Comments on: Friday Free For All http://vancouvercondo.info/2008/05/friday-free-for-all-20.html?utm_source=rss&utm_medium=rss&utm_campaign=friday-free-for-all-20 Bubble? What Bubble? Thu, 24 May 2012 08:06:05 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Warren http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-18049 Warren Tue, 13 May 2008 09:21:55 +0000 http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-18049 I agree with JR's comments on immigration. I am a Nexus cardholder, and the US is by far the worst to deal with. I could bore you with anecdotal stories, but suffice to say as a group they are anal powertrippers. Canadian officers aren't perfect, but I've had much more positive experiences with them. <p class="top-comments">Current score: <span class="top-comments-karma" id="karma-18049">0</span> <small>(to vote for this comment, please visit the site)</small></p> I agree with JR's comments on immigration. I am a Nexus cardholder, and the US is by far the worst to deal with. I could bore you with anecdotal stories, but suffice to say as a group they are anal powertrippers. Canadian officers aren't perfect, but I've had much more positive experiences with them.

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]]> By: Raincouver http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17959 Raincouver Mon, 12 May 2008 06:53:59 +0000 http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17959 . <i>…wait a second…3 months ago, according to the media, Canada was going to avoid a recession completely</i> Yeah, that theory is working out nicely. Never mind all of Canada, there's tons of people that believe Vancouver is a special planet - totally exempt from the vicissitudes of life on Earth. <p class="top-comments">Current score: <span class="top-comments-karma" id="karma-17959">0</span> <small>(to vote for this comment, please visit the site)</small></p> .

…wait a second…3 months ago, according to the media, Canada was going to avoid a recession completely

Yeah, that theory is working out nicely. Never mind all of Canada, there's tons of people that believe Vancouver is a special planet – totally exempt from the vicissitudes of life on Earth.

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]]> By: jesse http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17958 jesse Mon, 12 May 2008 06:48:01 +0000 http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17958 Mish is <a href="http://globaleconomicanalysis.blogspot.com/2008/05/housing-hell-in-spain-and-oz.html" rel="nofollow">commenting</a> on the OZ house prices falling. I've heard reports from Australians, some commenting on this blog, that RE prices in OZ are not falling. I'd like to hear a more recent perspective on Mish's claims if anyone knows? <p class="top-comments">Current score: <span class="top-comments-karma" id="karma-17958">0</span> <small>(to vote for this comment, please visit the site)</small></p> Mish is commenting on the OZ house prices falling. I've heard reports from Australians, some commenting on this blog, that RE prices in OZ are not falling. I'd like to hear a more recent perspective on Mish's claims if anyone knows?

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]]> By: patriotz http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17957 patriotz Mon, 12 May 2008 05:53:57 +0000 http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17957 Arizona is non-recourse, Nevada is recourse. The biggest bubble state that is recourse is Florida, or perhaps NY (NYC area). <a href="http://www.mortgagereliefformula.com/recourse" rel="nofollow">List of non-recourse mortgage walkaway states</a> If you want to see a fascinating tableau of the foreclosure fiasco, just google "non-recourse states". <p class="top-comments">Current score: <span class="top-comments-karma" id="karma-17957">0</span> <small>(to vote for this comment, please visit the site)</small></p> Arizona is non-recourse, Nevada is recourse. The biggest bubble state that is recourse is Florida, or perhaps NY (NYC area).

List of non-recourse mortgage walkaway states

If you want to see a fascinating tableau of the foreclosure fiasco, just google "non-recourse states".

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]]> By: freako http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17956 freako Mon, 12 May 2008 05:03:56 +0000 http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17956 <b>Any financing subsequent to the time of purchase is recourse in Ca, thus the impending bankruptcy.</b> Also some of his properties were in Arizona and Nevada. Don't know if they are non-recourse or not. <p class="top-comments">Current score: <span class="top-comments-karma" id="karma-17956">0</span> <small>(to vote for this comment, please visit the site)</small></p> Any financing subsequent to the time of purchase is recourse in Ca, thus the impending bankruptcy.

Also some of his properties were in Arizona and Nevada. Don't know if they are non-recourse or not.

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]]> By: Re-diculous http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17955 Re-diculous Mon, 12 May 2008 04:44:39 +0000 http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17955 "Recession expected to deepen in Canada" <a href="http://www.canada.com/vancouversun/news/business/story.html?id=343f06f2-e111-4876-b1b5-b39baf7cef44" rel="nofollow">http://www.canada.com/vancouversun/news/business/...</a> ...wait a second...3 months ago, according to the media, Canada was going to avoid a recession completely. i love atching the media "gear down" the news with time as if we won't notice. <p class="top-comments">Current score: <span class="top-comments-karma" id="karma-17955">0</span> <small>(to vote for this comment, please visit the site)</small></p> "Recession expected to deepen in Canada"

http://www.canada.com/vancouversun/news/business/…

…wait a second…3 months ago, according to the media, Canada was going to avoid a recession completely. i love atching the media "gear down" the news with time as if we won't notice.

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]]> By: Raincouver http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17954 Raincouver Mon, 12 May 2008 00:45:59 +0000 http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17954 . <i>The answer to “Who are they serving?” is as always “Follow the money.” It answers most questions in business and politics and, <b>regrettably,</b> some questions in organized religion.</i> Yeah. 'Regrettably'. That's funny:) <p class="top-comments">Current score: <span class="top-comments-karma" id="karma-17954">0</span> <small>(to vote for this comment, please visit the site)</small></p> .

The answer to “Who are they serving?” is as always “Follow the money.” It answers most questions in business and politics and, regrettably, some questions in organized religion.

Yeah. 'Regrettably'. That's funny:)

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]]> By: patriotz http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17953 patriotz Mon, 12 May 2008 00:10:58 +0000 http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17953 I will note also that mortgages made at the time of purchase are non-recourse in California. It appears that Shawn's MO, like many other specuvestors, was to take equity gains out of his first purchases by refinancing and use them for subsequent purchases. Any financing subsequent to the time of purchase is recourse in Ca, thus the impending bankruptcy. <p class="top-comments">Current score: <span class="top-comments-karma" id="karma-17953">0</span> <small>(to vote for this comment, please visit the site)</small></p> I will note also that mortgages made at the time of purchase are non-recourse in California. It appears that Shawn's MO, like many other specuvestors, was to take equity gains out of his first purchases by refinancing and use them for subsequent purchases. Any financing subsequent to the time of purchase is recourse in Ca, thus the impending bankruptcy.

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]]> By: patriotz http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17952 patriotz Sun, 11 May 2008 23:46:37 +0000 http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17952 And in due course we will see that it was our very own Shawn Forgaards, along with the gotta-buy-my-own-condo 20 somethings, who were responsible for the absurd price runup and subsequent bust, not mysterious foreign millionaires and drug lords. <p class="top-comments">Current score: <span class="top-comments-karma" id="karma-17952">0</span> <small>(to vote for this comment, please visit the site)</small></p> And in due course we will see that it was our very own Shawn Forgaards, along with the gotta-buy-my-own-condo 20 somethings, who were responsible for the absurd price runup and subsequent bust, not mysterious foreign millionaires and drug lords.

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]]> By: Anonymous http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17951 Anonymous Sun, 11 May 2008 23:31:34 +0000 http://vancouvercondo.info/2008/05/friday-free-for-all-20.html#comment-17951 If you do something really stupid like buy 9 homes before a housing bust, lose them all in foreclosure and get forced into bankruptcy at least you can look forward to the media coverage: <b>"I knew I was sitting on time bombs," Forgaard said. "I knew the market was going to go soft and I knew that property values would decline. But I figured that I had enough equity to survive the storm and sell or take the loss and refinance. "I didn't anticipate a downturn of epic proportions such that home values are 40 percent less than they were," he said.</b> <a href="http://www.msnbc.msn.com/id/24569891/" rel="nofollow">http://www.msnbc.msn.com/id/24569891/</a> <p class="top-comments">Current score: <span class="top-comments-karma" id="karma-17951">0</span> <small>(to vote for this comment, please visit the site)</small></p> If you do something really stupid like buy 9 homes before a housing bust, lose them all in foreclosure and get forced into bankruptcy at least you can look forward to the media coverage:

"I knew I was sitting on time bombs," Forgaard said. "I knew the market was going to go soft and I knew that property values would decline. But I figured that I had enough equity to survive the storm and sell or take the loss and refinance.

"I didn't anticipate a downturn of epic proportions such that home values are 40 percent less than they were," he said.

http://www.msnbc.msn.com/id/24569891/

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