One million homes in foreclosure

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Multi-Purpose
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One million homes in foreclosure

Postby Multi-Purpose » Thu Jun 05, 2008 6:40 pm

Saw on the news today that an estimated 1 million homes in America are currently in foreclosure and this is the highest rate since the early 70's. What does everyone think of this? I wonder if this will start effect credit cards more as consumers are forced to put their mortgages on their cards. Sad that the economy has came to this point. Some benefit comes out of it in that we should have some affordable housing prices now for people on the buying end.
[font=Comic Sans MS]Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek.
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Roni
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Postby Roni » Fri Jun 06, 2008 6:29 pm

I really thing its these sky high energy prices that are what's killing the economy. Businesses can't afford transportation of supplies and products because it's too expensive now so they have to jack up the prices to cover. Consumers have to pay more for the same things they buy but they can't afford as much since they're spending all their money on gas. I really see gas prices as what's causing all of this mess.

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Postby Multi-Purpose » Mon Jun 30, 2008 4:21 pm

Do you think we'll be able to adjust for the high gas prices or do you think, pardon my French, we're totally f***ed until we get gas prices under control. Do you worry that people are paying for their mortgages with credit cards. Because if they are that can't go on forever. We're in some deep doo-doo here.
[font=Comic Sans MS]Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek.

-Barack Obama[/font]

JG7
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Postby JG7 » Wed Jul 02, 2008 8:58 pm

Oil hit $144 a barrel today.... foreclosures are about to shoot up even more... people can no longer afford to even work because they spend all their money just getting too work... I hope there's some bargain real estate out there next summer too with what's going on...

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Postby coolpixxx » Fri Jul 11, 2008 6:00 pm

And the **** is about to hit the fan when Fannie and Freddie go under. Home prices will plummet and debt will soar to new levels we have never seen! Thank Bernanke and Bush for burying us in this grave we will never get out of. :mad: INteresting just 24 hours ago McCain's top adviser said we need to stop whining about how this and were were just imagining a recession. I didn't know 5 dollar gas and home foreclosures I was imagining.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sat Jul 12, 2008 4:25 am

The news about IndyMac today is unbelievable. That's the 3rd biggest bank to go broke in US history. Since IndyMac was a Cali bank people are in quite the uproar over it around me. Already got two friends with deposits past the 100k FDIC insurance level that want to take their money out come monday. I predict things are on course to get much, much, much worse.
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Postby AnthonyBarone » Sat Jul 12, 2008 3:04 pm

If you do stocks now could be a good time to buy the banks and credit card companies. Those have been pounded down hard don't know how much lower they can go. If I had some spare cash I'd be buying up some of these companies in a heartbeat. Visa and Mastercard should be safe places to put some money because they only make money on transaction fees they don't loan any money out themselves.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon Jul 14, 2008 1:59 am

The latest they're saying today is that the government WILL end up bailing out Fannie Mae and Freddie Mae. Monday we'll find out a lot more I'm sure...
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
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Postby Cucumber » Sun Jul 27, 2008 7:37 pm

My question is how much lower can home prices go? I know in some areas they are practically giving houses away it's crazy
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JEFF COGA
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Postby JEFF COGA » Tue Aug 19, 2008 1:11 am

In the 90's we had the tech bubble and now we have the housing bubble... like any "bubble" it has a pendulum effect meaning if the prices went up 300% - it must swing back down 300%... of course your going to have other factors such as big brother who can make the swing less severe...

The US dollar is in a crises and no one is admitting to it.... yes the USD had rebounded this week but it is taking its last breath!!! Don't buy financial... buy real money gold/silver my 2 cent
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