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.
What are some of the good things that will come about because of the Great Housing Crash?
Affordable housing for starters.
Greg Swann is likely broke
"Affordable housing for starters."Exactly. We'll go back to normal income ratios for homes.
The Prideful (some) will be become humble
“Affordable housing” for sure. But I believe that’s where it will end. With the blatant moral hazards the government has produced, there are no incentives to be financially responsible.
People will re-discover the pleasure of leisure time with the family or friends playing Bridge, Chess, Checkers, Backgammon, Go, Poker, Monopoly, Clue, Cribbage and perhaps other games of note, without the electronic gadgets and having to work 70 to 80 hours per week to support a house that they really could not afford.
American brats will FINALLY will get spanking they well deserve. I only wish I could be the spanker!
I hope that western society recovers its moral compass.It is not good for us to chase dreams of 'striking it rich' without working for it. Choosing countertops and bathroom fixtures is not work and people should not think it's going to make them rich.
Bloodhound will go back to being a dog breed...Active Rain will get renamed to Active Brain...
The builders will once again have money to give me!
George Bush will appoint me Ambassador to the Cayman Islands.
FOX news will only be broadcast between midnight and 6 AM with the other informercials...
People can now afford a house.People will understand that all that money they spent (including me)went straight to China and elsewhere along with the jobs Clinton sent.That we have to learn to save and be aware of a rainy day and listen to people who are HPers and try to tell you a friggin year before it hits what is going to happen. Oh and the best (for now anyway) bankers, mortgage lenders and real estate agents can't sell 750 thousand dollar houses to illegal immigrants who get paid by the weight and not by the hour and once a crop goes bad and there is no paycheck the house won't go into foreclosure. Well in about 5 years anyway. The mess from this round will take forever to clear out. Also exposed is the seedy ruthless side of the financial market who will screw the American people for the almighty dollar which now isn't worth much because of the greed and evil involved. Can't wait for this mess to finally roll out and be done with because I did nothing to add to this finasco but I am paying like I was a mortgage lending to non english speaking foreigners (there were all kind of people signing up for these loans from every nation on earth) house horders, flippers and newbie market newcomers driving up the prices to keep those dividend checks coming in to keep on affording those lifestyes.One day maybe we will get back to quit trying to keep up with the jones and showing off and thinking we are better than someone because of a house and car. Oh well it is okay to dream. Maybe we will quit judging our neighbors by the car they drive and have a little compassion if they struggle but keep persevering. There was a time when people actually cared about each other but with the arrival of others to the shores of America who only care about making lots of money, maintaining their own cultures and communities within America's walls, not bothering to intergrate but demand rights fought for by Blacks (during the civil right movements)but hate the very people who helped them be able to have those rights. Maybe people will quit saying they will never vote for Barack Obama because he is black because what they don't know now is that now everyone who was born in America to foriegn parents will now be looked at for thier views instead of their race. Maybe now politicians will now look more like the country they represent rather than the people they represent. I thought the pictures of the indigent people in Louisiana during Katrina exposed a lot of America's dirty and quiet secret kept from the rest of world started it. The election of Bobby Jendle (?) in Louisiana and now the acceptance of Obama will now finish the expose' and for once and for all we can move on the continuing of becoming one of the greatest countries on earth. That is what this nasty real estate market started a return to the past when people had no choice but to care. Donate to your local food bank we are going to need it. By the way I am black as you can probably tell, I love this country even though it doesn't love me, and I wish white people and the like would quit telling us to go back to Africa and calling us names we have been in this country since the 1600's and helped build this country. Not all blacks are like the ones you see on TV and not all hispanics and whites and others are like what is portrayed on TV. White america keeps forgetting they stole blacks from Africa and have spent generations keeping them uneducated, poor and underserved. We have no past and absolutely no ties to Africa. Just like they have very few ties from the European countries they came from. Just by the virtue of being white they were able to be accepted by this society unlike blacks who have been systematicly kept out of mainstream society just because of skin color and nothing else. I think HPers are some of the most racist (me too with certain races and because of their attitudes but I am the most discrimated against but am more accepting that most races in the USA and that is a damn shame)Good Luck with your recession and depression maybe we will all learn a lesson in humility once it's done.
I won't have to stiff Daddy anymore on his Florida condos at closing time!
We'll get to buy our land back from the hedge funds for twice the price.
Millions of fat Amelicans learn to speak Mandarin. Lich Chinese come ovel and buy all!Hahahahah!
They'll quit running my wanted for mortgage fraud picture on the side of milk cartons.
We can finally afford to buy a house! Yay!
Fewer Hummer H2/H3 posers.
People learning to appreciate the little or the much they have.Was in TJ having work done on my car...Guy came by with a bucket and a rag and offered to wash my car for a $1...Told him not to worry about it and gave him a buck...He went bought a lil bit of cheese/a tomato/a jalapeño and some tortillas, he smiled, sat down and feasted on his simple meal.Zoom 10 years down the road sitting at a very nice steakhouse with friends...A huge 350+lb friend is bitching about his T-Bone steak...He then decides to pick something else and has the T-Bone thrown away...WTF?Some of us deserve the shit that is about to happen and the quicker that lesson is taught the quicker people will return to having manners and a touch of class.-Noodles
Well, it won't come without massive pain, but I'm really happy to see the demise of the ex-urbs. What a stupid greedy way of life, based on cheap gas and a fear of neighbors. All these McMansions are walled off... your kids can be bored shitless and get high from inhalents all in the privacy of your own little fortress -that you're never at cause it takes you 4 hours daily to commute to your shithole job in the city. There's no town center but the strip mall, no occupation except within the self feeding realty industrial complex. I feel a tiny bit sorry for the last assholes in, but I'll be really glad to see these wasteful communities return to dust. Rant over.
Bush - Cheney legacy of shame and corruption confirmed. The Gang that cannot shoot straight...Worst Administration ever anywhere.Hitler, Stalin, Hussein punks by comparison.Bush will not be able to safely show his face anywhere in the world.Good Riddance to Bad Rubbish!
Not having to pay 50% of your after-tax income for a halfway decent home.
TYPICAL YUPPIE BELOW.You want ME to feel Sorry, NO NO NOFu*k YOU AS*HOLE. Cheney has a bad heart too. Look what he has done...DIE U PIG.Anonymous said... my only regret is NOT FINDING THIS BLOG SOONER, lost my job, lost my house and suffered a heart problem, resulting in a quad bypass,,,am now reduced to being a renter at the ripe age of 54,oh yea I lost my life savings too,thank god for family tho they were the only ones I could count on, so 1 word of advice, keep your family close ,they are the only ones that you can depend on...THANKS KEITH FOR THE BLOG MAN!!!1April 06, 2008 6:03 PMDIE U PIG and all others like you.
We'll have a normal housing price to income ratio: no more than 2.5x the median housing income for a starter home, e.g. a 2-3 bed 2 bath ranch or cape.According to this calculation, a ranch in Queens, NY should go for $150K! And they're currently priced in the $500Ks, can you imagine that, in a neighborhood where the median income is 60K at best.
Nothing good will come of this.Things will correct. Billions if not trillions of dollars will be lost. Dollar will be devalued. Government imbeciles will enact copious "fixes" which will do nothing but exacerbate the problem, eventually costing the tax payers more while actually achieving nothing.And with the trademark American short term memories, they will just find something else shiny to chase afterwards and the whole thing will start all over again.Face it folks. We are a nation of idiots and that pool is growing while those who should be procreating choose not to for fear of the future. We are screwed.
Less botox, H2's, plastic queens, etc.
No more $5 lattes for leftwing morons who think they are superior to the masses
The end of the ‘Realtor’ cartel.Buyers and sellers will be able to negotiate a transaction without the greedy middleman.
I hope people learn to read the fine print before they sign anything .And understand what there signing before they do.
Fed buys up large chunks of real estate.oh yeah, that's a bad thing.
Not having to worry about a home.Sure would be nice if I could leave the front door open again like we did in the past. Hmm, I guess this is why people don't have screen doors in the front. :)
"American brats will FINALLY will get spanking they well deserve."In case you did not get the memo, its a global credit bubble.
To the black guy (sorry, you did not come up with a nickname), noodles, and all others hoping the sheeple will get a lesson in humility: I wish so too, but it won't happen. Something deeper and more serious is needed to shake the minds of the credit-card-and-heloc happy SUV-driving sheeple. I guess $10/gallon gas and a stricter income based lending policy on credit cards would do it. The former is possible, the latter is not, because banks would never give up the huge profits they rake in from people who can't afford to pay more than the minimum payment every month.We have a long way to go until people realize there is no shame in:1. Driving a 10-year old Accord or Camry or something like that,2. Saving,3. Not having an iPod, Blackberry, expensive cell plan,...4. Skipping meals at restaurants or lattes at Starbucks,5. Using public transportation where available, 6. Resisting the urge to keep up with the Joneses7. Living in a quaint little house...that you can actually afford paying off.FYI: I grew up with my brother in an 800 sq ft apartment and I was a happy kid.
all of the illegals will get the fuck out of Cali
self-entitled lazy greedy yuppies will be forced to work a crappy job with no benefits.
) Death of the McMansion. People building a dream home will want something high quality, but smaller and cheaper to heat/cool, and maybe on a smaller lot closer to town. People buying McMansions in Dallas/Ft. Worth over the past 10 or 15 years were often BLOWN AWAY when they got the first summertime electric bill.2) A house will be a place to live, not a rung on a "property ladder;" not an "investment."3) Big boon for the generation coming of age right now. They will have to slog through a bad recession, but by the time they are ready to buy a house, the baby boomers will be dying off, the housing market will still not have recovered, and they may be able to go back to having one breadwinner per household while the kids are little. 4) The recession is going to send a lot of illegal aliens packing. None of the three presidential candidates cares about the illegal alien issue right now, but they will start caring when unemployment numbers start trending upward. They may even get serious about building the fence and enforcing the border if unemployment reaches 8 or 9 percent. NOTE TO THE BLACK ANONYMOUS GUY who posted earlier: A middle-class black family moving into MOST middle-class white neighborhoods would NOT be harassed. A middle-class white family moving into a black neighborhood will be victimized repeatedly. The Rev. Wright and others like him convince blacks that it is understandable if blacks rip off Whitey, or beat up Whitey, because after all, Whitey is trying to give them AIDS or get them addicted to drugs or thrown into prison. If I were black, there is NO WAY that I would want my kids listening to somebody spouting retarded conspiracy theories and telling them that they will never have a decent chance at a decent life in America, because Whitey is standing in their way, just waiting to trip them up. White people did NOT steal black people from Africa -- African blacks sold black prisoners-of-war to white men running slave ships. There is STILL slavery in many parts of Africa. Slavery ended here 150 years ago, following a civil war fought largely over the slavery issue. I am a "typical white person" -- I don't want blacks to "go back to Africa," but I do want immigration significantly reduced for a number of years. Now that the housing boom has ended, this is the perfect time for the Mexican construction workers and other illegals to go back to Mexico. Middle and working class blacks and whites will benefit if immigration is reduced. The rich just won't be able to afford a nanny, a maid and a gardener anymore.Finally, if Katrina had been headed toward a predominantly white area, Whitey would have gotten out of town, or at least stocked up on food, water, and medications. The people of New Orleans were idiots. But it didn't help that the government of Louisiana is completely corrupt. The city of New Orleans should have had a decent evacuation plan, and obviously, they didn't.I can't figure out how to sign myself other than "Anonymous" so just call me: Typical White Person
Monkeys will stop being insulted on a daily basis by the PETA insensitve Housing Panic.It is a tragic the lack of respect the apes are getting. Consider they have comprable intelligence and greater emotional depth than most latte swilling, lexus driving Realwhores.Justice for the monkeys (the kind with fir I mean), not the latte leaches.-stupid guy
Home Depot will become known as Home Debtor.Home Depot will close.Spoiled, fat, protesting, perverted, non vietnam serving, common stock gambling, SUV driving, Baby Boomers will now find out that children given everything (themselves since the 1950's) end up with nothing.
I hope people learn to read the fine print before they sign anything .And understand what there signing before they do.Why should they when Barack Obama will bail them out and provide free healthcare and college tuition? Barack Obama will get the government to fix what ails ya. He'll even have your kid's diapers changed for you.
Enough housing supply so almost anyone can afford a home. A return to people seeing a home as a place to live, not a goldmine to be spent on H2's and LV gear. And most importantly, a hard-earned lesson to everybody who got overwhelmed by greed.
The phrase "ALMIGHTY DOLLAR" will become a nostalgic relic of Empire lost.
RE: What are some of the good things that will come about because of the Great Housing Crash?What's this? No more fat commissions being made off of the real estate bubble?No more cash available for withdrawl from housing ATMs?This crises is already affecting the nuvo-riche from Beverly Hills to Scottsdale to Miami.Realtwhore broads are being forced to cut corners. Could this be the end of BOTOX?As a result, plastic surgeons everywhere are feeling the pain.Couldn't happen to a nicer group of people.V.L.
.Vanity of Vanities all is Vanity!.
Affordable housing, LOL. Try finding anything under $750K in LA where your neighbors aren't a family of 15 illegals.
"Anonymous said... We can finally afford to buy a house! Yay!"Right there is the truth of all these blogs. You idiots don't care about anything but affording a house. You talk about morals, vanity, etc. It's all bullshit. You only care about you and only you. And even now 2 years into this supposed housing crash you still can't afford to buy. You are the losers of the world and will be the losers always.
---Right there is the truth of all these blogs. You idiots don't care about anything but affording a house. You talk about morals, vanity, etc. It's all bullshit. You only care about you and only you. And even now 2 years into this supposed housing crash you still can't afford to buy. You are the losers of the world and will be the losers always.---I think you're missing the point here. Home prices were pushed up out of reach of so many greedy people trying to make a few bucks. Now thanks to the price of housing dying in the ass, even more people than pre-boom will be able to afford a home, and as a result, a stable place to raise their families. The only losers here are the ones who caused a recession with their greed.(Proud Australian homeowner here)
Hitting the bottom in housing, to buy in for the next run up!
Steve Martin's "Pennies From Heaven", a quirky forgotten box-office bomb set in 1934, will be rediscovered as a keen insight into what people will do or be forced to do when there is no one left to earn, borrow, steal, or con money from.
Connie Degroot, the RABID REALTOR won't be able to afford her monthly plastic surgeries anymore, and will stop looking so much like a 100 year old Joan Rivers!!That's GOTTTA be good.
Yes, we are hoping for house prices to come down another 30 percent.Then, we will move this inventory, and create a solid foundation of homeowners, who can actually afford the pmt. on the house they are in...WHAT a concept!
People shutting the hell up, and not having those smug looks on their faces as they say "God isn't making any more land" and other such garbage.Also knowing a few more people get it now than did before.
The best thing is that we as taxpayers will go down with the ship called America, while the wealthy remain wealthy and get on life boats to stability island. This is a good thing because regular Americans will get what they deserve for continuing to vote for the same a-holes year in and year out.Change is a sham!
Affordable Housing.Less Debt.Less of get rich quick for not doing a blessed thing mentality.The death of ConsumWhorism. And as Paul E. Math said..."I hope that western society recovers its moral compass."
Afordable prostitutes. I have a feeling that's the activity that will experience the most concurence.
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