October 03, 2006
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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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23 comments:
My sister just closed on 9/12 with an ARM.
Of course she did not ask me what I thought.
When I asked her if she was concerned...with head half cocked and a pretentious smile said, "we are fine".
It amazes me that they still are pushing ARM'S even after all the nightmares I have read on the Shiter-net.
And what amazes me even more is that people are buying into it STILL!. I can see how tho, the lenders gives the same old TEXT book phrase..
"You can Refi the Loan in year"
"You can Refi the Loan in year"
That is EXACTLY what my mom said!!
It's been Brain washed into the mind, with the flow of easy money over the years, people's mentailty is ehh! I'll take that toxic loan and fix it later.
to risky in my book.
By the way Rich that is me, Borka above, I am trying to stay on topic here so I'll post anono as to avoid threadjacking. The bullshit joke's are getting old and boring.
Actually, the real estate market here is great for a correctly priced median home. The top 10% price bracket homes are getting crushed with little or no activity and price reductions.
Mid-America will only see a 5-10% reduction. East and left coast will be hammered 40-80%.
Borka, that makes 2
Borkafatty cant even remain anonomous for a 1/2 hour.
Friends of mine just called last night and asked if we knew anyone interested in buying their house. You see, they just signed a contract for a new one and they need to sell the old one asap.
Their income is approx 90K annual and the new house is $800k. WTF?
Of course we said we didn't know anyone in the market for a house today - hint, hint.
Good luck with that, is all I could say at the end.
OK follow me guy's I am walking into the mens room to take a piss..everybody watching.
I feel like I'm at a republican sponsored NAMBLA party and I am the Honorary Dutchboy.
enough already.
WTF borka, Do you have turrets?
Don't beleive the fake graphs by the bubble bloggers. Home prices are still going up (they arlways do) and it is a great time to buy...
oh that was suppose to be ANON
turrets?
why am i screaming?
WHY AM I SCREAMING!
Actually it's most likly an Obsessive-Compulsive Disorder my Doctor, Dr. Kevorkian said the medication takes about 3 weeks to kick in..lucky USE!
If you shit heads are going to bullshit me i am going to feed it back..cut the shit and go on.
PEACE! (Flag Waving)
your getting better I see..nice work!
I am out in SoCal visiting relatives. The sister is trying to sell a ocean community condo. Has the lowest price but still no lookers. A Lenner subdivision of upscale houses has many empty but only 2 "available" signs and about a dozen for sale signs, many by owner.
you know i have pondered the only good thing the republicans could do at this very moment would be to Legalize Marijuana.
Get us all good and stoned..that way there when we all wake up tomorrow morning we will not realize the money in your pocket is not worth shit.
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....Borkafatty.
Today's Austin Statesman said, "Home market cools nationwide but still hot in Central Texas" Also said the average Texan only spend 19% of their income for housing, which was defined as PITI. Job growth continues strong. When Texas was cold, the rest of the country was fire and now that the rest of the country has a cold, Texas is still hot. Still, the paper warned that Investors could spoil the party and spread their bubble to Texas and cause some serious hurt if builders don't watch it.
Mid-America will only see a 5-10% reduction. East and left coast will be hammered 40-80%.
+++++++++++++
But Mid-America's foreclosure rate is the highest in the nation. They're getting hammared from job losses.....
There's a parent at the school who just received his realty license this year. Mr. Realt-whore got our friends to keep their first house to use as a rental, cash out the equity, and buy another house for over a $550,000 (it only appraised for $470,000, but the wife wanted that house). Our friends make less than $70,000 (the husband is a blue collar worker with no high school diploma; she has no job), they have a bankruptcy, they bought a new van 2 years ago, and he just purchased a used BMW. Another parent told me they had a mortgage broker friend (who's also a parent at the school) "play with the numbers" in order to get the second house.
Mr. Realt-whore convinced them to partner up with him, and use the cashed out equity from the first house to buy properties to flip and rent out. He's an arrogant piece of work. He rents a different car every two weeks, says he and his common-law wife (who runs a "Christian-based" daycare, even though they're "living in sin") have not worked a regular job since high school, they have two mean and nasty daughters, whom they send to school with his business cards to pass out to their classmates, and he's been a student at the local university for many years without graduating (even though he's nearing 40).
The scary thing is, our friends are now complaining that not only do they have a monthly mortgage payment of over $4,000 a month on the second house, they also have mortgage due for the first equity-strapped house, which still sits empty and trashed by them. Their marriage is falling apart because of their Mr. Realt-whore is coming between them, keeping the husband out drinking, partying, and checking out properties in the "new" BMW on his days off, and getting the husband to "train" his wife to stay home with no outside friends or activities (like he's trained his own wife). The husband is becoming verbally abusive and has talked about suicide since buying the second house, and they have two sons who show signs of exhaustion at school from the constant fighting and arguing and instability at home.
Meanwhile, Mr. Realt-whore continues to wear his suits and real estate badge to all the school functions, drives his rental cars, and has yet to sell another house.
I wonder where they'll all be a year from now...
We just moved to South Florida and are renting (thank god) we live in a small waterfront community where every other house is for sale, many fsbo's, prices are in free fall and several properties are bank owned or going for auction. Houses have been on the market for more than a year, with multiple reductions and still no offers. If it gets half this rough in the rest of the country we could be in for a tough couple of years. Anyone who says there is a "soft landing" going on is on recreational pharmaceuticals.
"Our friends make less than $70,000 (the husband is a blue collar worker with no high school diploma"
Not bad for a blue collar worker with no HS doploma. I am a white collar worker with 4 year degree and make 80k. Only 10 more than them. Luckily my mortgage is only a small fraction of my pay.
""Our friends make less than $70,000 (the husband is a blue collar worker with no high school diploma"
Not bad for a blue collar worker with no HS doploma. I am a white collar worker with 4 year degree and make 80k. Only 10 more than them. Luckily my mortgage is only a small fraction of my pay."
He's a truck driver, he's not trained to do anything else. He's gone from home 3 days a week, and the days he's home are spent with his Realt-whore friend/business partner getting drunk, or driving around in that used BMW, seeking out foreclosures to flip... Much to the consternation of his stay-at-home wife, two kids, and the in-laws they moved in to help pay both mortgages.
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