What happens after October 17th.
Here's a good explanation of "default day" and subsequent events from a non-US media source. The scary thing is that nothing will happen at first, and people aren't good at dealing with fluid deadlines.
US contingency plans that dare not be uttered - FT.com If you hit the paywall, try going in from Google News: https://www.google.com/search?hl=en&gl=us&tbm=nws&authuser=0&q=contingency+plans+that+dare+not+be+uttered&oq=contingency+pl ans+that+dare+not+be+uttered&gs_l=news-cc.3..43j43i53.2072.7187.0.7402.33.2.0.26.0.0.239.401.0j1j1.2.0...0.0...1ac.1.mW-2RHF-0EA |
I doubt we will see much change around Soperton.
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I don't know what Soperton produces, but there also probably needs to be a market for it outside of town. Think of it as an "Alas, Babylon!" type of scenario -- that the effects are first seen and heard in the third person before they really have time to be felt. Going much past the Oct 17th deadline would be stupid on the gov's part, but there's been a whole lot of stupid flying around DC recently. Work on the damn debt ceiling first, then deal with the shutdown when it's convenient. |
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Get out of bed , go to work, and send some more money to the slobs in D.C.
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Well no one is buying houses right now, the markets are dead.
The interesting question is what will the military do if the checks stop coming? In other countries like when the Soviet Union broke up they just walked away, that was it. In the Revolution the same thing happened. I wonder if a general will take a walk over from the Pentagon with a division to secure his soldiers pay? Lets hope the idiots in DC get past their utter stupidity. |
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Anybody who believes the bull shlt that we will default tomorrow night is showing their gullibility. If you will learn that the medias main job is to perpetuate the lefts lies, you will then be able to understand things much better.
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Or something. |
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Sorry to sound harsh, but... Honestly, if you're a vet planning to put 0% down or an FHA buyer putting down 3%, not sure if you should be buying. It may be a good thing that future home-renters with no skin in the game are being locked out of the market. No skin in the game means that they're more of a risk for strategic default down the line. |
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As far as the 50% goes, my RE agent mentioned it today. He didn't specify whether that was a local figure or not but it might be. Our market here is good. Fewer homes listed now than in a very long time and almost none in default. My immediate area is not particularly prosperous. 75% of the kids at my school qualify for free lunches, a good indicator IMO. |
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(1) the old Texan homestead law which strongly discouraged some of the crazier lending practices (2) the bubble being largely an urban and suburban phenomenon (Vegas, LA, San Diego and Phoenix were probably the worst hit) Have to say that Texas reining in the banks in the 1890s was a truly smart and forward-thinking decision. |
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