Kinda simplistic, but there's something there... Bottom line is you're seeing people say no way are they gonna be slaves to an overpriced home, be burdened by sickening debt, or asked to ignore the fundamentals.
This is just more evidence of the buyers strike going on throughout the country. The last sucker is in. Next stop on the freight train of housing panic as inventories continue to swell is lower prices. And for some, much, much lower prices.
Go ahead HP'ers and join the boycott. Enjoy.
What is this?
A place where people are encouraged to agree to a period of time where they will not buy a house, but continue renting or living in the house they already own. The more people do this, the quicker prices will come down to a normal level. It's basic economics. Sign Up Here. Read more here.
What's our Goal?
We want to counter the hype, misinformation, irrational behavior, and damaging effects of this real estate cycle, and restore balance. We don't want to pop a bubble or cause anything drastic. We simply want ordinary families to be able to buy houses without putting themselves at risk; and homeowners to stop mortgaging their future by borrowing against the inflated prices of their houses. The bigger the bubble gets, the more pain everyone will feel when it collapses. Let's stop this sooner rather than later.
June 05, 2006
Housing Boycott - the buyers strike personified
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9 comments:
I want to pop the bubble, in fact I want the entire housing industry destroyed, I want investors to say, "I will never invest in Real Estate again!" I will know its time to buy when I can rent out a property and have the renter pay for the mortgage and have a few hundred bucks left over.
So I say smash the hell out of it!
Since this seems as if it was found on my blog, how about coming over and countering some of the RE permabull's criticisms?
http://tinyurl.com/ra522
Just had a talk with my neighbor; she is a mortgage broker and dead set on buying a condo in overheated Florida. Says she doesn't care if the value drops because she will live there a long time; but that might not pan out when the mortgage biz implodes on itself. The only thing I can do is wish her luck. All the knowledge in the world will not change her mind and I'm done trying to convince her otherwise.
kieth, post a nasddaq chart for monday
marinite - I did find it over on yours I think - thanks for the lead - I forgot to give you props - so please accept the hat-tip here
cheers
kieth -
Not what I meant, but thanks. I just envy your comment threads. And I'd love to see this boycott thing take off but I doubt it will.
uknowwhoiam,
That's funny 5 days later over 250 additional people signed up to boycott. And the website was featured on KRON news (Channel 4 in the Bay Area). Funny, maybe you are not a good representation of public sentiment.
I think the last thing I'd do in this environment would be to buy a condo. Even if your own personal finances are in excellent shape, and even if you paid cash, the complex depends on all its occupants and most of those are going down with the Titanic on Interest only ARMs that will bankrupt them. Who wants to be the only one left in a condo complex when everyone foreclosed? Talk about wasting one's money while being vulnerable to the shifting HOA fees..NO WAY JOSE
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