Of course we have not seen the bottom to the housing mess. There was this dysfunctional family who lived right behind me. They used to scream and shout at each other every day. I think the mother was an alcoholic and the son had substance abuse problems (meaning illegal drugs). The daughters were more normal but highly emotional. They all disappeared into the night the middle of last month, leaving a mostly empty house and two dead rusting lawn mowers in the back yard. They just abandoned the house. There is a paper taped to the front door demanding money for something (I did not get close enough to read it, I only saw the big red letters at the bottom saying “PAY NOW”.
Needless to say, my back yard is much quieter now. However, the empty house is a reminder that the train wreck in housing is far from over.
Rand,
Yep, and its going to be joined by a wave of foreclosures in commercial real estate.
As the Chinese say, may you live in interesting times 🙂
Tom
Yup – as I sit here waiting by the phone for another contract before they come for the house and car – this article doesnot give me a warm and fuzzy feeling.
;/
I foresee another round of stimulus. And it’ll be interesting (though not pleasant) to see what gimmicks Obama or Congress comes up with to protect deadbeat borrowers from evil banks.
I’m just stunned by the metaphor hash of “mother of all perfect storms mixed with the crack cocaine of third rails on steroids.” Wow….!
I wonder how much of this new wave of foreclosures would have been foreclosed months ago without the “stimulus” – i.e. we threw hard earned taxpayer money at a problem only to temporarily delay the inevitable and prolong the process of recovery.
Of course we have not seen the bottom to the housing mess. There was this dysfunctional family who lived right behind me. They used to scream and shout at each other every day. I think the mother was an alcoholic and the son had substance abuse problems (meaning illegal drugs). The daughters were more normal but highly emotional. They all disappeared into the night the middle of last month, leaving a mostly empty house and two dead rusting lawn mowers in the back yard. They just abandoned the house. There is a paper taped to the front door demanding money for something (I did not get close enough to read it, I only saw the big red letters at the bottom saying “PAY NOW”.
Needless to say, my back yard is much quieter now. However, the empty house is a reminder that the train wreck in housing is far from over.
Rand,
Yep, and its going to be joined by a wave of foreclosures in commercial real estate.
http://www.huffingtonpost.com/sheldon-filger/commercial-real-estate-cr_b_232293.html
Then add in a wave of credit card defaults.
http://latimesblogs.latimes.com/money_co/2009/09/credit-card-default-delinquency-rates.html
As the Chinese say, may you live in interesting times 🙂
Tom
Yup – as I sit here waiting by the phone for another contract before they come for the house and car – this article doesnot give me a warm and fuzzy feeling.
;/
I foresee another round of stimulus. And it’ll be interesting (though not pleasant) to see what gimmicks Obama or Congress comes up with to protect deadbeat borrowers from evil banks.
I’m just stunned by the metaphor hash of “mother of all perfect storms mixed with the crack cocaine of third rails on steroids.” Wow….!
I wonder how much of this new wave of foreclosures would have been foreclosed months ago without the “stimulus” – i.e. we threw hard earned taxpayer money at a problem only to temporarily delay the inevitable and prolong the process of recovery.