April 11, 2007

HousingPANIC Stupid Question of the Day


Tell us about the most screwed person you know (in regards to the housing crash)

Oh, the schadenfreude...

61 comments:

Anonymous said...

A friend of mine who thinks he just got a great deal because he paid 70k less than asking, yet still paid over 150k more than the seller did just 2-3 years ago!! He is sitting around his new place like King Farouk all smug and thinking I've been screwed because I sold 2 3 years ago and now rent. Yet I rent a place for a fraction of what it would cost to buy and all my gains are working for me and all my debts are paid!! I'm waiting, saving & investing for at least 4 more years before I scoop up a nice place like his for about another 100k or so less than he paid!!

Anonymous said...

Maybe the hobbit boy Casey Serin as he is the only person I know of who continually digs deeper and deeper into debt only to think he is getting closer to the buried treasure.

Anonymous said...

2 years into the crash and prices are down 3% nationally. Yup it's 1933 all over again.

Stuck in So Pa said...

The kid at work (I mentioned him in an earlier post) who bought a nice place, nice area, reasonably priced, 30 year fixed?, with the first TEN YEARS interest only? And even with that he is stretching to make payments, not a spare damn dime for anything, AND a second crumb snatcher on the way, so wife cannot/will not work!

Business is slow, and work is getting tight, and the managers have been making "busy work"
for the low-ends to avoid laying them off.

Big "required attendance" meeting today after work being held by the bigsh#ts from corporate central. No indicator of what its about, but I've seen this before. Like I said, business is VERY slow. Cut backs and lay offs here we come! Should prove interesting!

Anonymous said...

I just sold my mom's house (estate). Took about 6 months and went for about 5% below asking. Glad I am out - the market is slower but moving (Philly suburbs). I would be the stupidest person if I didn't take this offer...

FYI - I had some lower offers which didn't work. Eventually I rejected them as they asked for the world (all appliances, all furniture, pay for closing, etc.) and then wanted more. The market is not that bad.

Funny thing – one of these “low ballers” (or “sophisticated" buyers as the realtor talked him up) paid $50,000 more for a house right across the road. Now, this house is slightly bigger and has more upgrades, but it makes me wonder…

There seems to be more "sold" signs of late and Toll Brothers keeps developing land. I have noticed even Toll Brothers is taking more ads to sell. A mixed bag...

Marky Mark

michael said...

who's the most screwed?

anyone who thinks this:

"2 years into the crash and prices are down 3% nationally. Yup it's 1933 all over again."


three months ago, these people were saying bubbles are for bathtubs. now they act like it's been going on for two years already.

Anonymous said...

Where do you people work that is so slow these days?. I work for a small consulting firm of about 75 employees. Average salary is well above $100K yet we are always short of people. There is a standing referral bonus of $10K for new hires, that's how hard it is to find good talent. Yet here you fools are talking about layoffs and an economic implosion.

I swear you all live in a parallel world where up is down, black is white and a booming economy is a depression.

As for the Citi layoffs, for god's sake it's 17,000 people out of a population of 300 million. Get some perspective.

Anonymous said...

All the renters who hope the market crashes. Then if it does will find something new to bitch about, since renters seem to have a lot of time on their hands.

Anonymous said...

Anonymous said...
2 years into the crash and prices are down 3% nationally. Yup it's 1933 all over again.

April 11, 2007 11:54 AM
-------
A comparison to the depressions is inappropriate. A comparison to the last bubble is a better fit:

The first year after the RE bubble peak in the 80's was actually up 2-3%, but paled in comparison to 1987's 20% plus run up in the Northeast. This was followed by four straight years of 5% declines thus wiping out all the gains of 87 & 88. After the four years of 5% declines things remained anemic for the balance of the decade with different areas picking up at different times. So anyone that paid 20% down was at the peak likely had all their equity wiped out and if they had to sell then they had to pay for commissons & transaction costs out of pocket at the settlement table. If the held out longer then they would start to see some equity from their paydowns of principal.

The first year of deceleration in this bubble is already in negative territory. We did not have sub-prime, Alt-A then as we do now. And MBS/CDOs were not nearly as huge then as they are now in the residential mortgage market. MBS/CDO in fact have served as an incentive to loosen lending underwriting standards because Wall Street has pushed them as a high yield investment because T-bills & corp debt have had low yields for so long (note the root/common denominator for all of this is artificially low fed funds rates for the last few years!!).

So the previous bubble had alot of credit worthy people & banks kept the majority of the loans and defaults/forclosures likely did rise somewhat but I do not recall the "massive waves" like we are seeing now.

WHY do we now have "massive waves"? Because people who were not credit worthy got exotic loans. Banks did not care because they were passing on the risk to investors in the form of MBS/CDOs.

The end result is that individual borrowers & MBS/CDO holders (likely individuals also in the end either directly or via mutual funds & pension plans) will foot the bill, while banks & wall street walk away with their middle man profits for setting up this house of cards.

Gov't will step in and bail it all out with taxpayer funds. Thus in the end there will be jsut another reshuffling of wealth from the masses of hard working Americans to the wealthy elite with alot of sorrow, pain and lost assets for those that got more deeply sucked in /duped.

GET IT NOW!?

Anonymous said...

My brother who is a Kiyosaki follower, flipper-in-trouble with mortgage (and 2 seconds and 1 HELOC), 3 unsold properties, 2 have massive association fees of $800ea., so it's just a huge moneysucking machine, just lost his $100k job, still looking for properties using stated income loans. Maybe has $25k savings to survive on, no 401k. People are calling off the hook trying to make him the "greater fool" and unload their rapidly depreciating house off on him. (I buy houses!)
Luckily his wife still has a job.
NOW TOP THAT!
No lie, that's why I post anonymous today.

Arioch said...

Neighbours across the street.

They "refi'd" and "liberated equity" 3 years ago. Within 60 days they bought a 40 foot desert toy trailer with hydrolic ramp, 3 quads, a new sandrail, 3 dirtbikes and a 30 foot boat (plus trailer). They also bought a big ol' truck to tow that gear. Other toys and gadgets appeared as well, but those are the big ticket items. The husband quit his job (hasn't worked since).

First summer, great joy for them. Constantly out in the desert or on the lake. Slurping down beers with his buddies all day, tinkering, washing and polishing his toys. They had an inground pool put in (40k).

His kid took great pleasure in making fun of my daughter. We were "poor" and had no quads or boats. We were "losers" because we had no new car or "shiny stuff".

I would tell her when she was they made her feel badly that we are just being smart and not throwing money away on stupid things. I had to explain to a 7 year old how credit works (and doesn't).

Fast forward to last weekend.

I am wheelbarrowing in sand for an above ground pool I am putting in for my kid (total cost, roughly 1100 bucks. I am NOT paying tons for a hole in the ground with water).

Across the street? A Garage sale (unthinkable 3 years ago), cloths, books, yard tools....and.... sandrail, quads, trailers etc....
Those toys haven't seen the lake or desert in 1 1/2 years now (price of gas?).

I then showed it to my daughter and we continued our chat about credit & debt from 2 years earlier. She now understands quite well how it works and doesn't work.

That is my schadenfreude for the week.

Anonymous said...

Renter here from Columbus, OH burbs. Sold my house in February - thank God, and our foolish buyer.

Anyway, checked the sold listings this past Sunday, and there's a surprisingly high number of sold homes. On my former street, 2 weeks ago a house sold for just over $100k more than the owner paid 1.5 years ago!?!?! WTF!?! Should I be glad I don't live in a bubble area? Note: one of the local homebuilders just said sales are down 40% from last year.

Cate said...

My idiot brother-in-law. He bought a $380,000 house in a suburb of Wash. DC in 2004 even though he was only making $45,000 a year. He bought with an ARM planning to do some remodelling and sell the house at a HUGE profit before the ARM adjusted. Within 6 months of buying, the supposed value of his house escalated enough that he took out a $20,000 home equity loan to pay for renovations. He finished the remodelling last summer and put the house on the market for $480,000. It sat and sat and sat. He lowered the price to $450,000 in November and it still hasn't sold. His ARM will reset in a couple of months and he is still refusing to lower his price even though houses in his neighborhood are selling in the $300s. My mother-in-law said he told her he will probably allow the bank to take the house if it doesn't sell soon and he asked if he could move back in with them.

spitball said...

The house next door sold last summer for 810k. 3 br, 1 bth, 1000 sq ft, built in 1923. Yesterday, he came by with a city petition to knock it down and build 4 apartments. He was shocked that I knew what he paid for it and that I thought the housing bubble had popped.

If it cost 300k to knock it down and rebuild, he's in for 1.1M. With insurance and taxes, his monthly nut is about 8k. The apartments will rent at 1500 max, so it makes no sense.

Stuck in SE PA said...

Also in Philly area (western suburbs)and wife's mother intends to sell home now, prior to moving into assisted living - we'll see how that goes. My nephew works for a sub-prime lender in the area and his experience (so far he's still employed) doesn't correlate with what I read here at HP. On the other hand a cousin that bought to flip cannot sell the place, and the newly built house down the road sits empty, having not sold for at least nine months. Still a mixed bag but I believe it's only a matter of time before it's clear that there's a problem.

Stuck in SE PA said...

Employment up - employment down. The waves are now appearing and some reinforce each other higher than expected, others lower. My place has instituted the same enticements (finder's fees), but in the last few weeks the work seems to have dryed up. I expect the unexpected - we may be swamped tomorrow - or a layoff could happen. Take yer pick.

Anonymous said...

Most screwed person I know in the housing market -- that's easy, it's my ex-landlord.

He lives a lavish lifestyle in Scottsdale, owns a few properties that he bought at the bubble top, can't sell them but is holding out for top dollar, is in total denial, says someone at his company embezzled $350k (also probably an FB), tells me he's broke, child support check to ex-wife, bounced, can't pay me back my security/pet deposit.

Pathetic.

Anonymous said...

Anonymous said...
Maybe the hobbit boy Casey Serin as he is the only person I know of who continually digs deeper and deeper into debt only to think he is getting closer to the buried treasure.

~
Did you see Suze Orman lecturing him on her show? That was kinda cool.

Anonymous said...

arioch, cool story, good for you and your daughter that you had this opportunity to witness fiscal foolishness.

Anonymous said...

THE most screwed dude I know is my former neighbor. He and his wife drive his and her econo-boxes and even though they have no children only did the minimum in their 401k's.

You know "that" kind of guy, right? The guy who puts in just enough to keep the account active and so he/she won't be left out of the conversation at parties. EVERYTHING went into RE!

They sacrificed about two years out of their lives putting in sweat equity not only into their over-priced (over-sized) McAlbatross "dream house" but were SO convinced of the "invincibility" of RE the replicated same b@lls deep error and custom built a house for in-laws as well.

Now they're dumping untold sums of money into landscaping and I'd say that they're attempting to fill a black hole. The "sweat equity" has been nullified and the landscaping and down payment from their earlier success has been sucked into oblivion as well. But they're a "smart, professional" couple so you just know there's no way they're gonna lose money on THIS deal! (If it takes them 10 years of inflated mort. payments and taxes to do it!) How do "I" know? Cause they're "smart"!

DinOR

Anonymous said...

@ "Screwed in Scottsdale"

Please do NOT let this J.O off the hook! Yeah, I'm real sorry someone "embezzeled" money from you (likey "embezzeled" from himself and can't face it). I'm all boo-freaking-who about your 3rd. wife's bounced child support check!

Now that we're done comiserating what say you unload some of your "toys" at bargain basement prices and then up and sh!t me a check you ef'd up loser!

You played, and lost. Suck it up, then PAY UP suckah! Seriously, make life miserable for this guy.

It sets a terrible precedent to let these guys off the hook. Let him stiff everybody else, but don't let him stiff you!

DinOR

Anonymous said...

I have a friend in San Diego who thought buying a house would get him out of his credit card debt. Any time we would hang out he would spend money on stupid stuff and put it on his credit card. He'd say his minimum payment on his credit card was "just the cost of living".

By summer of 2005 he had worked his credit cards up to $60k. "No problem" as he was only paying the minimum payment, about 1% per month.

Besides he just bought a condo in El Cajon, just east of San Diego.
Nevermind that he was buying a 1 bedroom condo conversion in a complex that was known for having several operating crackhouses (LITERALLY) for $200k. Yup, the appreciation from that would pay off his credit card debt in 2 or three years, right? I warned him that he was buying at the peak of the bubble (July 2005). He thought I was being too conservative.

Fast forward 21 months later. The same unit he bought in his condo sold for 15% less than he bought it for ($170k) 6 months ago and prices have dropped further. Minimum payments on his credit card have increased to between 2% to 3% from 1% two year earlier. The icing on the cake? He got his girlfriend pregnant, they broke up and now he's been making child support payments since October 2006.

In summary:
-$1400 in rent and HOA fees
-$1500 in credit card min payments
-$1000 in child support payments

...and upside down over $30k on his condo.

Now you think the fact that he has a good job would be the silver lining in all this, right? He's an accountant making about $7,500 a month ($5k take home)

Just the opposite. With the new bankruptcy laws, even if he files bankruptcy, he'll still be responsible for most of his debts because his income is well above the median.

After rent, credit card, child support and gas (40 miles to work = $250/mo.) he has $850 left over to pay his car payments, utilties, food and of course, entertainment.

So now he's drinking more and stressing more realizing that its game over. He's 36 and will not be out of debt before he's 45. And of course with his track record, he'll probably never get out of debt.

Cheers!

yourhighnesswilldo said...

changing my normal name to protect the guilty, I suspect the realtor who helped find our rental last year when we moved to a canal community in the southeast, evidently according to my spouse, he actually "owns" several properties in the area, all for sale for more than a year, all for ridiculous prices, all carrying 10K plus property taxes and god knows what kind of insurance, when we first moved he was of course saying "can't go down" "buy now" etc, properties have dropped at least 30% in the past year and it will only get worse as 3 houses are in foreclosure. Now that should give everyone a little smug smirk.

Mark in San Diego said...

That 4% unemployment and 2% housing decline are of course both bogus. . .underemployment is about 25% - just like the great depression (where they didn't have a job) and real housing price declines in hot market areas are down 10 to 15% already. . .Ask Walmart workers how they like 4% unemployment. . .as they head for the food stamp office because they can't live on their wage.

Anonymous said...

"2 years into the crash and prices are down 3% nationally. Yup it's 1933 all over again. "

No, dumbass! We are one year after the peak and prices are down 7%. Now go back to drinking Bush's kool-aid.

Anonymous said...

michael said...
who's the most screwed?

anyone who thinks this:

"2 years into the crash and prices are down 3% nationally. Yup it's 1933 all over again."


three months ago, these people were saying bubbles are for bathtubs. now they act like it's been going on for two years already.


Michael you do realize that there are different people who have different opinions right? I said the above and I have been saying this for a long time. While KEIF and Co. have been predicting this yet to be seen crash for 2 years the reality is that 2 years later prices are down 3% nationally. Yet despite this, you and the rest of his minions act like it's 1933.

Please don't confuse me with some idiot reality show bimbette who said bathtubs are for bubbles. I have said and continue to say that home prices will be flat or marginally lower for the forseeable future. So far I have been right. House prices with a few Florida exceptions have barely fallen. Even Phoenix and Las Vegas which KEIF and Co. said would be 30% off by now is down 3%. All this after gaining 100%. That ain't no crash.

Every month the crash fails to materialize KEIF and Co. justifies it by some conspiracy. The MSM is hiding the truth. Bernake is doing this. Bush is doing that. Lereah is lying. Always an excuse as to why the crash hasn't started and always a prediction that it's just around the corner.

If 6 months from now prices are falling drastically I'll be the first to admit I was wrong. But until that happens I'll keep calling Keif and Co's bullshit.

And before you start calling me a realtor, fb troll save it. I'm neither. I rent a home since renting in a flat market is better than owning just like in a falling market. And I have no love or hate for realtors, couldn't care less about 'em.

Can you understand all that or do you only understand posts when accompanied by insults, swearing and catchy slogans?

Anonymous said...

"Where do you people work that is so slow these days?. I work for a small consulting firm of about 75 employees. Average salary is well above $100K yet we are always short of people."

Weakens your credibility when you make statements like this. You're not fooling anyone.

Anonymous said...

Anonymous said...
2 years into the crash and prices are down 3% nationally. Yup it's 1933 all over again.

April 11, 2007 11:54 AM
---------
FYI: From today's CNN article where NAR is actually saying price is going down even by their numbers!!

Slower sales have already produced year-over-year decline in prices in eight of the last nine months through February, according to the group's numbers. The median price in February was 1.3 percent below year-earlier levels, and was 7.6 percent below the record high price set last July.

The laughing renter said...

Most screwed idiot I know. That's easy there is this greedy woman who married a man in So Cal. They owned four houses already between them. But the greddy bitch wanted to buy 3 more. They are for between 600k and 1 Million. Now this poor schmuck who married this greedy bitch can't refi. And can only rent the houses for 2k a month tops. Boy are they screwed.

Mr. Smith said...

My bro-in-law in DC area sees the huge price rise in RE. So he figures that he will get all his kids into a house before they are shut out forever.

So both of his daughters (early 20s) now have bought houses at the top of the DC market and neither have any kind of steady jobs. He is now trying to get his 20 year old son into a house before he too is forever shut out of the housing market. He is advising him to take out a 40 or 50 year mortgage if necessary.

Anonymous said...

Anonymous said...
Where do you people work that is so slow these days?. I work for a small consulting firm of about 75 employees. Average salary is well above $100K yet we are always short of people. There is a standing referral bonus of $10K for new hires, that's how hard it is to find good talent. Yet here you fools are talking about layoffs and an economic implosion.



post an application for all your buddies here. I'll take an easy $100k job!

Anonymous said...

His ARM will reset in a couple of months and he is still refusing to lower his price even though houses in his neighborhood are selling in the $300s. My mother-in-law said he told her he will probably allow the bank to take the house if it doesn't sell soon and he asked if he could move back in with them.

April 11, 2007 3:17 PM



Where is the logic here? Sounds like Chicago. They deny a bubble exists altho home prices jumped 200-300% in 5 years. And as the market begins to correct, they will rather burn the house to the ground rather than see some one pay them a FAIR price for it! Has mankind gone mad??

Anonymous said...

DinOR, re "Screwed in Scottsdale" - I agree completely and told the guy as much in slightly nicer language.

He has piled on sob story after sob story. I think he is a practiced sob story teller because he doesn't like to pay money he owes, so he has endless lines of bull to tell to people he owes money to.

I told him I was going to let the current renter and all future renters know that he does not pay his deposits back. That's the only thing that seemed to strike a nerve, because I think he knows I probably truly can poison the waters for him being able to rent the place out -- it's on the way between work and home, so I can stop by there any time and have friendly chats with whoever occupies the place. I'll probably pick that route before hauling him into small claims court.

sinis said...

Anonymous said...
michael said...
who's the most screwed?

anyone who thinks this:

"2 years into the crash and prices are down 3% nationally. Yup it's 1933 all over again."


three months ago, these people were saying bubbles are for bathtubs. now they act like it's been going on for two years already.

Michael you do realize that there are different people who have different opinions right? I said the above and I have been saying this for a long time. While KEIF and Co. have been predicting this yet to be seen crash for 2 years the reality is that 2 years later prices are down 3% nationally. Yet despite this, you and the rest of his minions act like it's 1933.

Please don't confuse me with some idiot reality show bimbette who said bathtubs are for bubbles. I have said and continue to say that home prices will be flat or marginally lower for the forseeable future. So far I have been right. House prices with a few Florida exceptions have barely fallen. Even Phoenix and Las Vegas which KEIF and Co. said would be 30% off by now is down 3%. All this after gaining 100%. That ain't no crash.

Every month the crash fails to materialize KEIF and Co. justifies it by some conspiracy. The MSM is hiding the truth. Bernake is doing this. Bush is doing that. Lereah is lying. Always an excuse as to why the crash hasn't started and always a prediction that it's just around the corner.

If 6 months from now prices are falling drastically I'll be the first to admit I was wrong. But until that happens I'll keep calling Keif and Co's bullshit.

And before you start calling me a realtor, fb troll save it. I'm neither. I rent a home since renting in a flat market is better than owning just like in a falling market. And I have no love or hate for realtors, couldn't care less about 'em.

Can you understand all that or do you only understand posts when accompanied by insults, swearing and catchy slogans?

April 11, 2007 4:39 PM



Yes but flat markets eventually did not work out too well for Japan did they (still in deflation)? All it takes is for a few desperate sellers in otherwise "stable" areas to short change everyone. This could lead to panick and most buyers, could possibly hold out forcing prices to drop further. With the baby boomers coming up for retirement in the next couple of years, it should be an interesting scene (housing, stock market, market liquidity, etc.). I know TONS of people who have admitted that they are past their eyeballs in debt, because of buying the latest and greatest, as well as refing their homes. At a minimum they each say they have to work 60+ hours a week. Some states may be hurt worse than others, but the butterfly effect may depress other areas. I know in AZ 7 out of 10 jobs created in the past several years are directly linked to housing. In the area I live its basically ghost towns. Houses sit forever, and never sell. Yet buyers are not willing or are unable to sell their home for less. As time rolls on, and if things get worse these people may lose their job (since most jobs are construction based) and have to walk. Hell, in almost every neighborhood, contractors are knocking on doors asking people if they need someone to remodel their home. Home Depot and Lowes are dead during the week as well as weekends, and big box stores have seen a decline of buyers. Coupled with increases in fuel, and now corn ethanol (leading to $4.00 plus milk in the future as well as 40-50% increases in pork, poultry, and beef, etc.) robbing the consumer on the food market - how will people pay all these increases in commodities? Something has to give. If inflation goes higher we are screwed, if deflation sets in we are screwed, either way things will not and cannot remain stagnant as many nations are calling the US on the carpet and ARE NOT HOLDING dollars in reserves (are spending them or exchanging them for other currencies). Way too much money following too few goods and services...

Anonymous said...

Can you understand all that or do you only understand posts when accompanied by insults, swearing and catchy slogans?
~
We understand it just fine. It's full of falsehoods and disinformation, desperately trying to deny what's really happening for all to plainly see.

Sorry, chump, you'll have to do much better than that.

There...no swearing or catchy slogans.

Anonymous said...

"Where do you people work that is so slow these days?. I work for a small consulting firm of about 75 employees. Average salary is well above $100K yet we are always short of people."

Weakens your credibility when you make statements like this. You're not fooling anyone.

~
Why assume the person at the small consulting firm is lying? I know of a company like that, used to work at it.

They ARE in need of people and they DO pay very well. But it's in the field of aerospace engineering, which is short-staffed because so few Americans can think clearly any more.

They need people who can. They're scarce.

LauraVella said...

I have so many friends that have bought into this bubble, I can't possibly chose the worst case story!

Just last week, a friend's sister sold their house in Vacaville, CA. and are in escrow for a house and big property for their horses in Oregon. (they should have rented!)

Another Oregon story: last year a friend's son bought a plot of land (to build their dream house) AND bought a single family homes to live in while the dream house was being designed because "it was a good deal" in Roseberg.

Yet another story: my husbands old boss bought a 1.2mil house in Lafayette, ca with an I/O mortage in the fall of 03'. She was fired from her job recently for embezzling. Currently, she is facing criminal charges, and is "vacationing" in Cabo San Lucus, Mexico.

My husband and I met a "thirty- something" banker and his wife at a mutual friends summer party two years ago. This couple had a nice home in Pleasant hill, CA, (the couple having the party, just moved to Lafayette) but the wife wanted to "upgrade" and move to "Lafaytte for the superior school district" for their two children. We saw them last year at the same couple's party, and the banker basically ignored us, and his wife seemed very scattered in her thoughts and didnt appear very happy.

We know people that bought using toxic mortgages because they couldnt get a fixed rate, most have taken out HELCOs to improve and buy new stuff for themselves and their homes.

We only know two other couples that are renting. THATS IT.

There will be alot of sadness come the end of this year.

Anonymous said...

guess im missing something, but i cant see what in the economic sphere makes a 35,000 condo, bought in 1994, worth 350.000 in 2004, only perhaps the declining dollar (the ruination of the country) or the rotting pipes, termite eaten wood, and leaking roof, and demanding co-ops, associations, taxes, insurance cos. .ect.ect, compared to modern illiterate builders
9

one_slav said...

Where do you people work that is so slow these days?. I work for a small consulting firm of about 75 employees. Average salary is well above $100K yet we are always short of people. There is a standing referral bonus of $10K for new hires, that's how hard it is to find good talent. Yet here you fools are talking about layoffs and an economic implosion.

I swear you all live in a parallel world where up is down, black is white and a booming economy is a depression.

As for the Citi layoffs, for god's sake it's 17,000 people out of a population of 300 million. Get some perspective.


Given the level of expertise/knowledge/education of those who frequent this blog, you could make yourself hundreds of thousands of dollars in referrals right quick. I have a PhD, so I should be a good candidate for those 100K/year jobs. Either post the details here or e-mail me at oneangryslav@yahoo.com and you'll be one step closer to making 19 grand.
Or are you just full of shit?

Anonymous said...

@"Screwed in Scottsdale"

"I think he's a practiced sob story teller"

And so do I, so do I.

All these amateur land lords coming out of the woodwork! It's just shameful! It's bad enough that a LL views his/her renters as nothing more than a necessary evil but when you come across these clowns it's obvious they're learning as they go!

What's also clear is that numb-nuts never intended to "rent it out" and fully intended to flip at a HUGE profit (claiming it was his "primary residence" of course) all the while.

Nice touch on the drop in friendly chats though! Good for you!

DinOR

Anonymous said...

My relative who procrastinated on selling his somewhat run down tract house while the housing market was ultra hot in his area. He dreams wistfully, as he has for decades, of selling and moving back to his hometown in another state, where presumably the water is pure and clear, the air is like breathing pure oxygen and there is apparently no crime or anything bad going on.

Uh-huh...well back to reality and today's market; he still owns the tract home and is in denial about the fact he lost his chance to sell it quick enough, and for enough money, to actually pull off this cross country move to, uh, the Fantasy Land of his Youth.

Now, to complicate things, he's refinanced it, with god only knows what kind of predatory loan, and he probably will either be unable to sell at all, or will be broke if he does.

At least if he'd sold during the boom he could now be back there, discovering his childhood stomping grounds are polluted, crime-riddled, and expensive, like everywhere else.

I guess it could be worse.

Anonymous said...

I have a PhD, so I should be a good candidate for those 100K/year jobs.
~
Ha ha ha! That's frickin' hilarious. If you figured getting a PhD was going to raise your earning power...I've got some Phoenix real estate I'd love t'sell ya!

Shakedown by another name said...

Kieth,

Here is some material for you. let's get those poor people UP into the middle class through (forgiven) debt.

http://www.naca.com/index.jsp

Anonymous said...

GEORGE W BUSH for letting this whole mess happen. He could've forced Greenspan out.

LoneLibetarian. said...

The people I rent from are f'd.

They bought the house in 2005 for 380,000. They then proceeded to heloc it for a grand total of 75k which they dumped back into the proper via remodeling and landscaping.

This place has granite, stainless, tile, hardwood, and all types of exotic light fixtures and switches, etc. It was very elaborately done.

They then took another heloc on the place for 100k. I rent from them for 1600 a month.

They told me they have an arm that is set to readjust in mid 2008. I think i'll stick around that long and then make the bank an offer.

richman said...

I make over $250,000/yr and I don't know anyone who's poor. The economy's doing great.

Anonymous said...

honica jewinsky!!!

Is as F**ked-up as a soup sandwich!

Anonymous said...

Given the level of expertise/knowledge/education of those who frequent this blog, you could make yourself hundreds of thousands of dollars in referrals right quick. I have a PhD, so I should be a good candidate for those 100K/year jobs. Either post the details here or e-mail me at oneangryslav@yahoo.com and you'll be one step closer to making 19 grand.
Or are you just full of shit?


As usual anyone who dares disagree with Keif and Co. is automatically a liar or stupid or a troll. No asswipe I won't refer you because if I do I will most likely be fired for referring a paranoid conspiracy theory angry slav who thinks a great depression is under way. I'd fire myself for referring someone like you.

I wouldn't hire someone with a PhD to clean my toilet let alone be my co-workrt. Anyone who spends that much time postponing entry into the real world has some serious issues. Unless you've got the letters MD after your name, spending that much time in academia is just stupid. And what's worse is I would constantly be reminded that you have a PhD and you'd probably also make everyone call you Dr. too.

So thanks but no thanks, I'll do without the $10K for now.

downinoz said...

Keith why do you post from this annon troll? I guess it is to show how stupid and full of S)*&^ are? This same guy thinks somehow that prices have only dropped 3% in the last two years. Maybe instead of dissing PhD's he could ave paid attention in his economics or statiscs course in college and learned a thing or two. For example inflation has been at 3% for the last two years so if prices remained flat the real decline would be 7%--yes that calcuation. If it where matched by a nominal decline as he notes we are looking at a 10-11% decline. However if he (again since he did not get a PhD and went out to work at 13) if he were to check local data at hosung tracker he would see that say Miami has had a 15% decline in prices in the last 15 months.

The idiot wrote: I wouldn't hire someone with a PhD to clean my toilet let alone be my co-workrt. Anyone who spends that much time postponing entry into the real world has some serious issues. Unless you've got the letters MD after your name, spending that much time in academia is just stupid. And what's worse is I would constantly be reminded that you have a PhD and you'd probably also make everyone call you Dr. too.


Oh yes more people thinking like this and well the country will be one big call center. Common---I will give this guy $500 if he posts his W-2 showing his earnings. His is just a little mad that places like HP burst his fantasy world. He should get some Therapy--well not from a PhD psycholiogist so guess he will have to go on being a trouble dmoron. Piils, nah developed by PhD in Chemistry and a PharmD. New plastic of his tent outside the bridge--nah useless developed by PhD in Chemical engineering. What a moron, thanks Keith for posting people who are on the short bus of life....

Anonymous said...

"As usual anyone who dares disagree with Keif and Co. is automatically a liar or stupid or a troll. No asswipe I won't refer you because if I do I will most likely be fired for referring a paranoid conspiracy theory angry slav who thinks a great depression is under way. I'd fire myself for referring someone like you."

Yup! ...just as I suspected. And Angry Slav was not the only one who thought you were full of shit. We are all familiar with the brain farts you have posted here over time claiming that there is no bubble and prices continue to climb 20% per year. When the data comes out showing that the market is in dire straits, you then avoid the subject by claiming you work for this fantasy company that pays everyone 100K+ a year, but can't seem to find any new workers.

Now get the hell back to your real job and start flipping them burgers!!!

Anonymous said...

"I wouldn't hire someone with a PhD to clean my toilet let alone be my co-workrt. Anyone who spends that much time postponing entry into the real world has some serious issues. Unless you've got the letters MD after your name, spending that much time in academia is just stupid. And what's worse is I would constantly be reminded that you have a PhD and you'd probably also make everyone call you Dr. too."


I have to pull out my waders cuz this BS is getting deep round here. First off, I'm an MD. And the training is not academia, it's like glorified vocational school. I respect PhD's and enjoy working with them because they give a shit about things beyond your "real world". Ya they sometimes have a bit of a superiority complex, but nothing compared to your jealous ass.

Anonymous said...

My father in law! Took 2 helocs out on a POS shack in Northern San Deigo county. Flip his home and dreams of moving to Montana and hunting ever after. Oh the real picture, New truck(bigger then the other one) new 5th wheel, new ATV, trips all over the country to hunt and (scout new place to buy). Work is slowing down and still hasnt even started the remodel/addition. Last time I was there his big problem was trying to decide how big to make the fictonal master bath. They live in another world. Oh they are screwed.

Anonymous said...

My friend whom I used to work with at Mortgage shop is now working with another guy at his own 2 man shop. No marketing budget or campaign. He bought the house just over 2 years ago now in April 2005 for 700k 100% financing. We urged him not to do it. He, in his own narcissistic wisdom, said "it's supply and demand, prices always go up." He also felt compelled to buy 2 vipers, a jeep, and a jaguar. I also just found out he refi'd 7 months ago with the new appraised value 820K, sucking out all the cash on an 100% NEG AM LOAN. Comps are now selling for 700k-750K in his area.

And he thinks he is rich like most people in Southern California. Can you say tool??

Anonymous said...

Referral bonuses of $10K+ is very common in California for professionals with graduate degrees. Many (if not most) jobs here are filled by professional head hunters. The reason for this is many but the primary reason seems to be because head hunters generally do a good job of pre-screening unqualified candidates (otherwise, an employer will never use them again). The going rate charged by head hunters is 30% of first year salary. In-house referrals are do a better job of screening out unqualified candidates because an employee has to stick his neck out and vouch for a candidate. Given that salaries for people with in demand professional degrees start at well over $100K plus, it is a bargain for an employer to pay $10K or $20K to an employee than he would otherwise pay to an outside head hunter.

I guess the disconnect with some of the posters is that, unless you live in Crazy California (or say NY City), you really cannot appreciate the high cost of living and hence the relatively high salaries. If you make $100K a year in most states, you will enjoy a comfortable quality of life. $100K in California will just get you by.

Anonymous to protect my ass said...

Today I shall drink to a 30 year old guy named Kris. Married with 2 step kids. Bought a house last year 60 miles out of town. Wife doesn't work. Laid off off in January. Here's to you buddy.

Enjoy that 120 mile round trip commute to your part time minimum wage job. With that big honkin' motor vehicle of yours, I'll bet you don't even make enough to pay for gas.

Maybe while you're sitting in the suv every day for two hours, you can ponder what you did wrong.

Cheers.

Annie Oakley said...

I have an M.A. and almost a Phd (am all but dissertation), plus a degree in engineering from a prestigious school. I live in a rent-free trailer on a friend's farm, having sold my real estate at the prime and put my money in CDs. I drive an old pickup and spend most of my time writing and hiking. I don't buy anything I don't really need and I have absolutely no debts. But lest I sound smug, let me tell you I once played the debtor's success game. All it brought me was being a slave to my employer (high tech), as I had to work or I'd lose it all. I'm much happier and better off without that big house. Everyone thinks I'm poor, which is fine with me - I am poor, material wise, but I have money in the bank. I'm rich in the freedom to do what I want and will buy a house in a year or two (or longer) when things slow down and bottom out, with cash. We used to be a society where nobody was in debt, you either paid cash or you did without. Many years past. But everyone had a modicum of control over their own destiny, at least more so than now. I read a statement by a banker who said he worries when someone drives up in a new vehicle and wants a loan, he'd rather see people like me in their old cars who aren't driven by status and thereby get in over their heads. Too bad for all the misery coming, I live in western Colorado and it's hitting here, too. Everyone says the resorts are immune (I'm near Telluride), but it's slowing here also. Maybe we'll return to the quiet lives we led before the bubble hit and they built all the SBs everywhere.

Waka waka waka said...

This should go under "stupidest" rather than "most screwed" but that thread is already aged, so...

About three weeks ago, a friend of mine closed on a new 200k tract home in...Idaho...as...an "investment"...per the advice of her "real estate investment club"...she does this intending to use a management company to place renters in the place. She does this knowing full well that the carrying costs will be about $500/mo. more than the rent income if she gets what she wants for rent. She was leaning towards the IO loan last time I talked to her about it. Her plan is that the housing price or the rent goes up over time until she comes out ahead (maybe she is integrating her cash flow out to something large, like, say infinity...), so at best her "investment club" is actually a "speculation club". And good god what a piss-poor one. I can't convince her this is a bad idea, I don't understand how she convinces herself it's a good one. She has taken to introducing me to others as th guy who "thinks the sky is falling" and who e-mails her stories from "chicken little blog sites". I look forward to introducing her as the girl who bought a tract home in Idaho (really, isn't it funny already?) once the rest of our retarded fellow citizens realize the absurdity that has been the real estate market and start laughing at each other...and hiding their Idaho tract home purchases from each other...

BTW my CFC puts are up about 40% so far, thx for the tip Keith. I can't wait for that one to tank wholesale. Moo hoo ha ha ha ha.

Anonymous said...

Phd crowd,

Geezuz you fucknuts are sensitive. Your posts prove my point as to why nobody in their right mind would hire you. You'd be kicked out of a client's office in about 20 minutes with that kind of "I'm better than you" attitide. That's why you probably work in a cublice, alone most likely, kept far far away from any human interaction.

As for my W2, you have got to be kidding me. Maybe I'll send you a copy of my birth certificate, SSN and CC numbers while I'm at it.

You people are losers plain and simple. We have an absolutely booming economy and you idiots are talking about depressions. You live in an alternate universe.

It's impossible to get a reservation at a decent restaurant on a Friday night. Malls are packed. Golf courses are booked solid. Ski resorts are jammed (or were every time I went). Every flight I'm on is full domestically and international. Everywhere I go people are out spending money one way or another and yet you tools think there is a depression out there.

The only explanation is you people simply don't leave the apartment and get all your infomation from nutjob blogs. Try going outside once in a while, you'd be amazed at wht you'll see.

Anonymous said...

"I guess the disconnect with some of the posters is that, unless you live in Crazy California (or say NY City), you really cannot appreciate the high cost of living and hence the relatively high salaries. If you make $100K a year in most states, you will enjoy a comfortable quality of life. $100K in California will just get you by. "

Most people in California, even the educated, make no where near 100K, you stupid elitist pig!

Anonymous said...

"As for my W2, you have got to be kidding me. "

Because it would prove that your McDonald's wages are nowhere near $100K. Do worry. If you out your mind to it, they may train you to operate and clean the shake machine. It would sure beat your present job of scraping the crust of the urinals.


"It's impossible to get a reservation at a decent restaurant on a Friday night. Malls are packed. Golf courses are booked solid. Ski resorts are jammed (or were every time I went). Every flight I'm on is full domestically and international."

No. That is what you see on the "Sex in the City" reruns which you watch everyday from your mamma's basement. Television, however, is not reality.

Think I am far off in my assessment of you? Ask any of the PhDs in Psychology (whom you disdain because of your own insecurity) and this is exactly how they will profile you. In fact, you don't need a PhD to read someone like you. Your childish temper tantrums tell more about you than they do any of us. No one who makes over 100K would spend all day trolling on a blog hurling insults and the educated. You're a pathetic loser who can only blame others for your own failures.

Vardaman said...

Had someone ask me whether I own or rent. I said that I rent. Then he replied, "You need to buy a house like me. I'm making money on my house.", as he's puffing on a joint. In other words he'd been taking out "equity" loans on his house and he thinks it's income. Then I mentioned something about interest only loans being bad news and you should have seen the look on his wife's face, like a deer in headlights. After that it was pretty clear, brand new kitchen fixtures, marble counters, new furniture and all new bathroom fixtures. Of course I'm a loser since I rent...