"Percival P. Cassidy" wrote:
> However, somebody said that Texas actually did better than some
> of the other US states because it had laws that were called
> "personal property protection laws" --
The states that suffered the worst collapse in terms of forclosures and
value declines were the ones that were over-built in terms of
speculation (second homes, vacation homes, etc). This included Florida
and Nevada.
I don't think Texas saw much in terms of over-supply of homes because
it's not a desirable place to have a second home for, say, someone
living up north or east coast.
I think that Florida and Nevada also don't have state income taxes,
which can also influence people's decisions on where they want to live
or have a second home.
> On 04/05/12 04:33 pm, dennisga...@gmail.com wrote:
>>> Ever notice that you never see headlines like "Canadians brace for next
>>> foreclosure wave" ???
>> Well, you see, Canada actually has regulations in place that actually >> PROTECT the people. In the USA, the regulations are written so that >> certain elements can legally rob everyone else blind.
> Australia did OK too, thanks to sensible regulations.
> However, somebody said that Texas actually did better than some of the > other US states because it had laws that were called "personal > property protection laws" -- pretty much the same as "consumer > protection laws" in other places, but they couldn't call them that > because the latter are "socialist."
> Perce
Better than some but Central TX did better because of the stronger than average economy. New home construction came to a stand still. It's picking up a little. Nothing to get excited about. I'm not sure about the CPLs. Parts of TX suffered along with the rest of the country,
dennisga...@gmail.com wrote:
> On Wednesday, April 4, 2012 6:42:03 PM UTC-4, Home Guy wrote:
>> Ever notice that you never see headlines like "Canadians brace for
>> next forclosure wave" ???
> Well, you see, Canada actually has regulations in place that actually
> PROTECT the people. In the USA, the regulations are written so that
> certain elements can legally rob everyone else blind.
Not everywhere.
Texas law, for example, prohibits a home mortgage for more than 80% of the appraised value. Many homeowners in my state were hit along with the rest of the country, but we didn't have anywhere near the percentage of defaults as were seen elsewhere.
>> However, somebody said that Texas actually did better than some
>> of the other US states because it had laws that were called
>> "personal property protection laws" --
> The states that suffered the worst collapse in terms of forclosures
> and value declines were the ones that were over-built in terms of
> speculation (second homes, vacation homes, etc). This included
> Florida and Nevada.
> I don't think Texas saw much in terms of over-supply of homes because
> it's not a desirable place to have a second home for, say, someone
> living up north or east coast.
Shows what you know. Why we are just now recovering from our preimer social event - The Harris Count Livestock Show and Rodeo. The attendance at the show exceeds the annual attendance of the Texans, Rockets, and Astros. Combined.
Pet the llama. Tease the bunnies. Marvel at the size of a thoroughbred race-horse or Angus bull. Tormet the chickens. Hear so much country music your teeth get loose.
The show only happens once a year, but it takes six months to get ready (new custom boots, etc.) and six months to get back to normal.
On the other hand, we didn't build the first air-conditioned sports stadium to be ostentatious (well, maybe a little bit). It was required.
> I think that Florida and Nevada also don't have state income taxes,
> which can also influence people's decisions on where they want to live
> or have a second home.
Texas doesn't have an income tax either. There are nine states so situated.
In addition to the above three, the remaining ones are:
Alaska
New Hampshire
South Dakota
Tennessee
Washington
Wyoming
Maybe you're not smart enough to understand the concept
Overvaluation means that the valuation put upon a house is higher than it's market value
It's easily verified by comparing the prices that houses ACTUALLY sell for and their valuation before and after the sale.
Since most sale prices are reported to the tax authorities to track capital gains, it's a no-brainer that can by crunched by a very simple program.
>> However, somebody said that Texas actually did better than some
>> of the other US states because it had laws that were called
>> "personal property protection laws" --
> The states that suffered the worst collapse in terms of forclosures and
> value declines were the ones that were over-built in terms of
> speculation (second homes, vacation homes, etc). This included Florida
> and Nevada.
> I don't think Texas saw much in terms of over-supply of homes because
> it's not a desirable place to have a second home for, say, someone
> living up north or east coast.
> I think that Florida and Nevada also don't have state income taxes,
> which can also influence people's decisions on where they want to live
> or have a second home.
Yup
Texas is usually declared a primary residence state.
My in-laws officially lived in Texas, and were summer residents of Minnesota after they retired.
> Maybe you're not smart enough to understand the concept
> Overvaluation means that the valuation put upon a house is higher than it's
> market value
> It's easily verified by comparing the prices that houses ACTUALLY sell for
> and their valuation before and after the sale.
> Since most sale prices are reported to the tax authorities to track capital
> gains, it's a no-brainer that can by crunched by a very simple program.
theres no capital gains tax anymore for most private residences,
unless they are ultra expensive
> > >> The OECD says Canada has the second highest rate of overvaluation of
> > >> homes in the developed world.... And that the USA is undervalued at 9%
> > Maybe you're not smart enough to understand the concept
> > Overvaluation means that the valuation put upon a house is higher than it's
> > market value
> > It's easily verified by comparing the prices that houses ACTUALLY sell for
> > and their valuation before and after the sale.
> > Since most sale prices are reported to the tax authorities to track capital
> > gains, it's a no-brainer that can by crunched by a very simple program.
> theres no capital gains tax anymore for most private residences,
> unless they are ultra expensive
If it's true, that unemployment is coming down. The housing market should be just fine. Unless, maybe, all those millions who stopped working have no money, and stop paying morgages?
Christopher A. Young
Learn more about Jesus
www.lds.org .
> If it's true, that unemployment is coming down. The housing market should > be
> just fine. Unless, maybe, all those millions who stopped working have no
> money, and stop paying morgages?
> Christopher A. Young
> Learn more about Jesus
> www.lds.org > .
Around here (northern OH) the poor housing market has resulted in thousands of foreclosed and empty homes. The worst are being knocked down and now with rentals reporting over 90% occupancy, a new industry is taking shape. The empty homes are being bought up (6 in one day by one company), refurbished and then rented out. The question is whether or not small rental companies can properly handle rental homes vs. apartments which are usually in 2-3 story, relatively small, buildings. Nice to see the vacant homes taken off the market though.
> "Stormin Mormon"<cayoung61***spambl...@hotmail.com> wrote in message
> news:BDDgr.232910$Zc4.231835@news.usenetserver.com...
>> If it's true, that unemployment is coming down. The housing market should
>> be
>> just fine. Unless, maybe, all those millions who stopped working have no
>> money, and stop paying morgages?
>> Christopher A. Young
>> Learn more about Jesus
>> www.lds.org >> .
> Around here (northern OH) the poor housing market has resulted in thousands
> of foreclosed and empty homes. The worst are being knocked down and now
> with rentals reporting over 90% occupancy, a new industry is taking shape.
> The empty homes are being bought up (6 in one day by one company),
> refurbished and then rented out. The question is whether or not small
> rental companies can properly handle rental homes vs. apartments which are
> usually in 2-3 story, relatively small, buildings. Nice to see the vacant
> homes taken off the market though.
> Tomsic
Metal thieves are burning unoccupied houses to make it easier for them to get the metal from them. Of course, the outside AC equipment is the
first thing to vanish from an empty home. o_O
> DD_BobK wrote:
> > > But still - there's no forclosure waves happening in Canada.
> > So what? The price of your house went up and now you can sell
> > it for 1.8x.
> > Where are you going to live? In your RV?
> That wasn't my point. My point was to counter the argument made by
> Duesenberg that home prices in Canada are as inflated now as they were
> in the US a few years ago before the market collaped.
> I countered the argument by pointing out that claims of over-valuation
> of Canadian homes are largely based on what's happening in one or two
> a-typical cities (Vancouver and a handful of neighborhoods in Toronto
> and Montreal) and that my home (with the price details I gave) is more
> typical of the residential house market in Canada.
It was the banks f***d things up initially, not the housing market.
> They use the classic measures to calculate housing value and
> affordability: compare the price paid/rental value and price
> paid/average annual income. For investors, the standard rule of thumb
> for buying rental property is to pay no more for it than what you'll
> earn from it as 10-12 year's annual rental income. For homeowners, the
> standard rule of thumb for most locations is to pay no more than 2.5-3
> times your annual income. So, to gauge what should be the average home
> value in any given area, look at the average cost to rent and the
> average annual income. Compare that to the average value of a property
> and you'll get a good idea as to whether it is over- or under-valued.
> Problem is, the larger the area you look at using these factors, the
> more variation and thus the less reliable your data will be. It works
> very well on a neigborhood/city basis, but as has already been
> mentioned with regards to Canada, prices may be much higher than
> average in one city or province, but not show that trend (or as great
> a trend) nationwide. And that 2.5-3 x income measure used for
> calculating home affordability just doesn't work in much of
> California, where housing demand has driven prices in choice locations
> so high that a 10x income standard has become commonplace. (Even so,
> that seems insanely risky, imo.)
> Anyhow, anyone who's lived through a prior housing bubble could spot
> this past one forming, and a whole lot of people observed, commented,
> and worried about it. Corrupt mortgage lenders and banks were willing
> to loan people insane amounts of money, but that didn't mean those
> people would ever be able to repay it -- and these finance people
> _knew_ that. But they collected their commissions on the loans, then
> swiftly sold the loans off, thus maximizing their profits and
> minimizing their exposure. Developers worked hand in hand with
> mortgage lenders and real estate agents to run house flipping schemes
> with straw buyers, in order to sell inventory they'd already built and
> collect enough money to start yet another development. The US built an
> entire generation's worth of housing stock in less than six years. In
> large parts of the country there is such an inventory surplus as a
> result, home prices will continue to be depressed for a good many years.
Good explanation.
Here in the UK not one of the CEOs of our banks had any
qualifiacations in banking. That's what got us in the shit I believe.
That and the B-liar government.
We have a different taxation system for property over here too.
It's possible to take advantage of our system and make money.
There is a shortage of houses over here. That keeps prices up.
The houses we build last far longer than your typical US built house
too.
On Apr 5, 10:50 pm, "Percival P. Cassidy" <Nob...@NotMyISP.net> wrote:
> On 04/05/12 04:33 pm, dennisga...@gmail.com wrote:
> >> Ever notice that you never see headlines like "Canadians brace for next
> >> foreclosure wave" ???
> > Well, you see, Canada actually has regulations in place that actually PROTECT the people. In the USA, the regulations are written so that certain elements can legally rob everyone else blind.
> Australia did OK too, thanks to sensible regulations.
> However, somebody said that Texas actually did better than some of the
> other US states because it had laws that were called "personal property
> protection laws" -- pretty much the same as "consumer protection laws"
> in other places, but they couldn't call them that because the latter are
> "socialist."
> Perce
Yes,we have consumer protection laws. Unfortunately,they didn't extend
to the banking system.
> On 04/05/12 04:33 pm, dennisga...@gmail.com wrote:
>>> Ever notice that you never see headlines like "Canadians brace for next
>>> foreclosure wave" ???
>> Well, you see, Canada actually has regulations in place that actually >> PROTECT the people. In the USA, the regulations are written so that >> certain elements can legally rob everyone else blind.
> Australia did OK too, thanks to sensible regulations.
> However, somebody said that Texas actually did better than some of the > other US states because it had laws that were called "personal > property protection laws" -- pretty much the same as "consumer > protection laws" in other places, but they couldn't call them that > because the latter are "socialist."
<the-daring-du...@stinky.net> wrote:
>On 4/9/2012 1:30 PM, Tomsic wrote:
>> "Stormin Mormon"<cayoung61***spambl...@hotmail.com> wrote in message
>> news:BDDgr.232910$Zc4.231835@news.usenetserver.com...
>>> If it's true, that unemployment is coming down. The housing market should
>>> be
>>> just fine. Unless, maybe, all those millions who stopped working have no
>>> money, and stop paying morgages?
>>> Christopher A. Young
>>> Learn more about Jesus
>>> www.lds.org >>> .
>> Around here (northern OH) the poor housing market has resulted in thousands
>> of foreclosed and empty homes. The worst are being knocked down and now
>> with rentals reporting over 90% occupancy, a new industry is taking shape.
>> The empty homes are being bought up (6 in one day by one company),
>> refurbished and then rented out. The question is whether or not small
>> rental companies can properly handle rental homes vs. apartments which are
>> usually in 2-3 story, relatively small, buildings. Nice to see the vacant
>> homes taken off the market though.
>> Tomsic
>Metal thieves are burning unoccupied houses to make it easier for them >to get the metal from them. Of course, the outside AC equipment is the
>first thing to vanish from an empty home. o_O
Why isn't the legislature doing something about it? This is really an easy
problem to solve. Simply force scrap dealers to positively identify their
customers and have them pay by check. If they get caught in the underground
economy with stolen scrap, charge them as accessories. It works.
On 4/18/2012 3:50 AM, k...@att.bizzzzzzzzzzzz wrote:
> Why isn't the legislature doing something about it? This is really an easy
> problem to solve. Simply force scrap dealers to positively identify their
> customers and have them pay by check. If they get caught in the underground
> economy with stolen scrap, charge them as accessories. It works.
People are desperate. They've lost their jobs, unemployment benefits, homes, cars, etc. Now they're doing what it takes to survive.
Until we start practicing "Made in USA", we're screwed.
Harry Johnson wrote:
> People are desperate. They've lost their jobs, unemployment
> benefits, homes, cars, etc. Now they're doing what it takes
> to survive.
> Until we start practicing "Made in USA", we're screwed.
It's totally unexplainable that the US gives south korea a free pass
when it comes to trade.
The US imports a shit-load of high value industrial and commercial
products (cars, construction equipment, etc) while they import next to
zero US stuff.
If you applied reasonable tarrifs on the Korean stuff, you'd be able to
bring back heavy manufacturing (and jobs) to the rust belt.
Korea (for some reason) flys under your radar in the mind of the public
and press. It's always about Japan and China.
>> Why isn't the legislature doing something about it? This is really an easy
>> problem to solve. Simply force scrap dealers to positively identify their
>> customers and have them pay by check. If they get caught in the underground
>> economy with stolen scrap, charge them as accessories. It works.
>People are desperate. They've lost their jobs, unemployment benefits, >homes, cars, etc. Now they're doing what it takes to survive.
Totally irrelevant.
>Until we start practicing "Made in USA", we're screwed.
bob haller wrote:
> > There is a shortage of houses over here.
You mean shortage of real estate.
> > The houses we build last far longer than your typical US built
> > house too.
> so how long do they last?
Yea, I question that comment as well.
If you take tornadoes, hurricanes, flooding out of the equation, your
left with temperature extremes (winter vs summer) difference between the
UK and US/Canada, and build quality (foundation, type of exterior
siding, quality of windows/doors, roof type).
I have the impression that there are more people (higher percentage)
living in appartments in the UK (vs detached homes) than in US/Canada.
> >> Why isn't the legislature doing something about it? This is really an easy
> >> problem to solve. Simply force scrap dealers to positively identify their
> >> customers and have them pay by check. If they get caught in the underground
> >> economy with stolen scrap, charge them as accessories. It works.
> >People are desperate. They've lost their jobs, unemployment benefits,
> >homes, cars, etc. Now they're doing what it takes to survive.
