"Think about it: The house you can buy today for $400,000, two years ago people were standing in line to buy it for $600,000."
Ed Smith Jr.,VP of governmental affairs and industry relations for the California Association of Mortgage Brokers, January 2008
January 18, 2008
HousingPANIC Quote of the Day
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17 comments:
Think about it: The house you buy today for $400K could be the same house that no one wants in 2 years for $230K.
Oh wow. Just like 1994 all over again. Falling knives, watch out!
Next step for America - revulsion
Here's the Newport Beach CA version:
"The house you can rent today for $3,000/month, two years ago people were standing in line to pay a $9,000 mortgage for it."
DOPES.
Round up REIC and exterminate. No exceptions, No trial, No Nothing.
YOU CAN DO IT! - Suzanne.
The gutters will run red soon.
GOD I pray the market tanks again today (Fri/18). Please, Please, PLease.
F*ck MSM. String those bitches up FIRST.
That same $400K house will drop another 33% in two years. I wonder how those idiots who were camping out for days feel now?
I live in Chicago, IL. In my neighborhood during the bubble years houses were selling for 700K to 1M even during the peak of the bubble. House prices went from 250K and 350K in 1999 to those insane levels in 2005. I bought my house for 225K a very long time ago. Well someone on my block listed their house for 695K and guess what? Someone actually bought that house for 585K. Oh they were so happy and they believe that they got a bargain and a steal. What complete idiots. 585K for a 1900 square foot English Tudor house with 4 bedrooms and two full baths. Believe it or not, this is happening. My son is renting right now and he will wait it out until the price of a house is reasonable. But then again, it is a double edged sword, prices can go back really high again.
"But then again, it is a double edged sword, prices can go back really high again."
Why would they? Are people suddenly going to make the kind of money required to afford such places? Are the banks gonna start lending money out willy nilly again?
hey chicago, in the burbs of nyc we use to pay 35,000 a year in property taxes for a peice of vacant land tax assessed at 600,000 that would not sell at 200,000 fot ten years and we finaly sold for 250,000 to avoid the tax......this can be comming your way, plus they would not reevalue unless sold..................
The great depression started in 1929 and was at it worst in 1933.
The average American including MSM didn't realize we were in a depression or even a bad recession until late 1933. It took over 4 years into the worst economic time in our history for anybody living through it to recognize. The depression lasted another 8 years after people finally got the message (1941)
RUN ON THE BANKS !
Yes its great to know that we are saving cash on renting instead of buying, or that prices will soon go down, but seriously guys, we are now facing financial armageddon here. The government knows that we're just a spit away from a bank collapse like what happened with Northern Rock in Britain, except this time it will be Citi-Group. This could easily take down the whole financial system. If you have any savings in the bank, watch out for any talk of a trust or a bank default. If there is, take all of your cash out of the bank as soon as you get home from work. If there is a run on the bank similar to the 1930's you will get only about 10 cents on the dollar, NO KIDDING!
at 400,000 still 60 percent overvalued
Anonymous said...
at 400,000 still 60 percent overvalued
January 18, 2008 7:24 PM
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I couldn't buy that house with my job. Not even if it was $100,000.
He forgot to mention that the house is actually *worth* $120K in any reasonably valued dollar.
10 cents on the dollar - isn't that why they created FDIC???
Funny how people are beginning to use the term "Depression" and just skipping "Recession" altogether.
Is this ANOTHER sign?
Herbert Hoover BushvilleCo
Don't Worry.
Your President Bush said that the "Fundamentals are strong".
Be Happy.
"This way to the Showers"
-Adolph Hitler.
Everyone is starting to compare U.S. real-estate to Japan & Hong Kong when prices blew up. Basically there will be a 1 year jump where everyone thinks the bottom has been reached. Thus $600k condo goes to $400k then $475k then next stop $300k
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