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U.S Housing foreclosures approaching levels not seen since the great Depression

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hahaha surprisingly i dont think they will be that bad.
A main part of the plans is to create village type atmospheres with local shops and alot of park/ green space around the immediate area. I think they have now recognised the fact that building slums just creates social problems down the track.

The 4 big areas in particular are Penrith (lots of housing , new lakes and park land to be built as well) Parramatta big high rise with more land to be dedictated to parks . North Shore and Sutherland shire as well.

Most of the building is in corridor which follow existing rail and bus ways,
 
Yep, They have to build up. Can't keep spreading out like we have been. Especially once fuel gets scarce and really expansive. Plus with a good design they can be good living.
With the average family having less than 2 children, what is the need for such large houses. Seems totally crazy, building such large houses to house a few occupants.
 
kitehigh said:
Yep, They have to build up. Can't keep spreading out like we have been. Especially once fuel gets scarce and really expansive. Plus with a good design they can be good living.
With the average family having less than 2 children, what is the need for such large houses. Seems totally crazy, building such large houses to house a few occupants.
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Its easy to blame people for building big houses ....

1/ youll never remove the desire for the good old aussie quarter acre, somewhere for the kids to play and dont forget the poor old dog he needs somewhere to live to.

2/ Big problem is these developers releasing land riddled with building covenants that force people to build a certain style , size and time fram to build in, its crazy! If people want a 12 or 15 square house let them!
 
numbercruncher said:
Its easy to blame people for building big houses ....

1/ youll never remove the desire for the good old aussie quarter acre, somewhere for the kids to play and dont forget the poor old dog he needs somewhere to live to.

2/ Big problem is these developers releasing land riddled with building covenants that force people to build a certain style , size and time fram to build in, its crazy! If people want a 12 or 15 square house let them!
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yep thats right. pack em in like sardines.
 
Flying Fish said:
yep thats right. pack em in like sardines.
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Sure, why not? They've done it in Europe forever. And if we are serious about environmental matters, then we can't keep building like we have been.

Plus, you'd be surprised, but most people under the age of 30 prefer to live in high density areas, centrally. Young people generally couldn't give a toss about having a garden etc.
 
chops_a_must said:
Sure, why not? They've done it in Europe forever. And if we are serious about environmental matters, then we can't keep building like we have been.

Plus, you'd be surprised, but most people under the age of 30 prefer to live in high density areas, centrally. Young people generally couldn't give a toss about having a garden etc.
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Yep, older generation also. Six months ago we moved into small condo type, 300 s/m ground from 700. Next stage in a multi level, with security of underground car park into lift. Nearer to the casino would be good also.

Down here on Marnington Peninsular they have height restriction which causes big spread and loss of farmland that would be better used for vegetables etc.

Probably sterilisation after 30 and no sex allowed under twenty will be the go. Like Ben Benarche and his dollars, birth control aids from helicopters
 
Good little article that sums a very good point up!


Pity the homeowner who rides out his home's collapse for 10 years
Posted on Thursday, September 6, 2007 at 03:49AM by Schahrzad Berkland | 26 Comments
The Real Victims


Subprime borrowers are not victims at all. Their debt goes away, they get a fresh start, and they will buy back that same house for a fraction of the cost in a few years.

The real victims are the people who count the equity in their temporarily inflated homes as a major component of their illusory wealth.

Homeowners will watch their home's values deteriorate over the next decade. They will suffer in fear, financial insecurity, and despair for 5-10 years, never knowing how much worse it gets before it gets better. It hurts to watch their beloved home, which is a reflection of their self worth in many cases, decline...erode slowly in value. They will be forced to accept that their house or neighborhood is not immune from price drops. They'll be unable to borrow against this home again, for remodeling or college for the kids. And what of the retirement plans?


Worse, they realize they are upside down and there is no way out. Unable to sell without bringing big bucks to closing, unwilling to ruin their credit score in the easy exit of foreclosure or bankruptcy, chained to their homes, unable to relocate or move up to another home. Stuck in an upside down house. Now that is real pain.

Those are the people we should feel sorry for.

The people in foreclosure at least will get a clean start. They got to live in a house they could never afford. They spent hundreds of thousands of dollars and never had to repay it. Bush will even make sure they never pay taxes on that forgiven debt. Wow, what a deal. Where do I sign up?


So in 2013, let's look at two people living side by side in identical homes that are valued at $600K today, and will be worth about $300K, give or take $50K. We have Mallory, who rode out the housing downturn, and Debbie, a subprime borrower who lost her house to foreclosure in 2007. Mallory is still paying a $600K mortgage. But Debbie buys that same house for only $250K. Who's the victim now?
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http://www.californiahousingforecast.com/commentary/2007/9/6/pity-the-homeowner-who-rides-out-his-homes-collapse-for-10-y.html?ref=patrick.net
 
KIWIKARLOS said:
we also have to think of the impact of the mining boom on house prices. WA house prices skyrocketed because there are thousands of people who moved over there to work and got paid mega bucks to do it. My guess is that as some people work the 3-5 years they planned for they will move back to the other states with pockets full of cash. Sure some will stay but if we are talking 20 year commodity bull then there will be alot of people making big bickies. I have a few mates who have gone over for 2-3 years and they plan to come back with 100's K to buy houses.
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RIO actually got there hands on a 80 seat jet to fly in workers from as far south as Bunbury, 300 km south of Perth...1 flight per week.

As for the US situation im thinking its mostly the southern and mid
western states affected.....billy bob and family will have to move back
into the trailer park.. :rolleyes: big deal.

In Aust there will be no foreclosures in Balmain etc..thats for sure.
 
There was an article in the Courier Mail yesterday about US homes going for a song. I could not believe houses were going for less than US$10000 until I had a look on the internet myself.

Houses have a price tag on them of US$3000 but surely the neighbours or locals would snap them up at these ridiculous prices.There must be a catch.

Does anyone know what the truth is with the prices under $US10000?
 
but the land they are sitting on is worth more as farm land.
cost to demolish is greater then value of house.
 
hello,

yeap, that sounds just like Australia

go buy house there if you so fascinated by it all, you would want to get membership to the Bloods or Crips pretty quickly

and yes the homicide rate is some 8 or 9 time multiple to australia (yeap that sounds like Australia)

the world is finally coming to terms with the sham place it is

thankyou
robots
 
The other point not picked up by the Courier Mail about these properties in Detroit, is that US (and Canada) have way higher property taxes than what our rates are. They can be up for $10-15k+ per year just in property taxes.

It makes holding for awhile a lot more expensive.
 
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