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Genesis Posts: 71433 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1399-M....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-09-02 14:41:13
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Megatoxic Posts: 31 Incept: 2009-08-05 
usa
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More evidence of the terminal stupidity of American "consumers." At this point, we pretty much deserve whatever is coming our way.
2009-09-02 14:49:19
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Themortgagedude Posts: 3930 Incept: 2007-12-17
saint louis
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Hell Gen - I'd be happy if they made them come up with the 3.5% on their own and pay their own closing costs. No gifts or whatever. Letting them use what should be reserves to pay for downpayment is reeeediculous. And I see this kind of crap all the time. edit: When you factor out RE commissions and such it's kind of like giving them a 110% loan right up front. Nice upside down position. ---------- "These are interesting times. We don't trust the government, we don't trust the legal system, we don't trust the media, and we don't trust each other! We've undermined all authority, and with it, the basis for replacing it! It's like a six-year-old's dream come true!" Last modified:
2009-09-02 14:50:57 by themortgagedude
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Mrholty Posts: 1015 Incept: 2007-07-27 
Wisconsin
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Agreed Gen. My wife does not get the whole math thing real well. She's in healthcare but when i read her these things on CNN or what recent homes sell for she goes who can afford 10-20% down on a $600k house. And why? Real world examples are much more eye opening for her.
2009-09-02 14:52:29
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Lanemeyers Posts: 1065 Incept: 2008-01-22
Seattle
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Great editorial. I cannot believe the story out of CA on the $750k house. That is still going on? Unbelieveable. I am getting really sick of waiting to buy. My wife and I saved for 4 years for a downpayment and these programs are making RE in our area very sticky.
---------- I change by not changing, at all.
2009-09-02 14:53:27
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Mangothebird Posts: 128 Incept: 2009-04-01
Smith & Wesson Country
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Crane operator and hair stylist buying a $750K house!  Sounds almost cliche'! Maybe they won the recent MegaMillions. Maybe crane operator is a euphemism for some alternative lifestyle as source of income (they did live in Frisco didn't they?). Chick looks like she could turn tricks. Turn enough tricks, and hey anythings possible!
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2009-09-02 15:49:34 by mangothebird
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Murf Posts: 2814 Incept: 2007-08-28
the surf
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Yep, no lessons learned, it seems. Nothing in it, yet, for politicians or CEOs. ---------- The recovery up is losing steam
2009-09-02 15:00:10
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If Posts: 495 Incept: 2008-01-06
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They have got to keep us in debt. The sheeple must stay in debt. They have to keep the ball rolling. With the number unemployed I just don't think it is going to work. By the way, a friend told me yesterday that he went to Toyota to get one of the C4C. They told him they weren't making any more of those deals because out of the 80 cars they sold they have only received gov. money on one!
---------- Be aware, be prepared. Fight organized crime. Re-elect no one.
2009-09-02 15:02:10
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Phantomace Posts: 2185 Incept: 2009-03-16
Las Vegas, NV, and your screen Online
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Quote:"PS: I bet the situation of about half the people who traded in their fully-paid-off "Clunker" for a nice new car payment are about to get a similar (and equally-ugly) surprise." Gen: You hit that one on the head. I'm betting that there is going to be a HUGE inventory of low-mileage 2008 and 2009 econo boxes dirt cheap next year after the market gets saturated by all the impending C4C repos. Will probably be a great time to pick one up for my teenager, CASH only, of course... ---------- "That was a little trick I call math. Oops, now I'm not emotionally invested..." - Dilbert The only good thing I have to say about Barney Frank is at least he's not breeding...
2009-09-02 15:02:12
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Genesis Posts: 71433 Incept: 2007-06-26
KD^2
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Phantom, yep. I still remember the STUNNER of my first car payment and what it did to my budget (after driving ****boxes for the first decade of my driving life) - and I know how to do the math! ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me Last modified:
2009-09-02 15:04:22 by genesis
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Beango Posts: 233 Incept: 2009-06-05
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Wow, so they got 1% off that $750,000? What a deal! 
---------- Welcome, to Entitlement Island
2009-09-02 15:06:51
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Eternalblue Posts: 4230 Incept: 2007-08-09
sokali
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it is almost certain C4C will cause a wave of repos, that is exactly what happened to mitsu****ty when they tried their one year no payment deal. People drove the cars for a year and then gave them back, it almost killed mitsu. ---------- my miniblog; http://economicpsychosis.blogspot.com/
2009-09-02 15:07:22
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Phantomace Posts: 2185 Incept: 2009-03-16
Las Vegas, NV, and your screen Online
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Gen: Same here. First "new" car in my late 20's was a stripped Nissan "hardbody" with a 4-cyl and a stick. Was $225 a month, off memory. Sucked when working for $11 an hour. ---------- "That was a little trick I call math. Oops, now I'm not emotionally invested..." - Dilbert The only good thing I have to say about Barney Frank is at least he's not breeding...
2009-09-02 15:12:18
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Patriotpete Posts: 20 Incept: 2009-04-09
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Floor care technician? We really do stretch our job titles don't we.
2009-09-02 15:12:58
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Markytom Posts: 217 Incept: 2009-02-19
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To support a $750,000 home you need a combined household income of $250,000 or more. Less than 3% of US households make over $250K. Anyone who thinks the housing crisis is "stablizing" is insane (especially markets like California). The only thing the banks are doing is kicking the can down the road some more with the thought that a foreclosure two years from now is better than a foreclosure today. I still claim we will eventually see thousands upon thousands of 6000 sq ft mcmansions bulldozed because there just aren't anywhere near enough people who can actually afford to buy them and make payments long-term (and there aren't enough people who could afford the rents on them either).
2009-09-02 15:17:32
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Keewaydin Posts: 1547 Incept: 2007-08-22
Just a fleshwound!
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Great ticker. The Cal couple certainly aren't making $250K. After all, I think the $8000 begins to phase out at a joint AGI of $150K, and isn't available if for an AGI of $170K or more. - - One typo: Notice that none of the stories that are likely to have happy endings needed the credit to buy Last modified:
2009-09-02 15:28:09 by keewaydin
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Lanemeyers Posts: 1065 Incept: 2008-01-22
Seattle
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And really, if you are making anywhere near $250k and looking to buy a $750k house, is the $8k subusidy gonna make you "hurry up"? I dont think so.
---------- I change by not changing, at all.
2009-09-02 15:22:41
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Tdaly Posts: 201 Incept: 2009-03-02
Lake Wylie SC
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I can't take it anymore! Great ticker Karl. The only place incomes are going up is DC and the banksters.
2009-09-02 15:25:38
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Waas Posts: 789 Incept: 2007-09-05
Online
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Thanks for doing a ticker on this one Gen, this has had me all fired up today. Just ****es me off to see the enabling of what got us into this mess continue on such a grand scale.
2009-09-02 15:27:33
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Emb145 Posts: 8710 Incept: 2007-08-25
Near saltwater
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People have no idea how much money they save by driving a paid-for, reliable car. Operating cost/mile on a something like a Honda Accord is insanely low.
2009-09-02 15:29:15
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Livinlite Posts: 32 Incept: 2009-06-16 Seattle Banned
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This is EXACTLY the reason my wife and I still can't find a place to buy. We are a single worker household (wife may go part-time, but we're starting a family shortly too adn we don't want to rely on her income). I make roughly $80K/yr. No debt. $25K give or take in liquid reserves. First time homebuyer and qualified for "special financing" through FHA...zero down because of my "low income". And because of this bull**** going on, I can't find anything decent to buy anywhere near where I work. I basically make exactly the avg. family income for the region, but the avg. house price is still sitting around $350-400K for something in an area where you won't get shot taking out the trash. All we are looking for is a small <1,100 sqft house, fixer-upper, with enough of a yard to do some serious Victory Gardening. And I want to be able to pay it off in my lifetime...meaning I want it to be under $175-200K (less if it requires much fixing). What does my realtor say? "Good luck! House prices are climbing! The recovery is on! Green shoots!" I just hope there's a two year lead out between the housing market "correcting/crashing" where I can buy a house/land and the "civil unrest/collapse" of the rest of all of it. Otherwise I'll be kicking myself for not being like the rest of the sheeple and leveraging up for that $500K mini-stead I've been eyeing. FWIW- I'm in the greater Seattle area.
2009-09-02 15:30:34
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Weaseldog Posts: 282 Incept: 2008-12-11 Texas Banned
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The average American isn't smart enough to understand most of these things. That is why a nation needs intelligent laws to protect the people from themselves, and the smart sharks churning the financial waters. Yet the people are easily fooled into thinking, that they need freedom from regulations that protect them. I'm currently helping out inlaws that are having money problems and a seventeen year old daughter in high school. I'm discovering that I can't prevent them from making more bad decisions, because they can't seem to understand what a good decision looks like. The first thing I'm trying to teach them is, how to find a job... I'm pointing out simple stuff. 1. Send out lot's of resumes and apply everywhere that might have work to fit your skill set. 2. Keep a list of every where that you apply. 3. If you apply in person, ask who will be responsible for reviewing you application and write that name down. 4. Call everyday to ask about the status of your application. Ask if it's been reviewed. If you've been declined, ask why, and what you could do to improve your odds when applying for similar positions. Ask if other opportunities may be coming up. 5. When you call, be sure and ask when you might schedule and interview and if there are any details in your application that they would like clarification on. 6. Arrive at interviews 10 minutes early. You'll likely have to sign further paperwork. 7. If you're still unemployed after positions have closed, call once a week to see if any new prospects might be opening up. The list can go on and on... But these are the steps I've started with and they seem to work. They want me to do all this for them... It's hard work you know, looking for a job. Any smart con can screw over most Americans. And now that our government is part of the confidence ring, there is no hope of a recovery. ---------- "You can know the name of a bird in all the languages of the world, but when you're finished, you'll know absolutely nothing whatever about the bird... So let's look at the bird and see what it's doing -- that's what counts." - Richard Feynman
2009-09-02 15:31:21
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Zenthunder Posts: 4684 Incept: 2007-10-11
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once again everyone becomes a speculator when they shouldnt. "hey I'm gonna double down and bet the farm on making more money in a few years and never losing my job and not having any accidents!!!!" 
2009-09-02 15:31:27
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Jcwaliski Posts: 1897 Incept: 2008-10-01
Chief Douchebag Online
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Totally agree EMB, welcome to my world, where five year old Honda, Toyota, and Lexus automobiles are your friend...
---------- Ultimately, we are all seeking the truth--to expose it, lay it bare, own it as our own. My take on this place is simply that there will be NO COMPROMISE in exposing what IS. - Truthseeker
2009-09-02 15:31:52
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Bicycle Posts: 685 Incept: 2008-09-05
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---------- The Coming Collapse of the Middle Class http://www.youtube.com/watch?v=akVL7QY0S.... the government comes for the regular people first http://www.youtube.com/watch?v=nFY0HBkUm....
2009-09-02 15:32:11
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