More Government Intervention Coming?

[propertymanager]

The Dow is below 10,400 as I am writing this.  When will the government announce the next bailout to keep the markets up?  I'm betting at about Dow 10,000.  It's all manipulation, you know!

[John_in_NC]

The Federal Reserve uses the exchange stabilization fund to do it. I am convinced the "glitch" we had a while back was manipulated to show just who is running the show for an important vote happening in the senate that night. S604 (house version of HR1207) was watered down and quickly voted on the night of the "glitch"

[fdjake]

Mortgage application numbers came out this morning....

DOWN.....over 40% as the Tax break ran out....

I think you're right on this one Mike.....More Intervention on the way.

[rookieNYC]

http://finance.yahoo.com/tech-ticker/even-this-housing-cloud-has-a-silver-lining,-zillow-economist-says-yftt_491742.html

[propertymanager]

I'm surprised that the guy in the video wasn't wearing big thick Mr. Magoo glasses.  You'd have to be wearing Mr. Magoo glasses to find a silver lining in that black cloud!  The loan modifications haven't worked; there is a mountain of loans scheduled to reset in 2011; there is a HUGE overhang of unsold REOs that haven't even been put on the market; foreclosures are at very high level and expected to get worse; Fannie and Freddie are hopelessly in debt and are receiving an unlimited check from the taxpayers to remain solvent.  Where was that silver lining again?

[rookieNYC]

Not to start the same argument over and over again...But its busy out there on the deal making front...I do know the numbers are bad and things may take a downturn for a while but *if you have access to capital* the deals are there for the taking...Im trying to be humble with my postings, but if you loved real estate the last 10 years you have to REALLY love it here...

[propertymanager]

But its busy out there on the deal making front...I do know the numbers are bad and things may take a downturn for a while but *if you have access to capital* the deals are there for the taking...Im trying to be humble with my postings, but if you loved real estate the last 10 years you have to REALLY love it here...

 

I agree and the great deals are likely to be around for a LONG time.  There is a multi-year overhang of unsold REOs that aren't even on the market.  This is a great time to get started in the real estate business.

[rookieNYC]

This is a great time to get started in the real estate business.


Its so nice when we can agree on something...

[John_in_NC]

This is a great time to get started in the real estate business.


Its so nice when we can agree on something...

If you can get financing!!!!!! I just did a commercial loan for my repair shop, and wow did I underestimate the task!

[REIER]

It is a fantastic time to be in the RE businsess. Now that the Tax credit is over, I only see even better deals coming down the pike. This should also eliminate more amature investors running up REO's that are paying close to retail. I love going out there and lowballing these places. If they don't play, I walk away because I know it's a matter of time before some else is willing to play by my numbers, and I only see even more people looking to play if they want to get paid. 

Couple of guys I know, in a close market to mine, have been tearing it up! They are putting out 1-2 rehabs a month paying 40-60 k a piece for capes and ranches, putting in 45-50k in rehab cost, and turning them around for  150-200 k a piece. They are using none of their cash and all private money. They've been successfully doing REI for about 2 years and said they couldn't get any decent deals during the housing bubble.

This could be good or bad news depending on what end you're on.

[allagash]

manipulation from the plunge protection team?

pretty good fat finger melt-up at 15:40 today...

-Mike

[propertymanager]

Just as I expected.  We were nearing global catastrophe yesterday (market sentiment) and things are fine and dandy today.  Can't let the sheeple go through the weekend thinking the market is melting down.  Gotta keep the illusion going.

[propertymanager]

BTW, what was the government intervention that bought DOW 10,000?  The House and Senate BOTH passed WATERED-DOWN Financial Regulation bills.  Price paid and the market once again successfully manipulated by the government.

[Hoosier4life2005]

I welcome a big Real Estate crash, bring it on!  Will be easier to find steals (people will get desperate for money) when I finally do get started.

[rookieNYC]

I welcome a big Real Estate crash, bring it on!  Will be easier to find steals (people will get desperate for money) when I finally do get started

Hoosier we are in the middle of it now...There are deals everywhere...