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re: Being "recession proof"
Posted on 7/8/13 at 5:57 pm to Vols&Shaft83
Posted on 7/8/13 at 5:57 pm to Vols&Shaft83
Did anyone here get hit hard in real estate?
I've watched a few documentaries about how the housing bubble...bubbled, but I still don't understand who were hit hardest when it comes to actual real estate.
I understand the sub-prime mortgage problem, but how did that translate into real estate investors busting?
I've watched a few documentaries about how the housing bubble...bubbled, but I still don't understand who were hit hardest when it comes to actual real estate.
I understand the sub-prime mortgage problem, but how did that translate into real estate investors busting?
5
Posted on 7/8/13 at 6:13 pm to rintintin
quote:
Did anyone here get hit hard in real estate? I've watched a few documentaries about how the housing bubble...bubbled, but I still don't understand who were hit hardest when it comes to actual real estate. I understand the sub-prime mortgage problem, but how did that translate into real estate investors busting?
It only affected investors who were borrowing too much to buy real estate, or bought real estate just because they thought it would increase in value (even though they had no idea why real estate appreciates, they just heard on some TV commercial that it did.)
Posted on 7/8/13 at 6:14 pm to rintintin
you own a house, or several, that you owe more than they are worth, and nobody will pay even close to what they are worth.
So pretty much everyone, from lenders to owners.
So pretty much everyone, from lenders to owners.
Posted on 7/8/13 at 6:19 pm to rintintin
quote:
Did anyone here get hit hard in real estate?
I know some people here in ATL that got blown up in residential investment RE using ARMs and a lot of homeowners who are still upside down today. I know one woman that bought a bank short sale thinking she was getting a great deal in 2009 and it declined another 30%+. Then again, ATL was home to terrible lending practices and lax oversight which caused the area to have one of the highest bank failure rates in the US. The RE bubble here was easy to see, especially when one looked at terrible loan products like Wachovia was pushing or the insanity of the community bank lending standards. Look up Wachovia's stock price today, you won't find it, either, as WFC took them over. Morons gonna moron.
Posted on 7/8/13 at 7:05 pm to rintintin
quote:Was shopping high end coastal real estate last year. Almost made me sick to see the predicament some were in. Several situations where folks paid more for a waterfront lot in 2008 than an identical lot, complete with large house and boat dock, were going for in 2012. Multi-million dollar hits. A few retirees, looking at "can't miss" real estate deals in 2008, lost everything. Very sad.
Did anyone here get hit hard in real estate?
Posted on 7/8/13 at 9:53 pm to rintintin
quote:
Did anyone here get hit hard in real estate?
Personal experience for me - I lost $5,000 in American Mortgage Company. It is trading at $0.0032 per share under 02756814. I learned about "catching a falling knife".
I learned more from that loss than any gain I have ever made. I know some CRE guys in Florida, Georgia and North Carolina that lost EVERYTHING in transitional real estate. Ruined some forever.
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