And yet the market found a buyer. Are you going to live in all those places? If not then I suppose you think you can capitalize on the deal somehow. The market seems to be working for you. That’s good!

Nice 25cents on the dollar. I just wonder when people walk away from the home doesn’t that just mean that they don’t like the home underneath all the other concerns? 10 years ago, one could buy a home in a bulldozed cornfield live in it for five years and sell it at a profit. With that market environment your typical homeowner, could literally live in Hell for five years and still feel they’re doing ok, because there was always another sucker around to take it away once their time in Hell was up. There are flavours of hell, no downtown nearby, no grocery, giant lawns to tend, no lawns to tend, No water home, the living on the San Andreas fault line home, Hurricane alley home, Even the too huge house for your needs but still you live there because when you sell it you think it will appreciate more then a little house.

When Stevphel talks about the condos going at 75% off, in the good neighborhood, it makes me wonder if Las Vagas is really a good place to live.

When I was home shopping I looked at quite a few, and I had strict guidelines of what I would consider.
Yes my home has lost value the last couple years maybe as much as 30-40% but I like it too much to consider walking away. Is that marking to market?

and this is, basically, good news. the least credit worthy fold first, because they are not credit worthy, and the most credit worthy fold last, because they get taken down by the late externals — lost jobs, reduced consumer demand, souring local economy. i am still looking for housing to bottom out this summer. meantime, this is just more housing stock for new buyers. cash gets put back to work for everyone except the home builders.

I am bidding on condos in one of the nicest areas of Vegas for under $40K. Two years ago they sold for $160K+.

Prime or not, people are seeing a 50%+ reduction in home values. And many are just walking away and taking the hit. It’s not about losing jobs or income – it’s about refusing to get screwed. Like hotelwiz said, proportional haircuts are the remedy.

The American revolution was inflamed by taxes and trade issues. The British government owed the Bank of England and was going to make sure the American’s paid the debt.

2008 Now we’re being taxed and only the Federal Reserve seems to profit.

http://www.portfolio.com/views/blogs/the-weiss-file/2009/04/21/bigot-revels-in-his-three-seconds-of-fame

A few of his choice comments are collected here:

http://www.adl.org/main_extremism/turner_own_words.htm

Whoops! The Internet is still a bit of the wild west. Sorry about the (mis)quote and link about the bogus report.

Right on Bruce, the swinging 60s are giving way to the strife of the 70s… or is it the 30s? It is starting to look much more deflationary out there all of a sudden. It is interesting to note that the new target audience for the tax increases in London and NY ($250K/yr earners) can still barely afford the median home in those cities….

I think if we are going to increase taxes we need to look a little higher up the tree – and shake it HARD.

The history books will easily explain the decline and fall of the American empire as analogous to that of so many before it…the Roman Empire, the Ottoman Empire, the British empire, etc. Every empire carries within its creation the seeds of its own destruction, but, since this isn’t a history blog, I’ll refrain from explaining further.

Suffice to say that leaders great and small have little impact on the natural imperatives, the vast biological forces at work, that either compel empire or destroy it.