That's right, homedebtors, the Bubblesitters are free, to do what we want, any old time.
$4,000 monthly payment? Ha!
Association fee? Ha!
Equity dropping like a rock? Ha!
Skyrocketing property taxes? Ha!
Massive credit card debt? Ha!
A big old bank balance from selling at the peak? You got it!
Ah, the life of a Bubblesitter. Ain't it sweet?
Gotta run - we're off to Jamaica mon. Enjoy your 50 mile commute to work tomorrow!
November 09, 2006
HP presents the Bubblesitter National Anthem - "I'm Free" by the Soup Dragons
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52 comments:
I love this blog
meeeeeeee toooooooo.
I get a kick out of people on this blog parsing every scrap of bad news with all the intensity of medieval monks classifying the saints. The elephant in the room is that despite all of the hand wringing and tea leaf reading, housing prices have barely budged in the last year. So far, anyone who bought prior to the middle of 2005 is still making out like a bandit. If they choose to squander that equity, it's their own stupidity.
I know: "The End is Near." There's a Beatnik that's been carrying that sign for decades.
Housing Panic people strike me as a bit too panicky. A bunch of born again Christians waiting for the Rapture. And until that day comes you all still need a place to live.
Awesome video!!
George W. Groovy,
Really glad you read and HP and post. It is so nice to have a calm stable view, even if you are myopic. Please stop by often.
(:
Strawman,
GTG.
iw
"housing prices have barely budged in the last year"
- someone missed the last new home sales numbers I guess...
housing has crashed, is crashing, and will continue to crash. no matter what realtors tell you
smugness ... check
complete lack of humility ... check
circus atmosphere ... check
holier than thou-itude ... check
narcissism ... check
exceesive use of "sheeple" ... check
good reason for Ben not to link ... check
All set I suppose.
Life is all about justice!!! Right now home owners who bought for greed are receiving justice. Housing isn't going down??? I had to reduce my home sale price $125,000 from $1,238,000 when I sold 6/06. Seems like some denial going on in some posts!!!
Great blog. There were many articles in 03 and 04 written about this eminent housing market. " You are so negative" they would say to me. Being a Long Ranger is tough when the msm and tv pros are saying opposite.Well, they are overboard now thanks to Greenspan and the greedy banks. Sold over price California house,bought out of state beautiful rural farm with cash and taking my family to Hawaii on vacation. The internet has been a blessing with those who will just take time to learn what is happening.
infidelsix, what are you doing here? Get back over to the circle jerk.
Gold coming up on $640, heading to $700 quickly
Most entertaining blog on the internets - check!
Love this tune! I used to listen to it in university during epic drinking binges. I have a great story about streaking around my buddys parents neighbourhood, drunk, in the middle of the afternoon and then coming back to his house and hooking up with this asian girl. Ah good times.
This housing bubble reminds of those carefree school-days, happy and oblivious as cold, hard reality was licking its chops, biding its time, just outside the door.
This blog is great. The people who post here should work as writers for a sitcom. Great work.
Go to the furniture area on craigslist, people are really selling their stuff now. I check every few hours and can't believe all the new adds. I'm updating all my furniture one day at a time. I think I'll have all top of the line stuff by spring. hehe.
shadenfruede, pure shadenfruede.
Even better yet, I sell my old crap furniture on craiglist, and somebody buys it!
shadenfruede, pure shadenfruede.
Life is good and I'm glad to be a renter.
this is an interesting read
http://tinyurl.com/yzm7ez
Owned houses, will own again when I feel like it. But for now - you bet I am diggin' this freedom!
If bubblesitters are keen on buying right now, they can move to a non-bubble area and buy a house at a reasonable price tomorrow. So much for those negative comments above.
Now that my California homes are sold and I'm sitting on a sh&t load of cash, I've been looking at small farms to buy also.
Of course, I'll pay cash, thanks to the greater fools who bought my houses.
I love being free! And thank God for the internet. Because, without it, A whole lot of us wouldn't have had access to Blogs like this one. A lot of us wouldn't have known to get out. Thank you Mr Gates!
for anyone who actually visits this blog to track bubble issues, may I suggest the following site:
http://thehousingbubbleblog.com/
It is focused on topic and does follow wild tangents touting failed liberal ideas. You will not find the following there:
unintelligent bashing of things not understood (i.e. Christian haters: if you think that televangelists and the like is representative of the true faith, then you are truly uninformed - try reading the Bible yourself).
Elite wannabes with vain babblings about Republicans being the great Satan, GWB a chimp, etc and the mighty Democrats (or Secularism) saving the world for all...was this site hijacked by Air America or George Soros?
No bitterness about life in general and displaying anger about things they have no power to change.
and, no trash-talking, name-calling Sophmorish clique behavior that truly shows just how unrefined one is despite the apparent facade.
A refreshing change...see you there.
texchoke57, is that you?
I visited the housingbubbleblog and with all due respect this blog is superior even if I sometimes disagree with Keith's politics
I pleasured myself with Kweefer's sock puppet.
and don't forget all the condescending revelry just because some of you happen to be fortunate enough to sell at peak (either by skill or luck - probably the latter), or just simply could not afford to buy during the boom time.
I have no tears for the builders, banks, or flippers - they will reap what they sowed. The real victim is the normal buyer who for whatever reason bought during a bad time because they needed a home. But it rains on the just and unjust unlike.
Those of you in neither of the above categories should be thankful, not smug.
You guys are forgetting one class that gives a rats ass about a bust. The people who bought pre-bubble and have no need to sell.
My mortgage is less than 1500 a month for a 1900sq ft, SoCal home I bought years ago. I have over 400k equity. Never refinanced. I just got a big promotion and piling up cheddar like a mofo. So there you have it.
if all people would stop buying these outrageous inflated homes... things would change!!!!
to rent is not an evil thing to do! all you do is pay money to a landlord instead to the bank...
big deal
Renting sucks period. I rented for many years and was subject to many increases and low life fuckhead neighbors every so often. I enjoy being a mortgage renter actualy. Lets face it, society looks down at renters.
:I rented for many years and was subject to many increases
Huh, my rent's gone down from 2002 when I'd moved and it's been flat for the past two years with no rate increase for the following year. I live in a bubble zone and it's a renter's market.
The stinker is funny.
The stinker is runny.
Funny runny stinker.
I sold in '05 by choice and moved back to an apartment.
I can't wait to see alot of these bozos in SoCal who took out equity to buy some imported Euro-trash cars and spruce up their postage-sized lawns like the wealthy do. Pretentious, shallow, *ssholes!
who ever idiot said "society looks down on renters!"
Here is my answer:
Who gives a shit what society thinks! I'm glad I have savings on the bank and don't have to buy my coffee on credit card.
"It is focused on topic and does follow wild tangents touting failed liberal ideas."
Smelling some "failure" from the other camp these days. Some of us like to see how the bigger picture relates to the bubble - most of the tangents are not really that far off-topic.
" You will not find the following there:
unintelligent bashing of things not understood (i.e. Christian haters: if you think that televangelists and the like is representative of the true faith, then you are truly uninformed - try reading the Bible yourself)."
Who is bashing moderate Christians? Right wing evangelicals are,as you point out, wrong, and represent a powerful voting bloc. That's the gist of the criticism.
"Elite wannabes with vain babblings about Republicans being the great Satan, GWB a chimp, etc and the mighty Democrats (or Secularism) saving the world for all...was this site hijacked by Air America or George Soros?"
That's a hot one. So many comments on this blog flinging the word "liberal" like an epithet.
"No bitterness about life in general and displaying anger about things they have no power to change."
???
"and, no trash-talking, name-calling Sophmorish clique behavior that truly shows just how unrefined one is despite the apparent facade."
Name-calling? As in "vain, elite wannabes?" "Bitter renter"?
"A refreshing change...see you there."
Only if you promise not to be such a pill. Honestly!
Well, I wish I was a renter . I long for the freedom . I don't care anymore if I get to paint my walls or not .
In fact , I think I would like to move every 6 months so I wouldn't get attached to a bunch of wood on some dirt .
Well, I wish I was a renter . I long for the freedom . I don't care anymore if I get to paint my walls or not .
In fact , I think I would like to move every 6 months so I wouldn't get attached to a bunch of wood on some dirt .
You can become a renter just walk away from the house and tell the bank fu@@ you.
Here's a question...
So let's say you think you're free by renting instead of buying. When do you call the bottom?
Obviously, it varies by community so if you respond tell us where you live and give us an idea of where median prices are now in your community.
At what price do you think you'll consider buying instead of renting? And are you sure you've done the math?
Keep in mind shifting demographics like aging boomers, the government's unfunded implicit obligation to retirees which might create a perfect economic storm of runaway inflation and skyrocketing taxes, etc.
Obviously, you'll want to get your shelter lined up before the financial system implodes (if you believe it will). You don't want to be caught renting when the inflationary spiral hits, right?
So when's it going to be?
When the Home Equity Cookie Jar is Empty
Back in 2000, when homes were worth $11.4 trillion, there were only $4.8 trillion in mortgages against them. In the second quarter of 2006, that mortgage debt increased to a whopping $9.3 trillion.
http://tinyurl.com/y5hf28
Os - pretty simple question - you buy when you can rent out the house for more than the monthly carrying costs.
As a matter of fact, when we get back to the historical fundamentals of real estate, you buy buy buy
until then... sell sell sell
who ever idiot said "society looks down on renters!"
Here is my answer:
Who gives a shit what society thinks! I'm glad I have savings on the bank and don't have to buy my coffee on credit card.
I'll add to this. Buyers who are struggling are jealous. I rent, and am able to save. Don't forget money in the bank is the best form of equity. I don't worry about property taxes, repairs, maintenance etc... I sleep at night. No worries. When something breaks, I pick up the phone. Snow is shoveled and the grass is cut. (We just had new windows put in, free parts an labor) I'll need to buy a house eventually, but for now I'm a jet liner flying high above the thunder storm.
Prices are high, so I can wait. Sellers keep up your carrying costs and I'll be around after the market avalanche is over.
you forgot the worst part - if the bank takes the deed back you owe taxes on the forgiven loan. ouch!
shades of the AMT problem with underwater stock options last bubble
Everybody here complains about the bubble but praises themselves for selling and sitting on top of the winnings? How hypocritcal.
You are not part of the solution but the problem. You all sound like Ted Haggert preaching against gay marriage while the past three years you've been sleeping with a male prostitue.
Dude, selling and gloating is not the same as being a cum-guzzling, gay sodomite preacher.
Sleeping, ha! How quaint.
Honicajewinski are you happy someone is using your name even if it is spelt differently?
And to the fake "Hanukkah jooinski" what exactly is the difference between a gay sodomite preacher and people who preach that flipping or making a killing on the real estate ponzi are different? Kind of hypocritical to say gay marriage is wrong and then sleep with a male prostitute or to say that making a 100% profit is wrong and then count the change all the way to the bank. If you thought it wrong you should have sold your house for true value, original cost plus 3% inflation for the length of time you owned it. To say that just because the opportunity to steal "legally" presented itself doesn't mean it wasn't thievery. No difference. Same as people taking benefits they don't need from Uncle Sam. Remember the commandmnet "Thou shalt not covet (desire) thy neighbor's house." A Jewish sage said that to "desire" his house and then buy it is as wrong as stealing it. Guess the old President Carter's sin of "I had lust in my heart" and of course we know that Jesus said that was the same as actually committing adultery.
This is the problem with America. People no longer have any VALUES or MORALS and I'm not talking passing laws against gay marriage etc, kind of like on the Colbert Report where a politician praised the ten commandments as a moral guide and then when asked to quote them couldn't name more than two.
Corrupt to the core and it is that moral bankruptcy that will lead the Islamic radicals to victory. Can you say "Taliban" back in power due to corruption at all levels in Afgahnistan? America better wake up because most of the attitudes I see presented here on HP indicate that America has lost more than its "way" in the world.
Fox plz don’t feed that troll “honica jewinski," also known as “hebrew house lender,” also known as “holistic hebrew.” Keith asked us not to acknowledge the trolls on this board.
You write some intelligent posts here, so we are surprised to now see you stooping low for this racist, anti-Semitic bigot.
Keith, I'm trying real hard to keep from feeding the anonotroll above. I think we need to ban all anonotrolls here.
I bought for 200k pre bubble in Cali. I have over 400k equity. Enne if the market drops 50% I am still in the green. Oh and did I mention I just got a big promotion and my mortgage payment is less than what my house would rent for? Take that for smugness and gloating. Suckit and suckit good biatches.
And fox.... All I'm saying is that morally, being a cum-guzzling, a$$ raping, gay sodomite while also preaching the word of God is a little different than being your avarage Joe that sold his house last year for 50% more than he bought it for.
Annoymous? You say Hebrew house lender, hannuka, honica etc are one and the same? How do we know that? And a troll? I've seen that used a lot in association with realtors so I assume you believe that individual to be one? Or is there another use for the word, "troll."
Also, you say, "so we are surprised to now see you stooping low for this racist, anti-Semitic bigot."
Confused on how I am "stooping low for this racist, anti-semetic bigot." I said nothing racist, always try to differentiate fanatics with your typical human who just wants to be left alone and have a peaceful life. Also dislike those who make racist comments against jews or mexicans or arabs. I can accept specific cases as there are individuals within all races, creeds, religions, genders that are filled with hate and if you say "Hitler was a facist and antisemitic" I can at least agree or disagree with you on that case but to stereo-type is another issue.
On all of Keith's blogs I love intelligent discussion, point of views, suggestions, trends, the things blogs are intended to provide-a forum for thoughtful discussion not to promote hate.
I find a lot of people here thoughtful and descent folk from their posts and amazed at those who spout hate. Hate comes from a darkness with-in and makes me wonder why do these people hate so?
Thanks.
I hear ya Fox. These Islamophobes are really hate filled. I don't see why they can't practice some tolerance. And these multi-cult extremists, why can't they tolerate those who only want to be around whites? And israel, why can't they have all the diversity that their fellow jews preach for us to have here in they states? It seems so hypocritical.
Hey!!!!!!!! Nice name, lol.
Osman, if you're still reading...
$350k I could just about swing, but would hope for under $300k someday. Once upon a time that represented way more than enough house. Where I live houses have shot up to $550k for something equivalent. $750k is commonplace, and a mil won't get you what it used to, which was a castle or palace. Those are starting closer to $3million now. There are people around here who can probably pay the $750k cash, for all I know.
Sorry if that target price sounds pitifully low, but my rent is $1000. Utils about $20. With a wife and kid(s) it would be a different story. I've done the house trip, and liked it. Don't see the point in doing all that just for me, though.
Not sure you understand the liberation from things and the maintenance thereof, of what one might do when one's time is not eaten up by "getting and spending". Some people might find it scary or boring. I'm having a ball, even if it's just vegging out. Maybe that's just my outlook, though. "Freedom" is a state of mind - maybe not so much about renting versus owning.
As for when TSHTF - if it's that bad, it will affect everyone. If it's not that bad, then I guess those of us forced on the sidelines by the speculative frenzy will buy when it's right for us. How's business?
So..... What did the total housing "worth" increase to.
What a house is "worth" is what you can sell it for within 60 days in a conventional manner. I sold a property last year for 50% more than I paid for it about four years previous, which was somewhere in late 2000.
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