America's real estate bust gains momentum in 2008 as home prices will continue to plunge through 2012. Beware of "artificial equity" that was rampant between 2001&2006. Property values and sales continue to plummet in many overvalued areas as the U.S. Housing Bubble has officially burst in 2006. Before buying a house, take a look at the comparable sales data (comp's for 2000) for the area around the property that you are considering. Title information is available to the public from many sources.
Leviticus 25:17 Ye shall not therefore oppress one another; but thou shalt fear thy God: for I am the LORD your God.
Romans 3:18 There is no fear of God before their eyes.
If you have knowledge of anyone involved in real estate fraud please make an anonymous tip to the F.B.I. Two examples of real estate fraud are falsely stated income on home loan applications and falsely inflated property appraisals. Report the felonious behavior today.
Matthew 8:20 And Jesus saith unto him, The foxes have holes, and the birds of the air have nests; but the Son of man hath not where to lay his head.
Matthew 7:26 And every one that heareth these sayings of mine, and doeth them not, shall be likened unto a foolish man, which built his house upon the sand:
Obadiah 1:15 For the day of the Lord is near upon all the heathen: as thou hast done, it shall be done unto thee: thy reward shall return upon thine own head.
Psalm 106:6 The LORD executeth righteousness and judgment for all that are oppressed.
Psalm 119:67 Before I was afflicted I went astray: but now have I kept thy word.
Psalm 127:1 Except the Lord build the house, they labour in vain that build it: except the Lord keep the city, the watchman waketh but in vain.
1 John 4:5 They are of the world: therefore speak they of the world, and the world heareth them.
Proverbs 19:27 Cease, my son, to hear the instruction that causeth to err from the words of knowledge.
Ecclesiastes 5:15 As he came forth of his mother's womb, naked shall he return to go as he came, and shall take nothing of his labour, which he may carry away in his hand.
Isaiah 30:8-14 Now go, write it before them in a table, and note it in a book, that it may be for the time to come for ever and ever: That this is a rebellious people, lying children, children that will not hear the law of the LORD: Which say to the seers, See not; and to the prophets, Prophesy not unto us right things, speak unto us smooth things, prophesy deceits: Get you out of the way, turn aside out of the path, cause the Holy One of Israel to cease from before us. Wherefore thus saith the Holy One of Israel, Because ye despise this word, and trust in oppression and perverseness, and stay thereon: Therefore this iniquity shall be to you as a breach ready to fall, swelling out in a high wall, whose breaking cometh suddenly at an instant. And he shall break it as the breaking of the potters' vessel that is broken in pieces; he shall not spare: so that there shall not be found in the bursting of it a sherd to take fire from the hearth, or to take water withal out of the pit.
Deuteronomy 24:14-15 Thou shalt not oppress an hired servant that is poor and needy, whether he be of thy brethren, or of thy strangers that are in thy land within thy gates: At his day thou shalt give him his hire, neither shall the sun go down upon it; for he is poor, and setteth his heart upon it: lest he cry against thee unto the LORD, and it be sin unto thee.
Ezekiel 22:7 In thee have they set light by father and mother: in the midst of thee have they dealt by oppression with the stranger: in thee have they vexed the fatherless and the widow.
Ezekiel 22:29 The people of the land have used oppression, and exercised robbery, and have vexed the poor and needy: yea, they have oppressed the stranger wrongfully.
Isaiah 55:7 Let the wicked forsake his way, and the unrighteous man his thoughts: and let him return unto the LORD, and he will have mercy upon him; and to our God, for he will abundantly pardon.
Proverbs 17:13 Whoso rewardeth evil for good, evil shall not depart from his house.
Jeremiah 22:13 Woe unto him that buildeth his house by unrighteousness, and his chambers by wrong; that useth his neighbour's service without wages, and giveth him not for his work;
Proverbs 29:1,5,7,11,16,20&24 He, that being often reproved hardeneth his neck, shall suddenly be destroyed, and that without remedy. A man that flattereth his neighbour spreadeth a net for his feet. The righteous considereth the cause of the poor: but the wicked regardeth not to know it. A fool uttereth all his mind: but a wise man keepeth it in till afterwards. When the wicked are multiplied, transgression increaseth: but the righteous shall see their fall. Seest thou a man that is hasty in his words? there is more hope of a fool than of him. Whoso is partner with a thief hateth his own soul: he heareth cursing, and bewrayeth it not.
Proverbs 30:12&14 There is a generation that are pure in their own eyes, and yet is not washed from their filthiness. There is a generation, whose teeth are as swords, and their jaw teeth as knives, to devour the poor from off the earth, and the needy from among men.
Jeremiah 5:27 As a cage is full of birds, so are their houses full of deceit: therefore they are become great, and waxen rich.
Proverbs 22:22-23 Rob not the poor, because he is poor: neither oppress the afflicted in the gate: For the LORD will plead their cause, and spoil the soul of those that spoiled them.
Proverbs 28:3&27 A poor man that oppresseth the poor is like a sweeping rain which leaveth no food. He that giveth unto the poor shall not lack: but he that hideth his eyes shall have many a curse.
Jonah 2:8 They that observe lying vanities forsake their own mercy.
Ecclesiastes 5:8&10 If thou seest the oppression of the poor, and violent perverting of judgment and justice in a province, marvel not at the matter: for he that is higher than the highest regardeth; and there be higher than they. He that loveth silver shall not be satisfied with silver; nor he that loveth abundance with increase: this is also vanity.
Micah 2:2 And they covet fields, and take them by violence; and houses, and take them away: so they oppress a man and his house, even a man and his heritage.
Leviticus 19:33-35 And if a stranger sojourn with thee in your land, ye shall not vex him. But the stranger that dwelleth with you shall be unto you as one born among you, and thou shalt love him as thyself; for ye were strangers in the land of Egypt: I am the LORD your God. Ye shall do no unrighteousness in judgment, in meteyard, in weight, or in measure.
Proverbs 21:13&26 Whoso stoppeth his ears at the cry of the poor, he also shall cry himself, but shall not be heard. He coveteth greedily all the day long: but the righteous giveth and spareth not.
Proverbs 19:17 He that hath pity upon the poor lendeth unto the LORD; and that which he hath given will he pay him again.
Jeremiah 10:12 He hath made the earth by his power, he hath established the world by his wisdom, and hath stretched out the heavens by his discretion.
Malachi 3:5 And I will come near to you to judgment; and I will be a swift witness against the sorcerers, and against the adulterers, and against false swearers, and against those that oppress the hireling in his wages, the widow, and the fatherless, and that turn aside the stranger from his right, and fear not me, saith the LORD of hosts.
Proverbs 14:20-21 The poor is hated even of his own neighbour: but the rich hath many friends. He that despiseth his neighbour sinneth: but he that hath mercy on the poor, happy is he.
Proverbs 24:1-4&27 Be not thou envious against evil men, neither desire to be with them. For their heart studieth destruction, and their lips talk of mischief. Through wisdom is an house builded; and by understanding it is established: And by knowledge shall the chambers be filled with all precious and pleasant riches. Prepare thy work without, and make it fit for thyself in the field; and afterwards build thine house.
Proverbs 10:15 The rich man's wealth is his strong city: the destruction of the poor is their poverty.
Proverbs 11:11,12,28&29 By the blessing of the upright the city is exalted: but it is overthrown by the mouth of the wicked. He that is void of wisdom despiseth his neighbour: but a man of understanding holdeth his peace. He that trusteth in his riches shall fall; but the righteous shall flourish as a branch. He that troubleth his own house shall inherit the wind: and the fool shall be servant to the wise of heart.
Ecclesiastes 10:18 By much slothfulness the building decayeth; and through idleness of the hands the house droppeth through.
Job 36:15 He delivereth the poor in his affliction, and openeth their ears in oppression.
Psalm 12:5 For the oppression of the poor, for the sighing of the needy, now will I arise, saith the LORD; I will set him in safety from him that puffeth at him.
Psalm 73:8 They are corrupt, and speak wickedly concerning oppression: they speak loftily.
Isaiah 59:13 In transgressing and lying against the LORD, and departing away from our God, speaking oppression and revolt, conceiving and uttering from the heart words of falsehood.
Psalm 119:134 Deliver me from the oppression of man: so will I keep thy precepts.
Jeremiah 15:17 I sat not in the assembly of the mockers, nor rejoiced; I sat alone because of thy hand: for thou hast filled me with indignation.
Hebrews 13:5 Let your conversation be without covetousness; and be content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee.
Deuteronomy 27:18-19 Cursed be he that maketh the blind to wander out of the way. And all the people shall say, Amen. Cursed be he that perverteth the judgment of the stranger, fatherless, and widow. And all the people shall say, Amen.
Psalm 69:32-34 The humble shall see this, and be glad: and your heart shall live that seek God. For the LORD heareth the poor, and despiseth not his prisoners. Let the heaven and earth praise him, the seas, and every thing that moveth therein.
Proverbs 14:5 A faithful witness will not lie: but a false witness will utter lies.
Proverbs 19:1,5&9 Better is the poor that walketh in his integrity, than he that is perverse in his lips, and is a fool. A false witness shall not be unpunished, and he that speaketh lies shall not escape. A false witness shall not be unpunished, and he that speaketh lies shall perish.
Proverbs 3:31 Envy thou not the oppressor, and choose none of his ways.
Proverbs 16:8,18,19&25 Better is a little with righteousness than great revenues without right. Pride goeth before destruction, and an haughty spirit before a fall. Better it is to be of an humble spirit with the lowly, than to divide the spoil with the proud. There is a way that seemeth right unto a man, but the end thereof are the ways of death.
Ecclesiastes 7:7 Surely oppression maketh a wise man mad; and a gift destroyeth the heart.
Proverbs 31:8-9 Open thy mouth for the dumb in the cause of all such as are appointed to destruction. Open thy mouth, judge righteously, and plead the cause of the poor and needy.
Ecclesiastes 9:16 Then said I, Wisdom is better than strength: nevertheless the poor man's wisdom is despised, and his words are not heard.
Proverbs 13:8 The ransom of a man's life are his riches: but the poor heareth not rebuke.
1 Corinthians 3:19&20 For the wisdom of this world is foolishness with God. For it is written, He taketh the wise in their own craftiness. And again, The Lord knoweth the thoughts of the wise, that they are vain.
2 Corinthians 5:1 For we know that if our earthly house of this tabernacle were dissolved, we have a building of God, an house not made with hands, eternal in the heavens.
Jeremiah 17:6 For he shall be like the heath in the desert, and shall not see when good cometh; but shall inhabit the parched places in the wilderness, in a salt land and not inhabited.
Psalm 68:6 God setteth the solitary in families: he bringeth out those which are bound with chains: but the rebellious dwell in a dry land.
Deuteronomy 9:24 Ye have been rebellious against the LORD from the day that I knew you.
Matthew 12:43 When the unclean spirit is gone out of a man, he walketh through dry places, seeking rest, and findeth none.
Psalm 106:14-15 But lusted exceedingly in the wilderness, and tempted God in the desert. And he gave them their request; but sent leanness into their soul.
Isaiah 59:10 We grope for the wall like the blind, and we grope as if we had no eyes: we stumble at noon day as in the night; we are in desolate places as dead men.
Proverbs 12:22 Lying lips are abomination to the LORD: but they that deal truly are his delight.
Proverbs 14:31 He that oppresseth the poor reproacheth his Maker: but he that honoureth him hath mercy on the poor.
Psalm 34:6 This poor man cried, and the LORD heard him, and saved him out of all his troubles.
Job 20:19 Because he hath oppressed and hath forsaken the poor; because he hath violently taken away an house which he builded not;
Home Sales See Biggest Monthly Drop In 40 Years - Associated Press / January 25, 2010
El Centro Poverty Exposed Again: America's 10 Poorest Cities - Joshua Zumbrun / October 19, 2009
Imperial County: Depression Like Numbers - Mike Baker and Mike Schneider / May 17, 2009
Imperial County Ranks Number one in unemployment in America again / April 30, 2009
Deepening woes for the Imperial Valley - Tony Perry - LA Times / April 27, 2009
Imperial County: America's Most Foreclosure-Ridden Towns - Matt Wooslsey / April 21, 2009
California: Imperial County Ranks number one in unemployment again / October 20, 2008
US House Prices Face Long Fall To Bottom / October 19, 2008
Illegal Alien Labor Helped Burst The Housing Bubble - Mac Johnson / Sept 26, 2008
New 20% Down Payment Makes Savers From U.S. Spenders - Bob Ivry / July 16, 2008
Sales up as Home Prices Plunge - J.N. Sbranti - Modesto Bee / May 21, 2008
Economists React: ‘Let’s Not Kid Ourselves’ on Housing - Wall Street Journal / May 16, 2008
Housing Prices Post Record Declines - CNN Money / April 29, 2008
Sales of New Single-Family Homes at 16-Year Low - Allan Lengel - Washington Post - April 24, 2008
U.S. Housing Starts Slide to Lowest Level in 17 Years - Bob Willis - Bloomberg News / April 16, 2008
Home Prices Plunge - Alex Veiga - Associated Press / March 13, 2008
New-Home Sales and Prices Continue to Drop - Michael Grynbaum / February 27, 2008
Housing Woes Hit Hollywood - The Trumpet / February 19, 2008
Southern California Home Sales Fall to 20-year Low - Reuters News / February 13, 2008
Bad News For U.S. Housing Industry - Floyd Norris - International Herald Tribune / January 31, 2008
Sales of New Homes Fell by 26% in 2007 - Michael Grynbaum - New York Times / January 28, 2008
Homebuilding: Sharpest Drop in 27 Years - Chris Isidore - CNN Money / January 17, 2008
Home Sales Sink, Outlook Darkens - Chris Isidore - CNN Money / January 8, 2008
New Home Sales Take Record Plunge - Martin Bosworth - Consumer Affairs / December 29, 2007
Toll Brothers Sales Plunge - Chris Isidore - CNN Money / November 8, 2007
High U.S. Home Inventories a Major Concern: Greenspan - Eric Burroughs and Hideyuki Sano / November 5, 2007
GDP Dips; New-Home Sales Plunge - Jeannine Aversa - Associated Press / March 1, 2007
California Home Foreclosures again Set a Record - Peter Hong - LA Times / October 27, 2007
Home Sales Plunge in September - Kelly Zito - San Francisco Chronicle / October 25, 2007
Centex Reports Loss as Housing Slump Intensifies - Brian Louis - Bloomberg News / October 23, 2007
DR Horton 4Q Orders Fall 39%; Cancellations Rise - Kevin Kingsbury - Dow Jones Newswires / Oct 16, 2007
Southern California Home Sales Sink to 15-Year Low - Reuters News / September 12, 2007
U.S. Housing Woes Go South -- to Baja - LA Times / September 8, 2007
Record Drop in Pending Home Sales - Chris Isidore - CNN Money / September 5, 2007
US Pending Home Sales Plummet By 12% - Eoin Callan - FT.com / September 5, 2007
Home Sales Plunge in March - Chris Isidore - CNN Money / May 1, 2007
San Diego and Imperial: Home Loss Numbers hit Record in Counties / April 17, 2007
D.R. Horton Says Second-Quarter Home Orders Fell 37% - Kathleen Howley and Brian Louis / April 10, 2007
Housing Bust in America: From Boom to Bust - Almas Sayeed - Center for American Progress / March 12, 2007
A Comprehensive Update on the Housing Bubble - Ramsey via Rich Toscano - Axis of Logic / February 21, 2007
Home Building at Lowest Level Since '97 - Martin Crutsinger - Associated Press / February 16, 2007
2.1 Million Vacant Houses: Housing Starts Plunge - Chris Isidore - CNN Money / February 16, 2007
Housing Construction Plunges - Kiplinger / February 16, 2007
Soft Housing Market Sparks Homebuilders' Sales Gimmicks Lisa Grzyboski - Courier-Post Staff / February 9, 2007
Housing Bust: Foreclosure Filings Set Record in 2006 - Kimberly Blanton - Boston Globe / February 6, 2007
Existing Home Sales Plummet in 2006 - Martin Crutsinger - Associated Press / January 25, 2007
Sale Prices for Homes Dip Sharply - Martin Luttrell - Telegram.com / January 23, 2007
New Home Building Plummets - Louis Aguilar - The Detroit News / January 15, 2007
Assessed Home Values Dropping - Brian Wargo - In Business / January 12, 2007
Foreclosures Skyrocket in 2006 According To Default Research / January 3, 2007
Home Sales Down, Inventory Grows: Record Drops in House Prices - The Trumpet / January 2, 2007
Single-Family Housing Starts Plunge 37 Percent - Central Valley Business Times / January 2, 2007
Economy Takes Hit From Housing - Jeannine Aversa - The Sun News / December 22, 2006
Mortgage Fraud Brings Appraiser Two-Year Sentence / December 19, 2006
Nationwide: Foreclosures Increased 68% - 10 News / December 15, 2006
California Realtors: Home Inventory Doubles - Business Journal / November 28, 2006
Wealth Gap Swallows up American Dream - Noelle Knox - USA Today / November 24, 2006
Housing Construction Plunges - Martin Crutsinger - Associated Press / November 17, 2006
Construction of New Homes Drops Sharply - Jerry Jackson - Orlando Sentinel / November 1, 2006
California Foreclosures Surge 171 Percent in Q3 - Central Valley Business Times / October 30, 2006
More People Losing Houses - Winslow Mason Jr - Bucks County Courier Times / October 26, 2006
Bubble Bubble, Debt is Trouble: House-Poor America: The Columbian / October 23, 2006
Housing Bubble Bait: Till Debt Do Us Part? - Jacob Hacker - The Los Angeles Times / October 22, 2006
California Foreclosure Activity Highest Since 2001 - ABC7 News / October 18, 2006
Recession or Depression? Housing Correction Just Getting Started - Liz Peek - NY Sun / October 17, 2006
Housing Slowdown Creating "Ghost Towns" - Alistair Barr - MarketWatch / October 16, 2006
Desert Sales Plunge: Realtors Struggle with Snail-Slow Sales - Lou Hirsh - The Desert Sun / October 15, 2006
U.S.: Housing Construction in Nose Dive - Pat Minelli - Shakopee Valley News / October 7, 2006
The Crash Landing of Real Estate Sales: And Now the Deluge - Celia Chen - Dismal Scientist / October 4, 2006
Imperial County Economic Forecast Shows Median House Price in Imperial County at $84,700.00 in 2007.
My research and investigation has concluded that the real estate bubble has burst in Imperial County California. The inventory of houses continues to grow in the valley as qualified buyers have become a scarce luxury. There was an article released by the local paper that comments on the collapsing housing market. The article was written with a postive outlook instead of a realistic one so sift through it carefully. It is getting to be more common for houses that are selling to have multible families purchasing a single residence. A single family residence then becomes unlawfully converted into an apartment complex. I have seen it numerous times, especially in the cities of Brawley, Imperial, El Centro, Heber and Calexico. There are very few decent jobs created in Imperial County. Imperial Valley still ranks number 1 in the United States for the highest unemployment and comes in at number one in the state of California. The only jobs that are plentiful are the ones offering an insulting 8.00/hr for 15-20 hours a week, usually in retail. You can see the inventory growing of brand new homes that are finished without occupants. The artificial equity in overvalued property in Imperial county has vanished.
Fallout from the Infamous U.S. Housing Bubble Bursting: Thousands of properties are listed in Imperial County
Most items sold in America are "Made in China": The Death of American Manufacturing
For Many, Homes Becoming a Liability - Danielle DiMartino - Dallas News / September 13, 2006
Housing Cheerleaders Losing Pep - Seth Jayson - The Motley Fool / September 8, 2006
National Association of Realtors says Housing Prices will Fall - September 7, 2006
Doom Gloom in Housing Market - Paul Krugman / August 30, 2006
Big Inventory of Unsold Homes - Gregory Wilcox / August 28, 2006
US Home Sales and Housing Starts Seen Down in 2006 / August 8, 2006
Glut of Unsold New Homes Across America Hits Record High - Gulf Times / July 28, 2006
Pulte Quarterly Earnings and Orders Tumble - Reuters News / July 26, 2006
Illegal Immigrants: From Picking Produce to Building New Houses / June 30, 2006
Special Report Shows New Homes are Built By Illegal Aliens / May 31, 2006
Poverty-Stricken in Imperial County: The Worst Median Income in the State of California / May 31, 2006
Immigration Crackdown Targets Homebuilder / May 10, 2006
New Home Builder Busted: Arrests Target Use of illegal immigrants in Construction - Washington Post / May 10, 2006
The Housing Bubble has Popped - Bill Fleckenstein - Contrarian Chronicles / April 23, 2006
Home Values Plunge: Buyers' Home Market Emerges in U.S. - International Herald Tribune / May 9, 2006
New Home Sales Fall Sharply - CNN Money / March 24, 2006
September 11, 2005: The Deception of Residential House Appraisals in a *Bubble Gone Bust Market*. Housing Bubble Evaluation in Heber, California. Looking at some obscure place like Heber (92249) located in California. Before the Housing Bubble started in 2001, the comparable sales data shows many of the houses in the town of less then 3,000 people to sell for around $45,000. More then 22% of the population in Heber lives below the poverty line. Imperial County ranks among the highest in the United States for *unemployment* and is frequently #1 for *unemployment* in the State of California. Today there are a couple of national builders selling houses in Heber for more then $300,000. Question: What *method* did the real estate appraisers use in Imperial County California to go from around $45,000 to well over $300,000 for "comps" in a place where the median income is below $30,000 in a county that ranks number one for unemployment in the state and has more then 20% of its population living below the poverty line?
The downward spiral of the United States of America: There is plenty of irrefutable evidence on the residential real estate bubble that has come to light. The facts, the greed, the real estate fraud, the indictments, the fines, the convictions the incarcerations, the record consumer debt, the shattered dreams, the bankruptcies and the foreclosures continue to climb. Millions of citizens of this great nation have chosen to become slaves to debt stemming from "artificial equity" being spent on things that people just cannot afford. Real estate appraisal & mortgage fraud along with poor judgement influenced by media propaganda and driven by historic low interest rates are responsible for a destructive economic downward spiral by creating an insatiable housing "frenzy". This housing bubble could not exist if the rules in mortgage lending were kept in place. For decades, the house pricing standard for qualified homebuyers was limited to 2.5 times your annual income. Today, I have read about folks who qualify for up to 12 times their annual income for an interest only "no doc" home loan. In some states this practice is unlawful and is referred to as predatory lending. The residential real estate bubble will be bursting soon. A good indicator is the growing inventory of houses that continue to pile up throughout the nation. Abundant news is available for real estate fraud, predatory lending, the residential real estate bubble, communist China, our nations porous borders, the U.S. deficit, American consumer debt, the failed "two" party political system, and American poverty increasing for the fourth straight year. My personal favorite journalists that accurately write great articles are Danielle DiMartino, Broderick Perkins, Paul Krugman, Bill Fleckenstein, Fred Dattolo & Bill Bonner. Thanks to everyone who is actively fighting the real estate propaganda, the political greed of the federal, state and local governments, corporate irresponsibility and avidity, the felonious behavior of real estate agents, brokers, home builders, appraisers, lenders, and other guilty parties that I have failed to mention.
The evidence is alarming and shocking in how many trillions of dollars are made by predatory lending that is currently resulting in a 25% default rate. People that could not have qualified for a house prior to the terrorist attack our great nation suffered on September 11, 2001 now qualify for a $300,000 & $400,000 house that is really worth substantially less. It has been documented that the market grew at a healthy rate of .4% from 1975-1995. But in places such as in San Diego, California real estate has gone up more then double! Are you getting the picture yet? Are you with me? It appears that the Federal governments answer to our failing economy after 9-11 was to keep the economy moving through a real estate bubble by lowering the federal interest rate to a record low federal reserve interest rate of just 1%. Almost everything is made in China and outsourcing continues to grow from corporate greed. American consumers are giving China over 50 billion dollars a month which they are using to strengthen their military like the world has not ever seen. Our country transformed from standing as a nation of industry to a nation of providing 'service' and now the service industry has been out-sourced to India along with other jobs such as information and technology (IT). But that is a separate issue. The bottom line is that there are very, very few high paying jobs created every month in the United States. How will Americans remain decent consumers if they do not have a decent job? The nation was deceived into believing that homeowners got rich almost overnight.
Take a look at Imperial County California for example. Homes in Heber, Calif (92249) had a 'comp' average of around $45,000.00 before 9-11-2001. Now check on house prices for Heber with new homes from Centex and DR Horton producing houses with a price tag of more then $300,000 and climbing. Please keep in mind that Imperial County is infamous for having the highest unemployment in the state of California (26.2%) and ranks number one for unemployment in the United States. More than 21% of Heber residents are below the poverty line. The median annual income for Heber residents is less then $29,000.00. If the housing bubble can come to Heber, then it can happen anywhere. Title information is public so please take a look for yourself my friend. People who have no knowledge of real estate have dove into a market and and bought into mess much worse then the infamous internet bubble. Face it folks, we have become a nation of debt ridden consumption junkies. Americans have nothing saved up and a mountain of debt. The governments idea to correct a failing economy was by offering a record low interest rate in order to have a record number of homeowners that could have never qualified for that new house without some "creative financing" and "rule bending" for some mortgage lenders. Several appraisers chose to break the law by artificially inflating house prices with "drive-by" appraisals in many cities throughout the nation. Our largest lenders Fannie Mae and Freddie Mac are nearly out of the game with their debt to loan ratio being so high. Alan Greenspan, (Federal Reserve Chairman until Dec of 2005) has raised and is raising interest slow and steady to trim down the house buying frenzy. Is it working? Somewhat, now instead of a month supply of houses nationwide, the United States have just over a seven-month supply of houses and the inventory continues to grow every month. New house prices have been slashed by more then 100,000 to attract buyers in some areas of Las Vegas not to mention the market crises looming in Florida and other parts of our country. That my friend is just the beginning. The market has peaked and now has begun to valley but the inevitable economic collapse is coming. I do not believe that people who suffered through the horrible depression of 1929 are the ones rolling around in a SUV that they cannot afford pulling up in a driveway of a recently purchased $700,000 house that was $265,000 three years ago. People who have chose to use the artificial equity in their home as an "ATM card" are going to be in a world of hurt if they are not already. The FBI has received thousands upon thousands of complaints of real estate fraud. There are an increasing amount of reports surfacing for new home builders refunding consumers without admitting guilt for their contribution of real estate fraud. Then there are the poor real estate appraisers that are getting fired for not being a team player for the good old boy network. What agency is defending the appraisers who are actually reporting the lenders twisting their arm for inflated appraisals? Lenders in many areas are writing loans based on fictitious and artificially inflated prices for this real estate bubble. The appraisers that lack the courage to resist the pressure from these lenders should be fined and prosecuted on a much larger scale everywhere that this is taking place. At least some of the real estate appraisers "playing the bubble game" are getting fined and imprisoned for their part in contributing to the residential real estate bubble. Appraisal fraud is a serious and prosecutable crime. This bubble was created from greed and fueled by a combination of fear and ignorance. One day this predatory lending will catch up with the people responsible for creating a nation of slaves to debt. I have to believe that the administration of justice will come to everyone who has willfully committed real estate fraud. If you would like to read more on this growing crises, you may read on the cause and effect of the housing bubble fraud at this web site.
This page was last updated on January 25, 2010: Rejoicing in salvation through our Lord & Savior Jesus Christ.
