June 12, 2007

HousingPANIC Stupid Question of the Day

Isn't it all just so damn obvious now?













































































29 comments:

Anonymous said...

yes

Anonymous said...

No! Because how could Kendra Todd be wrong? After all, she said, "bubbles are for bathtubs" and that was very convincing for most people.

RayNLA said...

YES

Anonymous said...

Keith, a former Fed governor came out yesterday and said he approached Greenspan about shady lending in 2000, and Greenspan didn't want to do anything about it.

Yup, stick your head in the sand an Geo Bush will put a Presidential Medal of Freedom around your neck.

Anonymous said...

Is Kendra making porno movies yet? I would like to see her licking the backside of some other chick for $.

Anonymous said...

What's obvious? A 100% run up followed by a 2% drop. Oh yeah totally obvious that renters missed out.

Anonymous said...

it was to me in 2003.

Anonymous said...

keith, enough with the baghdad bob pics already.........

Anonymous said...

Ah, the bubble bench. That was hilarious. Saw it with my own eyes, too.

rc said...

Anyone have an update on the bubble chair?

Dave said...

It's been obvious to me since 2000, when a guy I know explained how he was moving into real estate from stocks, for all the reasons we all know about now.

I didn't follow his lead, as I was a Captain in the USAF, at the time, and I didn't want the difficulty of trying to sell or manage a property from overseas. Problem with market bubbles is you never can be sure when the market will turn, and as a lot of bag holders are finding, divesting is not so simple in dead market.

By the time I returned (2003), it seemed pretty clear that the bubble was approaching peak (affordability had dropped below 14% in CA), but I was surprised to see how the peak was prolonged (now we know sub-prime lenders had decided to go for it big-time, taking up the slack of rational slowing by issuing tons more risky loans to ANYONE who asked).

In 2007, there's no question it's pointless to buy at this time: if you didn't buy DURING the 2.5-3x price run-up, knowing it's a bubble, there's little sense buying right AFTER the wave has peaked! That's the STUPIDEST thing I could do right now. You cannot build equity when it's placed in a rapidly depreciating, still-overpriced asset!

I am doing the 'rent vs buy' calculation periodically, while stashing money away that I'd otherwise be putting into a mortgage.

When I buy a few years from now, screw the down-payment: I'll probably pay cash out-right to buy free and clear.

Anonymous said...

ah..........what?

Anonymous said...

The flipping books did it for me.

gt said...

man that's funny, i was just thinking, hey where's kendra todd lately? and i scroll up i sense you forgot her, but there at the top she is! thanks

Anonymous said...

i don't get it

Anonymous said...

In time, that photo of Bush putting the Congressional Medal of Freedom on Greenspan is going to look almost as ludicrous as the flight suit "mission accomplished" photo on the deck of the aircraft carrier. Time marches on.

Smug Bastard

Anonymous said...

3 years from now, Kendra will be spining around a brass pole at some Miami strip club or married to a cave troll looking sugga daddy to support her.

chris g said...

Every time I see the face of Nicolas Retsinas, I can't help but crack up. He looks like such a tool. And I thought that I looked like a dork.

And there's my bubble bench picture! Whoo hoo! I haven't been back there since I took it. I imagine those buildings are filled with bagholders and greater fools that bought from the original owners.

chris g said...

"What's obvious? A 100% run up followed by a 2% drop. Oh yeah totally obvious that renters missed out."

Okay, well why don't you go out and buy some more property since you are implying that the drop is already over with. Depreciation wreaks havoc on the present value of a property (not that you would understand what that means).

And post under a damn identity for once, you bitter Realtor/bagholder/douchebag.

Anonymous said...

The people at the bubble bench condo wised up after a few months and moved the lockboxes inside somewhere.

Anonymous said...

I love Baghdad Bob!

Anonymous said...

Life after The Apprentice

Todd chose to oversee the progress at Palm Beach Mansion at Palm Beach, Florida, rather than overseeing the production of the next Miss Universe Pageant. Her choice was based on how close it was to her family, but also how well it matched her real estate-oriented skillset. She was also a recap writer on NBC.com for the earlier episodes of The Apprentice: Martha Stewart.

Todd has recently authored a book, Risk and Grow Rich. She also recently appeared in an infomercial for Billy Blanks' new Tae-Bo exercise program, "Billy's Bootcamp: Elite".

Todd is a judge for the Real Estate Apprentice Foundation [1] - a grant program helping 5,000 newly licensed real estate agents every year to succeed in real estate.

Todd has also been linked to a Georgia business man named Carlton Richard, CEO of the Richard Organization,LLC. They are said to be working to close multi-billion dollar deals in the Fla. and Atlanta areas. One source says that the two are planning to purchase and re-open the Albany Hotel located on North Slappey drive in Albany. "This project will be the best" said Richard, "We are going to gut the whole thing out and re build it under our brand name". After a few other deals feel throgh on the building, The Richard Organization picked up the property for $1.8 million more information can be found about the project by contacting The Richard Organization, LLC. [2] www.therichardorganization.8k.com

Todd is currently the host of "My House is Worth What?" on HGTV.

Anonymous said...

So Kendra Todd has parlayed her fame into the greater glory of Kendra Todd. I want to be her!

Anonymous said...

I find Kirsten, the host from that flipping show, soooo hot. What a babe!

Benjamin Franklin said...

Some anon said:

What's obvious? A 100% run up followed by a 2% drop. Oh yeah totally obvious that renters missed out.

2%? You're kidding, right?

While price declines to date have been dependent on where you live (some cities were "bubblier" than others), there's hardly a lack of examples where declines have been far more drastic than 2%.

Here's a recent news report where pre-burst bubble townhouse buyers in Ft. Myers, FL got absolutely livid when they realize they paid DOUBLE what current auction bidders were paying for identical townhouses at a builder's auction! It means $300k condos sold for as low as $145k. Do the math: that's over 50% off peak prices! The prices in most 'bubble' areas typically ran up 2.5x median values, but here at least we're already back to pre-bubble valuation.

I somehow doubt that's the end of this 'correction', as the recent changes in interest rates and loan availability have further disconnected the bubble and it's pump.

http://tinyurl.com/37f8xh

See the video, and it's all there: prior FBs saying, "You've GOT to be kidding me, Dude!", or "they (the builders) promised us they're not going to go below market value!", etc. That FB apparently doesn't realize that an auction IS the best determinant of 'fair market value', and that market conditions can and DO change (and not always in your favor).

"But Suzanne researched it", indeed....

this is good said...

There's only one word to describe the current RE situation:

FUBAR

Anonymous said...

Boy, Kendra is H-O-T!

Anonymous said...

Anonymous said...
keith, enough with the baghdad bob pics already.........

June 12, 2007 1:53 PM



Keith, keep B.B.! He makes me laugh.

Chip said...

"No! Because how could Kendra Todd be wrong? After all, she said, "bubbles are for bathtubs" and that was very convincing for most people. "

Yah, I totaly agree here. Kendra's gota right....

http://fordrealty.net/