March 07, 2007
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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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20 comments:
WALMART!
Mushroom alright! As in financial nuclear war! Oh, the humanity, the blood on the streets, the debt.
Dear homedebtors,
Please submit a letter by Friday stating why I should buy your overpiced house?
Thanks
Bubblehead
I love the "herd mentality" explanation; he hit it right on the head! I wonder if the "herd" will be able to start that push up the next slope, when it comes, when most have no money and are drowning in debt! Oh, and you can’t get a no doc ARM anymore!
Mushroom? Maybe a bunch of tiny little fungi?
is KRON 4 news a real station?? is it fake?
is it a college or hs station?
or is that a real news channel in bay area?
wtf. can someone explain!!??
To answer the question about where are all the buyers:
They are waiting for the prices to go back within a sane price range
KRON-4 is a real station, although it's in the Bay Area, where House Owner delusion remains at an all-time high.
The herd mentality is alive and well with of all people... our tax accountant.
Our tax guy is a CPA no less and started telling us about his "real estate investments". This guy is smart, but it makes me wonder when someone pulls all their money out of their 40lk plan to be an "investor", he's closing on a 4-plex deal with other "investors" now, as we speak somewhere in Utah. Also bought land out in the middle of "cochella Valley(Palm desert area) because they just arnt "making land anymore", and because the investors heard there might be a huge freight airport built in the area.
If this isnt speculation, I don't know what is.
People are still in the denial stages, and don't want to hear anything about how the market is changing, so I keep my mouth shut.
all this and yet SF median price according to housing watch is up 0.4% YOY and 1.4% higher than last month.
http://housing-watch.com/regionview.aspx?city=San-Francisco
Anyone care to explain?
And no you can't say it's David Lereah spin since this is just the median price of listed homes for sale..raw data.
According to the FAQ on the website-
KRON began broadcasting from San Francisco on November 15, 1949 as an NBC affiliate. Since January 1, 2002, KRON has been an independent station serving over 2 million TV homes in 11 Bay Area counties.
They still have no clue how bad it is going to get.
I blame Bush and fox news and walmart for all this. They created the herd.
For shame Mr. Bush, for shame.
That oriental couple is a sample of the millions of geniuses who were camping for days outside developments and competing hysterically with the herd to the point of writing letters to beg sellers for a contract. So much for the "Art of Negotiation"...
man those 2 are ugly looking.
where were these scum when things were going crazy and prices zoomed to insane levels?
or course prices are still stupid.
I get so damn tired of hearing that "rates are at/near historic lows". Rates have been at or near historic lows for at least 4 years now. Anybody who already owned a house has refinanced their mortgage over the last 4 years. Anybody who is looking for a house expects that rates will remain reasonably low. These mortgage companies and homebuilders say it over and over again, as if they are implying...you guessed it..."now is a great time to buy" and "buy now before rates go up".
The fact of the matter is that prices have been thoroughly adjusted to reflect the low rates. Find me a prime-credit borrower who has an interest rate over 8% right now. They don't exist.
Couponcutter said:"That oriental couple is a sample of the millions of geniuses who were camping for days outside developments and competing hysterically with the herd to the point of writing letters to beg sellers for a contract. So much for the "Art of Negotiation"...
------
Yes CC, and this couple did this back in 1998.
The bust is going to be very bad for alot of people.
good point chrish g, I've been thinking that as well. But there is a second part of it with respect to 1st time buyers. 6% interest rates won't be around forever. I'm not saying it's a good time to buy. But a part of the reason why the housing market is dead is because the 1st time buyers are not buying anymore, so it is a valid part of the story to point out that interest rates at at record lows. Even if they were at record lows 4 years ago, to the 1st time buyer that is irrelevant.
Cause the only ones left are the ones that aren't suckers---all the suckers bought houses at the peak :).
"Oriental"?
Gree grandpa, you might want to catch up with the times. The slopes are called Asians now.
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