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Home Sales Drop 27 Percent In July And Things Are Only Going To Get Worse For The U.S. Housing Industry

On Tuesday the National Association of Realtors announced that existing home sales in the United States dropped a whopping 27.2% in the month of July.  The consensus among analysts was that we would see a drop of around 13 percent, so when the 27 percent figure was announced it sent a shock through world financial markets.  To say that the real estate industry is alarmed by these numbers would be a tremendous understatement. What we are seeing unfold is essentially "Armageddon" for those involved in the housing and real estate industries.  The real estate market is grinding to a standstill and a shockingly low number of people are actually in the market to buy a home right now.  In the months ahead home sales may pick up a little bit, but only if housing prices start to fall.  Why?  Because right now there are tons of houses on the market and there are very few qualified buyers available to purchase them and potential buyers are starting to realize this.  Buyers are beginning to understand that they have all the leverage now and they are waiting for prices to fall.

Anyone who has taken Economics 101 in college knows that when supply is high and demand is low prices will fall, and that is exactly the situation we have in the U.S. housing market right now.

At the moment, most home sellers in the United States are very hesitant to lower the prices on their homes too much.  Many have no intention of selling their homes below what they originally paid for them, and many others truly believe that the housing market will eventually rebound.

But the truth is that housing prices are simply not going to rebound to 2006 levels.  If anything, they are going to continue to fall.

The following are the three basic points that every American needs to understand about the U.S. housing market right now....    

1) There Is A Gigantic Mountain Of Unsold Homes On The Market

There are a staggering number of unsold homes on the market right now.  As you can see from the chart from the Calculated Risk blog below, there is now over a year's worth of unsold homes flooding the marketplace....

So who is going to buy all of those unsold homes with so few qualified purchasers in the marketplace?

That is a very good question.

Unfortunately, all the signs indicate that the glut of unsold homes is going to get even worse.

As of this March, U.S. banks had an inventory of 1.1 million foreclosed homes, which was a new all-time record and which was up 20 percent from one year ago.

And the tsunami of foreclosures and repossessions just keeps growing....

*One out of every seven mortgages were either delinquent or in foreclosure during the first quarter of 2010.

*According to RealtyTrac, a total of 1.65 million U.S. properties received foreclosure filings during the first half of 2010.

*U.S. Banks repossessed 269,962 U.S. homes during the second quarter of 2010, which was a new all-time record.

The supply of unsold homes is already incredibly massive and it is growing at a staggering rate. 

With such a flood of homes on the market, why in the world would anyone in their right mind pay a premium price for a home in 2010?

2) There Are Not Nearly Enough Qualified Buyers Seeking To Buy Homes

The banks and lending institutions that survived the subprime mortgage crisis of 2007 and 2008 learned some very valuable lessons.  The days when even the family dog could get approved for a home loan are long gone.  Now the pendulum has swung to the other end of the spectrum.  Fearful of making more bad loans, banks and lending institutions have really, really tightened up lending standards.  So a lot fewer people are getting approved for home loans these days.

That makes a lot of business sense for banks and lending institutions, but it also means that there are a lot fewer qualified buyers out there looking for homes.

Not only that, but millions of Americans who could potentially buy homes are waiting for the market to go down even further.

When you add that all together, you get the kind of home sales numbers discussed at the beginning of the article.

The Mortgage Bankers Association recently announced that demand for loans to purchase U.S. homes has sunk to a 13-year low.  Unless the number of Americans getting approved for home loans starts increasing, you simply are not going to see housing numbers recover much.

And the truth is that Americans are not even doing much browsing for homes right now.  Even Internet searches for homes are way down.  Internet searches on real estate websites are down about 20 percent compared to this same time period in 2009.

So with a massive flood of houses on the market and with very few qualified buyers to purchase them, how in the world are housing prices supposed to go up?

3) The Housing Industry Will Never Fully Recover Without A Jobs Recovery First

In order to get qualified for home loans, Americans have to have good jobs first.  But in this economy that is a huge problem.

Robert Dye, a senior economist with PNC Financial Services Group, recently told USA Today what he believes the bottom line problem of this housing crisis is.... 

"Jobs, jobs, jobs"

Today, 14 million Americans are unemployed and millions more are underemployed.  Unfortunately, there are not nearly enough good jobs for all of them.

Today it takes the average unemployed American over 8 months to find a job.  The number of Americans receiving long-term unemployment benefits has risen a staggering 60 percent in the past year alone.

Things have gotten so bad that according to one recent survey 28% of all U.S. households have at least one person that is searching for a full-time job.

To get an understanding of how horrific the unemployment situation has become in the United States, take 38 seconds to watch the incredible video posted below....

The truth is that without jobs, Americans simply cannot buy homes.

So is there any hope that we will see a robust jobs recovery any time soon?

Well, as I have written about previously, unfortunately there is every indication that the employment market is going to get even worse.

So the bottom line is that the housing market is going to continue to suffer.

There is going to continue to be a massive glut of unsold homes on the market.

There are going to continue to be very few qualified buyers in the marketplace.

Large numbers of Americans are going to continue to be unemployed.

Yes, that is a lot of bad news, but you aren't reading this column to get the same kind of mindless optimism that you get from the mainstream media news.

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  • Flyer1

    If housing prices decline to the point where someone earning $10 per can buy a house, then I think the housing market will improve.

  • Pangea

    It took longer than expected (via stimulus). But it’s all coming down now. It only remains to be seen, how much damage the $8000 tax credit scheme did, by baiting what was left of the qualified homeseekers, to buy in essense… an overpriced nightmare.

  • http://colonelgirdle.wordpress.com/ colonelgirdle

    And thank you for not spewing more of that mindless optimism we hear from the mainstream media. As I discuss in my latest blog, “The Tinkerbell Economy,” the so-called experts are always shocked at the continuing downward economic spiral. Then they assure us that prosperity is just around the corner. Their basis for that belief is nothing more than wishful thinking.

  • OtownRightGuy

    With interest rates at 4% if people aren’t buying now, they never will at these price levels. This post is right. We are going lower in spite of what the realtors have been saying. And jobs are simply NOT COMING BACK. I hope you bought gold and silver people. Good luck. Its going to get worse. A lot worse. Wait until next year’s massive tax increases kick in combined with health insurance premium jumps. Who knows what else? An insane neocon war with Iran?

  • Save the Republic

    You can expect that house prices will continue to decline. Many will wait to sell because they want to get the price they expect, but there will always be some people who must sell for certain reasons (i.e. job relocation, estate sale, ???). When these sellers “take what they can get”, it will force anyone else looking to sell to compete with that new, lower price level. The longer the shortage of buyers, the more prices will continue to be pulled down over time. All of this downward pressure will also continue to erode away the need for jobs in new construction also, since there are certain costs associated with building supplies that can’t be reduced, which will make new construction ridiculously priced compared to existing homes. The market is seeking a new level, and when the number of available houses starts dramatically shrinking, you will know we are approaching what that new price level will be.

  • RedGypsy

    So the next step down.

    One reason the economy is not going to recover is
    fuel is going to have to get more expensive to have a reliable supply of it.

    Same with food.

    Yet our economy cannot stand higher prices on gas or cheeze doodles.

    Stock up now

    Red

  • Jack Nichols

    As Groucho Marx said in Duck Soup 1936 “of course you know this means war” When all else fails they take us to war. Too bad everybody has nukes. Nothing good will come from this housing collapse.

  • John Thomas

    “Who knows what else? An insane neocon war with Iran?”

    Neocons? ROFL! The Conservatives have no say at all what-so-ever and haven’t since 2006. This is a liberal induced slide started by Frank and Dodd. This was fueled by ALL of the democraps and a several republicRats, all I can say is “You voted for it, now you can reap it”.

  • VegasBob

    Real Estate is an asset that comes partnered with an immense set of liabilities. Housing is definitely not an investment.

    Think about property taxes, interest on the mortgage, maintenance and repairs, landscaping, etc. etc. etc.

    I listed property taxes first, because over the next 10 years, America’s property owners are literally going to be impoverished by rising property taxes.

    Property taxes will be rising dramatically to fund outrageous government pensions that are not even available in the private sector. Those who think they can ‘retire’ off their house will wind up living in the poor house…

  • Paul

    I have already posted and again I am posting this. I have bought a house in San Jose back in 2000. It was for 270K. I have sold it when people were crazy to but a house in 2009 with 100% profit. The reason why I sold that house was its not worth to pay 270K, then I was wondering why people pay 550K for this. I live in India now. Housing commodity prices are same every where and I could biuld the house with 100K in India. That tells,no wonder why housing will never recover.

    Before selling the house I did research and if you had bought a house back in 1900, the price was almost same until 1996 (It went down in depression and was back in 1970s to the original price). The bubble happended during 1996-2006. THis price will be back to 1900 levels.

  • http://www.LasVegasRealEstateHome.com Paul – Las Vegas Realtor

    Interesting… Las Vegas Home Sales only had a 12% decline for the same period. All of the current numbers are only pointing to the fact that Government Programs such as the first time homebuyers tax credit and all of the other programs ONLY delayed the inevitable.

    For Markets not allowed to correct before the programs and First time homebuyers tax credit… expect further declines and a lot of pain.

    When you look at Ground Zero for foreclosures (Las Vegas) and we have a 12% decline in sales compared to the national average of 27%… it’s just further proof that the Government needs to get out of the way and allow the real estate correction to take place.

  • http://www.homeloanpresident.com Mark Lieberman

    There is one bright spot in real estate that may just get the real estate industry moving again in a few years. That bright spot is “Retirement Real Estate” There are 80 million Baby Boomers retiring and they will be selling their McMansions to down-size to smaller homes. I live in a McMansion myself, but three years ago I purchased a retirement home. My McMansion is going down in value, but my retirement home is going up in value even in this horror movie market!

  • TnAndy

    “Who knows what else? An insane neocon war with Iran?”

    Well of course…..haven’t you read the
    tried and true “how to get out of a depression” playbook ?

  • TLC

    “A home is the best investment you can make” Didn’t we buy into this claptrap big time? “Borrow and buy as much house as you can” You betcha. REALITY: A home is a consumable, a place to live and a place to store your stuff- NOT AN INVESTMENT

  • http://www.1sttnrifles.com Freedom Rings

    This post is right because, if your in debt or want to “go” in debt, you have to have a “JOB”, no job means , no house, car, small business, big boy toys, etc. How can you have a jobless recovery without work??? The NWO do not want you to have a job or anything else for that matter, oppressed, suppressed and depressed is the way they want it. Things will only get worse, that is something you can bank on…..

  • Karen W Poore

    Right Guy,
    Every time I look at my house payment (excuse me, I mean interest payment )-;) it makes me so mad.

    WHERE DO YOU BUY SILVER AT?

  • Karen W Poore

    ps Anyone want to buy our house for more than it is worth??????

  • Lennie Pike

    Home sales drop 27% in July. Good thing that statistic comes from the National Association of Realtors and not the rulers of the United States. The MSM has no choice but to report it. It would probably be in positive territory otherwise.

    On the Fox Business Network a guest was on today who said that Americans have nothing to complain about because never in the history of the U.S. has there been more consumption than now.

    He told the truth and knows he told the truth, but he was a lier. Some people just are. I don’t know why. Total consumption has never been higher, it’s just that PER CAPITA!!! consumption is dropping like a rock. It is impossible to have an economic depression without consumption falling. That is obvious to anyone but this guy wants us to believe otherwise. That’s how stupid these rulers think we are, and they have good reason to think it. Stuart Varney told him – hmmm you might have a point there and we will consider it. All part of our conditioning which has to take place when the heat is turned up on the boiling pot with us frogs in it. Same Stuart Varney who said it was absolutely necessary to bail out Wall Street and who liked the Financial Reform Bill a lot. It is good that now when your credit card interest rate is hiked, that they need to tell you the reason why. You will feel a lot better about it. It’s also great that the derivative game is still on and that certain banks are still to big to fail. Varney probably works for the Bank of England and should go the hell home and take his precious British Accent with him.

    What this guest didn’t say was that he counted the consumption of the 100 million newly arrived illegal and legal immigrants to come up with that number and that it is the total amount of consumption, not the per capita number. Total consumption is rising – No s***t Sherlock!!!

    I bet another statistic would show that the rate of decrease of consumption for these new arrivals is a lot less than the rate of decrease of consumption of Americans, that is if there is any rate of decrease for our foreign job takers at all. Can’t blame them for taking the job offer though, and with government benefits, paid by the ones who have had their jobs given away. How does that work again?!!!!!!! WHO DOES NEED TO BE BLAMED AND DEALT SEVERELY WITH?

    They are here to be given our jobs, it is logical that they would have a better ability to consume than us, especially when health care and much more is free!!!!!!!! This causes civil disobedience in most countries people!

    The reason for reports like this one is so that the rulers can continue on with what they are doing to us. There is only one party. Republican or Democrat does not matter. Cnn or Fox does not matter. Terrorists are a much smaller threat than they are made out to be. You need an enemy so that your worst enemy will not be recognized. The politicians, media, bureaucracy, judicial system, are all doing the same work for the rulers and controlled by the same people whether they know it or not. Most of them do know, and now the American People are slowly catching on. The more they suspect we are catching on to their deception and abuse, the wider the chasm between the two sides seems to become, and the more vicious the arguing between the two sides seems to be. All done intentionally to deceive Americans (and the foreign workers since they vote too) into feeling they have a real choice and to choose either one side or the other.

    To them it doesn’t matter which side you choose, just don’t choose anything else – or else!!!!!

    Americans won’t catch on fast enough, these people are very good liars and they are going for world control now. A lot of people that do know are going to die or be imprisoned due to the fact that most others will accept it to being ignorant that is so simple not to accept.

    Although I have been instructed to turn the other cheek, and have done that most of the time in day to day living, there is also a passage in my rule book for life that says it is now time to ” go buy a sword ” and that statement was made to fight the exact same type of people who are now on the brink of ruling the entire world and for the same reasons. I will not be one of the ones imprisoned. Evil thrives when good people do nothing. You have the right and permission to do something. Let’s Go!!!!!!!!

    I’m warning you fellas, really starting to get steamed.

  • El Pollo de Oro

    And there is another foreclosure crisis that will be doing its part to make this depression even worse: tax-related foreclosures. The foreclosures we hear a lot about from the media are bank-related foreclosures–that is, people can’t make their mortgage payments and lose their homes. But there are also homeowners who have paid off their mortgages yet are in danger of foreclosure because they have fallen behind in their property tax payments. It’s a vicious cycle–The Banana Republic of America (formerly known as the USA) goes into a depression, homeowners lose their jobs, governments lose tax revenue, governments raise property taxes through the roof to offset loss of tax revenue, homeowners can’t make property tax payments because they’re out of work, homeowners lose their homes and become ex-homeowners. And many of these homeowners (soon to be former homeowners) are getting a double whammy: they lost their jobs and their property taxes went up, which is a very toxic combination.

    Where is the bailout for homeowners who are struggling to make their property tax payments? Oh, that’s right–bailouts are only for the criminals, thieves and despots of Wall Street, also known as Satan’s Highway of Horrors.

    Anyone who denies that The Banana Republic of America (BRA) is becoming more and more of a Third World hellhole is delusional. The iron domination boot of the oligarchy is crushing everything in its path, and the misery will only get worse–actually, a LOT worse. Bienvenidos a la República Banana de América, tierra de lágrimas…..tierra de sufrimiento, tierra de agonia, tierra de sueños destrozados.

  • Matt

    The only thing keeping us from sinking to a 3rd world nation is the artificial propping up of the economy by the federal govt. When they can no longer prop, we will sink to a 3rd world poverty dominated society complete with the 0.1% super-rich ruling elite.

  • http://modernsurvivalonline.com Rourke

    The domino’s are going to continue to fall. The process may be slow – but the outcome is inevitable.

    Take care all –

    Rourke

  • Tim

    Karen,

    APMEX is a good precious metals dealer. Their web address is http://www.apmex.com. Now is the time to buy. Silver and gold are on their way up.

    Tim

  • William

    Don’t forget that in addition to the 27% drop in existing home sales, NEW home sales also fell 12%! We are SOOOO screwed!

  • Joe the clerk

    Home prices need to come down. It’s a good thing if they do… Means less property taxes for me and more affordable housing for normal people. Let them crash another fifty percent. The more the fed intervenes in the natural cycle… The more likely we will have total collapse of the system and all will suffer even more than natural deleveraging of a bubble cycle.

  • http://businesslawspot.blogspot.com Knute Rife

    Even if a potential home buyer can be optimistic and reasonably foresee some semblance of a steady income stream, that doesn’t mean he can foresee working in the same place next year. The people who can afford to buy a house are increasingly gypsies due to work. So why would they buy?

  • Karen W Poore

    Thanks for the link Tim!
    Karen

  • Benjamen Franklin Jr.

    If the housing market is deflating, the auto industry is deflating, the manufacturing is deflating, the stock market is deflating,bond markets are deflating, how many more sectors are required to deflate before we’re in deflation?

  • Maria

    This economic depression is inevitable, and lots of factors have contributed to its development. While it is important to understand how we got here, it is imperative that we start taking action to rebuild America.

    I agree…it is too late to vote people into office who can stop the chaos from happening, but it is not too late to kick out those who have been “hell bent” on destroying this country. We can put the right people in office to spearhead a recovery…no matter how long that will take.

    People of America need to unite and use what is left of our economic power to start changing the tide. We need to stop giving our money to the mega banksters. Payoff our debt to them as quickly as possible and vow never to use them again….they hate early payoffs. Put our money back in circulation in our local communities. Support local markets. Bring back the “Mom and Pops.” They made our clothes, shoes, tools, furniture, linens, decorations, timepieces and a million other little things. It will start small and work into the bigger things like cars and machines, etc. If we create a demand for American made, then it will be made in America. Let’s cut our ties to those companies who offshored our jobs and create new companies that will bring them back. Stop buying at Walmart, Target and corporate food like McDonalds and Burger King.

    We are going to have to accept a lower standard of living…at least for a while. While it is fresh in our minds, this feeling of being enslaved by the mega corporations, let’s stop buying from countries and companies who enslave people for profit. If we buy anything not “made in America” or “grown in America”, then let’s help raise the living standard of people all around the world. Don’t buy cheap, sweat shop products. No more made in China! We have enabled those tyrannical governments and mega corporations to enslave their people…and in turn ourselves.

    Break the chains people! It is going to be hard, but it isn’t impossible. We can lay down and take it, or we can UNITE and FIGHT!

  • http://FlusterCucked.blogspot.com Frank the Underemployed Professional

    Robert Dye, a senior economist with PNC Financial Services Group, recently told USA Today what he believes the bottom line problem of this housing crisis is….

    “Jobs, jobs, jobs”

    Today, 14 million Americans are unemployed and millions more are underemployed. Unfortunately, there are not nearly enough good jobs for all of them.

    When dealing with economic statistics that can be manipulated for political purposes, such as our unemployment rate, in order to get a better sense of the real picture, it is sometimes informative to look at secondary indicators.

    What does the housing market tell us about the real state of the economy and this nation’s employment situation? If people are not buying homes after the prices have dropped* and with 4.5% interest rates it suggests that a huge amount of people are unemployed, underemployed, or working dead end poverty-wage jobs.

    *Another part of the problem may be that housing prices are still very inflated and need to drop further.

  • Mark

    “The Conservatives have no say at all what-so-ever and haven’t since 2006. This is a liberal induced slide started by Frank and Dodd. ”.
    More mindless left vs right dribble.
    There is no left right
    There’s owners vs slaves
    You and me is slaves pal . Get used to it.

  • Something Wicked This Way Comes

    The real unemployment rate in this country is 22%. That is verifiable.

    That old jobs are being replaced with lower salaried ones is de facto. Corporate Amerikka has us by the cojones.

    I have been renting for three years. Homwowners bought off on the established belief (OPINION) that houses always go up in value. Now they are holding the bag- shell shocked that they are getting their backsides kicked. They simply can’t get over the fact, come to the realization, that they got hosed. Real estate is not going to come back in their lifetimes.

    Now our parasitic government is going to try and raise levy rates everywhere. Think long and hard before giving the bank 5% and watching government take another 3% slice out of your rear. And don’t think that hallowed home owners exemption is gonna last forever either. If that fades away, and I think it will, that will set the whole world of real estate on it’s ear.

    I’m not falling for this BS again. Those idiots who jumped for that chump change tax credit and overpaid for their houses, got a crappy rate and will see a 20% slide and erosion on their purchase price. I would not be surprised to see that bunch begin to default… trust me when I tell you this. Anytime government whispers in your ear- just do the exact opposite. You will be fine.

  • tyrusray367

    “The consensus among analysts was that we would see a drop of around 13 percent, so when the 27 percent figure was announced it sent a shock through world financial markets. Only 3.83 million units were sold in July, which was down from 5.26 million in June, and which was the lowest number that the National Association of Realtors has ever seen since they began tracking this statistic back in 1999.”

    Just to clarify — 276,000 units were sold in July. The annual rate is 3.83 million units (276,000×12). Seriously doubt over 1% of Americans bought a house in July.

  • Tom Thumb

    All these empty homes. Where did the homeowners, who didn’t sell these homes (’cause then the homes wouldn’t be empty) go? Some must have died. Some must have left the country. Some must be homeless. Some must be living somewhere else, maybe moved in with their parents or kids. Then there are folks who would buy these empty homes but can’t and folks who could buy these empty homes but won’t. We will see the triumph of capitalism when all the homes in the neighborhood are empty and all the folks who live in the neighborhood are camping out in the park.

  • OtownRightGuy

    Tim and Karen: Yes I buy metals at APMEX too. Good prices and quick deliveries.

  • sonnyboy

    The banks are allowed to borrow unlimited amounts of money from the Fed at virtually zero percent interest. These banks should dramatically lower the interest they charge on credit cards and mortgages. However, I seriously doubt that they will do so. Therefore, this financial crisis will continue unabated for some time to come with the assets of most middle class Americans depreciating dramatically. The bottom is still quite a ways off.

  • JZ

    Ok, the house sales are plummeting…. how long until the free market kicks in and lowers the actual prices?

  • http://www.yournorthochomes.com Fullerton Homes

    I believe that most of this information is true but we shouldn’t expect a V shaped recovery. Last summer during the real estate season home values went up a little. This real estate season home sales have gone down. It wont be a smooth ride to recovery but we will recover.

  • http://www.coasthomebuyers.com/blog CH

    Imagine what the continuing crash is going to do to the budgets of local governments that lived high on the hog during the housing boom. As properties are reassessed down, the lower property tax rates are going to blow more holes in budgets that already have massive holes in them.

  • Ian MacFarlane

    The main reason that house prices and sales will not recover, or recover only weakly, is that the Republican tax and fiscal policies since 1981 have decimated the middle class. Republicans engineered a massive social shift that increased income share only to those who were in the top 20 percent of income earners. Everybody else lost. The greatest gains went to the top 1 percent and the poor and middle class saw a rise in state taxes and excise taxes. We now have the same income distribution, biased towards the rich, that we had in 1929. The gains made by the middle class in the 1940s, 50s, 60s, and 70s are gone. In the past ten years the middle class have been eating their home equity to stay even and that bubble burst in 2008. We will have to redress the unequal income redistribution that those policies cost us before we will recover from this Great Recession. Want proof? Just google the GINI coefficient. Read it and never elect another Rethuglican as long as you live!

  • Allan

    Tulving has the best gold and silver prices you can find on the internet. I’ve never seen anyone beat their prices. The only downside is that there is a minimum of 20 oz gold and 500 oz of silver per order. They offer free shipping and insurance and overnight delivery once your money has cleared.

  • David

    The housing markets are bad off, and will remain so for a long time. I bought my home just before the bubble and I still have lost value but not too much. But, I cannot rent a home for what I pay in mortgage, tax and insurance.

    The decline of the housing market was seemingly bad for the economy because banks were failing due to defaults. Thanks to our future children, this is not a problem anymore. But the crash also ended a spiraling cycle of profiteering across many markets. It actually may have been the best thing that happened since Bush left. It had to end! Every re-po’d home does hurt individual Americans though. But unfortunately for the individual, it is usually their own fault. When you cannot afford something, yet you cling onto it, it just brings you down more. Losing it may bring you the greatest freedom.

    With that being said; every home that is re-po’d now just cost banks big money, especially if they have to hold onto it for a while. And like I said back in 2008; Burn baby, Burn!

    By us repeatedly buying and loosing these homes is one way banks can profit from them. The banks know that holding a property is a very poor investment and soon will have to give it up at a big loss. A decline actually may be a good indicator that Americans are finally coming to grips with reality. We can only hope.

    I would have to agree with Maria the most out of all the posts here. Re-investing in each other, the real America, would have a significant positive effect.

    Investing in gold and silver is investing in instruments of the bank, and it is marketed to you; therefore beware!

    If things really do hit the fan, then knowledge will be of much more use to you and your family than any precious metal. You’ll be forced to barter the gold and still not be able to do for yourself, as you would with knowledge.

    Knowledge, can feed you, cloth you, and provide for your family. Unless you plan on smacking someone over head with it, gold cannot do anything practical for you unless you barter it.

    Don’t start to feel safe curled up with your LITTLE bag of gold. Gold is at an all time high, just like your house used to be. So unless your knowledge has led you to a place where you can dig it up out of the ground, good luck with that.

  • Juan Ramirez

    Getting qualified for loans is the least of concerns right now. Getting a job is # 1! For two years now, I have been living off of savings, selling properties, borrowing, and receiving help from family and friends.

    What we need–not in the U.S., but in the world–is a huge re-engineering of our production and financial schemes. By “huge change,” I really mean HUMONGOUS.

    Ours is not just a problem of “bringing jobs back to the U.S.” Jobs could have been kept in the U.S. by imposing tariffs to goods from China. Why wasn’t this done? Because the world’s manufacturing conglomerates could not continue polluting the rivers, lakes and oceans of the “civilized” world. Instead, they chose to deliberately transfer their manufacturing operations to China and other countries, where most people live like animals. Half of the Chinese population has no access to drinking water; millions are dying of cancer from ingesting chemistry-infested water, and many millions more are developing cancer-like conditions.

    The solution to the united States’ problems lies not in a local strategy; without a concerted world plan, our planet is doomed to destruction; sooner, than later.

  • http://www.realfreestuffforall.com Susans Freebies

    Hoping it doesn’t get as bad as it sound, getting prepared. Thanks!! <3

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