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.
Yeah, I have a question. What took so long for this damn bubble to pop?
Down goes Frazier! Down goes Frazier! Down goes Frazier!"...(For those of you old enough to remember)
It was just announced by CAR(California Association of Realtors) that only 24% of the population of the state of California can afford to buy a median priced home. And this after they cooked the numbers last year using a new formula to get a higher affordability percentage. If you look under the rock where Lereah came from you will also find Leslie Appleton-YoungAnd they wonder why sales have plummetted...idiots...greedy f-ing idiots.
Keith, enjoy listening to Howard Cosell as you think about the current housing market :)http://tinyurl.com/ymjxr3
Yeah, I gotta question.......... How long do you suppose it will be before the jews pull the plug on the Dollar?
Honica, if the jews pull the plug on the dollar where will they get the funds to fight palestinians?
Americans don't want dollars, so why should anyone else in the world?
Obviously you're "masturbating to armageddon" again...And I guess Schiller caught someone 'strokin' it'...
In the DC area prices are down an average of about 10,000 dollars. That is less than 5%, closer to 2-3%. There is concern that the 2/28 ARM might cause problems as when people try to refinance they can no longer qualify for a new loan unless they come up with some more cash. The house was worth less than when they began and some will not be able to afford the downpayment to refi. The newer interest rates on subprimes were above 8%. Any downturn in the economy or change in job status might make difficult payments impossible. Others had done cash outs and are mortgaged to the max, instead of having paid down their mortgages and having lower payments compared to income later in life, they owed more than when they first bought the house. Cashout bought jacuzzis are not the same as money in the bank when times get rough. There was a time when that new addition could not be sold for what was spent to build it.
With each month that passes I look forward to more foreclosures, higher inventories, further price reductions. Schadenfreude reigns but hey, what're ya gonna do?
Great article, I wish he would expand on what will happen when BOTH triggers--one being speculators give in, and two, interest rates kill the two-income trappers--are pulled on each other.THAT'S when the prices will really drop like Frazier.
"In the DC area prices are down an average of about 10,000 dollars. That is less than 5%, closer to 2-3%."No, that's what the NAR, government and MSM would have you believe. Those price declines do not include the out of control incentives remember
Revert to the mean... Gonna really hurt those who are in at the top.
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