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Report: Foreclosure crisis sucks $2 Trillion out of economy

By tvgnus   Follow   Sun, 28 Oct 2012, 9:08pm   353 views   4 comments
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http://www.centralvalleybusinesstimes.com/stories/001/?ID=22176

Minorities lose half of that •  Troubling evidence of how much the economic costs of foreclosures are spilling over into communities all over America That big sucking sound that billionaire Ross Perot thought he heard years ago may have been the precursor to the sucking of $2 trillion out of property values by the foreclosure crisis, according to a study by the nonpartisan Center for Responsible Lending.

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1. MsBennet Follow Befriend 4 threads 206 comments

   1   9:23pm Sun 28 Oct 2012   Share   Quote   Permalink   Like   Dislike   It's too bad that the minorities lost so much. They reached for the stars and they were tricked into thinking it was possible. Sure, it was for some. But for the average low to middle class person, they found out the hard way that it is not that easy to own a home. Most of us saved for 10 or 20 years to be able to afford a down payment. It's not something that just happens overnight with 0% and a shaky job history.

2. The Professor Follow Befriend (5) 24 threads 1,300 comments Premium

   2   9:52pm Sun 28 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   And just when houses were finally affordable, swoop come the "investors" snatching with all cash deals the homes that would be first time buyers must then rent at double the PITI.

3. thomaswong.1986 Follow Befriend 14 threads 2,822 comments

   3   9:53pm Sun 28 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   The media and Realtors created $2Trillion of fake RE wealth, so of course eventually it will blow up and you will lose the same $2T ... its called a correction.

4. upisdown Follow Befriend 631 comments

   4   3:18am Mon 29 Oct 2012   Share   Quote   Permalink   Like   Dislike   A whole generation has been conned into believing that houses are some type of investment or retirement asset. From the Federal Reserve Board's survey of consumer finances: Med. annual household income, 2006 white: $50,000 black: $30,000 hispanic: $35,000 Household net worth including home value, 2007 white: $143,600 black: $9300 hispanic: $9100 And the most telling stat of all Household net worth excluding home value, 2007 white: $43,600 black: $500 hispanic: $400