a perfect explanation of why housing is a mess

[Joseph Burkeson, CMI]

The $103,000 shack: a perfect explanation of why housing is a mess

[wsiegel]

And to think, the big boys that are making the decisions that allowed this to happen are sitting in Congress! Sad part is, someone made a good chunk of change off that mortgage.

[gbeaumont]

Originally Posted by jburkeson1

The $103,000 shack: a perfect explanation of why housing is a mess

I'd love to say "unbelievable" but unfortunately it just isn't.

Amazing that triple A rated crap, gets sold on as A rated derivitives, the lenders have NO freaking clue what they are lending on.

Regards

Gerry

[mjohnson6]

I am being not to see what a big deal this is.. Seems like nice home..
You Americans just expect too much..

Mortimer AlahJihad Husein

[mjohnson6]

Shut up Mortimer!

Matt~

[William J. Decker]

But, gee whiz, Congress does not allow us to discriminate, just because the person was too poor to be able to afford a house.

That's not fair!

Note: The above is sarcasm.

[whandley]

Easy there Will...

What's wrong with entitlement housing? Don't worry about the payment, look who's making the payment now! Entitlement auto industry, banking, credit card programs and health care are on the way!

Enjoy the ride, you're going to pay for it!!

[Greg Bell]

I think that in the long run this will be good for our industry. In the near future the lenders are going to want a home inspection before they write a loan so that they can determine that the home isn't ready to fall down. The appraisal industry has proved that they are not capable of protecting the long term interest of the mortgage holder.

[William J. Decker]

Originally Posted by whandley

Easy there Will...

What's wrong with entitlement housing? Don't worry about the payment, look who's making the payment now! Entitlement auto industry, banking, credit card programs and health care are on the way!

Enjoy the ride, you're going to pay for it!!

I don't like or agree with that either, just for the record.

[Gary Farnsworth]

I heard somewhere that a relative to our new President lives in a hay shack. This one would be a mansion to him. All of us may appreciate a home like this one day.

[whandley]

Originally Posted by gfarnsworth

I heard somewhere that a relative to our new President lives in a hay shack. This one would be a mansion to him. All of us may appreciate a home like this one day.

I'm guessing Obama's relative didn't pay $103K for the hay shack and obtain a Federal Government backed loan to finance it.

In any case, I have to agree with crazy Joe on this one. It will be a very, very long time if ever before property values return to 2005 levels. Primarily because government housing entitlements to the poor and unqualified will keep prices depressed. The need for people to work hard and save money for a down payment will be replaced by the new "Get a house for free" program. Since we all know there is no "Free Lunch", this new "Free House" program will not come without consequences as well.