A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
REAL ESTATE ROLLER COASTER!!!Look it up on google. It stops at the top.
All I can say is "WOW" If this chart's data is accurate and this is the trend then we are in for one hell of a ride and it looks like we will be getting this correction in housing cleared in record fashion.
OMG I got motion sickness just looking at it.
can someone get me off this ride!!!
...NOW we are in the 2nd inning...Marky Mark
*******NO COMMENTS NEEDED*******....except maybe Holy SHYTTTT!!!
The drop in the actual roller coaster exists. The drop in RE is unprecedented in history, except for maybe tulip mania. The scale of our pending drop is much farther, painfull, and infinitely more catastrophic than the amusement park ride. Families will be strained, miserable, broken, and compelled to mail in their keys. Health, emotions, and credit reports will suffer. Equity will be wiped out, retirements postponed and even eliminated. The unfolding misery is so very much worse than a park ride, more akin to a ride that skips its tracks...
.."because when i'm having fun i like to refer to myself and some other people... weeeeeeeeee"-mitch hedberg
Wheeeeeeeeeeeeeee!Hey, it looks like the rollercoaster track ends at the bottom. What kind of a ride is thi#$&%^#
..The graph is wrong - the last entry in the X-axis should be:1Q2007Either that or they are purposefully making it look alot steeper than it is.
It is amazing to me how many of my co-workers are actually thinking about buying real estate right now. Because "it is cheap right now", "it's a great time to buy right now", etc.... They don't even look at the fundamentals and the fact that just because a condo went form 399K to 315K doesn't mean it's "cheap".
There's nothing quite like the gut-floating exhilaration of being a new home buyer who put down 5% last year and gets to watch their new home plummet 10% in value in a single year. The joy becomes practically overwhelming if they need to sell for any of those pesky reasons that keep popping up in real life. At the closing they discover the consummate pleasure of coming up with 11% (5% loss plus 6% used house salesperson fee), or about $25,000 out-of-pocket on a median price house. As the NAR says "Now is a great time to buy a home." The price of a ticket might turn out to be a little more than you expected but you just can't experience the full thrill of the ride without some skin in the game.
This rollercoaster isn't fun anymore. I want to get off...
Roller coasters make me puke.Glad I didn't get on this one.
Q2 2008 Forecast.... ahhhaaaahahahhaaaaaaaaaaaaaa!
I hope they were wearing diapers
dopes saybuy buy buy
HERE COMES THE ARSONSSEATTLE, March 3 (UPI) -- Blazes firefighters label as arson Monday destroyed three of five model homes in a luxury development near Seattle, officials said.
"But it's a GREAT time to buy!"
The New York Times has reported that Bank of America recently circulated a confidential proposal to select members of Congress warning that the losses from mortgage related writedowns could exceed 789 billion dollars.
Is that Bush's approval rating?
There's nothing to worry about if you are a current homeowner. Respected economist Lawrence Yun, of the NAR, says "improvement expected by the second half of this year if loan limits are increased", that "(sales) rising notably to 5.8 million in the second half (of 2008)", "Preliminary data shows rising home prices in areas such as Rochester, N.Y.; Charleston, W.V.; Waterloo-Cedar Falls, Iowa; and Albuquerque, N.M.", "Affordability conditions are anticipated to rise 14.2 percent this year, permitting more people to become homeowners", that inflation will decrease ("Inflation, as measured by the Consumer Price Index, is seen at 2.7 percent this year and 1.4 percent in 2009"), and finally, "Inflation-adjusted disposable personal income is likely to grow 1.7 percent in 2008 and 3.5 percent next year". See, nothing to worry about. Now is the time to buy, price/income ratios be damned!
That can't be right - housing always goes up.
He actually cited Rochester, New York? Well considering that they lost something in the ballpark of 100,000 jobs since the 1980s and most of the population of younger folk, I would have to say that they really couldn't go any lower. That said, used to be that you could get a pretty decent house in the burbs for 130K (W. Irondequoit/Greece, etc) - I would imagine with the bubble it may be upwards of 150-160K. Pittsford, Fairport and the like will be more costly, of course. It's actually not too bad a place to bring up a family - good schools, educated populace, easy to get around, inexpensive, Nick Tahou's, Schaeller's and Pontillo's. And yes, it snows, but has plenty of good sledding and a few hills for skiing. Summers are pretty nice too - especially if you own/have access to a boat - oh, and a job.
Nice charts.As the Mythbusters like to say: "Well there's your problem!":-D
Anon 10:17Yun's BS could be called the "garbage plate" but it should never be confused with the authentic one from Tahous.
I saw an article today that homedebtors in Hawaii are complaining that tourism drives up home prices. In bubble areas they're complaining that prices have crashed. On the upswing they complained that rising values meant rising property taxes.So, in the end, homedebtors sound like a bunch of whiny children who will complain no matter what the market does.
>>They don't even look at the fundamentals and the fact that just because a condo went form 399K to 315K doesn't mean it's "cheap".<<That is so true here in AZ. Most people don't want to see what is really happening. People you think are smart are saying - oh we are bottoming out right now. And there's still a market for RE, people are still buying houses. It's a great time to buy!They don't follow the figures or they don't want to believe the deflation will affect them. So many houses are on the market here with prices WAY out of line and they sit - empty. It has to end sometime and I can't wait for the real fall in RE prices to happen here in AZ. Prices will fall HARD too.They just DON'T GET IT! YET!
I think jazz and blues will make a comeback.
"I saw an article today that homedebtors in Hawaii are complaining that tourism drives up home prices."Frank, do you have a link? I live in Hawaii and haven't heard anything of the sort. Would like to read it.
"They don't even look at the fundamentals and the fact that just because a condo went form 399K to 315K doesn't mean it's "cheap".I know! Happening here too. The NAR has really brainwashed these sheeple.
Laugh all the way up.Scream all the way down.Get in line and do it again?
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