tag:blogger.com,1999:blog-18675105.post1542454950595832624..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: Here's a realtor who says the media and blogs should report lies & disinformation about housing, instead of the truth, for the good of the countrybloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger36125tag:blogger.com,1999:blog-18675105.post-44015480399327392462008-09-06T17:02:00.000+01:002008-09-06T17:02:00.000+01:00"Remember, all that's necessary for evil men to tr..."Remember, all that's necessary for evil men to triumph is for good men (and women) to do nothing."<BR/><BR/>Precisely Larry...that is why we have RE Blogs!!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-41886204540337096502008-09-06T00:58:00.000+01:002008-09-06T00:58:00.000+01:00I'm done attempting to communicate with these ...I'm done attempting to communicate with these asshole used-house peddlers. I am convinced, a real estate license is like AIDS, one you have it you never can get rid if it...<BR/><BR/>I'll NEVER use a real estate agent for anything, ever. The only way to look at at realtor is DOWN. My last attempt to communicate with a realtor ended this way:<BR/><BR/>"Please seek professional help. You are in denial. You may wish to try some of the new shock therapies or strong drugs to combat the problem. I have no positive comments for your response to my prior mail, so I will not even adress it, as it doesn't merit a response.<BR/><BR/> If you are of the opinion that you, or your commission-based fellow used-house peddlers, or, the NAR know more about housing economics than Professor Nouriel Roubini of NYU well, I just plain feel sorry for you/r clients. Make sure you keep a strong E & O policy in force.<BR/><BR/>I suspect you will need it.<BR/><BR/>Good Luck in the future, but I doubt it. You seem perfectly suited for your profession."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-10582866429166978342008-09-05T20:40:00.000+01:002008-09-05T20:40:00.000+01:00I wonder if this jackass is even aware that "24% o...I wonder if this jackass is even aware that "24% over six years" equals about 3.65% annually if you're using simple interest, and doubtless is some other (lower) figure if you're compounding monthly or daily or what have you? (Too lazy to figure out the half remembered formulas, sorry.)<BR/><BR/>IOW, the <B>best</B> cherrypicked number they can come up with is a number that might rougly equal inflation, assuming anyone here is stupid enough to swallow the swill being pumped out by the BLS or whoever it is that reports inflation.<BR/><BR/>I suppose what pisses me off about this is that for about three seconds I was sucked in. 24%, wow that ain't that bad...the doubletake hit when it finally dawned on me that this was over <B>six years</B>. <BR/><BR/>Jesus Christ, what a bunch of pimps and ho's.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-58842351649976919862008-09-05T19:24:00.000+01:002008-09-05T19:24:00.000+01:00heres the comments so far on his activerain post t...heres the comments so far on his activerain post though id post before he removes<BR/><BR/>9 Comments on Frederick County real estate - It's not what the media says! Is yours?<BR/><BR/><BR/>Hey Larry, I may endup there yet, water or no, with that number of shorts. way to stay on top of things!<BR/><BR/><BR/>08/29/2008 01:29 PM by Jane Page Thompson (The Carolina Real Estate Company) <BR/><BR/><BR/><BR/>--------------------------------------------------------------------------------<BR/><BR/><BR/>That's crazy. I can rent for less than buying the same property. Paying a mortgage would take a huge chunk of my paycheck. <BR/><BR/>Housing in my neighborhood doubled in price in 6-8 years. That's a major affordability issue. Wages did not increase that much in that time, so how can the payment ratio be the same as it has for years? A house that cost $150K 6 years ago will list now for almost $300K. That's a huge difference. <BR/><BR/>So I rent and save the difference until housing prices return to normal. Lending is going to become stricter (as it should be). I welcome the day banks require 20% down again .... prices will come down, because how many people have that much money in the bank? We need to return to fundamentals ... 2 1/2 -3 x salary, with 20% down. There's a reason that was a standard for so long ....<BR/><BR/>The media cheered the rising prices all the way up ... did they question affordability? I didn't see anything about that. So now they are reporting on the prices going down ... what's wrong with that?<BR/><BR/>We have a household income of just under $100K, and I wouldn't feel comfortable with a mortgage over $200K (2.5 x with 20% down) ... that's affordable and allows for savings, etc .... There aren't any houses in that price range near me - and I'm talking about 1700 square foot rowhomes. When professionals with a 6 figure salary can't buy a home, there's a major affordability issue. I realize you are in Frederick, and I don't know about that area, but come in closer to BAltimore and the prices are INSANE.<BR/><BR/><BR/>09/05/2008 09:06 AM by JR <BR/><BR/><BR/><BR/>--------------------------------------------------------------------------------<BR/><BR/><BR/>Why lie ?<BR/><BR/>even if we could the internet lets the truth out time and time again<BR/><BR/> <BR/><BR/>main reason this nation is in for a long recession, depression<BR/><BR/> <BR/><BR/>they say housing will not recover until 2022 <BR/><BR/>I found another career last year, I am not waiting around for 14 years to sell a home<BR/><BR/><BR/>09/05/2008 10:10 AM by Bob <BR/><BR/><BR/><BR/>--------------------------------------------------------------------------------<BR/><BR/><BR/>If this were about equity-shares, it would not only be illegal, but grossly unethical.<BR/><BR/> <BR/><BR/>'For the good of the country', yeah, sure. For the good of your own pocketbook at the expense of everyone else is more like it. What a pack of whores.<BR/><BR/> <BR/><BR/>Thank god I could smell the stink on NAR statistics a mile away and knew to get out in 2006. Those who were dumb enough to believe industry lies and deception deserve what has happened. What kind of moron believes hype from those who profit from a decision to buy?<BR/><BR/><BR/>09/05/2008 10:50 AM by John <BR/><BR/><BR/><BR/>--------------------------------------------------------------------------------<BR/><BR/><BR/>Larry,<BR/><BR/>I can get you a great deal on Ramen, hardly ever on sale, and now is a great time to buy.<BR/><BR/>RayNLA<BR/><BR/><BR/>09/05/2008 11:32 AM by RAYNLA <BR/><BR/><BR/><BR/>--------------------------------------------------------------------------------<BR/><BR/><BR/>Here's the real ethical question: If a house was going to go up in value as your client was looking at it, you would tell him that since it was in his best interest to make an informed decision, right? In fact, that seemed to be the main selling point up until mid-2006: Buy Now or Get Priced Out of the Market Forever! I doubt there is a single real estate agent that would NOT share that information.<BR/><BR/>Now if, as a real estate professional, you know prices are going DOWN in a particular neighborhood, would you not also be ethically bound to tell your client that as well and let them make a decision based on ALL of the information? Or, are you saying that you would be better off painting a rosey picture for him and let him find out on his own a year from know that you knew better and didn't tell him . . . even if it costs you a commission in the short run?<BR/><BR/>I know what the answer to that is and it is exactly the reason that "Realtors" will never be on the same level as other professions, much as you try to con us into thinking so. In a strong housing market you are nothing but order takers and in a weak market you will lie through your teach to make a sale. Without ethics, you are just slick salesment in bad suits with photoshopped pictures on your business cards.<BR/><BR/><BR/>09/05/2008 12:00 PM by Bob Reno <BR/><BR/><BR/><BR/>--------------------------------------------------------------------------------<BR/><BR/><BR/>You are lucky JR.<BR/><BR/>At least a REAL HOUSE still costs under 500K. In my neck of the woods, you can't even get an apartment (AKA Condo) for less than 200K. Real houses start at 600K for a new one (built before 1990).<BR/><BR/><BR/>09/05/2008 12:42 PM by Jip <BR/><BR/><BR/><BR/>--------------------------------------------------------------------------------<BR/><BR/><BR/>Dear Larry,<BR/><BR/>I listened to what my realtor told me in the summer of 2004. His message coincides with what HousingFacts.com is still saying this year. Only today my situation is very different. I lost my home and am living in a 3 bedroom apartment with my wife and 2 children. My realtor told me back then "Don't worry, hey, you can always refinance". Well, my rate adjusted in August 2007 and our finances fell apart. I went from a $1982.00 home payment to a $3741.00 home payment. We foreclosed with the bank and the last 12 months have been hellish to say the least. The only solace I can take is that I'm not alone in this nightmare. There are a lot of people, a lot of realtor clients, in the same boat rigtht now. Facing foreclosure and a financial ruin. <BR/><BR/>I take responsibility for signing the mortgage and not realizing the impact of a higher adjusted rate, but my realtor in 2004, a NAR member, who I will not name, sold us down a river, Larry. I'd take legal action against him for providing us misleading information and misrepresenting us, but I don't have the cash to pay a lawyer right now. He got his sales commission. On to the next client. <BR/><BR/>What did I get? I got a 3 bedroom rental apartment, a wife preparing to divorce me, and a destroyed credit rating for the next 7 years. <BR/><BR/>The media is not the problem, Larry. Realtors need to look in the mirror. The NAR has been supplying the media with market trends and information too, as you rightly state above. The issue is that the media (news agencies, internet news outlets, blogs) are finally fact checking the "inside information" the NAR has been feeding consumers. And it doesn't add up, Larry. Realtors should tell the truth, but you're advocating above that the "party line" be maintained. The housing market is crashing down and realtors like you are saying "nothing to see here, move along, read our pamphlets. It provides the real truth". This has to be a joke. Is it too much to ask that the NAR and realtors like you take action to be forthright and not always say things to generate a sales commission now?<BR/><BR/>Good luck to you and your business endeavors. But don't be surprised if some of your clients revisit you in the coming years, as I intend to do with my own realtor, and ask the question "So what the hell was that all about?". <BR/><BR/>-Mark James, Riverside, CA<BR/><BR/><BR/>09/05/2008 01:07 PM by Mark James <BR/><BR/><BR/><BR/>--------------------------------------------------------------------------------<BR/><BR/><BR/>Mr. Riggs' comments are, fortunately, a minority view of Realtors in the greater Frederick County area. He forgets that for every buyer, there is a seller. These sellers grasp desperately at any positive news, false or otherwise, that will keep them from lowering their listing prices. Should Mr. Riggs et al, decide it's time to tell the truth to these sellers then the market would likely respond. We find his assertions that media attention to an economic fact can somehow alter that fact does nothing, but further damage the beaten reputation of Realtors. This is why there are calls for new leadership at many Boards across the country.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-29057721275603908192008-09-05T18:32:00.000+01:002008-09-05T18:32:00.000+01:00Tar and feathers...Tar and feathers...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-50825802645594805692008-09-05T18:15:00.000+01:002008-09-05T18:15:00.000+01:00I should also point out that on one of Frederick's...I should also point out that on one of Frederick's local stations (103.1), they keep running an ad for the Frederick County Association of Realtors, saying about interest rates are at historic lows, and the other NAR BS that you see on that stupid NAR TV commercial.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-67600583508458071742008-09-05T18:13:00.000+01:002008-09-05T18:13:00.000+01:00Holy sh*t, I live in Frederick County, MD and have...Holy sh*t, I live in Frederick County, MD and have been seeing this guy's BS FCAR articles in the local free paper ("The Gazette") in the "Homes" section for the last 3 years or so. It's wonderful to have him blasted here at HP.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-79092172557202399652008-09-05T17:46:00.000+01:002008-09-05T17:46:00.000+01:00"Furnished condo with direct beach access. Good fo..."Furnished condo with direct beach access. Good for 1st time buyers or investors. No offers submitted without proof of funds and/or loan preapproval."<BR/><BR/>In other words, you have to prove you can pay for things, now. Ha, Ha, Ha....the good old days.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-13391360693205974022008-09-05T17:26:00.000+01:002008-09-05T17:26:00.000+01:00If you're job depends on deceiving people as best ...If you're job depends on deceiving people as best you can, what incentive do you have for telling the truth?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-35692784800183261722008-09-05T14:53:00.000+01:002008-09-05T14:53:00.000+01:00>Not to show my political beliefsPlease, you do...>Not to show my political beliefs<BR/><BR/>Please, you do it all the time, worshipping Obama and bashing McCain and other republicans.<BR/><BR/>And when are you going to stop the social engineering too? You know both major parties screwed us over, but instead, you won't bash Obama in the same manner you bash the republicans.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-17205591535375694952008-09-05T11:26:00.000+01:002008-09-05T11:26:00.000+01:00Keith,Will you ever run for office?Thank You for l...Keith,<BR/>Will you ever run for office?<BR/>Thank You for looking out for our best interest!!<BR/>You are awesome!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-38359055396409440902008-09-05T11:05:00.000+01:002008-09-05T11:05:00.000+01:00Credit Crunch: The SequelThis time, it's squeezing...Credit Crunch: The Sequel<BR/>This time, it's squeezing not only Wall Street but Main Street. Will it trigger a recession?<BR/>By Luke Mullins <BR/>Posted September 4, 2008<BR/><BR/>"...And as bond investors demand higher yields on their debt, more and more economists and investors believe Treasury Secretary Paulson will have to deploy his recently acquired authority to bail out Fannie and Freddie. "The game is over," billionaire investor Warren Buffett told CNBC last month. If bond investors keep buying their debt, Fannie and Freddie might be able to avoid government intervention. But that's looking doubtful. With demand for its debt waning among Asian investors, Fannie was forced last month to pay a record-high interest rate to attract buyers."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-3154684901401872792008-09-05T09:54:00.000+01:002008-09-05T09:54:00.000+01:00National City offers bonus for closing home equity...National City offers bonus for closing home equity lines<BR/><BR/>http://tinyurl.com/57fk2d<BR/><BR/>"Months after banks across Ohio and the nation started freezing people's home equity lines, National City Corp. is dangling a $200 carrot.<BR/><BR/>The Cleveland-based bank is offering the cash incentive to an undisclosed number of customers in various parts of the country if they voluntarily close their equity lines"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-81933514788046535932008-09-05T08:13:00.000+01:002008-09-05T08:13:00.000+01:00did the dream job post disappear? I was curious t...did the dream job post disappear? I was curious to see what creative jobs people came up withAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-6380260711497864742008-09-05T08:03:00.000+01:002008-09-05T08:03:00.000+01:00Eff em. Details do not matter at this point. We kn...Eff em. Details do not matter at this point. We know.FlyingMonkeyWarriorhttps://www.blogger.com/profile/01770643973751363527noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-350722201408480482008-09-05T06:04:00.000+01:002008-09-05T06:04:00.000+01:00"If you say it loud enough and long enough people ..."If you say it loud enough and long enough people will believe it."<BR/><BR/>Like Bush telling us how great the Iraq war was going year after year?<BR/><BR/>There really is a whole lot of stupid in this world.Unknownhttps://www.blogger.com/profile/09205994382079229651noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-56221115067881697202008-09-05T05:51:00.000+01:002008-09-05T05:51:00.000+01:00Love that Sarah Palin....Obama is toastLove that Sarah Palin....Obama is toastAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-46135396331278934042008-09-05T04:54:00.000+01:002008-09-05T04:54:00.000+01:00>>Remember, all that's necessary for evi...><BR/><BR/>><BR/><BR/>Remember, all that's necessary for evil men to triumph is for good men (and women) to purchase a crap box house that's only worth 60% of the REALTORS™ asking price. :)<BR/><BR/>><BR/><BR/>>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-18876283192551726232008-09-05T04:43:00.000+01:002008-09-05T04:43:00.000+01:0010,587.59 -- That was the DOW close the day before...10,587.59 -- That was the DOW close the day before Bush took office. (Let's not mention inflation or the falling dollar.)<BR/><BR/>Anybody want to bet that it will fall BELOW that? In other words -- dead money for eight years.Lost Causehttps://www.blogger.com/profile/18396272153746076615noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-39822972855711494852008-09-05T04:29:00.000+01:002008-09-05T04:29:00.000+01:00The page is gone. Just like B. Hussein Obama's cha...The page is gone. Just like B. Hussein Obama's chance.Carioca Canuckhttps://www.blogger.com/profile/13560054096545858201noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-68754283335788617092008-09-05T02:40:00.000+01:002008-09-05T02:40:00.000+01:00Yes, "The Secret." Do you understand the signific...Yes, "The Secret." Do you understand the significance of this?<BR/><BR/>I started speculating months ago that this "create your own reality" shizzle was the underlying cause of these bubbles. "The Secret" and various "Oprah" new-age philosophies took hold in the finance and RE communities and they proclaimed a "New Economy" which would never again contract.<BR/><BR/>I got confirmation of this when people reported and discussed the groupthink at the Berkshire Hathaway be-in this year.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-35739805231422264802008-09-05T02:13:00.000+01:002008-09-05T02:13:00.000+01:00"Yup, when this is all said and done, the NAR and ..."Yup, when this is all said and done, the NAR and their army of realtors on commission will be the ones known for truth-telling. And the rag-tag volunteer troops of the bubble blogs will be seen as liars and evil men."<BR/><BR/>Dont mock - at the end of the day that might not be too far from the truth. <BR/><BR/>The reason I say that is some bubble blogs (not this one mind you) seem dedicated to keeping this thing going at all costs.<BR/><BR/>I say that because sometimes a good report comes out - say it says sales in XYZ area is up and inventory is down. Some bubble blogs - those dominated by truth tellers will say - "hey guys this MAY be legit, this MAY indicate the BEGINNING of the bottom because of ABC, and it MAY be a false bottom because..."<BR/><BR/>Other bubble blogs - those dedicated to keeping this thing going at all costs dismiss ANY POTENTIAL (not actual but potential) good news as NAR spin, outright lies, knifecatchers, etc. They are being exposed for what they are - reverse spinners dedicated to keep this doom and gloom party going at all costs.<BR/><BR/>Bottom line is some day, years from now, this will be over...I dont want to be a knifecatcher, but I do want to buy and get on with my damn life. Thus, I am now being much more careful about which bubble blogs I listen to, and which ones are just as full of crap as is the NAR - something to think about....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-23632745201544929522008-09-04T23:53:00.000+01:002008-09-04T23:53:00.000+01:00I hope Andrew Hac goes to his site and posts one o...I hope Andrew Hac goes to his site and posts one of his tasty meanderings.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-43155560509751988132008-09-04T23:18:00.000+01:002008-09-04T23:18:00.000+01:00He should read Robert Schiller's "Irrational Exube...He should read Robert Schiller's "Irrational Exuberance", 2nd edition.<BR/><BR/>Or he could check out these links:<BR/>1. From 1998-2006, home prices increased at a rate unprecedented in modern US history<BR/>http://www.nytimes.com/imagepages/2006/08/26/weekinreview/27leon_graph2.html<BR/><BR/>2. The price increases were disconnected from economic fundamentals. In particular, the median US home price increased much faster than the median US household income. The average home became unaffordable for the average family.<BR/>http://www.jchs.harvard.edu/publications/markets/son2007/metro_affordability_index_2007.xls<BR/><BR/>3. Utterly reckless lending enabled the price increases. No down payment mortgages temporarily disguised the unaffordability of homes, and set the stage for todays foreclosures. <BR/>http://bigpicture.typepad.com/comments/2006/08/is_a_housing_cr.htmlRefuse to buy overpricedhttps://www.blogger.com/profile/04529128673944692315noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-12116640701436812602008-09-04T22:25:00.000+01:002008-09-04T22:25:00.000+01:00Zig Ziglar? why would he quote another con artist...Zig Ziglar? why would he quote another con artist?? <BR/><BR/>man, you gotta love those realtors.Anonymousnoreply@blogger.com