August 11, 2007

One year plus into the greatest housing crash in human history, I've not heard one realtor call this a housing "crash", "bust" or "meltdown". Why?

Spin, spin, spin.

Lies, lies, lies.

Deny, deny, deny.

Ignore, ignore, ignore.

Attack, attack, attack.

Why, why, why?

A HP note to six-percenters: Try honesty as a policy. America hates liars. And your lies have now been exposed for all to see. Change, or die. Your choice.

What happens in Vegas may stay in Vegas, but what's happening in the housing market -- a financial bust of epic proportions -- clearly isn't just staying there any longer.

That explains why the fear level on Wall Street has become extreme in the last two weeks. There is real panic in the air now.

Veteran investors know that it's usually a bad idea to sell into panics. But after a 4 1/2 -year-long bull run in stocks worldwide, it's also understandable that many people are antsy to protect the paper profits they've accumulated.

There's an element of what-goes-around-comes-around in S&P's warning: Bear Stearns, through its EMC Mortgage unit, was one of the major financiers of the boom in sub-prime mortgages that now is imploding, as rising numbers of strapped homeowners default.

Bear Stearns sold a lot of junky loans to investors via mortgage-backed bonds but also kept some for its own hedge funds. Two of those funds blew up in June, a debacle that S&P said had damaged the brokerage's reputation.


Anonymous said...


F the 6%ers

Anonymous said...

Swann proving he's the dumbest guy in the room

Mortgage meltdown? The end of the world has been delayed again

Anonymous said...

Ignorance due to Greed is Bliss!

Anonymous said...

If that one realtor can convince just one buyer that it's not a bust.................

hence more of that 6% comish

Anonymous said...

Is Greg Swann living on the same planet? What a nimrod

Anonymous said...

HP: blah blah blah, depression, 1929, doom and gloom

reality: all market indexes were up last week and are still up for the year

Anonymous said...



Anonymous said...


this is a realtor who gets it. please add his link to your list.

and keep up the great work. you have the best real estate related blog anywhere!

Anonymous said...

I am a non-practicing California real-estate broker who has not engaged in the assistance of anyone buying, selling, leasing, renting, or offering for lease or rent, any residential or commercial property since 1998. I now work in Information Technology.

At this point I just hope only the housing market tanks and doesn't drag everything else down with it. But now it seems my worst fears are realized...housing market financial problems are spread throughout all markets.

I have only one thing to say about the housing market (which may or may not apply to other markets)...

...Time to panic...

Anonymous said...

realt whores

Anonymous said...

crash!! I harken back to the 15 years we could not sell N.Y real estate for a quarter of its tax assessed "value" and finaly selling at a third of that "value" in order to avoid taxation that equaled 15 percent of that sale price yearly, then again it still is the great vampire state...nowadays tho it seems to not be selling for 5 times more money yet thanks to the purchace price. pays a lot less in those vulture vampires

Guy Daley said...

America Hates Liars

That's a lie!!!! America embraces lying. Lying is a way of life in America.

How do I know? I can't tell you how many times I've tried to sell something, they express interest in and say, "I'll call you later". I'll call you later means in American, "F*ck you, I'm not interested."

Lying is the American way of lie just like baseball and apple pie. We EMBRACE it and think nothing of blowing people off with lies.

Paul E. Math said...

Because the truth doesn't pay the bills as a 6%er.

Realtors get used to telling buyers and sellers whatever they have to in order to make the sale, regardless of who it hurts. Sometimes they may actually be telling truth, by dint of pure coincidence, mind you.

Realtors are no different from used car salesmen, Greg Swann especially.

Pop said...

"One year plus into the greatest housing crash in human history, I've not heard one realtor call this a housing "crash", "bust" or "meltdown". Why?"

Just a few days ago Barbara Corcoran had an article about people being trapped in the "housing bubble", which I thought was great progress by one of the biggest liars around.