Hold on to your Butt!

[BigAl]

The banks are going to start Foreclosing on a whole new group of defaulted house loans starting in Dec . Not good news for the housing industry . This will drive house values even further into the ground .
They been holding back since July , I was told by my real estate broker.

Good for buyers but really bad for home values

 

[mtntopper]

The Mortgage Bankers Association's report Thursday suggests the housing market and broader recovery could be thwarted by the continuing surge in home loan defaults, especially as the unemployment rate keeps rising. Lost jobs, rather than the shady loans made during the housing boom, are now the main reason homeowners fall behind on their mortgages.

Among states, the worst of the trouble is still concentrated in California, Nevada, Arizona and Florida, which accounted for 44 percent of new foreclosures in the country. Nearly 13 percent of all loans in Florida were in foreclosure, the highest in the U.S., followed by Nevada at more than 9 percent.

http://finance.yahoo.com/news/Forec...72.html?x=0&sec=topStories&pos=2&asset=&ccode=

 

[muleman]

I get offers from Tampa area realtors all the time offering crazy deals on brand new homes in some desirable areas. The bad part is I would have to give away my farm to make the move right now.

 

[bczoom]

The bad part is I would have to give away my farm to make the move right now.

If you weren't in NY, I'd consider taking it off your hands. Can you pick it up and move it 30 miles south?

 

[Melensdad]

The banks are going to start. . .

Which is why my short positions are skyrocketing in value today

 

[BigAl]

Should'nt you be in our Day trading game showing us how to do it ???? God knows i'm lost ......

 

[Melensdad]

Al if I knew what I was doing I'd jump in and show you!

I did buy some PM today when it dipped down below $50. That is a LONG TERM hold for me, not a day trade, PM and MO are two that I hold and believe in and pay big dividend yields.

Most of my holdings, be they stocks, commodities, ETFs, etc are currently defensive plays. Things like gold and silver are doing well week to week. The short positions may bite my butt at some point but they payoff potential is huge if I'm right, and my positions in those are pretty small. I'm not betting on the US market, but prefer the emerging markets and that has been paying off well for me.

As I said in a couple other threads, I am bearish on the US. None of my holdings are purchased in hopes of quick big gains.

 

[BigAl]

Al if I knew what I was doing I'd jump in and show you!

Thats the great part about it Bob . We are just trying to learn and have a little fun too . Who cares if your a expert or not . I would love to have you join us .

I'd decided that tomorrow when I play, if I wear my lucky blue socks with my mismatching Plaid underwear I can't lose .


Come ON !!! Galv's going to start playing soon and we need to teach those English Dudes that the NYSE is a manly sport , not a Tea Social with Crumpets .