Foreclosures?

don't worry since my glass garage is so popular I will start to build miniature versions of it and distribute them around the world, I can make you the US distributor

 

 

 

 

Awesome, I'll take that job!

 

I'm going to have to relocate though since I'm in Canada.

 

I'm not even going to tell the bank that holds my mortgage either, I'm just going to leave. fcuk em', they'll figure it out eventually.

 

 

 

 

 

(sorry pikemike, just joking around!!)

 

Fortis you raise a lot of valid points about honor, integrity etc but they are all one sided. You chastise Mikey for wanting to welch on his mortgage, but not a bad word out of your mouth for the bankers, the realtors, mortgage brokers, developers, gov't regulators who assraped the poor lad, sold him a bill of goods("don't worry home prices always go up~!", "you can afford it", "check out our new adjustable rate loan!.etc, etc,") about his dream home which turned out to be nothing but bullcrap. A phony real estate bubble was created so that they could profit by selling/financing him a way overpriced home, the bubble bursts, now the home is worth a fraction of the selling price...... would you not feel ripped off?

 

For the system you believe in to function correctly, there has to be honor and integrity on both sides of the deal.... sadly, this is lacking in the US today, so while in a perfect world, with perfect bankers, devlopers, realtors, and a fairly priced home, Mike would be a POS for bailing, but given the circumstances I can't fault the man for trying to get out of a 30 year dead weight, ball and chain situation, especially since he was the one played by the system FIRST.

 

Mr. Vroom you are a seasoned business man, how many times you got shafted in your business life picked up your marbles and moved on with dignity and respect?

Why aren't you foreclosing on your business or your house? I can tell you why, because you can smell bullshit from a mile and you learned that if something seems to good to be true it usually is.

By not mentioning the scumbags that shafted him does not mean I agree with their actions, what I am saying is take it like a man admit that you made an error in judgment and deal with it as a honorable person would.

If you can't afford it dump it but if you can work your way around it do it, I wouldn't be keen on finding out what 10 to 20 mil dumped mortgagees will do to the already weak US economy.

Take the good with the bad.

Do you think I don't feel sorry for people that are in the situation that pikemike is in? I do, but I would never advice anyone to willingly dump his responsibilities if he can afford them.

 

I am only sharing my views and sentiments based on the events that shaped my life and made me who I am today, honor and respect is more important to me than money, people don't have to agree with my views and I don't have to agree with theirs that's the reason why I am playing the agree to disagree card

 

The Banks, the Banks blah blah blah. That's just a pussy excuse. No one put a gun to people's head to sign the fcuking loan docs. Everyone knew what they were doing they knew what they were signing where they were living and now want to bitch out and runaway from their contractual obligations blaming someone else, the markets, the economy, the house down in value etc etc etc. Just stupid...You don't buy a house (or anything for that matter) expecting it to make you money. Otherwise why the hell do people buy Lamborghinis, motorcycles and anything else that is a depreciating asset? What about your principal residence to support your family in a nice environment (I'm for it Mike, buy the new house) as long as I have the house I wanted I'm still gonna make payments regardless of the value (anything else is just irresponsible shifting of blame). This was all just another case of giving the people what they wanted, "the Golden Egg" (big house low payment, millionaire RE Investor shit) and it back fired on everyone money was made, money was lost, suck it up. For the investors...they made a bad investment in the wrong time of the market, plenty people timed it right and made a shitload, Bottomline.....so does that make it OK to just walk away now?? People that walk away from investment properties should really get the shaft, cause it shouldn't be that easy to just avoid your "investment" in a loan...

Mr. Vroom you are a seasoned business man, how many times you got shafted in your business life picked up your marbles and moved on with dignity and respect?

Why aren't you foreclosing on your business or your house? I can tell you why, because you can smell bullshit from a mile and you learned that if something seems to good to be true it usually is.

By not mentioning the scumbags that shafted him does not mean I agree with their actions, what I am saying is take it like a man admit that you made an error in judgment and deal with it as a honorable person would.

If you can't afford it dump it but if you can work your way around it do it, I wouldn't be keen on finding out what 10 to 20 mil dumped mortgagees will do to the already weak US economy.

Take the good with the bad.

Do you think I don't feel sorry for people that are in the situation that pikemike is in? I do, but I would never advice anyone to willingly dump his responsibilities if he can afford them.

 

I am only sharing my views and sentiments based on the events that shaped my life and made me who I am today, honor and respect is more important to me than money, people don't have to agree with my views and I don't have to agree with theirs that's the reason why I am playing the agree to disagree card

 

Fortis you make the mistake of expecting everyone to be like you, thats not the case my friend, and hence most people will not enjoy success like yours. The vast majority of people are followers, they go along, buy the story, believe in the system. The system fucked them over, milked the LAST sacred cow, home ownership. Americans have been taught for years, buy your own home, you can't lose, values always go up......... which was the case for 70 plus years until the the real estate bubble blew up.

 

 

The Banks, the Banks blah blah blah. That's just a pussy excuse. No one put a gun to people's head to sign the fcuking loan docs. Everyone knew what they were doing they knew what they were signing where they were living and now want to bitch out and runaway from their contractual obligations blaming someone else, the markets, the economy, the house down in value etc etc etc. Just stupid...You don't buy a house (or anything for that matter) expecting it to make you money.

 

You are smoking the pipe again, very few read the fine print and NO ONE buys a home expecting values to drop. Until the bubble popped home ownership was the ONLY safe investment most Americans could depend on, the only major investment that the MAJORITY of the population regualrly makes, so the market was ripe for manipulation..... but here is the rub for the bankers and the taxpayer, if a deal is fair, people tend to honor it, if it is one sided, the welch factor increases exponentially. Bottom line is millions overpaid, are underwater and not too happy about it, looking for a way out.

Mr Vroom I agree with you but I don't agree with bailing out, I know you don't think that bailing out is the solution you are very angry now and rightly so, bailing out will not benefit the individual and the community as a whole, the situation is f***d we need better solutions and the only way out I see meet your obligations while you can if you can't afford it anymore than you've done your best and you can bail out with your head held up high.

 

Please don't forget that this whole conversation started with a comment regarding a doctor that wants to bail out on his investment mortgagees because they aren't worth it anymore not because he can't afford to make the payments, he was in for the capital gains they aren't there for the foreseeable future so he decides to take his chips off the poker table after he played his hand and found out that his loosing, that's not fair game!

 

If I were pikemike I would do what he's doing now, rent the place out if the rent stops coming in move back in the home I bought and deal with the situation, it would be a set back but not the end of the world, how many set backs have you encountered in your life? they made you stronger.

I appreciate that you see me as a leader as leaders is our duty to help our friends that are in need now to get out of the hell hole they are in at the moment.

 

You are frustrated with the system I can fully understand that you will not find a more rebellious person than I am but in this instance we lost the game, we have to concentrate on helping our friends, if we help them to bail out the system would've won again, the banks get bailed out by the government with tax payers money, pikemikes money and pikemike will lose his credit for the next 7 years and they will give him grief when he applies for a mobile phone account.

 

Pikemikes situation is very salvageable it might not be convenient for him but he can salvage it, you never know maybe in few years the prices will come back up and he will be on top or at least not as worse off.

 

I honestly believe that even if pikemike hates me after this I had more positive impact on his situation than his advisors, at lest he will get to keep his dignity and held his head up high knowing he didn't give up.

 

 

 

 

You are smoking the pipe again, very few read the fine print and NO ONE buys a home expecting values to drop. Until the bubble popped home ownership was the ONLY safe investment most Americans could depend on, the only major investment that the MAJORITY of the population regualrly makes, so the market was ripe for manipulation..... but here is the rub for the bankers and the taxpayer, if a deal is fair, people tend to honor it, if it is one sided, the welch factor increases exponentially. Bottom line is millions overpaid, are underwater and not too happy about it, looking for a way out.

Property was "perceived" to go up infinitely but people should know better, or do grown adults need to have their hand held too? Did they forget about the S&L crisis? Reaganomics, Ultra high interest rates and depreciating prop values? did you? Whatever Im smoking I'll take a hit and pass it BACK to you, cause you're definitely in the rotation buddy.

 

Sure they're Looking for a way out for sure, like anyone else that realizes they fcuked up. Doesn't mean there's always an eject button. Again, whose problem is it if you don't read the fine print?? fine print: its says in BOLD letters what terms you have and what you're payment is on the front page including your costs, I've seen thousands of loan docs over the last few years and they haven't changed..These people are relying on assumed ignorance... I know there are some "tools" out there, but a person is intelligent enought to have a job and raise a family and get a loan for half a million dollars, but they have some strange inability to read what they are signing when it says their payment is X and after the 5th year it can adjust to XX, please..........Is a company wrong for providing a product that everyone was clamoring for? As a matter of fact if you got a interest only loan 5 yr fixed loan or option ARM 5 years ago, you'd be a very happy person right now. because your payment would be LESS than what it was when you wrote the loan. These are people that have no income anymore but also probably couldn't afford or were tight on their payments to begin with. Just like the guy that buys an escalade to "floss" but if that SOB gets a flat on one of those huge tires, he's gonna be riding the bus for the next month until payday to buy a new tire. This essentially was people living at the limit of their means, any adjustment made them no longer able to make payments. People that should've never had these loans, but the banks were willing to write it if people wanted it, so everyone made money and homeowners that normally were chasing a dream were able to achieve it. Now pay the piper, either make payments if you can or at least find a way to soften the blow by negotiating with the bank to short-sale the house if possible. Walking away seems like an option, but it's only being irresponsible..

Property was "perceived" to go up infinitely but people should know better, or do grown adults need to have their hand held too? Did they forget about the S&L crisis? Reaganomics, Ultra high interest rates and depreciating prop values? did you? Whatever Im smoking I'll take a hit and pass it BACK to you, cause you're definitely in the rotation buddy.

 

Sure they're Looking for a way out for sure, like anyone else that realizes they fcuked up. Doesn't mean there's always an eject button. Again, whose problem is it if you don't read the fine print?? fine print: its says in BOLD letters what terms you have and what you're payment is on the front page including your costs, I've seen thousands of loan docs over the last few years and they haven't changed..These people are relying on assumed ignorance... I know there are some "tools" out there, but a person is intelligent enought to have a job and raise a family and get a loan for half a million dollars, but they have some strange inability to read what they are signing when it says their payment is X and after the 5th year it can adjust to XX, please..........Is a company wrong for providing a product that everyone was clamoring for? As a matter of fact if you got a interest only loan 5 yr fixed loan or option ARM 5 years ago, you'd be a very happy person right now. because your payment would be LESS than what it was when you wrote the loan. These are people that have no income anymore but also probably couldn't afford or were tight on their payments to begin with. Just like the guy that buys an escalade to "floss" but if that SOB gets a flat on one of those huge tires, he's gonna be riding the bus for the next month until payday to buy a new tire. This essentially was people living at the limit of their means, any adjustment made them no longer able to make payments. People that should've never had these loans, but the banks were willing to write it if people wanted it, so everyone made money and homeowners that normally were chasing a dream were able to achieve it. Now pay the piper, either make payments if you can or at least find a way to soften the blow by negotiating with the bank to short-sale the house if possible. Walking away seems like an option, but it's only being irresponsible..

 

 

My loan is a 6% fixed not an ARM loan.

 

I have never lived to the limit of my means, and am generally frugal with my money. Again, I could buy an 04 gallardo tomorrow. I dont because i dont see it as a good investment, and I would be somewhat struggling check to check.

 

Honestly, if my home depreciated 20% I could live with it, and see the light at the end of the tunnel, and I would not be underwater on it. When you see 60%, 70%, 80% depreciation in 2 years, it is VERY hard to swallow. It's not like a stock that has great volatility, and could drop 70% 1 year, and shoot back up the next. It the RE Market did that, we would be back to square one with big issues. I know it will EVENTUALLY go up to what I bought it for, but it may be by the time I have grandkids.

 

The thing that bothers me about it, is the banks are doing the same thing every day. Walking away from obligations, and banking on our government to fix the situation. I correlate the last 4-5 years of RE devaluation to being punched in the face, and walking away from the fight. I don't know about you guys, but when I get punched in the face, I fight back.

The Banks, the Banks blah blah blah. That's just a pu$$y excuse. No one put a gun to people's head to sign the fcuking loan docs. Everyone knew what they were doing they knew what they were signing where they were living and now want to bitch out and runaway from their contractual obligations blaming someone else, the markets, the economy, the house down in value etc etc etc. Just stupid...You don't buy a house (or anything for that matter) expecting it to make you money. Otherwise why the hell do people buy Lamborghinis, motorcycles and anything else that is a depreciating asset? What about your principal residence to support your family in a nice environment (I'm for it Mike, buy the new house) as long as I have the house I wanted I'm still gonna make payments regardless of the value (anything else is just irresponsible shifting of blame). This was all just another case of giving the people what they wanted, "the Golden Egg" (big house low payment, millionaire RE Investor shit) and it back fired on everyone money was made, money was lost, suck it up. For the investors...they made a bad investment in the wrong time of the market, plenty people timed it right and made a shitload, Bottomline.....so does that make it OK to just walk away now?? People that walk away from investment properties should really get the shaft, cause it shouldn't be that easy to just avoid your "investment" in a loan...

 

I did not buy for an investment. I bought it to live in it. Again, if it lost some money, I wouldn't care. When the house is worth what the car in the driveway is worth, its an issue.

Pikemikes situation is very salvageable it might not be convenient for him but he can salvage it, you never know maybe in few years the prices will come back up and he will be on top or at least not as worse off.

 

I honestly believe that even if pikemike hates me after this I had more positive impact on his situation than his advisors, at lest he will get to keep his dignity and held his head up high knowing he didn't give up.

 

The arithmetic in Mike's situation is horrible, and will be worse after he has kids to feed, clothe, and educate. IF the place is only worth 60k, there is no way it will appreciate back to black any time soon, if ever. Say he toughs it out, makes the payments for 30 years spends, an extra 150k on the POS home( or sells at a huge loss) where is the self respect, when at the end of the road you are left with a broken down home, but your kids had to skip college cuz you were "doin the right thing" paying down your note?

 

Property was "perceived" to go up infinitely but people should know better, or do grown adults need to have their hand held too?

 

I am beginning to think you are an only child, spend your day working ALONE on the computer, fcuk ya! many adults need financial supervision, , will sign anything, always need money. I come from a large family, have employees, so I know this to be true. None of these shortcomings make them shitty workers, or bad parents, lousy friends, etc,. Just makes them easy to sucker in. So we bail out banks that should not have lent them the money in the first place, but now you insist that they bear the full 30 year obligation or take a huge loss. Is this fair? K, passing it back to you dude.

I am beginning to think you are an only child, spend your day working ALONE on the computer, fcuk ya! many adults need financial supervision, , will sign anything, always need money. I come from a large family, have employees, so I know this to be true. None of these shortcomings make them shitty workers, or bad parents, lousy friends, etc,. Just makes them easy to sucker in. So we bail out banks that should not have lent them the money in the first place, but now you insist that they bear the full 30 year obligation or take a huge loss. Is this fair? K, passing it back to you dude.

sssssssssssss---ahhuuuuuuuuuu, thanks brahhhhhhh.. I'm not naive to the fact that people are "stupid". They get suckered in, I know. That's what salespeople count on, if you're a closer, then they are deers in headlights, sure OK..BUT I still think when anyone makes a familial business decision, they need to take the counsel of more than just one person and focus on understanding every aspect of what they're doing. But I know they don't, shame on them. I don't think the opportunity to make financial mistakes is wrong, because for many people it also is a chance to improve their financial and personal status or quality of life (The American Dream). The "Banks" gave them that opportunity, on a grand scale.. Point is, when is accountability required? On a smaller scale, someone buys a car and later realizes "oh shit, I can't afford it" and dump the car, drop it back off at the dealer. Well pay the consequence of a voluntary repo, that's all I'm saying. On that scale it becomes pretty loser status, but hey a person has to do what they've gotta do, cant afford it, get rid of it. Just doesn't mean it's right, but understandable. Now imagine if they could afford the car but it's now 30k instead of the 100k they bought it for 4 years ago and they just say "screw it I'm not paying for it anymore." THAT's The difference...MAJOR LOSER.. And no I'm not an only child, I'm the oldest. And I also work with people around me that work for me all day; I'm on the phone all day talking to others around the globe and meeting all kinds of people during the week, and am intimately involved in 3 different industries daily. So, I have my ear to the street as much as anyone... It's enabled me to become pretty cynical about human nature, I understand why people do what they do, but it doesn't stop me being critical of it...

 

Mike: I know it wasn't an investment for you, you can afford it, so I'll be clear. Go ahead and buy the new house where you want to buy it (makes all the sense in the world). But try to work something out with the one in the "hood". Maybe you eventually get something out of it, maybe the area improves again over the years and by the time your kids are old enough, you have a paid off place for them to move to...Its the Dr. guy we're all talking about doing a jackass move...

Mike: I know it wasn't an investment for you, you can afford it, so I'll be clear. Go ahead and buy the new house where you want to buy it (makes all the sense in the world). But try to work something out with the one in the "hood". Maybe you eventually get something out of it, maybe the area improves again over the years and by the time your kids are old enough, you have a paid off place for them to move to...Its the Dr. guy we're all talking about doing a jackass move...

 

Honestly, that was my original intent, and I still plan on doing this should I keep it. From what I have gone through and learned, it makes a HUUUUGGGEEE difference if you are starting your life, and have your house paid off completely. A friend of mine got a place on the beach that he owns outright from his parents at 25 years of age. He doesn't stress about work, he doesn't worry if he loses his job, etc.

 

We shall see.

 

 

Christ Swil I asked a simple question...is it fair to bail out the banks, but not the millions of people underwater..... its a given that both parties were irresponsible, so no need for a 300 word answer, just a yes or no.

Christ Swil I asked a simple question...is it fair to bail out the banks, but not the millions of people underwater..... its a given that both parties were irresponsible, so need for a 300 word answer, just a yes or no.

You forgot when I said last year they shouldn't do it (bail out the Banks).

Update:

 

The bank supposedly got the scam artist to agree to leave the final house we are trying to buy. So the realtor technically still has the place off the market. We are finally going to see the actual inside today (not the pictures that we have seen before as the guy didnt want anyone to see the house until the bank approved him/disapproved him staying). Realtor had it listed for $199,500. Bank really wants $235,000, but realtor is going to tell the bank we were the only offer, and it will be take it or leave it at $206,000. Putting a new contract on it after visual inspection.

 

House is a 4/3-2 car garage (2230 sq. ft.). Built in 2007. Nice neighborhood, A schools, close to wife's parents, etc.

 

The way I figure it, our Mortgage/tax/assn should be around $1800/month. Should be able to rent it for roughly $2100-$2200/month if push came to shove, and I had to leave.

 

We shall see what happends in the next 2 weeks.

Update:

 

Bank really wants $235,000, but realtor is going to tell the bank we were the only offer, and it will be take it or leave it at $206,000. Putting a new contract on it after visual inspection.

Sounds like what you're looking for. Any idea who the bank is? Makes a difference. Funny...What might actually happen is the Bank WILL leave it and tell you to jump in a lake. They don't have to sell it. Remember, you don't have the power here in this market. Offer what the bank wants and just get the damn house, why nickle an dime 30grand (it's $85/mo difference dude)?? No seas Cubano Tipico.

Some pics.

 

Needs appliances, but not too difficult to buy those. Not a huge place, but will get the job done.

Sounds like what you're looking for. Any idea who the bank is? Makes a difference. Funny...What might actually happen is the Bank WILL leave it and tell you to jump in a lake. They don't have to sell it. Remember, you don't have the power here in this market. Offer what the bank wants and just get the damn house, why nickle an dime 30grand (it's $85/mo difference dude)?? No seas Cubano Tipico.

 

Realtor says he knows a guy at the bank, and they are looking to net $200,000, but they have already approved $235,000. Nothing to lose if I am the only offer.

Realtor says he knows a guy at the bank, and they are looking to net $200,000, but they have already approved $235,000. Nothing to lose if I am the only offer.

Ahh young 'grasshoppah'.......They all say they "know a guy"..NET $200k means AFTER covering any closing costs on the buyers behalf to offload the home they want to walk away with 200k....Total recurring and non-reocurring costs plus a little gain (they wanna ink out an extra 10% toward orig. loan) should be around 35k brotha. The Bank always calculates to the penny on what they're willing to take a loss on. And that is the offering price they accept to sell a home ($235k), nothing less...your agent knows enough to help you NOT get the home.

' Nothing to lose if I am the only offer.'

They could decline your offer and wait for a better one. The problem is your realtor is trying to play a game with the bank (and maybe you) with the 'only offer' thing (no offense meant but sounds like a typical So.Fla realtor). Trust me, there's a guy with a cash offer around the corner any day that'll scoop it up for 240k. They do it all the time with short-sales, we have like 5 times the volume over here, I've seen the cases, and Realtors tell me about it all the time. An the guy'll tell you, "well they took a better offer", either way he gets paid...

 

But, maybe in your case it'll work out. I'm just trying to help.

Ahh young 'grasshoppah'.......They all say they "know a guy"..NET $200k means AFTER covering any closing costs on the buyers behalf to offload the home they want to walk away with 200k....Total recurring and non-reocurring costs plus a little gain (they wanna ink out an extra 10% toward orig. loan) should be around 35k brotha. The Bank always calculates to the penny on what they're willing to take a loss on. And that is the offering price they accept to sell a home ($235k), nothing less...your agent knows enough to help you NOT get the home.

 

They could decline your offer and wait for a better one. There's a guy with a cash offer around the corner any day that'll scoop it up for 250k. They do it all the time with short-sales, we have like 5 times the volume over here, I've seen the cases, and Realtors tell me about it all the time.

 

But, maybe in your case it'll work out. I'm just trying to help.

 

Honestly, I am happy either way. If they accept it, I got a great house at a great price. If not, it wasnt meant to be, and I only have one worry if I get a job out of state as opposed to 2, and I can buy what I want to buy, and not worry about 2 mortgages, or the potential of losing my job.

 

The best thing you can have going for you is to win no matter what happends young grasshopper.

 

Plus the previous buyer was into the home for $435,000, so they are DEFINITELY not covering their costs.

 

Again, either way, I am happy.

Plus the previous buyer was into the home for $435,000, so they are DEFINITELY not covering their costs.

 

Again, either way, I am happy.

All I say is good luck, its exciting to be doin a deal!!!

 

But you misunderstood me. Covering YOUR costs (I said buyer). If you make an offer at price and tell them to cover all closing costs up to 20k they will take the offer in a heartbeat. Bingo, you just bought the home at 200k....................THATS how they want to do the deal. Most realtors just don't get that (its a learning curve of losing a couple escrows) before they start to figure that out. Bro, I'm telling you some good shit here.

 

A close friend of mine who is an agent has 40 right now......yes 40 homes in escrow, all short sales. The guy is a monster closer!

Great info there Swill.

 

Pike.

 

Are you planning on a 15yr note? $1800/mo seems high for $200k loan.

I don't know....may be harsh, but caveat emptor

Thanks TC, I'm going to read up on it.

The arithmetic in Mike's situation is horrible, and will be worse after he has kids to feed, clothe, and educate. IF the place is only worth 60k, there is no way it will appreciate back to black any time soon, if ever. Say he toughs it out, makes the payments for 30 years spends, an extra 150k on the POS home( or sells at a huge loss) where is the self respect, when at the end of the road you are left with a broken down home, but your kids had to skip college cuz you were "doin the right thing" paying down your note?

 

 

it may be horrible, but he's talking about being able to afford a Gallardo right now if he wanted but he's not willing to do it because he thinks his paychecks might be slightly stretched.

The point that I am trying to make irrespective of the arithmetics, you are speculating as much as I am, whom is to say that the house won't shoot back up in less than 4 to 5 years, you say 30 I say 5 unless we have a crystal ball we can't tell.

What if he does his ass on the house that he's putting an offer now on?? What if that house will continue to drop in value in the next year, does pikemike get to walk again? This is not monopoly where you kick the board when you get the shits.

If you agree with people dumping their responsibilities and not hold their end of the bargain you sucked the core out of the business transaction as we know it, at what perceived "loss" level is ok for one to walk from a deal?

We have to rewrite the business rules if we accept that compromise.

 

What I was debating all along is:

 

1) If you can afford it and you walk you are an irresponsible immoral person

2) If you can not afford it and you walk you've done your best and the standard trade practices allow for than, its you right to apply for bankruptcy and try to start over.

 

Mr.Vroom I have a lot of respect for you and your achievements and nothing you say will change that in my eyes but I think you are using your heart on this one. Sorry for the long response it will be the last one.

 

Swil is a smart cookie and he does make some good points

 

A close friend of mine who is an agent has 40 right now......yes 40 homes in escrow, all short sales. The guy is a monster closer!

 

I hope those properties are cash-flow positive because if he's banking on appreciation, that's a big gamble. The RE market is delicately being propped up by the gov with its homebuyer credits and FRB's purchasing of MBS's to keep rates low. Take those away and the market is on thin ice.

 

I believe the days of 7% annual appreciation (nationally) are over for a generation or three. Bubbles don't repeat in the same asset class in the same country within 25 years. The last bubble was tech stocks. The previous stock bubble was 65 years before. This bubble was housing. The next one won't be housing.