November 14, 2007

HousingPANIC Stupid Question of the Day


Will REIC-infested bubble cities like Phoenix/Scottsdale, Miami, San Diego, Las Vegas and Tampa get back to normal after the crash? After the nouveau riche get wiped away, after the REIC are back at their bartender, Taco Bell and call center jobs and after people realize that houses are homes, not lottery tickets?

Please say yes. One day I may want to come back to the US, but not until it's safe.

43 comments:

Anonymous said...

We still have the illegal aliens cesspool factor that keeps growing exponentially. I'm planning to go back to the US just as a tourist, to visit relatives.

Anonymous said...

Ultimately YES, but in the interim NO, they will go the way of your other post highlighting the community in Atlanta, drug dealing, prostitution, fires, vandalism etc.

Magon said...

As a superannuated Phoenix native I can tell you that the boom-bust cycle has been the norm here since the mid 1950's.
Stay in the land of blood pudding Keith, there's nothing for you here.

Anonymous said...

My neighborhood outside of Tampa was developed during the 1990s recession. Prices were flat and the community was unstable (houses constantly changing hands) for about 10 years.

Things seemed to be finally straightened out by the end of 2000, but then the nouveau riche arrived with the bubble and fractured the community with manipulation of the HOA for their own selfish purposes.

Now, once again, prices are flat/declining and houses are going on the market at rock-bottom prices because the sane neighbors have had enough of the stupidity. I figure it will take another 10 years to stabilize. Sad -- it is a nice development.

Anonymous said...

Going back to call center jobs? You seriously suggest they move to India? Don't you see that this just increases the housing stock?

Anonymous said...

The H2 is the by product of the housing boom. All you see is realtards in hummers in south florida! The really cool people bought 745s! They bought that depreciating asset from a depreciating asset(equity from home) It bet it's a lot of fun filling that 6000 lb bohemith full of gas every week!

rich in fl

Shakster said...

No ......it deteriorates as time goes on.
Just like the wars
Just like infrastructure
Just like the Dollar
BTW-to say that RealEstate Agents are any less moral than the rest of us is a failure to recognize our own shortcomings.
So all we can improve upon is ourselves alone.

Boom2Bust.com said...

It will get back to normal, but probably take a lot longer than most people think. FYI, a recent BusinessWeek analysis of the past three decades shows that if history repeats itself, it's likely to take 15 years or more for many parts of the country to get back to their inflation-adjusted peaks...

Bryan said...

The CA city in question, south of Sacramento, is Elk Grove, Calif.

Anonymous said...

A must read for HPers:

http://tinyurl.com/2c8b4k

It posits answers to many inflation/deflation questions and speaks to the end game for the guys who created this mess.

Anonymous said...

"All you see is realtards in hummers in south florida! The really cool people bought 745s!"

When will everyone realize that ANY CAR or truck does not make you cool!!! Putting your fat out of shape body (in most cases)in a nice wrapper does not make you cool. Just as houses should be a place to live, cars should be a way transport you and your stuff. I'm impressed by someone who can run fast or honk up a hill on their bicycle. Anyone can push down on an accelerator. OOOOOOOHH!! So cool!! NOT!!!!

Anonymous said...

Should I go live in Canada, the UK, or France? That is the only question left....

5 weeks vacation, health care, child care, college education, retirement benefits, tax money actually spent on the people....Wow! What a concept!

Maybe I'll raise a family after all - just as soon as I leave this P.O.S. bubble-bust-bubble-bust, elitist, hijacked, empirialist, outsourcing, insolvent, ethically bereft, puritanical, incompetent nation.

The American dream is becoming a nightmare.

Nimesh Patel said...

If the markets are allowed to self-correct themselves then cities like Boston, Chicago, Phoenix, Miami, Scottsdale, etc... will be affordable again.

However, if markets are NOT allowed to self correct themselves (i.e. the Fed gets involved, there are bailouts, new financial products like a 40 year or even a 50 year mortgage are introduced, etc...) then house prices will not decline enough to a point where the average American can afford a home.

Ultimately, home prices have to keep up with the average income. For example, here in Chicago in my community a nice single family home with three bedrooms, two bahs, a two car garage, etc... would sell for 200K to 275K in the high range in 1999. By the year 2005 that same home would cost you 750K to 1 million dollars! Talk about a bubble!

Anonymous said...

newsweek article predicts prices will fall to 1997 levels, and that they'll be going down for awhile...

"When John Talbott figures how far prices have to fall, he figures they'll return to 1997 levels, since that was the year in which many of the aggressive lending practices—like interest-only mortgages—really began to take off...home prices have only begun to fall, and someone who can sell his home for 5 or 10 percent less than what he thought it was worth during the boom would do very well."

http://www.newsweek.com/id/68639

Edgar said...

Why do you do it, keith? That picture made me wretch.

Anonymous said...

The H2 is the by product of the housing boom. All you see is realtards in hummers in south florida! The really cool people bought 745s!

The SMART people, on the other hand, bought 3 and 5-series, because the 7-series fall apart - this is reflected in their poor resale value and Consumer Reports frequency-of-repair records.

Anonymous said...

looks like we still have a long way to go in Canada:

http://tinyurl.com/37ogof

Ezekial Sarasota, Fl said...

I am very sad to report:

The answer is NOOOOOOOOOOO!!!

Every one should understand that the reason for that resounding response on my part is not the reason that most will think of: In point of fact, very, very few Americans are capable of understanding what the US is now in store for!

The signs are clear:

#1 Bernanke now recommends that Jumbos ( loans guaranteed { de facto } by the US Government via FHA, Fannie Mae, Freddie Mac and FHLSB ( $156 Billion from this source just saved the Crooks' Bacon }, which were originally intended for LOWER AND MIDDLE CLASS HOMEOWNERS - be increased to $1,000,000!!!!!!!!!!!!!!


#2 It should now be clear to all that the SUPER SIV and all little sh--ty SIVS will be PURCHASED BY THE FED ( no one of sane and sound mind {as led by Warren Buffet's very painfully clear analysis ) will buy them! So, ( in secret ) the FED will buy the SUPER SIV S--T and little sh--ty SIV's, which the Bank's will roll out to offload their worthless S--T!

#3 The Demo's will roll out a TRUELY MASSIVE bailout of the SPECULATORS AND ALL THE OTHER LIARS THAT LIED TO GET LOANS THEY SHOULD HAVE NEVER BEEN GRANTED - just in time to win the 2008 election!!

We are now in the ERA of "BREAD and CIRCUSES" for EVERY ONE!!

#4 The Dollar will now be driven to nearly Zero as "Helicopter" Bernanke drives Interest rates to 2 1/2 % ( when counting the REAL inflation rate of 5-6% [probably low even then] will yield a real negative rate of 2-3%)

#5 Stupid Americans will be tricked by completely wrong and vilely and evily and falsely constructed PPI and CPI: look at the lies just released today!!!!!!!!!

Therefore, in only three to five years Bread will be priced at $15 per loaf: gas will be $8-12 Dollars per Gallon; Milk will be $10 per 1/2 gallon, Etc., Etc,. Etc.

And, everyone's house will be priced at $300,000 to $1,000,00 and the STUPID AMERICAN PUBLIC (Porn and lottery and Celebrity and sports obsessed ) will think they are ahead of the game again!

So very simple it is actually disgusting!!!!!

So, everyone on this board should be buying all the Real Estate in 8/2008 to 3/2009 that they possibly can: the coming ( "Helicopter" {'Buckets of MONEY' for everyone } Bernanke inspired and led MASSIVE INFLATION will make all the real
estate go through the roof - in DOLLARS!

Of course, the better buy is GOLD!!!!!!!

Anonymous said...

Since its estimated that the UK's and Europe's housing bubble may be even bigger than the one here in the US, what are the ex-pat's plans once that bubble starts deflating?

It's fashionable amongst the nuevo-intellectual crowd to trash the US, as if you're somehow better, but when it becomes apparent that other places are no different, that people and economics are pretty much what they are regardless of geography, what then will you rely on to prop up your pose of moral superiority?

And as far as coming back when it's 'safe' -- to be safe, how about you just stay away.

Anonymous said...

every time I see that hummer, I wonder what happened over at Casey's foreclosurehelpbook.com site since he has that "short bus" up with a message about a staff and direction shakeup.

does anyone know what happened to casey? did the feds finally nail 'em?

Anonymous said...

ABSOLUTELY AMAZING.... MUST SEE


RON PAUL TV AD:
http://www.youtube.com/watch?v=Kll9-nR4uVs


Wake up america:
http://www.youtube.com/watch?v=2nvbetio4fI

Anonymous said...

I don't know when the Market will return but Southern California real estate got crushed last month with median prices falling to 2005 levels!!!

http://www.dqnews.com/RRSCA1107.shtm

Anonymous said...

i bet you that hummer's gas tank is empty. what a prop. ha..ha..ha

Andrew Hac said...

Quote:
.....
BTW-to say that RealEstate Agents are any less moral than the rest of us is a failure to recognize our own shortcomings.

#####

Yes, you are right. Real Estate Agents are not moral. They are in fact SLIME of the Earth, rotten rats filled with maggots. Trying to defend a RE Agents, what are you ? Oh, I know: You are a stinky Mortgage Broker.

Yup, two freaking peas in a pod !

Anonymous said...

Are you kidding, this is America, nothing ever changes. Yes things will slow down and then rocket passed anything before. I wish it was true, this housing boom have ruined some very nice places for the locals.

Anonymous said...

That H2 is classic with all the realtor graphics on there, here in the OC I see many of these h2's and escalades all pimped out with realtor and or lender website graphics I just laugh saw one parked in front of big lots the other day. Went to homehum.com and noticed the H2 proudly diplayed on the homepage how funny it is now. picture is so low res must have taken it on a cheap ass camera phone

Anonymous said...

EEEE Gads--

Gotta love the headline on Marketwatch.com, saying "OK buyers, now the onus for a Real Estate Rebound rests with you"...

WTF??? Sorry, but it's a tad more complicated than that. Lenders are either going under and/or are unwilling to make those loans to most people now, and BUYERs will need to pull their heads out of their A$$'s and lower their f@#$@ing prices before you see ANYONE stepping up to buy...I want to see blood in the damn streets before I buy.

Anonymous said...

6%ers are DEAD...

Realtors are too stupid (and way, way too lazy) to work at Taco Bell. You actually have to PRODUCE something allegedly edible and of value there. That is a concept the Real Estate "Professional" has not figured out yet. That is why they are DOOMED. Get a Real Job schmucks!

Sick and Dying USA

Anonymous said...

Forget it. With all the hawkishness by the supposedly "leftist" Democrats we are guaranteed a warfare state for the foreseeable future. When has a world power that invested so much of its resources into weapons and war ever prospered? Ask yourself, who were the last guys that believed you could have "guns and butter"?

Anonymous said...

Better than this thread's photo, just that one with the Phoenix playah displaying a porcupine hairstyle, while "closing real estate deals" on the cell phone.

Anonymous said...

Anyone can push down on an accelerator. OOOOOOOHH!! So cool!! NOT!!!!

Actually, Formula 1 racing is extremely cool, especially with Ferraris in a dog fight with McLarens in the rain. Go watch one live.

Anonymous said...

Reminder to Boomers: Go fight YOUR war in Iraq. Meanwhile, Gen X & Y will take over the country and fix YOUR mess, including YOUR destruction of the environment.

Anonymous said...

In the words of the great T-Bone Burnett:

Presidents come and presidents go
They rise like smoke they fall like snow
Do you believe the things you say
Your lofty thoughts are filled with hay
What is this faith that you profess
That led to this colossal mess
When you awaken from this coma
You'll find you were in Oklahoma
When you crawl out of this self delusion
You're going to need a soul transfusion

Bitterrenter said...

Don't blame realtors. Blame conservatism and conservative fiscal policies for this mess.

And while you're at it, piss on a republican for promoting conservatism.

Anonymous said...

"The SMART people, on the other hand, bought 3 and 5-series, because the 7-series fall apart "

And the REALLY SMART people bought Toyotas!

teapartier said...

"ABSOLUTELY AMAZING.... MUST SEE"

teaparty07.com

Anonymous said...

Keith, if you ever want to come back to the United States, here's a few things you need to do first:

1. Put on some weight. (get to around 250- maybe 300 pounds and you'll be indistinguishable from most people here)

2. Learn to speak Mexican (no, not Spanish, that's another language)

3. Buy a Hummer or an Escalade (if you decide to live in a white neighborhood get the Hummer and drive with one hand on a cell phone and the other hand eating alfalfa sprouts) (if you decide to live in the hood, get an Escalade with spinning rims)

4. Buy a gun, and remember to preach to everyone how America is the land of the free

5. Watch basketball on tv, or wrestling, or any other fake sport while you hold a beer in your right hand and the remote on the left.

6. Apply for a Realtor license, Ten credit Cards, and buy up 5 properties on fake ID, then run up a line of credit on those properties, then cash out, claim bankruptcy, and then Cry to the world how you were a victim and need a government bailout.

There you go, Welcome to America

Anonymous said...

Yes. those cities will get back to normal.
Now, here's a question:
Wouldn't buying gold today, be like buying a house in 2005?

Anonymous said...

"Actually, Formula 1 racing is extremely cool, especially with Ferraris in a dog fight with McLarens in the rain. Go watch one live."

Agreed! That's a cutting edge sport though, not the lame status seeking I was referring to. And I love Pininfarina and Bertone. I love style and the sound of a fine engine. One of my relatives is an engine builder. And I think someone who appreciates and especially builds their own well tuned car is cool. I have rebuilt cars and engines with my own two hands. I'm referring to the lame status seekers in their Range Rovers, often BMWs, Mercedes, classless Escalades, Hummers etc. that drive around like A-holes.

Mammoth said...

Hang onto that Gold - we're in for one wild ride!

new tacobealtor said...

oh, you've only got 42 cents? Well, today I can get into an up-and-coming 5 pound taco supreme for a low introductory rate of 27 cents per day...

Ezekial, Sarasota, Fl said...

Ezekial replys to ANON 6:17

First a correction:

(Everyone's house will be worth $300,000 { for the real dumps/trailers ) to $1,000,000 { for the average 1500 sq. ft. CB on a slab [the average dump here in Sarasota]).

I may be off in the timing a bit - perhaps the time to buy will be Summer 2009: actual turning point will be dictated by (as yet) unseen and largely unknown micro-events.

THE MACRO-EVENTS THAT MAKE THESE PREDICTIONS GOLDEN ARE ALREADY SET IN STONE!!!


As to the price of gold AFTER the truely "Orwellian"/"Weimer Republic" like spewing of phony bank credits (money) via 'Open Market' activities of the FED over the next few years {but especially next Summer [2008] when the FED panics over a totally imploding economy) AND the new issuances of phoney bank credits by a resuscitated Wall Street AFTER the Fed {illegally} buys all their Super SIV Sh-t {and the soon to issued little sh--ty SIV's); then, the price of gold will go well over $2,000 per ounce probably around 2010-2011.

This is predicted by someone who warned anyone who would listen of all of this four years ago!!!!!!!

M-3 is gone as a tool of measure because the FED does not want anybody to figure how bad it will really be.

It will be horrendous.

The FED learned after WW II the following:
After every Macro Disaster -
INFLATE OR DIE!!!!!!!!!

Get ready folks - most of you have absolutely no idea what the coming "Helicopter" Bernanke's FLOOOOOOOOOOOD of useless dollars will really do to your life styles.

The Chinese source of exported deflation ( via cheap labor [their workers now want more money NOT just a job] ) to the World is over.

The prices of all that SH-T Americans buy at Sam's, Wall Mart, Target and the other big retail chains is now going to go thru the roof in real dollar terms AND IN DEFLATED dollars via the FED's ruinous economic policies of damnation to an entire country!

Anonymous said...

this is your war in Iraq Dumb... When you get off your high horse and realize snot nose little pukes like you are the reason for Imperialistic rule of commandant Bush then you come and tell me how YOU are going to fix it. Until then, shut your hole.