BOOM! CRASH!- Page 2

[best12bars]

Posted: 9/15/08 at 12:22pm

Yes, Ghost, housing prices are still way too high. The simple math of "average income vs. average housing" is still not adding up. The other shoe needs to drop.

They can go a lot lower. Back down to where they SHOULD be.

The only people saying they're down far enough today are the ones still deeply in denial about how out-of-control things are.

Oh, wait... that's almost everyone then.

Find the average salary for any given area. Multiply by 3. That's how much the average house should go for in that area. If it's more than that, the average buyer can't afford it, without taking one of those "phony money" fake-loans that can't be paid off.

There's no real market then. Just the fake one. The pyramid scheme... which would start all over again.

Over the next year, if my non-professional guesstimation is correct... you'll hear the sound of that other shoe dropping.

And it won't be pretty.

[Maraclea2]

Posted: 9/15/08 at 12:29pm

All those people who took out sub-prime loans are stuck with ridiculous mortgage payments that they can't afford. And no can sell b/c it would be at a loss and put them farther in the hole.

[nygrl23]

Posted: 9/15/08 at 3:54pm

They need to end the war now and use the money to recapitalize the FDIC.

[gertiecummings]

Posted: 9/16/08 at 1:50am

Bank of America just bought Merrill-Lynch.

[LePetiteFromage]

Posted: 9/16/08 at 2:19am

Updated On: 1/13/09 at 02:19 AM

[A Fleur De Toi]

Posted: 9/16/08 at 8:09am

Bet the Fed will slash interest rates today

[Jane2]

Posted: 9/16/08 at 9:34am

Stupid ignorant naive question here-I did hear on the radio that AIG is in BIG trouble. So if I have some money invested there, I lose it all if they go bankrupt? I think I'm in a plan where I can't touch the money yet because of my age.

[Borstalboy]

Posted: 9/16/08 at 9:45am

Yeah, Jane2, I'm in that ****ty plan too.


This whole thing has sent me into such a depression (a mental one) I can't tell you.

[Jane2]

Posted: 9/16/08 at 9:51am

Borstal, I hadn't even had coffee yet and I rummaged in my files to get my account number and went on line. I'm not even allowed to transfer my funds!!! Are you in that category too?

[violet72]

Posted: 9/16/08 at 10:00am

I am getting in touch with the company that has my 401k and seeing in what stocks they have my money invested in and seeing if the can move it around a bit for me, if it is in any danger. I was gonna try to move soon but I think I am gonna wait