December 22, 2007

It's funny watching MSM reporters who are obvious desperate homedebtors trying to spin the housing crash into happy talk

Spin, spin, spin

Happy talk, happy talk, happy talk.

Note to MSM homedebtor talking heads watching the value of their own houses plummet, while depending on REIC advertising for their salaries, and above all (in this case) not wanting Bush and the GOP to be blamed for the worst housing crash in American history:

Nobody is buying your crap anymore (and p.s. you should have rented)


keith said...

I really liked the jackass on the left saying the bottom is just a few months away. Uh, wrong year sport. They don't do corrections on Fox do they?

Where's the Bottom

Where’s the bottom? The outlook for the housing market thus appears very daunting. The mountain of housing inventory will only clear sufficiently for the market to find a bottom if homebuilders significantly further curtail construction, and thus new supply, and for home sellers to slash their prices to restore affordability and stimulate housing demand. To gauge just how much lower construction and house prices must decline for this to occur, the Moody’s macroeconometric model of the U.S. economy was simulated under a number of different assumptions. Under the baseline (most likely) set of assumptions, the economy avoids recession but experiences slow job growth, the entire Treasury yield curve remains well below 5%, and loan modification efforts soon gain momentum. In this scenario, the housing market finds a bottom by early 2009 with average annual housing starts of approximately one million units over the entire period and a peak-to-trough decline in national house prices of 12% (see Chart 1-12). Housing starts in September were running at a 1.2 million unit pace and house prices are down 5% so far.

chris g said...

I listened to that conference call that the guy on the left had referenced. Mark Zandi hosted the call.

First of all, Zandi didn't say that the market was going to bottom out in a couple months. I love how these MSM assholes like to focus on the year, and then say the market will recover in the first or second month of that year. Zandi said no such thing. It's a lie. In fact, Zandi thought most places had no chance of recovery until 2009.

The first chart they showed as a handout for the call tells most of the story. They assume a 13% decline, peak to trough, for the US housing market. According to the chart he presented on the call, we aren't even halfway to the bottom. If anyone wants a copy of those slides, let me know.

stuck in So Pa said...

A turn around in spring 08, what, just like the rebound in spring 07? Spin, spin, spin away!

Oh Baby said...

Hey-------------was that DOPES?

Tangelo Mozilo said...

Give credit to the news babe for recognizing that price drops are actually good for some people.

That said, I still like iTulip's prediction of a bottom (generally) in 2012.

Alex3191 said...

These three deadbeats convinced me : I AM GOING TO BUY A HOUSE RIGHT NOW !
no matter what ! it's a great time to buy , especially for a first-time-buyer like me !!
one more blue-pill pls !

Anonymous said...

Holy Cow!

Talk about Spin City!

Fire their asses!

smokester said...

I'm glad Ron Paul gave those guys something to think about with this cross and flags comment! maybe they'll actually grow a full braincell by christmas!

scottsdalewatch said...

Anybody who watches anything on Fox News is a major dimwit and should be living the life of a 30K per yr. millionaire in Scottsdale,AZ.

Anonymous said...

The bottom will linger a long time in Florida. Here in the Western Counties of Orlando, it's unfathomable how any private seller will get anything close to his breakeven price when there thousands of semi completed lots ready to be be dumped on the market. Just this AM I drove twenty minutes for XMAS shopping and saw at least 500 semi developed lots ( roads in, water and sewer in). These lots will be taken out of hibernation as soon as there is a spark of turnaround. How can any owner of a two or more year old house or one with a lot of quaintness compete with the bargains that will dumped on the market. It isn't just current inventory, it's what's unfinished in the pipeline that doesn't get reported. To add to the misery, the McMansion morons will be raped over when their unfinished development suddenly gets populated with downscale houses after the original developer sells out the unsold lots to a another builder of downscale homes. I've seen this happen twice in my lifetime. Luckily not to me.

Tyrone said...

Notice he does not use the word bubble; he called it a surge. LOL

SeattleMoose said...

The guy on the left is obviously a FB and/or RE shill.

1) He talked about the "craziness" of 12 and 15 percent per year increases

2) Then out of the other side of his mouth he said that the NE was special (now we know where he lives) and that all the craziness did not apply there and after next month the bubble will resume. (white man speak with forked tongue)

3) But just before the maggot spoke it was said 2009 will be tough with a bottom in 2010. (confuse the sheep)

4) The MSM ALWAYS lowballs the damage. If they say 30% you can bet on at least 50%. Remember these are the same braindead folks who earlier this year were spouting a "correction" of just a few percentage points for RE.

What a crock. I am sticking to my predictions of 40 to 70 percent off (depending on severity of bubble runup) when this all hits bottom in the 2013 timeframe. However, if panic really sets and the market crashes quickly, price equilibrium could be attained as early as 2010. Certainly a recession will speed things up as FBs are forced to abandon their homes due to layoff.

BTW...I am voting for Lawrence Yun for president. We need integrity and honesty back in the White House.

FUXNews said...

"It is kind of a correction from those crazy days of the...ummm... the 1990s and the 2000s, when every year your house would go up 15-20% in value. And now things are just kind of leveling out a bit..."

This seems accurate. After twenty years of 15-20% appreciation per year, what we're seeing now is a permanently high plateau.


Debbie said...

What Are These People? Are they "newscasters"? It's like I'm watching an info-mercial.

stuckinthecity said...


Bottom is Spring of '08??? Didn't they say that about Spring of '07?

Only on Fox.

Don't they know that if prices far out pace incomes nobody can buy that overpriced house of theirs??

Anonymous said...

I watch fox news, I must obey my master Rupert Murdoch. Must consume must obey! The Housing market will bottom soon.

Anonymous said...

I like FOX news. It is better than CNN and the networks. At least FOX did not have a news anchor plant and create a story about the president. Having said that these reporters on FOX suck. They are so far off. Nobody really knows where and when the bottom will occur. It is very unlikely it is next year. The fundamentals are so bad. Best time to buy.. dream on.

k.w. - southern, ca. said...

Once again, we have fortune tellers telling us when the market will bottom out.

Sadly, we outpriced ourselves across the country in this housing market.

Prices will need to drop considerably - especially here in Southern Ca. bubble areas - before any really appreciable buying starts again.

Shakster said...

We can't change the MSM,but we can inform people to get the real facts on the net,and to stay out of WallStreet unless they are accomplished gamblers with discretionary income.Gambling is fun,and can have upside,but this sugarcoated BS called "investing" is worse than Vegas.

Shakster said...

The MsM thinks it's a buyers market.Heard another ad for Flipping Houses yesterday.Yes you too can have everything you ever wanted like-world peace,and a ferrari,a boat ,and some naked chicks.Now who wouldn't fall for all that?
Add to that list----------
A slim body-can't have that without money
Vacation year-round anywhwere in the world.
Did we mention......naked chicks.

Anonymous said...






Just in! Fox News is run and staffed by idiots.

Who should you listen to and trust, a retarded monkey that tells the truth, or an "expert" that is full of shit? You know the answer to that.

Fox News is run by retarded monkeys that are ALSO full of shit. (My apologies to real monkeys that are actually much smarter than the idiots on Fox News)

Anonymous said...

Yeah sure it's a buyers market. Tell that to these people real estate fraudsters.

LoneLibertarian said...

I do not understand how people can be calling the bottom when the banking meltdown has just begun.

Do these fools not realize that overly easy access to cheap money is what drove this whole thing?

No easy access to cheap money = no more buyers = no more appreciation.

This thing will be "bottomed" until the banks start to turn around.

Anonymous said...

what the dimwitts don't understand is that high home prices are bad for home owners as well. taxes and insurance are higher and it costs more to trade-up. the only ones that high prices are good for are those who want to sell and downsize or get out of the market forever, such as those retiring.

Anonymous said...

Oh wow you've got to save this one for next spring when the largest number of loans in history are due to reset.

I love it when some fool predicts with such conviction that the bottom of a market will happen on a specific month.


Suzanne's coke dealer said...

Weren't these "newscasters" the same folks peddling stuff on QVC last week?

Anonymous said...

Why do people think we will have price appreciation in the future ? Deflation may be the long term future trend. That was the case for much of American history except for brief periods of inflation during wartime.

Anonymous said...

I reccomend reading "Deflation.. What Happens When Prices Fall" by Chris Farrell.

Anonymous said...

What a bunch of f*cking idiots!

Anonymous said...

Fox tries to do for housing what it has tried to do for Bush and his cronies.

"Nothing to see here, people. It's all good. Just move along."

OC Slacker from 05 Housing Loot said...

Kinda like saying MISSION ACOMPLISHED and combat is over just as its beginning. They are really over reaching how stupid do they think there viewers are? they fooled them with iraq but cmon even fox shouldnt attempt to say prices are gonna go up again in the spring even bush wouldnt buy this. it's obvious that it's bad in housing

LauraVella said...

Seattle Moose said:"I am sticking to my predictions of 40 to 70 percent off (depending on severity of bubble runup) when this all hits bottom in the 2013 timeframe. However, if panic really sets and the market crashes quickly, price equilibrium could be attained as early as 2010."

I could'nt agree more Moose. An associate of my husbands has noticed a lot of computer companies down in San Joes are empty..more for sale and lease signs sprouting up...there's going to be a huge price drop here in the bay area-I can easily see prices dropping to 65%-70% just for the simple fact the property taxes, insurance, PG&G and other necessities keeps going up and up. House prices will drop to compensate for these increases.

There's still people in my area continuing to plow money into their depreciating assets. Come Springtime, more homes are going up for sale. We're not even going to begin looking seriously for at least two more years.

BTW, I heard somewhere, the duration of a housing downturn is the same amount of years as it's increase...using that bit of information... prices should be at trough bottom around 1016.....

LauraVella said...

Fuxnews said:"This seems accurate. After twenty years of 15-20% appreciation per year, what we're seeing now is a permanently high plateau."

And "permanent prosperity".

Anonymous said...

That is in fact scary. I mean what these folks spin. Inherently the type of communication that you see in totalitarian regimes. Total failure to refuse obvious facts. Just like in Berlin in 1945...Göebbels talking up resistance, in vain, when Soviets are circling the city. A more recent example would be the Iraqi propaganda minister. Folks, these people ain´t no different from that ways Nazis communicated in the sense that the truth does not matter...just the official partyline does.

nnj said...

Everytime the bottom is called, the downward spiral seems to increase in velocity. Just another pre-packaged statement by a card reader. I do love the accurate future prediction of early 2008 for home price rebound.

They all spoke just like a realtor would. Its a grreeeaattt time to buy. I would pay an admission charge to see Peter Schiff have a conversation with them. It seems like that clip was sponsored by the NAR.