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What I learned today while waiting at the barber shop

A

Anonymous-0

Well-known Member
1) If I'm not worried about my job and money now, I'd better start real soon, cause all he11 is gonna brake loose real soon. Don't buy the kids Xmas presents, get rid of telephones and use cell phones, brake into that retirement savings and use it for now.
Gee thanks Dr Phil..........

2) $250k+ houses in FL are selling for $50-80k.
Is this just the media, or is it really happening?

Guess I'd better sell everything I own, use up the money and go on welfare. That way I'll have more time to lay around and watch Oprah and Dr Phil. Sure wish I could get CMT here.

Have a good day,


Dave
 
Who wants to talk about what is right with this country? That would be boring and not worth gossip or media shock.
 
That is probably the true and actual value anyway. The real estate market has been driven by speculation and unsound loan practices for the past 10- 15 years. There is land around me selling for 3000 an acre. The description would be rolling class 3 land. You could never cash flow it at that price-only make the interest payment and pray for an increased appreciation. Houses snd vehicles are the same you have to bid against yourself and be willing to pay what the next uneducated, emotionally driven fool is willing to give or you can't have it. Capatalism can only be sound when it is practiced and governed by educated, pragmatic individuals-not off the cuff, finaicially illiterate people.
Payed for my new house in 17 months-could have done it earlier, no vehicle payments, farm payed for. I worked for it all and came from a meager background. We do something rare in the US, that is that we manage our money and spend it correctly.
Proverbs says "the borrower is servant to the lender"
 
John Phipps on his Saturday morning farm show a couple weeks ago said it wouldn't surprise him to see farmland prices drop like housing prices. What's to keep them up if it doesn't cash flow and other real estate is dropping? Would there be a bailout for those over-extended buyers too?
 
$250K houses selling for $50K to $80K

They showed that on the news yesterday. All that tells me is the original appraiser was an idiot.
They did the same thing to the farmers back in the 80s, told them borrow against the family farm it is worth millions. Of course it would not raise any more crops than when it was only worth thousands.
Some fell for it and lost the family farm
 
Those that aren't paying attention will have some very bad surprises in the not too distant future.Our whole economy is being reworked,reshaped etc etc as we speak.Stock market is in a free fall which is going to have huge ramifacations as those with 401(k) and other
investment and retirement plans get very much reduced or totally wiped.Real estate prices will continue to drop as unemployment rises and banks tighten up credit and/or fail.Even those that are optimistic are saying this is the worst turn of events since the Great Depression and has the potential to be far worse on many people.The Fed and US Treasury is out of weapons as yesterday's
rate cut was met with a 189 point drop in the Dow how it all exactly turns out is anyone's guess really.Over 2 trillion dollars that people thought they had has been wiped out in the last year in the Stock market as its gone from just over 14,000 to just over 9,000 and that is dwarfed by the 'value' that has been lost in the real estate market.Many who bought huge houses and were planning on retiring on the accrued value are stuck instead with a house that isn't worth what they owe on it.
 
It is well known that those who go to the barber shop most often are the most informed people in the nation. The bald and the long haired know nothing as they are not exposed to this kind of wisdom. Graduation pending
 
The media would be out of business if they didn't stir up a stink. Every year they have to have their disaster of the year. I've never watched Dr. Phil and have only watched Okra once. From what I've seen they don't know if they're washing or hanging out. If I'd turn off the TV, I couldn't tell anything was wrong. In fact my 2 biggest expenses, corn and fuel are going down. The recession in the livestock industry started 2 years ago.
 
I work in Ag Lending and I would agree that the original appraiser was an idiot, and that the people that agreed to the mortgage on that inflated value were idiots as well. If you know you can't afford a $2,500 per month mortgage payment, you shouldn't borrow the money regardless of what the bank is telling you. Then you really shouldn't go buy a huge new truck, 3 horses, a J.D. tractor twice the size of what you need, and a BMW SUV. There's enough blame to go around, but prudent individuals should have known better.
 
I really think it matters more as to where you are in life, and where you live. If you are retired or have a very secure income, you will probably be ok, no matter what. I live in Michigan. We have lost 400,000 jobs since 2000. Yesterday I read that Wayne county is laying off 150 sheriffs deputies, and closing a jail. Even during the depression, they didn't lay off deputies. It is a safe bet that those deputies didn't think they would ever be laid off. Now if you are in a oil producing area, you might never see this stuff. Or if you are in a defense industry area. There was not the runup in house prices here that happened in other areas, because we were already slowing down. But there are a lot of houses selling for less than what it would cost to build them. Interestingly i just saw a list of states that are in financial trouble. Michigan was not on the list, which surprised me. It is going to be a very interesting year. I am glad I moved 95% of my 401k to a government bond fund early this year. I wish I had moved 100%.
 
These posts could really get me going but I'm not going too. I would like to say that Dr. Phil needs to get out and work in the real world for a spell. Quack!
 
Glenn Beck, Katie Couric, Keith Olverman, Chris Matthews...you have to remember they all go to work each morning in a chauffered, armored SUV with the windows blacked out. What do they know about real life except what they are told? And in their ear is a producer screaming "Hit it harder, the other network is gaining on us!"

Gave a neighbor a lift to town in my old van. He got in and said, "The sky is falling." I replied, "Nah, I just gotta get the headliner glued back up there."
 
While I do not feel the future is all doom and gloom; I do feel that many people in this country have a rude awaking coming to them.

Start by looking at history. Look at the increases of the stock market; housing; cost of living; salaries; from years ago. They stayed level or had small increases over many years.
Now look at the past 20 years and compare them to the past.
Do you feel we can keep going at today’s pace for the next 20 years??????
I do not feel we can keep up this pace.

Look around at your neighborhood. Have you noticed anything different from when you were a kid. I bet your grandfather could notice a BIG difference mainly in the amount of toys people own today.

Look at the mentality of people today and their got to have attitude.
They consider some everyday luxuries as got to have items and services when in fact many people in this country live a fulfilling and peaceful life without any of theses got to have items.

So what has to happen some where along the line; it may not be this year but I feel it will happen; is the market has to adjust.
 

I didn't find much either. Even looking at the area mentioned. It was so much nicer when you could only get a couple of channels and had to choose between watching Greene Acres and Mr Ed.
 
where I live 40 to 50K houses in town is the norm. The real estate bubble never happened. 50K houses never went up to 300K like they say. A 300K house is a 300K house not some dump that was over infalted. Now down where Adelphia Cable was in Coudersport PA. they did have a bubble but it burst right after Adelphia filed for bankruptcy 8 years ago. There you can find houses that were never lived in sitting in the woods with trees growing up around them. The media is trying to elect a nnalert and will report anything to get make it that way. Strange all this came to a head weeks before the election isn't it?
 
remember who really owns the media. They we're big time cheerleader into Iraq and who made money? They ldidn't ook for and report the details of the big bailout until after the bailout. Who benefited from the bailout? The media is largely manipulated by big business. Do you know why? Take a look at who owns CBS, ABC, NBC and Fox. I get my news from independent sources such as PBS and the BBC. They tell it like it is.
 
Nope,,, thats just My headliner in my 86 Celibrity. ...........Heard This at the barbershop , Fella said OBOMaR and mccain Both getting Haircuts in same shop ,, No One spoke a word ,, To keep PEACE , barbers kept quiet to finish ,,. When external_link was finished,,Barber asked him if He wanted some of the SMELL Goood'em APPLIED ,,He said "No, ,My wife will think I was in a hor-hauz" ,, The other barber asked mccain if he wanted some smell -good'em applied ,, Mccain replied ," go ahead My wife has no idea what a hor-hauz smells like '
 
Strange that realestate appraisals and market value have risen in North West Alabama!! My home tax appraisal went from 140K to 156K and therefore home taxes went up.
My wife and I are planing to downsize and move closer to town, and all realestate agents we have talked to say that we are not affected because we are located in a retirement area???
I always thought Florida was a retirement area!
Strange that a lot of homes we have considered buying have been sold and from what information I can get, they sold for close to asking price.
 
Realestate sales are up for th nation in Spetember.

If $250,000 houses are selling for $50,000 they probably never were worth $250,000.


Ever watch the show "My House is Worth What?"

People would have an appraiser come in and investigate he value of a person's home becaue they were getting readyto borrow against it. A lot of home had 100% appreciation in 3-6 years time. If it can go up that fast you should be ready for it come down just as fast.
 
I agree capitalism is fine. The the problem lies with the (non)Federal Reserve and the fractional money system. They create money out of nothing for politicians to borrow to buy votes (earmarks), special favors,etc. Things were actually stable until Nixon took us off the tie to gold. Been downhill ever since. Wayne
 
That development that was approved across the road ffrom me, right in the middle of good farm land, is still sitting with the first and only house still for sale. The were asking $649,000 last year, now I hear the have dropped it to $550,000. What a bargain for a 3 bath 3 bedroom on 7 acres, but I guess you do get the pet spa in the garage, I guess that makes it worth it. I hope the millionaire that has his cash tied up in that house decides the development stuff isnt for him. Everyu other square inch of that development is now seeded in rye. Like it should always be. Farmland.
 
TO Soook: Sad state for Wayne County. I worked only one day in that county just north of the Airport. Our group was shot into by a drive by with a pellet gun the person hit in the leg had surgery. Plenty of badges showed up, shooter got away. Was a rather up scale area.
 
So what if the prices of goods, services, stocks, houses and land go down. My dollars will then buy more. The people that spent thinking they could pay for everything with cheaper money, took the chance that the dollar could gain in value. The press we should fear is the money press. The U.S. had deflation between 1800 and 1900. I would like to see it come again.
 
Thats true if you have cash in hand and don't need to earn it as wages usually go down faster than prices.Also many Americans are in debt up to their behinds so they will go bankrupt if deflation occurs which will cause another round of bank and lending institutions to fail.
 
A couple years ago they got 9% of their budget from the government. I don't know today but public donations to them are way up so maybe they might get less than 9%. Does GE get any government money for anything? You can bet they do and it's a darn sight more than PBS, and they own NBC.
 
I just have to get in here. I think the main problem were these ARM
and interest only mortgages people got into by either being lied to
or just being greedy themselves. We got a home mortgage during
the bubble, we got ours at a fixed 5.75 and our home is worth
more now than when we built it 4 years ago. So what if you owe
more on your house than it's worth? That only hurts when you sell.
If the Gov't wants to do something, they're re-negotiate interest
rates, but not mess with the principle balance. That way people
could stay in their homes. The values will rise. just not anytime
soon.
 
I saw that on the news too. It was in Florida and the houses were new, the builder was selling them. I would guess that he had a bank payment due and he could sell for what he could get or just turn them over to the bank.
 
The houses are selling for more like $150,000.Prices are down
30-40%.If you make 50K per year than a 150K house is the max
you can afford.
 
I allaways heard if you wanted the latest company news ask the janitor. when in front office could evedrop and not be caught
 
Just built a house this year... the deal seemed good at the time, found a reasonably priced lot (at the time) and went for it!

Lender (Countrywide) pre-approved us for $1800 per month payment. I told the loan officer that no matter what she told me I could not afford that payment, period. "But according to our calculations, you can." Nope, sorry - no sale on the huge loan for a bigger house than we need.

Built a modest house, have payments we can afford, and looking at current listings in this area - our house hasn't lost anything yet. The ones in this area that have lost value are the ones that were at $500,000 plus - and they've only dropped by $50k or so.

It just irritates me to no end that those of us who made sound financial decisions are going to have to pay taxes to bail out idiots who couldn't do the simple math to realize they could not afford the payments on their house!

They tried to sucker us into an intrest only ARM loan - only $700 per month on $200k borrowed. Read the fine print, after four years or so the payment jumps to $2400 per month and we owe more than $200k at that point... I'm glad that we have brains and know how to use them.
 
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