Gotta love stuff like this. "Free falling - Now I'm defaulting... gonna have negative equity for awhile" - love it. Thanks again doom for the link.
Anyone still believe Phoenix realtors on commission?
September 01, 2007
Phoenix Housing Crash Parody Youtube Video - "Free Falling - Now I'm Defaulting"
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9 comments:
Sticky prices due to FB's. They are leveraged to the hilt and cannot cut. No fear though. The peak buying for Phoenix was 2005 and those 2/28 pay options ARMs started resetting this summer. I figure it will take 6-12 months for the flood of REO's to hit the market. Banks will be short of reserves requirements and will be forced to dump their REO's at huge discounts. Lenders and builders will lead the way down because the FB's are trapped. They have been priced into the ponzi scheme until their bankruptcy clears. At least it's not forever.
But Greg Swann said everything would be OK!
Yeah, coming real soon is "Brother can you spare a dime?"
his voice is whiney.
OK Keith since you started it! This goes to the tune of “House of the Rising Sun” Dedicated to our good friend Greg S..
There’s lots of homes in Phoenix
Been flipped too many times
And it been the ruin of many poor souls
And now they count their dimes
My mother was a realtor
She worked for six per cent
My father was a mortgage man
And now he’s broke not bent
Oh Phoenix! Tell your children
Not to do what I have done
Flippins not for everyone
Unless it’s just for fun…
With a prelude from Catherine Reagor?!?! My how the shill's are falling....course she just put that up there to mock the bears, cause everyone knows Puh Ho Nix is the place to be. IT ONLY GOES UP! IT'S A NEW PARADIGM! IT'S NEVER BEEN A BETTER TIME TO BUY! INCREDIBLE SELECTION! AMAZING INCENTIVES! GET IN ON THE UPCOMING BAILOUT NOW!!!
FTW!
Good song. Tone deaf singer. Better go take some singing lessons.
Phoenix is going to be a bloodbath, both literally and figuratively.
Ever since I moved there in early 2000, all anyone ever talked about was real estate. Everyone you met worked in real estate, or some industry that relied heavily upon it. This situation only got worse and by 2005, everyone who wasn't in real estate up to that point quit their real jobs to become realtors or mortgage peddlers.
Now it's all falling apart and the r.e. jobs are going away. Firms are shuttering their doors. Mortgage companies & banks are either going under or cutting off broker-originated loans.
All of the support businesses are closing or close to it, from title companies all the way down to the Home Depot.
Now you see nice restaurants that have been around for a while closing one after another. Market Street at DC Ranch is over 50% vacant, in what was one of the most "affluent" parts of the state just over a year ago.
It will be a bloodbath ... literally and figuratively. Huge areas of the valley are starting to look like Detriot and crime rates have already gotten insane. Not much longer until the looting in the streets begins.
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