Man, gotta love the one guy who says home prices are gonna soar 10% in the next year get punked by Schiff.
Just shows that there is still a lot of ignorance and denial out there.
Man, this stuff will be funny to re-look at in five years....
June 16, 2007
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39 comments:
Bueller? Bueller?
I am really disapointed with Ben Stein. He wrote some really great stuff about the early 1980s bust.
What's with the sleazy greasy long hair?
WOW, lol. What did anyone expect? This is what happens when you try to get financial advice from Conan the Barbarian!!!! LOL, but this guy Adkins works for Remax, what was he supposed to say?
Oh, and I commend Schiff for being honest and standing up to these morons despite their attempts to shake him up by laughing at him.
Salt lake city will see 10% price appreciation. I'll take bets.
Almost as funny as the hp troll trying desperately to revive his flipper portfolio...
They are probably not laughing now... Oh my, are all these people just plain dumb? (economically speaking)
wearemovingtoarizona.blogspot.com
One can only hope that documenting the nonsense that fills time on these 24-by-7 cable stations, will lead to some clarity.
Clarity of thinking which Schiff demonstrates, because he runs a brokerage the old-fashion way; long term strategies in individual accounts. He doesn't believe in the friction costs of hedge funds or pooling monies with hefty management fees.
Unfortunately Americans will keep directing their short attention spans to whatever is making the most noise, like entering a Vegas casino convinced that all the lights and sounds must mean fun and a chance at winning.
To the Anon poster wanting to bet that Salt Lake City sees another ten percent appreciation; that's the only way you are going to make money in real estate; a side bet. It is similar to betting JDSU, LVLT, RMBS, YHOO or AMAT had another ten percent upside in the summer of 2000 (some did). But it was temporary before the laws of economics set in.
History doesn't repeat itself, but it sure does rhyme.
Mark Rhymes
www.marketrhymes.com
man, why do you you the word man so often, man?
I can see Charlotte and Nashville going up 10%. They missed out on the 2001-2005 boom and have a little catching up yet to do.
Interesting that the number one reply from the housing bulls there to Schiff's arguments was "So what?!?" I almost expected a "10 percent's in the bag" quote there towards the end.
Peter Schiff is a very bright guy. He had his clients in New Zealand savings accounts where they made 30% last year, on a savings account!!!
Seattle is special
Let's see you have meathead ex-rock musician turned flipper and the sleazy developer saying "stay on the boat" after the Titanic is already keeling over.......unbelievable.
When I see these guys on the street I'll give em a buck....maybe.
Up here in Seattle inventory is REALLY taking off in the low end while CA equity locusts continue to keep the high end selling.....result is median price still looks good.
Landlords having problems with squatters in Cape Coral, FL.
http://www.nbc-2.com/articles/readarticle.asp?articleid=13049&z=3&p=
I wounder if the squatters are illegal aliens, the same ones that were squatting buying new homes, and not making a single mortgage payment. I’ve noticed some illegals in and out quickly in my neighborhood, with trash all over the place as well.
Equity nomads and relocating companies will push some less desireable areas up at a rate above inflation for a year or two, but after than they are going to be flat for a decade while the bubbly areas come down.
Yeah, real estate is local. I didn't fully realize that until moving to Wichita recently from New York. A half million dollars here will get you something you'd expect to see the freakin Queen of England walking out of. And really nice digs (like, really nice) available for less than half that.
Like a completely different planet than long island.
Speaking of the Queen, wish I knew more about how the situation can sustain itself in the uk. Recent mention of 1M pounds for a home. Keith, what is the mortgage payment on something like that. Have they gone to the 60 year mortgage yet, or how can these monthly payments be met. Like watching a magic act.
6 percent to realtor [how do you an even smaller case 'r'?], 1.1% taxes, loan maintained for a year at 7%, no repairs needed on this gem!
That's IF those turds were even close to correct. It's a little combat statement I use when someone tells me what they hope to make on a flip or simply a resale.
Yes, I will speak with a flipper, I MUST know what they think. I hate that my doctor, accountant, garbage man is so stupid as to have read a USA Today article and think themselves an expert.
moving to Wichita recently from New York
How many people in Witchita can afford a $500K house compared to New York? If you want a true comparison, try average income/price after throwing out the top and bottom 10% outliers.
The dingy tard with the Fabiosis of the head,and the Defensive,I gotta Talk over you Mike make a strong case there.Inflation is only 2%!.Yup,with home prices crashing maybe he will be proven only mildly retarded.Love how he puts words in peoples mouths.The Sheep bought it.
Nothing like substituting laughter for an effective argument to convince the sheeple you are with the crowd (and then obviously right).
Caught an old expression this week that was new to me:
Acting is about sincerity. If you can fake that you've got it made.
So were the two laughing hyenas supposed to convince us that they were right with their childish snickering? Yeah, I'd trust Fabio the Flipper for financial advice.
Sadly enough, most non-HPers are probably dumb enough to side with the snickering morons on that one. They won't understand a word Schiff said. They'll just get indignant when people bring their comps down by selling for half price, when after all, Fabio the realtor told them prices would be going back up again!!!
Still denial here in San Diego. I talked to a very intelligent friend last night who owns a condo in Mission Valley. He really didnt know about the supply/demand problem around here, and the plummeting real prices. He is lucky he bought his place cheap in 2003 so it probably won't drop too far below what he paid, but still...
Maybe it might! hahahahahaha
Peter Schiff kicks ass !
If you want to see more videos of Peter Schiff standing up to these idiots:
http://www.europac.net/video.asp
He runs Euro Pacific Capital.
He's managing my money there.
BTW, Im a renter, and Im making SO much money!!!! :-) Laughing all the way to the bank !
All real estate is Local.
Too bad when the meltdown is in full force that it will be national.
Ben Stein Called It. Out here in my part of CA prices are going up, inventory is high but STABLE. Less inventory that last year on the market, more pending sales, more solds than last year. Prices down about 3% over the last 12 months, and now are up about 2% over the last two months.
Real Estate is local.My home town is doing ok. Others within 30 miles are not. The difference, people want to live in my home town!
Yeah, those clowns are amazing. Methinks Ben Stein knows better, was didn't want to risk getting his butt kicked by the long-haired bully!
What level of delusional cognition must one sink to?
FWIW, I wish whoever put that video up didn't put their charts, etc, over it. While I understand the intent, it comes off as a bit psychotic, in it's own way.... Yes, I've seen the ARM reset schedule, but most people are unable to read ANY graph, let alone see that and understand what the graph is saying....
As far as the "all real estate is local" comment, yup, Kansas is NOT California (duh). Here's a nice site that show overvaluation on a map, representing values throughout the nation:
http://tinyurl.com/yr23wb
Apparently this graphic was created by National City, a research firm that provides data for their clients (banks, etc). Good one to look at, IMO.
"What artificial lending standard are you talking about"
Are you shitting me Mike???? Greenspam drops rates to 1%, a strawberry picker making $15K a year qualifies for a $750K home. No down payment, 125% LTV mortgages, Liar Loans... This is beyond artificial, it's part of THE BULLSHIT ECONOMY.
Faux News indeed.
What's shocking is how utterly arrogant some of these people are, laughing at this guy who is talking fundamentals. Their arguments are the arguments of fools: "So What!" Ask that "expert" to discuss the fundamentals behind his "so what" and he'd come up with the usual silliness:
They aren't building any more land.
Interest rates are still low (hence you can buy a house 10-20 times your income - it's a miracle!)
People just want to live there (wherever the biggest bubbles are)
Ugh.
What I'd like to see is Fox put the same people back on in a year and play their ridiculous comments and mocking laughter then.
The President/CEO of PMZ Real Estate in Modesto, California has a really straight-up, honest assessment of this market situation. Despite all the fortune tellers and clarvoyants out there, this guy tells it like it is. You might find his perspective interesting - coming from the highest foreclosure market in the US (San Joaquin and Stanislaus Counties of California. Here's the link http://www.pmzbuzz.com/2007/06/14/218/
Excellent.
Home owners, house debters and renters should take a look at this.
Not "macro-economics" .. "not micro-economics" ... real economics.
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Brad Wood said...
The President/CEO of PMZ Real Estate in Modesto, California has a really straight-up, honest assessment of this market situation. Despite all the fortune tellers and clarvoyants out there, this guy tells it like it is. You might find his perspective interesting - coming from the highest foreclosure market in the US (San Joaquin and Stanislaus Counties of California. Here's the link http://www.pmzbuzz.com/2007/06/14/218/
Most people are only aware of what immediately affects them - not long-term affects.
Your friend is no different ... he's "OK", so everything is "OK" from his perspective.
It will be interesting to see what starts happening in San Diego by 2008 - after more mortgage rates have reset higher.
"Still denial here in San Diego. I talked to a very intelligent friend last night who owns a condo in Mission Valley. He really didnt know about the supply/demand problem around here, and the plummeting real prices. He is lucky he bought his place cheap in 2003 so it probably won't drop too far below what he paid, but still..."
FUX news is pure dog crap,
this shows it as clearly as can be.
Keep it in mind when you watch political "news" and "commentary" coming out of this propagandist piehole.
Oh yeah, Ben gets paid well to be there so he is singing along.
When that first guy started talking, I almost immediately took my thumb and index finger and held it against both sides of the top of my nose. It was actually that painful to listen to that guy. He was almost incomprehensible, and for some reason he was bringing up oil prices which made no sense at all.
why is Tony Little debating real estate on Fox News? isn't he tired from trying to sell the Gazelle on late night tv?!
Don't make fun of Mr. Perfect, (Kurt Hennig). If you are bearish on housing, he will subject you to the "Perfect-plex".
Where is everyone going to live? What areas are seeing increases in net migration flows? What areas increases 40-55% over 2004 to late 2006? What are the trends?
HP'ers appear to be very savvy investors or complete idiots. I'm thinking the latter.
Like I thought...reasonable posts leaning against HP or questioning a fact are either not posted or edited (and not for language or insuation.)
Whacks...
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