March 26, 2008

HousingPANIC Stupid Question of the Day


Remember the carefree and lazy days of 2006 when all we did was debate whether there was a housing bubble with realtors, housing gamblers and homedebtors?

You know, before the entire Housing Ponzi Scheme blew up in spectacular fashion, taking the worldwide financial system to the brink of ruin?

40 comments:

Anonymous said...

Oh yeah, 2006, a very good year...

the year I sold my suburban D.C. house I bought in '01

Laughed all the way to the Bank :)

It was a VERY GOOD YEAR

Ed said...

Also the year when the American people broke the shackles of Republican opression and elected Nancy and Harry as their leaders. Also when gas was $2.25 a gallon.

How's that vote working out for you all?

Anonymous said...

You mean before Greg Swann lost everything?

Anonymous said...

There is no bubble! House prices will never go down! Buy now or be priced out forever!

tangelo mozilo said...

I remember it well. There aren't any bubble deniers anymore, are there?

suzanne said...

I researched it and if you give me 6 percent I'll tell you the truth.

Stuck in So Pa said...

Oh yeah, 2006, a very good year...

the year I sold my suburban D.C. house I bought in '01

Laughed all the way to the Bank :)

It was a VERY GOOD YEAR

March 26, 2008 10:01 AM
===========================

Same here! Sold an inherited in 2000, bad beyond belief pos sh#tbox, in bubble Baltimore, for more money than any sane person should ever have offered. And it wasn't even the highest offer. Could have gotten more, but this idiot had ready CASH then and there, a solid businessman, knowledgable in real estate, and I wanted the out-of-state estate closed so I could go on with life.

He was still an idiot!

a.creampuff said...

Housing bubble blogs like HousingPANIC were the place to find out what was really going on. This raises the question of the ability to manipulate public opinion via the media. When I was a kid, there were newspapers, radio, and three channels on t.v. - that was a lot, but seems kind of limited now. To be better informed, you had to dig a bit more. I didn't question the media as much back then, either. Uncle Walter wouldn't let us down.

Frank@Scottsdale-Sucks.com said...

But real estate ALWAYS goes up!

Better buy while you still can!!

BringEmHome said...

speak for yourself keith, I was busy with other things like calling my senators about bush's unfortunate foreign policy.

Anonymous said...

Keith;

The government reports that sales of new homes fell in February for a fourth straight month as the steep slump in housing continues.

This came today straight from the horse's mouth-- the Commerce Department:

"New home sales dropped 1.8 percent last month to a seasonally adjusted annual rate of 590,000 units, the slowest sales pace since February 1995. The decline was slightly worse than expected."

What else do people need to know in order to understand the depth of the housing collapse? A hammer on the head?

MAX

Anonymous said...

I couldn't wait for the housing bubble to burst. Crappy little ranch homes doubled in price in just a year or so where I live.

But the market implosion ... omg, I would have never guessed it would be this bad.

Anonymous said...

What are you talking about. Housing is on the comeback according to NAR and those commercials they are putting out to let me know that I am making a good decision by buying now.

Therefore, I just bought an investment condo in Phoenix with a great view of a canal. I could not resist, it was 100K off the PEAK PRICE and they even threw in a FREE TV. I can't say no to FREE S*** and violate my consumer contract with my homeland.

I'm glad that we have finally reached the bottom and thankful to places like the NAR who keep us accurately informed as to the state of the market.

Anonymous said...

Better buy now before a better deal comes by tomorrow and you have missed out forever.

News from the Burbs... said...

Once Upon a Time in America before the New Depression stuck with ferocity and vengence and George Bush and Dick Cheney were arrested and convicted of High Crimes and Treason before the New American Revolution nationwide rioting started...

Nice picture of Grandmother carrying a platter of George W. Bushco - oops I mean baked turkey.

Too Bad Grandma lost all her retirement money in a stock swindle perpetated by her son after Grandpa shot himself in the head and died. Now granny lives in a used tent trailer parked next to a garbage dumpster filled with dead cat guts from the Asian markey nearby, and she eats cat food twice a week and ramen realtor noodles while scrounging for cans for extra money for cigaretes. The gas station on the corner allows her to take a cold water only shower once a week in the back room near the grease pit. Granny gets the paper to read at the nearby laundromat. Her grand daughter, a one-time barroom pole dancer and a notorious local failed Realtor, currently facing 5 years in prison for mortgage fraud turned out to be a AIDS-infected prostitute who was recently dating some high up politician in New York... The only son, a former mortgage executive on Wall Street was shot dead in the head down on the corner by a known thug named Rufus who uncannily resembled the disgraced Mayor of Detroit, MI, (also reportedly realted to presidential hopeful Hussein Obama), selling crack cocaine, leaving behind 3 wives and 9 welfare children, many yet to be identified but all on state and federal welfare.... Jesse HiJackson was said to be interested in the case until he learned that Rev. Al had already called 'dibs' on the publicity...

When asked, Grandma commented that although troubled, and she didn't like the smell of the dumpster, but was grateful to Dick Cheney for her weekly cold-water shower, she was proud of her family and had confidence that sitting President George Hoover would soon lead us out of our troubles and...

HAPPY DAYS ARE HERE AGAIN....

Amtex said...

Did someone really imply that electing a Democratic congress has caused these problems? The ground work was set long before the 2006 midterm election.

Remember, the brilliant Bush never vetoed one time until the Dems took over Congress. Now he vetoes anything that does not favor big oil and the military complex monster.

David in So Cal said...

Keith,
My fear is that the jack asses that have caused all of this mess are going to be the ones that profit from this disaster.

Yep, I remember the good old days when committing mortgage fraud was a crime. Now it is getting its own VICTIM status.

P.S.- IM PISSED!!!!

Anonymous said...

Now that the "shackles of Republican opression (sic)" have been "broken", why aren't gas prices coming down?

Why did Pelosi vote aye for H.R. 5351?

FUNNOMINAL said...

Keith,
Thanks again for providing the forum, the insight, the 'incite' and the incentive for people to hang in there with rationality and be steadfast in their true belief.

FUNNOMINAL

mairca izda debol said...

Paulson: Don't Stop Housing 'Correction'

Wednesday, March 26, 2008

WASHINGTON (Reuters) - U.S. Treasury Secretary Henry Paulson said Wednesday that housing prices need to be allowed to continue to drop while every effort is made to ensure the adjustment does not cause excessive harm to the economy.
"A correction was inevitable and the sooner we work through it, with a minimum of disorder, the sooner we will see home values stabilize, more buyers return to the housing market, and housing will again contribute to economic growth," he said on prepared remarks for delivery to the U.S. Chamber of Commerce.

The U.S. Treasury chief also said no one should conclude that broker-dealers and other big financial firms will get permanent access to new lending facilities made available by the Federal reserve to ease market stresses.

© Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters

area 51 said...

FLASH to HP Paulson haters...

Headlines:

Paulson holds firm against govt action to solve mortgage crisis.
-Greg Robb, Marketwatch.

Paulson Sees Most Legislative Ideas As `More Harm Than Good`
(Think: Hillary and Barney bailouts)

Both from his speech to the US Chamber of Commerce today.


SUCK IT!!!

Buzz Saw said...

That turkey is over-baked, just like the housing market.

Anonymous said...

Also the year when the American people broke the shackles of Republican opression and elected Nancy and Harry as their leaders. Also when gas was $2.25 a gallon.

How's that vote working out for you all?


Yep. Price of gas and food has sky-rocketed since Democrats took over a couple years ago. Thank you Nancy and Harry!!!!

Anonymous said...

2006 was the year that a homebuilder salesperson snootily sniffed that I would have to take a lottery number and wait in line if the likes of me was to have any chance of ever moving into one of their wonderful, sooooo in-demand new houses.

Anonymous said...

The good ole days, when war was war, and gas was cheap.... sigh

Anonymous said...

2006 was the year we went to a plumbing fixture store (showroom)...They wouldn't let us look around. We needed to have an appointment. AN APPOINTMENT to look at faucets.

Anonymous said...

Shocking interview on Bloomberg:

Bloomberg video:

Grant Calls Fed's Balance Sheet an `Economist Nightmare': Video March 25 (Bloomberg) -- James Grant, editor of Grant's Interest Rate Observer, talks with Bloomberg's Pimm Fox in New York about the Federal Reserve's intervention in the credit market crisis and its impact on the value of the U.S. dollar. (Source: Bloomberg)

http://www.bloomberg.com

deepcgi said...

What makes you think Obama will preferable to McCain with regard to the Housing Crash.

He is the same pure socialist that Hillary is. You even pointed out that McCain was right on the issue the other day.

Is your objection to McCain a foreign policy problem? Remember he was one of the few Republicans opposed to the War before we went in, and the only one calling for more troops after we did.

He just seems like a decent companion for HPers to me.

WildBill said...

"BringEmHome said...
speak for yourself keith, I was busy with other things like calling my senators about bush's unfortunate foreign policy."

Good thing you apparently didn't get through, given all the positive developments in Iraq since then.

Or was it the positive developments you were hoping to prevent?

Anonymous said...

Don't really know about 2006, they all start to run together...

Those who can remember childhood with clarity wouldn't understand...

Carefree? That's a little more permanent than years passing by, don't you think? People who are pissed now were pissed when Clinton was in office, they just never blamed everything on the President then. But their life still sucks because they think it's someone else's job to make them happy.

Anonymous said...

Sure thing. It seems that was taking forever to unfold, but when it did... Bham!!!

Anonymous said...

Could you guys stop blaming the Clintons and start blaming your own American culture?

You had an excellent candidate for president, Ron Paul. However, the Americans don't want him since they think that Obama is the new Messiah, based on nothing. The only reason that Obama didn't vote for the war in Iraq us because he wasn't present to vote. That's totally different from not voting.

The same corrupt MSM that destroyed Ron Paul is pushing Obama down your throats, and what do you guys do? You're all in love with that Racist In The Close Obama, while blaming the Clintons.

Blame for what? Hillary's getting bashed daily by the same corrupt media but you're still playing the corrupt MSM game. The same corrupt MSM who brainwashed you daily to vote for Bush/Cheney and for the war in Iraq.

Stop blaming the Clintons and start blaming your own type: the stupid Americano.

Anonymous said...

speak for yourself keith, I was busy with other things like calling my senators about bush's unfortunate foreign policy.

Apparently that worked well, eh? Sorry to break the news: you're too poor for Senators giving a rats arse about your calls.

Mammoth said...

In 2006, a 10-lb bag of potatoes was $0.99. Today that bag of potatoes will set you back $3.00.

But of course, this has nothing to do with housing, does it?

Anonymous said...

Wildbill said:

"Good thing you apparently didn't get through, given all the positive developments in Iraq since then."

Holy cow!!! What positive things? You must be reading from another page. Take off those blinders and go dig for the real stories other than the ones peddled to morons like you by the White House spin doctors.

The 4000th US casualty and those innocent people killed everyday are no longer there to see the "positive" things you are hallucinating about!

Iraq has been, still is, and will always be a nightmare for the US. The sooner we get out of there, the better.

MAX

Anonymous said...

I just bought a house. I'm glad.....Original owners payed $555K in 06 and I'm paying $349K. I can afford the payment no problem and I'm tired of moving. My kids finally have a stable place to call home. Blow me......

Mammoth said...

O.k., re: my above post, here is the connection between the tripled cost of potatoes and housing:
The price of energy skyrockets, driving up the cost of growing and transporting food to your local grocery store.

Average Joe and Jane, already dismayed by the high price of gas they see at the pump, feel even more negative when they notice the cost of food going up. They are also aware that their paychecks are not going up, so they feel poor. This causes them to decide against making purchases that they would have made, say in 2006.

So, Joe and Jane decide NOT to purchase any new appliances or make improvements to their house this year. They quit going out to dinner once a week. Instead of shopping for clothes at Macy’s, Jane now shops at Wal-Mart (sorry, Keith). Instead of taking a vacation on the other side of the country this summer, Joe and Jane stay home for those two weeks and spend their time painting their house and doing their own landscaping.

This results in the appliance sellers, restaurants, upscale stores, travel & hospitality industry, house painters and landscape firms losing some of their business. Now, multiply these losses by the number of people out there who are cutting down on their spending due to the rising cost of everything (including the lowly potato), and suddenly there is not enough money to keep all of the people in these industries employed.

Some of these folks will thus find themselves laid off from their job and unable to make their house payment, and will wind up foreclosed on. And that is how the rising cost of potatoes affects housing.

-Mammoth

Anonymous said...

Norman Rockwell?

No, the description of today's diverse multicultural america is much different.

Anonymous said...

wow,

Bunch of bozos in here still at this. Man hang the gloves and move on. Life is to short to keep bitching about housing. Go out and get laid and have fun. Peace Out!

misterorange said...

I still read blogs where the bulls in denial roam freely. The OC register is rife with bulls still! lansner.freedomblogging.com