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Richard Riley
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 Posted: Sun Apr 29, 2007 11:45 pm Post subject: So how do you suppose Wingie is doing? |
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I've been reading about the horrible realestate market in Las Vegas,
and it got me thinking. Maybe being a sub-prime mortgage broker in a
crashing market might not be a good thing.
"But when home prices unexpectedly took a backward step, many
investors seeking to cash in quickly were left "upside-down," or owing
more on their mortgages than what their homes were worth.
The result was a glut of homes in the marketplace, communities spotted
with empty houses and for sale signs — and a foreclosure rate in
Nevada that leads the nation as owners unable to sell became saddled
with unbearable debt payments.
Foreclosure filings across the United States rose 47 percent last
month from a year ago to 149,150 — one for every 775 households,
according to statistics from Realty Trac Inc., a foreclosure listing
service. And for the third straight month, Nevada's foreclosure rate
led the nation when it rose 220 percent from a year earlier to 4,738
filings, or one in every 183 households.
In Clark County, which encompasses Las Vegas, one of every 30 homes
began the process toward foreclosure last year." |
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Vaughn Simon
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| Posted: Mon Apr 30, 2007 12:24 am Post subject: Re: So how do you suppose Wingie is doing? |
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"Richard Riley" <Richard (AT) mylastname (DOT) net> wrote in message
news:9rp933t5o3o2ob9d6hgsrc8r5su47errvm (AT) 4ax (DOT) com...
| Quote: | I've been reading about the horrible realestate market in Las Vegas,
and it got me thinking.
|
So to steer this conversation towards aviating; are there any aviation
communities with falling prices that we should be watching?
...as for those "upside down" investors... I lose little sleep over those
real-estate "flippers" who were trying to make a quick killing by buying
property they never intended to own. They are the ones who inflated the bubble
that priced millions of honest wage earners out of the housing market. Now I
am afraid that the government is going to use my money to bail those folks out.
Vaughn |
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Richard Riley
Guest
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| Posted: Mon Apr 30, 2007 2:24 am Post subject: Re: So how do you suppose Wingie is doing? |
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On Sun, 29 Apr 2007 19:24:28 GMT, "Vaughn Simon"
<vaughnsimonHATESSPAM (AT) att (DOT) FAKE.net> wrote:
| Quote: |
"Richard Riley" <Richard (AT) mylastname (DOT) net> wrote in message
news:9rp933t5o3o2ob9d6hgsrc8r5su47errvm (AT) 4ax (DOT) com...
I've been reading about the horrible realestate market in Las Vegas,
and it got me thinking.
So to steer this conversation towards aviating; are there any aviation
communities with falling prices that we should be watching?
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I haven't seen any, but they are so relatively rare and specialized
that
| Quote: |
...as for those "upside down" investors... I lose little sleep over those
real-estate "flippers" who were trying to make a quick killing by buying
property they never intended to own. They are the ones who inflated the bubble
that priced millions of honest wage earners out of the housing market. Now I
am afraid that the government is going to use my money to bail those folks out.
|
The only ones I feel sorry for are the poor saps that bought mortgage
based securities, lending to the buyers of overpriced houses. The
flippers are going to lose less than the lenders.
Of course, anyone who'd lend at some of the ratios and credit scores
these people were presenting were idiots anyway. |
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ChuckSlusarczyk
Guest
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| Posted: Mon Apr 30, 2007 8:21 pm Post subject: Re: So how do you suppose Wingie is doing? |
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In article <9rp933t5o3o2ob9d6hgsrc8r5su47errvm (AT) 4ax (DOT) com>, Richard Riley says...
| Quote: |
I've been reading about the horrible realestate market in Las Vegas,
and it got me thinking. Maybe being a sub-prime mortgage broker in a
crashing market might not be a good thing.
"But when home prices unexpectedly took a backward step, many
investors seeking to cash in quickly were left "upside-down," or owing
more on their mortgages than what their homes were worth.
The result was a glut of homes in the marketplace, communities spotted
with empty houses and for sale signs — and a foreclosure rate in
Nevada that leads the nation as owners unable to sell became saddled
with unbearable debt payments.
Foreclosure filings across the United States rose 47 percent last
month from a year ago to 149,150 — one for every 775 households,
according to statistics from Realty Trac Inc., a foreclosure listing
service. And for the third straight month, Nevada's foreclosure rate
led the nation when it rose 220 percent from a year earlier to 4,738
filings, or one in every 183 households.
In Clark County, which encompasses Las Vegas, one of every 30 homes
began the process toward foreclosure last year."
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Maybe wingie is getting what he deserves ???
Chuck S |
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