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February 12, 2008

Tuesday Links

washington-ave-02-2008.jpg
Washington Avenue. Photo by threecee.
Mortgage Crisis Spreads Past Subprime Loans [NY Times]
Graffiti Complaints in Bklyn Rose 96% in '07 [NY Daily News]
Kosciuszko Bridge Worth Preserving? [NY Daily News]
Hudson Cos. Exec to Chair BBP Board [Brooklyn Eagle]
More Freelancers Choosing Brooklyn [Brooklyn Eagle]
Historic Queens Church May be Saved [Queens Crap]
Ward Bakery Demo Beginning Soon [AY Report]
A Religious City [Gotham Gazette]




Posted by Gabby at 8:00 AM | Comments (13)
Categories: Daily Links

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Comments

do the people in that house have bubonic plague?

Posted by: guest at February 12, 2008 8:23 AM

Its no problem in the long run. People will be foreclosed on who should/could never have been in these homes to begin with.

If you have solid credit and pay your mortgage every month, you will have to tolerate short-term paper losses, but are these any different than the short-term paper "Gains" people thought they had over the last few years?

Nobody loses or gains anything until they actually sell, so as long as you can afford your mortgage - You will be fine.

If you cant, you probably didnt belong in the home anyway, so you are just move right back to square 1 where you started.

Yeah it sucks, but not the end of the world.

Posted by: newsouthsloper at February 12, 2008 8:24 AM

I think they like to play tic-tac-toe alot.

Posted by: newsouthsloper at February 12, 2008 8:24 AM

"Yeah it sucks, but not the end of the world."
Yeah see, people can't get their head around this problem. You are talking TRILLIONS of dollars in loses. In the future is will be impossible for someone to get a mortgage.

"If you have solid credit and pay your mortgage every month, you will have to tolerate short-term paper losses, but are these any different than the short-term paper "Gains" people thought they had over the last few years?"

Who is going to pay a mortgage on a dead asset. I bet the "Walk Away" thing will pick up steam very soon. We are fucked.

The What

Someday this war is gonna end...

Posted by: guest at February 12, 2008 8:34 AM

newsouthsloper is right. If you know how to manage your money and didn't over extend yourself you'll be fine in the long run.

Posted by: guest at February 12, 2008 8:41 AM

"Who is going to pay a mortgage on a dead asset. I bet the "Walk Away" thing will pick up steam very soon. We are fucked."

So what, even if some people walk away, they have to walk somewhere right? Are they going to walk off the face of the earth, live in a cave, move to outer space? Of course not. They will go back to renting, which will produce income for more properties, which will make more real estate productive assets, which will lead to higher real estate values.

People will always get mortgages, they may not have been priced to adequately to reflect the risks in the past, but all things ebb and flow. This too will pass through its natural cycle and life will go on, as it always has.

Posted by: newsouthsloper at February 12, 2008 8:43 AM

"People will always get mortgages, they may not have been priced to adequately to reflect the risks in the past, but all things ebb and flow. This too will pass through its natural cycle and life will go on, as it always has."

Well, we have a food fight. People will not get mortgages in the future. After the nuclear fallout from this mess, it will be impossible to get one. This was not a 'Natural Cycle" it was a Mutant Real Estate Bubble. You will NEVER see prices like this in your lifetime. Just ask Japan what happen to their asset crash. 18 years and running.

The What (No it's not different and you will be fucked)

Someday this war is gonna end...

Posted by: guest at February 12, 2008 8:55 AM

I asked Japan, They said they are fine. People have no problem getting motgages there, I went to an open house in Osaka last month just for fun and they were falling all over each other to give me a mortgage at 2% interest.

Yes, Japan doesnt have double digit price increases real estate. But why dont you sell your coop in Brooklyn and see what you can buy in Tokyo or Osaka - I guarantee you couldnt afford a closet there.

Posted by: newsouthsloper at February 12, 2008 9:02 AM

talking of "open houses" why do moron brokers say "open house - call for appointment". Thats EXACTLY what an open house isn't.

Posted by: guest at February 12, 2008 9:10 AM

"You will NEVER see prices like this in your lifetime."

You will in nominal terms but not in real terms. It be the latter that matter. See graph...

http://tinyurl.com/g9vf4


"I asked Japan, They said they are fine."

Oh really! They told me something else...

http://tinyurl.com/297axv

Posted by: guest at February 12, 2008 1:07 PM

"Its no problem in the long run."

Nope, not at all. 25 to 50 percent price drops will take care of this whole mess. The rebound from bottom might be 5 or 10 percent (real terms) within our lifetimes. By then, you'll be retired.

Posted by: guest at February 12, 2008 1:11 PM

Re: "More Freelancers Choosing Brooklyn." So Park Slope and Williamsburg have the highest number of filmmakers/writers/painters living off their parents' trustfunds. How exactly is that news?

Posted by: guest at February 12, 2008 1:27 PM

is that fool talking to himself again?

Posted by: guest at February 12, 2008 2:56 PM

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