December 11, 2007

HousingPANIC Classic Quote of the Day

"I don't think I would use the word `crash. When you use a word like that, it's almost a self-fulfilling prophecy in the housing market. These are people's homes. Their retirement is depending on it."

- The Corrupt David Lereah, October 2006


eric in vegas said...

Oh yeah Vegas is already starting to come way down and it's going to crash so hard. mmmm it feels sooooo good on my skin ohhhh god!

Anonymous said...

Dateline - Guyana

Rev. Jim Jones to flock:

"Believe in me, drink the Kool -Aid"

All will be Perfect...

Anonymous said...

First question is why are people counting on their house for retirement?

keith said...

For those of you keeping score at home, Sacramento media price is now down 20% from last year.



Another reason Countrywide, WaMu, First Fed and Indymac will be going under.

Tangelo Mozilo said...

More blame the messenger bulls#it from the corrupt David Liarrhea.

area 51 said...

Ohhhhh, now I see....

Home buyers like me are supposed to pay inflated prices to help fund people's retirements.

I get it, I pay for other people's retirement. The brick and mortar and shelter value is secondary....


FlyingMonkeyWarrior said...

Yep, Home values down, property taxes up.
Your Government is here to help you.

LauraVella said...

Keith said:"Another reason Countrywide, WaMu, First Fed and Indymac will be going under."

Keith, I would also add Wells Fargo to the list....

Anonymous said...

Funny article from Slate:

"But the tendency of housing professionals to call the housing bottom for the past two years—again and again—has been pretty dismal. The good folks at NAR aren't the worst forecasters ever. That title goes to the two guys who, in 1999, projected the Dow Jones Industrial Average would hit 36,000 in three to five years."

Anonymous said...

If they retire in their homes, then the price won't matter

Anonymous said...

"These are people's homes. Their retirement is depending on it."


Wait, he was just kidding right???


edd said...

The price of an item is the cost
to produce it, plus cost to
deliver minus depreciation factors, plus demand premium
(which can be negative).

An example, with token numbers:
a diamond could cost 25 to mine,
100 to cut, 200 to deliver, no
depreciation, with demand premium
of 2,000; until that game is up.

Another example:
This little old house in that old flood plain was listed at 1.5 mil.
Needs some work and sump pumps.
Must sell: 199,999.


Anonymous said...

isn't about time he gets fired?

Andrew Hac said...

If not 'CRASH', then can we use of the following:


a.creampuff said...

Wait a minute - he used the word "crash" and it became a self-fulfilling prophesy!

Anonymous said...

I lost a job on 12/26/2003 in a small overpriced town in the SW US heavily populated by older folks. My boss harassed me at weekly staff meetings to buy a house. His friends were realtors and near-retirees. I stood my ground, rented, and was out of work for 10 months.

I now make 20% less than I did in '03 in a city 1500 miles away. Still renting.

50yo & sick of it said...

David Lereah and the current crop of politicians are in complete agreement here.

Suck the blood out of the young to feed the old.

A 25 year old has to pay 10 X income while the 60 -70 y.o. paid 2 X income FOR THE EXACT SAME HOUSE!!!! All so these people can retire in style.

Great Plan.

Message to the politicians: Quit it with the housing CASINO. We want our affordable homes and neighborhoods back.

Affordable means 2 X income purchase price.

It doesn't mean the lowest possible monthly payment on a loan that will NEVER BE PAID BACK because the house is 5 - 10 X income.

I can't believe this needs to be pointed out to the jerks in WA. DC.

Note to Senators and Congress: Google US median income!

acider said...

US property not doing so well due to the bad loans....come to Singapore and invest then. No bad loans here, strict checks by banks, can loan up to 50% of your monthly installment(max) Still plenty of good deal around....if you have the cash.

Singapore Real Estates Website