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.
Las Vegas tanking even more than a BUBBLE BLOGGER thought possiblehttp://housingdoom.com/2007/05/04/las-vegas-housing-market-slumped-in-april/#more-644And no, I don't feel one oz of pity for fb's
Home debtors who have loaded up with adjustable rate mortgages and other types of "creative financing", who have bought insanely overpriced houses or sucked equity out of existing homes and now find themselves unable to manage the escalating payments are not worthy of pity. No pity at all! They put them selves in their present fix through greed and incredible stupidity and now they have the nerve to expect the tax payers to bail them out. From here forward these miserable creatures should be referred to as...DEBT WHORES In my opinion, this should be the preferred term for the rapidly growing ranks of desperate home debtors. The bottom line is that they did it to themselves!
And I just love the pictures that post on your blog. Where did you find that crying rabbit? :)
That bunny is pissed
The bunny is smokeing a joint to forget his troubles
HPers, pissed means drunk in Canadian.
No, not one bit.
cool illustrations by Valery Milovic:http://www.fluxfire.com/gallery.htm
The bunny's just pissed because he's out of beer. The moon is crying because he has no hands to hold a beer. No one is sad for the desperate homedebtors except the desperate homedebtors and they can no longer afford a beer.
Holy crap! Is that bunny drinking poison?
This is a tough croud!Why no pitty?
I could care les about these stupid FBs who drove the price of houses in the stratosphere, despite the fact that they had no money.Keith_ please check out this bill: HR 1852. the sponsors are Barney Frank, D. MA. and Maxine Walters, D. CA.They want the FHA to provide no money down loans to poverty stricken losers so they can indebt themselves for life on an overpriced home.This bill makes the American taxpayer into a SUBPRIME LENDER.The blogs need to get busy with this one and nip it in the bud.I think it also wants to INCREASE the amount of money that FHA will loan so that people who live in CA. and other uberbubble areas can join the party.Seriously, we need to start a movement to get the government OUT of housing. They are absolutey DETERMINED to keep prices at nosebleed levels for the average working middle class American. They do not believe that you deserve a place that you can comfortably and sanely afford but would rather strap you into a nosebleed mortgage payment for the rest of your life.They want to turn the middle class into serfs for the mortgage lenders. Period.So far, it mainly is democrats who are busy trying to keep prices in the stratosphere. They REFUSE to let the free market work it's magic.I will never ever vote Democrat again after this kick in the teeth of working Americans.And for taxpayers: that subprime thang worked out really well for the private sector, didn't it? So we know clearly where your money's going once YOU are the new subprime lender.Stop this bill and then get these immoral people out of office.
Debt whores...I like that!They did this to themselves and I could care less about them.The gov. does not care about citizens. It cares about banks and businesses. they're trying to make taxpayers give the banks and lenders a hand.And no, I don't care about the debt whore banks and lenders either. They also did it to themselves.As a former Democrat, it pains me to say this. But watch out for them. They are falling all over themselves to re-inflate home prices and lend a hand to debt whores.
I guess I have a drop of pity for anyone who doesn't play the game of life very well because somehow I think that something went wrong with their upbringing . But really why wouldn't a bunch of sub-prime borrowers with no skin in the game of a down payment go for getting into real estate as long as the lenders were handing it to them ? These people really believed the myths that appreciating real estate would take care of the debt plus make them money . These people were tempted beyond belief and the teaser rates were the perfect lure for buyers who could never usually get into the real estate game . My question is why did the lenders set these people up for a big fall ? It's pretty weird to give people credit beyond what they can afford . In the old days one had to prove that they could re-pay a loan .I think the dream of home ownership runs deep in spite of it not being what it's cracked up to be .
Don't worry - Warren Buffet just said that subprime mess won't derail the economy. . .of course then he went on to say a lot of his businesses were in the crapper because of the housing slowdown. . .hmmmm - by the way - today - May 6th is the 70th anniversary of the crash of the Hindenburg. . .perhaps there will be a noteworthy real estate story today so Keith can attach that old clip. . .
I would love to answer this one. Absolutely not!! I've tried warning friends and acquaintainces about buying a home that's over-valued, and with that "creative financing." I was verbally smacked down, laughed at, made fun of, and called every imaginable derogatory name in the book. F*** them AND their McMansions. God, please let me see them get what they deserve. I will rub it in their faces until their faces turn blue!!
Buffett knew there was a housing bubble a long time ago and is saving cash to buy up distressed assets:http://money.cnn.com/2005/05/01/news/fortune500/buffett_talks/On real estateBuffett: "A lot of the psychological well being of the American public comes from how well they've done with their house over the years. If indeed there's been a bubble, and it's pricked at some point, the net effect on Berkshire might well be positive [because the company's financial strength would allow it to buy real-estate-related businesses at bargain prices].... "Certainly at the high end of the real estate market in some areas, you've seen extraordinary movement.... People go crazy in economics periodically, in all kinds of ways. Residential housing has different behavioral characteristics, simply because people live there. But when you get prices increasing faster than the underlying costs, sometimes there can be pretty serious consequences." Munger: "You have a real asset-price bubble in places like parts of California and the suburbs of Washington, D.C." Buffett: "I recently sold a house in Laguna for $3.5 million. It was on about 2,000 square feet of land, maybe a twentieth of an acre, and the house might cost about $500,000 if you wanted to replace it. So the land sold for something like $60 million an acre." Munger: "I know someone who lives next door to what you would actually call a fairly modest house that just sold for $17 million. There are some very extreme housing price bubbles going on."
There's no problem with the real estate market, but we need a federal bail out for the lenders and FB's
It's not just Desperate Homedebtors. I think we'll see thousands of Desperate Realtors coming up too folks:http://www.wcpo.com/news/local/story.aspx?content_id=651222b7-212c-478c-94dd-4ac5793af28cGreyhound Tavern Robbery Suspect Shoots HimselfPosted By: Neil RelyeaA real estate agent is in the hospital, after Ft. Mitchell police say he robbed a restaurant and then shot himself. Police say 48-year-old Bill Thompson, of Lakeside Park, held up the Greyhound Tavern just before 1 a.m. this morning. Police say he made off with $150, then ran into the woods off of Dixie Highway. When officers got close, police say he shot himself in the temple. Air Care flew Thompson to University Hospital. Officials say he will survive his injuries. Prior to this incident, police say Thompson had no criminal history. Thompson is apparently an owner and broker for First Choice Realty in Florence.
Not sure what in the world you are talking about. I sold my Las Vegas home last month for $431K. Mortgage balance was $227K and change. I paid a realtor 4.5% comission and another $4500 in closing costs, $2500 of which was a real estate transfer tax (thank you very much Kenny Guinn).I bought the house for in 2003 using a 4.25% 5 year ARM with $0 down. Oh the horror of it all!! I would have been much better off renting an apartment all these years.
No, I don't feel sorry for desperate homedebtors, AT ALL.They bought out of either:1. Greed for quick and easy profits2. Ego & vanitySo f**k them. They're getting what they deserve.If anything, I feel bad for real homeowners who want to move but now can't sell their houses, people like my father who have been in their house for 10+ years and would like to relocate but are having difficulty selling now.
people like my father who have been in their house for 10+ years and would like to relocate but are having difficulty selling now.Oh bullshit al-qweefer. If your father's owned a home for 10 years it's probably worth at minimum twice what he paid for. 3X what he paid for if it's in SoCal, Phoenix, Las Vegas or any of the other crazy bubble areas. So if he wants to sell, tell him to take 15% off the asking price, and he'll be sold in a week with a hell of a profit to boot.
The same anonymous Realtroll has sold a house for a big profit in a dozen different cities already. I bet they were all primary residences. The big question is, why is the Realtroll selling everywhere? If RE is still going up by 10% every year, the Realtroll would be buying all all those condos and foreclosures. Why is Casey Serin facing foreclosure on so many properties? RE only goes up, so he should be a millionaire by now
(The Oracle of Omaha had just finished a very upbeat assessment of the US Stock Market)But Buffett had a decidedly different view about the housing market. He said too many homes were bought by people carrying mortgages with little or no money down who then hoped to flip them quickly for a profit. "The housing market is sick and it's going to stay sick for a couple of years" he opined.'Nuff said!!
Anonymous said... Not sure what in the world you are talking about. I sold my Las Vegas home last month for $431K. Mortgage balance was $227K and change. I paid a realtor 4.5% comission and another $4500 in closing costs, $2500 of which was a real estate transfer tax (thank you very much Kenny Guinn). I bought the house for in 2003 using a 4.25% 5 year ARM with $0 down. Oh the horror of it all!! I would have been much better off renting an apartment all these years. May 06, 2007 4:08 PM ---------Consider yourself lucky & sit on the cash for a few years & rent.
Oh bullshit al-qweefer. If your father's owned a home for 10 years it's probably worth at minimum twice what he paid for. 3X what he paid for if it's in SoCal, Phoenix, Las Vegas or any of the other crazy bubble areas.This is in a non-descript area of NJ. I guess you anon trolls don't have very good skills at guessing, when you came up with CA, AZ and NV.Now go back to cold calling for listings.
>> Officials say he will survive his injuries.Funny - I thought the only way for a realtor to get brain damage was to shoot themselves in the ass, not the head.
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