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  • October 11, 2008 at 4:56 PM #14182
    jpinpb
    Participant

    Was listening to Marketplace Money today.

    Marketplace Money spoke w/economist Chris Thornberg.
    You can listen here:
    MM

    This is the gist of it:

    Housing market, prices in California are down halfway to where they will end up. Have to see 40-45% decline to get us back to normal levels relative to income.

    People are saying it’s going to take 2 to 3 years for folks to sell house.

    Sellers: If you need to sell, price realistically to get it to move in this market, which may be below level you want.

    Even w/drop, prices are high relative to incomes. Housing markets doesn’t bounce. They splat. They hit bottom and stay there. You will have a long opportunity to capitalize on low prices once you find bottom.

    If you have a reason for buying, be comfortable w/the idea you will probably lose equity in short run.

    Not frozen housing market. On the contrary. It’s moving rapidly. Just not in the direction most want. Prices will fall to the point that will eventually draw buyers back in again. Not news people want to hear, certainly not real estate agents

    You can make more money on a 500k house than you can on a 250k house, but if the house is only worth 250k, no amount of wishing in the world doesn’t make home prices go up again. Value was never there in first place. Not short run situation Not of function of Wall Street troubles causing this to occur. It was not there in the first place.

    October 11, 2008 at 5:05 PM #285798
    jpinpb
    Participant

    BTW, this guy said back in August 2005:

    Christopher Thornburg is a senior economist at UCLA Anderson Forecast, an economic forecast group based within UCLA’s Anderson School of Business. Thornburg argues that California and some other parts of the US are clearly in the middle of a real estate bubble

    PBS interview.

    October 11, 2008 at 5:05 PM #286090
    jpinpb
    Participant

    BTW, this guy said back in August 2005:

    Christopher Thornburg is a senior economist at UCLA Anderson Forecast, an economic forecast group based within UCLA’s Anderson School of Business. Thornburg argues that California and some other parts of the US are clearly in the middle of a real estate bubble

    PBS interview.

    October 11, 2008 at 5:05 PM #286111
    jpinpb
    Participant

    BTW, this guy said back in August 2005:

    Christopher Thornburg is a senior economist at UCLA Anderson Forecast, an economic forecast group based within UCLA’s Anderson School of Business. Thornburg argues that California and some other parts of the US are clearly in the middle of a real estate bubble

    PBS interview.

    October 11, 2008 at 5:05 PM #286134
    jpinpb
    Participant

    BTW, this guy said back in August 2005:

    Christopher Thornburg is a senior economist at UCLA Anderson Forecast, an economic forecast group based within UCLA’s Anderson School of Business. Thornburg argues that California and some other parts of the US are clearly in the middle of a real estate bubble

    PBS interview.

    October 11, 2008 at 5:05 PM #286142
    jpinpb
    Participant

    BTW, this guy said back in August 2005:

    Christopher Thornburg is a senior economist at UCLA Anderson Forecast, an economic forecast group based within UCLA’s Anderson School of Business. Thornburg argues that California and some other parts of the US are clearly in the middle of a real estate bubble

    PBS interview.

    October 11, 2008 at 7:13 PM #285903
    peterb
    Participant

    Kudos to Thornburg!! He blew outta Anderson because he knew they had no balls and were basically shills. He started Beacon and the guy is dead on and not afraid to go head-to-head with anyone!

    He was recently at a conference with a panel of RE experts. One of the other panelists was representing NAR. Thornburg was the only one that told the guy he was full of crap and then took the guy apart. It was awesome. He had one line where he said,”Oh, yeah, I guess that would be ‘seasonally adjusted’ numbers!” He’s now my official RE investor hero!!!

    October 11, 2008 at 7:13 PM #286196
    peterb
    Participant

    Kudos to Thornburg!! He blew outta Anderson because he knew they had no balls and were basically shills. He started Beacon and the guy is dead on and not afraid to go head-to-head with anyone!

    He was recently at a conference with a panel of RE experts. One of the other panelists was representing NAR. Thornburg was the only one that told the guy he was full of crap and then took the guy apart. It was awesome. He had one line where he said,”Oh, yeah, I guess that would be ‘seasonally adjusted’ numbers!” He’s now my official RE investor hero!!!

    October 11, 2008 at 7:13 PM #286216
    peterb
    Participant

    Kudos to Thornburg!! He blew outta Anderson because he knew they had no balls and were basically shills. He started Beacon and the guy is dead on and not afraid to go head-to-head with anyone!

    He was recently at a conference with a panel of RE experts. One of the other panelists was representing NAR. Thornburg was the only one that told the guy he was full of crap and then took the guy apart. It was awesome. He had one line where he said,”Oh, yeah, I guess that would be ‘seasonally adjusted’ numbers!” He’s now my official RE investor hero!!!

    October 11, 2008 at 7:13 PM #286239
    peterb
    Participant

    Kudos to Thornburg!! He blew outta Anderson because he knew they had no balls and were basically shills. He started Beacon and the guy is dead on and not afraid to go head-to-head with anyone!

    He was recently at a conference with a panel of RE experts. One of the other panelists was representing NAR. Thornburg was the only one that told the guy he was full of crap and then took the guy apart. It was awesome. He had one line where he said,”Oh, yeah, I guess that would be ‘seasonally adjusted’ numbers!” He’s now my official RE investor hero!!!

    October 11, 2008 at 7:13 PM #286245
    peterb
    Participant

    Kudos to Thornburg!! He blew outta Anderson because he knew they had no balls and were basically shills. He started Beacon and the guy is dead on and not afraid to go head-to-head with anyone!

    He was recently at a conference with a panel of RE experts. One of the other panelists was representing NAR. Thornburg was the only one that told the guy he was full of crap and then took the guy apart. It was awesome. He had one line where he said,”Oh, yeah, I guess that would be ‘seasonally adjusted’ numbers!” He’s now my official RE investor hero!!!

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