I want to thank GLP for the nonstop predictions of economic doom!

I predict major doom at some time in the near to distant future...hope it helps :)

I ask the real estate person if her business is bad, and she hesitates and then tells me it is good, because she is selling so many foreclosed homes to "investors."

Hold out a little longer and you may get to live there for free.

"none of which have come true.."

Squatter's rights, OP, they should pay YOU!

Oh yeah???? What fuckin' rock are you sleeping under? Housing market has gone to shit!!! I have been watching this for 10 years, and houses are piling up like so much rotting hay bails in the field. I don't want to "flip" anything, but I think I might buy one of these houses to live in for 2 or 3 hundred thousand less than what they were valued at by apparent dumbass retards a mere few years ago.

bales..

OP, dude, this is just the beginning.

Keep an eye on what EAT has to say...!


DOOM lieth at the door!

I was watching from the beginning, none of the inflated values ever made sense to me, I just could not fathom that people had dependable sources of that kind of income that justified such a huge expenditure for a mere place to live. It never added up.

People have the worst blind spot when it comes to real estate. They don't realize a house can be just as big of a liability as it is an asset, easily. I'm sure a lot of people are experiencing the reality of that, of being stuck with a house they can't sell, when they can't afford the commute or the jobs are in a different part of the country. I wonder though if they will always see "real estate" as an "investment" and not an "expense".

This is what the real estate agent tells me....she says that, "Investors are buying up all the foreclosed homes, so that all the people losing their homes have a place to live. Then, in the future, when the prices go back up, they'll sell the houses." This is after we walked out on the deck, which was showing early signs of rotting....:)

I would say that that wishful-thinking idea is about as realistic as hoping hay bales in the field don't rot, year after year with no buyers.

Buying up the homes and renting them....if they couldn't make payments on a mortgage, how will they rent them?

Anyways, I did it! I'm not exactly an aggressive person in real life, but today, I made my offer, of 10,000 dollars LESS than the asking price, and I watched the real estate agent fill out the paperwork without a pause. LOL!

It's pleasing for me, knowing that this owner must sell the house for much less than even his already decreased asking price. Am I so wrong?

I suppose so, for home owners that paid soooo much more for their little kingdoms, but those prices were so insane and foolish.

Even real estate seems to have been a ponzi scheme.