Originally posted by lostintransition:
such sad state of affairs...but i can't possibly go around and show people my bank account statements right?!! hahaha
it's good in a sense la....that allows me to pick out the good fellas from the money-face ones
If them ain't money face, they ain't be in real estate business . OK ? Good.
Originally posted by lostintransition:OMG...smear shit on door knobs...i'll remember to always let the realtors do the opening of the doors...haha!
Ya know, them sorry owners are in such sorry state because of them greedy bankers who screwed the economy over, then asking tax payers to bail em asses out.
Now them sorry homeowners are losing their home to the banks......get the picture ?
Ya think them banks showed any mercy when taking over the homes ? Nooooooo....twas just business as usual sister !!
Any angry owners will wanna trash them property before handing it over to them banks.
So, if ya wanna buy them distressed/foreclosed properties, ya just gota have the right expectations.
Originally posted by jojobeach:Ya know, them sorry owners are in such sorry state because of them greedy bankers who screwed the economy over, then asking tax payers to bail em asses out.
Now them sorry homeowners are losing their home to the banks......get the picture ?
Ya think them banks showed any mercy when taking over the homes ? Nooooooo....twas just business as usual sister !!
Any angry owners will wanna trash them property before handing it over to them banks.
So, if ya wanna buy them distressed/foreclosed properties, ya just gota have the right expectations.
while i feel sorry for the homeowners who have lost their houses through foreclosures.....i think they themselves have contributed a large part to the sad state of affairs. nobody asks them to buy houses that they might not be able to afford in the event of job losses/ill health etc.
and nobody seemed to be complaining when interest rates were low, home buyers were enjoying zero downpayment for home purchases or qualifying for large amount of loans or deferred loan payments...or them having spent wayyy too much money on upgradings, 2nd homes, taking out equity loans etc.???
banks aren't expected to give out money for free right? it's easy to blame the financial institutions/system/govt....but these people should learn to reflect on their own actions too!
it takes 2 hands to clap
Originally posted by jojobeach:If them ain't money face, they ain't be in real estate business . OK ? Good.
i don't think that's true. you can be in the real estate/financial businesses without behaving like money-sucking @sses with zero work ethics. i'm in the financial industry myself and i know that you can perhaps achieve short term success if you only kow-tow to the rich/famous and ignore the average income general masses...but one simply cannot survive for long in such industries if one lacks work ethics or depend only on the businesses of that 1 or 2 HNW indiv.
you need referrals in such businesses...and you only get referrals if you do the right things. clients aren't idiots...you can cheat them only once the most....
so far, i'm quite disappointed with the level of service from the financial and real estate fellas over here in the states. perhaps they still think of us asians as poor fellas from some third world countries??!
Originally posted by lostintransition:while i feel sorry for the homeowners who have lost their houses through foreclosures.....i think they themselves have contributed a large part to the sad state of affairs. nobody asks them to buy houses that they might not be able to afford in the event of job losses/ill health etc.
and nobody seemed to be complaining when interest rates were low, home buyers were enjoying zero downpayment for home purchases or qualifying for large amount of loans or deferred loan payments...or them having spent wayyy too much money on upgradings, 2nd homes, taking out equity loans etc.???
banks aren't expected to give out money for free right? it's easy to blame the financial institutions/system/govt....but these people should learn to reflect on their own actions too!
it takes 2 hands to clap
"so far, i'm quite disappointed with the level of service from the financial and real estate fellas over here in the states. perhaps they still think of us asians as poor fellas from some third world countries??! "....... LOL.... you're going into PHASE ONE of "culture shock syndrom".
There there now honey.. be careful what you wished for.....
Asians are the ones getting their asses kicked by foreclosures..click this link ...
ASIANS in the United States, many of them living in foreclosure-ravaged California, suffered the sharpest drop in home ownership last year, eclipsing declines felt by whites, blacks and Hispanics, according to new census data.
The decline is surprising, because Asian-Americans tend to earn more than other minority groups and have less debt.
But one out of three Asian-American home owners lives in California, which has seen foreclosure rates skyrocket and home values plummet since the housing bubble burst. And that appears to have disproportionately exposed them to the effects of the housing collapse, experts suggested.
US home ownership rate fell to 66.6 per cent last year, the lowest in six years, after hitting a peak of 67.3 per cent in 2006, according to figures from the American Community Survey, released by the US Census Bureau.
Home ownership for Asians fell 1.24 percentage points last year to 59.4 per cent.
The revelation surprised some experts such as Professor Edward Wolff, an economist at New York University.
'Based on their income and relatively low debt, one would expect that they would have a smaller decline in home ownership,' Prof Wolff said.
The median annual household income for Asian Americans was just over US$70,000 (S$98,000) last year, higher than any other racial group.
'It's possible that it's a regional effect,' Prof Wolff suggested.
'There's a high concentration of Asian-Americans in California, and California got particularly hard hit by property (price) declines and high foreclosure rates.'
The drop in home ownership is a reversal after the housing boom years, when minorities in the US took advantage of easy access to financing and became home owners. -- AP
Originally posted by jojobeach:"so far, i'm quite disappointed with the level of service from the financial and real estate fellas over here in the states. perhaps they still think of us asians as poor fellas from some third world countries??! "....... LOL.... you're going into PHASE ONE of "culture shock syndrom".
There there now honey.. be careful what you wished for.....
Asians are the ones getting their asses kicked by foreclosures..click this link ...
ASIANS in the United States, many of them living in foreclosure-ravaged California, suffered the sharpest drop in home ownership last year, eclipsing declines felt by whites, blacks and Hispanics, according to new census data.
The decline is surprising, because Asian-Americans tend to earn more than other minority groups and have less debt.
But one out of three Asian-American home owners lives in California, which has seen foreclosure rates skyrocket and home values plummet since the housing bubble burst. And that appears to have disproportionately exposed them to the effects of the housing collapse, experts suggested.
US home ownership rate fell to 66.6 per cent last year, the lowest in six years, after hitting a peak of 67.3 per cent in 2006, according to figures from the American Community Survey, released by the US Census Bureau.
Home ownership for Asians fell 1.24 percentage points last year to 59.4 per cent.
The revelation surprised some experts such as Professor Edward Wolff, an economist at New York University.
'Based on their income and relatively low debt, one would expect that they would have a smaller decline in home ownership,' Prof Wolff said.
The median annual household income for Asian Americans was just over US$70,000 (S$98,000) last year, higher than any other racial group.
'It's possible that it's a regional effect,' Prof Wolff suggested.
'There's a high concentration of Asian-Americans in California, and California got particularly hard hit by property (price) declines and high foreclosure rates.'
The drop in home ownership is a reversal after the housing boom years, when minorities in the US took advantage of easy access to financing and became home owners. -- AP
regardless of race/citizenships etc....i don't mean that asian-americans won't fall into the debt trap...for those who got into the foreclosure mess....they have to take some responsibilities too and not blame the FIs
Originally posted by lostintransition:
regardless of race/citizenships etc....i don't mean that asian-americans won't fall into the debt trap...for those who got into the foreclosure mess....they have to take some responsibilities too and not blame the FIs
heheheh...betta to show some empathy aye sister ?
Speaking ill against the masses in public can bring upon you an angry mob.
Originally posted by jojobeach:heheheh...betta to show some empathy aye sister ?
Speaking ill against the masses in public can bring upon you an angry mob.
i DO empathise. i just don't think it's right that the lenders/banks/govt have to bear the full burden of blame on the foreclosure mess....
Originally posted by lostintransition:
i DO empathise. i just don't think it's right that the lenders/banks/govt have to bear the full burden of blame on the foreclosure mess....
I concur but wasn't it the banks who cleared these people for homeownership? Truthfully, both parties are equally to blame. And now, here we are, in a buying frenzy again.
Originally posted by lostintransition:
i DO empathise. i just don't think it's right that the lenders/banks/govt have to bear the full burden of blame on the foreclosure mess....
Irresponsible borrowers are just a small part of the domino effect.
Not all foreclosures or distressed sale are owned by people who over stretched their financial abilities when they took up a mortgage.
Many of them on the foreclosure/distressed market now are victims of the financial meltdowns. The AFTERMATHs.
When they got their mortgage, the payments was within their financial abilities. But many lost their jobs, or their business went bust, had to settle for lower pay.. etc etc.
Average Joes/Janes had no idea crisis of this magnitude was coming. They'd never imagined their home values are gonna plummet to nothing.
Unfortunately, banks arn't the ones packing their belongings and going homeless. It's the average families.
The corporations are gonna win, no matter what.
Originally posted by jojobeach:Many of them on the foreclosure/distressed market now are victims of the financial meltdowns. The AFTERMATHs.
When they got their mortgage, the payments was within their financial abilities. But many lost their jobs, or their business went bust, had to settle for lower pay.. etc etc.
Average Joes/Janes had no idea crisis of this magnitude was coming. They'd never imagined their home values are gonna plummet to nothing.
.
sure but how can anyone assume that they'll always be employed...always be paid the same/more...business is always good...stock market is always making money...home prices are never gonna plummet...they/their family are always gonna be healthy??!!
if they haven't kept enough reserves or have personal insurance to tide them through all these unforeseen circumstances....in my personal opinion, they've over-stretched their budget even if they were able to service their loan installments during good times.
we've gone through so many bubbles - stock market, property, tech etc. when things are good, everyone is happy. but when things go south, fingers point to everywhere except to ourselves. and i think that doesn't help in anything. 'cos when the next bull runs, everyone would go over their heads again. empathy/sympathy from others won't get us anywhere....we need to suffer and learn from our own mistakes!
Originally posted by jetta:I concur but wasn't it the banks who cleared these people for homeownership? Truthfully, both parties are equally to blame. And now, here we are, in a buying frenzy again.
yup yup...2 hands to clap.
banks lack ethics...people lack prudence/knowledge...both driven by greed!
Originally posted by lostintransition:
sure but how can anyone assume that they'll always be employed...always be paid the same/more...business is always good...stock market is always making money...home prices are never gonna plummet...they/their family are always gonna be healthy??!!if they haven't kept enough reserves or have personal insurance to tide them through all these unforeseen circumstances....in my personal opinion, they've over-stretched their budget even if they were able to service their loan installments during good times.
we've gone through so many bubbles - stock market, property, tech etc. when things are good, everyone is happy. but when things go south, fingers point to everywhere except to ourselves. and i think that doesn't help in anything. 'cos when the next bull runs, everyone would go over their heads again. empathy/sympathy from others won't get us anywhere....we need to suffer and learn from our own mistakes!
Coming from Singapore, you are much more prudent because you went through ups and down within short time span.
The last time home prices in the US drops 30% was in 1997. The economy here is much more stable compared to tiny Singapore lah.
Sure, we suffer and learn, but the people here got not much chance to suffer leh !