Economy ???

[Passages]

Why would anyone let the boat go to repo if there was any other way?

Selling the boat at a significant loss would be a much better option. Some folks think that when you give the keys back to the bank, your liability is over. Big mistake. The bank will sell the boat for whatever it can get for it and come back to you looking for difference between sold price and note balance.

Lets say you bought a Shiney New Carver for $360k in 2003. Because finance money was plentiful, you put zero down and made your payments for 4 years. The note is now down to $300k. Business goes bad and you have to sell. You ask $335 but highest offer was $250k. You say heck with it, I'll just give it to the bank. Bank repos and sells for $200k. Guess who's still on the hook for the $100k plus cost of getting the boat sold? That would be you and now you're really hosed unless you can somehow come up with $100k+.


If you HAVE to get out, the better option would be to sell at market price, Borrow if needed to pay off the note (bank may work with you on that) and next time buy an older well maintained Hatteras as opposed to a shiney new Carver.

[Finalee]

When do those people (especially the NAR) ever say it ISN'T a good time to buy?

If you base your financial decisions of info you get from mainstream media, you are most likely in for a hurting. If you disagree, well then by all means keep listening to that moron Cramer on CNBC....

Good point Krush. By the time Main Stream media gets it , the bus has already left the station. I pound the streets every day and know that our area is stabalizing.

[krush]

Good point Krush. By the time Main Stream media gets it , the bus has already left the station. I pound the streets every day and know that our area is stabalizing.

What gives you that idea? I'm just being curious.

I know it's really hard for people to get mortgages recently and foreclosures are through the roof. Many people are upside down on their homes--to think that used to only happen to boat owners!

[Brian Degulis]

In my area (Tampa FL) if you bought a waterfront home a few years ago with a mortgage you would almost have to be upside down. Waterfront property values went up 300% in some areas from 2001 thru 2005. So the home you bought in 2001 for 400K was worth 1.2 mil in 2005 and now it's only worth 800K. So did it go up or down guess it all depends on when you buy and how long you keep it oh yeah and your attitude.

Brian

[nyrussell]

What gives you that idea? I'm just being curious.

I know it's really hard for people to get mortgages recently and foreclosures are through the roof. Many people are upside down on their homes--to think that used to only happen to boat owners!

Krush,

Not true, I remember the "boom of the eighties... And the people who got stuck waiting to break even after ten years. RE is just like anything else it goes up and down.

[dreamweaver66]

Well I'm work at a auto dealership Lincoln/Mercury and Kia. In the Washington D C area. I been there for almost 20 years now as a auto tech. My wife works for a heating and air company that only does install in new houses. Starting next week she has to take 2 days a week off with no pay. and the week of Christmas off with no pay. She works in the service Dept. Office Manager. MY income had dropped in half over the last 4 months no work coming in the doors. I hope something happens soon.

Charlie

[Trojan]

The boom in the eighties did not have FREE TRADE then. It SUCKS. You ain't seen nothing yet. Michigan and Ohio are at an all time high in foreclosures. 7.7 percent unemployment. You can thank your congress for that. No government officer or person should be allowed to hold a position for more than 4 years.......... I think they are all corrupt after 4 years. Stop the fat cats.

BILL

[Boss Lady]

They are corrupt before they get there. The best we can hope for is to keep changing them every election so they can't have too much influence. Don't re-elect anybody. Put in a new crook every time. I always vote against incumbents, unless the other guy is a fruit cake. We desperately need a third party that represents normal people. The fringe wacko elements of our society have taken over the two existing political parties. 15% on the left, 70% normal, 15% on the right. Where do you fit? Neither party deals with the real issues. We (those without real representation) could do write in candidates and take over. The problem is getting everyone to show up and vote. So the active wackos will continue to rule, until we get off our butts and change it. Ready yet? I am.

[krush]

Bill,

I know some smart people in Michigan and the STATE government their kinda screwed itself from what I hear. It's impossible to tax a state into prosperity...which is what they did. Throw in the UAW etc and well, that's what ya get.

As for the politicians, I totally agree with term limits. One of the best things that can be done. This bipartisan crap is stupid and old.

If you want third party, the closest thing you can get is Ron Paul, as he's bascially a libertarian running for the Republican nomination (no, we are not gun toting nutjobs) and a staunch constitutionalist.

If you don't know who he is, or haven't heard of Ron Paul's platform and VOTING RECORD (He's called Dr. NO!) PLEASE humor my young punkass and spend 5 minutes and watch this video compilation: http://www.youtube.com/watch?v=FG2PUZoukfA

The CHAMPION of the Constitution! (also raised ~4million bucks in one day from "punks" like me)


I can't even imagine what hillary would do to the already torn economy..."More taxes--stretch the middle class working average man even thinner!"

[Nonchalant1]

ps: to the above - I'll hold on to my cash unless I find that screaming deal on a new 45-53 Hatt, Viking or Post. I can't go another season boatless.

How about THOWARD's 60C for only $309,000? I don't know him or his boat, but it sounds like a great price if it's in good shape.

Doug