And housing downturn starts to show its ugly face....

thomez · 09-13-2006, 07:42 PM

Just heard on Lou Dobbs show, August saw 24% more foreclosures than July, and August foreclosures were up over 50% from a year ago. Wow.

No reason to struggle to pay for that house when it's worth a bunch less than you owe

kinggovernor · 09-13-2006, 08:20 PM

ah, the market correcting itself

6SpeedTA95 · 09-13-2006, 10:03 PM

I've had 3 threads about this the last 3 weeks, weren't you one of the folks saying that it wasn't a big deal?

WickedLou9 · 09-13-2006, 10:41 PM

Teh guy I sold my condo to back in April got an adjustable rate mortgage.. his rate started at 9%...

usually the first 2 years or 5 years the rate is low to suck you in.. 9%? That guy is fucked.

Stylerod · 09-13-2006, 11:57 PM

Originally Posted by WickedLou9

Teh guy I sold my condo to back in April got an adjustable rate mortgage.. his rate started at 9%... usually the first 2 years or 5 years the rate is low to suck you in.. 9%? That guy is fucked.

9%? I find that hard to believe. If it was that high it was because he had a SHIT credit rating and it was the only loan he could get.

6SpeedTA95 · 09-14-2006, 12:01 AM

Originally Posted by Stylerod

9%? I find that hard to believe. If it was that high it was because he had a SHIT credit rating and it was the only loan he could get.

Had to have been bad credit...ARM rates right now are between 5 and 7% for those with good credit.

thomez · 09-14-2006, 12:43 AM

Originally Posted by 6SpeedTA95

I've had 3 threads about this the last 3 weeks, weren't you one of the folks saying that it wasn't a big deal?

nope, think ya got the wrong guy

Thorgrim · 09-14-2006, 12:58 AM

Originally Posted by thomez

nope, think ya got the wrong guy

i blame you anyway, for not contributing to Brown, he'll solve the housing problem

thomez · 09-14-2006, 01:02 AM

Sherrod?

Thorgrim · 09-14-2006, 01:03 AM

Originally Posted by thomez

Sherrod?

with the help of Strickland, don't forget him too

$100 each

thomez · 09-14-2006, 01:05 AM

Ohio gov might be the worst 2 candidates in the nation.

Thorgrim · 09-14-2006, 01:09 AM

Originally Posted by thomez

Ohio gov might be the worst 2 candidates in the nation.

yeah, but what idiot is going to vote for blackwell?

and you're way too picky...the corrupt Ohio GOP has been in power for how long...you don't want change?

and cmon, Mike DeWine? What a nothing

Paul Hackett was awesome though...you should elect him supreme chancelor of Ohio

thomez · 09-14-2006, 01:33 AM

Ohio dems are all so pro-union, anti-free trade, tax and spend libs for universal healthcare, universal secondary education, that they scare me. I don't honestly know who I'll be voting for yet

Thorgrim · 09-14-2006, 01:47 AM

Originally Posted by thomez

Ohio dems are all so pro-union, anti-free trade, tax and spend libs for universal healthcare, universal secondary education, that they scare me. I don't honestly know who I'll be voting for yet

so give the GOP more years to screw ohio

cmon, its just one term, you can vote them out later if they suck, we both know its a time for change

on that note, gnight

thomez · 09-14-2006, 02:07 AM

I have to think economically, my whole family lives here and I have 4 cousins entering the workforce in the next 5 years...

WickedLou9 · 09-14-2006, 10:21 AM

Originally Posted by Stylerod

9%? I find that hard to believe. If it was that high it was because he had a SHIT credit rating and it was the only loan he could get.

I believe that was most likely the case. I was just using it as an example of people who will be screwed when thier ARM's leave the period of fixed interest.

Stylerod · 09-14-2006, 10:23 AM

Originally Posted by WickedLou9

I believe that was most likely the case. I was just using it as an example of people who will be screwed when thier ARM's leave the period of fixed interest.

He might not be though. If he can get his credit up a good bit in the next few years he will be able to refinance at a better rate.

motivez · 09-16-2006, 03:45 PM

So what does this mean for the American economy in the next few years if we really do see a sharp downturn?