April 21, 2008

HousingPANIC Quote of the Day

"We paid $585,000. It was the peak of the market, but no one told us. We would probably have to spend the next 20 years trying to get right on the mortgage. That's crazy."

Joan Shaffer - Screwed Phoenix homedebtor, failed housing gambler, realtor and now jingle mail sender, April 2008


Anonymous said...

I laughed my a** off when I read this in the AZ Republic and saw she was a realtor and then added, "It was the peak of the market, but no one told us". Incredible. It would be like an auto mechanic buying a broken down wreck, and then complaining no one told him the car needed a lot of work. This person should be the poster child on why realtors don't deserve their 6% and should only be paid an hourly wage for the work they do.

Anonymous said...

"...no one told us..."


Plenty of people tried to tell you and a lot of other people.

You shouted us down. Now you blame anybody and everybody...

but yourself.

Frank R said...

Yeah I saw that article. Even the few who *can* pay their mortgages in Phoenix and Scottsdale are now refusing to do so.

Scum low-life bottom feeder town.

Anonymous said...

I moved to Phoenix the same time that this guy did. I looked at the house prices and the sticker shock led me to dig around on the internet where I found out about what was going on.

The information was all right there. All you had to do was look for it.

I didn't want to spend 585K for a house because I didn't think the houses were worth that much.

Apparantly this guy did. Bad move.

Anonymous said...



Bra hah aha haha ahaha

Ramen price increase:
WAS 10 pkgs/$1
NOW 8 pkgs/$1

I hear Realwhore and FB empty stomachs growling out there...

Anonymous said...



Anonymous said...


It was the peak of the market but no one told us?? Are these idiots for real?

Do I get a refund for all the stock I have bought at peaks only to have it devalue? Cause, hell, nobody told me that stock was at the peak!


Anonymous said...

She's a realtor. Why should she have any idea what the market is? How'd you miss that Keith? Not like you.

Anonymous said...

Here's an idea for a thread, Keith:

Household Debt in the US: $14 trillion and counting!


This Businessweek article says:
"The housing bust has gotten most of the headlines, but the real story is the astonishing buildup of household debt in the U.S. and around the world in recent years. U.S. households now owe almost $14 trillion, nearly equal to the annual output of the U.S. economy."

Out at the peak said...

Clearly that person doesn't talk to the right people.

That'd be funny if one person said that they were going to buy a house and a real estate agent said, "Just so you know, this is the peak of the market. You are the last sheep. Do you still want to make the purchase? Or will I regret that I ever said anything?"

Anonymous said...

Keith, do a poll and hold a discussion: At what % decline in value do you walk away from a home? 10, 20, 30, 40, 50%?

Anonymous said...

A peak, just a like a trough, can only be determined in hindsight. However, a trough usually expands over a protracted period of time, where as a peak is of a very short duration. If you would have taken the time out to determine the fundamentals of the biggest purchase of your life, i.e. compare ownership carrying costs to renting you would not have needed to go through such a severe life lesson. But you should consider yourself very lucky to have served as the poster child of the AZ bubble by inadvertently, and to your financial destruction, pinpointed the peak. Now get to work to figure out how to avoid your own financial armageddon Ditz!!!

Anonymous said...

Nice blog you have here. Definitely better than the other "HBB" one that's basically just a news compilation site run by someone with emotional problems.

I keep expecting to see Mr. BJ on the news with the headline "Another Tech School Shooter!"

Anonymous said...

Looks like Joan needed to consult her colleague SUZANNE who would have researched the market for her and informed her that it was a peak that was about to crater, NOT. Suzanne would have eaten her own for the commission!! HA HA. Joan should be in a truth in advertising commercial about how incompetent and uninformed real estate agents really are!! SWEET SWEET IRONIC JUSTICE that an reatlwhore who is touted as knowing everything about the housing market can't even crunch a few simple numbers and realize that the home is overpriced and that the loan is a toxic waste that will corrode her finances for life!! HAHAHAHAHAHA!!!!!!

Anonymous said...

In a bidding war. $95k above asking.

Anonymous said...


No - you bought a home you could not afford expecting to get rich from the appreciation.

Cause if you bought a home you could afford you would already be "right" with your mortgage.

Anonymous said...

"It was the peak of the market, but no one told us."

Like they would have listened if anyone did.

Comments like this reveal what's wrong with the American attitude today: It's not my fault! Nobody told me not to buy a house I couldn't afford!

I have no sympathy for people like this. They don't deserve to own homes, and our government should not lift a finger to keep them in houses they didn't earn.

Anonymous said...

"Nobody told me..."
...and of course you're too damn stupid to figure it out yourself. I used to wonder how an idiot and their money got together in the first place. The banks just made it too easy for nit-wits like that to get their hands on $500+K.
We need to reinstate debtor's prison or forced labor camps (gulags) and we need to quit shielding banks from the consequences for their bone head descisions at tax payer expense.

Carrie Newhouse said...

It is time to shift thinking... your home is not an investment vehicle but rather a place to live.

Anonymous said...

You go Girl!

Love it, screwed by a lender/broker and now sending the key's back. Priceless.

Anonymous said...

Does this moron think anyone would tell him it was the top of the market? A fool and his money are son parted.

Anonymous said...

Okay. Wait a minute. I had rented my whole life, never had ANYTHING to do with realty, and I knew there was a major bubble.

How the hell does a realtor in the middle of one of the most bubblelicious areas not know that?!!?!

Does REALTORS® have a maximum IQ to becoming a member? Are you automatically disqualified if you are educated beyond 12th grade?

Anonymous said...

If it's the peak, no one's gonna tell you, genius. They're going to try and sell it to you and make a quick buck while you're holding the bag.

Anonymous said...

That stupid woman deserved what she got. She lived in Scottsdale, in a 600K house, you can imagine the attitude she had at the 30K millionaires clubs. She then couldn't imagine how her option Negative I/O Arm was going to ever get paid. She was someone that took advantage of the ignorant lenders that only saw greed, as she and her daughter did. Give Me A BREAK!!! She didn't know! BWAAAHHAAAAAA!

Anonymous said...

I propose a minimum I.Q. requirement for R.E. agents.

Anonymous said...

Figures she was a "Real Estate Agent from Colorado"

Anonymous said...

It just kills me that the lady you quoted was actually a real estate agent. Here's what gets me- most times, in a "normal" con, the con man knows the deal, the patsy takes the loss, whilst con man runs away with the cash. But hell, this was such a classic ponzi... the con is bringing more people in and churning sales. Only the 1st guys in and the guys sitting on top of the pyramid get to see the profits. Yeah, the realestators and mortgage guys made buck, but they lost it also buying into the same game. Classic classic coolaid.

Anonymous said...

Joan Shaffer is turning in the keys of the north Phoenix Tatum Ranch home she bought with her daughter in late 2005. They put nothing down on the home, took out a loan that let them pay less than they owed each month and now their loan is $200,000 more than the house is worth.

"We paid $585,000. It was the peak of the market, but no one told us," said Shaffer, a REAL-ESTATE AGENT from Colorado. "We would probably have to spend the next 20 years trying to get right on the mortgage. That's crazy."....

The mortgage industry is struggling to estimate how many homes are going into foreclosure because of people who don't WANT to pay, rather than because of people who can't afford to pay...........

Neighbors of the people who walk way are already being punished by lower home values due to the foreclosure......

"People should hang in there as long as they can, ask for help and try to work with their lender," said Margie O'Campo De Castillo of Arizona Dream Realty.

"Foreclosures are dragging down our housing market, and unnecessary foreclosures are selfish and unfair to the homeowners struggling to pay."
God! I wanted to puke reading this whole article, and this dumb bitch is a Realtwhore to boot!

I especially liked the last part about foreclosures being UNFAIR to those still left and "struggling to pay."
More like it's a wake up call saying to those remaining: "IT'S TIME FOR YOU TO WALK TOO, BABY!"

Anonymous said...

"It was the peak of the market, but no one told us"


Anonymous said...

YOU didn't pay $585,000 idiot!! Us tax payers will be picking up the tab for you and the corrupt bank who floated the credit. Are you giving back the car you got with the cash you got under the table at closing?

Anonymous said...

"It was the peak of the market, but no one told us."




Anonymous said...

Court decision: Realtors don't have to tell clients much; clients should do their own homework

The WHAT THE HELL am we paying you for?

"...juror after juror...heaped criticism on the Ummels' failure to research the comparable sales themselves..."

Anonymous said...

, but no one told us.

I hope someone will tell me when the bottom will be!

Anonymous said...

Top O’ the morning fellow HPers,
This morning I woke up and heard on Bloomberg radio, McDonalds profits soared thanks to huge increase in revenue from the fat ass pigs in Europe.

Here is a copy of some text from Yahoo finance.
“The world's largest restaurant chain said European revenue climbed 23 percent to nearly $2.4 billion, while quarterly revenues in Asia, the Middle East and Africa grew 24 percent to about $1 billion. Both geographic regions posted double-digit profit growth.”

It confirmed what I always knew..
1)The average US citizen is more knowledgeable and conscious about health and fitness then the ‘BBC and FT would have us think.
2)The average EU citizen is a fat and selfish slob, although they may not admit to their own obesity problems…
3)Get out of Euros as fast as you can before the smoke clears.
Isn’t it hypocritical to hear a Eurowhimp with his /her mouth stuffed with a biggie size Big Mac, dressing drooling out a plaque ridden mouth, and preach to us to feed the ‘starving in Africa”?

Anonymous said...

joanschaffer.com - "Joan Shaffer
Putting over 30 Years' Experience to Work for YOU!"

well, you should know better, Joan - after 30 years of experience .

Besides, did somebody put a gun to your head, forcing you to buy ?

And YES, somebody told you that is peak : Keith and all the HPers !!

Anonymous said...

Love Affair With Credit Cards Is On The Rocks

The Discover U.S. Spending Monitor is Reporting Consumers Wary, Plan to Reduce Spending.

The Discover U.S. Spending Monitor recorded its third consecutive monthly decline in January, falling more than four points to 86.1 as economic concern continued to grow and post holiday spending intentions moderated.

Both the economic and spending components of the index reached new lows in January as just over 70 percent of consumers now think the economy is in decline and 48 percent feel the same way about their personal finances.

The number of people preparing to spend more next month fell to 30 percent, down a point from December and five points from October.

At the same time, consumers seem to be ratcheting down plans for spending in areas beyond necessities. Nearly half (49 percent) of the January sample said they expect to do less discretionary spending in February. That’s nearly 5 points higher than December and a full 10 points more than what consumers said last September. Discretionary spending was not the only area consumers were expecting to cut back. They also intend to spend less on household improvements, major personal purchases and savings.

For the first time, consumers making $75,000 or more showed a significant change in spending intentions. In December, for example, 14 percent of people making more than $75,000 a year said they intended to spend more on discretionary items like entertainment and travel. In January, that number dropped to just nine percent.

Nearly 60 percent of this income group said they would hold February spending on par with January. Last month that same sentiment was expressed by just under 45 percent.

The most dramatic shift in attitudes in January occurred among consumers with annual incomes of $75,000 or more. Their economic confidence sharply declined in January. Twenty-nine percent rated the economy as poor and only 8 percent rated it excellent. The January figures compare to 20 percent and 12 percent respectively for December.

Anonymous said...




Anonymous said...

...this is my favorite part:

"People should hang in there as long as they can, ask for help and try to work with their lender," said Margie O'Campo De Castillo of Arizona Dream Realty. "Foreclosures are dragging down our housing market, and unnecessary foreclosures are selfish and unfair to the homeowners struggling to pay."

Margie, you ignorant slut!

Anonymous said...


Anonymous said...


"It is time to shift thinking... your home is not an investment vehicle but rather a place to live."

Translation...get ready to buy. The stockbrokers are almost saying "sell".

Anonymous said...

that last URL got cut off I think--

the end of it should be:


Anonymous said...

I closed on my house in December 2005, which was at or nearing the peak, but two things are much different from this woman:

1. I bought the house for my kids and myself to LIVE IN, not to flip.

2. My house was $130,000.00 and some change, not half a million. I also put $30,000.00 down.

I think it's sad that the housing crash is happening (in some ways), but at least maybe it'll stabilize the market after the smoke clears.

Anonymous said...

I do feel bad for the people who saved for a minimum 20% down payment only to be lied to by their Realtor. There are honest hard-working people who are financially ignorant who counted on the integrity of their Realtor only to find out later that they got screwed.

Scott said...

I know what happened in this case--

Realtors are SALESMEN---you can't trust salesmen (salespersons) to tell you ANYTHING straight.

The reason "nobody told you" is BECAUSE THEY HAVE AN AGENDA *OPPOSITE* TO YOURS.

Even if you've picked a salesman to help you choose, say, a pair of shoes--THEY ARE NOT ON YOUR SIDE. Their agenda is basically "unload some inventory, get some money."

I REPEAT---this is opposite to your agenda! They are not going to join you in wearing the shoes. They are not going to share the profit from the sale with you. You're on the other side of the table from them!

If the shoes are no good, if they are too high a price, if they are last year's model, if they are out of style and people will laugh at you wearing them--the salesman won't tell you this, because it is DETERMINENTAL to his getting the money. YOU have to FIND THIS OUT YOURSELF.

This is especially true when they are ON COMMISSION. It's a bit better in a store where they don't get sales credit or commission. I ALWAYS ASK.

Now, with realtors, IT GETS WORSE--not only are they on totally EXCESSIVE commission, but THEY ARE LEGALLY WORKING FOR THE SELLER.

Which is MORE reason--LEGAL--not to tell you you're paying to much, or the neighborhood is too crappy, or the roof is about to fall in, or the house suffered a fire one year before.

Now we come to this story--where a realtor thought they'd get the straight dope from "colleagues" because they are "in the business". NO---YOU ARE STILL ON THE OTHER SIDE OF THE TABLE!!

In fact, you as a realtor should be even MORE careful, because you also have to battle your own self-interested delusion that you are in a profession that is honest and honorable!

It used to be a bit better when it comes to the loan--you and the bank were coming in to an "investment" together, say, in farm land, a factor machine, or whatever, and needed to make it work so you both prosper.

But now, he sells the loan to some else, basically ON A COMMISSION that depends on the size of the loan! And thereby divests his involvement in the risk of the investment by doing so. So, now, HE IS ON THE OTHER SIDE OF THE TABLE TOO.

Which is how we are in this mess. And by the end of the year we'll be hearing all about how the mess has spread to COMMERCIAL debt too.

Anonymous said...

i made a mistake also by not buying that house at tatum ranch for 87,000 threee years earlier.... can i get bailed out as my 87,000 lost purchace power at like 80 percent inflation not calculated every year............in relation to housing ownership costs that are not calculated in the govts inflation numbers...........

Anonymous said...

and that 87,000 put into the bank enabled the bank to loan out 870,000 in dollars to compete at the bidding process at the sale of that house,

Anonymous said...

Her + Swanny = the perfect couple.

Anonymous said...

happy snapper,

wow a 23% increase in revenue, oh wait they report in dollars. The euro increased (against the dollar) by 18% between 1st quarter 07 and 1st quarter 08.

So it's really a 4% increase. Which doesn't even keep up with inflation...

Considering what food prices have done in the last year, that would imply they sold less!

Anonymous said...

And the fools that are trying to hang on are even going to be more screwed as a very well respected economist (Not greenspin or Helo ben) is predicting a housing crash greater that that experienced during the great depression!!


Anonymous said...

Hello Boys and Girls, it's Silly Wabbit singalong time...

Buried under debt
Collectors on my case
House is underwater
Gonna lose this place.

So I am out of here
See ya baby, ciao
So easy to send in the keys
My butt is moving out.

Jingle Mail, Jingle Mail
Jingle all the way.
Oh what fun to buy a house
And two years later walk away.

Jingle Mail, Jingle Mail
Jingle all the way.
Oh what fun to buy a house
And two years later walk away.

Anonymous said...

It's all so very clear by now, isn't it??

The driving force behind "helping all these poor people stay in their homes" is due to ONE THING: Helping the BANKS from having to make down more write downs and take on MORE HOUSES....that's it, it is that simple.

Politicians and their banker buddies are really starting to panic, because they get what is about to happen...the whole house of cards comes down once more people wake up and mail in the keys--

AND the beauty part?? The ALT A crisis will dwarf what we have seen so far with sub prime.

Check out Mr. Mortgage's new site--so much good info out there!!


Anonymous said...

We're done for.

When this becomes the trend for the sheeple all hell will break loose.

Anonymous said...

We TRIED to tell you but got called flying monkeys and brown shirts.

Anonymous said...

Whoa! Yuo mean I gots to live in the house I bought for a substantial part of my life?

Friggin retards!

Don't want to live there for 20 years? Do what I do. RENT!


Anonymous said...

has anyone know that the depression drug cymbalta was up in sales lately. what an irony.

Frank R said...

"This is especially true when they are ON COMMISSION. It's a bit better in a store where they don't get sales credit or commission. I ALWAYS ASK."

You're wasting your time asking. Stores that advertise "no commission salespeople" have SOME sort of bonus structure in place. They're just playing a semantics game so if they ever got dragged into court, they could prove they lied when they said "no commission."

To top that, only idiots work in no-commission stores so the help and advice is even worse.

Frank R said...

Here's her website - unbelievable:


Anonymous said...

Suzanne the Realtor:

Then (2005): "Buy now. Real estate never goes down. I did the numbers...you can do it."

Now: "I do whatever you want. How much you wanna spend? Gotta make it quick, my shift at the burger joint begins in an hour."

Anonymous said...

Joan the Dunce should NOT be allowed to have any kind of license except (maybe) to drive an autombile.

Someone like her so retarded they take their own advice needs professional help.

Joan, Honey, if you are reading this do yourself and your past clients a favor and after careful reflection on your lifes' deeds to date, consider doing the following:

(disable all telephones first)

1. Go to your medicine cabinet and immediately take everything in it all at once. Try not to use too much water and on an empty stomach.

2. Turn on the gas and put your head (if it fits with your massive brainpower)in the over.

YOU are the poster child for the NAR, REtARD.

Anonymous said...

It's unfortunate what has happened to the market in some areas. Too many shady loans out there with low APR's that have raised significantly and no doc loans with no verification of income. Often times as a result of lending money on homes that could not be afforded to begin with. The real estate market will correct itself as it has done in the past but it will take some time.

Anonymous said...

Waaaaaaaah. Cry me a river.

" . . . no one old us . . ."

Intentionally choosing to ignore your circumstances is worse than being too dumb to understand them.

You can't fix stupid.

Anonymous said...

The driving force behind "helping all these poor people stay in their homes" is due to ONE THING: Helping the BANKS from having to make down more write downs and take on MORE HOUSES....that's it, it is that simple.

That's been obvious from the get go. These supposed "bailouts" are designed entirely to help the banks dilute and mitigate their losses. If you can keep some stupid saps in a depreciating asset while they slave away to pay their mortgage, all the better.

Anonymous said...

I love all you panic mongers on here making fun of people who bought houses and failed and otherwise trying to instill fear and panic among home owners, and for renters, whipping them up into some gloating frenzy...

You guys should get a life. Obviously got nothing better to do than write crappy comments on blogs making fun of people who find themselves homeless.

You're a sick bunch of f%%ks.

Bitter cos you got priced out of the housing market. Did I say 'bitter'?

Go Hillary!

Prices aint coming down that much.. maybe in Arizona but who wants to live there. Here in LA rents are so high that investors are snapping up bargain rental properties all over the place and it's common now when a price gets reduced, a bidding frenzy ensues.

Good luck looking for bargains in Arizona!

Anonymous said...

"You guys should get a life. Obviously got nothing better to do than write crappy comments on blogs making fun of people who find themselves homeless."

I got a good life. I live to write crappy comments on blogs, making fun of people who find themselves homeless (by their own stupidity and greed). BTW, how's your realtor business going today? Any new home sales? Can't you find ONE person to buy one of those flipper houses? Get in line with Joan. BWA HA HA HA HA HA HA

Anonymous said...

I'm not a REALTOR.

No wonder there are wars when there are people like you... what's the german word? "Shadenfraude". It means to take pleasure in someone else's misfortune.

Just cos there's no word for it in the English language doesn't mean that you don't do it.

You say you have a great life writing crappy blogs... perhaps you should get outside a bit more.

There are people out there living REAL lifes.