So what are baby boomers who didn't save for retirement, expecting their housing bubble windfall would take care of it, thinking today?
Will they read the headlines, panic, sell now and cash out at any price, and thus speed up the housing ponzi scheme's eminent collapse?
fyi - good piece in Newsweek on baby boomer retirement housing expectations here.
October 17, 2006
HousingPanic Stupid Question of the Day
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35 comments:
Best line in the article:
"To modern eyes—especially those conditioned by endless hours of real-estate porn on HGTV—the original Sun City abodes were anything but luxurious."
Not bad for a Newsweek writer.
They are calling me with tears in their eyes. I can't sell my house number 5. It was just an investment I meant to flip. Then how come you said it was a primary residence?
OK mam this call is being recorded as it said when you first dialed in. So now you have commited mortgage fraud. See you in court!!!!!!!!
I HAVE A SOLUTION
JUST STOP ABORTION AND WE WILL HAVE ENOUGH MORONS TO BUY THE UNSOLD HOUSES IN THE FUTURE.
Don't worry, the government is taking care of that already......... Have you not noticed the millions and millions of criminal invaders they are inviting into the country?
My suspicion is that there will be a steady increase in withdrawals from IRA's and 401(k)'s. This will be used to "support" lifestyles. After THAT money is gone- Checkmate.
What's with all the references to the MSM? Mainstream media? If so, why don't you call it what it really is?
Kiyosaki is part of the Trump Traveling Circus that roped in the likes of Casey Serin with the promise of real estate wealth. The "Trump Index" for the price of these seminars is down 80%, from $499 to $99.
Don't delay -- register now! "One weekend can make you a millionaire!"
hebrew - welcome to blogging. it's 2006 you know
lmfao
Keith, you took down my Old Two Quart analogy - I'm disappointed. What will happen to a large portion of the boomer generation nearing retirement and counting on the paper gains of home equity?? Wealth beyond their silliest of dreams? Oh contraire mon frere! A solid a*s raping is waiting in the wings for the offspring of the "greatest generation" - or at least let's hope so. The over indulged and self-aggrandizing Jimmy's and Mary's get their comeuppance and find out they will need to work till they drop if they want to maintain their current standard of living? Let's hope so.
you swear you get deleted
just clean it up, make your point, don't threadjack, don't post full articles, and don't suck
dude, i didn't swear in that post. that was like so totally painting a picture for all to see what the real estate market is going to be like in the next few years (IMHO) - edit it and put it back up dude or at least consider it - it's not like the concept of anal sex is going to be a total shocker to anyone here - they are on the internet after all.
Keith, I was refering to calling it what it REALLY is...............MSM = jewsmedia
Go fuck yourself keith!!
hey hebrew....just curious,
Why so much love for jews?
SCREWED, OR BOLT!! AFFORDable retirements in mexico, 5 years back!!!healthcare, five chickens!
you wanna be like that, ill jew the price down, lowball
pardon, the slang,east 42 street
bound to turn on you, sooner or later!! busy!
1935 nyc.
no such speakeasy, in the propaganda press
aint no wonder!
got it all wrong, even conversationals
Short ride,
Take a look at their track record over the past ohh... 2,500 years or so.
How is it none of you realizes that the majority of flippers are Gen X?
They always fall for the scams.
Boomers were dumb, Gen X is stupid, Gen Y are morons.
The next generation are all on ADD drugs.
EFF the Boomers, soon they will serve no useful purpose other than to drain resources away from society and raise our taxes. They are a threat to our future prosperity on par with Al-Qaeda. Obviously their existence threatens our freedom. So we need to take 'em out before they take us out. We should give them the option of suicide. Those who don't get the hint will get clubbed like baby seals.
Lord Archer, you make a good point - I do think there is the makings of some inter-generational resentment here in the housing bubble.
The bubble was inflated to the benefit (short-term, I hope) of home-owners. They wanted to restrict development, prevent the construction of more efficient, more affordable homes in their towns - this restricted supply and directly contributed to the higher home prices (among many other factors). It's the boomer generation that has the highest level of homeownership and controls municipal regulations that restricted housing development. It is younger people, trying to get a toehold on the American Dream, that are forced into paying more and more to join the boomers' communities. The boomers are so flushed with pride at the paper-value increases in their crappy little bungalows set on 2-acre lots, never caring a wit that it is gen-y who they have priced out of the stability and peace-of-mind that comes with home-ownership. They kept it all for themselves.
The boomers also screwed us by promising themselves generous social security benefits and then failing to ensure that their governments had money to pay for it. The younger generation will be forced to honor the promises that boomers made to themselves - we'll be the ones working and paying the interest on their massive government debts when they have long since retired.
Our only option is to band together and resist the tyranny of the housing bubble. As long as we refuse to buy their overpriced homes, they will have no choice but to lower their prices. A little solidarity among bubble-sitters is called for at a time like this.
Have no sympathy for boomers whose only source of 'wealth' is their shrinking home equity. Since they didn't save anything, they should work until they drop.
Perhaps there'll be just enough home equity to pay for a cardboard casket and a little wooden cross that says 'RIP'.
paul e. math:
I'm a boomer. My lifetime of social security contributions are at risk of bringing zero returns. My savings continually erode through pernicious inflation. Greenspan lowering interest rates to 1% forced virtually everyone out of anything bearing interest and into riskier vehicles. We jump from one asset class to the next chasing returns in a desperate attempt to achieve gains since our salaries have been stagnant for many years and we continually reinvent ourselves because jobs continually disappear. Pension plans are raided through takeovers and creative accounting.
In our lifetime, very few of us stepped out of college and immediately into our own homes. The dotcom bubble was not a boomer phenomenom. The workplace environment was far less hospitable for us. I think your bitterness about housing prices would be better directed at the Casey"investors" out there (moron maybe, boomer no). It's looking like demand was purely financially driven. I have never seen people buying houses like boxes of donuts before this bubble. Greed has infected every generation, but I don't see it as strictly a boomer phenomenom. And now you want to club us like baby seals.
Keith,
I notice that you delete posts that disagree with your views on housing, etc.
Why do you tolerate outright anti-semitism?
Anon, I have plenty of bitterness to go around. Perhaps I've overstated my case - some of you boomers have been, and will be, your own victims when all this is over. Yes, I'm mad at the Casey Serins too, and the REIC and anyone who owns a home or bought into this bubble without considering the bigger picture. I wouldn't club you like a seal. But I suspect you know some people of your generation who are well deserving.
The above post has to be the most narrow minded and shallow post I have ever read in my one year on this blog
!
Every Generation has it's large share of mis fits.
You sound like the most bitter renter on the planet.
WTF??
Responding to anon - I think you're engaging in some hyperbole. Mine couldn't possibly be the most shallow and narrow-minded posting you've ever seen. C'mon.
I'm just venting. Yeah, I'm a bitter renter. I admit it. I would like to own a home and I, like a lot of people, work hard and feel I deserve something decent. But that isn't possible here in the Northeast. Not without overpaying and leveraging yourself into a lifetime of debt.
A lot of the price increases had to do with municipalities refusing to allow construction of higher population density developments. They wanted to preserve the 'small-town feel' of their communities. Which would be fine except that restrictions distorted the market and reduced supply and contributed to the run-up in prices. Home-owners were thrilled about this run-up in prices and congratulated themselves on their sound financial acumen. Maybe if they weren't so smug I might not be so ticked off.
The demographics on home-ownership are skewed towards boomers - they own more houses. 20 and 30-somethings have to suck it up and rent (like me) or they have to take on a toxic mortgage (like I will never do). Sure, you have a lot of younger people who haven't had to take out these toxic mortgages in order to own homes - many of them received help from their boomer parents. Which is great for them. But that's another consequence of the housing bubble - it perpetuates socio-economic class disparities across generations. The bubble makes it that much harder to make it on your own. That's not supposed to be what this country is about.
I'm not saying every boomer is at fault but, you know, this bubble kinda happened on their watch. Young people are, by definition, stupid. Boomers should be old enough to know better.
just what i was wondering, how they would find a stupid person to pay those inflated prices, especialy those who could not afford to buy their own houses again, or then will in most localities, at those prices, be taxed out, by the new rule makers, who then subdivide, just a to late arguement about property rights
thats the problem with precision sarcasm, they just dont get it, perhaps the wolf yapping at their heels, might give them pause!
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