I'd like to get a "there is no housing bubble" collection of quotes together - from The Corrupt David Lereah, Kendra Todd, Nicholas Retsinas, Rolodex of Realtors Catherine Reagor & Friends, Alan Greenspan, Ben Bernanke, or from any other brilliant soothsayer who either is corrupt, dumb, blind or has no understanding of economic cycles or manias and panics.
So give it a few minutes, hit the google, and give us some gems. Then we'll vote on stupidest quote.
Here's one for the ages:
"You can't go anywhere without hearing people talk about "the real estate bubble." Such talk drives me to distraction, and I'll tell you why. It's because there is no real estate bubble. Bubbles are for bathtubs."
Kendra Todd, Genius, September 2006
May 09, 2007
Finding the stupidest "there is no housing bubble" quotes
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Plain and simple, there is no housing bubble — not in Southern California or anywhere else in the United States, for that matter. The market in Los Angeles, Orange and San Diego counties may be throttling back a bit. But that's hardly a cause for alarm.
"Nothing extraordinary will happen in the business of buying and selling houses," says Raphael Bostic of USC's Lusk Center for Real Estate, one of the more sober analysts around. Home sales and prices don't move dramatically — much less pop, Bostic explains — unless a major downdraft occurs in the larger economy.
Another gem from the genius Todd: "Real estate is not like the stock market. It's like a drive through the Rocky Mountains. You will have rises and dips.".
Here's a report from today's paper in Australia - there is no bubble here apparently...
"HOUSE prices are going back up after a long lull with strong gains recorded in most capital cities as the nation leaves the property downturn well and truly behind.
Average house prices grew by an average 1.1 per cent across Australia in the first three months of the year, according to the Australian Bureau of Statistics's House Price Index, which takes the average of the nation's eight capital cities.
Over the year, house prices jumped 8.6 per cent .
Most capital cities posted strong gains.
That Kendra Todd bimbo need to go make porno movies. That's fits her true abilities.
LOL. check out the Ho's website. Under real estate, click on 'Featured Projects....there are none. Then go to appearances....it's gone from weekly in 2006 to....none since March 7th.
Your 15 minutes is up!
Steve Combs from American Home Mortgage:
"“Personally, I partially blame the media for the bubble-bursting scare tactics they use to get you to watch the evening news because they know most of America bought a home in the last decade,” says Combs."
"So, have we indeed been experiencing a bubble? “Bubble, no. Correction or change in cycle, yes,” answers Combs. “The term bubble is the media's overuse of an economic term that indicates catastrophic repercussions. Now in support of those on their soap box screaming, ‘Armageddon,’ some markets are in a ‘bubble’ type atmosphere. But not in Southern Maryland,” Combs assures. “Unemployment is very low, median area income is rising and rates are historically attractive. On the flip side, they take this military base away from St Marys County, ...hold onto your hat!”
"Timing indicates the rate of return but in the long run, well, they aren't making any more land!”
http://www.thebaynet.com/news/index.cfm/fa/viewStory/story_ID/4710
"Suzanne said we can do this."
re: Kendra Todd, Genius
The phrase golfball and garden hose springs to mind......!
Back in 1849 California had a GOLD RUSH few people ended up rich, very few. On the other hand people selling shovels, pick axes and black power couldn’t lose. As they old saying goes: “What do you expect a Pig to do except Grunt?”And the band played on ...
May 9 2007: 10:30 AM EDT
NEW YORK (CNNMoney.com) -- Mortgage applications climbed for the third straight week, according to the latest report by the Mortgage Bankers Association, helped by an increase in both refinancing and purchasing activity.
The industry group's seasonally adjusted index of mortgage applications rose for the second straight week, climbing 3.6 percent to 680.7 in the week ended May 4, from 657.2 one week earlier.
The four-week moving average, which smoothes out volatility in the weekly figures, rose 1.3 percent.
Yeah a housing crash is upon us. Nobody's buying homes. Prices will drop 90%.
Morons.
Every word out of the mouth of David Lereah!
Alan Greenspam: "this is a good time for an adjustable rate mortgage"
Yes ... it drives her to distraction ... she usually gets so distracted that she leaves the house with no panties on ...
Yea ... I'll pay to watch a huge black dude do her ... trump is a wimp ... we need bubba ... then let her deny that there is a housing bubba ... we'll see.
Cool.
Cow_tipping.
Here in Wisconsin there was the merest space filler that said something to the effect that "House sales have returned to earlier levels".
Otherwise, the MSM ignores the local housing market (unless it is booming). I can understand why they do so. These people advertise in the paper and on TV. Since they are in bed with each other, the MSM can't let off a stinker without offending the advertisers.
wow, you guys are unreal....
key interest rate held the same.. economy is going strong...there is no crash...
I am still waiting for the bubble to burst... do you know why, because there really is no housing bubble....dopes!
My favorite quote (of my own) is:
How on earth did "we the people" get the idea that "owning a home" and "renting money from the bank" had ANYTHING to do with each other?
My favorite from someone else:
"Once you decide that you will never be out of debt, you can afford anything!"
"Now is a great time to BUY or SELL a house."
:) funny
Anonymous said...
May 9 2007: 10:30 AM EDT
NEW YORK (CNNMoney.com) -- Mortgage applications climbed for the third straight week, according to the latest report by the Mortgage Bankers Association, helped by an increase in both refinancing and purchasing activity.
The industry group's seasonally adjusted index of mortgage applications rose for the second straight week, climbing 3.6 percent to 680.7 in the week ended May 4, from 657.2 one week earlier.
The four-week moving average, which smoothes out volatility in the weekly figures, rose 1.3 percent.
Yeah a housing crash is upon us. Nobody's buying homes. Prices will drop 90%.
Morons.
May 09, 2007 2:58 PM
-------------
ANON you "Forgot" the rest of the story:
The subprime fallout weighed on the housing sector in March, as existing home sales tumbled nearly 5 percent, the National Association of Realtors reported Tuesday.
Some economists contend that the typically close tie between mortgage applications and home sales may have become disconnected.
We'd only be morons if we believed people such as you.
http://www.thompsonsrealty.com/Phoenix_Real_Estate_Bubble/page_1148887.html
"We've found a great study that shows WHY the media doomsday reports about a real estate bubble are overblown."
This report, available for on-line viewing or downloading presents current data in an easy to understand way. Of course, there are no promises. No one can predict any market, be it stocks, bonds, futures, commodities or real estate. But a review of the data shows a pretty solid argument against a bursting real estate bubble.
EXECUTIVE SUMMARY: With home prices rising strongly in most parts of the country, there has been widespread media coverage on the possibility of a housing market bust. A thorough analysis of the Phoenix-Mesa-Scottsdale metro market, as detailed below, reveals that there is very little danger of this. In fact, the local housing market is in excellent shape with a potential for significant housing equity gains, particularly for homebuyers who plan to remain in their house for the long run. "
what a bunch of chimps!
Is there any chance of getting Kendra and Suzanne into a threesome with me?
I love Kendra's explanation of why 30-40% annual price appreciation for homes is not sustainable:
Take the Southern California real estate market. It's reached a median price of well over half a million dollars after three years of 30, 40, and 50 percent appreciation. That's unsustainable. There are not enough people with the income to keep buying homes in that market now that the Federal Reserve has raised interest rates. Before, buyers could slip into a $500,000 home with a 5.25% mortgage, but the cost of money has gone up, so those people can't buy.
Oh, so the COST of MONEY has risen (those darn Feds raising interest rates), so people can't afford to buy?
Uh, no a mention of the PRICE of the HOUSE rising, just the increasing costs du to increasing INTEREST RATES? What a numb-skull....
To make matters worse, I see she published a book called "Risk and Grow Rich: how to make MILLIONS in Real Estate!"
Bet that one's selling well, right up there with Lereah's book....
Bubbles are for baths? When you are done with it can I drink it?
"That Kendra Todd bimbo need to go make porno movies. That's fits her true abilities.
"
She'll be making porno soon enough... Just wait for a year or two when she becomes unemployeed, and her ego, and self-esteem implodes. (Remember: pride goeth before the fall) Also, not to mention all her "friends" who will be hating her (blow back) for conning them into buying overpriced houses... HAR HAR HAR
Greenspan: "Andrea, can you get me a new diaper? Ive pooed my pants."
Just think of all the elderly people Greenspan and Co, have SCREWED! I cant belive this slime ball is still walking around...
"Is there any chance of getting Kendra and Suzanne into a threesome with me?"
Funnily enough, I pulled an older woman at a club last night.
She was a right sort for 54, we drank a bit, had a bit of a snog & she asked
if I'd ever had the sportsman's double,,,,,,,,,,,,,,,,,,,,,,,,, a mother and daughter, 3-some?
I said no.
We drank a bit more, then she says that tonight, was my lucky night.
I went back to her place.
She put the hall light on & and shouted upstairs:
"Mum you still awake?"
"To make matters worse, I see she published a book called "Risk and Grow Rich: how to make MILLIONS in Real Estate!"
Can't wait to read the chapter on draping yourself over Donald the syrup and let him bone you now and again!!
"The subprime fallout weighed on the housing sector in March, as existing home sales tumbled nearly 5 percent, the National Association of Realtors reported Tuesday."
Was that this March vs last March, or March over Feb?
Either way it is pretty bad - I was just curious.
Also can't wait for her appearance on Leno, "So Kendra, what first attracted you to the multi-millionaire Donald Trump?"
"Now is not the time to sell. But it is a great time to buy."
:D
Trump is actually a multi-billionaire. But who knows, a few billion might disappear on his real estate holdings.
Foreclosures are up 80% year over year in California and 97% YOY in Florida. Yep, the market's doing great. The people who couldn't make their payments decided to face foreclosure instead of selling for a profit.
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