loan on his McMansion. He
> is living off of the tax savings from the interest deduction. The
> higher the interest rate goes on his loan, the more Chuck earns. Or at
> least I think how it works.

Didn't CTFF claim that he makes a "profit" off writing off the
interest on his trillion-dollar home? Didn't CTFF once claim that it
was better to have a large mortgage on your home to make this "profit"
rather than to own your home outright?

I wonder how CTFF is doing with his smashing TN home?

> In any event, since Chuck has perfect foresight, there is no way he
> got trapped in the subprime or any other mess. He saw it coming.

Really?

http://tinyurl.com/ytepuo


--EE--
 >> Stay informed about: Please drive by.... 

On Feb 15, 8:07 am, b....DeleteThis@bullcratewhipnuts.clam wrote:
> Someone please drive by ChuckK's new house....is there a For Sale sign
> out front?

Unless I got the address wrong, it's currently being rented out as a
massage parlor.

A*
 >> Stay informed about: Please drive by.... 

Damb, DocDice <steve_johnson8 DeleteThis @bellsouth.net>, do I have to 'splain
EVERYTHING to your dumn ass????

>> Did ChuckK get caught in the sub prime mess? He would be so
>> embarrassed if that happened.

>
>I suspect that anyone who gets caught in this mess would feel a bit
>more than embarassment.

DD, you'd be amazed at some of the properties here in Alabama that are
being foreclosed on.

Mrs. Andrew is in the mortgage business, and has an associate who is
presently sitting on 4 or 5 properties, including spec houses and
vacation properties, ALL on adjustable-rate arms. The arms are slowly
expiring, and these folks, who were considered wealthy just a year
ago, may have no choice but to let the banks foreclose, since they
can't be sold unless they take a huge financial loss.

I think we will be seeing lots more of this before this mess is over.

For those of us with cash (or equity) and good credit, it is a great
buying/refinancing opportunity, but a lot of people who seemed like
geniuses not too long ago are going to find themselves out in the cold
sooner rather than later.

Sorry to add to a Chuck K thread, but I find the whole issue at once
disturbing and fascinating (not unlike Chuck K himself.)

--

Andrew <-- Is it FEBROOARY yet?

"Thank goodness KILLFILING
isn't part of the shunning rules. It's like watching a very fat guy in
a straitjacket bouncing off the walls of a padded cell.

- "BOB" on the great AVLV shun.
 >> Stay informed about: Please drive by.... 

On Feb 15, 6:17 pm, Andrew In Alabama <andre... RemoveThis @yahoo.com> wrote:

> The husband is a builder, and never had trouble selling his properties
> at a large profit in the past.

Ah, that make sense.

> Like a lot of people, they never
> imagined that they would find themselves unable to sell at will.

Yeah. There is a home in my 'hood that has been on the market for 9+
months. My neighbor is selling hers and she had 2 people look at it
since it went on the market some 3 or so months ago. It's hurting out
there.

> I am not justifying what they did... I'm just saying.

Gotcha.


--EE--
 >> Stay informed about: Please drive by.... 

Damb, EVIL ELVIS <hehatemetoo69.RemoveThis@hotmail.com>, do I have to 'splain
EVERYTHING to your dumn ass????

>> Mrs. Andrew is in the mortgage business, and has an associate who is
>> presently sitting on 4 or 5 properties, including spec houses and
>> vacation properties, ALL on adjustable-rate arms. The arms are slowly
>> expiring, and these folks, who were considered wealthy just a year
>> ago, may have no choice but to let the banks foreclose, since they
>> can't be sold unless they take a huge financial loss.
>
>Why did they have ARMs? That's crazy.

The husband is a builder, and never had trouble selling his properties
at a large profit in the past. Like a lot of people, they never
imagined that they would find themselves unable to sell at will.

I am not justifying what they did... I'm just saying.



--

Andrew <-- a noodly appendage of the Flying Spaghetti Monster.


"I don't know anyone in maine"

"I only know about 4 people who live in maine"

-- "John Payton," in posts made two hours and 52 minutes apart on AVLV
 >> Stay informed about: Please drive by.... 

On Fri, 15 Feb 2008 17:44:57 -0800 (PST), EVIL ELVIS
<hehatemetoo69 DeleteThis @hotmail.com> wrote:

>Yeah. There is a home in my 'hood that has been on the market for 9+
>months. My neighbor is selling hers and she had 2 people look at it
>since it went on the market some 3 or so months ago. It's hurting out
>there.

>--EE--

A buddy just picked up a condo in Palm Desert. Went on the market at
$395K....had been listed for at least 6 months....he got it for $289K.
And they say the market hasn't bottomed out yet.

FB
 >> Stay informed about: Please drive by.... 

On Fri, 15 Feb 2008 16:35:06 -0600, Andrew in Alabama wrote (Brilliantly I
might add):

> For those of us with cash (or equity) and good credit, it is a great
> buying/refinancing opportunity, but a lot of people who seemed like
> geniuses not too long ago are going to find themselves out in the cold
> sooner rather than later.
>
> Sorry to add to a Chuck K thread, but I find the whole issue at once
> disturbing and fascinating (not unlike Chuck K himself.)

Didn't a housing bubble guy used to post here every now and again?

Here's an interesting read:

http://tinyurl.com/3a5ydr

I have two questions re: the "crisis":

A: Who couldn't see this coming?

and

B: Wasn't the real crisis the insane escalation of the cost of one of our
most basic of needs? The "crisis" started a long time ago. The correction
was long overdue. Now it's time for someone to come in and "solve"
things... that should really screw things up!
 >> Stay informed about: Please drive by.... 

On Feb 15, 9:48 pm, b....RemoveThis@bullcratewhipnuts.clam wrote:

> A buddy just picked up a condo in Palm Desert. Went on the market at
> $395K....had been listed for at least 6 months....he got it for $289K.

Not a bad deal.

> And they say the market hasn't bottomed out yet.

Nope. I've read that San Diego home prices will decrease for at least
another 2 years. That would be a great place to buy.


--EE--
 >> Stay informed about: Please drive by.... 

Not for nothing.....I sent Chuck an e mail last month and did not hear
from him. Tom in Ct.
 >> Stay informed about: Please drive by.... 

On Feb 15, 5:35 pm, Andrew in Alabama <andre....RemoveThis@yahoo.com> wrote:
> Damb, DocDice <steve_johns....RemoveThis@bellsouth.net>, do I have to 'splain
> EVERYTHING to your dumn ass????
>
> >> Did ChuckK get caught in the sub prime mess? He would be so
> >> embarrassed if that happened.
>
> >I suspect that anyone who gets caught in this mess would feel a bit
> >more than embarassment.
>
> DD, you'd be amazed at some of the properties here in Alabama that are
> being foreclosed on.  
>
> Mrs. Andrew is in the mortgage business, and has an associate who is
> presently sitting on 4 or 5 properties, including spec houses and
> vacation properties, ALL on adjustable-rate arms.  The arms are slowly
> expiring, and these folks, who were considered wealthy just a year
> ago, may have no choice but to let the banks foreclose, since they
> can't be sold unless they take a huge financial loss.  
>
> I think we will be seeing lots more of this before this mess is over.
>
> For those of us with cash (or equity) and good credit, it is a great
> buying/refinancing opportunity, but a lot of people who seemed like
> geniuses not too long ago are going to find themselves out in the cold
> sooner rather than later.
>
> Sorry to add to a Chuck K thread, but I find the whole issue at once
> disturbing and fascinating (not unlike Chuck K himself.)
>
> --
>
> Andrew <-- Is it FEBROOARY yet?
>
> "Thank goodness KILLFILING
> isn't part of the shunning rules. It's like watching a very fat guy in
> a straitjacket bouncing off the walls of a padded cell.
>
>  - "BOB" on the great AVLV shun.

Not only in Bama. Every state I have been to recently, I have heard
variations of your post. I am seeing similar occurences in buisnesss.
(people purchasing companies). So, we have the private sector
trumatized with easy to come by debt, small buisnesses beginning to be
traumatized. I will speculate that within two years things are going
to get real dicey.

DD
 >> Stay informed about: Please drive by....