What happens when a buyer
going 50 mph toward a short sale
in Beaverton, OR, while a Bank backed by the politicians in Washington
DC is
going 1,000 mph toward the house, what happens when the market comes
crashing
down around us?
Every day we hear of the talk in Washington DC and how their policies are supposed to help the housing market. Last week we even heard that the recession ended in June 2009! To me, that was right up there with the dumbest statements ever to come out of Washington.
So, how are we supposed to fix this? We have buyers that want to buy, we have sellers that have to sell because they can no longer afford homes with unemployment here in Oregon at 10.6% and holding. That doesn’t even count the people that aren’t collecting unemployment anymore because their benefits have run out and they no longer qualify, but still don’t have a job.
We have buyers that want to buy, but because of the mess in Washington, and inside the banks, even people with great credit scores are unable to qualify for a loan. Or the loan they qualified for last week is no longer available all because it was a government loan in the first place. (Once again creating a false economy just like the $8,000 first time buyer tax credit did)
We need to let private enterprise set what is bought and sold in the aftermarket and not bail out these banks. In the end, it will keep coming back on us tax payers because of the banks not doing the right thing in the first place. How many loan modifications were requested vs how many were granted? Many of these people just needed to have fees waived because they couldn’t pay when they lost a job and now are back to being employed but can’t catch up.
Instead, these banks are strong arming these people in to selling or foreclosing on them, forcing them out of home ownership for 2-7 years for their failed policies rather than letting them keep their homes. Then, these same banks have their hands out waiting for money from us tax payers to bail them out when they had a solution in front of them the whole time. They just wanted the money now rather than waiting for the loan to be paid off in 30 years.
So, I ask again, what really happens when a buyer going 50 mph toward a short sale in Beaverton, OR while a Bank backed by the politicians in Washington DC is going 1,000 mph toward the house, what happens when the market comes crashing down around us?
Todd Clark and the Friendly Home Team
Capstone Real Estate
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)622-8739
Todd Clark is a licensed Realtor who specializing in Washington County, Oregon and also works both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard.
All information contained in these posts is copyrighted and cannot be used without prior written approval authorization from the author. If you are looking for an outstanding agent please give Todd Clark a call he would love to help you in all your real estate needs.
Click here to start your FREE home search now
Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
What if there was a way you could search the MLS for FREE just like Realtors
Now you can access the MLS using similar tools as Realtors. You are in control of what you want to search for, and you can search the MLS at your leisure. The information you submit in the form below can also be used to put you on an automated system where you'll be emailed all homes that meet your search criteria. You'll get internet access to a website that includes pictures, prices, and addresses to real estate that's listed in the MLS!
Todd,
I am not at all surprised by the coments in your blog today but I am quite surprised to see a new profile picture. I will miss home plate!
Seems like what happens is a whole lot of people get buried in the wreckage.
strong arming - Is that like steering? Banks are doing everything to destroy the American way of life - one short sale at a time...
"what really happens when a buyer going 50 mph toward a short sale in Beaverton, OR while a Bank backed by the politicians in Washington DC is going 1,000 mph toward the house, what happens when the market comes crashing down around us?"
Todd,
That's a simple question! They collide the home owner and buyer are hurt, the former criticaly. Then the taxpayers pay and pay and pay, while a seclected few get very rich!
Bill
Todd, it's such a shame that the banks have the power to help turn this around if only they would!
Banks were so ingrained with the principle of greed that they can't turn their own machine around. They are coupled with the big engine named Wall Street.
What scares me, is when government policies are based on theory and lack common sense...
Paul, I'm not even sure they are theory, I'm thinking they are just going to a carnival fortune teller and asking her what they should do.
I agree Todd on your points. I've been saying since the beginning, if the government is going to do any bail outs - bail out the people. When people have a roof over their head and a place to sleep they feel secure, when they feel secure, they will spend. That will help to invigorate the economy. The government through together one program after another at this huge problem without even thinking. I recently heard that the government is now thinking about which way they should move toward helping people stay in their home or helping people to buy. Funny, shouldn't that have been one of their first questions and thoughts. It is a mad house!
In the wreckage, the person is killed and their estate has to make the government whole again...
Are you talking about free enterprise, capitalism, the free market? What fun would that be? Big government is much better! It just works so well! ; )
I'm sorry Todd, but you forgot someone - the UNDEREMPLOYED. My best friend called me today in tears - she used to make $85/hr. Her mom has been in ICU for the last 2 weeks and the mom has no insurance. Her dad only has 2-3 months to live. She (the best friend) is 6 months behind on mortgage payments.
A company called her today offering her a "great job" at $15 /hour.
So, you design your lifestyle around the earnings you've worked so f*&%ing hard for and get this?
WHATTTTTTTTTTTTT?
Congratulations this post is now featured in the Silent Majority Group of Active Rain.
I read once that if the bailout funds were evenly distributed to every homeowner, we could almost all pay off our homes. Can you imagine a nation of people who really own their homes? The power would be back in the people's hands.
Joetta, I just ran across a site that said it was $10.5T in 2007. The bailouts wouldn't even be close...
Hi Todd,
You are right some of these banks are very disorganised or plain just not helping home owners who are real trouble due to losing their job or some form of monetary loss in bussiness. If they would either modify their loan or expedite the short sale process things can be resoved in a timely manner. Some banks have teir own motives.
I feel so bad for these homeowners. I see the homes/markets/short sales crashing down every day. It is definitely a crime the way the short sales/foreclosures are going. And the banks have the audacity to take their dear sweet time, jerk people around, ask for documents over and over and over.