Auto Bailout? – Terry Savage – Auto Bailout? By. Terry Savage. on December 15, 2008 11:53 AM | Permalink | Comments (4). Monday, December 15th — Should we use taxpayer money to bail out the automakers? If you subscribe to my free newsletter (www. …
The Becker-Posner Blog: The Auto Bailout Issue—Posner – In the short period since then, there have been important developments bearing on the issue, culminating this past Friday in the blocking by Senate Republicans of the Democrats’ modest ($15 billion) auto bailout bill, …
The Auto Bailout « The Everyday Economist – I have stayed silent on the auto bailout for some time. However, the discussion has gotten so out of control that I have to respond to some of the nonsense. Today’s Detroit Free Press is filled with hate and vitriol for those who dare …
Rethinking the Auto Bailout – Attackdonkey – An online community for fans of Austrian economics, featuring forums, user blogs, and more.
t r u t h o u t | Auto Bailout’s Death Seen as a Republican Blow … – One of the leading opponents of the auto bailout, Sen. Jim DeMint (R-S.C.), said: “Year after year, union bosses have put their interests ahead of the workers they claim to represent. Congress never should have given these unions this …
If you are going to buy a home that you are planning on living in, buy one that you can afford, taxes and insurance and maintenance included. The “asking” price does not tell the whole story, nor does the “adjustable” loan. People paid too much thinking they could flip the house, found no buyer and the adjustable loan was “adjusting”, just like they’d been warned. Of course, no one fore saw the gas prices, the electricity prices, the food prices going through the roof, and all the unemployment.
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The housing market peaked around 2005-2006. A lot of 5-year fixed interest-only loans will reset in 2010-2011. That means more foreclosures in the future.
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We’re only seeing the last of the 1 and first of the 3 year ARMs getting their bumps now. Remember that even though housing was slowing refinancing were very strong. Not only that but most people that played that game pulled equity out too which means they essentially lump themselves in with the last of the buyers. Even if you say the top was at the end of ’06, and it wasn’t, we still need to get through all of ’09 just to clear out the last of the 3 year ARMs. And the only way those people don’t get hit hard is if property values not just stabilize but actually rise a bit as lending standards are tighter and they will have to come up with some equity.
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Homes will always be unaffordable to the average person in high priced CA as long as government subsidize home owners in the form of mortgage tax deductions, and Fannie Mae bailouts. Remove the interest tax deduction and watch the prices correct 50%. This place a bottom on home prices and increase home ownership than further government meddling. The issue is affordability, not unemployment. Prices are still too high due to government tax policies and bad lending practices.
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Dummies should have made sure they could afford houses before buying them. Lenders should have been more analytical is choosing borrowers who really had the capacity to repay loans at whatever the maximum interest rate could be after any teaser rate ended. Fools–all of the players in this drama are fools.
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Everyone likes to talk about the foreclosures as if it’s a bad thing when the reality is that it’s an incredibly good thing. All the bad loans inflated the market well beyond what it should have been. As these people default on their bad loans the price of housing corrects, as it should, and maybe the rest of us get to buy. This story is good news and it should be reported as such. Or, would we all be better off if the government steps in and inflates pricing again.
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Buying a home is a long term deal. I bought 10 years ago, value has doubled (a couple of years ago I could say tripled), and in 5 years house will be paid off. No more mortgage! Try that with a rental! Yeah… commute sucks.
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This is the result of cooking the books to give home loans to people who otherwise couldn’t even get a car loan. The lenders and the borrowers are equally to blame. They created the bubble that burst- and who are the true victims?– those of us who could actually qualify for the loan and are still making house payments and homes that are rapidly depreciated due to the crooks and liars who cooked the books.
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“They’re not making any more land”, “It’s different in (insert your city)”, “everyone wants to live here”, “buy now or be priced out forever”…etc. These are all the lines that the sheeple have bought into from the real estate industry and all their “experts”. Bottom, line: this is the tip of the iceberg. People seem to forget history, and how it has a way of repeating itself. This is not a 1 year “slump”, this is an end to a cycle of people’s pie-in-the-sky attitude about real estate. I cannot wait to buy a house in 3-5 years, when prices are REALLY good. If you buy now, you’re overpaying. Think about it: is 20% off an item that is marked up 400% a good deal?
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Thanks for this information. There have been a number of published studies or reports that there are expected to be more foreclosures in 2009 because of the high number of “exploding type” loans set to go off next year. So predicting exactly when this phase will slow down or come to an end is, therefore, very difficult. We have had a number of students advise they have loans which will “explode” in 2009 and 2010 (it hurts to see this, as most of these folks could have avoided these types of financing deals had they only bothered to learn something about real estate before diving into it without the knowledge they’d most likely have picked up in any good Real Estate Principles course.
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