May 05, 2008

HousingPANIC Stupid Question of the Day

Did HP'ers and your fellow bubble busters save your ass?

Care to put a number on it?


Anonymous said...

$150,000.00 or so.

Roscoe said...

$119,000 in Tampa and counting.

We looked at a house last year for $479,000. Using knowledge I gained from HP, I tagged it as being worth no more than $350,000. Realtor and wife thought I was crazy, but they knew I wouldn't sign. House is still on the market this morning, nearly 12 months later -- asking price $360,000.

Of course, now, thanks to HP, I wouldn't even bite at $350,000. We'll see how hungry the owner gets as Tampa continues to fall.

The irony -- the owner of the house is a realtwhore! I didn't check for ramen in the pantry, but I bet it was there.

CharlesK said...

Absolutely, they did, and THANKS.

The blogs are truly the only place where people dare to give you the TRUTH. The national media outlets are all controlled by fat cats with fat agendas, and cannot be trusted.

Thanks to the foresight of Shiller, Schiff, and a whole host of others who could add 2 plus 2 and realize it didn't equal 23, I delayed buying a house, paid off my car and all revolving debt, and started banking all my cash.

Not going to buy until the fundamentals are back in line.

Thanks again everyone!!

Joe & Jane from a short SUV drive in the Burbs... said...


Thanks everyone, especially Joe Six Pack and Jane Zinfandel.

You continue to prove PT Barnums point;

No one ever went broke underestimating the American public.

TooDumb to Die...

Anonymous said...

$50,000-125,000 and counting, ou guys ROCK!

Anonymous said...

HPers saved me, a single parent, from making the biggest mistake of buying an overpriced townhouse in Montgomery County, MD. Townhouses in this specific community I was looking at started at around $200,000 and bottomed out around $350,000; now many are just sitting on the market at around $225,000 but were bought 6 years ago for $160,000. Once they get back to around $170,000, I might just take a look....unless you guys continue to tell me to wait.

Wouldn't matter either way; my rent increase this year is $10 a month. Can't really find a reason to buy especially since I was able to save this whole time while not being a homeowner; will actually have 20% to put down, with a credit score of 815 to negotiate whenever the time comes.



JerseyGirl said...

Yes! We saved over 400k. Prior to bidding on a house 2 years ago, we came across your blog while doing some research. The more we learned the less we wanted to get burned. We didn't bid on that dilapidated shack and to this day are saving thousands every month by renting.

Thank you for this blog. Not only are your stories relevant but I've learned lots from the people commenting as well.

Thanks for being so dedicated. Keep up the good work!

Anonymous said...

We sold in Fl in 2005 .At first we didn't understand how people were buying homes at the prices But glad we used our own judgement and rented a house after we sold.Were still renter's today and really happy .Who's knows if will ever buy again .But the freedom to come and go as we choose is just wonderful.My husband will retire in Dec.AND WERE GOING TO RENT A PLACE IN N.C. Going for a change to four seasons.

Anonymous said...

I hit this place up right at the peak in my town, and right at the maximum point of buying pressure from my wife and family.

I love to show them the zillow 1-yr home price graph for my town. 19.3% loss. (IN ONE YEAR!!!) I would say in the twon years i have been visiting here, if i had pulled the trigger back in april 06, i would have paid $520k for a house that goes for about $360k right now. Do you want a 10% comission of the 160K saved Keith?

Stuck in So Pa said...

Saved my butt big time. Thanks to HP I never even got to the point of making an offer, so I have no dollar amount to relate to. I'm thinking 200-300k would have been in the ballpark.

Thanks Keith and everybody!

Anonymous said...

More importantly than money I regained peace of mind. I confirmed that I am not a "looser renter," but indeed sane and reasonable when it comes to my money and what's best for my family.

devestment said...

Only I can save my ass. HP provided a forum of different ideas, current news articles, etc. Not long ago there were many that angrily disagreed with the viewpoints expressed on HP. Many claimed no bubble, real estate never goes down, renting is for idiots and the like. I seldom see emotion making good business decisions. For me, HP has provided a support group of people who share similar ideas to mine yet have different perspectives. HP has helped me to solidify my ideas and make good decisions that I have used to stay out of trouble and optimize my success.

In 91 I lost a house in California. It was just after the Reagan boom bubble. About 2 years into the following Bush Sr. administration, most all the money from the boom had been sucked out of the economy from investors jumping in during the long fall and high unemployment. I feel now we are in the same pattern.

I am beginning to see ads for caravans going out to look at foreclosures. I think the foreclosure buyers at these levels will need good staying power to hold their investments.

Right now, I have the funds to buy in my dream community for cash thanks to good market timing. I did not predict the tops but did make steady and solid profits while keeping the overhead down. I have done this buying the investment no one wanted, U.S Dollars! Now as housing prices fall my worthless dollars are gaining strength against falling housing.

I am not after paper millions, irrational exuberance, or a big flashy lifestyle. I am after the best life I can achieve In the most beautiful place I can imagine..

Anonymous said...

Thanks didn't just save $$$ I sold because of this site and made $162k before the market fell...Noodles

BeatMyMeatSock said...

Yes, but it remains to be seen how much. Good amount probably, then you can factor in a probable foreclosure.

Anonymous said...

Alta Loma, Ca. Houses we wanted 700-800k. Now at ~490k. Target is 400k so we are close. ~250k savings so far. We won


g said...

You kept me from buying in San Diego at the peak. Saved me about $150k and counting. We all owe a huge debt to you.

tom said...

250k to 350k

I still own my 550k house but I was looking to move up to a 1.3 house. I figure I lost 150k from the peak on my house but I did not take a hit on the move up. I should have sold but I made much more shorting homebuilders and financials.

Amtex said...

Yes, HP saved our family in many different ways. We sold a house in S. FL in April 2005 for $550,000 that we purchased for $325,000 2 years prior.

We took that money, rented a nice place for half the cost of ownership,. The profits were invested in gold at 400/ounce.

We also cashed out of the stock market a year ago when it was 13800. We may have only made 4% on our money in that year, but the market is still off almost 6% from then...a tidy 10% to the positive for us, along with piece of mind.

So HP has made us over $500,000 so far.

Thank you, thank you, thank you!

Anonymous said...

Pretty easy to say I didn't buy a million dollar house, therefore I saved $300K. It's another thing to qualify to buy a million dollar house in the first place, which most of you could not. And of course saving on a purchase does not equal savings in the pocket.

Meanwhile while you were all "saving", I paid another three years off my mortgage. This is year ten! How much rent would that have been?

I am reminded of why I bought a home in the first place. I sure like going to do laundry and not finding the laundry room broken into AGAIN and the change boxes busted off the machines AGAIN. I like being able to screw my wife without half a building of people hearing, and then coming on to my wife when she's alone at the mailbox.

But hey, if you can save $200 a month, have time to go to the laundromat, and don't mind the utter lack of control outside of your box in the building, enjoy your rental.

Anonymous said...

Here is a way to save even more money.

Anonymous said...


This is cash in the bank which I wouldn't have if I didn't change my behavior.

Anonymous said...

The Mexican...

About 160K so far.

Anonymous said...

$500,000+ ......... thank you Keith!


Anonymous said...

My fiance was pressuring me to buy a house in Southern California back in May 2006. Right at the top of the bubble. I ran across and later HousingPanic. You guys saved me from making the biggest financial mistake of my life. Judging from Zillow, I've saved about 50K-100K so far. Thank you!

Jerkstore said...

Sold near the top in NW DC, pocketing $300K. Sitting on the sidelines as the air leaks out of that market and will get back to it at some point...or not.

keyser soze said...

Just today, a Wall Street trader said on CNBC, "No one saw the subprime mess coming". That fooking dork is suffering from delusions.
A hat tip to El Keith and my bro's and sis's @ did, indeed, see it coming.

Anonymous said...

We have saved $200k.....and counting.

thanks, Keith

you ought to total all these up and put it on your banner.

Anonymous said...

It's another thing to qualify to buy a million dollar house in the first place, which most of you could not.

Anybody with a pulse could qualify for a million dollar liar loan (until last August). Why do you think they call them 'liar loans'? Where have you been the last ten years? Your mom's basement? Please inform yourself before posting again.

GT said...

In just 3 hours, HP saved me millions!!!! Thanks HP!!!!! Sounding like some infomercial- "You, too, could save millions with my book (blog). All it takes is 39.95/mo internet connection and a couple hours a day!" -Keith

Seriously though, HP save me at least low 6 figures so far, hoping it is middle 6 figs

The OC said...

$150K and counting

Anonymous said...

Yes - about $200K.

Anonymous said...

Was building an addition for my wife in Albany NY. Bought puts on HB's as a hedge, made a million plus the addition. Your blog was a great guide back when "home prices never go down". Ticker Forum, Mish, Calculated Risk, Housing Panic and the other HONEST info sources all made my understanding make sense, thank you.

Vanilla Ice said...

HP saved me from going to the looney bin. Until I found HP, I thought I was going nuts because I could only find one other person who thought the housing market was complete insanity. Thanks HP!

i've had it said...

I can't say HP saved me any $$ because I was convinced a while ago that prices were out of whack...I just didn't understand what the hell was going on though. It was thru (Keith) that it was all explained to me. I'll say that HP served as a support mechanism for me since I thought I'd be renting forever, but once I came here I understood that the bubble was about to burst and prices would revert to their long-run mean price-to-income ratio...well, that is if Congress doesn't screw things up for us. What has happened has also vindicated my warnings to friends and family about what was going to happen...they all scoffed at me. The had never heard of CFC or First Fed and couldn't understand why I was shorting them. Now, of course, they all think I'm a genius and so prescient. But I owe it all to Keith.

Reading Kindleberger's Mania's Panics, and Crashes was the icing on the cake. If you haven't read this book, go buy it and read Chapters 2 thru explains everything. It's just deja vu all over again. It happened many times before, it happened now, and it will happen man times in the future. There is nothing new under the sun.

Out at the peak said...

$190K (Sold property and then it became an REO). In the long run, I expect a minimum of $250K. Maximum should be $300K.

(Although I was on Ben's blog first and didn't find HP until after selling.)

Imelda said...

150,000 and peace of mind and my financial security in the future. Priceless

Anonymous said...

I was a happy house flipper in Phoenix making a bundle.

Then, around May of 2005, I started noticing internet activity and blogs that red flagged what was happening. The writing was on the wall.

Had I been oblivious to those warnings, I could have been in big trouble today.

I shortened the remodeling projects I had going, and started selling my inventory as fast as possible. I stopped buying new properties. I closed out my labor agreements.

By the end of 2005, I still had 3 properties not sold.

I drastically reduced the prices and got 2 of the 3 sold in the first 2 months of 2006.

It took until Feb of 2007 to sell the last property.

If not for blogs like, and, I might have missed the boat and be stuck in the current quagmire my fellow flippers are now faced with. I most likely would have continued to purchase properties to my own ruin.

My ass was Saved .


Happy baby boomer in Glendale AZ

Anonymous said...

You all saved all this money. And yet you all bitch about the cost of gas. Liars, liars, pants of fire.

Anonymous said...

By staying in my rent-controlled San Francisco apartment and investing what I would have spent on a mortgage, I have saved about $150,000 over the past three years.

Anonymous said...

You "saved" nothing.

OK so in 2005 you didn't buy a $500K home that is now worth $250K. So you think you saved $250K.

However what you are forgetting is that the $250K that you "saved" wbe forgiven by the lender of those who did buy a $500K. Or the govt will make up that $250K. Point is that $250K will never actually be spent by the buyer.

So now you can buy a $250K house, the same house the buyer in 2005 bought for $500K. At the end of the day you will spend $250K and he will spend $250K. Only difference is that you rented for 3 extra years and he got to live in his house.

I'd say overall you got the worse deal.