Market Conditions: Will the Foreclosure Moratorium Impact the Chicago Housing Market?
There has been a lot of discussion in recent days about Congress trying to force a foreclosure moratorium nationwide until they can investigate what is going on at the big banks with foreclosure processing.
Illinois is one of the 23 states where GMAC’s mortgage unit, now called Ally Financial, JP Morgan Chase and Bank of America have halted foreclosures while they look into allegations of missed paperwork and unread files.
The Sun-Times reports on the impacts of the moratorium on the real estate market.
In Cook County, the banks’ actions so far have had no large-scale impact on foreclosures, according to a spokesperson for the Office of Chief Judge Timothy Evans in the Circuit Court of Cook County, which hears foreclosure cases. An estimated 30 to 35 pending foreclosure cases here are on hold while lenders complete their internal document investigations, the spokesperson said. The county had 66,136 foreclosure cases pending at the end of August and was on track to have about 68,000 at the end of September.
Realtors have mixed views on the impact of the document issue.
“There is a concern in the process just slowing things down, that it’s going to delay the inevitable and what is that going to do with the pipeline of foreclosures down the road?” said Mike Onorato, immediate past president of the Illinois Association of Realtors. Is that going to have a negative impact down the road? It may.”
Genie Birch, immediate past president of the Chicago Association of Realtors, doesn’t think it would delay the recovery.
“Property that’s on the market right now, regardless of whether it’s a foreclosure, a short sale or it’s a traditional sale, whatever, it’s a good opportunity to either get them sold or rented or whatever needs to be done with them,” she said.
On the brighter side, the delay could help homeowners facing foreclosure, said Dru Bergman, executive director of the DuPage Homeownership Center. She noted about two-thirds of the families the group works with are facing foreclosure because they became unemployed or underemployed.
“So if this moratorium gives people more time in terms of finding employment, that could be a good thing,” she said.
Foreclosures up in the air but no big impact here [Chicago Sun-Times, Sandra Guy and Francine Knowles, October 5, 2010]
“Oh look, today was a HOT HOT HOT day in Old Irving. Two properties went under contract”
All joking aside, is there something going on out there that is going on in the housing market that we haven’t covered because I received 2 (TWO) over asking price offers on my farm yesterday (although both are asking for owner financing/contract sales). Still, to receive 2 offers in a single day after languishing on the market for over a year is strange. Add that to the news in Old Irving, the news about the foreclosure moratorium mentioned above as well as the latest increases in the stock market and we may be on our way to a real estate economy.
“real estate economy”
uhh- meant “real estate recovery” – and again, don’t underestimate the psychology of the people. Once they think it is time to buy, a lot of the buyers who have been waiting on the sidelines ARE going to jump in. I know that there are skeptics out there, but I think the majority of the people on this site are relatively young (younger than 40) – and don’t realize that there is a HUGE number of people over 40 w/ money (also a HUGE number under 40 w/money). Just keep an open mind – just as you guys may be surrounded by people w/o money/jobs who are facing short sales/foreclosures, I am surrounded by people w/ money/jobs who are looking for good/great investments as well as personal residences. We speak/post what we know/live – just another perspective. Reality is likely somewhere inbetween.
“and don’t realize that there is a HUGE number of people over 40 w/ money (also a HUGE number under 40 w/money).”
Does this include all of the people who claim to have money that buy Bentley’s, Mercedes, diamond rings, earings, boats, go on vacations, have 70 inch lcd tv’s, etc. that really just financed them for the next five years and vastly overestimate their salary. Does this include the people who buy all of the above that are behind on their mortgage, have a load of student loans, and heloc’s to pay off?
Because if that’s the case, then ya, sure, a lot of people have money. Remember, a lot of people have terrible credit scores and don’t even qualify for a loan even if they can put down a downpayment.
Whoops, I forgot about credit card debt, gambling, drug, and alcohol addictions, a possible divorice on the horizon, health problems, job security issues, and not wanting to take a loss on the current home they just recently bought.
don’t confuse two offers on a farm (especially one near a major urban area) with the market for condos in the city.
one look at prices of wheat, corn, cotton or any other major commodity will tell you why you might be getting multiple offers on a farm.
“one look at prices of wheat, corn, cotton or any other major commodity will tell you why you might be getting multiple offers on a farm.”
sorry hickory – I call it the “farm” but it is really a 15 acre parcel of land in St. Charles that is zoned R1 residential (it used to be used as a horse farm). I guess the relevance may be that builders/land holders are seeing a light at the end of the tunnel?
i figured it wasn’t an actual producing farm, but the point remains.
arable land bottomed a while ago.
I’m thinking that slowing down the foreclosure process (could it get any slower?) will likely just give people more time to complete short sales – unless of course these sellers have no intention of leaving their homes and just want to see how long they can continue to live there for free.
“just want to see how long they can continue to live there for free.”
Its my suspicion that the real winners in this whole housing debacle are going to be those who wind up living in their residence for free for a number of years while all these government mortatoriums are in place and the banks don’t pursue the foreclosure process. Most other people rolled their RE gains into a new, larger residence or never sold at or near the top.
The deadbeats win. God bless the USSA.
It will delay foreclosures even longer. The foreclosure pipeline is far enough into the future and this will delay it further.
From the foreclosures and short sales I have seen it dosen’t seem like the hoouses will benefit from sitting vacant for even longer periods of time. I know typically with a SS you have the owner living there but I have seen some rented out, abandoned, or lived in but abused. If it takes longer to go through the process I can only think that the impact will be that the condition of these properties will exacerbate the price declines we’re looking at.
I think this may end up a win-win situation. Those in trouble will get the time needed to sort their financial situation and may be in a better situation in a couple of years and start being able to make their payments. This will also be good for homeowners who are not in trouble because it will keep these foreclosures off of the market and keep home prices up. I guess the only people that this may negatively impact are those renters looking for deals to buy.
“All joking aside, is there something going on out there that is going on in the housing market that we haven’t covered because I received 2 (TWO) over asking price offers on my farm yesterday (although both are asking for owner financing/contract sales). Still, to receive 2 offers in a single day after languishing on the market for over a year is strange. Add that to the news in Old Irving, the news about the foreclosure moratorium mentioned above as well as the latest increases in the stock market and we may be on our way to a real estate economy.”
Mortgage applications just dropped for the 5th week in a row which indicates that sales will again be declining. So…no, there doesn’t appear to be any “recovery” under way.
I have seen more higher priced properties moving and I am attributing that to the recovery of the stock market. These are just a handful of sales in a vast city. Properties under $1 million are still slow.
“Its my suspicion that the real winners in this whole housing debacle are going to be those who wind up living in their residence for free for a number of years”
Yeah, it’s a real shame how these evil banks with their predatory lending have been taking advantage of all these homeowners. We need to punish them some more for letting people live for free in homes financed by this evil lending.
Get over the idea that real estate is rebounding. Banks don’t want real estate, period. Harris is out of the market, MB and Private are saddled with huge losses, Cole Taylor is toast, and on it goes. SBA and FHA are the only ones making loans, and guess what? It’s all taxpayer funded. The rules of the game have changed. Only saps are paying their bills. Next step is principal reductions for those who are in arrears, so the guy paying his mortgage, and those who paid cash, are screwed. It’s an efficient and quick way for Obama to redistribute wealth, which is his goal.
Why should I pay my mortgage? Screw it!
“Why should I pay my mortgage? Screw it!”
You can’t have this type of attitude and live in a well-functioning society. If everyone takes this type of attitude, there would be anarchy and a real separation of classes. High earners could also say, “Why should I pay more income taxes?”. Smart people could say, “Why should I support and wait for the stupid morons out there?” Star athletes could say, “Why do I have to carry the team?” There is no end. Just be happy that you can afford your mortgage. Those people in financial trouble have enough problems – they are not getting a free ride by any means.
From my vantage point, purchases probably make up 15-20% of mortgage applications right now. People want to buy and will buy if all the stars are aligned. There would be a lot more sales if people could get rid of their current homes which seems to be the biggest hurdle for my would be qualified buyers.
Most of the buyers I have been working with that are actually making it to the closing table tend to be first time home buyers since they don’t have the anchor of a current property.
The whole foreclosure thing is a mess, but what do you expect when big banks, government, and lawyers work together? That is the making of a huge fustercluck.
How hard is it figure out if someone can’t pay their mortgage?
Consumers also seem to be totally irrational. I know owning a home is an emotional attachment, but seriously, if you can’t pay the mortgage get hell out of the home and go rent. It ain’t like it is going to kill you. Probably will save a ton of money over what the mortgage costs in this market. You would think the foreclosure process would take like 2 weeks as homeowners would be begging to give the keys back to the bank.
AWW, clio doesn’t like this “attitude?” It’s been coming for years-businesses stiffing vendors under the shield of bankruptcy, credit card companies charging 30% interest, investment banks using arbitrage to screw the individual investor. Anarchy? It’s HERE! Why should I pay more income taxes? Do I get any special perks? A private lane on the road for high earners? Maybe get tretaed to dinner by the lowe earners who I subsidize with income and property taxes. Now, I’m subsidizing their idiocy and poor choices with TARP andf HAMP? Why do I have to carry the team?
“How hard is it figure out if someone can’t pay their mortgage?
…if you can’t pay the mortgage get hell out of the home and go rent. It ain’t like it is going to kill you. Probably will save a ton of money over what the mortgage costs in this market. You would think the foreclosure process would take like 2 weeks as homeowners would be begging to give the keys back to the bank.”
Well said…excellent post!!
I too this if anything needs to be done it should be that once a home enters the foreclosure process, there be a two week minimum for it to get on the market with the price greatly reduced to generate a faster sale. Want to stop making your mortgage payments? Two delinquent payments = a 30 day no exeptions order to vacate.
The short sale process is also a huge joke. Banks should have a 3 day period in which to accept any offer within 15% of the asking price. There needs to be an expedited process instead of giving them more time. It’s like having a toothache and you don’t want to lose the tooth, but you realize it is rotten and it will be pulled, so you refuse to go to a dentist.
Spped up this process instead of drag out the pain. I hate seeing people who at one time were living the high life by occupying a home they knew they could not logically afford. Why should they be given a break when the end result is inevitable?
Agree with others that receiving two offers on a FARM cannot be used as a comparison to receiving an offer on a condo in a new high rise building. It is like saying the RE market in LA is priced so much higher than Chicago’s…where is there any relevance in comparing these two ‘opposite’ properties?
“where is there any relevance in comparing these two ‘opposite’ properties”
although there is not a direct correlation, all real estate should be monitored for signs of shift. If builders/investors start buying land, it may be a sign that the sands are shifting. Remember, not one of us know everything that is going out there.
“Just be happy that you can afford your mortgage. Those people in financial trouble have enough problems – they are not getting a free ride by any means.”
Sorry dude but living rent free for a number of YEARS is definitely a free ride in my book.
Why is everyone so mean to the people who are in foreclosure/short sale situation. You guys are like circling vultures… leave these poor people alone. Let them simmer in their own mess for a little (so they don’t make the same mistake again) and then help them out – but don’t make them piriahs!!
“I hate seeing people who at one time were living the high life by occupying a home they knew they could not logically afford. Why should they be given a break when the end result is inevitable?”
Westloop, what end result is inevitable? When the economy turns around these people do end up being able to afford these houses again. We should help them and give them a little more time/help to get out of this mess themselves.
“There would be a lot more sales if people could get rid of their current homes which seems to be the biggest hurdle for my would be qualified buyers.”
Yep, the real estate industry/model BBB (Before Bubble Burst) was designed on the concept that you could always unload your home and in most cases get a larger home or at least have a down payment for the next one.
That isn’t the case anymore. Unless you own your house outright or have a very low balance on your current mortgage, you can only drop your price so much. It’s frustrating.
“Why is everyone so mean to the people who are in foreclosure/short sale situation.”
Because they are one of the parties in the ecosystem that brought us this mess.
“You guys are like circling vultures…”
I am more like a bearded vulture, I will swoop in and pick up their bones then drop them from high up on rocks to break them to get at the cartilage. (one of my favorite animals too)
“We should help them and give them a little more time/help to get out of this mess themselves.”
No the rules of the game should not be changed in the 11th hour just because a bunch of people jumped off a financial cliff at the same time. That’s not fair to those who didn’t follow the lemming hoard.
“Why is everyone so mean to the people who are in foreclosure/short sale situation. You guys are like circling vultures… leave these poor people alone. ”
Which one of your props has a pending short sale?
“I hate seeing people who at one time were living the high life by occupying a home they knew they could not logically afford. Why should they be given a break when the end result is inevitable?”
let’s not lump all the people who are suffering foreclosures into one bucket. Some people lost financially lucrative jobs that were paying the bills and cannot find any work to replace them.
“When the economy turns around these people do end up being able to afford these houses again.”
It doesn’t look like the economy is going to improve in the near future. How much more time should we give people that got themselves into this mess?
“A panel of economists on Tuesday predicted several more years of pain for the United States, agreeing unemployment will remain high far longer than 2014….”
http://money.cnn.com/2010/10/05/news/economy/demos_panel_outlook/index.htm
“Which one of your props has a pending short sale?”
None – I was one of the “dumb” ones who put down 40-50% on ALL of my properties. None of them are underwater. I just feel really bad for these people because I know how they were convinced by real estate agents, media, family, friends to buy and now their stuck. We really shouldn’t be happy about this – every foreclosure/short sale probably has a really emotional and sad story attached to it.
“pick up their bones then drop them from high up on rocks to break them to get at the cartilage”
Probably should get your physiology terms right when you’re arguing with a doc. Otherwise you tend to look ig’nant.
If you have a high paying job and use your income to leverage yourself into a expensive property I have little sympathy for you. There is the story of the ant and the grasshopper by Aesop. Look it up. If you earn a high income you should be smart enough to put some away for the times when your income dips so that you can pay the mortgage. If you had a high income and bought a home well below your means then you should be able to ride out a period of unemployment quite easily. Leveraging yourself into the most expensive home simply because today you can afford the monthly payment, today, was stupid and you deserve little sympathy.
“It doesn’t look like the economy is going to improve in the near future. How much more time should we give people that got themselves into this mess?
“A panel of economists on Tuesday predicted several more years of pain for the United States, agreeing unemployment will remain high far longer than 2014….””
They may be right, but they are (1) academics, (2) beating the same drum they have for 3 years, and (3) economists.
Also, Krugman (1) got his “nobel” for international trade econ and (2) his “nobel” isn’t a “Nobel Prize”, it is actually the “Sveriges Riksbank Prize”, awarded by the Nobel Committee.
And I’m not one of those who think Krugman’s a communist or other fool nonsense. But he’s got a well-defined policy position and has shown no evidence that he would do any (obviously speculative) forecasting that would undermine the need to follow his policy prescription. I’d give much more weight to someone making this forecast who is on record *against* Stimulus v.2.0.
“I just feel really bad for these people because I know how they were convinced by real estate agents, media, family, friends to buy and now their stuck.”
I was just joking around, but the guilt you feel for leading so many people into financial ruin (either by example or direct advice) must be overwhelming. I’m sorry for your angst.
Fresh off the press from associated press (yahoo) today: “Home loans for purchases rise 9.3 percent”
Another example how the morons in the media try to manipulate public sentiment and shift the morale of the public. Tomorrow, the headlines will probably read: “Applications for home mortgages decrease 10 percent”
“but the guilt you feel for leading so many people into financial ruin (either by example or direct advice) must be overwhelming. I’m sorry for your angst”
I haven’t led anyone into financial ruin by example or direct advice (nobody listens to me anyway). I DO feel bad for them because I would be in their same situation (and I consider myself a smart, saavy guy) had it not been for my other job paying the bills.
article about the home loans incresing: http://license.icopyright.net/user/viewContent.act?tag=3.5721%3Ficx_id=D9IM7O700
“Probably should get your physiology terms right when you’re arguing with a doc. Otherwise you tend to look ig’nant.”
I am a shaman and I learned my medicine from the discovery channel/TLC/that morgue doctor show. I am not a hypocrite so would never enter the field of medicine as I will take no oath forcing me to be a hypocrite.
” I am not a hypocrite so would never enter the field of medicine as I will take no oath forcing me to be a hypocrite”
I am sure medical school was never an option for you…
“There is the story of the ant and the grasshopper by Aesop.”
Except in Aesop’s day there didn’t exist a government that would make a swift value judgment when times got tough to help out the grasshopper towards the end to equalize outcomes.
“I am sure medical school was never an option for you…”
You remind me of that doctor on the Simpsons. Hey at least you (hopefully) partied your arse off in undergrad.
“You remind me of that doctor on the Simpsons”
Dr. Hibbard or Dr. Nick?
Ahhh…Dr. Nick!
clio, it sounds like people were rushing to apply for loans before the FHA requirements tighten up. I don’t think that’s a sign of a healthy mortgage market.
“One possible driver of last week’s big increase in FHA applications was a desire by borrowers to get applications in before new FHA requirements took effect October 4th, which included somewhat higher credit score and down payment requirements.”
http://www.mbaa.org/NewsandMedia/PressCenter/74158.htm
“I am a shaman and I learned my medicine from the discovery channel/TLC/that morgue doctor show.”
Didn’t learn it well. Would have done better watching Julia Child, frankly.
The stuff inside bones is marrow. Cartilage is something else.
“New borrowers will have to have a minimum credit score of 580 to qualify for a 3.5 percent down payment. ”
“Starting this summer, sellers will not be able to offer as much help to buyers to pay their closing costs. The maximum amount of assistance will drop to 3 percent of the value of the property, from the current 6 percent.”
And now it appears even with seller concessions at maximum you will need to bring to the table, as a buyer, 0.5% of the property’s purchase price, at a minimum. These new FHA guidelines are so onerous!
As an FYI, Bob… no FHA lender lends to borrowers with less than a 640 anymore even though technically FHA allows it. Some even require 660 minimum and most that claim will lend to lower FICO scores typically want much larger down payments or other parts of the application to be much stronger than required. Seller credits don’t apply towards your down payment, just your actual closing costs. In short you still need at least 3.5% down even if you maxed out your seller credit.
I think it’s the lesser of 3% of the purchase price or the actual closing costs. In any event, I doubt closing costs on an FHA deal would exceed 3% of the purchase price.
Couldn’t you get away with the closing cost restriction by “gifting” the money to the interested parties (you can give anyone 13k/year w/o tax ramifications on either end). If a couple was buying a house, you could give them a 26k “incentive”.
“Couldn’t you get away with the closing cost restriction by “gifting” the money to the interested parties”
iirc I think they removed this loophole last year as “social organizations” (ie: Acorn) were doing this very thing to help people get 0% down mortgages. Still…3.5% isn’t far off from 0%.
Actually I stand corrected, the loophole still exists. Clio is right.
http://www.hud.gov/offices/hsg/sfh/np/sfhdap01.cfm
Don’t you think the need for such gimmicks like you mention is an indication that current prices are not affordable?
“Couldn’t you get away with the closing cost restriction by “gifting” the money to the interested parties”
“High earners could also say, ‘Why should I pay more income taxes?'”
Wait, high earners *aren’t* saying that now? Don’t know much about your politics, but it seems to me those out there advocating personal responsibility over government intervention are also advocating incentive-based laws where “what’s in it for me” is the central question in the decision making process for all individuals and corporations.
If we are going to go pure, unadulterated capitalism (note that I’m not advocating that) abandoning mortgages when they didn’t make financial sense would be the rational thing to do.
“Why is everyone so mean to the people who are in foreclosure/short sale situation. You guys are like circling vultures… leave these poor people alone. Let them simmer in their own mess for a little (so they don’t make the same mistake again) and then help them out – but don’t make them piriahs!!”
bc these are the people who put the economy into this mess. they are equally as culpable as bankers who packaged up the sh!tty mortgages to allow such over leveraging. up until a few years ago, we lived in a capitalistic society where making stupid financial decisions had consequences. that isnt the case anymore. and the longer we support fiscal irresponsibility through TARP, QE2, foreclosure moratoriums, etc., the longer it will be until we reach a bottom. all we are doing is prolonging the inevitable at the expense of a recovery.
jfmiii the people voted for Hope and Change(tm). And this means our Autokrator is going to equalize outcomes.
Both conservatives and liberals believe in equality in America, they just differ on the details.
Conservatives believe in equality of opportunity in America. Liberals believe in equality of outcome in America.
jfmiii – I actually understand and agree with a lot of what you say. However, it is a slippery slope once you start thinking this way. People could start saying that we shouldn’t provide healthcare for fat people, people that smoke, old people etc. – I mean, these are the people that cost the system the most – why not just deny them care? – see what I mean. As a society, it is our obligation to help those in need. It should also leave you with a warm and fuzzy feeling inside that money could never create!!!
You can get a documented gift from a family member for the down payment and closing costs for FHA. Fannie/Freddie require you have at least 5% of your own funds in the transaction before you can get a gift unless the entire gift is 20% down.
FHA banned gifts from nonprofits such as Ameridream which were basically just money laundering outfits. Essentially, the seller would jack up the price of the property by 3.5-5% and make a charitable donation of the same amount to Ameridream and then Ameridream would gift the money to the buyer. Ameridream would take $500-$600 bucks for their administrative fee. Presto… 100% financing for FHA mortgages.
The programs should have been banned.
“As a society, it is our obligation to help those in need.”
It is not our obligation to equalize outcomes for those who made irresponsible decisions, particular as it applies to housing. I don’t think our government should be helping people who over-extended themselves stay in half million dollar homes and I think most Americans agree with me.
I don’t think our policy makers have quite gotten that little factoid over the past three years. So a new grassroots political movement sprang up which will hopefully get new ones in place who do.
“As a society, it is our obligation to help those in need.”
clio, can i get my 401k money i lost in 2008 back bc i really “need” the money…
and for the record, im not for govt run healthcare nor do i think smokers should pay the same premiums as someone who took care of themselves.
Bob – I’m curious; who on the Illinois ticket is considered a Tea Bag representative? (Tea Baggian?)
I’d assume just normally Republican but that was the whole point of spawning off – that expanding programs and cutting taxes doesn’t work for very long.
“Bob – I’m curious; who on the Illinois ticket is considered a Tea Bag representative? (Tea Baggian?)”
We don’t have a great example. I’d say Brady is much, much closer to the TP ideology than Kirk.
In prior eras Brady wouldn’t have stood much of a chance and Kirk would’ve as he “triaged” around the center.
Nowadays its interesting in that Brady looks set to sail to victory and Kirk is the one going neck and neck. The voting public has shifted substantially to the right.
*As with all politics in Illinois it is far from usual though and doesn’t lend to easy comparisons with other states (re: the Blago stain & the Burris fiasco).
Bob: that’s quite a charitable assessment of the goals of the tea party movement. From what I see of their signage at their loop rallies, I’m not sure their goals align with yours around sensible housing policy. They seem more focused on “socialist health care”, Obama as Hitler and “not being silenced.” Speaking of hope and change: seems like exactly what the tea party is asking for.
Brady = favors the teaching of creationism in schools. If you vote for Brady, or do not vote for Quinn, you are advocating the teaching of creationism in schools.
“Brady = favors the teaching of creationism in schools. If you vote for Brady, or do not vote for Quinn, you are advocating the teaching of creationism in schools.”
And if you vote for Quinn you are advocating abdicating the governing of Illinois to Mike Madigan (and assorted other fecklessness). It’s pretty much lose-lose unless you agree with Brady on social positions (ie, you think Alan Keyes was not only a better candidate for senator than Obama, but a better candidate than Jack Ryan).
The tea party movement is a disorganized and somewhat incoherent show of dissatisfaction towards the first, second and fourth estates who have arguably contributed to the destruction of our middle through a combination of offshoring, unfair taxation, outsized social and corporate welfare benefits and outsized runaway spending. The message gets a bit jumbled but the premise is fairly sound. Ignore the movement is risky as many incumbents are quickly learning. Let’s just hope they can follow through with some of the campaign promises.
And when you have the VP making comments like the below, it’s no surprise there is such an outrage at the establishment:
“We’re going to go bankrupt as a nation,” Biden said.
“Now, people when I say that look at me and say, ‘What are you talking about, Joe? You’re telling me we have to go spend money to keep from going bankrupt?’” Biden said. “The answer is yes, that’s what I’m telling you.”
You’re worried about Brady who thinks that creationism, along with evolution, should be one of a few viewpoints of the origins of the earth? That is such a minor obscure issue – the state is broke, we don’t pay bills, the Unions are getting pay increases, guaranteed no lay offs through 2012 (that’s why there are no layoffs even though we’re bankrupt!), we don’t pay rent in some cases, we’re selling off assets….and you’re won’t elect the guy because he believes in the bible?
No wonder this state is in shambles. You’re completely missing the bigger picture. All you see is the (R) and you get such a knee-jerk reaction that you would rather elect the worst of the worst, i.e. Blago & Quinn & rather than a god fearing fellow who goes to church, has a respectable background and knows how to make money in ways other than stealing it from the tax payers.
“anonny on October 6th, 2010 at 11:22 am
Brady = favors the teaching of creationism in schools. If you vote for Brady, or do not vote for Quinn, you are advocating the teaching of creationism in schools.”
Woah, Bob has really become unhinged in the last few months. I don’t blame him.
This freeze should scare people, this reminds me of when short selling was banned on financials two years ago. How far did the market drop AFTER that happened?
This combined with the offshoring epidemic (which I partially have a hand in, btw) and high yield bond bubble is panic attack inducing for me.
I’m highly considering moving to Montana in the next year. Do they have a real estate blog?
More fuel for the fire….
the only one who thinks the only reason they are discusing a moritorium is becasue the overall hit to the value of the banks is so great
Everyone is going to take a hit becasue of the foolish ones out there, that is why alot of people are pissed, you could have made all the right decisions about what you could afford, and now you have just been comp’d under water by the other idots on your block
does anyone really think that with high unemployment, decreasing earnings (for most)that we are going to be able to absorb these losses anytime soon, that the option of staying put for 10+ years isnt going to make people think about walkign away
“No wonder this state is in shambles. You’re completely missing the bigger picture. All you see is the (R) and you get such a knee-jerk reaction that you would rather elect the worst of the worst, i.e. Blago & Quinn & rather than a god fearing fellow who goes to church, has a respectable background and knows how to make money in ways other than stealing it from the tax payers.”
And you and others kneejerk on the D. Both parties have an f’d nomination process which most often gives us 2 candidates that appeal mostly to the more fringe elements of the respective parties instead of even 1 candidate who might have real cross-party appeal.
I still believe that Pereica could have beat Stroger if he’d kept his fool mouth shut about “social issues” that don’t implicate any Cook County issues–I had more than one conversation with people who disliked Stroger but couldn’t get comfortable with Pereica b/c of stupid shi … stuff he said.
HD:
First, I have no hang-ups as between (R) and (D).
Second, by your reading of things, all “god fearing” folks who go to church and believe in “the bible” apparently believe in, or at least advocate the equal consideration of, creationism. You need to take a deep breath and step away from the computer for a while.
Unless, of course, you believe in, or least advocate the equal consideration of, creationsim. In that case, go right ahead and vote for Brady, and everything will be swell.
anonny:
You don’t seem able to discern what our governor can and cannot actually do. Can our governor unilaterally implement his will on the state curriculum?
And if not, why are you concerned? A large portion of the America electorate, yourself included, isn’t smart enough to discern the difference.
“You need to take a deep breath and step away from the computer for a while. ”
You are a progressive obviously out of touch or not at peace with the fact that a large portion of this country is comprised of practicing Christian’s with these viewpoints. You are the idiot for even suggesting HD is somehow “radical” or needs to step away from his PC.
Personally I’m a libertarian and disagree with Brady’s social views. However I also know that 1) he can’t really do a lot to enact policy to implement these views and 2) our fiscal/economic policies are far more pressing in the times of today.
You are too stupid to see these two points.
“In that case, go right ahead and vote for Brady, and everything will be swell.”
Far from it. However the pain needs to be spread more broadly, to the Union segment and government worker segment.
The general population of Illinois should not have to shoulder an increase in the income tax rate so these people can continue living high on the hog while everyone else suffers.
To HD’s point–you cannot spend (or tax) your way to prosperity. And the accumulation of massive deficits and ever increasing debt the past two years was essentially our government pretending everything is okay and doing just that.
Yet the economic miracle they (keynesian ideologues) were hoping for never materialized. So now we’re back to square 1 but with a few extra trillion in debt to show for it. Fantastic.
Bob, would you care to enlighten me as to how educational policy is formulated at the state and federal levels?
I’ll give you a hint: Educational policy was never really much of a federal concern, until the passage of NCLB, which was one of the most significant domestic policies advanced by…President Bush.
I’ll not trouble you with a tutorial as to how major state and federal legislative innitiatives are generally the products of a governor’s or president’s policy agenda, respectively. But suffice it to say that such is indeed the case, regardless of what that Saturday morning cartoon may have tought you about how a bill becomes and law.
Or do you think that a governor is somehow empowered to address the “fiscal/economic policies” in a state, but not the educational policies? Now, perhaps I simply got lucky in getting A’s in the “education and the law,” “state and local governance,” and numerous con law classes I took in law school, but I’m really not following your reasoning. Perhaps I shall pray on it, and all will become clear.
“but not the educational policies? ”
He’s going to take a chainsaw to the all-powerful Teachers Union, and that scares you, doesn’t it anonny? Would you like to make a wager that if/when he becomes governor creationism will be taught in Illinois Public Schools?
I’m calling you on your hysterical bullshyt and I am willing to put money on it. In fact any amount of money you’re willing to wager.
Lets wait to see if he gets elected first (anything can happen until election night), but I have a strong suspicion you won’t be interested in the wager after election night anyway.
It’s still not entirely clear what it is that you’re trying to say, Bob. I think your thoughts might be stumbling over your ad hominems.
Anyways, why do you presume that I hold any special place in my heart for teachers’ unions?
And Bob, my good man, I’m afraid that you too could use a bit of fresh air. Do you realize that, in nearly the same breath, you state that: (i) a Governor Brady wouldn’t be able to do anything with respect to education and (ii) a Governor Brady would rend asunder the teachers’ unions?
When you and HD are outside reflecting on things, you might want to stop by a bookstore and pick up some material written by or about many of this country’s leading (fiscal) conservative thought leaders from the 1960’s to the 1990’s, and for that matter, many present day conservative thinkers in Europe. Most of those individuals would be embarrassed to hear so-called conservatives espousing a favorable view of creationism. Indeed, I would submit that Buckley – no doubt spinning in his grave over the mouth-breathing mob that is the Tea Party – would sooner join forces with the liberals who inspired “God and Man at Yale” than with the likes of Brady and his ilk.
“(i) a Governor Brady wouldn’t be able to do anything with respect to education ”
No I never said that. I said changes to the education curriculum. I’m not sure you understand the difference.
“(ii) a Governor Brady would rend asunder the teachers’ unions?”
Taking the teacher’s unions to task for their bloated budgets, benefits and pensions is not equivalent to making changes to the school curriculum. Stop trying to obfuscate the two.
“Most of those individuals would be embarrassed to hear so-called conservatives espousing a favorable view of creationism.”
Yes if he weren’t pragmatic enough to see that politicians actually need a majority of votes to get into office. We’re not talking about ivory towers here, anonny, or at least I’m not. I’m talking about reality.
“many present day conservative thinkers in Europe”
Poor analogy: this is equivalent to a moderate Democrat here in the US. Also speaking of Europe how are they faring these days? HOW ‘BOUT THEM APPLES?
“Taking the teacher’s unions to task for their bloated budgets”
You aren’t doing the general perception of your understanding of the process any favors.
“politicians actually need a majority of votes to get into office”
Really? When did the guv race become like the Mayor’s race?
“Stop trying to obfuscate the two.” Hmm.
“‘many present day conservative thinkers in Europe”
Poor analogy: this is equivalent to a moderate Democrat here in the US.”
Oh, good grief, Bob. If that’s your understanding of things, then I’m afraid there’s nothing I can do.
Plus, I don’t have time to continue this, as I need to get back to work, so that I can continue paying more in taxes than you and the vast majority of conservatives (and certainly nearly every Tea Party type in this country).
Awww if it isn’t two JD’s defending a third one.
Lets be honest guys Brady didn’t follow the traditional path in life of trying to be the highest jumping fido like all three of you and Quinn did. Instead he went out, took risks, and made something of himself. That’s probably a bitter pill for both of you to take as you probably feel smarter than him.
But that matters little because the skills you acquire following the highest jumping fido path in life are not the kind of skills that are needed for management and leadership.
Your mommies must be sooooo proud that you’ve got your little JD and all. However since so few JDs seem to actually practice law these days what was the point of all that schooling? Sounds like a little status symbol you’ve created, in your own little worlds.
Non-practicing JD = someone who took a 3-year vacation/deferment from the real world. I guess law school beats joining the Peace Corps..
“Awww if it isn’t two JD’s defending a third one.”
Huh? anonny is actually 3 people? I’d missed that somewhere.
“Huh? anonny is actually 3 people? I’d missed that somewhere.”
You were critiquing me. Whose meaning/intent was easy enough to discern form the verbiage I posted. Now jump, fido, high up for this stick!
Were it not for the potentially ruinous consequences, I would kind like to have a Tea Party government. I actually find Glenn Beck, Sarah Palin and Bob entertaining.
“You were critiquing me. Whose meaning/intent was easy enough to discern form the verbiage I posted.”
Aren’t you the Bob who likes to rant about others misuse of 4-bit words and use the error to insult their intelligence?
I’m still unclear on who I was supposedly defending.
“Were it not for the potentially ruinous consequences”
Haha I wished I lived in the same world you do, because I obviously don’t. With that statement you seem to imply that everything is honkey dorey these days.
A bunch of (mostly) JD’d lawyers who thought they were soooo smart just like you rose up to power. And they wound up fvcking up our country via 70 years of social policy experimentation and government intervention.
“ruinous consequences”
Thanks again for the laugh. The consequences are indeed going to be ruinous indeed for the ensconced political class.
“Were it not for the potentially ruinous consequences, I would kind like to have a Tea Party government.”
What would happen to Medicare if the government *actually* kept out of it? It’s almost a koan.
“What would happen to Medicare if the government *actually* kept out of it?”
It would run much much better – just wait a few years and you will see how disasterous healthcare is going to become. All I can say to you guys is: try and stay healthy and save some money for healthcare in the future. You may be opting to go to costa rica for your medical care!!!
“It would run much much better”
So, you’d take “medicare” patients with NO ONE cutting the checks? Interesting!
“So, you’d take “medicare” patients with NO ONE cutting the checks”
oh – I thought you were talking about how medicare would run if it was managed by a private organization (definitely more efficiently!!).
“oh – I thought you were talking about how medicare would run if it was managed by a private organization (definitely more efficiently!!).”
How is that private org going to get me (and you and Bob and everyone else, except the beneficiaries) to pay for it?
In regards to properties starting to sell, I have been following 2 places in Wilmette/Winnetka. Both are now under contract as of this week. One is listed for 675k, the other is 749k. Should be interesting to if they close and at what price.
Another Obama election move: never let a “Crisis” go;use it for your own good
The more people NOT RIGHTLY KICKED OUT OF HOMES THEY DONT BELONG IN THEY SEE THE DEMS AS THEIR SAVIORS
While most might have been O supporters anyways, its yet another attempt by the ACORN “thinkers” to f the system
Sure some wrong may have been done, accidental or not, BUT THAT DOESNT MEAN YOU STOP ALL FORECLOSURES
Obama is a crook so he relates well with the other crooks
The RINO /GOPs need to be kicked out as fast
There should no such thing as Medicare caid WELFARE etc
Welfare was invented to control the people and gain votes and
The “helping them” part is the ruse
The beloved deified FDR had the Social Security “payback” set to when you would have already died
HOWS THAT FOR A LOVING CARING GOVERNMENT
Charities taken in $$$$ and are 100% taxfree
either they live up to their agenda of no more tax free
Do a limitus test NOW FOR THOSE ON WELFARE
DRUG TEST THEM
The Socialists said it was right to have a payCZAR if you accepted Tax$ so LETS GO
DRUGCZAR EVERYONE ON WELFARE NOW!!
It is interesting how unkind everyone is towards people who face foreclosures and as soon as Clio says something to defend them he is being accused of his property is heading for a short sale. I wonder if the lack of success is what drives people towards hating and blaming others or this attitude is what got them first to be losers. Oh and before you unleash your bitter words, we have two houses, one completely paid off and the other one with a mortgage of less than half the annual salaries of my husband and I; so definitely not heading towards foreclosures or short sales.
“as soon as Clio says something to defend them he is being accused of his property is heading for a short sale”
I was just teasing Clio*, as sympathy for the “poor” doesn’t seem consistent with the rest of his cc personality (which is reasonably likely to be completely diff from his real personality).
Pity for the “poor”, perhaps, but sympathy, not so much.
*and I think he got it, this time.
“Buckley – no doubt spinning in his grave over the mouth-breathing mob that is the Tea Party”
ridiculous. I see we’re back to the freshman liberal arts vocabulary: mouth-breathers, troglodytes, neanderthals, etc. It’s just hilarious that poor-postured, 15-inch necked people with poor hygiene and weak muscle tone, androgynous clothes, etc. are making ad hom attacks on the Tea Party. Tea Partiers are more highly educated than the American average, by far. Regarding Buckley, he turned out to be a failure and sell-out and his NR is now just another establishment neocon organ. People who are really interested can read more here: http://vdare.com/misc/101003_sobran.htm
“It’s just hilarious that poor-postured, 15-inch necked people with poor hygiene and weak muscle tone, androgynous clothes, etc. are making ad hom attacks on the Tea Party. ”
Not as funny as this.
“ridiculous. I see we’re back to the freshman liberal arts vocabulary: mouth-breathers, troglodytes, neanderthals, etc. It’s just hilarious that poor-postured, 15-inch necked people with poor hygiene and weak muscle tone, androgynous clothes, etc. are making ad hom attacks on the Tea Party”
anonny also likely voted for Blago in 2005, because they believe in simplistic dichotomies and one party is “good” and the other is “evil. Tools like this should not be able to influence our society.
So anonny did you vote for Blago in 2005? Or are you just a recent transplant from some other bumblefvck part of the midwest who migrated to Chicago because of its urbanism and traditionally D base?
Go back to Ohio.
Err meant 2006. But my point stands. Pencil necked law-school geek named anonny likely from Ohio is trying to influence people to vote for Blago’s protege. Go to hell.
Bob, oh dear Bobby boy.
Get this: I actually voted for JB Topinka. Too bad the fringe social conservatives (or mouth breathers, if you will, Dan) killed her chance of winning. Had she won, IL could have avoided its months in the national spotlight of Blago shame. Oh well, a Governor Brady would restore honor and pride to the land of Lincoln, right Dan and Bob? (Topinka is quirky, but I doubt she thinks this planet is only 6,000 years old.)
And Bob, aren’t you from the midwest? Get a hold of yourself. I’m from NY and spent about 15 years out west (and a few places in between) before first moving to Chicago five years ago. Now get back to whatever it is that you “do.”
To get back to a previous REAL-ESTATE related issue:
It’s about time that FHA officially recognized what most of us insiders have known for years – the “6% seller concession” for closing costs has been dead as a doornail for years. Even 3% has been pretty dicey – from my experience 1.5 or 2% has been the norm, or perhaps a specific dollar amount.
Scott Lee Cohen!!!
hah!
“PNC Financial Services Group Inc. today joined Bank of America Corp., JPMorgan Chase & Co. and Ally Financial’s GMAC Mortgage Unit in stopping mortgage foreclosures and evictions for a month so it can review whether documents it submitted to courts complied with state laws.”
http://www.biztimes.com/daily/2010/10/8/
The end of this year is shaping up to be a repeat of 2009 where the banks just sat on delinquent loans and pretended everything is alright.
It definitely will impact the Chicago housing market as this will artificially depress the supply of foreclosures and REOs and allow people to live rent free for even longer.