House Prices (1 Viewer)

[Adam Caramon]

Is that drop just because of the general depression or is there something about your area in particular that makes it exceptionally bad?

Detroit was heavily dependant upon the auto industry. When the auto industry tanked, Detroit was hit very hard. All the surrounding areas then were hit hard as well by the domino effect.

 

[georgedwilkinson]

Why couldn't you have sold it instead of losing it?

Because nobody wanted to buy it, I had to move because of my work, and I couldn't keep it rented for 1/2 of my mortgage payment. In fact, I did sell it on behalf of the mortgage company on a "short sale", which means I sold it for less than my mortgage. Under those conditions, the mortgage company forgave some of my debt, except $10,000 on a promissory note. I am still paying on the $10,000.

 

[Alc]

Detroit was heavily dependant upon the auto industry. When the auto industry tanked, Detroit was hit very hard. All the surrounding areas then were hit hard as well by the domino effect.

Where I live is like a much smaller-scale Detroit, by the sounds of it.

I commute for work, as do a lot of others, but if the GM plant in the nearby city closed, I dread to think what it would do to house prices in our area.

It doesn't help that the Canadian Auto Workers union has kept wages artificially high on the production lines, meaning that a lot of uneducated, semi-skilled (at best) people have gotten used to a lifestyle they'd have one hell of a difficult time maintaining, if they didn't have GM to fall back on.

 

[Adam Caramon]

It doesn't help that the Canadian Auto Workers union has kept wages artificially high on the production lines, meaning that a lot of uneducated, semi-skilled (at best) people have gotten used to a lifestyle they'd have one hell of a difficult time maintaining, if they didn't have GM to fall back on.

Yeah, that sounds very similiar to here. Some guys with only high school diplomas were making 70, 80, even 100k/year with overtime.

Did the GM plant you are referring to downsize at all recently? I know GM cut its Pontiac brand which cost a lot of people their jobs.

 

[Alc]

Yeah, that sounds very similiar to here. Some guys with only high school diplomas were making 70, 80, even 100k/year with overtime.

Did the GM plant you are referring to downsize at all recently? I know GM cut its Pontiac brand which cost a lot of people their jobs.

Yes, it was the truck plant in our case. While I felt sorry for the workers affected - especially the decent people who lost jobs because 'seniority' meant that crap workers had to be kept on - it was nice to see the union itself getting nowhere with their threats.

I worked for a GM supplier for a while and one of their more senior members let it be known that if his daughter didn't get a job there, there would be a strike (under some pretext). She got in, despite failing the aptitude test, interview, and reference check.

 

[ajetrumpet]

2 of my friends are buying houses (same age as me, 24) and both of them have done so with money from either inheritance or a parents pension. . .

that's the only way to do it over here. i think it's a dumb idea to buy a house in our country, especially when you don't know how long your job will last. people are still buying houses left and right in this country, but the length of job sustainability is still declining. but of course people don't care. the only ones that are not defaulting are the ones that work in the hospitals and have PHD degrees.

 

[mcclunyboy]

exactly what caused the sub-prime market to collapse

 

[Thales750]

exactly what caused the sub-prime market to collapse

What caused it?

 

[Rich]

What caused it?

Speculation

 

[ajetrumpet]

exactly what caused the sub-prime market to collapse

the idiots that started it! who else!? who created the word SUB-PRIME? the government did. why? because they were trying to think of a nice way to say "people that weren't PRIME candidates for mortgages"

loaning money to someone that doesn't have ready proof of low risk the money won't be paid back is stupid and outright ignorant. people that take part in this sort of business practice are the same type of people that would go to Warren Buffet and say, "get on TV and tell the American public to keep investing in the stock market, otherwise there will be a depression". Doesn't matter WHY they tell him to do it....bottom line is that they don't want to take responsibility for their actions, but still WANT, WANT, WANT. just try to earn the power and money, and then pass the buck to let someone else take the fall.

oh wait, they're already doing that...I forgot!

 

[Thales750]

Speculation

You are astute beyond your years grasshopper, but as you well know, you have given the easy answer.

Speculation covers the gambit from A to Z and then some.

Do you care to elaborate or are you going to stick by the easy answer.

 

[Thales750]

the idiots that started it! who else!? who created the word SUB-PRIME? the government did. why? because they were trying to think of a nice way to say "people that weren't PRIME candidates for mortgages"

loaning money to someone that doesn't have ready proof of low risk the money won't be paid back is stupid and outright ignorant. people that take part in this sort of business practice are the same type of people that would go to Warren Buffet and say, "get on TV and tell the American public to keep investing in the stock market, otherwise there will be a depression". Doesn't matter WHY they tell him to do it....bottom line is that they don't want to take responsibility for their actions, but still WANT, WANT, WANT. just try to earn the power and money, and then pass the buck to let someone else take the fall.

oh wait, they're already doing that...I forgot!

You're only 24 years old, so that gives you a little breathing room. However, if you are planning an intellectually based life; now would be as good a time to start, as any.

 

[ajetrumpet]

You're only 24 years old, so that gives you a little breathing room. However, if you are planning an intellectually based life; now would be as good a time to start, as any.

i'll ignore this brainless comment. as for my age though, it starts with a 3, not a deuce. no idea where you got 24 from.

 

[Thales750]

i'll ignore this brainless comment. as for my age though, it starts with a 3, not a deuce. no idea where you got 24 from.

Oh, In that case, I apologize.

 

[Rich]

i'll ignore this brainless comment.

We've been ignoring yours for years

 

[Rabbie]

i'll ignore this brainless comment. as for my age though, it starts with a 3, not a deuce. no idea where you got 24 from.

Check your profile! It says there you're 29 until May.