April 14, 2008

The collective consciousness when it comes to housing has changed - 60% of Americans say they will definitely not buy a home in the next two years.


Sorry realtors. We win. You lose.

And these numbers are just gonna get worse.

AP Poll: More Avoid Buying Homes - Growing Majority Avoid Buying Homes As Pessimism Over Housing Crisis Grows

A growing majority say they won't buy a home anytime soon, the latest sign of increasing pessimism about the nation's housing crisis, a poll showed Monday.

In a vivid sketch of how the sputtering real estate market is causing distress throughout the country, the Associated Press-AOL Money & Finance poll found that more than a quarter of homeowners worry their home will lose value over the next two years. Fully one in seven mortgage holders fear they won't be able to make their monthly payments on time over the next six months.

Sixty percent said they definitely won't buy a home in the next two years, up from 53 percent who said so in an AP-AOL poll in September 2006. At the same time, just 11 percent are certain or very likely to buy soon, down from 15 percent two years ago.

48 comments:

Toby said...

What does that mean? 60% won't buy a house? Does that mean that 40% will buy a house? Housing turnover is about 3% per year over the long run, so I don't see how that many people can be buying. The inventory would dry up overnight if they did. What is the context of this survey?

Andrew Hac said...

Most Americano can't buy a home for the next 99 years because all the money that they are making is going into the tank of that chicken-barn Ford F350 or the Expedition. Plus Americano are getting hungry often due to their obese illness so they have to consume a large order of Popeye Fried Chicken every 2 hours. Americano are worse than the good old Snapper Turtle in term of control.

=====

The Americano Housing Bubble has revealed the true anatomy of the Americano Australopithecus species. And what that anatomy amounts to is a heap of putrid, rotten to the core, maggot filled, rat chewing pile of garbage.

Greed, Ignorance, Irresponsibility, Laziness, Materialistic-Craze, Hoity-Toity attitudes are all part of the Americano rotted anatomy, stinky gut.

How a fat-ass, obese, beer-gut, rotten teeth, putrid breath, dumb-ass Americano male driving by himself a Ford Expedition on the road, consuming 15-18 miles per gallon of gasoline is just beyond the realm of reasoning.

How a whole family of cracker-nuthead, GrandPa and GrandMa, Joe6Pack and JaneZinfandel, 6 of the spoiled-brat runny nose snotty kids swarming the Walmart aisle after aisle piling junks on the shopping cart is pure hilarious and pitiful at the same time.

How a whole family of Hicks and HillBilly chomping down on oily, greasy McDonal french fries and Wendy’s hamburger is just so resembling the scene of the bunch of hogs roosting and wallowing at the feed trough.

The Americano nation is pathetic and sinful beyond the point of redemption !

Frank@Scottsdale-Sucks.com said...

I'll probably buy next year. Prices will drop low enough to my satisfaction and it will be worth it. I'm sure the cost will be higher than renting but I'm tired of renting at this point.

Realtors suck though. Yesterday we went to see some open houses in the neighborhood we like, they were all scheduled from 1-4 but the lazy ass realtors didn't start showing up till around 2. You'd think they'd work harder and stop getting wasted every Saturday night considering the market today.

Mark said...

.
.
.

Is this the same 60% that can't name the vice-president or find Iraq on a map?

mark

JamesJ said...

And MY GOD - Why would anyone want to throw hard earned money at an overvalued and rapidly-depreciating asset??

With prices never before THIS disconnected from fundamentals in most cities, housing prices truly do have a long way to drop JUST to even be close to the historical mean again!!

Seeing Robert Shiller's chart the other day with the roller coaster analogy really drove that point home more than ever. Simply put, the biggest ride UP in prices, has to be followed by the biggest drop DOWN in history.

We want to buy a house, have saved $50k, but are probably just going to continue to lease until banks get serious about unloading some of their foreclosures. The discounts they have offered so far are laughable, and they can just choke on them while they continue to pile up, imo.

I really do think that in a few years or maybe sooner...?? There will be so few buyers with high credit scores and money in the bank, that THOSE people should get to pick up houses for pennies on the dollar, just to get a solid foundation of homeowners in place again.

Thoughts?

JamesL said...

Here's the clip of Shiller--

A little more dumbed down than it needed to be, but how else are they going to educate the Sheeple??

http://cosmos.bcst.yahoo.com/up/player/popup/?cl=7333181

casey's dad said...

Buy when everyone is scared shitless.there are some good buys out there.dont be a loser your whole life.At least casey serin had some balls and bit the bullet.

Buts Suzanne and Larry said... said...

But Suzanne and Larry Yun said NOW was a great time to BUY!

You mean they were not telling the truth?

RAMEN UPDATE:

Safeway SAnta Clara, CA
10 pkgs / $1.00 Good Until 4-14-08.

HURRY. You don't want to get PRICED OUT. They are NOT MAKING ANYMORE ramen noodle packs, didn't you know....

In the Keister, 6% ers. You're DEAD

Anonymous said...

I am not going to buy a home for a few years here in Fl, The homes that our for sale look run down or been empty for a few years now. I don't want that kind of home I WILL WAIT UNTIL THE MARKET FLUSHES OUT. Then buy in a new area where people want to take care of there homes .

Buzz Saw said...

I'm pissed, it's personal now. Three years on the inside. I will save money and let the FBs eat $hit $andwiches for awhile.

Anonymous said...

I know several people who have just bought houses. I know it sounds crazy, but they want in and they think prices have fallen enough or interest rates will go up and I won't be about to buy.

Anonymous said...

The time to buy is when it gets to 99%.

HEHEHEH

Anti-Realtor said...

They ran this story on the local news web-page & the area Realturds are PISSED.

The are crying on the blog page that the media is fueling the panic and altering history by posting negative RE stories.

Has there ever been a more money grubbing,greedy and materialistic profession in the history of the world?

Happy Snapper said...

Small potatoes compare to what’s coming down in Europe.

Renter Heaven said...

I had the best weekend in ages. After two and a half years of homeownership hell I'm back on my feet again. I can't tell you how great it is to be back to renting. We were living on the edge to afford the house to begin with, but when the heat pump died that was the straw the broke the camel's back.

I knew the dude next door was a heating and A/C mechanic, so I went over to beg him to look at it because I was flat broke after making my monthly nut. He was glad to take a look at it, but the news wasn't good; he said the compressor was fried. I was even more stunned to learn he was renting his place next door for half my house payment.

I was done, the very next month we skipped the house payment and used the money to get an apartment instead, before our credit was hosed.

This is why I had such a great weekend. Yesterday afternoon I was in the free fitness room watching the big LCD and working out when this unbelievable blonde chick came in. I don't want to get to graphic here, but let's just say I ended up bending her over the weight bench for a heart pounding workout. Oh man, this renting life is so great I'm not ever going back to being a loser homeowner.

veritas_faust said...

"...comes the pain!"

I told you so this seems insufficient at this point.

keepin the po down said...

Side topic:
How many years have the countries that are being impacted by the ‘food crisis’ been receiving tons of Rice from the corrupted UN?

How many generations have been living on Free Rice from the sky?

Aren’t record Rice prices partially the UNs policy fault?

Had they spent our tax money educating the under privileged peoples on basic farming tequniques would they not be in much better shape today?

Then again if the UN really helps people if may render them irrelevant.

Keep the poor hungry = UN job security

Anonymous said...

Proves that the "greater fools" theory is accurate.

All the fools have been pandered to. Those left are either unable or unwilling to dive into this over-inflated market. Now supply and demand (coupled with fear) will play out nicely.

It will still take some time but we will get there.

Lost Cause said...

I can pay double to buy a plummeting asset, or put it in the extra money in the bank. Tough choice.

Anonymous said...

That second half rebound that Yun keeps talking is becoming less and less likely (as if it had any credability to begin with).

Jymkata

Anonymous said...

Hmmm. I actually don't plan on buying a new home.....ever. Already got one, it's big and almost paid for.

Anonymous said...

This is great. If only the sellers could see where this is heading and cut the prices right away they would save themselves two years of agony.

Kent said...

WHOA!!!!! If 60% said they definitely won't buy a house, that means a WHOPPING 40% actually might! That is huge for a market like this! Since it probably only makes sense in about 5% of the cases, that means 35% are either clueless, crazy, or just dont care..... (the SHEEPLE).. WOW....

Anonymous said...

because all the money that they are making is going into the tank of that chicken-barn Ford F350 or the Expedition.

ROTFLMAO

Anonymous said...

Andrew Hac,
Forgot to take your pills again today?

Take a nap you’ll feel better.

Lost Cause said...

RAMEN UPDATE:

Safeway SAnta Clara, CA
10 pkgs / $1.00 Good Until 4-14-08.


Isn't it funny that the company that makes Top Ramen is from Irvine, CA -- the same city that hosts so many sub-prime companies?

theloknesmonster said...

Just because 40% said they would doesn't mean they can.

"WHAT...? You mean I need a down payment?"

"WHAT...? You mean I need money in the bank on top of that?"

"WHAT...? You mean I need to have a credit score over 471?"

"WHAT...? You mean my debt to income needs to be less than 150%?"

"WHAT...? You mean I need a job?"

"WHAT...?"

Frank@Scottsdale-Sucks.com said...

"Andrew Hac,
Forgot to take your pills again today?"


He's pissed off at all those big SUV owners because he can't afford one and has to drive a Prius.

He's especially pissed because he knows it's all his fault due to his lack of personal initiative.

went2puke said...

60% of Americans said they won’t buy! 40% of Americans…. WTF are these media morons talking about? What Americans? Those who rent? Those who have inherited a home? Those who have no job? Those homdebtors we keep running into? Amazing!!! You cannot get a clear picture out of these idiots.

To get a good picture though, all you have to do is go to the Telemarketers’ websites. They’ll give you a pretty good idea about America’s decadence.

Here’s one service provider who has a list of 80 million debtors in the US. In pitching his GREAT list to telemarketers, he says this:

“Active Bankcard Holders - Q5 Mailing List
These households have the ability to purchase whenever they desire. Their bankcard gives them the freedom to buy whenever a desirable product or service presents itself.”

Need more?

Robert and Sangeeta said...

I live in Chicago, IL. I got out of school in 2003 and had 30K. I got married in the summer of that year. My wife and I make good money (combined income of about 135K a year). Yet, we saw how housing values went through the roof and it just didn't make sense to pay an outrageous amount of money for a home. The only thing that we could afford was a "condo". (Even though with our income we could make ends meet, we factored in other costs like gas, food, vehicle maintenance, etc...) I put that in quotation marks because in Chicago things got so out of hand that in the north side of Chicago entire apartment complexes were gutted and brand new kitchens and bathrooms and hardwood floors placed and instantly it became a "condo" and yet they were asking for 250K to 400K and they were selling. A house was way overvalued (400K for a shit hole and up to 900K).

So far we thought that last year we would pick up a decent house for a bargain. Unfortunately, even in spring of 2007 people were deluded and wanted top dollar for their houses. In spring of 2008 people still want 500K for a four bedroom two bath house in a decent area.

So, we will be like the category of 60% of Americans. We will not buy. We will not buy until it makes sense to purchase a house. We are renting a one bedroom apartment (about 950 square feet) for $650 per month and oh yes, the heat and water is included!

I feel sorry for some people like my cousin who recently dove right in and bought a 3000 square foot house in a suburb of Chicago for 750K (original asking price was 899K and they lowered it to 829K and finally settled for 750K) because he thought "it is a great time to buy now before values go way back up again".

No, I will sit this one out. Keith, I don't post here often. But in the fall of 2003 I was about to dive right in and buy a house for 600K. But I was conducting my research to see if all of this made sense. For the life of me, I couldn't obtain any relevant information from the MSM sources. So I hit the web and searched for "house prices", "housing bubble", "are home prices over valued?", etc... and I found websites like yours.

I self educated myself and glad I did. Thanks to websites like yours and others, I didn't go with the herd and didn't make a really bad mistake. Thank you very much.

Anonymous said...

Here in Alameda, CA there are plenty of 'sale pending' signs all of a sudden. However, sales are taking longer and longer to close.

People here are so brainwashed.

They cant stop believing that now's a great time to buy!

Anonymous said...

Smart people!!

Sometimes buying seems tempting, but I gotta tell ya...prices have only come down a FRACTION of what they need to to even come close to the historical mean.

When you look at how high prices still are, you realize we are in UNCHARTED TERRITORY HERE!!

The drop down will be gut wrenching!!

LOWER THE PRICE!!! said...

I WILL BUY A HOUSE IN THE NEXT 2 YEARS if they just lower the price! Hell I would go buy one right now IF THEY WOULD LOWER THE PRICE!

SIZZILIN' SNAPPAHH ! said...

andrew hac--

EYYYE YIE YIE AMIGO!!

We hear there is a run on tortillas in your Bario - What chooo gonna' do now homes??

Time to move back in wit cher mama....oh yeah, you never left, I forgot. Might have to start selling your sister again..times are tough.

Anonymous said...

Swurvey Says....

Rice A Roni is 10/$10 at Smiths here!


YUM

Andy said...

I was looking at Antioch, CA real estate (a San Francisco suburb) and its amazing...75% of houses for sale in that city are either REO's or Short Sales. I saw a bunch of listing that were selling for 1/3 what they sold for 1-2 years ago...amazing!

Arizona Jake said...

There's a classic line in the Spike Lee movie "Inside Man". When there's blood on the streets, buy property. I think the homedebtors are going to have to bleed some more before we get to that point.

Anonymous said...

I plan to wait at least 2 years until I begin looking at property. (Builder)

Anonymous said...

.


Only 60% ?


About 90% are making slower and better decisions!


.

Anonymous said...

Andrew Hac!

long time no see! love ya, bro!

keep up the good work, ragging on those nasty Americanos.


your friendly neighborhood Americano,
aka Macaca

Keyser Soze said...

A first for me...last week I was having breakfast with some friends and a lady, 80 years young, advised me not to buy a house. I admit I was taken aback by her astute observation and financial acumen.

Keyser Soze said...

Well done, Andrew.
BTW, my favorite Popeyes is downtown New Orleans. I grew tired of the alligator and seafood concoctions in the FQ and had to get down to my roots!

Anonymous said...

"...a few years or maybe sooner...Thoughts?"

a)wait a couple of years after the bottom to make sure. It's going to be quite a few.

b)act when fundamentals are inline.

common sense said...

Don't forget -- we need knife-catchers to jump into the market. We need them to set the new comps. They'll bring the prices down for the rest of us in pretty big chunks. We need them to buy houses that were sold for $499,000 two or three years ago that are now selling for $300,000. Then we need the next idiot to buy one for $275,000 and so on.

Veronica Lodge said...

RE: Housing pessimism:

Does this mean that the majority of people are finally waking up to the fact that the annual, double-digit "appreciation" of real estate is finally over?

Do they now see that there will be no soft landing?

Have they actually come to the realization that housing prices are not just going to go down -- they are going to crash?

Does this enlightened majority now appreciate the fact that the entire real estate industry is a run by a gang of criminals?

Too bad they caught on too late.

V.L.

Scott said...

Here's where that "rollercoaster" idea came from:

http://www.youtube.com/watch?v=kUldGc06S3U

Pretty cool, and really makes you think about how INSANELY above trend prices STILL ARE.

Scott said...

Here's where that "rollercoaster" idea came from:

http://www.youtube.com/watch?v=kUldGc06S3U

Pretty cool, and really makes you think about how INSANELY above trend prices STILL ARE.

Anonymous said...

If we do buy another home, we will NOT use a Mortgage Broker (Credit Union), and we will never use a Realtor again.