I reported earlier this evening that another GA bank failed tonight, making a total of 20 banks that failed this year in GA, and the 101st bank failure this year in USA. However that was several hours ago and we have had another five banks fail since my last post. This makes a total of 106 banks that failed this year alone nationally! Wow, I hate to go to sleep and read the morning news!
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Jim your certainly on top of things. For every bad situation there is an opportunity for another. The news is mixed and by Monday someones stock wil rise do to the failure of another.
Let's just hope the leadership can get things under control so that we can remain the greatest country in the world.
Hi Jim! I hate to hear this news but, you know that when one door is closed, another is opened and I do believe that we're going to see those that survive be much stronger than they have been in 2008-2009. Just like real estate agents, those left standing will be stronger than ever!
Hey, are you treking up to RDU on the 6th? I hope to see you there!
Jim, I definitely believe that we will continue to see change in this area. The cream always rises to the top!! This will create other opportunities.
Jim,
What are the failures being attributed too in your area? Bad local mortgages that are going belly up?
Rich
. .and another one bites the dust.
I'm afraid that we have just begun
Brian Birkel (Deeb Realty) I think the powers that be have yet to come clean on how bad things really are.
Debe Maxwell, Realtor® Let's Talk CHARLOTTE! (Helen Adams Realty) Well one thing is for sure, we will have to deal with it. Yes, I will be attending and I am looking forward to it. See you there!
Lisa Matykiewicz (United Brokers Group) I agree, but in the near term a lot will suffer from it. I hope the FDIC insurance stays liquid.
Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate (Long and Foster® Real Estate, Inc.) Richard in GA we led the nation with loan fraud and foreclosures long before they became a national problem. Greed, too much speculation building, easy credit, no money down, Down Payment assistance programs DPA all contributed greatly to this problem. Now we are going to pay severley for the foolishness.
Fernando Herboso Real Estate Maryland, DC and Virginia (Key Realty Group-Foreclosures in Maryland,Rockville MD) We had 6 banks closed yesterday alone. I know you are right. 2020 we have to deal with commercial loans which will dwarf sub-prime issues.
Jim - I was able to "wow" a potential client last night because of my knowledge of the market in Atlanta and the bank failures...thanks to your posts. :) Keep the great information coming!
Lina Robertson, ozarks-realestate.com, Springfield MO Real Estate For Sale (RE/MAX Solutions) Thanks! I am glad to have helped. I read a lot of news.
Jim - It is great that you stay on top of the local news that much. Knowledge is king. It is very disturbing and depressing that there are so many bank failures. But at the same time, it is healthy for the weak banks to be closed down and/or merged with a stronger bank. It is all part of the natural cleansing process, and MUCH better than a Federal bailout.
JIM..I was watching the news this morning and heard there will be more local banks closing across the country..This is sad..It made me think of you and your posts.I will continue to read your posts for further info..Thanks..:0)
HELPFULHANNAH
In 1989 the Savings & Loan debacle 500 banks closed so we have seen something like this before however the difference is the government (both sides of the political spectrum) exacerbate the problem by watching the house burn down instead of trying to put the fire out.
OOPS, HUD did it again....
Good post.
Jim, that's AWESOME! See you there! I think that there are more AR members who will be there than when we were in ATL and I'm SO looking forward to it!
Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate (Owner - RE/MAX Affiliates) I agree, but the FDIC is running low on insurance funds to keep bailing out banks. That is the scary part.
Hannah Williams (Re/Max affiliates NE) Thanks. I try to stay on top of it, and actually have it set up at FDIC site that I am notified whenever there is a press release.
Kirk Williams, #LMA 510-LO-32537 (Primary Residential Mortgage Inc. & IMS Consulting) Most persons do not realize that the FSLIC went bankrupt then. I could not get access to my own accounts to pay the mortgage. Those days may be here again soon at this rate.
That will be great I am looking forward to it.
Thanks for keeping us posted on the bank closures Jim. I wasn't in real estate during the savings and loan debacle, hopefully we won't hit 500.
Or do you think it's only a matter of time?
Rich Cederberg- Northwest Albuquerque Real Estate Expert (RE/MAX Elite) This is really much bigger than the recessions I have lived through, but they did not have Tarp monies to keep them solvent. However everyone needs to wake up and realize that no local banks were covered under Tarp. That was basically for the too big to fail category. Smaller regional banks have a greater exposure to commercials and real estate loans.
Jim:
There is no doubt that most banks are just walking dead. If they played in real estate they are in trouble. The FDIC is raising contributions and it is never going to keep up.
Wait for the commercial loans to fall. They better find a way to bridge them.
Richard
Rich Cederberg- Northwest Albuquerque Real Estate Expert (RE/MAX Elite) I agree. Where there is smoke in the air, the fire is not far away. This is not over by any means. Commercial real estate loan defalults will make sub-prime mess we are going through right now seem like a non event.