Get Ready for another Housing crash thanks to Democrats

Geeko Sportivo said:
Well I am here in Dallas County, Texas.

We used to have the best real estate prices in the nation, but not now that everybody under the sun are trying to get here as fast as they can.

Because our prices have gone up as a result! Houses are not even on the market for 2 weeks- and mostly grabbed up by INVESTORS- not people needing homes.

To be perfectly honest, today's real estate agents- ARE ACTUALLY INVESTORS in a real estate agent's clothing.

They go in, and tell the seller- "Your house will only sell for this amount- and we are prepared today to write you a check"!

This should be against the law- BUT IS NOW THE STANDARD! This is why Real Estate is a major inflation factor- AND IS THE REASON WHY HOUSING IS BECOMING UNAFFORDABLE TO MOST POTENTIAL HOME BUYERS!

And this is one of the reasons why real estate is so high here. Investors are controlling both ends of the market and laughing all the way to the bank! It is the epitome of Carpet-Bagging!
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Real estate agents do this? Where do they get the capital? Yes there are successful real estate agents but most don't have the type of money to go around and individually buy all the homes on the market. I work in (commercial) real estate but have invested in residential. I've dealt with large numbers of agents and have never heard of an agent offering to buy a property themselves.
 
LV426 said:
Ah, so now you're moving the goalposts...

What used to be Obama's is now Obama merely doing Bush the Dumber's.

Do you always move the bar whenever you're humiliated?
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I'm just telling it like it was, bitch! I'm not humiliated at all, but I will jackslap the fuck out of your dumbass with facts!

iu
 
LV426 said:
You assholes wanted NAFTA, remember?

You're the ones who wanted us to do that dumb deal.

Liberals opposed NAFTA, Conservatives supported it.

Again, you can't remember that far back because of all the crack you smoke and all the opioids you ingest.
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Fuck! Are you katzgar's inbred cousin? Is katzgar yur uncledaddy?

You're the one with hard drugs on the mind, not me.

Furthermore in my experience, the accusers are usually the hardest users.

I see you're talking about what's on your mind, bitch: "Crack" and "Opiods".

In that order.
 
NiftyNiblick said:
Housing is ludicrously overvalued around here and maybe needs an adjustment, even if that's very bad for us homeowners.

A doghouse goes for close to a million in Boston.

I don't how young people manage, because rent is sky high as well.

City workers with ten years minimum residence requirement have to negotiate for pretty high entry level salaries--
not the unions' fault--those people have to live--
so that affects the tax rates as well.

That being said, there are probably no acceptable solutions.

NOT living in the city would always be even worse from my perspective.
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Your choice. Your problem.
 
Poor Richard Saunders said:
I don't think you need to worry about educating me about sub-prime mortgages. I think you should educate yourself about mortgage backed securities.
Bear Stearns and Lehman didn't go under because they took out a sub-prime mortgage.
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And Goldman Sachs didn't profit billions, after being fined billions for the ABACUS scam.
 
Poor Richard Saunders said:
The problems with loans had nothing to do with the Community Reinvestment Act since Lehman, JP Morgan, AIG and Bear Stearns were not banks and were not subject to the rules of the CRA. Of course that would require me to waste my time trying to educate your ignorant ass.
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Three letters they all cite, but don't fully understand.
 
Matt Dillon said:
Fuck! Are you katzgar's inbred cousin? Is katzgar yur uncledaddy?

You're the one with hard drugs on the mind, not me.

Furthermore in my experience, the accusers are usually the hardest users.

I see you're talking about what's on your mind, bitch: "Crack" and "Opiods".

In that order.
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More Democrats voted against NAFTA in the House than voted for it.

But nearly ALL Republicans voted for NAFTA.
 
Poor Richard Saunders said:
The funny thing is, most banks didn't have a problem with loans. How many small banks went under from mortgages that they held? The ones that did, did so because they violated their rules for approving mortgages. The real problem with faulty mortgages was mortgage companies like Countrywide which were not subject to the CRA since they were not banks.
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IMO the problem was that the paper was sold on Wall St. before the ink was dry. Nobody cared if the note was worth anything.

Hell...they started trading bad paper, KNOWING it was bad paper.
 
LV426 said:
More Democrats voted against NAFTA in the House than voted for it.

But nearly ALL Republicans voted for NAFTA.
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And-?

They've all been total crooks ever since Reagan's 2nd congress with very few exceptions.

Clinton could have veto'd NAFTA and did not. The head "Democrat" that year passed it, faggot.
 
LV426 said:
You're a fucking moron and a liar.

"Since 1995 there has been essentially no change in the basic CRA rules or enforcement process that can be reasonably linked to the subprime lending activity. This fact weakens the link between the CRA and the current crisis since the crisis is rooted in poor performance of mortgage loans made between 2004 and 2007. "
https://www.federalreserve.gov/images/20081203_analysis.pdf

Who was President 2004-2007? Who controlled Congress?
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As has been mentioned here more than once, the perpetrators of the crash were NOT subject to CRA lending requirements.

Further, in '2000, BOA hailed CRA paper as some of the best investment grade products they held.
 
cawacko said:
Can't really say I've heard that argument.
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Get yer head outta the sand.
cawacko said:
California has the most expensive housing in the country and because of Prop 13 our property taxes are pretty low compared to most states.
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The SOTC is not a State. it's form of government is currently an oligarchy. The government there does not recognize the Constitution of the United States nor the Constitution of the State of California.

The SOTC has very cheap land right now. People are moving out of the SOTC and back to the States as fast as they can.

Of course, you can choose to stay behind and live in the cities of the SOTC, filled with human waste, homelessness, drug problems, diseases like typhus, Black Death, hepatitus A, tuberculosis, wear a mask, and figure you are safe from covid19.

cawacko said:
You claiming its local property taxes that prevents new supply from being developed?
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That and onerous regulations.
 
Matt Dillon said:
Obama went along with Bush's plan and added even more bullshit!

Just like Clinton went along with Bush 1's plan and signed NAFTA.

You're the high one if you don't realize they're all (except Obama) members of the CFR and don't give 2 shits about the people.
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Given Obama's extension of TARP, and requirements to banks, all TARP funds were paid back with interest by the banks.

Govt. made about $30 billion
 
Now granted we only have headlines of what's being proposed by the Biden Administration, so there's a lot of details that remain to be sorted out, but no one can discuss the actual proposal and what needs to be done about housing. Instead it's just another partisan pissing contest about the past.

(I understand this isn't some policy wonk board so fair enough, but nonetheless is pretty funny and predictable.)
 
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