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IWETHEY Home / IWETHEY Board / Money, Financials, and Economics Forum / CA might be the center, but the problems will spread
Post #282,132
by tonytib
4/17/07 11:02:59 AM
Reply
New CA might be the center, but the problems will spread
Just to give two examples, Orange County is subprime central, but as the subprimes go out of business, it not only hurts OC (e.g. loss of jobs), but the rest of the country, because it removes a significant pool of buyers. Less buyers = less demand = lower prices for a given supply

Second, non-traditional mortgages are widespread outside of CA; for example, [link|http://money.cnn.com/2007/03/01/magazines/fortune/nar.fortune/|here David Lereah] claims that Atlanta had 40% I/O loans in 2005. Unless those Atlanta homeowners can handle a significant increase in mortgage payments, Atlanta will be hurting too.

--Tony
Post #282,162
by imric
4/17/07 1:42:14 PM
Reply
New Cool. Maybe I can buy a forclosure.
I'll cough up $1000 bucks. I have no credit.

I think I'll still have a wait longer than my lifespan though.
Imric's Tips for Living
  • Paranoia Is a Survival Trait
  • Pessimists are never disappointed - but sometimes, if they are very lucky, they can be pleasantly surprised...
  • Even though everyone is out to get you, it doesn't matter unless you let them win.


Nothing is as simple as it seems in the beginning,
As hopeless as it seems in the middle,
Or as finished as it seems in the end.
 
 
     The housing crash? What crash? Where? - (folkert) - (19) - April 16, 2007, 07:19:42 PM EDT
         He makes some good points, but he's a *little* pessimistic. -NT - (Another Scott) - (2) - April 16, 2007, 07:55:52 PM EDT
             No, *Kunstler* is pessimistic - (drewk) - (1) - April 18, 2007, 11:33:54 PM EDT
                 Or, a better link... - (a6l6e6x) - April 19, 2007, 05:50:11 PM EDT
         Don't know what market he's in - (bepatient) - (14) - April 16, 2007, 09:07:33 PM EDT
             Yeah, but nobody... - (folkert) - (6) - April 16, 2007, 11:24:25 PM EDT
                 There's some beautiful countryside around Princeton. - (Another Scott) - (5) - April 16, 2007, 11:36:38 PM EDT
                     Yeah, but the... - (folkert) - (4) - April 16, 2007, 11:44:29 PM EDT
                         :-) Metropolitan areas are like that. - (Another Scott) - (3) - April 17, 2007, 08:25:23 AM EDT
                             I guess you are not... - (folkert) - (2) - April 17, 2007, 05:47:17 PM EDT
                                 I just took a tangent. :-) - (Another Scott) - (1) - April 17, 2007, 05:54:07 PM EDT
                                     What do ya mean... Princeton - (folkert) - April 17, 2007, 06:32:01 PM EDT
             Patrick.net is in SF Bay Area - (tonytib) - (6) - April 17, 2007, 12:38:15 AM EDT
                 Re: Patrick.net is in SF Bay Area - (bepatient) - (5) - April 17, 2007, 12:43:44 AM EDT
                     CA might be the center, but the problems will spread - (tonytib) - (1) - April 17, 2007, 11:02:59 AM EDT
                         Cool. Maybe I can buy a forclosure. - (imric) - April 17, 2007, 01:42:14 PM EDT
                     SF Bay Area: not a typical market - (rcareaga) - (2) - April 18, 2007, 11:43:46 PM EDT
                         you sir are defaming Hackensack, a fine city -NT - (boxley) - April 19, 2007, 09:33:56 AM EDT
                         As you point out, those reasons have been there - (tonytib) - April 19, 2007, 11:38:42 AM EDT
         Rather negative on home ownership - (JayMehaffey) - April 16, 2007, 10:52:59 PM EDT

And that's not all!
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