tag:blogger.com,1999:blog-18675105.post7420115078998826453..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: HP's message for recent college grads: I want to say one word to you - just one word. Rent. Shh! Enough said.bloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger48125tag:blogger.com,1999:blog-18675105.post-11956539266385161362007-06-13T23:39:00.000+01:002007-06-13T23:39:00.000+01:00anon June 13th 3;21,Proove it.p.s. couldn't care ...anon June 13th 3;21,<BR/><BR/>Proove it.<BR/><BR/>p.s. couldn't care less about your colloquial diagnosis, I just want to see some proof, or please continue to debate this with your mom. I'm sure it comes up so often that it will be importnat to her to know of your vague talents of correcting others instead of staying within a titled parameter. <BR/><BR/>caring less, less, les,le,l....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-90361067402534905702007-06-13T16:21:00.000+01:002007-06-13T16:21:00.000+01:00>> My contemporaries have $1900 month Beemer payme...>> My contemporaries have $1900 month Beemer payments and $1200 merc payments.<BR/><BR/>God damn, for the last time! Beemers are BMW motorcycles - Bimmers are the automobiles!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-82392040784945745202007-06-13T14:50:00.000+01:002007-06-13T14:50:00.000+01:00Like my ex-Secret Service friend says: "people who...Like my ex-Secret Service friend says: "people who use their real names, pictures, and IPs all over the Internet are crazy!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-65615413162050931562007-06-12T16:56:00.000+01:002007-06-12T16:56:00.000+01:00I think 6:04 also nailed it. Of course, if someon...I think 6:04 also nailed it. <BR/><BR/>Of course, if someone out of college actually produces something and earns some money they can take advantage of the market and still buy that place, or a sane TH, and rent to their ding-dong college friends who will pay most of that mortgage for them...<BR/><BR/>I strongly recommend as renters, ex-sorority girls, now in sales, for all the obvious reasons. <BR/><BR/>A little risky, and non HP approved, but still a good plan if you can actually earn a decent living out of school.<BR/><BR/>Cheers!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-77034520345815165422007-06-12T15:50:00.000+01:002007-06-12T15:50:00.000+01:00I get a real kick out of the "bull shit" prescript...I get a real kick out of the "bull shit" prescriptions for saving yourself in a crash. "precious metals, "cash", renting, etc.<BR/><BR/>As if there was ever really a "garlic clove" which would prevent Count Dracula from sucking your blood dry. <BR/><BR/>The US dollar is worthless since Sir Alan Greenspan turned on the printing presses in an attempt to bail out his $300 trillion derivative monster. <BR/><BR/>As paradoxical as it may seem the only way to get off the Titanic and into life boats is the use of government power to place the system into bankruptcy reorganization and write off all the ficticious debt , most of which will have to be written off. <BR/><BR/>On your own you are as good as dead, whether youre holding precious metals, cash, or holding whatever passifier floats your boat.<BR/><BR/>Imagine living in this country under conditions of mass homelessness? Collapsing infrastructure, no hospitals etc.<BR/><BR/>There's no way you can survive this crash on your own. You either revive the FDR principle in Government or you've had it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-70774603544288259332007-06-12T15:29:00.000+01:002007-06-12T15:29:00.000+01:00Every situation is different and EACH person shoul...Every situation is different and EACH person should look out for their own best interest.<BR/><BR/>I tell young would be clients to consider renting in this current market. Renting is cheaper on a monthly basis in most cases in my local market.<BR/><BR/>I don't know if it's the entitlement attitude or not, but many folks WANT to buy their own home and call the shots.<BR/><BR/>Can they afford the payment?? One bit of advice is to price out a mortgage payment on a starter home based on a fixed rate with a healthy down payment. Then see if there is a similar rental available for a much lower monthly cost. Then rent the unit, but save the surplus in monthly savings for the down. I look at this as practice on whether or not a person is ready to be a homeowner.<BR/><BR/>Fixed rate financing is the key in these troubling times if the insistence is purchasing a home.Todd Tarsonhttps://www.blogger.com/profile/01021079047377986544noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-52086639134662334702007-06-12T15:21:00.000+01:002007-06-12T15:21:00.000+01:00some of us do make a squat load of money, thank yo...some of us do make a squat load of money, thank you for noticing. I'm one of those 5%CD people that many think disparingly of.<BR/>I don't make that much more than my contemporaries, but I live differently. I don't have a 15k monthly mortgage. I live in a modest home that's paid for. I drive a 4 year old car and a 5 year old car that replaced the 11 and 13 year old cars. My contemporaries have $1900 month Beemer payments and $1200 merc payments.<BR/> I am the topic of discussion among my friends; 'how in the hell can you travel all over the world at a whim?' I always ask what their mortgage payment is. Then I explain that my mortgage can with a travel plan; if I had a 10k mortgage then I couldn't travel either. Since I don't have a mortgage, I get to take an incredible trip every month, and STILL be $6k ahead of their mortgage.<BR/> I have a 3% debt ratio. I only publish this so others will see that if you hang on and retain a modicum of modesty that eventually ALL the good things will come to you. It's gradual, and then suddenly it's there. It certainly wasn't always this way but it certainly always was the plan. I turn 50 soon. <BR/>While my home is modest,it's the place where everyone gathers and it's always my boat everyone is on. Pretension=tension. I have no designs on impressing my neighbors. <BR/> When I was 20, I was sitting in a dentist office and saw a bright orange magazine. It was designed to catch your attention. I picked it up and started to read it. It was in huge 32 point font and only about 12 pages. It said over and over again, in many ways so that any educational level could find a comfortable passage; pay yourself 10% of your income and pay yourself first. If there is not enough to pay the rest of the bills, get a different job, get an additional job, or cut back the expenses. I opened my first savings account that day and I still remember the day we hit $1000 in the bank. Rent at the time was $160 per month, so it was quite an accomplishment. I never swayed from the plan. I later learned that the pamphlet/magazine was printed byh a wealthy guy who just wanted people to see how simple it all was. Please do not think that buying a home is the ultimate answer to anything. The facts are that my 'free and clear' homes cost me $3300 monthly in lost revenue. If I had the money in the bank and was renting instead I would ne $2200 more monthly. We all have our foibles. Mine is the house and guest house. Maybe yours is cocaine or something.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-80919407842917773982007-06-12T14:34:00.000+01:002007-06-12T14:34:00.000+01:00>> Yes, we wanted to during the boom because we th...>> Yes, we wanted to during the boom because we thought we were 'missing something', but good judgment won out.<BR/><BR/>You mean BAD judgment. You WOULD have made a small fortune during the boom.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-12401587566076770502007-06-12T07:23:00.000+01:002007-06-12T07:23:00.000+01:00" I have over 1mil+ in investments, and currently ..." I have over 1mil+ in investments, and currently rent a nice 1500 sq ft home for <$500/mo. Yes, $500/mo. It’s old, but it’s quiet and clean. My wife and I bring in over 200K a year."<BR/><BR/>Yawn, yawn, yawn. More internet bragging. Or should I say fantasizing?<BR/><BR/>I really find it amazing that everyone in this group just happens to be in that top 5% - 10% of income earners.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-58481976414320288012007-06-12T04:57:00.000+01:002007-06-12T04:57:00.000+01:00Mrs. Robinson?Yeah! I'd tap that.Mrs. Robinson?<BR/><BR/>Yeah! <BR/><BR/>I'd tap that.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-6523170220189569462007-06-12T04:17:00.000+01:002007-06-12T04:17:00.000+01:00I just loved that movie! Why can't I be someone's...I just loved that movie! Why can't I be someone's Mrs. Robinson?<BR/><BR/>SHAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-90024097998323078902007-06-12T01:58:00.000+01:002007-06-12T01:58:00.000+01:00To Stephen (and other grads):Don’t listen to these...To Stephen (and other grads):<BR/>Don’t listen to these morons telling you to buy, and leverage yourself into debt. Misery loves company, and they want to justify their bad judgment. <BR/><BR/>(from a page in my life) Pay off all of your bills. Save and invest wisely yet cautiously. I’m in my mid 30s and have rented my entire life. I have always lived in clean, quiet places (not dumps). I have over 1mil+ in investments, and currently rent a nice 1500 sq ft home for <$500/mo. Yes, $500/mo. It’s old, but it’s quiet and clean. My wife and I bring in over 200K a year. We live quietly, comfortably and peacefully. If you really want to understand a millionaire’s mentality, I suggest you read the Millionaire Next Door. My wife and I are in no hurry to purchase. Yes, we wanted to during the boom because we thought we were 'missing something', but good judgment won out. We will wait another 2-3years for a nice property at <50% 05/06 prices. Pay cash for the house, and not worry about dealing with crooks called mortgage brokers.<BR/><BR/>So, you can always be a 'loser renter' with the flexibility to do what you want, or buy what you want, or retire earlier,<BR/>or <BR/><BR/>you can always leverage yourself with a depreciating asset.<BR/><BR/>Oh, and btw, historically, on average, homes don’t return more than 2%.<BR/>http://tinyurl.com/22xxewAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-47598850089614067902007-06-12T00:02:00.000+01:002007-06-12T00:02:00.000+01:00""sounds like a lot of jealous renters in their 40...<I>""sounds like a lot of jealous renters in their 40s and 50 still driving cars made in the 80s.<BR/><BR/>you people are losers. you have always been losers and will continue to be losers. ""</I><BR/><BR/>Being just out of college myself, and having a good understanding of basic economy, I would have to be mentally challenged to purchase property in this market. <BR/><BR/>My fiancée and I make well over the average income for the Bay Area. To take out a logical loan, 30yr fixed, with 20% down, we could afford a place in the 325k to 370k range. If you do some research you would notice that the best we could get for that is a 900sq ft "condo" (apartment built in the 60's). <BR/><BR/>Being anti-rape, we decided to rent. We are in a nice 2bd house with a yard and garage for $800 less than it would cost to purchase one of those condos. <BR/><BR/>Now we are just saving, waiting for the 3bds in the area to come down from 500k so we can purchase an actual starter home.<BR/><BR/>Ohh and the bonus is, I only have to drive, (06 Subaru), Once a week to work. BART saves me over $3 a day and hundreds in insurance.<BR/><BR/><BR/>CVRentin -Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-53023043894911963012007-06-11T22:37:00.000+01:002007-06-11T22:37:00.000+01:00FLASH 1: If you have a mortgage, you don't own a h...FLASH 1: If you have a mortgage, you don't own a home. The bank does.<BR/><BR/>FLASH 2: If you lease a car, you don't own a car. The bank does.<BR/><BR/>FLASH 3: If you pay taxes and are an American citizen, you are not entitled to crap. China, Mexico, Saudi Arabia, India, and Bush cronies are the ones entitled to everything in this country.<BR/><BR/>Pay up and pass amnesty, suckers.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-80546236991565884472007-06-11T22:27:00.000+01:002007-06-11T22:27:00.000+01:00How do you document real life blah blah blah ficti...How do you document real life <BR/>blah blah blah fiction each day<BR/>Rent!<BR/><BR/>Well, we're hungry and frozen,<BR/>It's the life that we've chosen!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-57567549045886103222007-06-11T22:23:00.000+01:002007-06-11T22:23:00.000+01:00Dearest anon 5:05,We couldn't be prouder of you. M...Dearest anon 5:05,<BR/><BR/>We couldn't be prouder of you. Making less than a car salesman and with your education! I made double that selling cars in 1994! AND I had been since 1989, figure out what you'll need to catch up!<BR/>And you just offered someone far less money than you made in 1998, I see you're also generous.<BR/><BR/>The 78k you offered that guy will buy him a 234k mortgage using an overwhelming 3 times his annual income/mortgage.<BR/>That makes him destitute for anything but renting.<BR/><BR/>By the way, I started selling cars because the 'new' immigration laws applied to Filipino immigrants allowed ENGINEERS to come here and work for 2 years at 50% of wages, and then they could bring over the whole extended family. It really spanked the engineers then. No one is safe. Your degree may just be a pompous version of an english lit degree when the boss cuts the jobs.<BR/><BR/>I once asked an attorney waht the difference was bewtween a 80k per year attorney and an 800k per year attorney. he told me; the 800k attorney really really wanted to be an attorney. The 80k attorney; his mom really really wanted him to be an attorney. Sometimes college is just a babysitter because your family doesn't want you around. <BR/>So, you see, anyone can be hurt with words. Nice work on belittling the waitresses and womens studies and such.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-53594684163992928682007-06-11T21:37:00.000+01:002007-06-11T21:37:00.000+01:00"I could afford a $320K condo out of college becau..."I could afford a $320K condo out of college because my starting salary was $68K a year. "<BR/><BR/>You were paying $1,800 in rent out of college and earning $68k. Let's see: $21,600 in rent per year + $10,000 in taxes (low ball) + $12,000 in living expenses = aprox $44,000, which leaves you with $24,000 to max your 401(k) at aprox $15,000 per year = only $9,000 leftover.<BR/><BR/>You could NEVER afford a $320k earning that little and paying that much in rent. Not even with your ALLEGED bonus. All that you did was getting an exotic loan and flipping (for a profit or not, considering the small period you hold it), if that's true. So don't come saying that you could afford a $320k condo out of college.<BR/><BR/>The numbers don't add troll. Nice try, though, maybe the sheeple who know nothing about math will believe you.<BR/><BR/>PS: I studied Real Estate Analysis in College.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-15810431894293761122007-06-11T21:26:00.000+01:002007-06-11T21:26:00.000+01:00Stephen, great post. You're not alone in your thi...Stephen, great post. You're not alone in your thinking. Thanks for telling us your story. I know you'll be glad for your choices in the long run. But you already know that -- keep the faith!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-59304348164217312172007-06-11T21:14:00.000+01:002007-06-11T21:14:00.000+01:00Another message to graduates: Push against this cu...Another message to graduates: Push against this current amnesty bill to secure your jobs and avoid overall depressed wages.<BR/><BR/>Corporations are drolling with the idea of increasing the number of H1-B visas per year, so they can depress wages by 30%. Greedy corporations are trying to increase the number to 180,000 visas per year!<BR/><BR/>Folks, we are in a class warfare, make no mistake about it. The sheeple is too stupid to understand that this amnesty bill is bad for American workers who ACTUALLY pay taxes.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-87747224703630459022007-06-11T21:06:00.000+01:002007-06-11T21:06:00.000+01:00We could say that Ann Bancroft was the original MI...We could say that Ann Bancroft was the original MILF.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-81886495264414872232007-06-11T21:03:00.000+01:002007-06-11T21:03:00.000+01:00stupid.saying you should **always** rent makes as ...stupid.<BR/><BR/>saying you should **always** rent makes as much sense as saying real estate **always ** goes up<BR/><BR/>anyone who believes in absolutes has a very small mindAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-56241887047801152862007-06-11T20:48:00.000+01:002007-06-11T20:48:00.000+01:00Yeah; Since YOU had to RENT, everyone else MUST as...Yeah; Since YOU had to RENT, everyone else MUST as well. <BR/><BR/>No one ever be thinking they are BETTER Than you that's for sure. <BR/><BR/>Wanting something NOW isn't as bad as you make it out to be. Most of the time this is called "Internal Drive" However, you seem to misplace this for Having something you did not at his age. Go buy yourself a corvette as your obviously having a mid-life crisis. <BR/><BR/>From an anon-still-renting-20something.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-3467212498415239032007-06-11T20:42:00.000+01:002007-06-11T20:42:00.000+01:00sounds like a lot of jealous renters in their 40s ...sounds like a lot of jealous renters in their 40s and 50 still driving cars made in the 80s.<BR/><BR/>you people are losers. you have always been losers and will continue to be losers.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-51937782785320787142007-06-11T20:30:00.000+01:002007-06-11T20:30:00.000+01:00Hey Mr Owner,Can you say "REVERSE MORTGAGE"?Yup yo...Hey Mr Owner,Can you say "REVERSE MORTGAGE"?Yup you own that one.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-55865516840212106572007-06-11T20:28:00.000+01:002007-06-11T20:28:00.000+01:00I bought,and have a low payment.I still think rent...I bought,and have a low payment.I still think renting is more reality than the fantasy of owning.I bought ,and still have theives,and crackheads,and drunks,and Churchies,and oldpsychos,and scammers,realtors,and dumbass zoning laws(Voters are dicks),and on ,and on ,and on,but lastly,I will never own it anyway.Anonymousnoreply@blogger.com