tag:blogger.com,1999:blog-18675105.post3659909946733465408..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.comBlogger63125tag:blogger.com,1999:blog-18675105.post-46936862491395271042007-06-19T12:29:00.000+01:002007-06-19T12:29:00.000+01:00LOL, well actually it does speak of their financia...LOL, well actually it does speak of their financial state, but bragging about eating chese steaks is no different than bragging about eating Ramen.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-15834138908267477292007-06-19T11:19:00.000+01:002007-06-19T11:19:00.000+01:00Stephen said... "Steak sandwich indeed!" ---------...Stephen said... <BR/>"Steak sandwich indeed!" <BR/>--------------------------<BR/>I remember that post. What a freak. Who eats steak on a sandwich, unless it's a "steakum" or a "cheese steak" (which is really an equivocal use of the term "steak")? Or maybe it's a regional thing . . . <BR/><BR/>LOL it was funny, and I think they did mean to say a cheese steak or steak and cheese. What's even funnier is they seemed to believe that buying a $6 steak and cheese was worth bragging about or a real indication of their financial state.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-20771137442042636202007-06-19T06:59:00.000+01:002007-06-19T06:59:00.000+01:00"Anyone over 30 who rents is a loser. Might as wel..."Anyone over 30 who rents is a loser. Might as well live at home with mom. "<BR/><BR/>--<BR/><BR/>Let's see... I'm renting a decent 2-bedroom house for $950/month (the same house would cost triple that to buy), driving a used car that's all paid for, and no credit card debt. By avoiding the three biggest money traps in modern society, I and others like me are light years ahead of the sheeple.<BR/><BR/>So let me ponder your pearl of wisdom... hmmm... I think I'll remain a "loser."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-23985846526741263952007-06-19T02:51:00.000+01:002007-06-19T02:51:00.000+01:00I am renting a nice townhome for $1500.00 where as...I am renting a nice townhome for $1500.00 where as If I own it my mortgage would be $3100.00/month (400K townhome in NJ). Isnt this how it is supposed to be. Renters enjoy. Let the suckers loose their sleeps with their dept and dead wood which is loosing value. every one of these monkies deserve to go in foreclosure and I am glad that its happening now and faster than anticipate. CheersAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-78177607803252629282007-06-18T23:13:00.000+01:002007-06-18T23:13:00.000+01:00Anonymous said... After reading the post from the ...Anonymous said... <BR/>After reading the post from the person in Atlanta, I have some news for all the folks that think Phoenix is imploding - Don't believe the hype folks.<BR/><BR/>...<BR/><BR/>Bash the market all you want, but there is no more land being made, and more people being made everyday. Also, most renters if given a choice would pay a premium for a house over an apartment any day of the week for the obvious reasons. <BR/><BR/>Disclaimer: I am NOT a Realtor or Mtg Broker, just a guy who sees what is going on through all the hype. <BR/><BR/>June 18, 2007 7:10 PM <BR/><BR/>---------------------<BR/><BR/>You mean they're running out of desert in Arizona? Everyone wants to live in hellish 120 degree heat? LOL<BR/><BR/>Also, the only renters who would be willing to pay a premium to homedebt vs. rent an equivalent home are the Greater Fools who have bought over the past three years. Most of them are now facing financial catastrophe.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-91675768264659112042007-06-18T20:10:00.000+01:002007-06-18T20:10:00.000+01:00After reading the post from the person in Atlanta,...After reading the post from the person in Atlanta, I have some news for all the folks that think Phoenix is imploding - Don't believe the hype folks. This is the exact opposite of the "housing will make you millions" hype. Remember Newton's law? The only areas that have been hurt are the outlying areas - period. Any areas with good transportation, job base and those other things that people want - are still going up. Maybe not 50%, but they are definitely going up. I have been here since 1998, and I will tell you, if you look at same house sales, basically here is what is going on. House was purchased in 2000 for $150,000.00. House is sold in today's "deflating" market for $315,000. Sits on the matket for 45 to 60 days. Not bad for something that all I had to do was live in and enjoy. The people that bought in 05 or 06 even, if they bought the house right (20 to 10% down, no stupid exotic mortgage, just plain jane ARM) gained 45 to 50% have lost 5% maybe 10% at most. Still not a bad return on your money in my book....What stock gives you a return like that, not many. Condos are a different beast, and BTW they are still doing well here (can't figure that one out). Bash the market all you want, but there is no more land being made, and more people being made everyday. Also, most renters if given a choice would pay a premium for a house over an apartment any day of the week for the obvious reasons. <BR/><BR/>Disclaimer: I am NOT a Realtor or Mtg Broker, just a guy who sees what is going on through all the hype.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-90184633428750693112007-06-18T17:31:00.000+01:002007-06-18T17:31:00.000+01:00"Steak sandwich indeed!" -------------------------..."Steak sandwich indeed!" <BR/>--------------------------<BR/>I remember that post. What a freak. Who eats steak on a sandwich, unless it's a "steakum" or a "cheese steak" (which is really an equivocal use of the term "steak")? Or maybe it's a regional thing . . .Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-74012176574554453792007-06-18T14:12:00.000+01:002007-06-18T14:12:00.000+01:00"Im one of those "loser" renters, and I would bet ..."Im one of those "loser" renters, and I would bet you that my bank acct FAR BIGGER than yours from all the investing and money Im saving by being one of those "loser" renters. "<BR/><BR/>It has been my experience that anyone who uses the term "I would bet you" usually would lose that bet. If you truly have a bank account that big there is no need to brag about it. You are no different than the small dicked asshole driving a Hummer.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-23555123704029924112007-06-17T21:41:00.000+01:002007-06-17T21:41:00.000+01:00"Anyone over 30 who rents is a loser. Might as wel..."Anyone over 30 who rents is a loser. Might as well live at home with mom. "<BR/><BR/>Im one of those "loser" renters, and I would bet you that my bank acct FAR BIGGER than yours from all the investing and money Im saving by being one of those "loser" renters. <BR/><BR/>So yeah, Im laughinig with ya chump, ALL THE WAY TO THE BANK.<BR/><BR/><BR/><BR/>Snicker.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-6430812326192147052007-06-17T17:48:00.000+01:002007-06-17T17:48:00.000+01:00I just hope it doesn't pull down the entire econom...I just hope it doesn't pull down <BR/>the entire economy.<BR/><BR/>We'll all need to share the burden<BR/>of this problem to some degree - anyone besides the top wealthy %1 -<BR/>who are already moving their money<BR/>out of here.<BR/> <BR/>SeattleMoose said... <BR/>Stupid is as stupid does.....I hope all the infestors, equity locusts, and Trump wanna-bes all end up in soup lines.<BR/><BR/>Have a nice day.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-11707417865217148842007-06-17T17:39:00.000+01:002007-06-17T17:39:00.000+01:00More house debters will most likely rent to keep t...More house debters will most likely rent to keep their costs down and weather the economic storm that is coming ... are they also "losers"?<BR/><BR/>Renting, house debting ... whatever works for you ... doesn't make you a winner or loser either way in the larger scheme of things.<BR/><BR/><BR/>Anonymous said... <BR/>Anyone over 30 who rents is a loser. Might as well live at home with mom.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-30642736882222449912007-06-17T04:19:00.000+01:002007-06-17T04:19:00.000+01:00If it comes to my attention, I try to dissuade cow...If it comes to my attention, I try to dissuade coworkers from becoming homeowners. One coworker heard that it's a buyers market now, so I showed Shiller graphs, and the NAR ad and its modification "It's a great time to make a comission" - it didn't help, so I keep quiet about it. It's their money they loose.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-70667749480970068002007-06-17T03:55:00.000+01:002007-06-17T03:55:00.000+01:00My co-workers say, "WHEN ARE YOU BUYING A HOUSE?!!...My co-workers say, "WHEN ARE YOU BUYING A HOUSE?!!!" With venom and vitriol.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1635178869920865442007-06-17T02:56:00.000+01:002007-06-17T02:56:00.000+01:00A REO in my sister's neighborhood was listed at $2...A REO in my sister's neighborhood was listed at $224K last summer and the price was dropped to $169K and it still hasn't sold. It looks like the bank took it off the market. She didn't even know about it and was shocked when I told her.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-4612335234649899732007-06-17T02:13:00.000+01:002007-06-17T02:13:00.000+01:00Anyone over 30 who rents is a loser. Might as well...Anyone over 30 who rents is a loser. Might as well live at home with mom.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-9210779783420925452007-06-17T02:07:00.000+01:002007-06-17T02:07:00.000+01:00You overlooked the fact that what we're witnessing...You overlooked the fact that what we're witnessing is everyone's problem to some degree.<BR/><BR/>We think so short term in this country, and that is why we're in<BR/>the fix we are now.<BR/><BR/>Anonymous said... <BR/>Ya sure there are people getting crunched on housing because of stupidity.<BR/><BR/>But there are also millions of people who are not hurting and are not affected in the least by other people's stupidity.<BR/><BR/>In my community, there are only 2 houses for sale out of 125. Houses here are on the market for about 25 days. The price has not gone down.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-62916807314886243422007-06-17T02:03:00.000+01:002007-06-17T02:03:00.000+01:00The housing crisis is not confined to any class, a...The housing crisis is not confined to any class, and regardless of education, people got (and are still getting) suckered.<BR/><BR/>Anonymous said... <BR/>True Story<BR/><BR/>I live in Southern California. A co-worker of mine often boasted of his many different properties. He would make sure everyone at work knew about his "wealth". The worst episode was when he pulled me aside one day and showed me his net profit on one of his flipped properties. He showed me a bank stub for $201,000 on one of his flipped properties and would ask me "How's the renting life!" Fast forward to April 2007. One day I get a frantic and panicked phone call from him and when I answered the phone, it sounded like there was a death in the family. He told me he was in deep trouble and was on the brink of financial ruin. He was about to go under on one of his properties. He has no money to make his new fully adjusted indexed payment. He knows that since he cant make these payments, he'll end up in foreclosure, his credit will be ruined, and the bank will sue him for the difference for the loan that he owes versus the sale of the home. And as you are all fully aware, home values have gone down. Not only this, his solution is to get an expensive lawyer to try to prove he didn't know what he was signing. But I dont think this will hold up very well in court as he is an educated individual with a very well paying job and it will be made known in court that he is known as a "flipper!" At this point, he is no longer boasting about his properties and is now embarrassed and is losing his money to a lawyer who is laughing at the situation. <BR/><BR/>Sincerely, <BR/>Guy laughing at the Flippers!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-91486513685548961212007-06-17T01:53:00.000+01:002007-06-17T01:53:00.000+01:00You stated a very important factthat suckered so m...You stated a very important fact<BR/>that suckered so many people into<BR/>house debtership ... "the appearance of owning vs. renting"<BR/><BR/>Your friends who bought into the<BR/>housing scheme (and anyone else) don't own anything *until* they've paid off their mortgage in full.<BR/><BR/>They are renters also - with more costs, so all the jabs I've read against those who rent can be directed back to themselves as well.<BR/><BR/>"Home Ownership" has been an over-used and incorrect term in the housing industry.<BR/><BR/>"House Debtership" - modern day serfdom - is the correct nomanclature.<BR/><BR/><BR/> Paul E. Math said... <BR/>I feel like it's a really tricky subject and whenever it comes up I walk on eggshells. I feel the need to be honest and express the conclusions that my analysis leads me to draw yet I don't want to be pushy about it.<BR/><BR/>I have a coworker who just bought in the Boston area despite all the information I gave him as to why that could be a very poor financial decision. It seemed like his main reasons were family pressure and the appearances of owning v. renting. Now that his offer has been accepted and it's too late to turn back I no longer feed him the bad news about housing - I figure that would be in poor taste and can't do him any good now anyway.<BR/><BR/>I have other friends who just bought too, despite my warnings, and now I have to plaster on a fake smile and be a good friend as I watch them flush their financial future down the toilet.<BR/><BR/>So the answer is that I don't actually talk about the bubble much anymore, in the interest of decorum. It would be like talking about the perils of smoking to someone who has already contracted lung cancer. <BR/><BR/>June 16, 2007 1:51 PMAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-6977027307250300382007-06-17T01:08:00.000+01:002007-06-17T01:08:00.000+01:00True story: Last weekend, my wife and I were at a ...True story: Last weekend, my wife and I were at a dinner party in Northeast Scottsdale (McD Mtn. Ranch, for those familiar), at my wife's friend's house. I have been to their parties before, and ALWAYS get into this conversation with one of the 7-10 realtors and/or mortgage brokers there:<BR/><BR/>TARD: So you guys rent in Phoenix?<BR/><BR/>Me: Sure do. We have a sweet two-bedroom loft just north of downtown.<BR/><BR/>TARD: You know it's a great time to buy. I can get you a great mortgage/find you a great property up here in Scottsdale, which is SOOOO much better than icky Phoenix.<BR/><BR/>Me: Actually, I sold my Scottsdale townhouse a couple years ago.<BR/><BR/>TARD: Oh.<BR/><BR/>Me: Yeah, I made a nice sum and dumped all that cash into some stocks that have done very well for me, like Apple. But I've divested and am fully in cash now - waiting to see which way things go.<BR/><BR/>TARD: Oh, really?<BR/><BR/>Me: Yeah, it's funny. There's a beautiful home a mile north of us that's been on the market for a few months. Me and (wife) have looked at it a few times, but at $650k, we think it's about 30% overvalued. When the market actually tanks, we'll make an offer near $375k and see what happens. <BR/><BR/>TARD: That's a real low-ball offer. You're never going to get that.<BR/><BR/>Me: If not that house, another one like it.<BR/><BR/>TARD: Well, I can get you a great mortgage when you do.<BR/><BR/>Me: No thanks. We're going to pay cash when it happens. <BR/><BR/>Stunned look on TARD's face.<BR/><BR/>The sad thing is, one of the couples that was usually at these parties wasn't there this time. Apparently, since they got married a few months ago, they've been having real problems, because the wife (who is a bonafide 10 - no surgery, nothing fake, a legit 10) realized that her MB husband's house of cards is collapsing - he's gone from making $15-20k a month to $2-4k a month. She obviously didn't marry for love, and he's retarded. Another sad Scottsdale love story. <BR/><BR/>I also love rolling up through these neighborhoods in my 7-yr old PAID FOR GMC (with only 54k miles) and laughing as the residents try to give me their best this-is-a-BMW -only-neighborhood-good-sir looks. Classic.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-35688627209970640972007-06-17T01:05:00.000+01:002007-06-17T01:05:00.000+01:00To people thinking about buying I always recommend...To people thinking about buying I always recommend Patrick.net and this website.<BR/><BR/>To the desperate home debtors I pretend to agree with them when they say the real estate market in Northern VA/DC will turn around cause they say they have read it in the papers. Its never good to be calling your friends fools even when they have been fools.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-60070196718874984692007-06-17T00:16:00.000+01:002007-06-17T00:16:00.000+01:00The Republican whip, Trent Lott of Mississippi, wh...<I>The Republican whip, Trent Lott of Mississippi, who supports the bill, said: “Talk radio is running America. We have to deal with that problem.”</I><BR/><BR/>Harde har har. <BR/><BR/>Hey Trent: you can start by apologizing to William Jefferson Clinton. <BR/><BR/>On your knees! Now!<BR/><BR/>That man deserved a blowjob every damn day he had to put up with your types and the raving troglodytes of talk radio you so slimily encouraged.<BR/><BR/><I> At some point, Mr. Lott said, Senate Republican leaders may try to rein in “younger guys who are huffing and puffing against the bill."</I><BR/><BR/><BR/>In the 1930's the German Uber Industrialists thought the brownshirtted thugs of the fascist movement as useful tools to beat up on the liberals and socialists, who wanted things like worker's rights and better pay and civil rights. <BR/><BR/>Funny how the thugs turned the tables, and made the industrialist capitalist class their own tools.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-80485567616965317622007-06-17T00:01:00.000+01:002007-06-17T00:01:00.000+01:00Bottom line: We're exporting prosperity (good jobs...Bottom line: <BR/><BR/>We're exporting prosperity (good jobs)<BR/><BR/>And then turn around and import poverty (illegals in bad jobs)<BR/><BR/>And the Republicans think this is the magic of capitalism. <BR/> <BR/>Jobs americans won't do? BS. Teenage unemployment is at 40-50 year highs. <BR/><BR/>Jobs americans won't hire americans to do? You betcha!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-16562726089475870102007-06-16T23:40:00.000+01:002007-06-16T23:40:00.000+01:00Anonymous said... hmmm so nobody is buying homes, ...Anonymous said... <BR/>hmmm so nobody is buying homes, prices **will** (not have) tumbled. Yet everyone has a story of a friend buying.<BR/><BR/>So how can that be? How can nobody afford to buy yet everyone has a friend or two who just bought? <BR/><BR/>June 16, 2007 4:00 PM <BR/>------------<BR/>Its called sub-prime fog a mirror underwriting standards babie. But FYI - I do not consider that purchasing a home, that's just renting money from the bank until the toxic waste explodes & consumes the "buyer"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-35803794445982434642007-06-16T22:03:00.000+01:002007-06-16T22:03:00.000+01:00I like to stay silent because I find it so much fu...I like to stay silent because I find it so much fun when people make my arguments for me.burn baby burnhttps://www.blogger.com/profile/01305528692068486872noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-43308107355778773802007-06-16T22:00:00.000+01:002007-06-16T22:00:00.000+01:00"I know this makes no sense to those of you rentin..."I know this makes no sense to those of you renting 1 bedroom ghetto apartments. You will be doing that for the rest of your lives. For the other 99% of the population, that's how things work."<BR/><BR/>First, how about getting your head out of your ass. <BR/><BR/>Second, it may not have occurred to you but some of us renters are loving life, and have been making money hand over fist by investing in the markets instead of being home "owners". HAR HAR HARAnonymousnoreply@blogger.com