March 03, 2008

HousingPANIC Quote of the Day

"There can be no doubt at all that the housing market is suffering a catastrophic collapse"

- Ian Shepherdson, chief U.S. economist at High Frequency Economics Ltd., February 2008

12 comments:

tick, tick, tick said...

Replace 'housing market' with America.

Thank you, Bush Family. You are true patriots (for Messico, and oilco, that is).

Daddy Bushco: A new s&l crisis is about to happen. You can bring out the rest of your honest and forthright children/grandchildren (like son Neil-you must be so proud)to skim fees off the top. After all, you've earned it, Right?

Revolution in the streets coming.

Stay tuned. Keep the pistols clean.

theloknesmonster said...

Well if these delusional sellers would lower their prices we might do our part to reduce the growing inventory.

In the Twin Cities you can see some drastic reductions, but these are for real shitholes in lousy neighborhoods.

The day I can buy the same house my grandma and grandpa lived in, in the same wonderful neighborhood, in the same wonderful condition, for what they sold it for in 1999, is the day I will start taking some serious tours.

Anonymous said...

HA!

Look at the dollar if you want to see a collapse!!!!!!!!!!!!

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

We don't need "experts" to tell us that the housing market is suffering a catastrophic collapse.

Those areas where speculation went up the most will have to drop that much further in value - regardless of what any "expert" has to say.

DOPES said...

"Treasury Secretary Henry Paulson had a tough message for homeowners: Don't think about walking away from your mortgage if you can afford the payments. In a speech to the National Association for Business Economics, Paulson said people who can afford their mortgage payments but decide to walk away from their homes because of falling home prices were nothing more than "speculators."

WHAT DOES THIS BALD, BONEHEADED FREAK THINK HE'S GONNA TO DO PEOPLE???

BAAWAAAAHAAAA!!!

JINGLE MAIL, JINGLE MAIL!!!

MAIL THOSE KEYS AWAY!!!

OH WHAT FUN IT IS TO RENT IN A TANKING ECONOMY!!!

Mark said...

I hate these expressions of doom. Did these people forget the 300% run up over th last 5 years in the bubble markets. A 60% decline in some areas is only correcting the crazy increases. It's a correction not a collapse.

Anonymous said...

wow look at that housing is crashing, my once $900K house is now only worth $800K....same house I bought for $175K...my god what will I ever do

Anonymous said...

Never happen - the Fed was created to prevent such a thing.

Anonymous said...

I hate these expressions of doom. Did these people forget the 300% run up over th last 5 years in the bubble markets. A 60% decline in some areas is only correcting the crazy increases. It's a correction not a collapse.

______

If you want an expression of doom and a REAL collapse, just look at the US dollar against almost anything (except US homes of course).

The fact that the prices of homes are falling AGAINST A PLUMMETING CURRENCY should tell you something, you idiot.

Anonymous said...

Never happen - the Fed was created to prevent such a thing.

_____

Ha ha ha HAAAAaaaaaaaa!

You ARE joking, right?

The Fed is helpless to prevent the sh|ts*rm as it unfolds. The measures they do try end up being the equivalent of pouring gasoline on the fire.

DOPES said...

"wow look at that housing is crashing, my once $900K house is now only worth $800K....same house I bought for $175K...my god what will I ever do"

WELL, YOU CAN'T REFINANCE IT, BECAUSE YOU CAN'T AFFORD THE NEW PAYMENT...

AND YOU CAN'T SELL IT, BECAUSE EVERYTHING ELSE COSTS JUST AS MUCH, AND YOU CAN'T AFFORD THAT PAYMENT EITHER...

GUESS YOU'LL JUST HAVE TO PAY THE HIGHER TAXES AND WATCH THE GRASS GROW AT THE FORECLOSURE ACROSS THE STREET...

DOPES!!!

whitetower said...

Re: anonymous 9:19pm,

"wow look at that housing is crashing, my once $900K house is now only worth $800K....same house I bought for $175K...my god what will I ever do'

Don't worry -- your house will soon be worth $175K again.