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Federal National Mortgage Association Message Board

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  • ckza@sbcglobal.net ckza Sep 29, 2005 1:12 PM Flag

    FNM: Bubble to Burst

    Hmm, one thing I've learned about cycles in the past is that, although the charts and graphs depict peaks and valleys, the underlying mechanics or causes for the change are usually very different.

    This BOOM was driven with an overall jobless recovery, and the transferrance of resources and industries abroad. It was aided and abetted by PRICELESS money. This is ATYPICAL for prior BOOMS.

    Maybe you're right, and the working poor who are in servitude to the banks, and their underlying lenders, will have their OVERPRICED homes at the entry level salvaged.

    Then again, maybe you're wrong, and it will be once again, DIFFERENT this time.

    It's all about jobs, and affordability. I don't see the quality jobs yet, do you?

    Even UCLA may be misguided to be predicting "gradual" rather than "rapid" price deceleration.

    Who's there DADDY?

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    • "Maybe you're right, and the working poor who are in servitude to the banks, and their underlying lenders, will have their OVERPRICED homes at the entry level salvaged."

      I agree. lets take my Moms house for example:
      3 bed split level on 1/4 acre in Long Islnd.
      Nice nabe, good school district
      Roof: 15 + years old
      1 and a 1/2 baths, original, circa 1958
      Circa 1960s paneling, plaster of paris bricks(remember those?) and shaker shingles(stained dark or painted white) on most of the interior.
      Unfinished basement
      Original concrete stoop and walks
      Kitchen redone once, circa 1982
      Original doors, door knobs in entire house.
      Original windows(1959)
      Water heater 20+ years old
      Gas hot air burner 20+ years old
      Selling price:( a few weeks ago) 450K to a young couple with kids
      I'm happy for my Mom because she needs the money, but hell, are these people crazy?

 
FNMA
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