tag:blogger.com,1999:blog-18675105.post116737791443365421..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: A picture is worth a thousand real estate clerks - here's the graph the NAR or MSM didn't want you to seebloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger52125tag:blogger.com,1999:blog-18675105.post-1167601209713054022006-12-31T21:40:00.000+00:002006-12-31T21:40:00.000+00:00new house for $125K? Sorry I call bullshit on this...new house for $125K? Sorry I call bullshit on this one.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167568873794414542006-12-31T12:41:00.000+00:002006-12-31T12:41:00.000+00:00(re:Phoenix market sale)No not a condo. A house.3 ...(re:Phoenix market sale)No not a condo. A house.3 beds, two baths.<BR/>East side of metro area.2k down.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167534330618734862006-12-31T03:05:00.000+00:002006-12-31T03:05:00.000+00:00Condo?-------------------------------------Listed ...Condo?<BR/><BR/>-------------------------------------<BR/><BR/>Listed 172,900. Sold 125,000. Had to close by last thurs. at 11 am. Year end close-out.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167527843082298182006-12-31T01:17:00.000+00:002006-12-31T01:17:00.000+00:00Phoenix metro market. A friend just closed on new ...Phoenix metro market. A friend just closed on new construction. <BR/>Listed 172,900. Sold 125,000. Had to close by last thurs. at 11 am. Year end close-out.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167517864810974802006-12-30T22:31:00.000+00:002006-12-30T22:31:00.000+00:00(Note: In the following text "billion" equals 1,00...(Note: In the following text "billion" equals 1,000 million.)<BR/><BR/>(begin transcript)<BR/><BR/>THE PRESIDENT: Thank you very much, Pete. Hillary and I are delighted<BR/>to be here with you and Joan, and I'm glad to be joined by Secretary<BR/>Rubin and Jim Harmon, Gene Sperling, other members of our team. I'm<BR/>glad to see Dick Holbrooke over here. I hope, if we can overcome the<BR/>inertia of Congress, he will soon be a member of the team again.<BR/>(Applause.) And I thank David Rockefeller and Les Gelb and others who<BR/>welcomed us here today.<BR/><BR/>The subject that I want to discuss -- let me just say one thing in<BR/>advance -- I'm going to give you my best thoughts. We have been<BR/>working on this for three years at some level of intensity or another,<BR/>going back to the Naples G-7 meeting in the aftermath of the Mexican<BR/>financial crisis. I have done everything I could do personally to<BR/>reach out across the country, and indeed across the world, for any new<BR/>ideas from any source. I'm going to give you my best thinking today<BR/>about what we can do, but I want you to know that I'm here, and if I<BR/>had my druthers, this would be about a three-hour session where I'd<BR/>give this talk and then I would listen for the rest of the time.<BR/><BR/>So I want to encourage you, if you think we're right, to support us.<BR/>But if you have any ideas, for goodness sake, share them, because I<BR/>agree with what Pete said: this is the biggest financial challenge<BR/>facing the world in a half-century. And the United States has an<BR/>absolutely inescapable obligation to lead, and to lead in a way that's<BR/>consistent with our values and our obligation to see that what we're<BR/>doing helps lift the lives of ordinary people here at home and all<BR/>around the world.<BR/><BR/>From Sept 14, 1998 Council of Foreign Relations i.e. BankersAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167517172450264012006-12-30T22:19:00.000+00:002006-12-30T22:19:00.000+00:00Oh so now we're in Weimar Germany. OOOOOOHHHHH KAA...Oh so now we're in Weimar Germany. OOOOOOHHHHH KAAAAYYYYY <BR/>================================<BR/>I would agree that that is an accurate analogy. The money supply just keeps getting bigger. This was the bankers policy response to the collapse of LTCM in 1998. They went with what they called a "Wall of Money" policy to keep the financial system from collapse.<BR/><BR/>Bill Clinton and Robert Rubin had a different policy as stated by Clinton in September 1998 at a presentation at the CFR. In response to learning that Clinton intended to take the bankers system from them they responded with Monica Lewinksy and the impeachment.<BR/>Thats real history folks!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167512857069218132006-12-30T21:07:00.000+00:002006-12-30T21:07:00.000+00:00Oh so now we're in Weimar Germany. OOOOOOHHHHH KAA...Oh so now we're in Weimar Germany. OOOOOOHHHHH KAAAAYYYYYAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167492713749219512006-12-30T15:31:00.000+00:002006-12-30T15:31:00.000+00:00"And still with this hyperinflation none of your r..."And still with this hyperinflation none of your rents has gone up. Interesting."<BR/><BR/>In Weimar Germany, the government imposed rent capping.<BR/>Although the price of bread went from 1 mark to 37trillion marks in the space of 3 years, rents stayed the same.<BR/>Another nugget of useless info is that although people paid off their mortgage for less than the price of a loaf, once stability resumed, they were taxed the shit out of.<BR/>If you think that because the price of computers have dropped lately there's no such thing as inflation, you're living in a fantasy world.<BR/>If the price of raw materials doubles (and they have) you can't keep selling finished goods at the old price.<BR/>There comes a time where either to stay in business you have to pass on increased cost to your customers (which is inflationary) or you go out of business, thus causing a reduction in supply (also inflationary)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167461872283915002006-12-30T06:57:00.000+00:002006-12-30T06:57:00.000+00:00rent will not go down in Chicago. TOO MANY CONDOS...rent will not go down in Chicago. TOO MANY CONDOS!!! Flippers got caught. They will need any kind of income.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167457052783940252006-12-30T05:37:00.000+00:002006-12-30T05:37:00.000+00:00Rents are falling near me as empty homes become re...Rents are falling near me as empty homes become rentalsAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167451607906634162006-12-30T04:06:00.000+00:002006-12-30T04:06:00.000+00:00Central Ohio-I'm "looking" here in WA. State too, ...Central Ohio-<BR/><BR/>I'm "looking" here in WA. State too, as are some of my friends.<BR/><BR/>We are observing prices going down from month to month. It warms our hearts.<BR/><BR/>When stuff gets cheap enough - 2 to 3 X income- we'll all buy.<BR/><BR/>It's got a ways to go! But it sure is fun looking and watching prices gradually creep down!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167450372941121222006-12-30T03:46:00.000+00:002006-12-30T03:46:00.000+00:00Just to back up those whose rent hasn't increased ...Just to back up those whose rent hasn't increased at all, I personally have been in the same 1,200 Sq foot apt. in Boston paying $1,200/mo for the past 6 years.<BR/><BR/>Simply have a landlord that is very cool and appreciates the fact he has my check in time every month and I never bug him. <BR/><BR/>Hell, I buy the guy Xmas presents every year.<BR/><BR/>He told me he'll never raise rent on me either. Naturally, he could change his tune but even if he did I wouldn't complain too much.<BR/>If I were to actually BUY my place right now, it would probably cost me $475K and I'd probably be paying 3X my rent payment.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167449325228820412006-12-30T03:28:00.000+00:002006-12-30T03:28:00.000+00:00Not much difference between a home debtor and a re...Not much difference between a home debtor and a renter. Renters get ready to pay through the nose as the bubble bursts. Added demand for housing will increase your monthly cost.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167447874953031122006-12-30T03:04:00.000+00:002006-12-30T03:04:00.000+00:00anonBasically the same house as mine but with an e...anon<BR/>Basically the same house as mine but with an extra bedroom whereas mine has an open den/study in that space. I think the open option looks a hell of a lot better, but oh well each to their own.<BR/>--------------<BR/><BR/>guess you were wrong huh?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167447374254314702006-12-30T02:56:00.000+00:002006-12-30T02:56:00.000+00:00Therefore, the term "appreciation" (as used by the...Therefore, the term "appreciation" (as used by the REIC) is nothing more than a lie as the house is actually slowly decaying. <BR/>---------<BR/><BR/>Thank you jesus! try telling that to the face of a homedebtor! if they don't try to punch you in the face, they will storm away in a huf!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167446757514134332006-12-30T02:45:00.000+00:002006-12-30T02:45:00.000+00:00Butch,Great job! I really enjoyed reading your po...Butch,<BR/><BR/>Great job! I really enjoyed reading your post.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167435746300211122006-12-29T23:42:00.000+00:002006-12-29T23:42:00.000+00:00*****NEED SOME HELP*****I am testing the waters wi...*****NEED SOME HELP*****<BR/><BR/>I am testing the waters with foreclosure listings in my area. From what I have read here I should take late 90's values, etc. and then add some sort of percentage to reach a stable market value? I'm not sure if I understand how to do it correctly and would like some help on this. How would I figure a stable market value for a home sold after 2000 at an inflated price, that is currently in foreclosure? Any help greatly appreciated. Will post back as to what sort of replies, if any, I get from banks. HahahahahaAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167434289544731792006-12-29T23:18:00.000+00:002006-12-29T23:18:00.000+00:00Even though it's the worst time of year to sell a ...Even though it's the worst time of year to sell a house, I'll bet it's as good as it's going to get. Come spring when the expected resurgence fails to appear, that is when the true panic will start.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167433796135201742006-12-29T23:09:00.000+00:002006-12-29T23:09:00.000+00:00This is the worst time of year to sell a house. I ...This is the worst time of year to sell a house. I would disregard any statistics. However, how anyone can expect prices that are so far out of whack to continue upward is dreaming. Things will not be nice and smooth either. Housing panic is named right.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167433510744778682006-12-29T23:05:00.000+00:002006-12-29T23:05:00.000+00:00They are converting condo projects to apartments h...They are converting condo projects to apartments here in OC, not to mention the brand new 3000 sq ft investor owned houses that can be rented cheaply in the next county over. I don't see rents going up here.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167432940071152842006-12-29T22:55:00.000+00:002006-12-29T22:55:00.000+00:00apartments are going begging around here (north of...apartments are going begging around here (north of Boston). some rents are too high--there's a huge new complex in Woburn that looks half empty probably because they want $1450/mo for a 1br which is absurd, and it's right on I-93 with all the traffic noise--but overall they're stable. <BR/><BR/>if you look on craigslist the same apartments are listed for weeks. I'm moving from Malden to Lowell next month for a much nicer apartment that's $100 less with $500 security and a 10-minute commute. I talked to a condo flipper trying to rent his place and it sounded nice but he couldn't afford to wait til the end of January and there's no reason for me to pay rent on two places. sucks to be him I guess.42https://www.blogger.com/profile/13859128086869479774noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167431554195922142006-12-29T22:32:00.000+00:002006-12-29T22:32:00.000+00:00>> they still have not met my price point and will...>> they still have not met my price point and will continue to look.<BR/><BR/>Oh, so somehow because it's YOUR number, it's right?!? Neither your price, or the owner's asking price, have anything to do with reality. Let me guess: your "price point" has something to do with comps, right?<BR/><BR/>I'll be SO glad when this madness, including "comps", is over...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167427842335427832006-12-29T21:30:00.000+00:002006-12-29T21:30:00.000+00:00Dnd how do you figure a 3% drop, based on selling ...Dnd how do you figure a 3% drop, based on selling to asking price ratio? Listing price is irrelevant. What counts is the sales price.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167427718127242282006-12-29T21:28:00.000+00:002006-12-29T21:28:00.000+00:00I'm not saying it's going to sell tomorrow, I said...I'm not saying it's going to sell tomorrow, I said things are looking better now than they did a month or 2 ago. <BR/><BR/>I bought the thing for $200K. If I have to drop the price to $450K, it's not the end of the world. <BR/><BR/>As for the extra bedroom, yeah I guess you're right, although my lot is bigger which should even things out.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167427315725572392006-12-29T21:21:00.000+00:002006-12-29T21:21:00.000+00:00I have my home up as well. It's been for sale sinc...I have my home up as well. It's been for sale since mid-October. From then to 1st week of December I had 2 showings.....<BR/><BR/>-------------<BR/>Not to mention that the house they bought technically has one more bedroom than yours, and may be able to commmand a proportionately higher price.Anonymousnoreply@blogger.com