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做為網站市長﹐是相當痛苦的
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麥芽糖

引用文章信仁君碰上不仁君﹐中痞功碰上井底蛙﹐光景能撐多久﹖

 

做為網站市長﹐要當君子風吹﹐是相當痛苦的瀏覽1|回應0|推薦0
2008/05/10 09:38:06

太公在美也當網棧的棧長或市長﹐常常有人質疑﹐卻從未有下黑名單的事。

舉昨日一文為例﹐可見民主的言論自由﹐是『虎驚虎』式的人人平等。

像聯網這樣子網霸割據﹐如此在日常生活中﹐培養自由民主方式法﹐中國要到何日﹐才有信仁君﹐所期待的合理交流的文化及政治生態﹖

Lucrative Grim Repo Man is Product of Economic Recession
By Marissa Blaszko
Staff Writer 

 

 

****  ****  ****

My dear Marissa:

Listening to what you said: "I don't have any idea how you managed to misinterpret that article so badly, never mind what inspired you to post it online... " 

Your words made me so sad and wondering what I did.  Sorry, at the first, I don't have any clue how you managed to misinterpret my article so badly too, never mind what inspired you to reply here 2 days ago.

I don't even know what article you are talking about and I quoted from you, let alone where I misinterpreted!  (now I know you are probably a college student? I was there fully with poetic justice in my mind 35 years ago.)

Yes, I fully understand the rich get richer in our society.  In just 13 years, Warren Buffet's wealth grows from $ 9 billion to $64 billion.  That's 7 times of growth. 

How many of my fellow citizen have a saving or checking balance in their bank account.  Don't tell me that I don't know that.  I have a friend who is a family doctor and was a city Mayor of 100,000+ population.  He has to ask his bankers to "hold" his check for one more day "un-cashed" almost every week.  How much is the payable amount of his check?  You don't want to hear and you don't believe it. 

Those top 100 mutual fund managers earned at least $ 1 billion last year.  The earning power of their minute is the full year of an average American citizen, period. 

Last week, I read a report of the 3rd richest woman in the world.  She is spending $2 billion to build a 27 story home with 400,000 sqft in India.  I wish someone being so rich could spend that money to build affordable housing projects for the poor in that country with 80% poor population.  But ..... it is just my dream she is not going to have, even letting me use just 1/10th percent of it.   Please refer to my article to see my real hot and "sweet" heart:  A Funny World (17): Your Tent City? Or My Tear City?

How can an average guy increase his net worth 7 times in the same period?  Never mind it is $ 55 billion increase. 

It is surely not going to happen to you, me or an average Joe.  While the main street has been suffered, I saw those big Wall street big cats enjoyed a huge retirement fund, even more annual bonus.  What can you and I do?  Did B. B. turn his back to you and listen to those financial gurus for advice to cure the credit crunch, say, to "inflate" the housing price politically? 

I am just a small potato as I said.  I don't want to be a hero or rebel to complain, reform or challenge while facing the huge vested interest or outspoken politicians.  Except to cheer my poor folks up enough to cope with the reality as "the fittest survival" as Darwin said, , what you expect me to do?  Are you telling me that you can change the existing systems just by a piece of article of yours as I used to believe as a college boy? 

Comm'on, give me a break.  A dream do come true, but a lot of them disappear "unrealized".

Everybody has his way of interpretation toward the world, based on his personal frame of reference, when he sees something.  I do have a different perspective from your viewpoints, but I have no idea that I would make you felt "so badly"?   My dear Marissa, tell me where I missed it to misinterpret your original article, please! 

From ET, the "APFE" group leader

* Since you unlink your reply above, I have no way to check what you are talking about.  But please do me a favor.  It is not polite to come here, shout out and just leave.  It is not a good way to communicate ideas.   

 

** There are always two side stories of a thing.  Please look at the other side of coin to see the whole picture.  Foreclosure is NOT an Evil. Look at its bright side as a market tool for correction, isn't it great?  Sometimes, it is the ONLY resolution to cure a problem property in normal market.  It is just a effect reflection of our deed, not a cause to our pain.  For your reference, I am enclosing here the following report made by Schahrzad Berkland.

Rent-free homeowners keep economy from stumbling

Posted on Sunday, May 4, 2008 at 09:04PM by Schahrzad Berkland | 2 Comments

This year, 93,000 California homeowners received a Notice of Default, meaning they had not paid their mortgage for at least 3 months.  Since last September, 145,000 borrowers have the privilege of living rent-free.

If we assume the average mortgage payment is $1500, and the average borrower lives rent-free for 9 months from stopping a mortgage payment to being booted out of his home after the auction, that is (145K * $ 1500 * 9) = about $ 2 billion.  Californians have an extra $ 2 billion to spend, because they don't have a mortgage payment.  I wonder how bad our budget situation would be, without this boost!  (I didn't even add all those not paying their HOA dues or property taxes, but I've seen $25K and up annual property taxes go unpaid for several years.)

So California alone is adding $ 2 billion in additional spending to the economy, as these "mortgage free" homeowners get to use their mortgage payment on movies, clothes, trips, etc.

No wonder the economy is not turning down as quickly as economists had expected.  Every dollar not paid on the mortgage, is a loss on another bank's balance sheet, but a gain to a retailer somewhere.  The losses are quietly piling up on the banks' books.  Just because there has not been a front-page story about bank losses in a few weeks, does not mean all is well.  We have to remember, that each foreclosure reported in the news, is another loss to a bank's balance sheet.

I also realize that banks are hoarding their bank owned properties.  I counted 6000 REOs on property tax records last week, but only 2200 listed for sale on the MLS:  that leaves about 4000 bank owned homes that are being hidden by the banks.

No wonder our inventory has stood steady below 20,000 homes for a few years now.  Sellers who are upside down live rent-free for 9 months instead of going on the market for sale sellers who have equity choose to "stay put" or rent their homes, and banks are hoarding homes to prevent taking losses.  All this adds to up to a lot of hidden losses, which will come into the pipeline eventually. 

In another trend, we see buyers are rejecting the higher end homes.  To all those realtors who tell me their high-end area is not going to decline:  please wake up.  The losses are in the pipeline.  You just have to ask the right questions, and it is obvious.  Ask:  what is the months supply?  Anything over 4 months supply predicts price declines.  I don't care if you are in Santa Monica.  You are not immune from the laws of affordability, supply and demand, gravity.... Your homes went into the bubble-o-sphere, and bubbles pop.

Please keep coming back for more straight talk on real estate.

Reader Comments (2)

Interesting observation. Some of those "savings" of course reverberate through the economy through bank losses, as you noted. When the banks lose money, it reduces their capital available for lending, which further contributes to the cycle of home price drops. To what extent this offsets the additional money available to delinquent borrowers from not making their mortgage payments would seem quite difficult to ascertain.

Here's an interesting article from American Banker on REOs from the perspective of banks. The article suggests that banks are increasing sales of properties to private equity funds (rather than through the MLS) as well as increasing the number of rental units, both of which would explain at least some of the missing numbers on the MLS.

May 5, 2008 | Andreas

Very interesting....I thought that banks had to move their non performing assets (REOs) off their books. Perhaps they are starting off balance sheet vehicles for this purpose. I believe the private equity sales. I've been told by at least 3 people, that hedge funds are buying up large shares of properties. I imagine they would rent them out. Has anyone seen a large increase in rental property listings on Craigslist?

May 6, 2008 | Schahrzad Berkland 



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麥芽糖想建立在美國, 向日本撞沉漁船暴行抗議的網站, 以茲抗議.

請太公推薦.

謝謝!




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老美棧長與聯網的市長﹐其樂大異
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相信我﹐當老美網棧的棧長﹐與聯網的市長﹐都有其中的樂與苦。

雖然﹐聯網市長大權在握﹐客氣的鄉愿如華碩﹑阿彌說﹕『不高興﹐就請離開』﹐霸道流氓﹐根本就不跟您談自由民主﹐而市民也是犯賤﹐安享天下定於一尊﹐個個愛受奴役﹐高喊是他們的『偶象』﹐還可到中國大陸接受崇拜﹐一點都沒有低級肉麻感﹔相對的﹐老美的棧長﹐絕對沒有這種『低俗』之樂。

太公身在其中﹐卻有老美另類的『禮義』之邦﹑『仁義』之樂。那是什麼﹖請看下面文章的交換回應﹐自求其解吧﹗

 Talker with Lips, Doer with LPs

 

HELP! I'm Facing Foreclosure!

I really enjoy Jaclyn's posts.  After exchange viewpoints with her, she inspired me so much brain storming that gives a birth this article "Talker with lips, Doer with LPs."  Before I put it into a real one from a draft, I would like to share you guys the exchanges.  I will appreciate any feedback to perfect my thoughts.

In my college and graduate shcool, my professors advised me: "ET, you are too sharp.  That will hurt not only others but yourself.  Don't be so shinny and hide yourself a little bit to protect yourself."   If I am too sharp as a knife to hurt anyone's feeling, please accept my apology.  I am just here farting my brain with no intention to harm anything.  (如果『太公市長』﹐說話讓您如刀割﹐宛坐針氈﹐請見諒。)

 

1.

Great posting!

How come you know the pride is the most damaging factor a pre-foreclosure home owner should avoid?  Have you been in that situation as I did in 1989? 

When you are talking about experience, it seems a "catch 22" is here.  Suppose a home owner takes your advice, how a junior young agent can survive?

Well, your post is good, but there are something missing.  Could you tell us more about it on your experience on a real dynamic interaction, except contacting the lender and follow their rules?  I believe you can do better if you are willing to share your learning from a "software" real estate.

2.

Thans Ed!

I know pride is the biggest factors causing them to prolong seeking help, often times too late to rectify their pre-foreclosure situation directly from prospective clients. Just as I survey each prospective client on how they obtain information on my services as a real estate professional, I survey them on this as well. Simply, by asking them the question "WHY."

To answer your question regarding actual foreclosure, I have not ever been in the situation. However, I've seen what it can do to people and it's not pleasurable. I've had colleagues who've experienced a foreclosure, but never reached out to anyone to get help. Sure, they knew they could work on the situation themselves to help resolve the foreclosure, but they just couldn't overcome the pain they were feeling to do so.

In regards to your other question on a "young agent," I represent the young agent, according to the NAR data of Realtors in the country. :) Do a search on "Short Sales" here to obtain additional info regarding how to begin within the field of short sales.

 

3.

Thank you, Jaclyn:

It sounds like there are not so much experience your peers have.  I went through a foreclosure when I was trying to obtain my CA RE licence in 1989-90. 

At that time period, nobody including my broker could give me any help.  Because they don't have a practical personal experience.  All they know is from books.  Don't blame them since they really don't know nothing about REO practice even they can show the words "REO specialist" on their business cards.

Now, I have been watching and working on so many foreclosures.  I have my keen eyes to see those relief plans consumer organizations have established.  Yes, they are B.B smokes.  They are trying to artificially change the cause of market forces by political powers.  Sorry, I have to say: all they know is from books, too.  Don't blame them since CA Governor and Treasury Secretary are so funny to present such a "freeze" loan program. 

All of programs are focusing on one side of a coin.  Passively asking a help or cooperation from the lenders.  Gee! how about the other side?   Sorry, they are all good sharp boys from Ivy MBA schools, not street-wise sharks.

For an example, one of my neighbors had his home foreclosed on Nov. 6, 2007.   It is too late for me to work on when I knew it.  There is only 3 days left for me actively and positively "attack" from the other side.  [in fact, there is one business day since it is a weekend.]  They owe a bank $82K that is the minimun bid amount on auction block.  The real market value is lower than $60K. 

If they let me know earlier and give me at least 2 weeks to work on.  It is very possible for them to stay at their home now.  They may be able to owe a new loan of less than $40k and pay 50% less of monthly payments.  It is a very possible practical goal for me to reach.  

BTW, you guys may ask what's in it for me since you know I am very selfish and good at return calculations?   Ooh! you are smart to ask!  Let me tell you, it won't make me feel guilty to my pre-set investment goal: 200% return in a year.

How can I do it?  That' what I mean the other side of a coin: know the "sofeware" real estate well enough to set your own rules to play with a lender shark, not to follow theirs. 

If I go out to help the general public with less funds those organizations have, believe me I won't talk about those public or private useless plans that are at the mercy of those greedy lenders.  I won't do lip service to give advice and comfort only.
 

Trust me I will use my expertise and the rational market forces to only provide real good, solid and practical stuffs to the weak publics. 

 

 



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老丐所見: 一樣米養百樣市長和網友市民.

您還是可以自得其樂!

謝謝分析美國經濟.

老丐所見:

高級區的美國人, 消費降低.

父母還逼孩子自己付錢買燒餅, 零用錢縮水.




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文章推薦人 (1)

麥芽糖

DateTitleCommentsViews  Clicks 
05/09/2008  Is Good Stuff for a Market, Isn't It, Marissa?114464
05/06/2008 go to the basic bottom line.511938
04/28/2008S for SoCal Housing Price Stablization119077
04/08/2008gives you a chance to stand up again7294156
01/26/2008t Value Freeze, or Market Free Trade?3338119
01/23/2008 No Foreclosure Record Out?4465233
01/23/2008 Pragmatist or Moralist?029757
01/20/2008o Took the Lead in REO Market71123867
01/19/2008y difficult to write up an offer, isn't it?6481201
01/15/2008: Don't Blame Me, Blame WAMU?4572283
01/14/2008n Agents Refuse Receiving Offers or Not?0707454
01/10/2008u Want to Be Easily Controlled?034186
01/09/2008 A Creative Profession or A Losing-control One?4354134
01/03/2008 Update Its REO Operation In Cyberspace3800565
12/25/2007): Your Tent City? Or My Tear City?8495272
12/23/2007y ASK Lender's Mercy? Why Don't You Do Lender a Favor?6496271

***** ****** ******

Like the BIG RED PAPERCLIP. It is a good read and also a true story.

Very bright young man, we can all learn alot from him.

 

11/27/2007 11:11 PMby Fort Myers Homes (Remax Realty Group) 

Ed, I always find your posts fascinating, if just a little difficult to understand. What I would like to know is why you would continue to use an agent that gets everything wrong?

Bill Roberts

 

01/21/2008 10:26 AMby Bill - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate) 

做為老美網棧的『市長』﹐有理念的合理溝通﹐也是快樂的。

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Life Goes on, without You or Me.
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When there are some water in a bottle, it is up to you how to look at it: half full optimistically or half empty pessimistically? 


You may feel awful about something and try to confront it directly, but I may sit tight and cool,  thinking the other, if not so bright, side of the full spectrum in order to take advantage of it "legally," for sure.


Yes, you can say you are braver and smarter as a whistle-blower as I did before.  Now, I am not used to be so smart that I changed my way of thinking.  Maybe, I have learned a BIG lesson from my past; or I am getting older or more selfish. 


Anyway, never mind.  Life keeps going on. 


Have a nice day today and tomorrow, folks.


 


 


Quoted from doctorhousingbubble.com: Zillowed, Disappearing Inventory, and Free Housing: 3 Major Psychological Reasons Why Housing is Still Declining and Living Rent and Mortgage Free.


#3 - Lenders are Backlogged and May be Letting Homeowners Live for Free


Now I know many of you are going to say, "how is that possible?" Given the massive amount of foreclosures in the pipeline and NODs that will become foreclosures, it may be cheaper for a lender to delay taking your home for a few months:


foreclosures


Fellow blogger Mish made an interesting observation in a post looking at a toxic WaMu mortgage portfolio lovingly named, WMALT 2007-0C1:


WaMu Portfolio


"The above image is particularly interesting. Are banks so loaded to the gills in REOs they are reluctant to start more foreclosures? If so, people are now living in their homes for free. There have been various media reports of this happening.


As bad as that sounds, from a bank perspective that is better than having a house sit there to become infested by vermin, rats, bees, mold etc. I spoke on the phone with Mike Morgan this morning and he tells me the latter is happening right now in Florida. Some homes are so infested with mold they are a health hazard and have to be bulldozed down. Total loss to the lender is 100%, perhaps greater if they have to pay to clean up the mess!"


As absurd as this may sound, lending institutions may have more than they can handle with distressed properties. In fact, it may be more cost effective to have a warm body in a home then letting the place go down the drain, or have a mosquito infested pool, or even theft of ever increasing metals:


"Metal theft has been a significant problem in our County and vacant, foreclosed homes are providing new targets for metal thieves," said Supervisor Hansberger, who represents the County's Third District. The supervisors are considering a county ordinance similar to Assembly Bill 844 proposed by State Assemblyman Tom Berryhill."


Psychologically this housing downturn is producing numerous unintended consequences. From technologies allowing potential buyers to carve into the anatomy of a home's sales history, to spinning the inventory numbers, to lenders reaching an unmanageable amount of distressed properties. A few of these things will prove to make this housing downturn unlike any in our nation's history.

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Never, I suppose.
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Never until it's fair and reasonable in UDN.

p.s. Please don't take it personal to correct your typo by yourself: look forward to "having" something, or "seeing" you.



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Do not take it personal
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This is just what I found works to stay calm.

Keep up the good work.

Actually: look forward to have your own city some day in UDN!




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