July 25, 2007

It's all over folks (in America). The housing bubble is a distant memory, the housing crash and mortgage meltdown will now go on and on and on and on

Except for Lawrence Yun and the NAR, and their lying deceiving on-commission ramen-eating realtor minions, is ANYONE still pumping housing (in the US)?


It's over. It's so pets.com. It's so tulip bulb.

Manias, Panics and Crashes told everyone everything they needed to know. Yet so many chose to deny the truth. Or just remain ignorant.

Too bad.

They should have listened.

And now, the housing crash goes country by country.

27 comments:

Anonymous said...

********************************

Slow down there sparky!

The housing bubble is still in motion....slow maybe, but it ain't nowhere near a distant memory!!!!

Not yet!

Frank@NeverColdCall.com said...

It's all over already in Scottsdale, Arizona. I heard from a friend today who tells me that a full 50% - HALF - of the shops & restaurants in DC Ranch have gone under.

For anyone familiar with Arizona, DC Ranch, at the height of the bubble anyway, was *the* place to live if you were "rich" ... or, fake rich anyway ... one of those interest-only option-ARM phonies.

I figure if half of the shops at DC Ranch marketplace are already gone, the other half will die when the rest of the option-arm loans adjust.

In any case, this is the biggest proof yet that Scottsdale and DC Ranch in particular are full of the world's biggest phonies who don't have a shred of real wealth.

www.scottsdale-sucks.com

Anonymous said...

Who could have predicted this?

borkafatty said...

For those interested in a little knowledge on how this whole process is played out from the time you sign your mortgage papers to where the loan ends up and how money is created I recommend you read this.

http://bullnotbull.com/archive/money-1.html?ref=patrick.net

Anonymous said...

It's all over already in Scottsdale, Arizona. I heard from a friend today who tells me that a full 50% - HALF - of the shops & restaurants in DC Ranch have gone under.

=========

Well if a friend of a blog poster says it, it must be so.

Anonymous said...

i have also heard that seattle realtors are telling buyers and sellers their market is "bubble proof" because prices are still rising there....

Anonymous said...

From the Boston Globe this morning. This is what happens when you vote Democrat.

The Patrick administration is considering a plan that would make mortgage lenders pay moving expenses as well as the first and last months' rent of homeowners who lose their homes to foreclosure.

The proposal is part of foreclosure prevention initiative administration officials will present today at a meeting with some of the state's biggest mortgage lenders. The plan would make lenders that foreclose on homeowners pay $5,000 for the relocation and administrative costs that nonprofit agencies would incur in finding them a new home, according to a draft obtained by the Globe.

It's unclear exactly how this would work; the draft plan contains few details. Kofi Jones, spokeswoman for the Executive Office of Housing and Economic Development, declined to comment on the specifics of the proposal but did confirm today's meeting.

"The Patrick administration is in the process of trying to put together a comprehensive plan to try and solve this foreclosure crisis," Jones said. "We are committed to protecting homeowners and communities throughout the Commonwealth."

Anonymous said...

Check this blog out - this guy has been on CNBC and MSNBC - he is the biggest bear in New York, and for good reason http://www.rgemonitor.com/blog

Anonymous said...

YEAH, IF THIS IS A CRASH I CAN"T WAIT FOR THINGS TO GET GOOD!!!!

WHAT A BUNCH OF DOPES!

Anonymous said...

don't tell the troll his 100% financed stucco sh*tbox is depreciating as he sleeps!

Shakster said...

It's a bloodbath out there.
Funny how the MSM(Leader of trolls,FBs,and sheep)has just learned of the disaster.In one day it went from a housing downturn to a housing crash.Never any warning to sheep along the way to steer clear of ARMs,overpriced homes,and OJ.
Obey your master sheep.
Who's your Daddy?

Anonymous said...

In Atlanta prices are holding steady even as inventory is much higher. People are absolutely convinced prices can't drop here and think they're getting a steal if a builder knocks $5K off the price of a new home.

New condo developments are selling like it's 2005 in San Diego.

Anonymous said...

Maybe people in Bay Area, California has not realized it yet. POS are coming on the market at a very unreasonable prices and there are a lot of Asians and H1 Visa holders are buying the homes. Just recently 4 homes were sold in one week from a same developer for over $1 million each.

area 51 said...

Guess you didn't watch CNBC Squawk Box this morning. We have reached the bottom in housing......NAR reports median price up....
(cough, choke)

Anonymous said...

Anon said

"From the Boston Globe this morning. This is what happens when you vote Democrat.

The Patrick administration is considering a plan that would make mortgage lenders pay moving expenses as well as the first and last months' rent of homeowners who lose their homes to foreclosure.

The proposal is part of foreclosure prevention initiative administration officials will present today at a meeting with some of the state's biggest mortgage lenders. The plan would make lenders that foreclose on homeowners pay $5,000 for the relocation and administrative costs that nonprofit agencies would incur in finding them a new home, according to a draft obtained by the Globe.

It's unclear exactly how this would work; the draft plan contains few details. Kofi Jones, spokeswoman for the Executive Office of Housing and Economic Development, declined to comment on the specifics of the proposal but did confirm today's meeting.

"The Patrick administration is in the process of trying to put together a comprehensive plan to try and solve this foreclosure crisis," Jones said. "We are committed to protecting homeowners and communities throughout the Commonwealth."

********************************

This has happened in many states before. GA, IL and MA come to mind. What happens is that the lenders pull out of the state, no one can buy or refinance, then the law is repealed.

The Thinker said...

I can't speak for California, Florida, Arizona and Nevada, but here in the North East, we have not yet heard the song of the fat lady.

Mammoth said...

Sorry Keith, but it is not yet all over in the Seattle area. During Monday’s drive to Vancouver, BC (where our employer is transferring the manufacturing of some of its products), I brought up the subject of the housing bubble’s bursting.

One colleague remarked, “But look at all the new construction they are doing in the outer suburbs north of Seattle! The housing industry is doing just fine here.” Obviously, the cluelessness here has not yet dissipated.

After reading HP for over a year, I have been feeling some unease over having decided to sell my rental house, but hearing comments like this helps put me at ease.

-Mammoth

Anonymous said...

DREAM homes San Diego magazine:

"Today's buyers' market will soon be yesterday's missed opportunity"!

Anonymous said...

.......more like,

Today's buyer will be tomorrow's foreclosure!

borkafatty said...

I read a comment in my local rag that said and I quote:

Those who did not buy in 2007 will be sorry in the next 5 years.

honica jewinski said...

Prices still going up here. Wish they would start going the other direction, I'm long past ready to buy again.

Anonymous said...

http://youtube.com/watch?v=jTW0y6kazWM
Think it's time to change the name of the blog to U.S. Panic.
What IS RIGHT with this country anymore?

Anonymous said...

Actually, at least in Augusta, it looks like everything will be fine.

From http://tinyurl.com/ytqkth:

"Ryan Brashear, the president of the Greater Augusta Association of Realtors, said that there's nothing to be concerned about and that there's no bubble bursting in Augusta; the advantage has simply swung from sellers to buyers."

Frank@NeverColdCall.com said...

It's all over already in Scottsdale, Arizona. I heard from a friend today who tells me that a full 50% - HALF - of the shops & restaurants in DC Ranch have gone under.

=========

Well if a friend of a blog poster says it, it must be so.


Thanks to anon trolls like you, I'm going to post pictures of all the vacant spaces in the DC Ranch marketplace today.

Anonymous said...

frank get a freaking life dude

Budvar said...

"“But look at all the new construction they are doing...."

I remember having this same conversation about Christmas last year with the building lads, saw the same guys last friday, those that haven't been laid off are nickle & diming a day or so here and there.

Anonymous said...

More words of wisdomw from Daves the Man:"I just talked to two of my banker friends. One a President and one a Vice President. They do lots of mortgages and have never heard of what you claim, nor could they imagine such a thing. Mortgages are granted based on the property value, down payment, assets and ability to pay. They see or no of nothing changing in the future to affect self employed people."
e's right, brokers can still peddle these prducts, but try finding a bank to back them up anymore. Maybe good old dave will finance it himself for you.What a guy in the know!