tag:blogger.com,1999:blog-8989729977562342915.post7211154147484050988..comments2023-05-23T08:56:32.675-07:00Comments on HOUSING FEAR: The 2021 Housing Bubble Blog: Miami Realtor Has Rebuttal to Letter About Miami Condo MarketChrishttp://www.blogger.com/profile/03203543884180960534noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8989729977562342915.post-32145942546650576172008-12-30T11:52:00.000-08:002008-12-30T11:52:00.000-08:00Kevin,Your argument is really only about some deta...Kevin,<BR/>Your argument is really only about some details. Fact of the matter is, condos are collapsing in Miami from a multitude of issues basically resulting from horrible mortgage behavior from buyers, sellers, banks and RE professionals. Moving the blame from subprime to some other issue does not change the fact that condos are in trouble. Personally, i dont care if a building is in foreclosure trouble due to subprime or fraud-they are all linked together. Were you bearing any fiduciary responsibility when you encouraged buyers during the bubble? Buildings suffering through foreclosure issues will have the same outcome regardless of how the foreclosures originated-the buildings value will collapse.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8989729977562342915.post-31335203574024292592008-12-30T09:52:00.000-08:002008-12-30T09:52:00.000-08:00RE: The Housing Market, Foreclosures, and Job Loss...RE: The Housing Market, Foreclosures, and Job Loss:<BR/>On December 14, 2008, CBS’s 60 Minutes had a segment on the 2nd Wave of Foreclosures. They indicated that experts were expecting another wave of mortgage defaults on ALT-A and Option ARMs mortgages which will dwarf the Subprime Mortgage Crisis. <BR/>Many fail to realize that there are millions of self-employed smaller businesses, who employ from 1-10 employees, that are holding the mortgages that are going to reset in 2009 through 2012. These borrowers are Prime and Near-Prime borrowers who hold ALT-A, Option ARMs, Interest-Only mortgages. There are $1 Trillion ALT-As, and $500-600 Billion Option ARMs. <BR/>So, here we have a major problem… Not only will these small business owners lose their homes, but there will be the resulting JOB LOSSES on their business failure. Note, although President-Elect Obama is stressing the need to create 3 million new jobs, we must understand that “JOB RETENTION IS AS IMPORTANT AS JOB CREATION”. <BR/>A survey conducted by the National Association for the Self-Employed (NASE) disclosed these disturbing facts. The NASE survey is at http://www.nase.org . See the NASE News for the Survey on Toxic Mortgages.<BR/>According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages, and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012. <BR/>The solution lies in the hands of Congress as they meet in January to structure an economic stimulus package. Congress should take note of this survey and be “proactive” in addressing the situation, rather than “reactive” as the case has been in the Subprime Mortgage Crisis. <BR/>We can’t afford another shock to our economic system at this time. This 2nd Wave of Foreclosures which will be caused by the ALT-A and Option ARMs will not only result in Foreclosures, but also Job Loss.Anonymousnoreply@blogger.com