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The Basement
Gibson raided
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<blockquote data-quote="John Roberts" data-source="post: 39494" data-attributes="member: 126"><p>Re: Gibson raided</p><p></p><p>Mark you are extrapolating with supposition on top of supposition. A funny image of a large pile of bills, but not instructive about our current situation. </p><p></p><p>One thing that I find obscene about your example is the time interval you offer for when the home was abandoned, and when it is finally coming to auction. I suspect there are a number of people who had an interest in not facing the reality and just hoping that if they could slow the process, people would somehow be able to stay in the homes they bought for prices that A) don't really reflect what they were worth, or B) they could ever afford.</p><p></p><p>Some believe they were being helpful by suing banks to slow down and stop the foreclosure process for a while, but non-performing loans, that will never be performing are not really helping anybody by prolonging resolution. </p><p></p><p>I suspect the mismatch between book value of housing and real value could be a very large number total. I believe numbers as large as 10-15% (some alarmists claim 20%) still to adjust is possible, but this is not Trillions of dollars worth of abandoned farm houses, while a T could be involved in the bottom line number, but the total of all housing is an even bigger number so needs to be held in context. </p><p></p><p>I believe speedy resolution would help us all get through this. Delaying the inevitable didn't make that POS farmhouse worth more, or help anybody. Dragging our feet on impossible situations do not make them possible. </p><p></p><p>JR</p><p></p><p>PS: A good (younger) friend of mine, ignored my advice to be cautious about high home prices and ended upside down in a house (his second or third). All the while telling me to trust him, he knew what he was doing. He ended up accepting a short sale, and starting over from zero. He is now a renter and wiser. While now is actually a much better time to buy a home IMO.</p></blockquote><p></p>
[QUOTE="John Roberts, post: 39494, member: 126"] Re: Gibson raided Mark you are extrapolating with supposition on top of supposition. A funny image of a large pile of bills, but not instructive about our current situation. One thing that I find obscene about your example is the time interval you offer for when the home was abandoned, and when it is finally coming to auction. I suspect there are a number of people who had an interest in not facing the reality and just hoping that if they could slow the process, people would somehow be able to stay in the homes they bought for prices that A) don't really reflect what they were worth, or B) they could ever afford. Some believe they were being helpful by suing banks to slow down and stop the foreclosure process for a while, but non-performing loans, that will never be performing are not really helping anybody by prolonging resolution. I suspect the mismatch between book value of housing and real value could be a very large number total. I believe numbers as large as 10-15% (some alarmists claim 20%) still to adjust is possible, but this is not Trillions of dollars worth of abandoned farm houses, while a T could be involved in the bottom line number, but the total of all housing is an even bigger number so needs to be held in context. I believe speedy resolution would help us all get through this. Delaying the inevitable didn't make that POS farmhouse worth more, or help anybody. Dragging our feet on impossible situations do not make them possible. JR PS: A good (younger) friend of mine, ignored my advice to be cautious about high home prices and ended upside down in a house (his second or third). All the while telling me to trust him, he knew what he was doing. He ended up accepting a short sale, and starting over from zero. He is now a renter and wiser. While now is actually a much better time to buy a home IMO. [/QUOTE]
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