Another Foreclosure
By Barry Ritholtz - January 27th, 2010, 5:30PM
Cute:
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Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
December 29th, 2009 at 5:09 pm
You should see the taxes and common charges on that condo. No wonder the bird has flown.
January 27th, 2010 at 6:05 pm
Those Vacation Properties are going to suffer…Condo Fees, Maintenance Fees, (hurricane, flood insurance) and the pool of funds that maintain the Golf Courses…. The stuff that speculators and Boomers bought with some of their HELOC’s in resort areas they were hoping to retire to…that aren now undewater, along with their Primary Residence.
How are those folks going to keep up the high FEES without the rental income they were getting that carried the fees until they retired and sold their Primary Residence. What’s going to happen with THAT market. And, this isn’t a total “Speculation Market with Flippers.” These are the folks who bought a condo where they wanted to retire (warm climates) and thought they were making a good investment that the rentals would cover for a few years…then they would sell out their Primary and move to the Condo Place.
No Money…folks can’t vacation like they used to….so the places don’t bring in the income….they can’t sell Primary…stuck with all the Maintenance and Other fees in their retirement place …..and they start to default on one or both properties when their Pensions, 401-K’s, IRA’s and other money just can’t make any returns.
It’s gonna be a long….long….time…coming…. And, it’s devastating for all of us. The old, middle and the young who will see this going down.
January 27th, 2010 at 6:22 pm
I heard it was financed with no worms down.
January 27th, 2010 at 7:08 pm
so the owner flew the coop?
January 27th, 2010 at 7:59 pm
obviously it wasn’t a pigeon living there
January 28th, 2010 at 12:30 pm
This comic by Patrick McConnel is my wife and my favorite! Really insightful stuff on human beings and life through cute animal characters :) Thanks for posting it!
http://muttscomics.com/