tag:blogger.com,1999:blog-18675105.post6509656421671342504..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: No way we're in Denial still. Got to be Fear or Desperation. And you know what's next... Finally.bloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger62125tag:blogger.com,1999:blog-18675105.post-50048731884296692492008-09-19T06:27:00.000+01:002008-09-19T06:27:00.000+01:00I read in a blog today that we are in a full-fledg...I read in a blog today that we are in a full-fledged financial panic and I thought, "He used the word panic! We're finally there! At long last we are advancing along the chart!"<BR/><BR/> However, on further reflection it doesn't hold. A lot of people are still in denial and I think we clearly haven't gotten to desperation. Desperation is what will happen when all these radical government interventions fail to stop the slide.<BR/><BR/> So we must be in fear, although I thought fear would be more passive. More people being scared to move and less people running around like headless chickens.<BR/><BR/> Is it possible that you've got it wrong and fear and panic should swap positions? Where does this chart come from, anyway?<BR/><BR/> Alternatively I liked the suggestion of an earlier poster that the discrepency is due to the fact that two groups are at different stages. The common people are edging into fear while our financial masters are fully into panic.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-79640296865780463302008-09-18T21:52:00.000+01:002008-09-18T21:52:00.000+01:00I love the story about Maryvale AZ being overrun w...I love the story about Maryvale AZ being overrun with foreclosures. And the sleazy realtor still tries to con buyers in:<BR/><BR/>"Over the past two decades, there are other areas in the Valley that have faced similar situations and rebounded, so the question is, will Maryvale have the same fate and rebound and revitalize," said Fosha.Unknownhttps://www.blogger.com/profile/12859516053117882673noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-7675552567398645202008-09-18T21:48:00.000+01:002008-09-18T21:48:00.000+01:00As you can see from today's market, fear turned ba...As you can see from today's market, fear turned back into denial in a heartbeat. We're still hovering between the 2.Unknownhttps://www.blogger.com/profile/12859516053117882673noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-69690413854647990772008-09-18T09:47:00.000+01:002008-09-18T09:47:00.000+01:00If you wanna know what Panic feels like, check the...If you wanna know what Panic feels like, check the Russian market.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-17097075538556200872008-09-18T07:39:00.000+01:002008-09-18T07:39:00.000+01:00We are at a very mild level of anxiety. At work, d...We are at a very mild level of anxiety. At work, dinner parties, weekend gatherings, baseball and football games, I hear the same consensus among people; "oh, it will be ok", "you gotta be optimistic for America", "the bad times won't last forever", "we are in a recession", etc.... People have this incredible faith in the U.S. government, the Federal Reserve, and in the good old "oh, we are investing for the long term", "house prices never go down in the long term", etc...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-51986284596487344262008-09-18T05:33:00.000+01:002008-09-18T05:33:00.000+01:00Keithster,Love the site -- long time lurker, first...Keithster,<BR/><BR/>Love the site -- long time lurker, first time commenter.<BR/><BR/>Who are we kiddin'? Most of America is still in the mild Anxiety stage -- they know something is wrong but are too busy "treading water" with their jobs and bills to really research it-- only the smart and self-educated (via brightly educational blogs like yours and Mish's) are in the denial or even desperation stage (I know I am -- quietly stocking up on food and bullets). <BR/><BR/>And BTW, golld is heaed to the moon now -- the rest of the smart money is also in the Desperation stage.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-69570221775709969782008-09-18T04:14:00.000+01:002008-09-18T04:14:00.000+01:00i don't think you'll see "housing panic" in the cl...i don't think you'll see "housing panic" in the classic sense for 2 reasons...<BR/><BR/>1) people are no longer concerned with mailing in the keys. its becoming the cool and smart thing to do. hey, live rent free for 6 months then flip the bank the bird and go rent a house. remember, very few have any skin in the game (cash down). and many put zero down and pulled $50k in "equity" out a year later. how can there be panic if you lose nothing?<BR/><BR/>2) i'm hearing the rumblings louder and louder of banks modifying more and more loans. and as this thing gets worse and worse, they will have no choice but to lock the sub primers rate and lop $100k in principal off the top. there is no other way for it to go the numbers are going to be so big.<BR/><BR/>so knowing those two things, how can there be real panic? only ones who will panic are ones who put cash down, and thats a pretty small percentage(i'm talkin REAL cash down, not $10k-$20k). and if you bought in the past 5 yrs and put real cash down, i feel for you. but again, i think thats a small percentage. the ones who are really shitting thier pants are the lenders.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-47162098981460786922008-09-18T03:52:00.000+01:002008-09-18T03:52:00.000+01:00One day later I think we've hit fear.Two plus 400 ...One day later I think we've hit fear.<BR/>Two plus 400 days down will do that to youAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-57220829132349527902008-09-18T03:32:00.000+01:002008-09-18T03:32:00.000+01:00Ladies and Gentlemen:KAGUNGA!Oh, yeah! This is it...Ladies and Gentlemen:<BR/><BR/>KAGUNGA!<BR/><BR/>Oh, yeah! This is it! You know what I'm talking about!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-45350203627191271302008-09-18T02:22:00.000+01:002008-09-18T02:22:00.000+01:00If this country was a nuclear reactor it would be ...If this country was a nuclear reactor it would be about 5 minutes away from a chernobyl-type meltdown. Right now, the air raid sirens are going off and warning us to get ready.<BR/><BR/>I know we are past denial for a fact. Everybody at my workplace is talking about it. Sports and movies are the things they normally always talk about; but not anymore.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-79178178802533555612008-09-18T02:01:00.000+01:002008-09-18T02:01:00.000+01:00Its about time to congratulate Peter Schiff on bei...Its about time to congratulate Peter Schiff on being a wonderful predictor.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-13829890513068535842008-09-17T22:00:00.000+01:002008-09-17T22:00:00.000+01:00last time gold hit its highs and fell to its lows ...last time gold hit its highs and fell to its lows it took 30 years to break even?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-9097245681755792722008-09-17T21:39:00.000+01:002008-09-17T21:39:00.000+01:00saw a very affordable country retreat today for sa...saw a very affordable country retreat today for sale.alleluia..Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-30044300067947794062008-09-17T21:23:00.000+01:002008-09-17T21:23:00.000+01:00Anonypus 5:49 said . . ."I also said it'd never co...Anonypus 5:49 said . . .<BR/><BR/>"I also said it'd never come back to its current nominal price level."<BR/><BR/>WHo was calling who the idiot/moron again?<BR/>----------------------------<BR/><BR/>Yeah, I meant real price level. Touche.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-79582651828645485272008-09-17T20:58:00.000+01:002008-09-17T20:58:00.000+01:00For all of you saying its denial where you live, b...For all of you saying its denial where you live, be very very careful. Yes some house you may be stalking is 100K overpriced, but what about the rest??? Check your local stats - there is huge variation at the county by county level.<BR/><BR/>Where I am looking, prices are only 5-10% off peak. Normally I would think this was denial - much more to go. On another blog, some troll was screaming about how inventory was way down YOY and falling uber fast. Turns out he was right - where I am looking, there wont be any inventory left in another 4-6 months. Apparently we had capitulation - but at 5-10% off peak, it just wasnt that spectacular. <BR/><BR/>Prices will not fall the remaining 30% I want to see that would make me happy. I accept this now. I cant afford this area so I will look elsewhere in the metro area where prices are down 40% and still falling. Dont let this happen to you - watch your stats closely.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-85711836274622918772008-09-17T20:42:00.000+01:002008-09-17T20:42:00.000+01:00There are a lot of dumb idiots here. You are gonn...There are a lot of dumb idiots here. You are gonna wait in line like an embecile when all you have to do is go online and do it with the click of a mouse. Morons. Just cannot get it.<BR/><BR/>Anyways, the smart people are going to create an internet bank run.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-56706259830297653182008-09-17T19:48:00.000+01:002008-09-17T19:48:00.000+01:00Denial, definitely. I'm not surprised by the moron...Denial, definitely. I'm not surprised by the moron in Annapolis cited above. Don't even attempt discussing collapsing home prices where I live--near Annapolis, in Ann Arundel County--because BRAC (Base Realignment and Closing) will save us. BRAC is supposed to arrive in 2010 and create several thousand new jobs. That's nice, but it sure as heck won't save our insanely overbuilt, insanely overpriced RE market.<BR/><BR/> I try to tell them that BRAC won't make a dent in the current oversupply and that we've only seen the start of a long hideous fall. But don't tell folks that. It's all "LA LA LA, BRAC, I can't hear you, LA LA LA BRAC." Everyone who wants to sell is waiting for BRAC because then "prices will go sky-high again." Denial. Deep denial.DancingOpossumhttps://www.blogger.com/profile/15921571838267780848noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-79456599647310134972008-09-17T19:26:00.000+01:002008-09-17T19:26:00.000+01:00Judging by the gold market today, I believe FEAR h...Judging by the gold market today, I believe FEAR has arrived.<BR/><BR/>Probably give back a lot of these gains tomorrow, but damn.AuAgPbhttps://www.blogger.com/profile/10669274294621699295noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-72276745583279217522008-09-17T19:09:00.000+01:002008-09-17T19:09:00.000+01:00Reminder: House sellers and realtor scum in the NY...Reminder: House sellers and realtor scum in the NYC metro area are still in deep denial of the collapsing housing prices!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-82114869110862971672008-09-17T18:41:00.000+01:002008-09-17T18:41:00.000+01:00Bwahahahaha...I love to see all the "experts" on C...Bwahahahaha...I love to see all the "experts" on CNBC now acting like they knew all along. Now they love gold. Bunch of crooks!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-13763479267879476392008-09-17T18:33:00.000+01:002008-09-17T18:33:00.000+01:00Plenty of denial left here in Fla.RE agents still ...Plenty of denial left here in Fla.<BR/><BR/>RE agents still selling the Fear that interest rates will rise, or buyers will miss the bottom.<BR/><BR/>Makes me sick.<BR/><BR/>As an appraiser, I'm sick of trying to educate idiots. They looked at me like the messenger of death in 2006 when I started warning, and I get the same look today.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-63453739773005242822008-09-17T18:26:00.000+01:002008-09-17T18:26:00.000+01:00Depression for the U.S. recession for the rest of ...<I>Depression for the U.S. recession for the rest of the world.but who cares,most of you sold your RE in late '06 bought gold and $400 and have food for 24 months,right?</I><BR/><BR/>Most HP old timers really did. I'm not sure about this new wave of Daily Koos who live in their mom's basement.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-83105230932252949492008-09-17T18:06:00.000+01:002008-09-17T18:06:00.000+01:00No way, Keith. The bottom is not in sight. If we'...No way, Keith. The bottom is not in sight. If we're at your stage of fear, we've still got three big stages that are hiding the bottom of this market. This will take years. <BR/><BR/>The depression will be upon us soon enough, but don't expect it for quite a while, imo.taterhttps://www.blogger.com/profile/01956974366787321172noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-54791789900325850122008-09-17T18:02:00.000+01:002008-09-17T18:02:00.000+01:00Tampa suburbs -- still denial.The neighbor behind ...Tampa suburbs -- still denial.<BR/><BR/>The neighbor behind me still has his house listed for about $100k more than it is worth. He can't sell the house for less because he's even further underwater on an investment condo in town.Roscoehttps://www.blogger.com/profile/18024719387913982327noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-46541337185379080962008-09-17T17:55:00.000+01:002008-09-17T17:55:00.000+01:00broke and lonely again, sorry - you did something ...broke and lonely again, sorry - you did something wrong in a major-league way.<BR/><BR/>You are wiped out after 22 years? I am still way up in my 401(k) relative to cost basis after 20 years.<BR/><BR/>You are down to your last 5K? Wow. I don't know where to begin with that. I will say that I remember when I was a kid my mom went off on a neighbor who asked to borrow a few bucks. Her response was something like "You are almost 30 years old and don't have money in the bank to draw on when you need it?!? You should be ashamed of yourself."<BR/><BR/>Why are there so many 40-something losers that post on this site? Is it the Bush hating or renter status that draws them in?Anonymousnoreply@blogger.com