OK, we have a grand ol' time here debating the housing bubble, Fed policy, the level of corruptness of the NAR, David Lereah, Bob Toll and friends.
We have many an enlightening debate on immigration's role in the bubble, the Iranian mess, gas prices, defensive financial strategies and the incompetence of the Bush administration.
We rail against the mainstream media, the lazy reporting of the rip and read press, and the use of unchecked biased realtor quotes.
And we rip on the corruption and sleaze in the Real Estate Industrial Complex, including the quid pro quo deals among realtors, developers, appraisers and mortgage brokers.
But here's the bottom line HP'ers.
The housing bubble is ruining lives. The housing bubble is destroying families. The housing bubble is killing dreams. The housing bubble is evil.
Foreclosures are soaring. Bankruptcies are at record highs. Consumer credit is at sickening levels. Families are charging gasoline because they don't have enough money for gas or food after paying their mortgage. People are committing crimes to pay for their homes. Families are being evicted. Young couples are arguing right now over money because too much of it went to their first-home mortgage. Older folks are freaking out because the money they thought was there for retirement was just a mirage.
The housing bubble is us. The housing bubble has a human face. The housing bubble will hurt.
Please keep this all in mind. There is no glee here. Just relief to have personally dodged the front end of the bullet, although there is nothing I can do to dodge the full impact. A bad economy hurts everyone. A devastating financial meltdown affects us all terribly.
Best of luck. Help your fellow man where and when you can. We are truly in this together, even though some days it feels like every man for himself. And I'm dead serious about this post. Please do what you can to help your fellow man starting tomorrow, and let's start talking about that too.
June 10, 2006
The sadness, devastation and human toll of the housing bubble bust will affect us all
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44 comments:
I have mixed feelings. . .
On the one hand, I do have glee at the "developers" and greedy speculators who drove prices up and put housing out of reach for 85% of Californian's and other hot markets, but I agree that the construction workers out of work will tear families apart. I really was sorry for those people in line at Target with maxed out credit cards, I felt like just taking $12 out of my pocket and paying for their stuff. This didn't have to happen - that is what I am angry about. . ."Mr Bubbles (aka Greenspan) created cheap money that even I could not resist. . .I did a little "carry trade" of my own with a 4% home equity line of credit, and an 8% dividend return in pipeline stocks. . .and I am a CONSERVATIVE investor!!. . .If I was temped, think of those with little sophistication.
Agree, that we do need to help those we know to avoid more debt, and what we can for the needy.
don't forget when the s*** hits the fan in america, the rest of the world gets a s*** shower
the american cold will cause a global plague
News flash - 8 in 10 gotz to got - overshoot cannot be avoided as we are already in overshoot.
Debt will be the last thing to be worrying about - if you think because you have no debt your gonna out run overshoot - think again.
2030 will be the end of the world as we know it.
Are you the 2 in 10?? Because you are free and clear?? LMAO.
Oh really? Too bad, I had planned to move to Cancun in 2031 after me and my corrupt buddies got through gutting the U.S. of A. Oh well, I guess I'll have to move my timetable up a couple of years.
Historians of 500 years from now will point to the moment of Bill Clinton's impeachment as the pinnacle of homo sapiens civilization.
It's okay Keith: You can be gleeful if you want - You have done your 'good deed' by setting up this blog and trying to wake up others. If people don't want to see the facts, then they have earned their 'misery' and will be wiser for their pain.
Families are charging gasoline because they don't have enough money for gas or food after paying their mortgage. People are committing crimes to pay for their homes.
Wow...Keith you really need to get a grip. Total chicken little, hype, sensationalism. Pa-lease...life goes on bro.
No pain here in Boulder. Prices have risen because living in Boulder is just plain wonderful. The rest of Colorado may suffer but we will be sipping Margueritas and enjoying the view of the Flatirons. People are fighting to come here and will pay just about anything to get a foothold.
In fact, we are expecting a nice return on our RE investments for 2006.
Ciao!
Could someone translate what the fu%k "richard" said in his post a few posts up this thread? I didn't understand a word of his hiphop BS or whatever it is. Just wondering what "8 in 10 gotz to got" means?
hey Kickme - read on bro
http://dieoff.org/page125.htm
Sorry Oz, prices are falling in Boulder and while your body count goes up, your economy is going down. Foreclosures are skying, poverty is rising, jobs are leaving. Without the housing boom, you have nothing. Your a pathetic loser.
Need a good, solid beatdown Oz, maybe after your detached Retina surgury(after your eyes are beaten to a pulp), we can get that broken collar bone fixed.
News Alert for Real Estate investors and home buyers in Ocean/Monmouth County New Jersey !!!
Solomon Dwek, 33 y.o. was able to own 350 homes worth $300+ Million and owes bank $300+ Million too !!!
Monmouth/Ocean County, NEW JERSEY: Updates on Real estate mogul Solomon Dwek Federal Fraud case
Friday, June 09
It`s not yet a "BUYER`S MARKET" until we see 30% drop in home prices !!!!!
Some are trying to spin the current market to drive up home sales again !!!
Ask at least $50,000 less than asking price !!!!
foobeca said...
The stupid truly deserve what they get. It's the collateral damage that really bugs me about this bubble................And then seasoned citizens whose houses they lived in most of their lives had their property taxes skyrocket.
Amen to that. And the property taxes are going to climb in the aftermath of this mess strapped to the U.S.S. Enterprises' warp engines. Don't expect our elected 'servants' to in any way cut back on their pet projects or salary increases just because half (or more) of their former constituants have lost their homes and have nothing the government can go after for revenue. A good percentage of the homeowners still left standing will lose their homes as well when they cannot afford their property taxes damn near doubling EVERY YEAR ! Its already started here!
I don't think you've gotten the jist of my post yet folks.
the housing bubble meltdown will effect us all
many of you reading this post thinking you'll be just fine because you were smart enough to prepare, well, you will not be able to control the series of events that follows, and through no doing of your own, if you work for a salary you'll lose your job, if you own a store you'll lose your customers, if you invest in any way you'll lose, if you hold dollars you'll lose, if you care about your friends and family you'll see pain and suffering.
there is no safe shelter from this storm
geez keith....get a grip
i know you feel bad by getting killed in GLD and COP, but your last comment was just plain silly
stay away from ledges and sharp objects, okay?
Skytrekker, I agree with you except for one thing, DC is not a good place to live. DC is a nasty hell-hole of poverty and corruption. I predict it will suffer the greatest losses of region.
I can feel compassion for the people like me that didn't get stuck in this whole bubble and didn't get greedy or ridiculously try to overextend themselves. Most of us are really just trying to make ends meet. Anyone that doesn't realize that you can't spend what you don't have deserves to learn the lesson the hard way be it credit card or mortgage debt. So many people are just one health crisis or job loss away from losing everything. So sad they don't even teach basic economics in most high schools.
Hey kickme - pretty scary stuff - and its's all true - no response?? Oh, you must still be reading...
Keith - while this event is gonna hurt - who is gonna show U compassion when your family is dieing of H5N1, or there is no food at your corner store...
The compassion my friend is ONLY available when people are not hungry or sick...and that is about to change - yes in your life time.
May want to think about doling out gratuitous compassion.
Keith,
You hit the nail so eloquently on the head with this question. Everyone is burned. Forex down, Gold down, Dollars down , RE down, Stocks down. Cost of living UP.
Internationally, where do we go to save our cash? Havana Cuba Ocean Front Real Estate? Iraqi Dollars? Bank Accounts in Guernsey?
a?
I want to live in Boulder so I can be near Osman, Mork, and especially Mindy!
keep in mind this isn't the NAR's fault. Sure they lied to keep the party going.
If you trace it back, it's Greenspan's fault and the BOJ's fault.
They created conditions for the easy money and pushed the "idiots" into overextending themselves.
These conditions were created ON PURPOSE and WITH DESIGN. With the goal to steal wealth from the masses.
None of this is particularly difficult to imagine or plan when you understand the simplicity that is central banking. There's the source of the evil.
Dear Psycho,
"Why do you think pre- boomers have so much more common sense? "
They don’t. They feel they are entitled to live as richly as their parents who are over extended living beyond their means.
Pre boomer/ before baby boomers i.e. baby boomers parents who were born and grew up in the depression/ Duh.
"Why do you think pre- boomers have so much more common sense? "
___________________________________
I think you mean the 1920s - 1930s generation. It's because they lived through a depression and their values were set then. Time for the 4th turning again.
http://www.fourthturning.com/html/fourth_turning.html
Is this a fallout reqaction to the economic troubles? I can see how Houston got their crime increase because it was reloacted from NO.
http://www.breitbart.com/news/2006/06/12/D8I6MG9G1.html
No kidding. Over the past five years here in West Hollywood, I've watched building after building full of people renting at reasonable rates (some for decades) torn down to make room for overpriced "yuppie kennels". And since most of the City Council is well-subsidized by these developers, nothing will get done about it.
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