"It fell off a cliff. It wasn't a bungee jump. It was jumping off a cliff with no bungee cord."
- Bill Rogers, Michigan homebuilder, August 2008
(a perfect quote for Manias, Panics and Crashes, 2010 Housing Crash Edition)
August 29, 2008
HousingPANIC Quote of the Day
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4 comments:
I think Robert Prechtor predicted it in 2002 in "Conquer the Crash."
Maybe some day the folks over at Elliott Wave will get their timing worked out?
Kenduffelsniffenspotzen.
THIS WAS NEVER THE WAY I PLANNED...
NOT MY INTENTION...
I GOT SO BRAVE, PEN IN HAND...
LOST MY CREDIT...
IT'S NOT WHAT I'M USED TO...
JUST WANTED TO LIVE LIKE YOU...
SUZANNE RESEARCHED IT...
I BOUGHT A HOUSE AND I LOST IT...
THE TASTE OF HOMEOWNERSHIP...
I BOUGHT A HOUSE JUST TO TRY IT...
I HAD MY BOYFRIEND SIGN FOR IT...
BOB TOLL DESIGNED IT...
I HAD 100% FINANCING...
IT FELT SO WRONG...
IT FELT SO RIGHT...
I'M NOW HOMELESS TONIGHT...
I BOUGHT A HOUSE AND I LOST IT...
I LOST IT...
DOPES!!!
CALIFORNIA HOME SALES UP UN JULY
California Real Estate market gave signs of relief. Home sales went up 12.3 percent in July compare to the same month last year. According the Quick Data, a company that monitors Real Estate Activity nationwide.
Of the homes sold 44.8 percent were foreclosure resales.
The median home price last month was 318,000 down 3% from 328,000 for the month before and down 33.5 percent from July a year ago. Most of the drop in home prices is due to the depreciation properties are facing because of the mortgage meltdown.
Not even the most knowledgeable Real Estate indicators know exactly where the market is going. Foreclosure activity is at record levels, banks are asking for tougher requirements, non-owner occupied homes are almost impossible to re-finance.
"The median home price last month was 318,000 down 3% from 328,000 for the month before and down 33.5 percent from July a year ago. Most of the drop in home prices is due to the depreciation properties are facing because of the mortgage meltdown."
Whatever happened to "soft landing"? LOL
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