Deja Vous Posted January 14, 2011 Share Posted January 14, 2011 My bank does not carry a lot of bad debt cuz we didn't do the ARMs/ and subprimes much. But in the world of banking, last year the foreclosures were at 1 million, this year the record could be as high as 5 million with a drop of 5% in market value in some areas.. The rates are adjusting down with the news of course.. so my life will become OT again.. lol.. All in all WE will be OKAY.. promise.. it just takes a long time to turn a train around on a road with switchbacks. Hang in there.. we are going to go back up... remember elections are just around the corner.. lol Link to comment Share on other sites More sharing options...
Hardpan Curmudgeon SASS #8967 Posted January 14, 2011 Share Posted January 14, 2011 My bank does not carry a lot of bad debt cuz we didn't do the ARMs/ and subprimes much. But in the world of banking, last year the foreclosures were at 1 million, this year the record could be as high as 5 million with a drop of 5% in market value in some areas.. The rates are adjusting down with the news of course.. so my life will become OT again.. lol.. All in all WE will be OKAY.. promise.. it just takes a long time to turn a train around on a road with switchbacks. Hang in there.. we are going to go back up... remember elections are just around the corner.. lol Deja.... might you have an idea where the "some areas" looking at a 5% decline might be...? Ol' Hardpan's ponderin' a move and trying to figger out the timing.... Link to comment Share on other sites More sharing options...
Wolfgang, SASS #53480 Posted January 14, 2011 Share Posted January 14, 2011 . . . only 5% . . ? yur pretty optomistic . . . mor than me . . . . Link to comment Share on other sites More sharing options...
Ricochet Roy, SASS #71853 Posted January 14, 2011 Share Posted January 14, 2011 1 million in 2010 and 5 million more in 2011 huh? Wow, of course I believe (from personal experience) we can all expect that the crime rate will also increase as well. I'm glad that I'm well armed. Roy Link to comment Share on other sites More sharing options...
Wolfgang, SASS #53480 Posted January 14, 2011 Share Posted January 14, 2011 1 million in 2010 and 5 million more in 2011 huh? Wow, of course I believe (from personal experience) we can all expect that the crime rate will also increase as well. I'm glad that I'm well armed.Roy Here in the affluent Cochella Valley the news each day is armed robbery, home invasion, shootings, stabbings, etc, etc. . . half of the news broadcast is often current crime and the baddies that the law is looking for. Crime used to be played down in the local press so as not to hurt trourism. Too much to hide now. Two nights ago a couple left a restaurant . . . found a flat tire on their car, . . . while changing tire werre held up by two gun wielding thugs and man was shot in the leg. He will be Ok. People living in the gated "secure" ( sic ) comunties putting in security lights and camera systems. Link to comment Share on other sites More sharing options...
Marshal Mo Hare, SASS #45984 Posted January 14, 2011 Share Posted January 14, 2011 More examples of sloppy paperwork keep showing up. The Supreme Judicial Court of the Commonwealth of Massachusetts denied two foreclosures this week because the banks could not prove that they owned the mortgages. I found this opinion: " the problem in Ibanez is that US Bank laid out the chain of title to the mortgages on the record but then could not document the supposed assignments into it. Justice Cordy referred to this as utter carelessness. Therefore, I don’t think that reforeclosure is possible since US Bank can’t show that it was either then or now the holder." It's going to be a royal mess. Link to comment Share on other sites More sharing options...
Ricochet Roy, SASS #71853 Posted January 14, 2011 Share Posted January 14, 2011 This last weekend my wife was shopping in Henry's Market, she was in the store for about 45 minutes. She got a shopping cart and put her purse in it (as most ladies do), and soon after she entered the store her wallet was stolen out of her purse. She realized that her wallet was missing when she got to the checker. When she got home there was a message from Visa to return the call. We found out that the thief went directly over to Best Buy (in the same shopping center) and purchased 2 each $1,000.00 gift cards, ID was not requested by the cashier for the $2,000.00 purchase, who is now in hot water. The thief left the store and came back in and purchased $2,000.00 worth of products and left the store. The thief then returned to the store to do it again only for $2,500.00, the charge was denied by Visa, and again ID was not requested. The thief left the store and then returned again to try it again ($2,500.00) only with a different checker, and again Visa denied the charge, and again ID was not requested by the checker. Best Buy is on the hook for the $2,000.00. All this happened before my wife got to the checker to pay for her groceries. We had to close a US Bank checking account (Deja's Bank), my wife had to get a new drivers license, there was $60.00 in cash in the wallet. The wallet was brand new, a birthday gift from me and my wife had not changed everything over to her new wallet. We both felt so violated. Roy Link to comment Share on other sites More sharing options...
Deja Vous Posted January 15, 2011 Author Share Posted January 15, 2011 Deja.... might you have an idea where the "some areas" looking at a 5% decline might be...? Ol' Hardpan's ponderin' a move and trying to figger out the timing.... I can take a educated guess... ILL, MI will be hit the hardest.... Following that will be Florida... I believe that CA<AZ will drop a bit 2 maybe 3 percent more in some areas, middle class areas.. and high desert areas too.. NV I am still not sure... but my best thoughts on taht would be more like Florida.. Link to comment Share on other sites More sharing options...
Deja Vous Posted January 15, 2011 Author Share Posted January 15, 2011 . . . only 5% . . ? yur pretty optomistic . . . mor than me . . . . My glass is full... not just half full Wolfees.. lol you know that.. lol The banks are making a profit again.. hiring will start up this year.. Link to comment Share on other sites More sharing options...
Deja Vous Posted January 15, 2011 Author Share Posted January 15, 2011 1 million in 2010 and 5 million more in 2011 huh? Wow, of course I believe (from personal experience) we can all expect that the crime rate will also increase as well. I'm glad that I'm well armed. Roy Crime rate ... well that I would have to leave to someone who knows stuff about crime.. I could guess, but it sure would NOT be educated.. lol... Link to comment Share on other sites More sharing options...
Apache Hawk 60642 Posted January 15, 2011 Share Posted January 15, 2011 Yur workin' at a bank, rat ? Must mean yur good wif numbers and such, rat ? You could be my money advisor. Wait...............On second thought................... I aint got no money !!!!! Link to comment Share on other sites More sharing options...
Deja Vous Posted January 15, 2011 Author Share Posted January 15, 2011 More examples of sloppy paperwork keep showing up. The Supreme Judicial Court of the Commonwealth of Massachusetts denied two foreclosures this week because the banks could not prove that they owned the mortgages. I found this opinion: " the problem in Ibanez is that US Bank laid out the chain of title to the mortgages on the record but then could not document the supposed assignments into it. Justice Cordy referred to this as utter carelessness. Therefore, I don’t think that reforeclosure is possible since US Bank can’t show that it was either then or now the holder." It's going to be a royal mess. Many mortgages were sold, and USB like a lot of bigger banks took over smaller banks. So, the DOT is not always correct, and the foreclosure areas are short handed and not doing due diligence always I am sure. Some states have easy laws some harder ones to take properties. And some states you can't go after the person you took the property from, so why rush it is the line of thinking? USB and Wells Fargo both lost in Mass. it was a blow, but they are learning that they will have to staff a big deeper to get the titles reviewed, and to make sure the do reconveynces and assigmnents. While I don't like it, I can see that the legal paperworkd in todays world does have to be in order to take all clouds off title for future owners. So, the justice was correct, and it is painful to admit that. Link to comment Share on other sites More sharing options...
Deja Vous Posted January 15, 2011 Author Share Posted January 15, 2011 This last weekend my wife was shopping in Henry's Market, she was in the store for about 45 minutes. She got a shopping cart and put her purse in it (as most ladies do), and soon after she entered the store her wallet was stolen out of her purse. She realized that her wallet was missing when she got to the checker. When she got home there was a message from Visa to return the call. We found out that the thief went directly over to Best Buy (in the same shopping center) and purchased 2 each $1,000.00 gift cards, ID was not requested by the cashier for the $2,000.00 purchase, who is now in hot water. The thief left the store and came back in and purchased $2,000.00 worth of products and left the store. The thief then returned to the store to do it again only for $2,500.00, the charge was denied by Visa, and again ID was not requested. The thief left the store and then returned again to try it again ($2,500.00) only with a different checker, and again Visa denied the charge, and again ID was not requested by the checker. Best Buy is on the hook for the $2,000.00. All this happened before my wife got to the checker to pay for her groceries. We had to close a US Bank checking account (Deja's Bank), my wife had to get a new drivers license, there was $60.00 in cash in the wallet. The wallet was brand new, a birthday gift from me and my wife had not changed everything over to her new wallet. We both felt so violated. Roy I am proud that USBank took good care of you two.. And I am sorry that happened to you guys... Years ago I came home from a long work day and found my front door in AZ open.. As I stepped in I saw my microwave on the floor by the door and it looked like it was damaged. I continued thru the house and TV's steros all kinds of stuff was gone... In the masterbed room I found my jewelry box was gone, and my mattess was on the floor... and pillow cases were missing. and yep I had a nice SW 38 stolen ... I called the police whos first question to me was "what the heck are you doing in the house".. lol.. I did not think about that even once.. geesh.. Anyhow.. I never got anything back.. but I can remember feeling very creepy when I found my underware drawer dumped on the floor and things tossed about... just a awful feeling when people get into your personal stuff like you home, car, or even wallet.. yikes.. Link to comment Share on other sites More sharing options...
Trigger Mike Posted January 15, 2011 Share Posted January 15, 2011 lately folks give bankers a hard time but they do not realize that even Jesus said to give your money to the exchangers that the master may get his initial amount he gave plus interest back. Back then an exchanger was one who would exchange the currency for Hebrew currency, he got his cut out of it, but he needed investors to have the money needed to exchange. He would pay interest to those who gave him money. Now days we put our money in the bank, they make interest off the loans they provide with the money we gave them, they give us a portion of that interest. Banking has not really changed since man started banking way back when. Folks also forget that Clinton advocated home ownership was a right for everyone and so congress passed laws demanding banks hand out loans with less documentation and requiring proof minorities were getting their share of the loan, so banks did what government said, lent the money. Now those 5 million in bad loans have to be written off, which is part of why we do not get much interest from them right now, that and the fereal reserve artificially keeping rates low through buying our own bonds and printing money. Link to comment Share on other sites More sharing options...
Hardpan Curmudgeon SASS #8967 Posted January 15, 2011 Share Posted January 15, 2011 I can take a educated guess... ILL, MI will be hit the hardest.... Following that will be Florida... I believe that CA<AZ will drop a bit 2 maybe 3 percent more in some areas, middle class areas.. and high desert areas too.. NV I am still not sure... but my best thoughts on that would be more like Florida.. Thank you, Deja... that's what I was looking for. And I'm sure your "educated guess" is at least as good as anyone else's. Link to comment Share on other sites More sharing options...
GunClick Rick Posted January 16, 2011 Share Posted January 16, 2011 The city of Visalia wants to raise builders fees,at the same time they are building low income 2 -3 bedroom homes 1600-1800 sf for around 5- 800 a month when finished,building in Tulare about 10 miles south in real bad nieghborhoods.Of course Tulare with a smaller population gets more state or fed money i guess. Pretty soon you will read "Five heads found hanging from freeway 99 from overpass"..You should see the pot hauls they been taking out of the Sieeras lately.There is a few warehouses somewhere stacked to the cielings i'm sure. So called evidence.. Link to comment Share on other sites More sharing options...
Deja Vous Posted January 16, 2011 Author Share Posted January 16, 2011 The city of Visalia wants to raise builders fees,at the same time they are building low income 2 -3 bedroom homes 1600-1800 sf for around 5- 800 a month when finished,building in Tulare about 10 miles south in real bad nieghborhoods.Of course Tulare with a smaller population gets more state or fed money i guess. Pretty soon you will read "Five heads found hanging from freeway 99 from overpass"..You should see the pot hauls they been taking out of the Sieeras lately.There is a few warehouses somewhere stacked to the cielings i'm sure. So called evidence.. Creative taxation? lol Link to comment Share on other sites More sharing options...
Deja Vous Posted January 16, 2011 Author Share Posted January 16, 2011 Freddie came out today saying 6-11 percent which would put CA in the 6 percent or less catagory, and look out Illinois and Michigan.. 11% is coming for you if they are right. But the are predicting by spring, and it is Feb. alread.. so 11% would be deep to me.. And they are saying a flattening until 2012... I disagree.. I still see a hills an valleys kinds ride until fall of 2011 for CA. So, I am holding off until 2012... lol Plus... the what ifs.. come to mind.. If I buy a home and then meet Mr right I have to sell my home in a depressed market.. or if hey promote me and I move to San Jose do I want to drive that far? Geesh... dreams can get you into so much trouble.. lol Link to comment Share on other sites More sharing options...
Wolfgang, SASS #53480 Posted January 18, 2011 Share Posted January 18, 2011 Freddie came out today saying 6-11 percent which would put CA in the 6 percent or less catagory, and look out Illinois and Michigan.. 11% is coming for you if they are right. But the are predicting by spring, and it is Feb. alread.. so 11% would be deep to me.. And they are saying a flattening until 2012... I disagree.. I still see a hills an valleys kinds ride until fall of 2011 for CA. So, I am holding off until 2012... lol Plus... the what ifs.. come to mind.. If I buy a home and then meet Mr right I have to sell my home in a depressed market.. or if hey promote me and I move to San Jose do I want to drive that far? Geesh... dreams can get you into so much trouble.. lol Dream about GUNS . . . much safer Link to comment Share on other sites More sharing options...
Dirtwater Doc 17941 Posted January 18, 2011 Share Posted January 18, 2011 "with a drop of 5% in market value in some areas.. " Deja darlin'...I think you forgot to add a zero to this....it will be at least 50% of value! DD Link to comment Share on other sites More sharing options...
Wolfgang, SASS #53480 Posted January 18, 2011 Share Posted January 18, 2011 "with a drop of 5% in market value in some areas.. " Deja darlin'...I think you forgot to add a zero to this....it will be at least 50% of value! DD That looks like a more realistic prediction. Link to comment Share on other sites More sharing options...
Noz Posted January 18, 2011 Share Posted January 18, 2011 but, but, but Our President says that every thing is just fine????????? Link to comment Share on other sites More sharing options...
Wolfgang, SASS #53480 Posted January 18, 2011 Share Posted January 18, 2011 but, but, but Our President says that every thing is just fine????????? And he must know . . . . Link to comment Share on other sites More sharing options...
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