[DomusAlbion]

This has nothing to do with peak oil. Canary? Holy crap.

Agreed. This is merely a story of human foibles leading to ruin. The state of the real estate market in LA merely exposed the foolishness of an old man.

[Ayoob]

This has nothing to do with peak oil. Canary? Holy crap.

Agreed. This is merely a story of human foibles leading to ruin. The state of the real estate market in LA merely exposed the foolishness of an old man.

My feet are starting to smell bad... and look, oil made a new high this week! It's a sign of peak oil! Also, I saw seven doves flying west this morning, it's a sign!

If it wasn't true, you wouldn't be reading this right now.

[vision-master]

You dissing me or what?

Just putting a mirror in front of you VM. You're dissing a man who for the most part has led a highly successful life. A life he made on his own. Was there some luck involved? Sure. However, this practice of jumping on the successful when they prove to have feet of clay smacks a bit too much of plain old envy.

The old fart is 85? So..................

How's that dissing a man?

I'm 55, so?

Get back on those Meds.

[seahorse2]

Um-hmm.

If those in the high income and high net-worth brackets are getting hit, what does it say about the mass of people?

What does it say about the housing market in general?

As I mentioned before - this canary may be singing an interesting tune.

The canary is dead. Time to get out of the mine!!!

[DomusAlbion]

OK, VM so maybe I was venting at you for what I'm seeing a lot of on this board. Most successful people are where they are because of their own efforts, not some fluke. You know envy is right up there with greed as a cardinal sin and it's just as repulsive.

VM wrote: "Get back on those Meds. "

Are you dissing me? The only medication I take is Allegra for allergies and I don't self medicate as you have claimed to do in the past.

[vision-master]

OK, VM so maybe I was venting at you for what I'm seeing a lot of on this board. Most successful people are where they are because of their own efforts, not some fluke. You know envy is right up there with greed as a cardinal sin and it's just as repulsive.

VM wrote: "Get back on those Meds. "

Are you dissing me? The only medication I take is Allegra for allergies and I don't self medicate as you have claimed to do in the past.

I can see where this is going. Have a nice day.

[Jack]

My feet are starting to smell bad... and look, oil made a new high this week! It's a sign of peak oil! Also, I saw seven doves flying west this morning, it's a sign!

If it wasn't true, you wouldn't be reading this right now.

Having a bad day, are you?

[Armageddon]

That old fart is about 85 now.

That "old fart" as you call him was also a Marine fighter pilot during WW II.
Show some respect. He did a lot better with his life than a certain poster who thinks he's a master of visions.

He gets zero of my respect. I don't give a frank if he flew fighter jets during a war, or he captured Iwa Jima all by himself. He is just another douchebag rich person to me.

[TheDude]

Ho ho ho...

Damn, flew 85 artillery spotting missions in Korea - in a Cessna prop plane. Retired a full colonel in '66.

You may already be facing foreclosure!

Always liked Ed. Funny old coot. Sure to get Hollywood's sympathy vote, like Willie Nelson did with his $17 million in back taxes.

[smallpoxgirl]

Theres just something really twisted about it when you go from handing out sweepstakes checks for Publishers Clearing House to getting your house foreclosed. Seems like after all those years as their spokesman they could pony up a check for him.

[Denny]

There seems to be a history of people with big money in Hollywood, millionaires all, getting into financial hot water.

Seems strange, and it casts doubts on their judgement, when they are doing an endorsement. selling somebody on a good or service, you wonder if they are just doing an acting part.

Really, there is no excuse for a millionaire, maybe several times over, to be facing bankruptcy.

[whatpeak]

Warning makes obnoxious sound.Ed McMahon Hiyo

[TheDude]

Defaulting on the Dream

Washington, DC - 04/16/2008 - One in 33 homeowners is projected to be in foreclosure primarily over the next two years, as a result of subprime loans made in 2005 and 2006, according to a new report released today by The Pew Charitable Trusts. In some states, the outlook is especially grim; for instance, nearly one in 11 homeowners in Nevada is projected to be in foreclosure and one in 18 Arizona homeowners may face the same circumstance over the next two years.

Homeowners being foreclosed upon may not be the only homeowners affected, according to data cited in the report. An additional 40 million neighboring homeowners may see their property values and their municipalities’ tax bases drop by as much as $356 billion, largely over the next two years.

Defaulting on the Dream: States Respond to America’s Foreclosure Crisis is the first-ever, comprehensive look at what all 50 states and the District of Columbia are doing to try to address the subprime mortgage fallout. The report finds that more often than not, states are at the forefront of developing policies and programs aimed at preventing more irresponsible loans from being made and improving residents’ ability to stay in their homes. The report highlights states that are making headway to strengthen loan underwriting standards and help borrowers avoid foreclosure—and underscores that any federal legislation must complement the work being done in the states, not compromise it.

[roccman]

It never was "the" dream. It was always a scam.

It is time to awake.

The fear is palatable here in Phoenix.

I will not be staying here for much longer.

[emersonbiggins]

It probably was a 'dream,' of sorts, before repetitious marketing vehicles had taken their toll on a society that began to feel entitled to a 60-year breather after two world wars and a global depression.

Now, it [real estate] is just another racket.

[AlexdeLarge]

"Materials and labor were donated for the home, which would have cost about $450,000 to build. Beazer Homes' employees and company partners also raised $250,000 in contributions for the family, including scholarships for the couple's three children and a home maintenance fund."

Extreme Foreclosure Makeover

[Ludi]

I always wonder how people afford to keep those huge expensive homes. The property taxes alone would be killer.

Why don't they ever build a nice little modest energy efficient home? Why always a ridiculous mansion? It really bugs me.

[Tyler_JC]

That's because most people don't understand the concept of maintenance costs.

The people who build these massive houses don't understand that the people who get the houses had crappy houses to begin with for a reason. THEY ARE POOR. THEY CANT AFFORD A BIG HOUSE.

It's not just about the mortgage payments, it's that they can't afford the energy bills or the repair bills or the property taxes.

The property tax on a $450,000 house is at LEAST $6,000 a year in a state like Georgia.

If the family was earning $60,000 a year (and they were likely earning less than that), that represents 10% of their gross income.

Again, giving people a high maintenance mansion is a curse, not a blessing.

If I were them, I would have sold the house immediately and purchased something a little more modest.

[Prince]

The property tax on a $450,000 house is at LEAST $6,000 a year in a state like Georgia.

If the family was earning $60,000 a year (and they were likely earning less than that), that represents 10% of their gross income.

I read somewhere yesterday that they also had property taxes covered for 25 years, unless I misunderstood. There's no excuse for this... until I Googled for a family portrait of the Harpers.

[emersonbiggins]

They (the TV show) probably had restrictions against selling the home for an immediate profit. After all, it kills the storyline if everyone was to cash out after their free upgrade - why not give the families straight cash?

However, they could certainly have rented the home out and made some cash in the meantime.