"We're off the cliff. We think we have a parachute, but we can't find the ripcord to land safely. It really will get a lot uglier for the next year across America"
- Phil Immel at Prudential California Realty, March 2008
March 14, 2008
HousingPANIC Quote of the Day
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23 comments:
"But buy with confidence!"
Black Friday today, yes?
But Suzanne and Greg Swann said!
ITS A GREAT TIME TO BUY...
America is DEAD.
But, but, but - yesterday George W. said things are going to get much better (ie. the economy) later this year!
No guff! Duh!
SUZANNE, you got some 'splainin' to do....
I'm sorry but a 12.9% drop in price in California just isn't cutting it. Homes in decent neighborhoods aren't affordable yet. Guess things will have to drop further. Incomes just don't support the prices the way they are. And even if you have excellent credit, stated income loans are hard to find and qualify for. Need to qualify full doc at these prices, better have a large down payment. And where's that gonna come from, your savings acct....ha ha ha. No, you have to sell your existing home that you're not willing to reduce the price of. So go ahead Fed, lower rates and increase the limits on Fannie Mae - that will not move the market, only a realistic drop in price will.
"We're off the cliff. We think we have a parachute, but we can't find the ripcord to land safely.
Follow my dad's advice if you're falling from a cliff. Grab onto an electrical extension cord; it'll get hung on something!
... But SHHHHHH!!, don't tell this to any of the real estate agents, mega-corp homebuilders, banks and other accomplices of this financial crime that we are witnessing. They are just starting to falling like flies. Let 'em bust their asses when they finally make "contact" with "terra firma"! OUCH
Don't worry, there's nothing here but blue sky and white fluffy clouds.
Please note that the end of his statement included that we'd hit bottom "a year from now".
Immel's a realtor in my neighborhood that possesses some understanding of the situation - however - it doesn't keep him from currently repping houses at WTF prices.
Basically - the realtors are all, still, completely delusional in OC.
America is DEAD
Long live the Republic of TEXAS! (in Uruguay or Dubai, or in whatever surrogate country where they will let them fly that flag)
King of the Bitter Renters
Yeah! Especially when 1/2 your neighborhood is burned down!
http://tiny.cc/Mkg9h
Crap! Somebody pinch that guy!
He's not supposed to say that!
Jesus! He's supposed to be saying: "Now's a great time to buy a home!"
"Get in now while you still can!"
"Oh, you can always refinance!"
and
"There no better way to build long term wealth".
Ummm, let me see. Did are we leaving anything else out of never-fail sales repetoire?
This is all happening faster than anyone ever imagined.
We are so screwed!
Remember that old cartoon with Wile E. Coyote?
He's fallen off a cliff(again) but this time he has a parachute?
When he pulls the cord camping supplies fall out.
Yeah something like that.
I'm glad things are going to hell because as an America-hating leftwing kook, recessions and depressions don't affect me at all. I will take my gold out into the farms and trade it for food. I hope my family and friend all lose their jobs and end up in the streets because I hate everyone and hope they all die. the only problem is mom won't be around to bring me my lunch down in the basement
Anon. 7:53 pm:
Which is worse? Your brainless diatribe working out or you and your fascist neocon rightwing buddies working to put America's middle class out on the street so you can make an extra buck selling the country out by shipping the jobs overseas?
Nice try rightwing nazi. Isn't it time for you to go salute the picture of Mussolini and Hitler embracing?
Anon. 7:53 pm:
Everybody hurts. It's gonna be ok, dude.
It's really not, but you sound pretty angry and bitter, so I thought I'd try to cheer you up a little.
With all that's happened over the last 8 to 10 years, can you be all that surprised with this tidal wave of Schadenfreude? I think not.
I don't think there's a parachute in that bag.
I'm guessing it's millions of dollars "worth" of crap loans instead.
" It really will get a lot uglier for the next year across America"
...and the year after that
...and so on and so on.
With the price of gas now,I can't even afford to go look at the houses that are for sale at half the price.Mabey in the future they will put in electric trolleys to the far flung suburbs,by that time mabey they will be 90% off. O k thats my plan.Well mabey ....
To Anon 7:53
Hey Dude!:
I,m actually a right winger Big Time!! I love America Big Time!!
I saw this coming FOUR YEARS AGO and yes I have everything in COMMODITIES because the FED is now forced to save the s--t bags like you!!
And I just hate seeing our formerly great country being destroyed by brainless; greedy; s--t bag REICs, Mortgage Brokers, INVESTMENT BANKERS - but what can I do!?!?!
Actually I'll be there to save all you useless braindead sh-t bags because I'll be buying your s--tty houses like crazy in 2010-2013 when nobody else can or will want to!!
Mama's Basement?????
Yo Mama won't have a basement in 2010 - 2013 and y'all be prayin for the likes of me when I'm sellin gold @ $2,500 = to buy back in the REIC slum fest!
See y'all then DUDE!!!
Ezekial, Sarasota
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