--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote: > > --- In AsburyPark@yahoogroups.com, "oakdorf" <oakdorf@> wrote: > > > > > > AP: 311 listings in MLS. PLUS. > > > > Time to buy and hold. You see further decreases? If these sherlocks > ever find out where they parked the squad car, the timing should > coincide for some big gains. Just in time to pay of my ARM. >
Buy & hold???? More like set up a line of credit while you still have equity on paper & appraisers who don't notice the "for sale" signs. As Menendez said today, "We have tsunami of foreclosures on the horizon". I honestly think things are going to get worse before they get better. No way Amboy National can have both Dwek & Kara default and still be solvent. You can only keep a tourniquet on a limb for so long before the head turns blue from lack of blood. Well gee, that means two of the 7 people in this picture (http://tinyurl.com/ysu9o8) are insolvent. And according to this interview (http://tinyurl.com/27kttd) they are fully committed to financing all 157 units. Oops, there goes $85 mm in easy money to Asbury Park. But of course there are tons of banks, right? Wrong! What happens with all these smaller banks failing is the "Japanization" of the American economy. Japan has had zero interest rates for the last 15 years and the banks have all merged into about 3 or 4 super-banks. Can you imagine getting a 30 year mortgage at 2% in Japan? Well, you can't, because there is no profit margin for the banks, so they have all stopped issuing mortgages. If you want a house of your own, you better bring your checkbook to the closing. This is where that extra line of credit you got back in April 2007 comes in handy. In the land of the blind, the one eyed man is king. You've got that powder dry for when AsburyPartner's funding dries up, and can take the whole ball of wax off their hands for a few thousand dollars to help them pay to move their $%!t back to Lakewood and fold the business into Chapter 7. Then we can spend the next 6 years arguing about how YOU are going to save the city, and how YOU will bring badly needed receivables, err ratables, to the city, and how all of us will become filthy rich because of you because you will create a nationwide housing bubble just like the previous guys did. Of course in a few years that energy and enthusiasm will turn into contempt as we realize you don't know what you're doing either. But, because you are buying at the bottom, you'll be able to sell it to someone else at top dollar IF you realize your limits before the market turns again. The circle of life continues. And that ladies and gentlemen is how you too can become a vulture investor. Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) <*> To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
