tag:blogger.com,1999:blog-18675105.post1342122579837724704..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: HousingPANIC Stupid Question of the Daybloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger62125tag:blogger.com,1999:blog-18675105.post-73468937966441985732007-12-01T16:45:00.000+00:002007-12-01T16:45:00.000+00:00If people on here would spend more time on educati...If people on here would spend more time on education, and less time bitching about the realtwhore,Bernake,Bush,Mortgage brokers etc.<BR/><BR/>Oh yeah, we need financial advice from a guy who's selling used Hondas worth $2,500 for a living.<BR/><BR/>Mr. sleazy car salesman doesn't know that many of us actually have degrees in BA, Finance, and Economics, and know how to calculate P/E and CAP RATES, instead of making "Flip That House" type calculation on the back of envelopes.<BR/><BR/>Good luck with your used car sales, Financial genius.<BR/><BR/>November 28, 2007 1:35 AM<BR/><BR/>Thanks for the luck it's going real well so far. Seems people are gravitating to cheap fuel efficient cars lately, as opposed to taking out huge loans. Their is always money to be made at the bottom of a marketplace, especially in a struggling economy. I can't wait till tax refund season starts.<BR/> I know all the formulas your talking about, and flip that house is a stupid show. I never flipped a house. My RE is all buy and hold rentals with great cash flows bought 6 to 10 years ago, right before the bubble. A large part of what I do as a realtor is on the commercial side, primarily working with small business owners and landlords, so not only do I understand the intricicies of cash flow analysis, I use them everyday. I have a contracting business, the rentals, the car lot and yes I did make a chunk of change as a realtwhore. I never did finish college so I don't have that fancy piece of paper you do. Cash flow analysis is not rocket science. I grab my balls and hang it out there living and dying by the sword. You are more than likely the slave to some paycheck and desk. Good for you. I would be happy to match net worth statements and see if that fancy education has done better for you than what I'm doing. Pony up, I'll show my numbers if you show yours..Enjoy rotting at that desk. I'm living the American dream you don't have the balls to pursue.<BR/>bottom feeder in philyAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-43353227926943495092007-11-29T09:09:00.000+00:002007-11-29T09:09:00.000+00:00And guy above, check out http://en.wikipedia.org/w...And guy above, check out http://en.wikipedia.org/wiki/Ad_hominemMartin Hristoforovhttps://www.blogger.com/profile/16697312269465297697noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-30733151473515367372007-11-29T09:01:00.000+00:002007-11-29T09:01:00.000+00:00Not that I am prophesying the end of the world, mo...Not that I am prophesying the end of the world, more of the imaginary lalala land that people have been enjoying the last few decades.<BR/>Extremely bad stuff has been happening all over the world since we started civilization. I doubt it will be destroyed but it can and does change dramatically and in cycles as history teaches us. Just as it has been for quite a while. Here in America we have been changing just like any monopoly and we are going exactly where most monopolies are, bankrupt. When the government cannot take care of you, it goes away just like a monopoly since it is only such while it can supply the things govs supply.<BR/>And another issue is that usually when across the world there was an economic problem the US and the other big players intervened to help thru the World Bank and IMF. Now, the big players are in the hole, who's going to bail us out? Martians?Martin Hristoforovhttps://www.blogger.com/profile/16697312269465297697noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-13947301188845333922007-11-29T07:29:00.000+00:002007-11-29T07:29:00.000+00:00Some of you people are way too happy about the end...Some of you people are way too happy about the end of the world, reminds me of the early 90's, when some people I knew where talking about fighting the UN in the streets of LA, they were after all flying black unmarked blackhawks in the night, and were going to take over the US.<BR/>Are the majority of HP'ers this gullible?<BR/>Life goes on.<BR/>We have had many recessions in the past, and after this one is come and gone, there will be more in the future.<BR/>This one will probably be worse than most, because the fundamentals are so far off, but even if we go through a depression, life will go on.<BR/>My Grandfather survived it and he didnt dwell on it to much.<BR/>This excitement for the end of the world is some kind of sickness, just like david keresh, or those russians hiding in the cave waiting for the end, throghout history there have always been people like that.<BR/>I thought people who read this blog would be smarter than the average debt ridden person, but it seems some people here swing to far to the other side of the looney scale.<BR/>Financialy stupid fools will get wiped out, smarter folks who are smart with their money will be beter off.<BR/>I dont know who is worse the Realtwhores or the end of world nuts.<BR/>Stop whining and grow a pair already.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-23790991044811265622007-11-29T07:01:00.000+00:002007-11-29T07:01:00.000+00:00Andrew Hac said... Housing Bubble is created to...Andrew Hac said...<BR/><BR/> Housing Bubble is created to fook the Average, White-Trash, Piece of Sh*t, Uneducated, Ignorant Americano. It was, is, will be perpetrated and planned by fat-ass Americano looking to screw another Americano. America is a land of shame with no morality but yet Americano is constantly preaching about ethical behavior, going to church, policing the freedom of the world. Freedom my ASS. Dubya Shrub + Penis Shooter just wanted to invade Iraq because of the petroleum. Well, guess what, Americano ? The fearful God is decreeing swift judgment for this greedy deed and all Americano will get it one way or another with extreme payback in blood.<BR/><BR/> Housing bubble = Americano<BR/><BR/> November 27, 2007 6:20 PM<BR/><BR/>Here he goes again this guy Andrew Hac making general statements about Americans. Why do you hate America so much Mr. Hac? Are you capable of making cogent arguments?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-44222908356414131792007-11-29T05:56:00.000+00:002007-11-29T05:56:00.000+00:00Reading throe most of the comments, I am left with...Reading throe most of the comments, I am left with the distinct impression that nobody really knows how bad things are and are going to get.<BR/>We are starting to hear depression and Great Depression around more and more. I think a renaming will be in place sooner than you think. If the Great Depression is left with the same name, the new one must be called Astonishingly Humongous World-As-We-Know-It End Depression.<BR/><BR/>The guy with the garden in the back yard almost got it, I would suggest learning about chickens and goats and from where to get them with your last tank of gas before either A)A dictator has to assume control which usually means war and famine for a bit especially with the dumb Prada crowds in the world's financial strongholds or B)Breakdown of society and nations and reorganization of territory for self-sufficiency rather than a bunch of economic principles and forecasts that depend on variables that are collapsing every day, and with no end insight.<BR/><BR/>I've always wished for an apocalyptical scenrion and I am sure many of us will pull thru and there will be better times eventually, but with a government colapse (this is what happends when a gov becomes bankrupt) you are going to lose the police force. When those police go jobless, they turn to the next best thing they know, crime. The ones left become corrupt, and it is all down there for the justice system back to the fun times of the Great Depression with the mafia and all those guys. And like I said this is a best case scenario. If our oil/gas imports fail and they will because of a)dollar collapse means nobody imports stuff because we will be actually POOR. For most of you this might actually be a new word, check www.webster.com/poor b)decaying world economy. If oil supploes fall by 50%(due to lack of moolah for the shakes, gold being all gone see, with like 9 billion in gold reserves, hahaha) which is more than possible, guess where the inelasticity (some guy called Marshall explained it a decade ago when there were people with some brains as opposed to a bunch of shortsighted morons) will be, farming, electricity, and food/supplies distribution. So from which part of society will be more elastic, the you and me of today. In a few months we are probably be lining up at nationilized gas stations for a weekly alotment of a gallon or two a week per family.<BR/>It basically won't matter who you are, chances are your life will be very different, and it will be forever. Things don't ever go back the same before they screwed up. I guess we will be looked at just like the people with the Tower Of Babel, or Atlantis or Greece, and Rome in the end. <BR/>For the practical the new way of life will be shaped by some variables we will not know until the eventual collapse such as whether we can keep and by how much of the world's food and distribution infrastructures intact. Electricity will be a bummer because nuclear is the only viable option in a major resource availability screw up and if I remember correctly, we only make like 6% or so from nuclear with coal and natural gas for the rest... And again, I seem to remember some guy saying we don't have much coal. Don't know about natural gas. And maybe we have a lot of diesel fuel, I seem to remember the government hoarding diesel for distribution and actually being able to produce enough to satisfy most of the farming/distribution needs. Farm vehicles, and trucks use diesel fuel for the uninitiated. Regardless, it will be very hard to keep the country together, and if done it will need to be with an iron hand and fast and efficient. There won't be please to go with the last hundred years of high life.Martin Hristoforovhttps://www.blogger.com/profile/16697312269465297697noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-65107525908072483822007-11-28T07:10:00.000+00:002007-11-28T07:10:00.000+00:00Hey andrew hac, this stupid americano knows that t...Hey andrew hac, this stupid americano knows that this housing bubble is world wide, Spain, England, Austrailia, Hong Kong, even Latvia looks at our bubble and laughs, their market skyrocketed.<BR/>But what do I know, I'm just a stupid americano.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-7711051944588026072007-11-28T04:26:00.000+00:002007-11-28T04:26:00.000+00:00I've got to know: if you're so happy to be renting...<I>I've got to know: if you're so happy to be renting a place in SoCal, why are you wasting your weekends driving to open houses? You've stated many times that you're not buying a house any time soon, so why bother? I'm sure you could find something better to do with your time.</I><BR/><BR/>You'd have a lot of time on your hands too if you didn't have to work anymore.Frank Rhttps://www.blogger.com/profile/07625929422222490759noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-11532199820476138102007-11-28T01:35:00.000+00:002007-11-28T01:35:00.000+00:00If people on here would spend more time on educati...<I>If people on here would spend more time on education, and less time bitching about the realtwhore,Bernake,Bush,Mortgage brokers etc.</I><BR/><BR/>Oh yeah, we need financial advice from a guy who's selling used Hondas worth $2,500 for a living.<BR/><BR/>Mr. sleazy car salesman doesn't know that many of us actually have degrees in BA, Finance, and Economics, and know how to calculate P/E and CAP RATES, instead of making "Flip That House" type calculation on the back of envelopes.<BR/><BR/>Good luck with your used car sales, Financial genius.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-13263114404323163382007-11-28T01:23:00.000+00:002007-11-28T01:23:00.000+00:00@bottom feeder in phillySorry but you lost me. Cou...@bottom feeder in philly<BR/><BR/>Sorry but you lost me. Could you repeat that?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-25571043593729831562007-11-28T01:19:00.000+00:002007-11-28T01:19:00.000+00:00Every time I read a post by a so-call Realtor, I a...Every time I read a post by a so-call Realtor, I am reminded just how stupid and greedy most of America is. If you believe ANY of their bullshit and gross lies and opinions you truly deserve to be F#cked over.<BR/><BR/>Good Night, GOOD LUCK.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-77110065353303089622007-11-28T01:03:00.000+00:002007-11-28T01:03:00.000+00:00rich in flwhere in fl are you? Orlando?rich in fl<BR/>where in fl are you? Orlando?FlyingMonkeyWarriorhttps://www.blogger.com/profile/01770643973751363527noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-54774186953785115582007-11-28T00:54:00.000+00:002007-11-28T00:54:00.000+00:00Frank who loves Scottsdale,I've got to know: if yo...Frank who loves Scottsdale,<BR/><BR/>I've got to know: if you're so happy to be renting a place in SoCal, why are you wasting your weekends driving to open houses? You've stated many times that you're not buying a house any time soon, so why bother? I'm sure you could find something better to do with your time.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-91898225054715941222007-11-27T23:55:00.000+00:002007-11-27T23:55:00.000+00:00Yes, the real estate industry knows it is fucked. ...Yes, the real estate industry knows it is fucked. It's just in denial how bad it's truly going to be. Based on what lenders are telling me, guidelines are getting so tight that many of these adjusting ARM's in 08 will not have a refi program available. Interest rates will jump from around 5.5- 6.5% to 9 and 10%.I have a few friends this is happening to.Their Payments will jump by up to 30%. Long term rates will slowly rise if the rest of the world doesn't continue to buy our 10 year bonds(what fixed rates mortgages are linked to) and with a falling dollar foriegn investors are looking at buying real assets in this country(at huge discounts) instead of bonds. The government will be forced to raise the yields to attract money to fuel the governments 1 billion dollar a day deficit.This will cause rates to spike. If this happens be ready to watch prices take a huge nose dive as real estate becomes even more unafordable. Truth be told the true Real Estate professionals see the biggest opportunities in our nations history right around the corner. The time is coming when banks will short the debt on non performing loans by up to 60% or more of face value.(It's already a 40% short on 1st positions, and 2nd positions are willing to give up 70 to 80%).There are a few good Portfolio lenders I have referred a lot of business over the past few years. They are very conservative with their lending guidelines, and prided themselves of extremely low foreclosure rates. They are now calling me to see if I have interest in shorting a default, or want to cut a deal on an REO. I think it's too early in the game, and the knife has to far to fall to be a buyer quite yet. I'm also too busy selling $2500 ten year old Honda and Toyota 4 bangers to deal with the workload.Personally I'm not fucked thanks to income streams other than my realtwhore commisions.(I know it really pisses some people off to know I'm not crashing and burning) If that was my only income source I would be losing my home but I was smart enough to know better. I can't represent a buyer in good conscience unless the property is 75% of ARV - repair costs. I figure around Christmas 09 is a good time to be a buyer. It will be a great time to do subject to's, wraparound installment sales, and my favorite strategy will be the lease option toward the bottom of the curve. It will be easy to control property without a lot of cash. It will be real interesting to see how the banks deal with all the defaults. Will they short them pre sheriff sale for whatever they can get? Or will they sell off blocks of REO's for pennies on the dollar? However it happens I will be there to pick up as much trash as I can. I'll hold as cash flow rentals until the next stupid housing bubble occurs (2020-2025?) I'll sell at a premium to the next generation of greedy stupid sheeple and retire quite wealthy. If you look at a 100 year graph of real estate pricing it's not to hard to predict. Economies run in repeating cycles, and greedy people will always follow the easy money with a herd like mentality. I've done well in this last 10 year cycle, and learned a hell of a lot.I bought when everyone was selling(for good strong cashflows with no cash in) and sold when everyone was buying(good call devestment) I will learn more in the downturn,and profit from it. If people on here would spend more time on education, and less time bitching about the realtwhore,Bernake,Bush,Mortgage brokers etc. They may actually make some coin when the dust settles. I'll be buying when housing panic is gone and everyone on here wouldn't touch a piece of RE. I love this site Keith but I think it is time to let go of getting joy out of watching other people being fucked. Many people in the industry are decent people with families who are about to become foreclosure statistics due to loss of income. Just for the record I am a Real Estate Professional and I am far from fucked, although many of my coleagues are crashing and burning. I guess you all will get satisfaction in knowing that. I wish you all prosperity even Andrew Hoc. If we all didn't feed on others misfortunes this country might not be so fucked up. Any one in the Philly suburbs facing a real estate crisis feel free to leave a reply and I will try to help you the best I can. Many screwed homeowners are going to need a knowledgable real estate professional to guide them through the shit.<BR/>Bottom feeder in PhillyAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-82903533273628245782007-11-27T22:24:00.001+00:002007-11-27T22:24:00.001+00:00http://www.usatoday.com/money/perfi/credit/2007-11...http://www.usatoday.com/money/perfi/credit/2007-11-26-subprime-credit-cards_N.htm<BR/><BR/>perhaps someone could give this chick a clue? That's what you should do - advertise in the USA Today that you are a "subprime" credit card holder and also a realtor... boy, talk about no business acumen.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-24989017508622896262007-11-27T22:24:00.000+00:002007-11-27T22:24:00.000+00:00This comment has been removed by the author.ApleAneehttps://www.blogger.com/profile/08955040755611777565noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-12490490554567168992007-11-27T22:13:00.000+00:002007-11-27T22:13:00.000+00:0010% of agents make all the $$. The influx of part ...10% of agents make all the $$. The influx of part timers , green peas, and house wifes into our industry over the last three years has been insane. Now people are leaving in droves. The strong will survive. In fact the agents that survive will be right on top when it turns and you know it will. I'm surviving. I'm a Realtor and I think that it's a good time to buy for long term and currently have 2 escrows with many buyers in my pipeline aching for the right deal.<BR/>I can't wait untill it turns around again and you gloomers are still renting. I'll be there for ya!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-84120010828772741022007-11-27T22:08:00.000+00:002007-11-27T22:08:00.000+00:00This comment has been removed by the author.ApleAneehttps://www.blogger.com/profile/08955040755611777565noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-24982264658982952062007-11-27T20:17:00.000+00:002007-11-27T20:17:00.000+00:00I don't know about RE agents, but one lady who was...I don't know about RE agents, but one lady who was a mortgage broker until October now works as a call girl servicing lonely oil field workers in Rangely, CO.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-76017505243867846402007-11-27T19:49:00.000+00:002007-11-27T19:49:00.000+00:00If yo are a Certified Appraiser then fear not. Rel...<I>If yo are a Certified Appraiser then fear not. Relax and live off your savings that you socked away during the good times.</I><BR/><BR/>Bwahahahaha...the entertainment value of comments keeps getting better.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-5772182318697573692007-11-27T19:38:00.000+00:002007-11-27T19:38:00.000+00:00The mortgage brokers know because they're unemploy...The mortgage brokers know because they're unemployed and working holiday retail to make ends meet but I don't think a lot of the realtors know it yet. Or they're in denial. One realtor I know believes everything will bounce back next year.<BR/><BR/>Driving around open houses this weekend for fun, there were so many realtors sitting in them that they must believe they're actually going to sell something.<BR/><BR/>They also seemed a lot friendlier and more humble than a year or two ago which was a nice change. <BR/><BR/>Just to see what kind of marketing they're doing these days, I signed the guest list at every open house we went to and actually got thank-you notes for showing up, so things have changed a lot in their business. Two years ago the attitude was "If you're not buying today then f*ck you."Frank Rhttps://www.blogger.com/profile/07625929422222490759noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-80658406481429479432007-11-27T19:35:00.000+00:002007-11-27T19:35:00.000+00:00Note to workers within the real estate sector, whi...Note to workers within the real estate sector, which don't know when the next paycheck will come:<BR/><BR/>1. Don't get sick or hurt<BR/>2. Don't get into a car accident<BR/>3. Don't let your car break down (i.e., like a transmission blowing up)<BR/>4. Don't get a huge bill from IRS<BR/>5. Don't get laid off<BR/><BR/><BR/>Good luck making ends meet with a crappy job. Payback is a bitch, isn't it?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-21912681715798349302007-11-27T19:26:00.000+00:002007-11-27T19:26:00.000+00:00You real estate agents, brokers, title company peo...You real estate agents, brokers, title company people(who can't file titles, given my experience with them), and appraisers need to start watching "Weeds" on Showtime. Cannabis is a real product with real value. Hydroponics! Smoke your way out of this bear market. 1/4 oz of White Widow goes for $80+ in most of US.<BR/><BR/>dboyAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-30991876972626945872007-11-27T19:20:00.000+00:002007-11-27T19:20:00.000+00:00My question what career is a safe bet in this down...<I>My question what career is a safe bet in this downturn.</I><BR/><BR/>..........nice shoes.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-84732643992213043122007-11-27T19:18:00.000+00:002007-11-27T19:18:00.000+00:00Business is down of course but I'll end up actuall...<I>Business is down of course but I'll end up actually making more this year than in the last 2 years.</I><BR/><BR/>Sure.Anonymousnoreply@blogger.com