The mortgage market has blown up. You can't get a loan anymore to save your life.
So who the flying f*ck is gonna buy all these damn houses?
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53 comments:
C H I N A ! ! ! ! !
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I'll buy em Keith.............in a year or two at 30-40% off!
HAHAHAHAHAHAHAHAHAHAHAHA!
China will swoop in with it's massive reserves and cherry pick commodity based U.S. companies for pennies on the dollar. How? Too much debt on the corporate balance sheet.
Start learning your Mandarin/Cantonese people!
i'll buy one for a couple thousand dollars in a few years.
And to think there are some people worried about Spanish in America.
If today is any indication, it seems the Federal Reserve is going to buy them.
They just added another repo action for a total of three today. Good luck with stemming the tide Heli-Ben.
Helicopter Ben and his magic printing press.
Me from the cash I made on my CFC and GOOG puts. Figure 30-40 cents on the dollar.
More like who's going to keep the surge of homeless & jobless out of them?
3 FRICKIN' FED INJECTIONS IN 1 DAY!!!!!
the troll is gonna need many beach towels...
houses are still selling. Definitely, just not at a greater clip as during the euphoric days.
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Flying Ben and Company will give everyone money Keith. . .he is out in force today with "care packages" (along with Central EU) of billions . . .only problem is, the more they print and dump, the less it is worth. . .how do you spell Weimar Republic ???? House loan? RIGHT. . . .I'm selling options on homeless spaces here in San Diego. . .some nice ones under the I-5 bridges.
First!
And I don't know, glad I'm not selling.
Hope I don't need to!
I have been wondering who the f*ck has been buying for the last year, asking myself, do these people not read or conduct research? Then, a few of my friends, after having sent them the HP link, links other housing bubble blogs, warning them, and obtaining assurances that they will talk to me before they buy, go out and buy- one a recently as less than a month ago! WTF!!!???
DOWN GOES HOMEBANC!!
DOWN GOES HOMEBANC!!
DOWN GOES HOMEBANC!!
http://tinyurl.com/2nj26z
Sorry, I was trying to do my Howard Cosell version of housingPANIC for the readership.
ECB, Fed Inject Cash to Ease Fears
Friday August 10, 11:35 am ET
By Matt Moore, AP Business Writer
ECB, Federal Reserve Inject More Cash Into Banking System Amid Jittery Credit Markets
FRANKFURT, Germany (AP) -- Central banks around the world injected more cash into the international banking system Friday as problems that began with U.S. subprime mortgages rattle the global economy.
http://cosmos.bcst.yahoo.com/up/player/popup/?rn=289004&cl=3654454&src=finance&ch=289023
subprime video on cnn
After the dieoff is in full swing we will not need these houses.
Don't blindly trust your Money Market funds.
Some hold "AAA" paper that's based on tranched CDOs from Sub Prime RE debt.
Money Markets are not guareenteed. They could take losses in a full blown panic.
I'd read your MM prospectus this weekend to find where your "Cash" really is.
Here's who's gonna buy 'em:
The smart people who sold at the peak, pocketed all the cash, and are now renting for pennies on the dollar until prices get back to reality.
(Dateline: 1937)
"It's burst into flames, it's crashing terrible...there's smoke and there's flames now... Oh the humanity!"
— Hindenburg
(Dateline: 2007)
"It's burst into flames, it's crashing terrible...there's smoke and there's flames now... Oh the humanity!"
— U.S. Real Estate Market
CASH IS KING!!!!
Who's going to put out all of the fires?!?
Your new master, the Mexican, will buy them to bring their 20 relatives to be your neighbors, with 5 cars on the front lawn and music blasting during daily barbecues.
The banks who hold the worthless mortgage paper againt these over valued assets, they will be the new LLs for the foreseeable future!!
According to Joe Hembree, president of the Sarasota Realtors Association
"...the local market will recover as flippers cut their losses. "There are great bargains to be had throughout the community as asking prices have dropped," he says.
Already, speculative investors are returning to the market and can be found scouting foreclosed properties, confident a new generation of sun-seekers will be lured by the promise of paradise."
David Lereah was on CNBC today spewing his BS.
He now claims we've been in a "housing recession" since August of 2005?! Talk about revisionist history. I don't seem to recall the word "recession" appearing in any NAR report under his watch.
It's so annoying that the media doesn't call him out on any of his past statements.
BWA HA HA HA HA
BWA HA HA HA HA
Fed to the rescue. How's that plan of holding cash looking now with hyperinflation on the way? Not so smart.
That 6% fixed mortgage ain't looking so bad when the dollar is worth .25 Euros and a movie costs $40 is it now?
Good luck renting in an era of double or triple digit inflation morons.
Homes at 60% off won't be worth apicking up. It'll make you an abentee landlord unless you expect another run up. If you do expect another run up then you're just a flipper bitch like the rest.
I just turned down a house of a friend in trouble I can buy it for 65k and rent it back to her at a small loss. She bought it 2 years ago for 150k and dumped 40k into it.
Why in the world would I want to tie up 65k AND lose $100 monthly?
So it's here already if you look hard. But then if you look hard you'll see it's a loser. And if you look really hard you'll see that you're just a flipper. You're the troll, you just hide here. You want what the flippers have, you just think you'll be smarter because you bought for less.
There's a type of containment system similar to a fence. It's a steep sided trench that is designed so it blends in with a fields as to not disrupt the view of the rolling hills. It's a very deep trench. It's called a haha. That's the noise the rest of us will be making as you fall into that trench. It's the noise we are making now that you would even consider 'snapping up' houses.
Housing inventory glut gets fatter
More homes are on the market with more discounts for buyers.
NEW YORK (CNN) -- The number of homes for sale around the nation jumped over the past year, according to figures from ZipRealty, a California-based real estate broker.
Zip monitors 18 metro-area markets from all four regions of the country. For the 12 months ended July 31, only Boston and San Diego showed drops. Boston's inventory fell 5.8 percent and San Diego's dropped 2.1 percent. The average for the 18 cities was a 19 percent increase in homes on the market, a total of 810,566.
In contrast, Seattle inventory has exploded, up 56 percent to 32,647 in the past 12 months. Other big increases were recorded in Miami (34 percent to 77,055), Orlando (34 percent to 34,900), Las Vegas (33 percent to 28,905), Baltimore (31 percent to 9,601) and Chicago (26 percent to 82,622).
Mortgage meltdown contagion
In Los Angeles, inventory has soared since Zip started tracking it two years ago. The number of homes on the market has risen from about 30,000 to more than 106,000. One must consider the population of the area it covers, however, which is nearly 13 million people.
Tampa has one fifth the population of Los Angeles but almost half the inventory at about 57,000. Per capita, that's about two-and-a-half times as many homes for sale.
The high inventory numbers may even be an undercount. In slow times, more sellers remove their properties from the market for several months, perhaps spruce it up a bit, and re-list, often at a lower price. In the meantime, the home doesn't count toward the inventory totals.
Much of the inventory in many young Sun Belt cities is in new housing. Developers overbuilt during the boom and, when the slump hit, they were left with large numbers of empty houses built on spec, and many were left vacant by cancellations. In some places, whole streets or subdivisions were unsold, their interiors were not even completed.
Mexican neighbors are a hoot. Always a party always something good to eat. Culturally they don't know how to return something they borrowed, but hey, they don't expect you to return anything either. It's at someones house somewhere. Searching for your missing drill often becomes an impromptu posada, going from house to house eating and drinking. I've left the house [in a neighborhood long ago and far away] looking for my missing trench shovel and came back with a backhoe, a operator for the backhoe, half of the pipe I needed, and a dozen tamales.
I wish they'd get over the pitbull crap they picked up from the whitepower guys and black guys, or who ever got it from whom, but the drugs are more casual than the white guys and I don't think I've ever met a mexican meth head. Generally polite. It takes them a few times to realize you don't tune the dirt bike at 1am, but I've had worse times with cops as neighbors and with white kids.
I told them that the vatican and the mexican government did a study and determined that taggers write on walls because they want to have sex with their mother. That pretty much stopped the tagging. I guess everyones a little O REX.... They aren't as gullible as fillipinos but pretty close.
Help one of them with a dead battery or give their mom a ride somewhere. Dude, you're 'instant family' whether you like it or not.
do they make good,agriculture mulch???????????
"C H I N A ! ! ! ! !"
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We may as well sell them to the Chinese. They've been pretty gullible so far.
You wanna see a spectacular meltdown? Just wait and see what happens in China when cash-strapped US consumers stop buying their stuff. The inflation of Chinese real estate and stock prices is pretty intense.
Worse yet, they got sold the monetary equivalent of Florida swampland in the form US Dollar reserves. They can threaten to sell them, but who's going to buy them all?
Oh, but at least they hedged their dollar bets by sinking billions in private equity firms like Blackstone (ouch).
Fannie.Then we still have the Investor backlash to deal with.They don't trust the Dollar,or the Fed ,or Wall street like they used to.
Everything has been based on Greed!
Greed or Vanity?
Vanity or Greed?
I'm scared!
47 yrs old, good income, no kids, no debt, I rent (in san diego), own my car, 1 credit card with nothing on it!
Will I survive?
My wife and I were in Vegas a couple weeks ago (we live in Phoenix so are able to go a couple times a year) and decided to stop in the City Center sales pavilion.
(City Center is the largest development in US history, built by the MGM Grand parent corporation at a cost of $7.4 billion -- many thousands of new condos on the Strip for the first time.)
Anyway, we were thinking who the fuck is going to buy all these.
The place was full of Chinese. No kidding.
Another data point from Portland. My friend the doctor is still stuck. He has a house sitting that he was hoping to rebuild but he cannot get ANY loan, his mortgage broker tells him that he has at least 4 additional clients in the same boat. Construction was scheduled to start weeks ago and the workers sit idle. He also has a home on the market now and some property, likewise these cannot budge, no one can get a loan. It is truely imploding fast. Luckily he has the income to weather this for a while at least. I haven't seen a "sold" sign or "sale pending" on any house for a while now.
Still, very few people I talk to have any grasp of what's going. Still many in "denial" phase, we have a long ways to go.
China will buy all these houses, for pennies on the dollar. (Through the CDO's stuffed with those SUBPRIME MORTGAGE OBLIGATIONS; that nobody now wants.)
Then they will buy up all the corporations....(Through the New York Stock Exchange with all those shares that nobody will soon want.)
Part of China wil move here and start running these multi-billion corporations.
At least housing will not be an issue.
SOMEONE will buy them, at the prices they will fall to.
I might be interested in buying houses that are being sold by the government in 3 or 4 years from now. If they sell them at a discount of 30% or less of fair market value (all cash deal)I might be interested in investing here and there. I remember back in the early 90's there were some ridiculous deals at pennies on the dollar. Too bad I didn't have any cash back then to take advantage.
Learning a few Chinese phrases wouldn't hurt,
try this one,
me love you long time!
I'll buy for sure when homes are 20- 30 cents on the dollar.
By that time we should have a clearer idea of how the forecloser-devestated neighborhoods have shaken out too.
Then it will be time to "rebuild", so to speak. Rebuild as in communities. spirits, etc., NOT homes! Probably got enough of those now to last a generation,lol.
TURLEY,
You must not go into LA much or Mexico. The mexicans are the meth heads in LA and the small towns in mexico are being devastated by meth and other drugs.
mexicans!
they will be for Section 8. Wait till all the mex's see the ghetto blacks laying around like fat, bloated, beached whales. They will wonder why they busted their ass for so long and got nothing.
Frank@NeverColdCall.com said...
Here's who's gonna buy 'em:
The smart people who sold at the peak, pocketed all the cash, and are now renting for pennies on the dollar until prices get back to reality.
August 10, 2007 7:14 PM
--
Oh, you mean Cramer??
all cash deal)I might be interested in investing here and there. I remember back in the early 90's there were some ridiculous deals at pennies on the dollar. Too bad I didn't have any cash back then to take advantage.
August 11, 2007 5:27 AM
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NOBODY will have the cash either. Squatter's Rights!
No one will buy all the houses - there is just too much excess inventory.
Many will sit falling apart, depreciating in value further and further.
We should all be somewhat worried.
You're wise not to be living beyond your means - which seems to be the common life-style across all income brackets within So. Ca.
We'll have a better idea of where the fall-out in our economy will be by October - when a good percentage of ARM's start resetting.
Anonymous said...
I'm scared!
47 yrs old, good income, no kids, no debt, I rent (in san diego), own my car, 1 credit card with nothing on it!
Will I survive?
"Then, a few of my friends, ... go out and buy-"
Ditto. I am losing count of people who just could not wait. It's like a fog goes over them. And they don't tell anyone until it's too late. They beam: "Guess what? I bought a house!" Then there's some weak blathering attempt to justify their poor judgment.
Luckily, in two of these cases, it's arguable that they are in less bubblicious areas, and will be OK if they hold onto the property for a while. Some of the other ones look iffy at best to me.
Maybe I'm all wrong, but why do I have this sinking feeling in the pit of my stomach?
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