Home Precious Metals

Real Estate to grind to a halt, boom for Gold & Silver?

Wolf359Wolf359 Posts: 7,653 ✭✭✭

JP Morgan stops using MERS

If you have a MERS mortgage, you may have a home that cannot be foreclosed upon because MERS has no standing in state courts (Missouri, Ohio, Florida) to foreclose. So the real estate industry is in deep do do with title
questions that appear to have no possible resolution. The TBTF banks either need a new bailout or they go down for count. How will this affect Gold and Silver? Are we at the edge of a titanic explosion?

Comments

  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    We should be but they make the rules as they( talking heads ) see fit.

    I heard no actions until after elections so I'm thinking both party's are worried big time.
    Avid collector of GSA's.
  • Huge issues lie ahead. Look at all the houses in limbo right now. In Texas, you can't foreclose, evict anybody or sell a foreclosed home. How long do people live for free? Will people get their mortgages wiped away? Lawyers are already telling folks to stop paying their mortgages and when the bank asks for the money, ask them to produce the original loan docs. I have always paid my mortgage so once again I'm on the losing side of the equation! I'm sure the politicos will structure an answer that will buy them votes. There will undoubtably be more QE involved to compensate all the victims - states, municipalies, pension funds, UNION pension funds, etc all own these bonds. Probably if you make more than $250K you will just have to eat your losses though your nice $3K/year deduction!

    Oh, and IMHO it doesn't matter, gold and silver will go up as the dollar goes down which HAS to happen regardless. The economy has to grow in either real or nominal terms to absorb the our national debt (and we all know there's no real growth out there).

    Randy
  • HalfStrikeHalfStrike Posts: 2,202 ✭✭✭
    It sounds like this issue will be going to the Supreme Court eventually and I am guessing they side with MERS.
  • Wolf359Wolf359 Posts: 7,653 ✭✭✭
    Free homes for everyone!

    ...despite various comments from the Obama administration, foreclosures are governed by state law. There is no real federal jurisdiction.
    Foreclosure Fraud: It's worse than you think

  • derrybderryb Posts: 36,110 ✭✭✭✭✭
    This is a HUGE problem and the seriousness of it is only begining to be be understood. It is already bringing the marketing of foreclosed homes to a screeching halt which will destroy what remaining real estate market we have. This could also eventually lead to massive failure of many TBTF banks that are facing astronomical administrative and legal fees. In addition the massive inventory of foreclosed property is frozen until the problem is resolved. States control mortgages and thank goodness there is little that Washington can do to protect the TBTF banks other than giving them more tax dollars to deal with it. The straw that will break the camels back and shoot PMs to the moon is the lack of confidence in the banking system that will quickly overcome the American population. There will be runs on the banks as they start to fail. Once it begins it will mushroom overnight. This is extremely bad news for the economy and the single most positive event of the year for the price of PMs.

    Zero Hedge had an interesting post today that should scare the hell out of all of us:

    "In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in "foreclosure expert" jobs with no formal training, a Florida lawyer says." And it gets even scarier - these "experts" pretty much all confirm they participated in fraud, either willingly or unwillingly: "In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn't define the word "affidavit." Others didn't know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure affidavits and that they agreed with the defense lawyers' accusations about document fraud." And here is punchline: " In what is perhaps a sign of things to come, a Simi Valley, Calif., couple and their nine children broke into their foreclosed home over the weekend and moved back in, according to television station KABC of Simi Valley. The family was evicted from their Spanish-style two-story in July. The home has been sold, and the new owner was due to move in soon." And this is a problem that will go away in a few months?"

    Zero Hedge post

    Any chance we had of not experiencing the "projected" upcoming Greater Depression just got eliminated. Hold on to your seats for this one folks. Here's an interesting link to request info on who holds your mortgage note. Turns out the law is on your side in seeking this information.

    Where's The Note?

    The decline from democracy to tyranny is both a natural and inevitable one.

  • TWQGTWQG Posts: 3,145 ✭✭
    This will have the effect of a new wave of people not paying their upside down mortgages.
    In addition, the tidal wave of Prime loan resets will crest next spring-summer.
    US real estate is headed lower long term.
  • BearBear Posts: 18,954 ✭✭
    Perhaps this will force banks to make good mortgages and keep them at the

    bank until they are paid off. That is, for the banks that are still in business when

    this matter is resolved. I do not know how others feel, but the big financial institutions

    and their blood sucking executives have to be burned until they are charred. Unfortunately

    the FDIC does not have the money to make good on the big banks deposits if they go under.

    For the folks who hate all government regulations and strong enforcement, this is what happens

    yo J6P. In the end it is the working stiffs that will pay the price.

    There once was a place called
    Camelotimage
  • derrybderryb Posts: 36,110 ✭✭✭✭✭
    This second round of trouble is caused by the same thing that caused the first round of trouble - Mortgage Backed Securities. Shut down all of the big banks and warn the remaining little ones to behave themselves.

    Gonzalo strikes again

    The decline from democracy to tyranny is both a natural and inevitable one.

  • BearBear Posts: 18,954 ✭✭
    This time, there will be NO TARP!
    There once was a place called
    Camelotimage
  • jmski52jmski52 Posts: 22,301 ✭✭✭✭✭
    This seems like a real good time not to dabble in real estate.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,110 ✭✭✭✭✭


    << <i>This seems like a real good time not to dabble in real estate. >>


    Probably a good time to verify who actually holds your mortgage note. Reqardless of how long ago you bought your home, if the note got lost in the MBS shuffle, it could very well affect you when you either sell or pay off the note.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • pf70collectorpf70collector Posts: 6,503 ✭✭✭


    Art often imitates life. Unfortunately, I believe this is where we are headed. Idiocracy
  • cladkingcladking Posts: 28,305 ✭✭✭✭✭


    << <i>Art often imitates life. Unfortunately, I believe this is where we are headed. Idiocracy >>




    Almost every human advancement since we developed speech has diminished the
    value and utility of reason and intelligence. This de-evolution really started 40,000
    years ago and started gaining steam 4000 years ago.

    It's certainly been gathering momentum in the last few decades.
    Tempus fugit.
  • BaleyBaley Posts: 22,658 ✭✭✭✭✭


    << <i>
    Almost every human advancement since we developed speech has diminished the
    value and utility of reason and intelligence. This de-evolution really started 40,000
    years ago and started gaining steam 4000 years ago.

    It's certainly been gathering momentum in the last few decades. >>



    That might be the most ridiculous thing ever said on here (not that there isn't a lot of competition)

    Liberty: Parent of Science & Industry

  • bronco2078bronco2078 Posts: 9,964 ✭✭✭✭✭


    image
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    In So Cal it's a strong sellers market. There is a shortage of houses for sale (extreme in some areas) and homes are selling for over list.

    I think a lot of buyers are starting to realize that interest rates are indeed going to move up combined with people that would like to sell ( downsize) but are fearful that they wont be able to find suitable housing in return. Net result- sellers market.

    Mark




    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • mariner67mariner67 Posts: 2,746 ✭✭✭


    << <i>In So Cal it's a strong sellers market. There is a shortage of houses for sale (extreme in some areas) and homes are selling for over list.

    I think a lot of buyers are starting to realize that interest rates are indeed going to move up combined with people that would like to sell ( downsize) but are fearful that they wont be able to find suitable housing in return. Net result- sellers market.

    Mark >>



    It is the same in northern California.
    Lack of inventory is resulting in very robust sellers market.
    Successful trades/buys/sells with gdavis70, adriana, wondercoin, Weiss, nibanny, IrishMike, commoncents05, pf70collector, kyleknap, barefootjuan, coindeuce, WhiteTornado, Nefprollc, ajw, JamesM, PCcoins, slinc, coindudeonebay,beernuts, and many more
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,794 ✭✭✭✭✭
    RIP Abe…
    In other news:
    Who doesn't enjoy a good revival ?
  • BaleyBaley Posts: 22,658 ✭✭✭✭✭
    Buying another vacation/rental place, this one in the Pacific Northwest. It was on the market 2 days, sold for more than the asking price, and had multiple backup offers, some all cash, in case our deal fell through.

    Liberty: Parent of Science & Industry

  • OperationButterOperationButter Posts: 1,672 ✭✭✭


    << <i>Buying another vacation/rental place, this one in the Pacific Northwest. It was on the market 2 days, sold for more than the asking price, and had multiple backup offers, some all cash, in case our deal fell through. >>



    That kind of buying behavior is usually associated with market tops
    Gold is for savings. Fiat is for transactions.



    BST Transactions (as the seller): Collectall, GRANDAM, epcjimi1, wondercoin, jmski52, wheathoarder, jay1187, jdsueu, grote15, airplanenut, bigole
  • BaleyBaley Posts: 22,658 ✭✭✭✭✭
    The good stuff doesn't come up for sale at market bottoms image

    Liberty: Parent of Science & Industry

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭


    << <i>

    << <i>Buying another vacation/rental place, this one in the Pacific Northwest. It was on the market 2 days, sold for more than the asking price, and had multiple backup offers, some all cash, in case our deal fell through. >>



    That kind of buying behavior is usually associated with market tops >>



    It a lot of situations with cash offers its coming from overseas buyers/money

    Mark
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • OperationButterOperationButter Posts: 1,672 ✭✭✭


    << <i>

    << <i>

    << <i>Buying another vacation/rental place, this one in the Pacific Northwest. It was on the market 2 days, sold for more than the asking price, and had multiple backup offers, some all cash, in case our deal fell through. >>



    That kind of buying behavior is usually associated with market tops >>



    It a lot of situations with cash offers its coming from overseas buyers/money

    Mark >>



    Similar to all the people saying that there is "money on the sidelines"?
    Gold is for savings. Fiat is for transactions.



    BST Transactions (as the seller): Collectall, GRANDAM, epcjimi1, wondercoin, jmski52, wheathoarder, jay1187, jdsueu, grote15, airplanenut, bigole
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>

    << <i>Buying another vacation/rental place, this one in the Pacific Northwest. It was on the market 2 days, sold for more than the asking price, and had multiple backup offers, some all cash, in case our deal fell through. >>



    That kind of buying behavior is usually associated with market tops >>



    It a lot of situations with cash offers its coming from overseas buyers/money

    Mark >>



    Similar to all the people saying that there is "money on the sidelines"? >>



    Homes buy residency.

    Mark
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • OperationButterOperationButter Posts: 1,672 ✭✭✭


    << <i>

    << <i>

    << <i>

    << <i>

    << <i>Buying another vacation/rental place, this one in the Pacific Northwest. It was on the market 2 days, sold for more than the asking price, and had multiple backup offers, some all cash, in case our deal fell through. >>



    That kind of buying behavior is usually associated with market tops >>



    It a lot of situations with cash offers its coming from overseas buyers/money

    Mark >>



    Similar to all the people saying that there is "money on the sidelines"? >>



    Homes buy residency.

    Mark >>



    for all cash?
    Gold is for savings. Fiat is for transactions.



    BST Transactions (as the seller): Collectall, GRANDAM, epcjimi1, wondercoin, jmski52, wheathoarder, jay1187, jdsueu, grote15, airplanenut, bigole
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>

    << <i>

    << <i>

    << <i>Buying another vacation/rental place, this one in the Pacific Northwest. It was on the market 2 days, sold for more than the asking price, and had multiple backup offers, some all cash, in case our deal fell through. >>



    That kind of buying behavior is usually associated with market tops >>



    It a lot of situations with cash offers its coming from overseas buyers/money

    Mark >>



    Similar to all the people saying that there is "money on the sidelines"? >>



    Homes buy residency.

    Mark >>



    for all cash? >>



    All cash deals usually trump other offers. Lots of the all cash deals are coming from overseas. It's easier to become a citizen if you own a home.

    EB-5 Investor Green Cards. Need $500,000.


    Mark
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • OperationButterOperationButter Posts: 1,672 ✭✭✭
    Ah thats where you were going with it. Makes sense now from that perspective.

    Very few Americans buy their primary residence with all cash
    Gold is for savings. Fiat is for transactions.



    BST Transactions (as the seller): Collectall, GRANDAM, epcjimi1, wondercoin, jmski52, wheathoarder, jay1187, jdsueu, grote15, airplanenut, bigole
  • BaleyBaley Posts: 22,658 ✭✭✭✭✭
    Very few Americans buy their primary residence with all cash

    That's right. They borrow most of the money for their primary residence, and let the tax advantaged, low interest rate leverage work for them over time.

    Some American investors do buy second, third, etc homes and investment properties with all cash, or at least higher minimum % down payments that the lenders require.

    Liberty: Parent of Science & Industry

  • ebaytraderebaytrader Posts: 3,312 ✭✭✭


    << <i>

    Very few Americans buy their primary residence with all cash >>




    The percentage currently runs from 40% to 60% depending upon the area.
  • bronco2078bronco2078 Posts: 9,964 ✭✭✭✭✭



    Money from overseas has always tened to flow into real estate here. Every crony capitalist or crony communist wants their stolen money in dollar denominated hard assets .

    If they want to emigrate here that badly then maybe they feel that paying too much for a house is preferable to a bullet in the back of the neck image

  • derrybderryb Posts: 36,110 ✭✭✭✭✭


    << <i>

    << <i>

    Very few Americans buy their primary residence with all cash >>




    The percentage currently runs from 40% to 60% depending upon the area. >>


    And the majority of those are using cash from the sale of their current home to step down to a smaller home.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • bronco2078bronco2078 Posts: 9,964 ✭✭✭✭✭
  • OPAOPA Posts: 17,104 ✭✭✭✭✭


    << <i>Very few Americans buy their primary residence with all cash >>



    How true. It's been like that for at last 50 years. I most certainly did not pay cash when I first purchased a house in 1975 and did not pay cash for the house I'm living in now, purchased 31 years ago. Yes, I did use the gain from the sale of my first house as a substantial down payment.




    << <i>Real Estate to grind to a halt, boom for Gold & Silver? >>



    Obviously not....
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • rawteam1rawteam1 Posts: 2,472 ✭✭✭


    << <i>

    << <i>Very few Americans buy their primary residence with all cash >>



    How true. It's been like that for at last 50 years. I most certainly did not pay cash when I first purchased a house in 1975 and did not pay cash for the house I'm living in now, purchased 31 years ago. Yes, I did use the gain from the sale of my first house as a substantial down payment.




    << <i>Real Estate to grind to a halt, boom for Gold & Silver? >>



    Obviously not.... >>


    And that's why there really is no one to actually buy silver, no lower class has any investable money, middle class can't buy any significant assets without a 30 year note or 2, and the wealthy buy technology, income streams, and 100 million dollar plus paper with paint on it...
    keceph `anah
  • cohodkcohodk Posts: 18,549 ✭✭✭✭✭
    The middle class puts a few grand away every year in IRA's, 401k and other retirement vehicles. Instead of paying for 30 years, they get paid for 30 years.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • rawteam1rawteam1 Posts: 2,472 ✭✭✭
    Yes, paper no phyzz...
    keceph `anah
  • cohodkcohodk Posts: 18,549 ✭✭✭✭✭
    Paper has always been, and always will.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • rawteam1rawteam1 Posts: 2,472 ✭✭✭
    That's y buying silver at a major discount via paper is the way to go for those whose investment thesis is to go long...
    keceph `anah
  • derrybderryb Posts: 36,110 ✭✭✭✭✭
    Cash, both coin and currency, are not paper promises. They are physical assets in the possession of the holder. Like any other hard asset their current value is determined at the time they are bartered for something else.

    The decline from democracy to tyranny is both a natural and inevitable one.

Sign In or Register to comment.