February 16, 2006

Oops - our bad. There is no housing bubble.


Oh, boy, this one's hilarious. My favorite blogger btw...

Since we were all wrong, let's all run out and get $0 down, neg-am, no-doc, interest only's and buy up every stucco hellhole in Phoenix. Party on!

No Bubble, My Bad :-(
Bay Area Bubble Bloggers Admit Defeat, Throw in the Towel
Copyright © 2006 Realty Times®. All Rights Reserved.
by Leslie Appleton-Young and David Lereah

The housing bubble blogosphere today was reeling from a shocking announcement made by an obscure but popular Bay Area Housing bubble blog, Patrick.net. The blog’s overall tone is as bearish as any on the web (”SF Bay Area Housing Crash Continues” staunchly declares the site’s link page).

Evidently, the site’s main contributors have completely reversed course and now claim there is no housing bubble. “After so many months of denying the obvious, we had no choice but to call it quits and Face Reality,” says Peter P, one of the blog’s earliest threadmasters. “Agreed,” says HARM, “it’s painfully clear that we were dead wrong and housing is going to keep appreciating 15% a year forever, just like Gary Watts says it will.”

8 comments:

moman said...

Thank goodness it is just a joke!

I was convinced there was a stock market bubble in spring 1998 and began preaching on the coming correction. A little salvation happened in summer 1998 when the stocks dropped and I felt vindicated. By spring 1999 everything was back in full tempo and I was preaching again but less people were listening. "New economy" was the name of the game. By spring 2000 just as I began to question my own judgement the market took hit a turning point that it hasn't yet hit again 6 years later.

Moral of the story: just when us realists begin to question our own solid judgement that is backed by facts and history (and not hype), the turning point is right around the corner.

Marinite said...

It's a joke?

Marinite
Marin Real Estate Bubble

Anonymous said...

... a shocking announcement made by an obscure but popular Bay Area Housing bubble blog...

"Obscure but popular"? WTF does that mean?

keith said...

it's a joke folks. OF COURSE there's a bubble. Try to make an argument against it - you can't.

Marinite said...
This comment has been removed by a blog administrator.
Marinite said...

I was just joking.

Marinite
Marin Real Estate Bubble

keith said...

patrick.net outdid themselves on this one. fall-down-laughing genius of a post

Anonymous said...

moman, absolutely well put.