Head Loan Officer Meating
head Meathead presiding
head Meathead presiding
First we built some homes and over-priced them and hoped people would buy them, and buy them they did! And got loans that could not be paid back. The First on this home was $455,000, nearly half a million, waaaayyyy to much for a home in Modesto, California. (Big Belly Laugh)
Second we foreclose on these homes since people can not afford the new payments, but now the homes are worth $250,000, and thats pushing it, I think more like $225,000 or less if they really want to sell them. So we banks take a $200,000 hit since it was overpriced by $200,000.
Third we start all of this once again. These are being built right down the road from the foreclosed home the starting price this time around is $309,000.
Meating ajourned. Now let's get out there and make our $h*t smell like roses!
1 comment:
I am constantly amazed at what people will pay for housing on the west coast.
Here's what 450k will buy you in one of the better neighborhoods 30 miles north of Detroit:
http://www.century21town-country.com/property/property.asp?PRM_MLSNumber=30568050&PRM_MlsName=SouthEasternMI
It's no wonder prices are collapsing in CA, they were crazy to begin with.
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