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1 in 3 mortgages in US underwater (40% in Seattle)

Discussion in 'Preparedness & Survival' started by ATCclears, May 24, 2012.

  1. ATCclears

    ATCclears Seattle area, WA Well-Known Member

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  2. knuckle Head

    knuckle Head southeast Well-Known Member

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  3. Burt Gummer

    Burt Gummer Portland Completely Out of Ammo

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    A ten year old can see where real estate is going.

    Houses won't sell at 4% or less mortgage interest rates. What are home prices going to be like when interest rates at back at 15%+? The Fed is just temporarily keeping things propped up with massive money printing (which MUST result in inflation) and artificially low interest rates.

    I am selling a condo in Lake Oswego right now and everyone is hoping up and down telling me don't do it, things will get better. Well, no they won't. I'll take what I can get now. I will also cash out my IRA and cover the funds to physical silver. Whatever the government and the banks tell you to do, do the opposite.
     
  4. knuckle Head

    knuckle Head southeast Well-Known Member

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    I have been considering checking to see if I can cash in my savings plan and use it to buy a chunk of land, my brain and instinct is saying do it then the other part of me is saying wait and see, wait and sees scares the ch!t out of me, but if my instinct is right, I mean what happens to it if thing go to h3ll what happens to it, its gone right???????
     
  5. Mark W.

    Mark W. Silverton, OR Bronze Supporter Bronze Supporter

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    hmm I guess I'm a lucky one. 4.75% with less then 7 years left in the pay off.
     
  6. Burt Gummer

    Burt Gummer Portland Completely Out of Ammo

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    Friends have said that a good strategy for when super-inflation/hyperinflation hits it would be wise to be in a FIXED mortgage. (Variable would be suicide) Some of that make sense as long as it is realized that government parasites will be jacking up property taxes to keep pace with hyperinflation as paper burns. You MUST also have a form of personal property, gold/silver, etc that will keep place with the inflation. Paper will get your home taken away.

    Plus I can't believe the banksters, as cunning as they are, will allow low-interest home buyers to skirt away in that environment and essential keep their homes for 'free.' Perhaps everyone is deemed a tenant, which they really are anyway. Who knows. Interesting times ahead. Extremely bad times for those with paper and no bullets.
     
    ATCclears and (deleted member) like this.
  7. knuckle Head

    knuckle Head southeast Well-Known Member

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    Well when you think about it, we all are property ahve to be paid yearly, unless you live where you have city, county and state property taxes, then some get to make three payments a year.

    Hey I have an idea why don't we all start putting issues on the ballots that permanently cut and then remove taxes, let the government figure how they going to pay for all their give away programs without that got them eleceted and see how they are going to pay for them then.
     
  8. ATCclears

    ATCclears Seattle area, WA Well-Known Member

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  9. wjv

    wjv SW Washington State Active Member

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    While I realize that home prices have lost a decade's or more worth of gains, I still have to say that some (not all) of the people who are underwater contributed to their own misfortune.

    Our home went from $275K to $510K back to $285K.

    During that peak some of our neighbors ran out and re-financed, rolling tons of CC debt, RVs, vacations and other consumer "toys" debt into the new loan. Some re-fi'd multiple times rolling more debt in each time. Now their sitting with a $400K loan on a $285K home. . .

    So was it the banks fault?
    Or was it a lack of self control that put them under?
     
  10. Grunwald

    Grunwald Out of that nut job colony of Seattle, WA Well-Known Member

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    It was the banks fault that the bank made a bad loan and is now holding a note that is backed by an asset that does not cover that note.
    It is the fault of the people who borrowed the money and wasted it.
    I know of a few people like that and they all lost their homes. I don't know other details. I do know one individual who did the same thing, used the money for vacations, trips to the superbowl and a good life, and then when the market went down he quit paying his mortgage. It was not because he could not afford to pay it. It was because he decided that it was not worth paying it. It took BECU almost 2 years to foreclose on his house, and during that time he continued to live a good life, going on all sort of trips.
    Frankly I think his actions are despicable and I have lost a whole lot of respect for him, and if it were up to me someone like that would never again get a loan.
     
  11. Grunwald

    Grunwald Out of that nut job colony of Seattle, WA Well-Known Member

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  12. ATCclears

    ATCclears Seattle area, WA Well-Known Member

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  13. ATCclears

    ATCclears Seattle area, WA Well-Known Member

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