July 20, 2007

Lots of desperate realtors, desperate homedebtors, desperate IndyMac employees and, well, desperation lately...

Me thinks there's a correlation there. And that the housing crash and credit implosion are definitely the causation.


A message for HP trolls - I'm glad you found the blog. That's the first step toward redemption and recovery.

It's not too late.

Oh, hmmm... on second thought, yes, indeed, it is too late. But good luck out there anyhooo

Meanwhile, try not to make yourselves look too stupid, and for the love of god have the guts to choose a user name vs. anon. And every now and then, just for fun, try to back up your arguments with facts, even though that's probably not possible.

HP cares, believe it or not. About you, about the US, about future generations. We're not the bad guys.

You are.

37 comments:

Anonymous said...

About that pic...

The trolls have no clothes!

That's Mozillo, first on the right.

Anonymous said...

But, but, but: The trolls are taking market share!

Anonymous said...

Hey, the trolls have Kermit's head on a pole, a la Joseph Conrad's "Heart of Darkness".

Sixpercenter said...

Publish the trolls! I'm interested in the extend of delusional thinking at this point in the bust.

It's a great time to buy or sell!!

Anonymous said...

their hair wasn't like that before the ARM adjusted

Anonymous said...

Hell I am prepared and I feel desperate. Must really suck waking up this late in the game.

Sequoia512

Anonymous said...

re Kermit

"It ain't easy being green!"

Osman said...

Lots of perspiration too. We had a very busy Spring and Summer this year. Saw our real estate business grow substantially and we've got big plans for the future.

In any event, in our local market I expected a much longer slump with potentially higher inventories and slower sales this year than last. I even anticipated the possibility of lower prices. Turns out that last year was worse and the appreciation rate has only slowed, so far. Prices have not dropped. Oh well...

But what I really want to talk about is when you'll start calling the bottom, in select markets and in real estate in general. As you well know Keith, markets over-correct in both directions. Post bubble, the question is when should investors act and what should they buy.

Yesterday I saw a piece in the WSJ on REIT insiders buying company stock, the 2nd highest quarterly insider purchase in 26 quarters. Let me say it a different way, that's the 2nd biggest up-tick in 6 and a half years. This suggests that some REITs, those with substantial assets in non-bubble markets, may be undervalued. Your take Keith would be a welcome addition to the dialogue.

james dean said...

Some interesting stuff...

Question on Yahoo answers...

Did you have luck selling your house by burying a statue of Joseph in the yard?
Please give me details on how to do it, and what kind of luck you had with this! Thanks!

Oh, gotta love it. Next...

Last names of California home buyers.....

2000 - 2005
1. Garcia - Garcia
2. Smith - Hernandez
3. Lee - Rodriguez
4. Nguyen - Lopez
5. Johnson - Martinez

Oh yea, 750K is no problem for berry pickers and maids....as my friend says 'California is already lost, we should focus on saving the rest of the country.'

Get the full list at
http://tinyurl.com/2hldcp

Anonymous said...

And rents are...gasp! RISING:
http://www.signonsandiego.com/news/business/20070719-9999-1b19rents.html

Read in a different article that rents in AZ were up 3.3%. It wouldn't have anything to do with the collapsing dollar now would it? Or...heavens...INFLATION?

Troll_Lover said...

I think that somebody needs to give the trolls a decent hug.

armed said...

With all this desperation, just maybe I can get a date.

Anonymous said...

oh goody, is it pick on indymac day?

J at IHB and HFF said...

"The trolls have no clothes!"

Has the tide gone out?

(reference to a bubble metaphor)

Mark in San Diego said...

And lots of slowdowns - how about the domestic sales of Caterpillar??. . .way way down on domestic sales in the construction industry. Maybe that will be a wakeup call that subslime is spreading through the economy. . .and hey look at that dollar this morning - can we say "flush?". . . my little Swiss account is getting larger by the day.

james dean said...

j at...

"Only when the tide goes out do you discover who's been swimming naked" - Warren Buffet

Yea, I must concede that rents are rising in the DC area. I wonder how the fed will hide this fact in their ongoing sham of inflationary reporting?

kitchenstove said...

I used to collect those, lol.

Anonymous said...

OK, enough of the crap, where is rj`s post?

Frank@NeverColdCall.com said...

Geez, you asked the trolls to at least have some guts and use a real name, and look at all the cowardly anon's on this thread!!!

Anonymous said...

rj, from now on thou shalt be known as; TROLLSLAYER . Many trolls have tried you, and many trolls have left with a haircut. Long live the Trollslayer!!!

Anonymous said...

Trolls are probably home "owners" for the most part

Must suck to lose your planned-on retirement savings

Anonymous said...

"And rents are...gasp! RISING: "

WRONG !

I live in Irvine, and for the last 2 years, my rent has gone DOWN !

Keep on spinning SUCKERS !

Anonymous said...

Beating up the trolls is fun!

Anonymous said...

"And rents are...gasp! RISING: "

WRONG !

I live in Irvine, and for the last 2 years, my rent has gone DOWN !

Keep on spinning SUCKERS !
---------------------------------

Hmmm, I own apartment complexes and I have been raising rents, but multi-family complexes are different than single family homes.

Anonymous said...

1929 party on

westchester chick said...

Osman - bottom of the market? Truthfully I don't know anything about Boulder but my guess is bubble cities are not anywhere near the bottom of the market. I think we will be at the bottom of the market when a dual-income family making more than the median income for the area in question can once again afford a place to live while not going into hock over things like food, gas and healthcare... The chasm is growing between the have and have-nots. It's not a good thing for society at large.

RE Investor said...

And rents are...gasp! RISING:
Anonymous said -
http://www.signonsandiego.com/news/business/20070719-9999-1b19rents.html

"Read in a different article that rents in AZ were up 3.3%. It wouldn't have anything to do with the collapsing dollar now would it? Or...heavens...INFLATION? "

Actually I am not sure if this is due to inflation or just more demand. Residential rents have been low here for a long time because all of the renters were able to buy. Now, not only can renters no longer buy, but all of the people that should have been renting have now been foreclosed on and now must rent again. No more EZ financing, guess it is time to rent again....

RE Investor said...

"Trolls are probably home "owners" for the most part

Must suck to lose your planned-on retirement savings "

Yea, and most of the people on this blog are "renters" pissed off that they can't buy.

The reality is that anyone that bought their home in 2003 or before and did not go out and refi in to a toxic mortgage to buy a Hummer(or lives in Florida) is still not too bad off. I have no problem with prices going up 50% then dropping by 20 or 30%, that is still 20% on my money.....more than I would ever get renting! Think about it....

Anonymous said...

re investor said:
The reality is that anyone that bought their home in 2003 or before and did not go out and refi in to a toxic mortgage to buy a Hummer(or lives in Florida) is still not too bad off. I have no problem with prices going up 50% then dropping by 20 or 30%, that is still 20% on my money.....more than I would ever get renting! Think about it....

___________________________________

Let's run these numbers

Say you bought pre bubble for $150,000. Then 50% appreciation comes in and raises your house to $225,000. Then market corrects and sends prices down 20% (to $180,000) or 30% (to $157,500). Looks like you're right back where you started after factoring in inflation.

I sure hope you didn't take out a nice fat juicy HELOC during the good times and are now desperately trying to refinance but the bank says you don't have enough equity.

Get it now?

Jymkata

Anonymous said...


prices going up 50% then dropping by 20 or 30%


The schmuck who posted that must be a troll. Nobody could be that stupid

100 increased by 50% = 150

150 decreased by 30% = 105

So you're happy about your "investment" gaining 5% over 4 years? That's just about 1%/year return.

Anonymous said...

"...I have no problem with prices going up 50% then dropping by 20 or 30%, that is still 20% on my money.....more than I would ever get renting! Think about it...."

You see, this is the problem with America. People just don't understand simple math. If the price goes up 50% on a $500,000 home, then the price would be $750,000. If it then depreciates 30%, the price would be $525,000. The difference would be 5% "on your money" not 20%.

"People are smart" ~ Dietech.com

Shakster said...

Repeat post to the IndyMac damage control Troll.---------------------------------------------------------
Indymac doesn't sell loans to Bear Stearns. What you don't know is that for the last 6 months we've been streamlining our ARMS into fixed rate loans at no cost. Not a refi but a note modification and the secondary market is eating it up.
_______________________________________________________________________
Anonymous IndyMac eater said----Unless you work for the company on a daily basis, don't assume you know what's going on. While we are making less money year-over-year we are still EXTREMELY profitable. How do you compare us to CIT which realized a net loss of over 100 million?

July 20, 2007 3:11 AM
______________________________________________________________________
"Eating them up"?????
Don't you mean swallowing by force,or out of desperation?
How could anyone with a conscience push an ARM or piggy back?
What,market rates weren't good enouph?Did ,or do you ever look to see if a buyer is qualified for your contracts in the first place?
Did you disclose everything?How about "no doc "?
I don't need to know about you,but anyone pushing ARMs to uninformed,unqualified,and financially unqualified buyers is either stupid ,or a shark.Did you buy the appraisers bunk?Were you Really looking out for the buyer,or is that just not your job?
You have no passion,no understanding,and you don't fool HPers.Stick to lurking,and maybe learn something,and beware that the shrinking pool of buyers just might want to bite a chunk rite out of your asses.

Shakster said...

I think that somebody needs to give the trolls a decent hug. ----------------------------------------
..............and a knee to the groin?

Anonymous said...

>>>>The reality is that anyone that bought their home in 2003 or before and did not go out and refi in to a toxic mortgage to buy a Hummer(or lives in Florida) is still not too bad off. I have no problem with prices going up 50% then dropping by 20 or 30%, that is still 20% on my money.....more than I would ever get renting! Think about it....<<<

well true sort of.......but the question is.......who will buy your house and for what price? and when? to make that 20 percent, is going to require some time on your part under the circumstances...

Out at the peak said...

"I have no problem with prices going up 50% then dropping by 20 or 30%, that is still 20% on my money"

RE investor: If a $100K property goes up 50%, the value becomes $150K. If the $150K property goes down 30% (70% remains), the value becomes $105K (100 * 1.5 * 0.7).

After taxes and transaction costs, you are eating away at principal. If you want to be an investor, you need to take math seriously.

RE Investor said...

Anonymous said: "You see, this is the problem with America. People just don't understand simple math. If the price goes up 50% on a $500,000 home, then the price would be $750,000. If it then depreciates 30%, the price would be $525,000. The difference would be 5% "on your money" not 20%.

"People are smart" ~ Dietech.com

July 21, 2007 12:10 AM

-----------------------------------

I like people like you. You think that you are elite compared to other folks. Arrogance and ignorance go hand in hand - I think you are the problem with simple math and America. First of all, you are assuming in your "math" that I put $500,000 in to the house in cash. Then, yes I made 5% - only if it goes down 30% - Have seen even outlying areas at most here 15% drop. But unless you are a complete idiot, you don't finance a house in cash (well of course unless you are the tin foil hat club here). You put 20% down, and then you let your tenant pay the mortgage - IE YOU!!! You know the oldschool way of RE investing. Then you HOLD it, not FLIP it and then make some money off of your 20% INVESTMENT not your 100% investment and some cash flow IE: Dividend. NOW do your math on RETURN ON INVESTED DOLLARS not I PUT $500,000 in to the house! If you are not a RE investor, then you still have a house you LIVED IN during all this madness, and still enjoy, and since you put money down, in a NORMAL mortgage, you could still refi if you want. But then again, why would you - when you got the mortgage, you locked it in for the next 30 years at 5% - writing 2% off your taxes - effectively paying 3%. And for the other poster:

-----------------------------------

"I sure hope you didn't take out a nice fat juicy HELOC during the good times and are now desperately trying to refinance but the bank says you don't have enough equity.

Get it now?

Jymkata"

-----------------------------------

I get it DAD. Thanks for the advice. As I said in my earlier post - IF YOU DID NOT TAKE OUT A TOXIC MORTGAGE OR BUY A HUMMER - IE TOOK OUT HELOC AND GOT UPSIDE DOWN, you would be fine....Please read and COMPREHEND what I am saying before STATING your OPINION. Seriously, the real problem in the US is that people are no longer interested in DEBATING, they just want to PROVE their point - no matter what.

It is never a good plan to get upside down in anything - house, car etc (how many here are driving a car that they are upside down in) Ah the elite. But to say that housing is dead, and that everyone is going to lose their home, when sub prime and Alt-A made up a small amount of the TOTAL home owning public, that is laughable. All you guys can continue spouting about the death of Real Estate just like they did in the 80's. Remember the S&L scandal - everyone "knew" that housing was dead then too. Wrong again. And early 90's bad economy, no jobs, housing MUST be dead etc. But it will be back, it is CYCLICAL whether you like it or not, the difference being that the smart ones will ride the storm, collect more rent from the sub primers that got forclosed, collect rent from you - the tin foil hat club, and then make money in the next boom - meanwhile enjoying the fact that YOU will be paying for the house....Face it - you guys ALL are paying for a house or building, the difference is only who owns it. If it was a weekend warrior that bought it "investor from seminar", YOU will be out on the street, if it was YOU who got a sub prime YOU will still be on street. YOU only have a chance if the investor that YOU are renting from made good solid financing decisions. So be careful what all of you wish for, you just might get it. But you all are FAR more vulnerable than you think. SOMEONE owns the building you live in and I hope for your sake that they were smart. If not, YOU not them will be the one hurt...

Enjoy your denial.

AmazingRuss said...

The government is going to inflate itself out of this...it may well turn out that the trolls are right. Debt might turn out to be the best investment at this point in history.