Whatever happened to the hilariously misinformed argument that "iPods are selling so housing prices won't go down"?
Bonus - what were some other classic stupid realtor and homedebtor "there is no crash" and "home prices can't go down" HP posts?
June 08, 2008
HousingPANIC Stupid Question of the Day
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27 comments:
...I ain't got no cigarettes Ah , but two hours of pushin' broom buys an eight by twelve four-bit room...
Greg Swan's 21 Reasons why Arizona wouldn't crash including Year Round Golf!
It's a new paradigm, and everybody who doesn't buy, now, will be priced out forever. Anybody who does buy will be rewarded with a lifetime of riches, as their property will continue its 30% yearly price increase.
Renters, and anybody born in a future generation, will not be able to afford a $10,000,000 starter home in 15 years. They will live in tent cities, and Hondas.
This asset bubble is different than all of the others - it will never slow down, or pop. The gains are permanent.
Tent Cities: http://features.us.reuters.com/cover/news/D8C99CD0-AF35-11DC-9E67-616F0DA5.html
Hondas: http://www.cnn.com/2008/LIVING/wayoflife/05/19/homeless.mom/
You should come up with a top 10 list of 2006 HP'er quotes (home debtor posts for extra laughs) and post for everyone to look back on and enjoy.
"they're not making any more land"
"real estate always goes up"
"it's different this time"
"bubbles are for bathtubs"
"everybody wants to live in the US"
"if you don't buy now, you'll be priced out forever"
"when the music is playing, you have to get up and dance. we're still dancing"
all these now replaced by:
NAR: "we're now seeing the bottom" (for the 16th straight month)
Homebuilders: "buy one, get one free"
Lenders: "20%+ down or forget it"
Homedebtors: "why keep paying for a house worth less than my mortgage?"
the Fed: "everything's fine"
Wall Street: "Aaaiiiigghhhh!"
"Stock markets are up, some panic chicken little".
"DOPES"
I went to look at houses last week and they were all short sales, foreclosures, or distressed sellers.
I saw someone buying a deluxe cheeseburger at McDonald's, soo that proves the economy is fine and home prices have bottomed
Because Ben S. Bernanke said so:
Housing prices which have gone up 25% in the past two years "largely reflect strong economic fundamentals" such as strong growth in jobs, incomes and the number of new households said Bernanke in October of 2005.
http://www.washingtonpost.com/wp-dyn/content/article/2005/10/26/AR2005102602255.html
"Greg Swan's 21 Reasons..."
Was it really him?
He's even dumber than I thought.
"YOU HAVEN'T LOST MONEY UNLESS YOU SELL!"
DOPES!!!
Yu Got Skooled is still parroting this same BS today.
Hey Spam sales are up...SOME CRASH!
Jymkata
Thank God you don't lose until you sell. I thought I had a 12 point loss on my 1000 shares of TRMP which I bought at 15 now trading @3
Bless you for teaching me REALTOR math.
About a year back I heard a CNBC guest cheerleader tell the CEO of Yellow Truck that transportation orders were down because Ipods don’t take up that much room and that’s what our economy was all about.
I commend Yellow Truck for telling it straight. I personally took this as my final warning to get what I had left in the market out of the market.
Because Ben S. Bernanke said so:
Housing prices which have gone up 25% in the past two years "largely reflect strong economic fundamentals" such as strong growth in jobs, incomes and the number of new households said Bernanke in October of 2005.
http://www.washingtonpost.com/wp-dyn/content/article/2005/10/26/AR2005102602255.html
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I don't remember that quote but it sure tells the foresight of the fed.
Were screwed:(
...airline seats were full. Now they will really be full with the bankruptcies and flight cutbacks.
Ipods were all the rage because it was a fad and new technology thing. Now it has fizzled because of saturation in the market. Apple killed Sony when it came to portable music. Now someone will kill Apple with a more feature content packed product at a lower price. This was just a normal cycle of things.
Besdies, buyers of iPods were mostly younger people (under age 40 probably made up 80%+ of the sales while 70-80% of that number were under age 30). These people are usually not home owners and still in the broke stage of life being young.
A better indicator of housing demand or lack thereof is Home Depot and Lowes on a Monday morning. Are the parking lots and stores packed with contractors, are the lines long, are the registers running non-stop, are the illegals in the parking lot all getting hired, etc....?
"Purchasing a home is the key to building wealth."
IF THOSE DAMN BABY BOOMERS HADN'T OF WASTED THEIR MONEY BUYING PRESCRIPTION DRUGS INSTEAD OF MULTIPLE HOUSES LIKE I TOLD THEM TO, WE WOULDN'T HAVE THIS OVERSUPPLY OF HOMES, AND SUBSEQUENT CRASH.
YOU CAN READ ABOUT IT IN MY NEXT TELL-ALL BOOK: "HOW TO CALL BOTTOM FOR 16 STRAIGHT MONTHS AND NOT GET CAUGHT DOING IT."
"We're running out of land in NYC" I heard the same B.S. back in 1996 before the Hong Kong property market blew up.
"Oh there is too much money around" Yup same B.S. again in HK, one of the richest places on the planet, but when prices drop the rich arent stupid, they stand back
"I'M GONNA RENT IT OUT AT A LOSS UNTIL THE MARKET RECOVERS ENOUGH FOR ME TO SELL IT AT A PROFIT!"
DOPES!!!
I went to look at houses last week and they were all short sales, foreclosures, or distressed sellers.
Are you kidding? I looked out my FRONT DOOR this morning and they're all foreclosures, REOs, and short sales!
"I drove by the BMW dealership Saturday and there were 2 whole customers in the showroom so we must not be in a recession".
Yeah, winner, that's one of the key metrics used to identify recessions by the National Bureau of Economic Research's (NBER) Business Cycle Dating Committee: customers in showrooms.
Yup, in fact, there is a special gauge on every showroom tire to keep track of how many customer kicks they receive per day. It's an incredibly accurate way of identifying business cycles.
Qeefie it was iPHONEs not iPODs.
WTF are you 70 years old or something? ipods are practically free these days
Paul E. Math you are a moron if you think booming BMW sales are not meaningful. Or is it because you fail to acknowledge this:
"Sales of BMW Sports Activity Vehicles are up 6 percent in May to 5,585 vehicles over the 5,268 sold last May.
BMW Certified Pre-Owned reports its best sales month ever in May 2008 with 9,616 CPO vehicles sold versus 8,468 vehicles reported last May, an increase of 13.6 percent. Year-to-date, CPO sales are up 26.5 percent, to 44,077 over the 34,844 reported in the same period in 2007."
Try as you dolts may to talk about recessions and depressions, month after month your predictions don't come true.
Then again I wouldn't expect someone like you who drives a 1977 Pinto to understand....and yes I know you make $250,000 a year and have a gajillion dollars in the bank, you all do. Which is why you all complain about $4 gas too.
European buyers have money to buy our real estate.
Biggest lie ever told about those socialist slaves who work their arses off only to pay for rip-off welfare to immigrants from Africa and other Muslim countries.
How many BMWs sell means nothing. There were people who had money before the boom and there are still people with money after the crash - the rich are always rich and are always buying luxury items, no matter what the little pee-ons are up to.
Now, it is true, there are a LOT less 20somethings driving around in $50k BMWs, but Christies and Barrett Jackson are still selling big ticket items to people who are above and unaffected by the current price of milk and gas.
Jaguar has been having banner sales since they intoduced their new XF sedan and Bentley isn't cutting production. Neither is Ferrari or Lamborghini. Porsche is introducing a new 911 in 2009 and life goes on at Lexus, Infinity and other high ticket showrooms.
Whenever there is a shift in the economy, the money does not go away - it trades hands. So, all the imaginary wealth that so many Americans felt they had in the form of equity - you know - the money they all went out and bought Bimmers and Escalades with - the housing ATM machine phenominon - it shifted out of their imaginary hands and into some other form. It went to the Cadillac dealership, the BMW dealership, the finance banks who carried the loans and all the places that sold us the goods we felt we needed over the last couple years.
People refinanced and tapped into imaginary wealth that evaporated and left them with the payments and no way to refi again to "fix" the imaginative financing hole they got themselves into. Carrot dangled in front of them until they followed it over a hole - then carrot taken away and they are left to fall into the hole.
Seriously, would so many people feel so poor right now if they had not felt so rich 2 years ago? It was an illusion. The illusion led normal people to do stupid things, like over-pay for houses they couldn't possibly afford, then go buy new cars to match their new houses. All the while, their incomes went gradually up along with the cost of living for everybody. But not enough to cover the new debt they jumped into. I feel bad for the people who got so caught up that they are ruined financially. But not bad enough to bail anybody out.
Sorry for the rant - hope it made sense to somebody.
Oh yeah - my favorite quote from the boom - "It's a great time to buy!" - and my favorite quote from the crash - "It's a great time to buy!"
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