As timeless as the waves
As predictable as the clock
First the mania
Then the panic
Then the crash
Life
Goes on
Will we never learn
That it's never different
This time
-HousingPanic 2006
September 02, 2006
Will we never learn that it's never different this time...
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14 comments:
Well, maybe not this time...
but I live in Phoenix, and have been reassured repeatedly by several Realtors that it IS different HERE.
;-)
It's always different!
Show me a market that is exactly the same as one prior!
Market variables, economy, GDP housing, employment rate, interest rates... all intertwined or one affects another.
Similar, maybe....but
It's always different
Anon 4:38:20,
You were reassured by your realtors that it's different here (in Phoenix) and you fall for that?
I feel sorry for you if that's how you base your decision. You were told excatly what you want to hear.
In investment, you have to do your homework, run the numbers, study the market and your financial situation. There's still risk, but it's a calculated one.
I can't believe you signed your life and sanity away basee on someone's reassurance.
The big picture trends repeat over and over again. But, human nature being what it is, people always want to think it really IS different this time.
...until it's not
like now
In 2000 the market had a huge spring selloff, then climbed almost all the way back (DJIA and S&P500), hitting the high point on Sept 1, 2000. Thereafter one of the worst bear markets in history got started.
Anon 6:18:23,
Thanks for your input! I agree!
Oh wait, I just remembered...
that was a 6 month lease at $ 1200 / mo we just signed, not a Purchase Agreement!!
whew!!!
Hence, the ;-)
Happily signed,
Anon 4:38:20
("signed" Anon... ironic, huh?)
PS: I really DO agree!!!
Anon 6:24:02,
I don't know if you're leasing in one of the newly built communities (built between 2001 & 2005), and if you do, wouldn't it be nice if the market goes south, as it has now, to offer your landlord to buy the house you are currently leasing, where your mortgage will be the same ($1,200/mo.) and yet own the house?
I bet you your landlord will fall off his/her chair. You can also say, with some arrogance, take it or leave it! Or say, when you snooze, you'll lose.
Trump apprentice babes... advises buy house now... and other Realtors and homebuilders... saying
"it`s BUYER`s Market now"
It is not BUYERS` MARKET until we saw 20-30% price reduction in home prices !!!
Don`t believe the hype now... home pprices is going to plunge more and you don`t want to have an UPSIDE DOWN MORTGAGE don`t you ?????
Same sh!t different smell...
I forget who said it, but I love this quote:
"The market has a 10-year cycle, but people only have 5 year memories"
Basically, once the boom is going full steam ahead, people forget that there ever was a bad time...
Some of my other favorite quotes are:
"If you look at the last 30 years, homes have never lost value..."
"There's only so much land..."
or
"They're not making anymore land..."
"People need a place to live..."
"As long as (rates, employment, economy...) stays the way it is, houses will keep going up..."
And the number one all time bubble quote...
"This time it's different..."
;-)
Anon 6:18:23
You see the little wink emoticon in the first anon's post??? He gets it. You don't. What a tard.
The first agent I meet that say's, 'Now is Not a good time to buy!', I will use them when the time is right!
So in other words i guess i'll never buy!
Anon 9:24:55,
"Now is not a good time to buy."
You've just found a very rare honest agent. It's true; although you'll find some price reduction going on now, they're really not enough to represent the right value or price of the property relative to income. For example, a particular property in a given area deemed to be 40% overvalued, may only drop by 10% for now and will have the potential or risk of further dropping. Don't get caught buying one only to realize that it will continue to drop even further.
Be patient, because; "Patience is a Virtue."
Osman - is now a good time to buy?
At a local coffeehouse, talked to a lady realtor. Asked her her honest opinion of local market. She said, 'A little slow, but only temporary, while market adjusts!' I asked will it bust? She replied,'Not around here', but if it does, it was due to factors out of my control!'
Covering her ASS!
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