The Coming Boom

[Steven Douglas]

We just bought a foreclosure after months of looking, and the houses were absolutely priced at market value, as opposed to the amount of outstanding mortgage debt. (It's all public record.)

We met the people who owned the house we bought. They went for almost 3 years without making a payment, and the bank agreed to modify their loan, but they would have had to come up with $3500. They hadn't saved any of the cash they were not spending on the mortgage, so they lost it anyway.

I'm looking at one similar to that now. In the normal foreclosure market. In one of our family member's cases, the pending "sale" (in Northern California) wasn't a normal market foreclosure OR sale. It was a fraudulent non-judicial foreclosure, and that is part of the lawsuit that is being initiated against WF. I don't have all the details, but what it boiled down to was the bank assigning a 'third party' receiver for the house, in a transaction that would end up with the bank owning the house anyway after all was said and done.

The fact that this is even surprising to anyone is completely surprising to me, so I will be getting the details - at least in synopsis form - and posting them here.

[idiom]

"The new boom will be driven by three things: A rebound in housing construction, the rise in domestic energy production, and the end of consumer debt deleveraging."

Tell me again about that deleveraging?





Oh and also look at the employment boom:



Note that the employment rate never really recovered after the Tech Bust. The boom time was just a huge debt bubble.

[oyarde]

I will say what, I think the "boom " will be , next year , unemployment , over 9 , debt on the way to 20 Trillion in short order ,increases in food prices , etc.

[youngbuck]

I will say what, I think the "boom " will be , next year , unemployment , over 9 , debt on the way to 20 Trillion in short order ,increases in food prices , etc.

Well put.