[UPDATE - THANKS HP'ERS LIKE OC FOR DIGGING A BIT ON THIS ONE]
This F'd realtor paid $379,576 for his/her overpriced debt-trap in real-estate-hell Buckeye, Arizona (evidently never hearing the phrase "location, location, location" in August 2006.
It's now worth $266,571 and falling like a rock. A nice 16 month loss of $113,000, or $7,000 a month (so far).
Folks, it's tough to lose this kind of money this fast. Instead of writing letters to the editor bitching about the negative nellies, he/she should have picked up a copy of Manias, Panics and Crashes, and listened to HP.
You have permission to enjoy the schadenfreude on this one. Amazing.
What this writer didn't disclose in the letter is that she's not just a desperate homedebtor, but also a realtor. But hey, we should have guessed it. Like coke dealers doing coke. Bad idea.
What's sad is that these "blame the media" realtors and homedebtors will continue to blame the media during and after the crash. They won't blame the lying realtors, or the corrupt mortgage brokers, or the greedy builders, or the mortgage fraudsters, or the failed flippers, or the illegals, or the Fed, or anyone really responsible for this mess.
No, they'll just blame the media for exposing the truth. That's easier.
Well, I think HP'ers are happy to have played a part in exposing the big scam. No matter what realtors on commission and housing gamblers wanted.
Letter to the Editor - Arizona Republic
No housing 'bubble' bursting in the Valley
May. 27, 2006 12:00 AM
I see an awful lot written about the real estate "bubble" bursting, but I've yet to see evidence of this happening in Phoenix.I'm buying a home in Buckeye, a town that has seen a 4 percent increase in sales this quarter compared with the same time last year and where price appreciation has increased every month during the past three months.
In the overall Phoenix market, inventory is up more than 10 times year-ago levels; prices are up 70 percent over 2004 levels; yet sales dipped only 7 percent in the first quarter of 2006. Is this evidence of a bubble bursting? I think not.
- Sonny Shrivastava, Tolleson