What percent of Americans do you think now have come to terms with the fact that housing is crashing?
January 11, 2008
HousingPANIC Stupid Question of the Day
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36 comments:
5%
Judging by my interactions with the man on the street, about 5%.
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.
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From Bloomberg:
"Traders placed bets for the first time today that the central bank will reduce its benchmark interest rate by 0.75 percentage point this month, according to Fed funds futures prices compiled by Bloomberg."
Helicopter Ben might as well go for it and reduce the Fed rate to 0.00.
The majority of Americans don't know what is happening or soon to happen because the are fed the MSM bull like its the bible every night and believe it. I guess right now its 35% Know , 15% are in denial (Realtors & Brokers) and the other 50% don't give a rats butt until the shelf is bare at the grocery & there is no beer to drink.BTW... That Tangalo's really something isn't He? Cash-out then sell whats left of the turd to the suckers at BOA.
What a cool picture, that is the ugliest damn bird I have ever seen, LMAO.
20% tops.
define "come to terms" - i think virtually everyone has been exposed to the news - the degree that it affects them is i think relative to their unique situation i.e. those that are desperate to sell in this market are probably alot closer to reality than those with no intention of selling or those that are selling but dont HAVE to sell at deep discounts- i am just now seeing non-distressed owners starting to lower their prices a little, like 5%! whereas the distressed folks are dropping prices to where they find buyers and most of the time that level means a short sale if they bot in the last 3-4 years.
2%
And they're all reading HP.
Everyone except Greg Swann
I'd have to say still under 50%, sadly. I still hear the old "renting is just throwing money away" argument from people I know.
You want to see a hilarious article in denial? Read Dry up those tears... Real estate recovery will happen. My tears, of course, were tears of laughter when I read this. They give the usual reasons about how it's a great place to live, the economy won't be that bad, bla bla bla. I left a comment on that article but I wouldn't be surprised if they don't approve it (after all, I am dissenting to their views).
********LOL!*********
I think 90% of Amerika is still unaware of the magnitude of the coming destruction. I still get deer in the headlights looks when I mention it casually in conversation. The sheeple in this country are brain dead and dumb as lug nuts when it comes to the state of our financial system. If Oprah isn’t talking about it and the shrub says everything is ok, then it be business as usual. Oh, and by the way, just got my new 3 year housing assessment. My house in Maryland appreciated 26% according to the government. Yeah, business as usual.
5% REALLY know.
20% see somethings wrong but don't understand it.
the other 75% are still watching Reality T.V. shows and haven't read or even watched the news for decades.
of the 65% of people who "own" their houses, i'd say 25% of them know there is a problem...some think it's a correction and some know it to be a crash. the rest are in la la land.
the larger problem is the financial system. out of all americans, i'd say 2% to 5% truly understand the potential disaster that could be just over the horizon. actually, i'd say closer to 2%. all the optimistic talking heads on cnbc (kudlow's the worst...and to think i used to like him) know this potential too but they keep smiling and doing their pollyanna thing b/c they bought expensive houses and they have too many friends on wall street, etc. to say anything negative. if they do, they won't get access to these people for their shows anymore...then, their ratings go down, meaning less ad money, which means lower contract value the next time around or possibly getting canned.
keep on smiling kudlow...keep on smiling...
I'd like to say a majority, but I highly doubt that its more than a few million at best because its all the people who've been affected by this mess, e.g. loss of home and/or funds.
there was a CNBC poll about a month ago that said 60% of people expected their home to appreciate in 2008
we have a looooooong way to go
over the holidays my older sister from Scottsdale (and whom thinks she knows more than anyone else) said that it was a buyers market and that now was the time to buy- I laughed in her face.
Oh Frankie! Keith was kind enough to post a photograph of you. It’s time that you showed up and yet once again took another swing at Scottsdale!
Be sure to include in your post, how only 1% of the folks in Scottsdale are aware of the fact that housing is tanking. And don’t forget to include a line about how Scottsdale only has minimum-wage jobs available.
Hurry…we’re waiting for you, Frank! Please don’t let us down, okay? Pleeeeese!
very few. my sister just moved to hershey; I told her about "morgan stanley's 20 to 30 percent drop" prediction and she said "hershey is shielded, prices won't fall here." so the RE agent got to her and she really wants the status.
my final response was: "good luck! I suppose everybody feels goods "owning" a part of the kingdom..."
2%. Prices have NOT declined in the suburban Philly region. Crazy prices, sometimes exceeding 1 million are being sought in places like Bucks County, Montgomery County. Worthless, wooden shacks over 57 years old $385,000. No improvements, "As IS" $250K. Dumpy areas like Croydon, nothing under $180K (you have to see the condition of these shacks to believe it)
Still laughing at that bird. Yeah, I would have to define "coming to grips". Probably 50%+ know "something" is wrong in "some" markets. But virtually none I speak with will admit it's going to have any effect on them directly, or the economy, or their ability to get loans. i.e. there is no fear or panic yet in the general populace, so we still have a LONG way to go. Quite frankly, I think we are still well entrenched in the "denial" phase. When banks start, literally, disappearing (not like CW and bought up) and the nightly news is doing stories about joe average being forclosed upon or other sob stories, EVERY NIGHT, will we truely be in panic mode.
The majority of stupid Americans have no idea what is happening. They are too busy watching American Idol and Survivor happily motoring around in their Ford F250 urban tractors headed down the road to nowhere. I don't even think they would pay attention if a nuclear bomb went off in this country beacause they are so absorbed in their little material worlds.
That said have a nice day.
Less than 5%.
Dave-O, I did literally laugh out loud when I saw "respected economist Lawrence Yun..."
The same percent that has come to realize that Ron Paul is our only hope for saving America.
So, I would say about 5%.
Anonymous said...
.....But virtually none I speak with will admit it's going to have any effect on them directly, or the economy, or their ability to get loans. i.e. there is no fear or panic yet in the general populace, so we still have a LONG way to go. Quite frankly, I think we are still well entrenched in the "denial" phase. When banks start, literally, disappearing (not like CW and bought up) and the nightly news is doing stories about joe average being forclosed upon or other sob stories, EVERY NIGHT, will we truely be in panic mode.
January 11, 2008 9:39 PM
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That's the only way it's going to register on J6P. In my neck of the woods, replace "denial" with "clueless" and you describe the general mentality. There's no "It won't/can't happen here," HERE, because the average local dumba$$ has no idea what "IT" is!
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Anonymous said...
The majority of stupid Americans have no idea what is happening. They are too busy watching American Idol and Survivor happily motoring around in their Ford F250 urban tractors headed down the road to nowhere. I don't even think they would pay attention if a nuclear bomb went off in this country because they are so absorbed in their little material worlds.
That said have a nice day.
January 11, 2008 9:49 PM
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You're right there. As long as that A-bomb didn't go off in their back yard, they wouldn't give a sh#t!
Americans don't really do "facts" anymore.
They still think if there is a problem the govt will swoop in and help us. They really think Brownie did do a heck of a job after Katrina.
no worries, the democrats are going to pay my mortgage for me!
I live right in one of the hardest hit areas of Southern California, and even here most people have no clue. I sold my house last year so I can wait this thing out in a rental with my money in the bank and almost everyone I know thinks I'm crazy. If one more person tells me it's a "buyers market" I'm going to vomit. I don't think people truely realize whats going on until they try to sell a property.
Friends of mine dont talk about their homes appreicating any longer...however, now its turned to...my area wont drop in value like that other city over there.
Here in the bay area, nothing is really selling. Barely do I see "sold"signs. Whats happening now, is the pending signs are staying up for much longer, then the sale falls through.
No wave of new home listings as of yet - but what I did notice is the new listings are priced lower than the competition, with no bidding, offers or bargains- yet.
First off, I love that picture of the goofy-lookin' bird at the front of this thread.
That bird is emblematic of the average, happless, doofy American home buyer.
Oh, I know, I know. You think I'm being unfair and overly critical.
Stare intently at the face of that bird. Stare long and hard and ponder your own doofiness!
Nuff said...
Anonymous said:
"I live right in one of the hardest hit areas of Southern California, and even here most people have no clue."
"I sold my house last year so I can wait this thing out in a rental with my money in the bank and almost everyone I know thinks I'm crazy."
_____
Dude, by banking your money, you're the modern-day equivalent of Noah building his financial ark of safety.
Just tell them to laugh on and shake your fist at them, for as in the days of Noe, they too shall be drowning in the rising tides of excessive debt.
Your day of vindication draweth nigh my child. You day draweth nigh.
As their mouths runneth over with iniquity and they make war on the saints, thou shalst prosper my good son...
Hark!
I'd have to say less than 2% if that high. I've been making it a point to engage, just about anyone who will listen, in conversation about the crisis.
Joe six pack truly has no clue. When I "educate" these people, they comeback with nonsense like "it's an election year, the pols won't allow this to happen" and the like.
Joe six pack is reliant on the mainstream media for his information. His ignorance should come as no surprise.
What surprises me and depresses me at the same time is the so called professionals in my industry (mortgages) that either don't recognize the problem or their total lack of understanding of the problem if they do recognize it.
I was discussing this with a real estate lawyer who has an office down the hall from me. I was talking about the coming declines in real estate values. Pointing out the up coming foreclosures, forecasts for national price declines and the fact that our county just made freddie mac's official declining value list. I also mentioned the tent city in Ontario, CA.
All of his remarks reflected his total denial of the situation at hand. This is a well educated industry professional!
Man are we in trouble. The public is clueless, industry professionals who should know better, are clueless and the government and regulators are clueless.
There is no way to avoid a disaster that people don't recognize or completely understand. No freakin way.
Only those with a direct financial interest in seeing the maket not tank.
The rest are at Nordstroms charging on their cards and waiting for NASCAR to start up again...
tick, tick, Ka BOOM!
NO MERCY. DIE U PIGS
No one. I know, because I tell people all the time what's coming and they look at me like I have rocks in my head.
Meanwhile, this bird picture is freaking hilarious!
Keep up the good work...
OK...I'm glad to see that it's not just everyone I know that are comepletely clueless or in denial about the unfolding housing situation...I mean I've talked to the average Joe, White collar, even Realtors...they are all wide eyed sleep walking zombies...ok, maybe 1% in my world! still looking though :o)
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