Money News

rpaul69 05:13:01 PM May 16 2008

Trying to figure out WHY the U.S. is so 'backassward' when it comes to PURCHASING REAL ESTATE???? I don't believe there is another country in the world that will let an American come there for the sole purpose of buying real estate. You can lease, but you can not buy. So WHY can't we follow their lead and do the same? Seems pretty damn stupid to me..........the selling of America.....

glenw1g 04:59:16 PM May 16 2008

mbs190 12:55:54 PM May 16 2008

Report This! Nobody wants to live in the Northeast anymore. The problem is these "gumbas" are moving south.
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Well if the Gumbas are moving South....where are they going? Florida seems to be having somewhat of an exodus....and I don't see much influx in the Georgia, South Carolina, North Carolina area...unless the Gumbas are going coastal.

Maybe they're all moving to Port St. Lucie...that's like little Brooklyn...tanned New Yorkers with heavy gold chains took over, but then again, that area is like number 9 in the nation for foreclosures. I think everybody is sitting tight...waiting for something to give...or give out.

glenw1g 04:48:39 PM May 16 2008

professor476 02:33:21 PM May 16 2008

Report This! If you can't afford a house now, you never will.

A lot of folks can't afford groceries and gas right now....and all those other mandatory expenses of modern life. Generally it takes a savings account to buy a house. Savings accounts are a luxury. I'm glad I bought a house fifteen years ago, sold it at it's peak, and bought another one. If I had to buy my home now at it's current value on my income....I couldn't do it. The same problem exists that existed two years ago, most working people can't afford to buy a house if they already don't have one, or don't have family assistance. Look at median incomes in most areas.

nickcherryl 04:47:38 PM May 16 2008

BOA should be shut down for the way they are giving out mortgages to people who don't even have a social security number. Apox on their bank. Put them in the same class as GE. Won't ever do any buisiness with these folks.

glenw1g 04:42:34 PM May 16 2008

Oh..that word NEOCON. what a crap word. Makes me want to take my MEDS from my CAREGIVER.

jjpalazzini 04:22:46 PM May 16 2008

this article is very misleading. the operative words here are "apartment construction" big corporations know and understand that its going to be much more difficult for people to get mortgages, there will be an enormous surplus of expensive real estate that they can sell or rent to foreigners, so the middle class AMericans need to live SOMEWHERE!!! Thats why they're building 400 square foot living spaces for the middle class that is becoming the lower class.

rder2007 04:03:03 PM May 16 2008

I for one am optimistic on residential real estate. While everyone ********** and downgrading real estate investments,it is a very good investment for the little guy.
It is much better than having money in the bank esarning a lousy return and being taxed and devalued with inflation. Speculatioin and buying to sell it for a short term profit is very bad, but holding it for the long term and using like a savings account is good for everyone.

fopdaddy1 03:59:39 PM May 16 2008

quarta4 02:24:00 PM May 16 2008

Report This! duhhhh ---- ITS SPRING IN QUITE A FEW states .......lib media always smear the winter slowdown to bad news ....

better than the neocon greed machine propaganda and delusion

hjeckiehydie 03:32:32 PM May 16 2008

Apartment construction is not reflective of any change in residential real estate market. This is total BS. Apartment complexes are considered commercial property.

dsa1033 03:26:33 PM May 16 2008

BoA - Bank of America and Countrywide are advertising mortgage loans where the apllicant does NOY have to provide their Social Security numbers . . . what type of CRAP is this?

Congress has oversight of the Fed; and the Fed needs to put out "common sense" basic regulations" that ALL lona applicants must be pre-qualified to fully repay the mortgages that they apply for; AND that CERTAINLY would require providing the applicants Social Security numbers.

This just demonstrates that Industry "Self Regulation" simply does NOT work.

Congress MUST TAKE IMMEDIATE ACTIONS TO ADDRESS THIS PROBLEM.

And when is the federal government going to start indicting and prosecuting the CEOs and upper managment for the CRIMINAL FRAUD that they perpetuated in developing the subprime mortgage loan DEBACLE????

Congress must act to force the Fed to issue basic regulation IMMEDIATELY>