tag:blogger.com,1999:blog-18675105.post6843781801807810305..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: An HP message to the "Mortgage Slaves" of Americabloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger70125tag:blogger.com,1999:blog-18675105.post-21581832251660496782007-05-30T23:53:00.000+01:002007-05-30T23:53:00.000+01:00anon @ 8:30 PM, I applaud your sentiments, since a...anon @ 8:30 PM, I applaud your sentiments, since at least you're honest about what a f*cking elitist scumbag you are. The median income for America is about $32K. That makes at least 1/3 of America a "ghetto" to you, populated with people living pathetic lives. Since THAT is patently false, we can see what a demented fantasy world you live in.<BR/><BR/>Half of America brings home a gross $15/hr. Taxes and fees swallow at least 40% of that for workers. If half of kept money is applied to housing, that produces about $800/mo. This proves that the issue is not about being poor and pathetic, but that housing in too many areas is overpriced and must fall in order to accommodate real homeowners.<BR/><BR/>It's terrible for us sensible economists to hear how the monied classes are so howlingly for bankrupting the rest of America. Perhaps it really is time to start killing these pigs.Peahippohttps://www.blogger.com/profile/01249343346796502619noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-88804060408269429952007-05-30T21:11:00.000+01:002007-05-30T21:11:00.000+01:00Best mortgage lending commercial ever. Not a joke...Best mortgage lending commercial ever. Not a joke. But is laughable.<BR/><BR/><BR/>http://tinyurl.com/2vgcw5Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-41356403403792905742007-05-30T04:53:00.000+01:002007-05-30T04:53:00.000+01:00I confess you're right. Leverage ensures that even...I confess you're right. Leverage ensures that even small housing equity can increase quickly even in a slowly growing housing market, but there's a penalty one pays for lack of liquidity. I wouldn't spend the limits of my means on rent, nor would I do so on a mortgage. My money's worth more to me in my money market account than it is paying a mortgage right now, so that's where it goes.<BR/><BR/>Of course, then there's the traditional, old-world method of buying a house: with a brown paper bag full of cash.dchttps://www.blogger.com/profile/08808067590437877111noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-23381079914595400132007-05-29T22:20:00.000+01:002007-05-29T22:20:00.000+01:00BW HA HA HA!! You idiots you can't have inflation ...BW HA HA HA!! You idiots you can't have inflation in rents without inflation in real estate or vice versa. If house prices plummet so will rents = no inflation. If the opposite happens then yes you have inflation but you also have higher house prices.<BR/><BR/>You can't have it 1/2 and 1/2, ie plummeting house prices AND inflation. <BR/><BR/>Get a fucking clue.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-7962269211420294182007-05-29T21:37:00.000+01:002007-05-29T21:37:00.000+01:00All you dipshits who say that you can't have infla...All you dipshits who say that you can't have inflation and house prices dropping too - pull your heads out of your asses. The Fed's cooked inflation number uses RENTS not HOME PRICES. So inflation could skyrocket if rents stay fairly constant due to increased supply of McCondos out there and other consumer prices rise. At the same time all that extra pressure on the consumer's wallet will make it all that much less likely they can afford a more expensive house -> house prices continue to drop.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-80612266870855757692007-05-29T21:30:00.000+01:002007-05-29T21:30:00.000+01:00median income is $27K....maybe in your ghetto apar...median income is $27K....maybe in your ghetto apartment complex, rest of the country, not so much. What you ghetto renters assume is that your pathetic lives are the norm. Not so. You are the lowest of the low. Please don't assume this entire country mirrors your existence.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-7308677258571512192007-05-29T20:16:00.000+01:002007-05-29T20:16:00.000+01:00but what if the average income numbers are as bogu...but what if the average income numbers are as bogus as the inflation numbers and its 27,000 not 45,000 or 14-25% not 2.5 and includes housing costs, food, energy, insurance, taxes,and gasoline, join the lists of the common screwed, and blame it on the anger i felt when called consumer, rather than customer, and the line of the eat or be eaten, consumed, vrs, the customer is always right..... but its to late now for to invest in the remedy of that problem.........no more bonuses for wall street, with paulson as sect of treasury, spelt treason>>>>>>>>>>.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-15681288410276806432007-05-29T19:56:00.000+01:002007-05-29T19:56:00.000+01:00and of coure you conveniently left out the tax ded...and of coure you conveniently left out the tax deduction on interest and property taxesAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-6285431006136478262007-05-29T19:55:00.000+01:002007-05-29T19:55:00.000+01:00Honestly, if someone's rent is the same as a homeo...Honestly, if someone's rent is the same as a homeowner's taxes, maintanence, and interest payments, he wins. The equity you would otherwise put into your house could easily be put into stock equities. <BR/><BR/>---------------<BR/><BR/>I appreciation is 0 or negative. If appreciation is even 1% a year, your statement is false unless the investments return late 90s type nasdaq returns, highly unlikely long term.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-61042797954215676282007-05-29T19:07:00.000+01:002007-05-29T19:07:00.000+01:00You renters just flush your $ down the toilet mont...<I>You renters just flush your $ down the toilet monthly with nothing to show for it.</I><BR/><BR/>Honestly, if someone's rent is the same as a homeowner's taxes, maintanence, and interest payments, he wins. The equity you would otherwise put into your house could easily be put into stock equities. There's never any point in making major financial sacrifices for a house. When buying a house doesn't mean I have to sacrifice other parts of my lifestyle, I'll probably do it. Until then, I might as well rent for as little monthly outlay as possible.dchttps://www.blogger.com/profile/08808067590437877111noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-42475814563082403612007-05-29T19:03:00.000+01:002007-05-29T19:03:00.000+01:00High gasoline prices might not affect people's DRI...High gasoline prices might not affect people's DRIVING habits, but they affect other habits. The extra $100/month you're spending on gas means that you are cutting back on savings, dining out, or other discretionary expenses. If gasoline was a major expense for me (it isn't), and my expenses for gasoline suddenly doubled, that money would have to come out of _somewhere_. If I didn't change my driving habits, I'd have to change other habits to make up the difference. How hard is that to understand?dchttps://www.blogger.com/profile/08808067590437877111noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-51515451416429219212007-05-29T18:37:00.000+01:002007-05-29T18:37:00.000+01:00Like it or not, the only way the Fed can get the U...Like it or not, the only way the Fed can get the US out of it's staggering debt is to inflate our way out of it. This is what we are seeing today. However, there are several drawbacks here. Because our creditors (read Japan and China) won't like seeing us steal their profits by printing more money, credit will get very tight, and interest rates will go up. Therefore home prices will be held in check not by the Fed, but by the folks who won't cotton loaning money to us for free. I won't make any political statements here - both parties have essentially abandoned the middle class. Americans are being undone not by their government per se - the government is the people in theory - they are being undone by pure GREED. We elect officials not by what ideas they have or how they best server the country - but by who can bring home the bacon. There will be a huge economic price to pay, but folks, we brought it on ourselves. Take a look at the Constitution and the moral vision of our founding fatheres who risked everything for an idea. Now look at the confusion we call Washihngton - any questions?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-64082188107152737242007-05-29T18:24:00.000+01:002007-05-29T18:24:00.000+01:00"Sure it's psycologically painfull to put $70 in y..."Sure it's psycologically painfull to put $70 in your tank when it used to be $40."<BR/><BR/>And, let's say that is put in everyweek of the year<BR/><BR/>70-40= 30<BR/><BR/>30 x 52= 1,560.00<BR/><BR/>So, arguably, each person is not spending that 1,500 bucks a year on other stuff. Multiply that 1,500 by hundreds of millions of people and it is a lot more than psychologically painful.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-43863973486755043222007-05-29T17:29:00.000+01:002007-05-29T17:29:00.000+01:00$500 a month payment on a 4000 sq. ft. home. Thank...$500 a month payment on a 4000 sq. ft. home. Thanks but I'll own over renting and having to live next to tards. The 2.5 acres I have keeps you tards far away. Some of us are smart enough to have steered clear of the pump and dump of the last few years and are continually gaining equity. You renters just flush your $ down the toilet monthly with nothing to show for it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-13455539628287531292007-05-29T17:04:00.000+01:002007-05-29T17:04:00.000+01:00"Why has no bitter homedebtor explained why New Ce...<I>"Why has no bitter homedebtor explained why New Century went bankrupt if home prices are still increasing? "</I><BR/><BR/>New Century went tits-up because excessive defaults triggered the buy back clause in their MBS agreements with investors. They didn't have the cash to meet these demands so their only option was bankruptcy. Falling RE prices were not the direct cause of their failure.<BR/><BR/>If the poor bastards could've held on for another six months, they'd be able to glom on to the bailout packages Congress will be handing out to banks left and right. Remember the S&L bailouts? This is the sequel, only this time it will be 50X more expensive for us taxpayers.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-15834508481370837972007-05-29T16:48:00.000+01:002007-05-29T16:48:00.000+01:00I know you renting fools are on the lower income s...I know you renting fools are on the lower income scale when you complain about the cost of milk. I drink about a gallon of milk a week. If it's $3 or $5 or $10, big deal.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-73016567416868047912007-05-29T16:44:00.000+01:002007-05-29T16:44:00.000+01:00Anonymous said... 25 miles x 2 = 50 miles50 x 22 d...Anonymous said... <BR/>25 miles x 2 = 50 miles<BR/>50 x 22 days = 1100 miles<BR/><BR/>1100 miles + 500 miles = 1600 miles<BR/><BR/>1600 miles / 15 mpg = 107 gallons<BR/><BR/>107 gallons x 3.25$pg = $347<BR/><BR/>$347 x 2 SUV's = $700/mo gas<BR/><BR/>Unless you think most families have only one car. <BR/><BR/>---------------------------------<BR/><BR/>And both cars are driven 50 miles a day to work and both cars are driven an extra 1000 miles a month.<BR/><BR/>I suppose there are cases like this, but not the norm.<BR/><BR/>The average commute in the US is 18 miles. The average car/suv gets 21 MPG.<BR/><BR/>Rerun those numbers.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-91810556083394571132007-05-29T16:29:00.000+01:002007-05-29T16:29:00.000+01:00Damn, I am loving Anon 11:43 AM- the dude rocks. A...Damn, I am loving Anon 11:43 AM- the dude rocks. <BR/><BR/>Anyway, what is this "living" that the non-Mortgage Slaves are supposed to be doing? It appears to involve not huddling in your rented home, not driving anywhere for fear of spending money on gas, and praying for a recession and $8 gas so you that you can laugh at everybody else. <BR/><BR/>Huh? Is it really going to be that fun that you can afford to waste years waiting for your chance to "HA HA"?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-20999787325496398602007-05-29T15:39:00.000+01:002007-05-29T15:39:00.000+01:00Why has no bitter homedebtor explained why New Cen...Why has no bitter homedebtor explained why New Century went bankrupt if home prices are still increasing? They could have taken the REO's and sold them for a profit or at least break even.<BR/><BR/>$700K house x 1.05 = $735K<BR/><BR/>That should have been a $35K profit on that 100% loan. Let's say the foreclosure cost is $50K. That means New Century only lost $15K on that loan. Unless they had to sell that house and take a $200K loss. That would add up to billions.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-27847003421574171982007-05-29T15:35:00.000+01:002007-05-29T15:35:00.000+01:00So can the great majority of households earning $4...So can the great majority of households earning $46K/yr afford the $500,000 starter home on the West Coast? Can they afford the $250,000 starter home in the Midwest? How about all the people earning less than $46K/yr? Maybe that is why foreclosures are up 80% in California and nearly 100% in Florida.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-27126631588989664012007-05-29T15:33:00.000+01:002007-05-29T15:33:00.000+01:00Anonymous said... devestment said... At a business...<I>Anonymous said... <BR/>devestment said... <BR/>At a business meeting yesterday</I> <BR/><B><BR/>A bidness meeting on Sunday...geez and homedebtors are the ones with no life?</B><BR/><BR/>I never travel on busy holidays; Tuesday is my favorite day to take off. You see, financial independence brings choices, not compulsion. Plus, Sundays can be the best day to buy chattel at pennies on the dollar.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-80743334664436194522007-05-29T15:32:00.000+01:002007-05-29T15:32:00.000+01:00Since when has it been normal for a starter home i...Since when has it been normal for a starter home in the ghettos of Compton or Watts to cost $500,000?<BR/><BR/>Is this country, the third largest in the world, really running out of land?<BR/><BR/>You bitter homedebtors claim there is no inflation, yet you also claim that rents will be increasing 5% every year and home prices will climb even higher than that. Gas prices have gone from 99 cents in 1998 to $3 today. Milk has gone from $2 to $5. So which is it? Is there inflation or not?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-43826615008375337952007-05-29T15:25:00.000+01:002007-05-29T15:25:00.000+01:00There can be inflation and deflation at the same t...There can be inflation and deflation at the same time. The 1970's saw inflation in consumer goods and a bear market in stocks. This time there is definitely inflation in comsumer goods with groceries and energy prices skyrocketing since 2000. Milk is $5/gal along with bread, soup and anything else going up in price. This time housing prices will be flat and down in most areas.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-26545871745540385722007-05-29T15:23:00.000+01:002007-05-29T15:23:00.000+01:0025 miles x 2 = 50 miles50 x 22 days = 1100 miles11...25 miles x 2 = 50 miles<BR/>50 x 22 days = 1100 miles<BR/><BR/>1100 miles + 500 miles = 1600 miles<BR/><BR/>1600 miles / 15 mpg = 107 gallons<BR/><BR/>107 gallons x 3.25$pg = $347<BR/><BR/>$347 x 2 SUV's = $700/mo gas<BR/><BR/>Unless you think most families have only one car.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-53456986190202263252007-05-29T14:06:00.000+01:002007-05-29T14:06:00.000+01:00"High rates of inflation are not a good thing."No,...<I>"High rates of inflation are not a good thing."</I><BR/><BR/>No, its not a good thing, but inflation is infinitely better than the widespread asset <I>deflation</I> the HPers are predicting. In a deflationary depression, there is no "bottom", and all incentives for investment and risk disappear.<BR/><BR/>The money guys and politicos will all opt for inflation to get us out of the coming crisis, and that is why they don't seem to care about all of the debt they're running up. Yes, the USD is toast, but that $2500 mortgage payment will seem quite reasonable when a loaf of bread costs $5.Anonymousnoreply@blogger.com