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Listen to RealtyTrac analysis of foreclosure tsunami January 26th, 2009, 5:45 pm
Interview with foreclosure tracker Rick Sharga of RealtyTrac on whats the chance that what he calls a tsunami of missed mortgage payments will abate anytime soon. I had to cut the first 4 minutes due to the time limit. But, please listen closely at 2:18, Mr. Sharga talks about Shadow Inventory. It’s shocking~!
What I learned today will have devastating ramification for the real estate marketing and in turn the entire financial and stock market and the broader economy as a whole.
If true…our real estate fate is seal. There will be more housing and real estate foreclosure carnage ahead. The road is long.
Prepare yourself and protect your family from this coming economic catastrophe.
PLEASE RATE, LINK, SHARE and SPREAD the word so others can learn about the real nature of our real estate and economic crisis. Don’t be a sponge to the talking heads that spew only that which benefits them and their bosses. Wake up!
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From L.A Times:
Bulk of bank-owned homes aren’t even on the market yet
“Banks to unleash flood of REOs” at Inman News looks at the effect of foreclosures on the housing market this year:
Inventories of unsold homes are likely to swell in coming months as lenders begin to push a growing backlog of repossessed homes up for sale — often in communities already awash in distressed properties….
Because it can take weeks or months for lenders to put repossessed homes on the market, the impact of real estate-owned (REO) properties on inventories lags behind foreclosures. Government efforts to recapitalize banks through the Troubled Asset Relief Program (TARP) and other bailout measures may also have taken some of the heat off of lenders to unload REO properties at fire-sale prices.
But with the emphasis of TARP and other government relief efforts now expected to shift to creating jobs, helping troubled borrowers avoid foreclosure and providing incentives for home buyers, lenders could soon unleash a torrent of real-estate owned, or “REO” properties — even in markets already flooded with an oversupply of homes for sale.
“It’s almost like a tsunami — you can see it coming and you know it’s going to hit but you can’t get out of the way,” said Ann Stickel, vice president of affiliated services with Sarasota, Fla.-based brokerage Michael Saunders & Co.
So how many bank-owned properties aren’t even on the Multiple Listing Service yet? RealtyTrac senior vice president Rick Sharga puts the number at 75%. That’s a lot of houses.
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Tags: “The dollar collapse” “housing crisis” “financial crisis” subprime hyperinflation inflation economy “economic collapse” “stock market” “stock market collapse” “real estate” fed “federal reserve” money “fiat money” gold silver commodities housing bubble 2009 2008 downfall investing for sale training agent agency selling subprime Peter Schiff Jim Rogers Gerald Celente Alex Jones Ben Bernanke
Duration : 0:10:3
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the difference is …
the difference is is this time, feds/treasury are ready and theyll absorb all of the bad debt thru 2012…devaluing the USD. i do think theyre playing two face by telling the world they are ending QE and raising rates, but at same time giving fannie/freddie/FHA an unlimited blackhole to absorb the 80/90% mortgage origination and refis…a new bubble has already begun..USD
I wish I was there.
I wish I was there.
its moments like …
its moments like these im glad i live on an island at the bottom of the world in the middle of the bush.
I own my own rpg …
I own my own rpg game for facebook thanks to rpgapps(dot)co(dot)uk
World Factbook info …
World Factbook info, California as an independent state, it would have had the 10th largest economy in the world in 2007.
July 09 California #1 foreclosures at 108K
U.S. 360,000 for 1 month!
Go To: Google maps, select REAL ESTATE @ right options box. Check FORECLOSURES, zip code 91739 and watch the search area w/PINS of homes in foreclosure. MINDBLOWING! zip 91739 the Inland Empire. Ground zero
CA CML RE @ 30% vacancy rate! 5 yr bloodbath more at: CaliforniaRE2009 blogspot
i hope we have …
i hope we have anarchy, this is bull america is not a free market country! we are slaves to these banks who have compleat control over what we pay and what they sale the homes, cars everything for! until we reject the dollar we lost our freedom. and now we are thinking about health reform, the reason that is is cause insurance makes that so it is not free market system! people reject your dollars and never leave your money in the banks that is promoting the problem!
CIT is readying …
CIT is readying itself for bankruptcy, which will cause ripples in small and medium business loans. there is talk of a second wave of mortgage defaults soon. watch argentina collapse 2001 in my favorites. so many simularities to USA, its scary. obama = menen. better to be prepared and nothing happen than the inverse…
OOOOOOOOOO north …
OOOOOOOOOO north american union??/
you really think it that bad??? only way out is NAU?/ i dont think so. i hope not man. OMG union with mexico OMG we going down lol
Guess that meeting …
Guess that meeting in Waco, Tx in 2005 with Bush, Fox and Canada PM for a North American Union and Amero currency by 2010 may be correct. I just wonder if the dollar will phase out or outright collapse. Collapse = anarchy for USA.
However, the banks …
However, the banks have 500 billion parked on the Fed. As hyperinflation will hit, RE will be the best asset to own. This will be for themselves not for the people. The only thing I know is that they don’t care about us!
aw, poor baby. you …
aw, poor baby. you have it so rough. try $1100/mo as the avg rent for a 1BR. San Francisco suburb.
It takes creative …
It takes creative accounting to arrive at the conclusion that a bank can loose money at all. It’s fundamentally impossible, as soon as you make a deposit.
Outlaw fractional banking.
Forget credit. If a company can’t make it on what it earns, it doesn’t deserve to be in business.
Enforce the laws against conspiratorial monopolies, like oil, autos, telecom, cable TV. Software and internet companies like MS. YT, etc.,etc.
Zero tolerance for corporations.
Trying asshole, …
Trying asshole, believe me. Just saw on TV that two like you tried to rob an elderly man in a wheel chair.
thats a bummer dude …
thats a bummer dude that is..can you move away?
Imahamina…we …
Imahamina…we should never print money..it should be coined( using gold or silver) as per the Constitution!
I agree with you …
I agree with you guys. I won’t buy a house yet, because I don’t feel secure with the job market. I’d rather rent a house anyways. My buddies in Greenville, SC rent a 2,000 sqft 2 story house, brand new, and a ton of cool for $1,000 a month. In hole Florida where I live, I pay $800 for a 2/2 800 sqft apartment box. Florida sux!!!!!!!!!!!!
Does anyone know if …
Does anyone know if you can file a lawsuit against a mortgage company and have your loans audited after a foreclosure and is that good recourse for predatory lenders.
16th amend. never …
16th amend. never ratified sorry
Moniequa. I relate …
Moniequa. I relate to what ya say’n. I personally think we’ll find the answers closer to home. Like in the mirror. Youknow, instead of pointing fingers. As to the FED, some people think they are part of the goverment. They are a private co. with a license to print money with computer keystrokes & paper & ink. Then borrow it to the goverment. We (the US) should print own money. No intrest=No need for IRS. An illegal corp. 14th amend. never ratified. see sherry jackson ex irs youtube. Linclon JFK
godisfraud88, if …
godisfraud88, if being right is retarded, so be it. At least I don’t leave my wide open and then get shocked when I get fucked. Keep on blaming the Fed and keep on spending and see who will suffer at the end, the fed? I don’t think so.
Tim
I agree with …
Tim
I agree with the body of your message
However, understand that the IMF uses America, like a bouncer or as a “big stick”, to get what ever it wants in the world
The time will come when the IMF will need to prop-up its bouncer or lose it all!
you’re a …
you’re a retard!
Prices will go …
Prices will go lower, no need to hurry to buy.
What the heck makes …
What the heck makes you think the IMF needs to cover US debt? Not their responsibility as I understand their mandate. IMF might start LENDING to the USA if we become a 3rd world nation. Otherwise we’re on our own. We’re supposed to be contributing to the IMF not taking from it.
…actually, what …
…actually, what we need are better paying jobs. Its job stability that will get us out of this mess, not more consumption. Since its the private sector that generates the most jobs, we need to support small businesses so they can grow and start rehiring.