November 30, 2007

HousingPANIC Quote of the Day


"The light at the end of the housing meltdown tunnel appears to be an oncoming train"

- Joel Naroff, Naroff Economic Advisors

19 comments:

Anonymous said...

looks like they are attempting to make this thing blow over at least temporarily until they empty the pockets of the sheep for Christmas shopping.

Malcolm said...

On CNBC this morning (when the market opened up 100), they did their best to paint the HP’ers as a bunch of nuts.

I didn’t write it down, but it went something like “last month everyone was afraid that the financials would bring everything down. Now, the housing and financial stocks are up 15% today…(add mocking laughs) “

Ya, up 16% in the first minutes, after being down 50+ % in the last few months. A little early to call bottom.

In the restaurant business, we used to joke that if you kept driving your business into the ground, eventually you’re reach the point when you were up in sales.

I guess a ½ empty glass looks good when you’ve been looking at a ¼ filled glass too long.

Good thing CNBC has all those financial advertisers to keep them fair and balanced.

Anonymous said...

Remember "soft landing" and "air out of the balloon"?

Andrew Hac said...

How can people still think about Christmas shopping and shits like that when they have no money whatsoever in the bank ? The only thing they have now left is the CC and it almost max out. To me when you shop for Christmas gifts or things that you like, you are making Walmart, BestBuy, or company like that more money out of your pocket and most the stuffs are junk after 6 months anyway. Man, Dude, this damn nation is now comprised mostly of sheeples, shopcoholics, CC-swipers, and divorcees !

Damn sad from where I am standing.

dcandout said...

Wall Street Journal: U.S., Banks Near A Plan to Freeze Subprime Rates.

-This is disgusting, unfair, despicable and an insult to responsible and sensible citizens and the free market system.

s said...

A Life Raft for Subprime Borrowers?
Bush, Banks Working to Freeze Mortgage Interest Rates for Troubled Borrowers


WASHINGTON (AP) -- The Bush administration is working behind the scenes with industry on a plan to extend lower, introductory interest rates on home loans before they reset at higher levels amid hints by Fed Chairman Ben Bernanke of another cut in a key interest rate to keep the economy from falling into recession.

.....

http://abcnews.go.com/Business/PersonalFinance/Story?id=3936192&page=1

The free market can't be left alone by the Republicans.

s said...

A Life Raft for Subprime Borrowers?
Bush, Banks Working to Freeze Mortgage Interest Rates for Troubled Borrowers


http://abcnews.go.com/Business/PersonalFinance/Story?id=3936192&page=1

Anonymous said...

Why the fuck don't you provide links to your quote sources? It would add an air of legitimacy to what you write here.

Anonymous said...

My neighbor bought his townhouse in Metro DC sometime around Summer 2006. When I first met him some months later in October 2006 he said he wasn't worried about drops in housing prices because he watched CNBC before he decided to purchase.

Anonymous said...

Andrew Hac said...

How can people still think about Christmas shopping and shits like that when they have no money whatsoever in the bank ?

========

Dude just because YOU have no money don't assume everyone else is like you. I made about 15% more so far this year compared to the same time period last year. Which was about 10% more than 2005.

Stop believing the HP hype. There are a few people who lost money in housing. The vast majority didn't.

Now be a good little communist and go vote for Hillary to tax my ass some more. People like you disgust me to no end.

Anonymous said...

Ahhh the joys of renting.

http://www.cnn.com/2007/US/11/30/
willis.rentervictims/
index.html?iref=mpstoryview

Anonymous said...

I haven't any housing bulls answer any of the following questions:

How will future generations of Americans buy homes?

How will anyone buy homes if the interest rates rise abruptly?

(Interest rates can only stay this low forever if our government makes their monetary policy REVOLVE around the credits markets for the rest of time. And in the process, America and the dollar will be destroyed. This would be BAD for housing prices.)

What changed the fundamental P/R ratios? Is America's future suddenly looking so bright when most of the population growth is slave labor illegals?

If prices are high everywhere, then how do you benefit from high prices? By paying more taxes?

The bottom line is there is NO REASON for the housing prices to NOT revert to historical averages.

That means you should expect 70+% drops in bubble areas...just like NASDAQ bubble before it.

The ONLY reason prices should have risen in bubble areas is because the rest of our great nation is falling apart and getting pounded with layouts under the pressure of the global market.

Now, Americans like me no longer considered having children. God definitely has stopped blessing America. Thanks neo-Cons! Great job. I will never vote Republican again.

Out at the peak said...

That's an incredible quote.

----------------

I still do a lot of Christmas shopping for myself, girlfriend, and family. Most of it is electronics/computers. I can afford to since I sold the house, banked the money, hold zero debt, and rent.

I'm a gadget/entertainment whore. I can't see that changing.

For example: I got advance tickets for The Golden Compass for tomorrow. And I already have plans to see it again when it opens to the general public.

Life is good for those who pay only 1/5th of their salary on rent.

Anonymous said...

Does the train have a cow-catcher on the front of it?

Anonymous said...

Life is good for those who pay only 1/5th of their salary on rent.

November 30, 2007 9:51 PM

===========

I pay 14% of my salary on a mortgage. And I get to deduct the interest.

I win.

Anonymous said...

NOW THAT IS PRETTY DAMN FUNNY!!!

KUDOS ON THE TRAIN PIC; IT COULD NOT BE MORE TRUE.

Anonymous said...

We have some geniuses running the Fed. I must be living in a twilight zone, in which the Fed injects more liquidity into the system to fight the excess of rampant liquidity. Does this make any sense to any of you (with a brain working, that is).

Soundtrack for the Fed & crooks on Wall Street:

Live - Freaks

Anonymous said...

I made about 15% more so far this year compared to the same time period last year. Which was about 10% more than 2005.

Too bad the dollar lost more than 10% of its value just this year alone. So you didn't have any increase in income, fool.

Edgar said...

anon, don't be a putz. Keefer hides the link under the title most of the time.