June 14, 2007

Popcorn, Ramen or Kool-Aid - which one will you be having?

Yum! Popcorn!
HP'ers knowing what was coming, now settling in for the show. And oh, what a show it will be.

Ramen Again?
Real estate clerks wondering where everyone went, wishing they had prepared for a rainy day

Cheery Flavor Please!
Desperate Homedebtors, believing the hype, believing their real estate clerk, believing that it was different this time, and believing that the fundamentals didn't matter


Anonymous said...

What the hell are you talking about!?
You must be living in another world than the rest of us!
I am eating a steak sandwich for lunch right now reading this crap you post...keep on dreaming and waiting for something that will never happen....enjoy!


Flagg707 said...

Popcorn, my friends! I gave a huge order to a Boy Scout selling their awesome popcorn just the other day.

Nothing like sitting in my cozy apartment, saving up cash, spending (at least) 1/2 less on living expenses than if I were in a house, watching the slow-motion trainwreck of the housing credit bubble collapse unfold.

I'll be well-fed and well-rested, ready to jump into the property market once the credit crunch has done its work.

Life is good.

honica jewinski said...

Laughing......... Too bad the "show" still is'nt even on the horizon where I live.
I hope it comes though, I'll be buying back in heavy for sure.

Anonymous said...

They are crying over on the bloodhound site about being snubbed in some article (that included housingpanic).

Good times....

Anonymous said...

why turducken of course!

Anonymous said...

Pepto and Tequila please. I just listed my crapbox 2 weeks ago. Below comps and neighbors already told me I am bringing down the comps.

Mike said...

Unbelievable but true, as I read this, one of my favorite sites. I am eating ramen - the cheap $.39 kind.

I just got off the night shift as an RN a San Francisco General where I make $62.00 and hour; and I am now on full overtime for a few more days ($91.00/hr).

To add insult - I rent a studio apt.

Am I cheap or what?

PS. I WILL buy. One day. Oh yes, I will buy. But not, I think, today.

suck it good bag holder said...

"I am eating a steak sandwich for lunch right now reading this crap you post"

Sorry but that Angus burger shit you picked up on your way home from 2nd job at Dennys to make up for your adjusting mortgage payment doesnt qualify as a steak burger! Suck it good bag holder. HAHAHAHAHAHA.

Guy Daley said...

Popcorn - But the real flippers are the government and the MSM. I'll explain, everytime the government lies about a statistic, the MSM trumpets and stocks skyrocket. The economy is obviously headed for the rocks but as long as the government can lie about it, the MSM can spin it, the stock market skyrockets and everybody feels wealthy. Another considerable Ponzi scheme. Eventually government and the MSM won't be able to gloss over actual economic conditions although the MSM will do there damndest.

One thing the MSM has been able to twist better than anything else is how bad the invasion is by the illegals. Twelve million is an eggregious under estimate.

Anonymous said...

Anonymous said...
What the hell are you talking about!?
You must be living in another world than the rest of us!
I am eating a steak sandwich for lunch right now reading this crap you post...keep on dreaming and waiting for something that will never happen....enjoy!


Your post begs the question, why are you reading a blog about something that will never happen?

armed said...

You make things sound so bad. Those are my favorite. An chance I could bum some spam?

Anonymous said...

I like popcorn! Interesting watching the FBs in the old office ignore the streaming housing data. While foreclosures increase and the value of there homes continue to decline the only thing they talk about is the stock market.

When I suggest not investing in CDOs they act like I they don't understand what a CDO is. Well, I just had to laugh!

Frank@NeverColdCall.com said...


There's nothing better than seeing all the fake Scottsdale snobs who gave me so much attitude when I lived there, now losing their houses and cars and bank accounts to the repo man and bankruptcy court.


Anonymous said...

HEY, "Steak Sandwich"

Can you pass the Kool-Aid please?
I've got some popcorn stuck in my teeth.

Ron said...

"I am eating an AM/PM burger for lunch right now reading this crap you post"


Flagg707 said...

Just curious - for those not seeing any softening in your local housing market - where do you live?

I'd like to starting zillowing neighborhoods because in the future, I'd prefer to move to an area where home values have held in the face of strong national declines.

Thanks in advance for the help.

Anonymous said...

Had as high priced steak from the supermarket last week that gave me a double dose of food poisioning that almost did in this only half healthy young-un, i think the twinke that was made with 90% ground up rock may cause me to double check the mining rights listed on the land ownership deeds, as i can somewhat trust the quality of the geophysists somedays more than intrastate imported foodstuffs as a replacement for trusted local producers and associates. Funny tho, that ive been eating twinkees for 50 years, and somewhat eating rocks in what were possibly the best of times??????????????????

Anonymous said...

Chicken ramen boiled in cherry kool-aid!

Shakster said...

Popcorn,cigarretes,some shine ,anna hamsammich.

Embdddsgnr said...

Oh, popcorn for certain. I rent a nice cottage on a nice street in a desirable part of Sacramento, CA (how desirable Sac is I leave as an excercise for the reader).

There are three vacant houses on my block, one NOD, one short sell (bought by an RE trust and is now a rental). One vacant place relisted and asking 20K more than last fall. . . no takers yet.

50K in liquid form, saving at least 15K/yr, not counting ROI (and some 5% CDs are in there too, you anonyturds). Life is real good. The show has already started here in the Golden State, I may need to get me some more popcorn. I like the kind with caramel topping -- and why not? I can afford it.

armed said...

As the great Zappa would say; titties and beer,titties and beer.And as kramer would say; They're so refreshing!!

Anonymous said...

Finally, someone gets the picture!!!

Over valued
Report: L.A. homes priced too high
BY JULIA M. SCOTT, Staff Writer
Article Last Updated: 06/13/2007 09:19:13 PM PDT

When Ron and Diane Golden decided to sell their four-bedroom home in Granada Hills, they spruced up the landscaping, shampooed the rugs and painted it inside and out.

But 22 months later and $224,00 cheaper, their home is still on the market because buyers have asked for a new roof, granite countertops or new gates for the pool. The home, now listed for $749,000 by Coldwell Banker, has fallen out of escrow six times.

"They make demands, huge demands," Diane Golden said. "A buyer wants everything replaced, brand-new."

But a new report says the real reason the Goldens' home is languishing may be the price. It's still too high.

Los Angeles homes are overvalued by 52.1percent, according to a report released today by the forecaster Global Insight and the bank National City Corporation on the first quarter of 2007.

A separate report from DataQuick Information Systems in San Diego said home sales in six Southern California counties slowed in May to a 12-year low for the month, with Riverside and San Bernardino counties posting the biggest annual declines.

In all, 19,874 new and resale houses and condominiums were sold in Los Angeles, Riverside, Orange, San Bernardino, San Diego and
Ventura counties. The sales total represents a 34.4percent decline from May 2006 and a 3.1percent jump from April.

The overall median price of homes sold last month in the region increased 4.9percent to $505,000, compared with $481,500 in May 2006, the company said. The figure increased, in part, because many sales were in costlier areas.

In the overvaluation report, Oxnard-Ventura homes are marked up by 33.9percent and Riverside-San Bernardino homes are overvalued by 56.7percent.

To calculate how much the market has diverged from historical price increases, analysts considered home prices, interest rates, household income, population density and other factors. They studied back to 2000, when home prices started taking off.

Of the 317 cities across the country examined, 157 saw price declines. The most concentrated areas of decline were in California, Florida, New York, New England and the industrial Midwest.

Nationwide, home prices edged up 2.2percent.

Part of the reason why prices escalated faster than in the past is because homebuyers are indulging themselves, said Jim Diffley, a primary author of the report.

"People are buying more land, more housing services, the same way they are buying more large SUVs ... far beyond what they need," Diffley said.

In the past, income has been a strong predictor of home prices. But while income has increased in the single digits, home prices have grown in the double digits.

Now, the market is playing catch-up.

Diffley predicted price declines of about 10percent to 20percent, but a local economic expert put that number much lower.

The San Fernando Valley could see prices slip in the single digits, said Jack Kyser, chief economist for the Los Angeles County Economic Development Corp.

Areas with lots of construction are more vulnerable, but in the urban core where there's not too much room to build anew, the correction will be slim.

"As long as your economy holds up and you have jobs and people keep moving to Southern California," Kyser said, "that's going to provide some protection."

The Associated Press contributed to this report.