Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search


(15,480 posts)
10. Excellent charts. Home equity is the final target of the Ravenously Greedy too-big-to-fail banks.
Tue Jul 30, 2013, 11:34 PM
Jul 2013

The One Percenters and their agents/corporate lackeys have stripped the American work force of fairly paid, full-time employment with traditional benefits (sick time, health insurance, vacation days); continue to layoff workers every year to keep increasing their profit margins, by forcing the remaining employees to work longer hours with no overtime. What's left to legally embezzle? Home equity!

Home ownership, building up of equity, and the gradual rise in the value of said homes, formed the bedrock of financial security for Americans as they reached retirement age. To the bankers/hedge fund traders It's like waving a red flag at a bull - how can WE (bankers/traders) be the ones to enjoy the equity of residential properties/single family homes? Just foreclose and purchase on the cheap, rent on the high side.

In Florida, for example, homeowners driven into bankruptcy, learned that their homes could be purchased at sheriff's sales for only $100. This compares to a state like Ohio, where homes to be sold at sheriff's sales had to be appraised by 3 different appraisers, and could be sold for no less than 60% of the average appraised value. My daughter bought her first home, in Ft. Myers, FL, at the height of the bubble - paid 20% down, on a $140,000 condo. A year later, just as the bubble burst, her Florida office was closed down & she had to move to another state to find employment. She carried the mortgage on her Florida house for a year as the market continued to plunge downwards, basically throwing money down the toilet, and finally consulted with a bankruptcy attorney and decided to go that route. (Her mortgage holder refused to write off any part of the mortgage so she could sell it.) Whatever banker/realtor snapped up this beautiful new condo for $100, turned around and sold it within a month for about $50,000. She lost her life savings (the down payment) plus paying mortgage/taxes/insurance for a year before finally admitting defeat.

Did y'all get that? A nearly new, $140,000 condo for ONE HUNDRED DOLLARS! And THAT, boys and girls is how wealth is transferred upward in the good ole U S of A!

And why is rising home prices a good thing? postulater Jul 2013 #1
And therein lies the fundamental problem NutmegYankee Jul 2013 #2
For those that own a home... Omaha Steve Jul 2013 #3
Starting small is good. For that matter looks like she could start around 1996. jtuck004 Jul 2013 #5
Excellent charts. Home equity is the final target of the Ravenously Greedy too-big-to-fail banks. Divernan Jul 2013 #10
My sister and her hubby moved down there on a job offer while the banks jtuck004 Jul 2013 #12
Because, if you are like me and you got a mortgage for 150k home... phleshdef Jul 2013 #7
And yet you are still better off than perhaps 5 or 6 million families who were foreclosed on jtuck004 Jul 2013 #14
Me being better off doesn't mean its a bad thing that me (and a shit load of other people) get our.. phleshdef Jul 2013 #16
I didn't say it's a bad thing. I said even if you don't, it doesn't mean you are jtuck004 Jul 2013 #18
With the level of quantitative easing the Fed is pursuing... roamer65 Jul 2013 #4
Lenders & hedge funds buying foreclosed properties; turning US into nation of renters Divernan Jul 2013 #6
+100 nt Mojorabbit Jul 2013 #9
yes, the #1 investment of many of the 1% is real estate. welcome your new Landlords Sunlei Jul 2013 #21
It's depressing madville Jul 2013 #8
Probably the wisest thing is to hang on to that 25k Divernan Jul 2013 #11
sometimes you can find something in your price range. Sunlei Jul 2013 #22
From what I heard around here is that many investors are buying up cheap properties? Rosa Luxemburg Jul 2013 #13
I'm not happy about a market turning single family homes into rental properties. Divernan Jul 2013 #15
That is the quickest way to drive down housing costs. AngryOldDem Jul 2013 #23
"Creeping shabbiness" describes not only rental houses, but the US as a whole Divernan Jul 2013 #25
We rent abelenkpe Jul 2013 #27
These numbers do not reflect that Wall Street is behind them through mass purchase of foreclosures. Fire Walk With Me Jul 2013 #17
Please read this ^ abelenkpe Jul 2013 #26
How about 2 more rec's to keep this thread alive & get it on main page? Divernan Jul 2013 #19
Everything is always bad news. JoePhilly Jul 2013 #20
This message was self-deleted by its author CountAllVotes Jul 2013 #24
Since the middle of last year mine has gone up about $10,000 per month MindPilot Jul 2013 #28
Obama is a communist and a Muslin Kingofalldems Jul 2013 #29
Latest Discussions»Latest Breaking News»US home prices rise 12.2 ...»Reply #10