Global Impact of Economic Downturn Being Felt

[RLLD 4,230]

More people are becoming aware that this is a market in a downward spiral for a few years to come.

Mike Shedlock, investment advisor representative and the owner and operator of Mish's Global Economic Trend Analysis, maintains that there has never been a bubble in the U.S. as big as this one, and that it will take a significant period of time to recover.

 

'I suspect it will take at least five to seven here, and five is very optimistic. It could easily take 10 years or more. My best guess is seven but it all depends on what the Fed does to fight it,' said Shedlock

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The impact is being felt on a global stage; as would be expected in a global economy with REI's

"The fact is we live in a general equilibrium world," said Paul Kasriel, chief economist at Northern Trust. "Everything affects everything else and [the U.S. housing slowdown] is spreading to other parts of the economy and the credit markets."

Link

[GettnHuge 2]

double dump

[Ravens 03 0]

"One trick pony" bump.

[edjr 6,592]

How does one go about purchasing a home up for auction?

 

I've already been approved for a mortgage up to X ammount.

 

Can I go to an auction and bid on a house with a pre approved mortgage, or do I need something else?

 

TIA

[hoytdwow 202]

I take pleasure in others' misfortune bump

[edjr 6,592]

I take pleasure in others' misfortune bump

[surferskin 30]

this should definitely be pinned. :goodposting: RLLD

[Groundhog 24]

Consumer Confidence at a six-year high today.

HTH.

[G-in O-town 0]

How does one go about purchasing a home up for auction?

 

I've already been approved for a mortgage up to X ammount.

 

Can I go to an auction and bid on a house with a pre approved mortgage, or do I need something else?

 

TIA

 

Not here in Florida and I think pretty much every where else too.

Here you will need 5% down payment in cash or certified bank check of the final bid, payable if your the winning bidder. By the end of that day balance is due in full, again in cash or bank check.

 

You really need to do your research if purchasing at foreclosure auction such as closing costs,repairs and profit (if a flip). Then set your max bid and bring the 5% down payment with you. You also want to research the property to make sure nothing can come back to you after the sale ie. tax liens and bankruptcy to name a few.

[TimmySmith 2,782]

How does one go about purchasing a home up for auction?

 

I've already been approved for a mortgage up to X ammount.

 

Can I go to an auction and bid on a house with a pre approved mortgage, or do I need something else?

 

TIA

You are even better off trying to negotiate a "short sale". Of course finding properties that are in pre-foreclosure may not be easy.

[Angry White Male 0]

The economy is smokin' you hack.