“People say, ‘I don’t care about the market — my home is still worth what I paid for it in 2006. And I say, ‘To you. Only to you.’ ”
- Robert Glinert, Los Angeles realtor, March 2008
April 01, 2008
HousingPANIC Quote of the Day
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14 comments:
I just realised this today, but there is one fantastic thing that is going to come out of this economic debacle: with a massive glut of new housing, and prices dying in the ass, soon everybody is going to be able to afford a home. Even if you're a Wal-mart funployee on $8 an hour, once the fields of McMansions mark to market, almost everyone on a low income is going to be able to afford to own their own home (provided they can pony up a 20% deposit of course). This may be a massive recession, but it's also got the potential to be the world's most effective low income housing program.
Sure. AND:
Bush is not stupid
Cheney is not corrupt
Wal Mart is Good for America
Jesee and Al are real reverends
Mozillo is innocent
Lawyers are helpful
Halliburton doe not bribe Cheney
How F*cking dumb are you? Enjoy your ramen noodles, moron.
"soon everybody is going to be able to afford a home"
If gas keeps going up, it will drive up food and other necessaries, potentially keeping the minimum wage earner from being able to take advantage of the "bargain basement" (no pun intended).
Hey look, an honest realtor!
Helloooo dipshit renters. If "everybody can afford a home" then prices will be driven UP by high demand for housing. It's not like all houses are going to magically cost $100,000 again. The market clearly needed (and needs) a correction, but your dream of living in Malibu with an ocean view and $750/mo mortgage will never come true.
The sheeple REALLY think this way...our UPS driver came in yesterday after his week long vacation, which he took in order to refinance his house.
It was appraised ten years ago at 166K.
He wanted to borrow 210K, and thought it would be worth in the range of 300K.
The appraisal came back...at 144K.
He was telling us how he's called the bank and demanded another appraisal...and I said 'you're near Scranton, right' and he said 'yes' and I said 'do you realize that there are tons of foreclosures out there and that houses are closing for 20K or less?' and he just LOOKED at me and said:
"BUT I'VE DONE TONS OF UPGRADES AND I KNOW MY HOUSE IS WORTH 300K"
And I shrugged and said 'to the bank, it's only worth what the appraiser says its worth'.
SO MUCH FUN!
IT'S OFFICIAL, CNBC IS ANNOUNCING THE BOOMERS ARE DELAYING THEIR RETIREMENTS...
AND YOU ALL THOUGHT GREENSPAN AND BUSHY BOY WERE DUMB!!!
THIS IS THEY'RE SECRET PLAN TO BAIL OUT SOCIAL SECURITY!!!
CLEAN THE BOOMER'S HOUSING CLOCKS AND CAUSE THEM TO KEEP WORKING FORVER!!!
DOPES!!!
Only in Clownifornia, the land of leftwing crackpots and their beloved illegal brown Mestizo slave labor.
to anonymous comment re dipshit renters.
Did it ever occur to you that many renters might just be realistic about their current situation, a character quality lacking in many who have managed to live a life which looks as though they can afford more than they can. A lot of renters have probably never even applied, because the KNOW
they can't afford a house.
What's wrong with that? Do we all have to be arrogant and full of hubris to please your idea of a "qualified" to be be human, human?
Grandma pkk
found a clean servicable unit for 45,000 in a golf course retirement subdivision non associative non HOA in 2003........leaving plenty for business investments and travel from my never done well bank account...............do not think it could be replicated for less than 60,000 today...........in a town without property taxes...imposible........
rebuild detroit, cleveland buffallo....ect,,ect,,ect,,,,with house cost savings investment moneys...or what to do after spending 30,000 for an industrialists former mansion................
no those jobs are gone forever......................
No, I won't get Malibu, but I'll probably get 3800 sq. feet and a pool in Kansas for 750/month
I had a local government official tell me that he could get "twice what he is appraised for" for his sh#tbox.
Appraisals here are at 100% of value, last done in 06, and I might be able to get close to my current appraisal figure if I had to sell my home,...maybe.
No.....probably not.
Like Glinert said, only in their own minds. Reality is going to give so many Americans a much needed slap up aside the head.
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