Funny you mention that. I work in real estate and have had more people call me within the past month (most of whom can't get refi'd-why? because they have an interest rate of 7.5% and they make their payments on time) And they said they're simply going to stop making their payments. People are tired of it! They see bad behavior being rewarded and they ask themselves-why should I be a law abiding citizen? Why do I care if my FICO score goes down the toilet? It's simple-they don't care. I've had past clients max out 2- 25k CC on new cards, furniture, vacations, etc. and then file for BK. This was part of the reason I purchased FAZ. Was it early-sure. But the effects of whats happening not be seen for another 7-10 months. Ask yourself this- if 1/2 of america stopped/was late making their mortgage payment....Would they disclose it??? Of course not! Because the other 1/2 of America will stop paying as well and the snowball effect will continue. GL to all. Win/Loose/Or Draw I'm hanging tight.
I have a retail specialty business in So Calif. since 1989 and I have never seen Biz so bad... Some thing is just not right.. The wool is being pulled over our eyes and when reality sets in it won't be pretty...
Interesting....I've heard it's bad down there. I've always wanted to move to Socal, but when I see people moving to the Northwest for jobs, I know it can't be good down there. I have relatives in cali and they say its getting pretty bad. Even with a net worth of 2mill+ they're spending all their money on housing and keeping their business running. Again, when is enough enough?
All people have to do is open their eyes and they will see the scam this administration is pulling to try and convince everyone recession what recession. One of our biggest real estate people here came out yesterday and said we haven't seen the worst yet. They have only flipped 20 percent of the real estate and many foreclosures are on hold so the banks are not reporting the losses on their books. People are not biting govt through FHA is again giving out 0 down payment bogus loans doctoring up credit reports to get sales through. He expects the shit will hit the fan in less than a yr their creating a major disastor that will take yrs to recover from. If their con game does not work by the end of sept will see some major pain.
He also said many of these new sales will be future foreclosures. These people are deadbeats and will always want something for nothing and the govt will never learn.
Rush, what are doing on this board? Get over it, the government is on board, not gonna let the banks fail..FAZ is the wrong vehicle for you..buy gold, buy silver, buy platinum..hell, buy wheat futures..oil too..I have and will continue to do so