The Housing Collapse of 2010 Will Be Worse Than 2008

[The Northerner]

Run time: 09:45 https://www.youtube.com/watch?v=kunB4SnAh4g   Posted on YouTube: December 17, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: December 21, 2009 By DU Member: The Northerner Views on DU: 2058

 

[itsrobert]

1. Do you have anything more current?

One year old news story?

[MannyGoldstein]

9. Do You Have Reason To Believe The Information Presented Is Untrue

This wasn't posted in LBN, after all.

[still_one]

2. Since these same people didn't predict 2008, why should I believe they can predict 2010? /nt

[girl gone mad]

5. I've been reading about the 2010 resets..

since at least 2006, maybe earlier. Many of the economists and financial analysts I was in contact with then predicted the 2007/2008 wave and a second 2010/2011 wave.

Here's an IMF chart published in 2007:



ETA: some of this has been resolved. I've not been following this market closely, but from what I gather, predictions are somewhat less gloomy than they were.

[Goldstein1984]

3. Actually, a handful of economists did predict the 2008 meltdown

We were fortunate that our financial adviser was a follower of theirs, and she advised us to move our retirement savings out of stocks in January 2008, which we did with out IRAs. Unfortunately for us, we gambled and left our company 401k plans as they were, and we lost over 50% in those.

Our adviser is also predicting another housing crash in 2010, and she's advising us not to purchase a home at this time. (We moved back to Alaska after the company I worked for in Nebraska went bankrupt, and we've been renting since our return in late 2008.)

We had lunch with our former real estate agent, now a good friend, on Friday, and she is also predicting a bad market in 2010. She expects at least 20% of real estate agents in Alaska to leave the business for lack of sales. And Alaska only has a stagnant housing market, homes have only lost about 20% of their value, and we haven't had a crash.

I'm afraid things are going to get much worse before they get better.

[Double T]

4. Residential mortgage resets will again collapse the economy........

and create tremendous instability for our financial system and the dollar. Add in the commercial mortgages collapse, ever increasing unemployment and 2012 will be the year our entire economic and financial system goes under. Like every great empire or dynasty, greed leads to its ultimate demise.

[dmallind]

6. Ermm...interest rates are at a historic low...NT

[itsrobert]

7. That's the trouble with posting last years news and it is current today

IMO, the OP is trying to pass a news story from December 2008 as a Dec 2009 news story. For whatever reason, I don't know.

[dixiegrrrrl]

8. Couple of points about that low interes trate.

1, Bernanke is keeping them low so his buddies at the big banks can have free money to borrow, speculate with, and re-pay at literally no cost to themselves. That is how the stock market run up was done, all the bank money. Made things look good.

2. Current low mortgage rates do not do me any good if I have no job or too little income to buy a house.
The sub-prime mortgages are, believe it or not, STILL being made, but will collapse.

3. Commercial loans are going under at ever faster rates. Malls and condos are closing down.
I just read of a toll bridge in our area that has NO traffic, thus is generating no money to pay off the bonds that built it..

Low interest rates without available money are worthless to the sector of the economy that counts.

[dmallind]

10. They are however pretty relevant to the topic of existing loan resets........ NT