August 02, 2007

Go back to the height of housing bubble frenzy in 2004 - 2006: do you rememember what housing panic looked like (on the buying side)?

Remember the people camping outside of new home developments?


Remember all the people taking real estate license classes?

Remember HP'ers being called brown shirts, flying monkeys, bitter renters, bubble heads, pollyannas, chicken littles and worse?

Remember being told "they're not making any more land" and "if you don't buy now you may be priced out of the market forever"?

Remember all the flipper and home improvement shows on A&E?

Remember George Bush calling for everyone to own a home (regardless of the ability to pay or price)?

Remember David Lereah and his "Why the Real Estate Boom Will Not Bust" book?

Do you remember? Good. Because next time the madness of crowds takes over, run the other way.

16 comments:

Anonymous said...

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I kinda liked the term "tin foil hat crowd". Of course we now know that it was the people calling HPer's the "tin foil hat crowd" who were actually wearing tin foil hats!!!

Anonymous said...

This is your life - come on down.

christiangustafson said...

But now it's time for sweet sweet payback!

Got savings?

Anonymous said...

Oops!

Accreditted Home Lenders (LEND) just announced delay of their report. Stock plunging. Every lender to take a haircut today.

Anonymous said...

Buy Alcoa!!

You idiots seem to need lots of tin.

Anonymous said...

Good article

http://www.marketoracle.co.uk/Article1694.html

bluestater said...

Remember......remember......remem.....

The more ownership there is in America, the more vitality there is in America, and the more people have a vital stake in the future of this country. - President George W. Bush, June 17, 2004


'The Ownership Society' is a slogan for a model of society promoted by United States President George W. Bush. It takes as lead values personal responsibility, economic liberty, and the owning of property. ~ Wikipedia

Why do renters hate America?

Love-the-Bush said...

bluestater said... Remember......remember......remem.....

The more ownership there is in America, the more vitality there is in America, and the more people have a vital stake in the future of this country. - President George W. Bush, June 17, 2004"
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Ummmm......I think he was inquiring who owned you.........

Anonymous said...

Camping out at housing developments... Mmmm, fond memories. I used to camp out. Not to buy a house, but to sell my place in line. Usually made a couple thousand. I made 10k in Coral Springs FL by some dumb idiot that's probably shot himself 'cause of all the debt he's in...

My brother is a loser said...

My brother was one on those people jumping on the Realtor bandwagon. Got his license and never sold a single house. It was gonna be his new career. HA!
Guess what he does now?
Sells pizza......

42 said...

Accreditted Home Lenders (LEND) just announced delay of their report. Stock plunging. Every lender to take a haircut today.

well, I sold my IMB puts today for 67% gain, and now it's going down a little more, .21, but not much of a haircut.

but the day is not over :)

oh well, there's no such thing as taking a bad profit. I lost money shorting LEND a few months ago, to my utter and complete amazement, but it appears I was just too early. shtool.

rcochran said...

People, being people, will rush right into the next mania, whatever it is.

Guaranteed.

dickchainey said...

President Bush's Policies Promoting the Ownership Society

http://www.whitehouse.gov/news/releases/2004/08/20040809-9.html

Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security.

Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent.

Anonymous said...

a fleet footed trader coulda made an 80% uptick yesterday on ahm working as a bottom fisher

k.w. - Southern Ca. said...

*Ownership* imples no additional payments ... *debtership" is what GWB was really talking about ... and we gave it too him on a silver platter.

Anonymous said...

Read this web site:

http://www.mymccrearyhomesucks.com/
A sad story of a family that was building the house of their dreams - only to be ripped off by the poor quality of the builder. This story will be repeated by the millions...

Marky Mark