Oh, man this will be good.
Have at it.
May 20, 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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27 comments:
Geo BushII
There is clearly no housing crash underway because, as critics fail to observe, there is not an actual glut of habitable houses on the U.S. market. Critics such as this blog have ignored the fact that 27.7% of the residential single-family structures on the market are more than 50 years old. Many of these houses are owned by old people who have not maintained them for years. Rot, termites and mildew have made them uninhabitable. They are tear-downs that should not be included in the inventory data. When you take out all these old houses and old people (who soon will be dead) the inventory is actually GOING DOWN. And then there are the Irish. All those Irish immigrants need a place to invest their Euros...
.
NAR Press Release: As the new economist for the National Association of Realtors, I (Glen Gary Ross) have just returned from a nationwide tour (flyover) with NAR President Pat Combs. Here is what our troops on the ground are saying about the current real estate market, in which we continue to advocate that consumers should immediately buy or sell houses.
Phoenix: Greg Swann reports that he has single-handedly sold 10,000 of the 60,000 homes currently on the market during the month of May. Greg says he could sell more if he had them.
Washington D.C: David Lereah decided not to keep his investment condo after receiving an offer of $300,000 over the list price. Cash back to the buyer details are not available.
Tampa: All foreclosed properties have been purchased by local real estate agents using a new type of zero payment, non-amortization loan. The sudden housing shortage as a result of their heroic action is creating a feeding frenzy. Good times are there again.
San Diego: Wildifires in other parts of Californina, combined with 36" of snow in Texas has created the perfect storm for this city. Median home prices have increased 75% in three days.
New Orleans: In anticipation of receiving amnesty by President Bush, illegal immigrants have crossed the border and taken up residence in all homes abandoned since hurricane Katrina. Spanish speaking NAR representatives, lenders and appraisers have been on hand to ensure a smooth transition and get our share of the action. It is our view that nobody in America should be debt free.
Detroit: Word of General Motors hybrid vehicle the "Volt" which is rumored to launch in 2010 has created strong demand for housing in this fast growing city. The United Auto Workers Union is providing interest only loans to homebuyers as newcomers storm the city in anticipation of GM's revival.
My latest book "Are you missing the housing doom?" is scheduled for release this Tuesday. Don't miss it as I debunk the doom and gloom myths that the media has unleashed on the REIC (real estate industrial complex).
I promise to contribute part of the profits to the Little League team at New Century Financial to replace the bats they lost while beating on desks of honest appraisers, that ultimately had to be fired for squeeling to the press. Those boys deserve the NAR's help.
1) They are not making any more land!
2) There is a growing population!
3) Casey Serin will be buying more home in few more months.
4) CRAMER: HOUSING BOOYAY!
I nominate Keith.
All kidding aside, there is no crash. If you look at history, real estate never goes down. It is a tangible and necessary investment which is part of every solvent portfolio. American land is desired not only by Americans, but people of every other nation on earth. If there were surplus supply, it would quickly be absorbed by immigrants fighting for the chance to live here.
If you were smart, you'd go out and buy a house right now. Be sure to use a REALTOR as they are bound to the truth by an iron clad code of conduct. A REALTOR will protect you like family, don't go out unprotected.
I personally have all my money in real estate right now. Do yourself a favor. Borrow money from anyone you can.
I swear on my mothers grave. This is a no brainer and you cant loose.
Remember stocks are up higher than ever. Unemployment is at an all-time low. It's summertime fast approaching, and people want to move in the summer.
Real estate only goes up. Renting is for losers. You're going to be priced out forever. Everyone wants to live in California. Everyone wants to live in the Yukon. My mom is nicer than your mom.
I'm alive you prick.
They will just blame it all on TCDL.
Note how TCDL latched onto the mortgage meltdown to then starting saying the market was unexpectedly soft.
Its no different than when a plane goes down and the pilot is killed, its always pilot error. The pilot is no around to defend him/herself, so its just accepted.
You guys are funny .
I can't wait until I hear why there's no stinking housing crash underway .
The NAR tried to get a rally going ,but how can you get a real estate rally going without sub-prime slime lending?
If you are a qualified end-user with a down payment you are gold . The entire real estate industry is looking for you . This is the time to be wined and dined .
If you golden people want to have a nice sunday drive ,call a realtor and give them your stats and you don't have to pay for any gas . Go to the open houses and get some free lunch . Check out the country-side listings at the REALTORS expense ,(after all they are 6% commission people ).
Forget what I just said ,it wouldn't be worth all the calls you would get for months and you would have to hear all that sales rah rah stuff ,"buy now or be priced out forever". I got a better idea just stay home in your nice cheap rental or take a nice vacation on the money you save monthly . I would steer clear of these real estate people because they don't stop talking .
2006 was the THIRD BEST YEAR EVER!
The S.F. Bay Area is SPECIAL!
Buy now or you will PRICED OUT FOREVER!
If you can't sell it for a fat profit next year and you can't make the payments when your ARM resets you will ALWAYS BE ABLE TO REFINANCE!
Housing is STABILIZING IN A CYCLICAL TROUGH!
This is only a healthy correction before real estate makes its second leg up. There has never been a better time to buy and if you don't take advantage of this short correction you will be priced out of the market forever. House prices are set to double again from present values. Go out and BUY BUY BUY!!!!!!! Please for Gods sake, I have an expensive BMW to pay for and a mortgage of $3500.00 I am living on Ramen noodles , macaroni and cheese and grilled cheese sandwiches.
Troll talking BS !
Centex:
PERIOD ENDING 31-Mar-06 31-Mar-05 31-Mar-04
Inventory 9,657,928 7,562,736 5,561,805
Pulte Homes:
PERIOD ENDING 31-Dec-06 31-Dec-05 31-Dec-04
Inventory 9,883,767 8,756,093 7,390,791
Ryland:
PERIOD ENDING 31-Dec-06 31-Dec-05 31-Dec-04
Inventory 2,771,485 2,579,667 2,024,133
Beazer homed:
PERIOD ENDING 30-Sep-06 30-Sep-05 30-Sep-04
Inventory 3,520,332 2,901,165 2,344,095
Inventory piling up,all new homes.
Pit
"They are tear-downs that should not be included in the inventory data. When you take out all these old houses and old people (who soon will be dead) the inventory is actually GOING DOWN."
Gawd, what dope are YOU SMOKING???
That's the dumbest line Ive EVER heard! And I am a relator.
Greg Swann is a LIAR.
GOLDMAN SACHS LIAR NUMBER 1
Housing Prices will not go down as we have worked out an agreement with Mexico.
The former exchange rate was 11 Pesos to the Dollar.
The new exchange rate will be 11 Dollars to the Peso.
Problem solved.
You young punks don't know anything.This is just a bump in the road,it'll come back.Pay no mind that there were housies at auction in the last bubble that sold for 1/3rd of the peak price,those were auctioned so they don't count.Belive me I was there.I know all about R/E ,I was an agent for chrissakes.
and the winner is......Al "the snakeoil salesman" Gore!!!!
Thanks for coming to Barnes & Noble today.
"Crashes are for the County Fair Demolition Derby."
Now how would you like your book autographed?
Signed,
Trump Spawn
Biggest liar competition? The nominations are:
- Hillary
- Obama
- Giuliani
- McCain
- Romney
- Gore
The NAR and DL don't even come close.
AL GORE for sure!!!!
You can always sell the house for more than you yourself could or would pay to some burger flipper making 5 bucks an hour, who is willing to pay the price on borrowed money, or forever not be able to diddle the girl down the block?
With the 2007 "Immigration Reform" bill, a surge of 15mil to 20mil people now become eligible to purchase a home legally!
That, coupled with the fact that homes are being competitively priced across the country, means that everyone who doesn't buy now will miss the boat once again!
There is no crash folks!
I just sold Casey Serin three new condos in Pheonix and 1 in Miami that is close to completion once the new builders get financing.
RayNLA
There is and will be no housing crash because as soon as Congress passes, and the President signs into law, the bi-partisan immigration bill, 50 million more illegal aliens will swarm over the US's southern border. Add to this the 4-8 anklebiters each will spawn during their lifetimes and there is no place for home prices to go but up!
Well, it looks as if the alustrious Ted'The swimmer'Kennedy has lied to us once again. In 1986 he was noted as saying the amnesty bill then would only allow 1.1 to 1.3 million illegals amnesty, secure the borders, and never be brought to light again.
WELL BULLSHIT!
Ted kennedy the winner!!!!!!
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