U.S. housing market prepare yourself for the "tsunami" that's coming


9 Years
Mar 30, 2010
Just read the below, is anyone out there as scared as I am over the mess we are in with this?

"Foreclosure Mess Deepens, as Experts Fear that U.S. Has Yet to See the Bottom
If you think the U.S. housing market is in bad shape now, prepare yourself for the "tsunami" that's coming."
"At the core of this problem was a widespread, massive interconnected fraud...The fraud didn't begin at foreclosure, the fraud began when these loans were first made."
This is what I have been predicting for the past 6 months. Our entire Real Estate market here in the Midwest is going to be based on foreclosure listings and sales. I do BPO's, or cheap appraisals as I tell people, and use to do 1 every three months maybe 2 and most of them were for refinancing not foreclosures. Not anymore. I do on the average 2-5 a week, and 99% of them are on foreclosures. People are losing their jobs, or finding jobs in other states and flat leaving their homes here . . .auctions are being held monthly and they are a failure because for some reason the banks can't get it in their heads that a particular home might have a $80,000 mortgage on it, but NO one is going to bid that on it . . . so they stop the auction. Then, it will eventually go on the market through an agency and it sells for $40,000. We are living in very scary times, and its going to get worse before it gets better. It really is a buyers market, but you gotta have the money to buy it or good credit to finance it.
They pumped money back into all the big businesses to delay what is inevitable. Bad stuff is coming. Our system is broke, corruption runs rampant... the bottom has to give out some time. How many people are going to be shocked and how many see it coming?
What gets me is that there are some people who flat do not deserve a loan to buy a home. They know, deep in their hearts, they aren't going to be honest and pay their loan . . .they didn't pay their rent either, so they are repeat offenders. BUT, then you have "Joe Kokomo" who is a good honest man, works like a dog, paid on a house for a long time, was beginning to see the end of the tunnel and WHAM. Plant closes its doors and he loses his home because there is no other jobs out there in the area. Makes me sick. So many innocent people are paying for just a few crooks.

We are such a mess in this country, I don't know a political platform that could honestly get us back on track. NOT trying to start a debate either. It's just such a mess, even good ideas would get lost in the fold because of all the red tape that has been created by all these crooked politicians. We need to do something, but I don't know what. IF you try to be political and get a platform, you get in trouble for slander or worse. No one wants to be accountable, and no one wants to be nice or play nice. It's all about the money. You could have the best "Joe Blow" out there that would turn this country around in a year, but unless he has millions of dollars he doesn't have a snowball's chance in Hades of getting past the primaries . . . makes me sick. I am not political at all; but I know right from wrong and black from white. I get scared when I read all this Obama blasting, that he is really working for the enemy, his wife is a white hater, etc. My nephew is anti-Obama as you can get, and he tells me I need to listen more and not ignore what is going on. I agree, but when it makes me sick and keeps me up at night, I choose to be on MY side and take care of my mental health. It's hanging by a string anyway.

This is the time of my life when I really and truly want to live in the middle of no where and be accountable to no one, but the tax office (dang it) and just support me and my family. . .

I do interior BPO's on homes that have went into foreclosure and it absolutely breaks my heart to see the little baby toys and items and other children's stuff that had to be left because of leaving in the "middle of the night" or being walked out by the sheriff. . .such sad times.
Our local newspaper might have 30-35 pages in it, the last 7-9 pages are foreclosure announcements. Short sales are up and there's good deals to be had here. Unfortunately property assessments are not going down, they are going up and the people who got good deals on buying a home are going to be in for a shock when they see their property tax bills come due next November. The assessments are not being lowered due to the foreclosures and loss of tax money from them that the county and cities need. Of course those entities wont cut services and voters are apathetic to throw the crooks out. Appeals are useless, been there... done that. There's an ongoing joke here that's continually repeated and is very true; how many city workers does it take to dig a hole with a shovel? Four, one man to dig the hole and three to supervise him! LOL.
SO MANY people bought more than they could afford with the government allowing the deals to be made. It makes it easier for everyone to be on welfare, and rely on the government. This shouldn't suprise anyone. This has been in the works for a decade. Welcome to the new America. best to get comfy and buckle in for a long ride ahead.
My daughter just returned from court this afternoon. SHe was foreclosed on. She lost her job 3 years ago. She had a good paying job making over 800.00 a week now her unemployment has run out and shes forced to live on the little child support she receives from her X. She has moved in with us and it is very hard. Luckily we have a large house and can manage. Shes heart broken and the kids are feeling it as well. I heard her tell her 13 year old son last night that they have a roof over their heads and food in their bellies so they will make it. It makes me wonder how many families are there out there in the same boat. but without family to help.Don't get me wrong I understand our country helping in natural disasters but giving billons to other countries when their own people are hurting and on the street is alittle redundant.
They claim the unemployment is going down but I believe it is only going down because so many have used up their benefits and can no longer claim it. Here in Florida there are no jobs a cashiers job became available here in our town and it went to a lady with 2 college degrees in business. Skilled construction men are applying at Wally world just to have some sort of income coming in. My brother-in-law is a master electrician and Union but hasnt worked for 2 years. He had to close his own business and is collecting unemployment his particular union hall has 200 skilled master electricans sitting on the bench looking for work. Its bad all over I stopped reading the paper its just to depressing.
This needs to happen.

A free market can only function within the safe confines of property and contract law. When those are no longer upheld you get , well you get what we've got.

Geithner is warning that if we stop foreclosures the whole economy will grind to a halt. What? Now we have a foreclosure based economy??

It is blackmail again, only this time it is too late, the warning that if we hold banks accountable they will destroy the economy doesn't work any more. The economy has been destroyed and we all know it.

Like a fever this needs to be allowed to happen. We cannot heal until we get rid of the illness. We need to get a whole lot sicker before we can hit the reset button.

This is not about politics, because neither political party is out of the hands of big money. This has been going on under every administration since the Reagan years.

Watch the films by Adam Curtis called The Trap. especially the one called The Lonely Robot. The roots of this become sadly clear.

edited to add: http://video.google.com/videoplay?docid=-1087742888040457650#
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This is the time of my life when I really and truly want to live in the middle of no where and be accountable to no one, but the tax office (dang it) and just support me and my family. . .

Amen to that. And, btw, I stopped doing BPO's when they just decided not to pay me for them and ignored all communication. They sure wanted something for nothing. And, yes, they were usually depressing.​
Amen to that. And, btw, I stopped doing BPO's when they just decided not to pay me for them and ignored all communication. They sure wanted something for nothing. And, yes, they were usually depressing.

whats a BPO?

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