September 09, 2007

HousingPANIC Stupid Question of the Day

At what point do realtors come to terms with the fact that the Late Great Housing Bubble was a classic financial mania, and that the Great Housing Crash underway will eventually cost them their livelihood (if not their reputation as well)?

At what point will realtors admit they either spewed lies to earn a commission, or truly were too dumb to understand what was going on?

BONUS: Here's some random quotes from Phoenix realtors at the funniest site on the 'net - Realty Times. Man, you can't make this stuff up... 100% pure comedy genius that we'll laugh at for years and years!

* "If you are looking to buy, there may not be a better time than NOW!"
* "We are seeing what looks like a bottom to the market"
* "August 2007 is looking to be a good month for the local Real Estate market."
* "Phoenix home prices have dropped and have made it more affordable for buyers to get into the market."
* "Finally a normal market. Don't believe all of the gloom and doom you here in the media about the housing market"

35 comments:

Anonymous said...

Keith; those quotes are so funny how can the sheeple still believe this BS...Have another contest let's vote for the funniest AZ realtors! and for a photoshop contest make these AZ realtors wearing WALMART uniforms (blue vests smocks with all those pins/buttons on em... Bruce the Moose, the tire center is seeking a manager!

My nominee for the most lies in one paragraph goes to Bruce the Moose Fraser!!!! Come on down!!

"September 2007 is looking to be a good month for the local Real Estate market. People are out there buying homes now. There are several factors that help make this a normal market: 1. Interest rates are low and banks want to lend money to qualified borrowers; 2. The unemployment rate is low; 3. AZ is a great place to live and work; 4. There is a limited amount of land for new housing, keeping pressure on the demand for re-sale homes."

Frank@NeverColdCall.com said...

And on top of all that, renters in Phoenix are still treated like 2nd-class common criminal trash. I'm glad I moved to a community where people learn that I rent, and then congratulate me for my intelligence for not buying in this market.

Anonymous said...

Just shows how not bright these people are afterall they couldn't hold down a real job don't forget

Anonymous said...

I was listening to a mortgage broker talk show on the radio today and one of the brokers said that the industry made a mistake with sobprime and alt-a. The other idiots cut him off and said there were no mistakes made. Everything is just being blown out of proportion by the media. What a flucking idiot. The clown also runs ads urging people to take out equity to buy cars and bling to impress women. LMAO

keith said...

Frank I've gotta believe telling someone "I'm a realtor" or "I'm a mortgage broker" in Phoenix is now like saying "I'm an email spammer" or "I'm a terrorist"

I doubt realtors and mortgage brokers admit what they really do anymore. They probably say "I'm a distressed property investor", even though they're talking about their own home

Frank@NeverColdCall.com said...

Frank I've gotta believe telling someone "I'm a realtor" or "I'm a mortgage broker" in Phoenix is now like saying "I'm an email spammer" or "I'm a terrorist"

True story: A single woman in know in Scottsdale started dating a guy who claimed to be a doctor, but seemed a bit shady ... he wound up being a realtor.

hendry said...

Since we all know there will be a bailout, here is my bailout proposal:

The US Treasury prints out checks for every US citizen. Adults get $100K and minors get $25K. At the same, Congress passes a law that sets up debtors prisons. That's right, no more bankruptcies or foreclosures. The only exceptions will be for major illness or death of a family's wage earner. You pay off what you owe. FB's will be forced to use the money to make their mortgage payments or pay off other debt. Those who are not in debt will have money to spend or invest as they please. Of course inflation will run wild, but it would have anyway with a FB bailout and rate cuts. This way, everyone is help/hurt equally. there will still be some FB's who will end up in debtors prison, but then they deserve it.

Anonymous said...

Home prices in Charlotte NC are still being offered at outrageous levels. $279K for 1,200 sq ft. for example.

Charlotte is "ground zero" for the derivatives implosion with BofA holding as much as $21 trillion in off balance sheet accounts.

Imagine one bank holding twice the annual US GDP in the form of highly leveraged debt instruments.

Anonymous said...

I think Kendra Todd and Greg Swann are too dumb and David Lereah knew and just lied

Mid Hudson Valley NY said...

Mid Hudson Valley, NY area
beginning to leave denial stage.
Prices have not really begin to drop yet.
this was an area where prices went up approx 300% since 2001.
i'm expecting the decline to be severe

Anonymous said...

Would you believe that I have seen a ghost of realestates past? Yes I saw it and could not believe my eyes. This idiot called "The Arizona Mortgage Coach" was back on TV recycling his adds that basically say "Are you paying more than 1% on your mortgage. Do you have more than 10% equity in your house - you should cash out" I am not kidding. Either this guy has been living in a hole, has a source of financing that no one else can get, or just believes that everyone is an idiot. I figure that this guy is betting on the latter. The denial is still strong, and probably is only going to get worse once the fed cuts. Unfortunately I think that this "crash" may just be a bump, and denial will change perception, and then perception may become reality. Sad but true....Looks like renting will be the way to go for quite a while until incomes catch up with housing prices. I am doubting the reverse....

Anonymous said...

.



Nissan foods proud to present two new flavors for realtors called,

'Tastes like success'!


and 'Humble Pie'!



along with the old favorites,



SH*T





and Crow




Bon apetite

NC_correction said...

Home prices in Charlotte NC are still being offered at outrageous levels. $279K for 1,200 sq ft. for example.

I know I keep hearing about Charlotte booming still. But I agree the economy there (and in most of NC) is not nearly as robust nor as stable as people imagine. I know people who've moved there are not getting paid NEARLY what they were elsewhere.

I don't believe the crap about prices in Charlotte. Long term, the area may get lots of transplants. But I can tell you, right now, this 'crash-proof' area has SOOO many forclosures (in decent/close-in neighborhoods, look online or on HUD) going for under 100K that my eyes were spinning.

I think what we should be saying is: You CAN spend alot for a home in Charlotte. BUT YOU SURE DON'T NEED TO.

Paul E. Math said...

Talk about a rogues gallery. Just looking at the names and pictures of the realtors makes me laugh. I like that 'The Neal Team' calls themselves 'TNT'. Then there's 'Bruce the Moose Fraser'. Some joker even has a picture of himself with a big ol' cowboy hat slapped on top.

Boy, that's quite the 'profession'. Imagine if a group of doctors, lawyers or accountants used this style of representation. Yeah, this is the biggest financial transaction of my life and I'm going to trust Bruce the f@cking Moose.

Anonymous said...

Hendry:

The primary purpose of bankruptcy is not illness or death -- it's to promote entrepreneurship. Not only is your proposal hyperinflationary, it amplifies the downside risk of starting a business (prison).

If anything, the bankruptcy laws should make it easier for people to get out from under these debts. Let the lenders take it in the shorts, and because of the credit crunch, the people who declare bankruptcy won't have access to any credit for 7-10 years (A good result all around).

That being said, I'll assume you were joking.

area 51 said...

Even talking to my folks, who never even heard of HP or the bubble blogs, consider "Realtors" akin to used-car salesmen, lawyers, etc........

Anonymous said...

mid hudson valley,

Would you define the area by town. Are you talking Newburgh, Kingston or are you talking Albany?

Hear so little about the new york and connecticut markets. It's like it's the late 19th century and we get a telegraph twice a year with a line of news.

Anonymous said...

This has to be my favorite quote:

‘I wear diamonds, Rolexes and necklaces. I’m a classy Realtor.’”

said the flea-bitten woman.

Anonymous said...

I think what we should be saying is: You CAN spend alot for a home in Charlotte. BUT YOU SURE DON'T NEED TO.

September 09, 2007 5:06 PM

=================================
Charlotte has what I'd call (and they arent alone) a false economy based on banking, real estate and service jobs.
When you talk to someone who claims to be a Bank of America employee you find out that they are actually employed by some outsourcing firm contracted by the banks.

Charlotte also has a large underclass mixed in with hundreds of thousands of imported hispanic slave laborers.

The "Southern Strategy" lives.

Anonymous said...

Hey Keith,

could you maybe just put in bold type under every post "Frank says he's glad he left Scottsdale and that he's now got loads of money with which to lord over people from his ivory tower in OC (where everyone is so much better than the little people). It would save not only his time from having to type it but my time having to read the same damn post in every single topic.

Cheers!

Anonymous said...

"September 2007 is looking to be a good month for the local Real Estate market. People are out there buying homes now. There are several factors that help make this a normal market: 1. Interest rates are low and banks want to lend money to qualified borrowers; 2. The unemployment rate is low; 3. AZ is a great place to live and work; 4. There is a limited amount of land for new housing, keeping pressure on the demand for re-sale homes."

>>>>>>>>>>>>>>>>>>>>>

those are just recycled talking points. they just changed 2007 from 2006, and 2006 had been changed from 2005.

Anonymous said...

‘I wear diamonds, Rolexes and necklaces. I’m a classy Realtor.’”

>>>>>>>>>>>>>>>>>>

besides an apartment lease, that's all she may end up owning.

the greatest boom ever and these people could even leave a little left over for the lean times.

What a boom!

Anonymous said...

It is a great time to buy, the selection of homes has never been better!

buzz saw said...

anonypussy sed:

Let the lenders take it in the shorts...

You haven't a clue what you are talking about. The loans were sold to pension funds, the stockholders in the banks and lending companies are pension funds. The rich guys stole billions. There is no "lenders" to take it in the shorts. The taxpayer and pension funds are the ones who will take it in the shorts. That means you, my ignorant friend, were the victim of this mess whether you bought a house or not. There is not now, nor will there ever be, any retribution for the true architects of this global housing bubble fiasco. Do some research before you open your stupid yap next time.

Anonymous said...

here is why you should buy!

http://tinyurl.com/yuudjh

Anonymous said...

RE: record foreclosures in Loudoun County VA

But Jeanette Newton, CEO of the Dulles Area Association of Realtors, said that borrowers are equally to blame for the foreclosure crisis.

"We believe that the rise in foreclosures is a direct result of people getting in over their heads and purchasing properties they couldn't afford," Newtown said. "Many of the loan programs offered over the past four years were invitations for trouble. Just because you can 'qualify' for a loan, doesn't mean you can 'afford' a loan. People got greedy and forgot that they also wanted that nice car, cable T.V. and fun vacation."

Yeah, realtors and mortgage people some of the ones losing their houses. They got used to making $300,000 year in "rich" loudoun county

http://tinyurl.com/2877ou

k.w. - southern ca. said...

Now that realestate is not the driving force for economic spending in this country, what types of jobs - besides those in healthcare and the service industries - can we rely on for sustaining growth in this country?

hendry said...

The primary purpose of bankruptcy is not illness or death -- it's to promote entrepreneurship.

I was talking about personal debt that is frivolously spent on spinner rims and big screen tv's. I don't think many businesses frivolously spend money that is borrowed.

Anonymous said...

buzz bitch said:

There is no "lenders" to take it in the shorts.

Insurance companies, pension funds, others should file lawsuits against the investment banks and ratings agencies.

And the lenders/investment banks still hold plenty of the this toxic waste.

More to the point, it doesn't make a tits bit of difference whether the bankruptcy law lets the the "homebuyers" out or not. They won't pay.

Anonymous said...

Unfortunately buzz saw is right. My pension fund is 60% blue chips look out below. 20% realestate and timber. 20% bonds and probably MBS crap.

My only real curiosity is which will lose the most value. I am currently considering quitting my job and taking a payout I can roll over into an IRA. My 401k is also in jeopardy as a money market is my safest choice????????

Probably time to quit with almost 300000 on the line.

Anonymous said...

Not good news when home debtors are on a budget.

Higher gas and food price, compounded by raising ARM month mortgage payment.

Thinking about starting a family better postpone those ideals, unless you are planning to ration out the cup of noodle.

http://www.reuters.com/article/
consumerproducts-SP/
idUST27851920070905

Japan 'Cup Noodle' price to be hiked due to wheat

http://www.mcall.com/business/
local/all-wheat.6031896sep09,
0,1407340.story?track=rss

Notice lately that the price of bread, or even your favorite cookie, is jumping?

Well, you can partially thank everything from fears of bad weather in Australia to the improving dietary habits in China, both of which are factors that drove the price of wheat to another record Wednesday.

Wheat is, of course, a key ingredient in baked goods, though some would argue it's a relatively small component in setting the retail price for, say, a box of crackers. Still, bread prices appear to be rising in 2007 at levels not seen in this decade, at least partly following wheat.

The price surge is ''unprecedented,'' as global grain stocks are at low levels not seen since at least 1973.

http://seattlepi.nwsource.com/
opinion/330777_grain09.html

Severe weather patterns pushing up grain costs

Prices of global wheat futures hit records during the first week in September, about double what they were a year ago. Corn prices have also surged. Consumers are already paying higher prices, forking out more money for products ranging from bread to noodles -- although the cost of something in the shops has many components in addition to the price of a commodity.

Crop prices are increasingly intertwined because they influence what farmers decide to plant. Higher wheat prices are driving up the price of corn, which is even more sought-after as an animal feed when wheat is too pricey to be a substitute.

Anonymous said...

Price of food set to rocket

The price of food is set to soar by Christmas, with fears that shopping baskets could cost up to 30 per cent more.

Supermarkets blame the poor wheat harvest for having a knock-on effect of increasing the cost of animal feed.

The warning of steep food price inflation follows hefty hikes unveiled last week in the cost of major staple items such as bread, milk, butter and pasta.

Supermarkets claim soaring wheat prices have already forced them to slap 8p on the price of a loaf, 5p on a pint of milk, 12p or more on butter, and 10p on dried spaghetti.

http://www.sundaymirror.co.uk/
news/sunday/2007/09/09/
price-of-food-set-to-rocket-
98487-19758269/

6% Realtor said...

What a bunch of idiots - they give all of us a bad name. A couple of local Reatltors in Sacramento posted a column on Realty Times about how grreat the market is in Sac. Huh?
The only true comment in the bunch was:
"Phoenix home prices have dropped and have made it more affordable for buyers to get into the market."
... of course you gotta take it in context!

Anonymous said...

"Phoenix home prices have dropped and have made it more affordable for buyers to get into the market."

Factually this is true.

Anonymous said...

people here in hawaii look at me like I am crazy and committing a cardinal sin when I tell them real estate is going down. They just don't get it. My mother in law wants to go in on a forclosure with us - telling me we can all make so much we each have enough to buy a house- um yeah ok- in 10 -15 years maybe.

They are trying to sell affordable housing here- $300-400K condos-
income cap of $110K per household-

Yeah linda lingle is smoking crack- and yes she is a man.