July 28, 2006

Looks like I missed the official, no-doubt-about-it, circle-the-wagons, ding-dong-the-witch-is-dead end of the late great US housing bubble last week


48 hours of cancelled flights, sleeping in JFK, and finally get home to London tonight after reading about 20 newspapers and magazines, and 50 housing related articles. Lots of news these past few days, and the MSM really has put a nail in the coffin I'd say, reporting what we've been saying for a year now. I swear reading the USA Today is like reading HP six months ago...

Bottom line: Would everyone agree that overall, the collective wisdom has now changed? Wouldn't most informed, sane folks now agree that in the US, housing will be a depreciating asset for some time to come?

Pop.

11 comments:

geeski said...

ah, good to be home, eh?

another must read -

http://housingdoom.com/bubble/2006/07/28/phoenix-condominiums/

Anonymous said...

Yes, I definitely sense a shift in the coverage over the past 1-2 weeks: now it is taken as a given that we are seeing a slowdown, that it will hit new construction hard, and that prices may stagnate and even reverse in a few markets.

However, we are not at the point where the MSM is talking about a significant pullback in prices. That will take some more time.

Bob said...

Yup, stick a fork in her! The greatest fools have now been identified. Some are trying to get out with small losses. Others still are unaware of the change of events, sit in their highly mortgaged castles with a silly smirk, not unlike that of a child who has just crapped his pants but doesn't want anyone to know, not realizing that everyone can smell the mess he has made for himself.
Financial chaos will not be far behind the eventual finger pointing that is sure to start. Personal responsibility being a trait of past generations, it is only a matter of time before talk of a national banking act or bailout breaks out. What a mess.

Anonymous said...

I agree.

Finally, at last, Big Media is reporting the truth.

But still it is on the lines of "it's getting harder to make as much money as before" rather than "watch out below!!!!!"

Personal responsibility being a trait of past generations, it is only a matter of time before talk of a national banking act or bailout breaks out. What a mess.

No doubt the CEOs of Fannie and Freddie-----and their even more egregiously paid private sector counterparts-----will get away with tons of newly inflated money.

I predict that many of the same nutbags who'd scream and yell hideous insults against all those horrible "welfare losers" (i.e. other-colored people) will be whining and demanding that their Congressdroids give them some MO MONEY when it comes to their own upside down mortgage. After all, they're good whitey white Republicons, part of the Ownership Society, right?

It's like the crusty old geezers who rail against "socialism"---and yet don't you dare touch their Social Security or Medicare.

Why do they get socialized medicine, and we get the shaft?

Anonymous said...

even david lereah is predicting a price crash now

amazing, never thought we'd see that!

Anonymous said...

Nice pic of the Pope, Keith. Didn't know you were religious.

Anonymous said...

Whitey white Republicons....

Aren't you a little racist?

I'm 100% Northwestern European and 100% anti-GOP.

Duh....

BubbleShanker said...

Like my Uncle use to say, shot, shattered, shambled, that is the current state of the housing market going forward, the bubble has been shanked!!!!!

Anonymous said...

No bubble stories in our local newspaper here at zip 81502. The paper's business shill, Bob Kretschman, just had a front page article claiming the dollar value of home sales is up 25% versus last year, and there is no end in sight.

http://tinyurl.com/kfz9f

Jip said...

It HAS to be. NO ONE who actually has to work for a living can afford $2100/month house note (pre tax and insurance) and live with any dignity. From where I come from, it is defined as "House Poor".

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