A couple of things this site needs …

[NotCranky]

Sorry missed the criteria ..not a Raider’s fan(neither is Temeculaguy)

[lonestar2000]

Yet another thing this site needs is an IP ban on every arrogant dweeb that decides to blast the site.

Since when does the site require a purpose other than just to be? Tell me, what purpose does MySpace have? Or CNN? Or the Universe, for that matter?

Furthermore, a bubble is not defined by a burst. If it did then you would not know you had a bubble until it burst. Do you not know a brick wall until you hit it? Maybe you don’t, or perhaps you didn’t, which would explain a few things.

The bubble most definitely exists, we are simply experiencing a slow leak, which will eventually spread to a giant sucking sound.

sdsundevil, thanks for the amuzing post, it is a most welcome hiatus from all the charts, data, reports, and intellectual arguments from CIOs, Realtors, appraisals, economists, and other fine folk that regularily post to the site. /sarcasm off

[Bugs]

The initial definition of a bubble is any pricing trend that exceeds the normal range of increases by more than one magnitude. Prior to earlier this year, the anti-bubble crowd always completely denied there even was a bubble or that there would ever be a “correction” of any type – it was the New Paradigm. Then when that didn’t pan out they backed down and said it would be a Soft Landing with a very mild correction of 5% or 8% soon to be followed by another round of increases. Then when it became obvious that wasn’t going to happen they just gave up and acknowledged that things are bad, getting worse and there’s no end in sight. If you want to talk about a group who was completely wrong to begin with and compounded their ignorance with their arrogance I suggest you look elsewhere ’cause this ain’t where all that occurred.

Given the illiquidity of real estate and the notoriously slow pace of trends in RE, I think what we’ve seen so far definitely qualifies as a bursting bubble. Moreover, if anyone thinks the damage is limited to some new home projects they’re completely out of the loop. The damage is worse in a lot of the older neighborhoods, and not just by a little bit.

Another thing our OP missed was that we didn’t really get involved in saying when it would happen, and at any rate the timing wasn’t the important part anyway. This site was always about how overextended the market was relative to the historical trends, how it got that way, and how the markets would take away virtually all of the gains when those enabling factors reversed. A reverse, by the way, that NAR and the permabulls originally said would never come. Ever.

If you want to point the “gotcha” finger at a group who backed the wrong horse, it ain’t gonna be us.

[Sandi Egan]

In Feb 2005 I was very close to signing myself and my family into a deadly toxic $700K 3/27 ARM, when a friend sent me a link to this website. Reading Mr. Toscano’s excellent data-backed analysis opened my eyes and literally saved me from a nice six-digit loss. I am not exaggerating, this site is the reason I backed out. So personally for me piggington.com proved to be ten times more useful than the rest of the Internet combined.

[eyePod]

The OP has got to be a troll. (At best)

[eccen in esc]

eccen in esc

This website and its generous contributors have saved me from finanical ruin by keeping me from buying a house in this market. Love you all. And love all those defensive posts against the sundevil.

[CDMA ENG]

CDMA ENG…

Rich,

I am glad you responded to the thread it lets me know that you are out there lurking and reading these things.

A friend at work turned me on to this site. I believe he gave you the motto. I can not tell you how much more I have learned from this site and the other linked blogs in addition to some of the thought positive (and sometimes negative) feedback listed on the site.

This is just a personal Thank You from me.

This site is a good substitute for ECON 101 that I slept through at ASU.

Again, Thanks.

C.E.

[tothjj]

I have been on this site for a couple of years and I have never seen Rich post on a thread. Man, while I don’t think sdsun will be back he has the auspicious achievement of getting Rich fired up enough to post.

[Allan from Fallbrook]

FLU: Why do Raiders fans riot (regardless of outcome)? Because they’re Raiders fans! Kind of a “cogito ergo sum” sorta thing.

I remember going to Raiders – Steelers games during the 1970s with my dad and they had Oakland PD outside of the Oakland Coliseum in riot gear, just in case.

Bear in mind, we also used to go to 49er games, too, and it was night and day. There were maybe a sum total 8,000 fans at Candlestick (no, it ain’t anything other than “the Stick” and never will be), and they were known as the “49er Faithful (pre- Bill Walsh and Joe Montana days). 49er fans are a lot like Charger fans (yeah, this is a dig here), in that they like to sport their colors when winning. Raider fans stay with The Nation through good times and bad (more of the latter lately).

[Rich Toscano]

Hi all — I am now able to post from time to time whereas it wasn’t so feasible before (details are in this thread http://piggington.com/site_content_and_the_potentially_increased_frequency_thereof if you are interested).

I do lurk on the forums though I definitely do not have time to read everything so it’s hit or miss whether I see a given topic.

In his brilliant (as usual) reply, Bugs brought up a point that I always think about when I hear these financial pundits making their predictions: if someone didn’t see something coming in the first place, why would you expect them to know when it will end?

Thanks to everyone who has offered kind words and personal stories. (I had to laugh at the “ten times more useful than the rest of the Internet combined” line — what about The Onion? 😉 I am very gratified that the site was able to help some people by offering an alternative view to the RE permabull misinformation onslaught that dominated the conversation for much of the last few years.

On that note, the purpose of this site is so blindingly obvious that people are probably right that the OP is a troll. I don’t see how it could be otherwise. So good job, troll — you fished a bunch of us into wasting our time responding to your nonsense.

My wife and I are moving on Monday and she will beat me if I spend much more time on site this weekend, so I will most probably check out of this thread at this point. Thanks again to all for their kind words.

Have a great weekend, everyone. (Even the troll).

Rich

[temeculaguy]

More Cowbell, I need More Cowbell. Sundevil is who we thought he was, he poked the cats then left the room. I didn’t see any responses from him/her so all this post really did was affirm our common beliefs and give us someone to beat up collectively, nothing galvanizes a team more than a bench clearing brawl.

Thanks for remembering Rustico, I am not a raider fan but I am a fan of good football and good coaching and I like what Lane Kiffin is doing with the raiders (so does the rest of the country, his approval rating is 96% compared to Norv’s 8%). I am suprised at everyone’s memory, yes I attended SDSU with Allan and yes I slept through my econ classes, but what personal story do I have to defend this site apart from no longer needing real friends since my piggy friends are way cooler? This site gave me the strength and knowledge to postpone my re-entry into the housing market on two occasions in the last year, both times would have been a bad idea in retrospect. Having shifted some of my allocated daily internet time away from sports, internet dating and porn to this site I have saved about 100k in my potential housing price, so for that I thank all those who collectively contribute to my knowledge, trolls included.

[VoZangre]

My cockles….

not my mussels…

Alive, alive oh!

It warms my heart to see the way people defended Don Toscano.
Indeed this site is free and it is a educational tool for a layperson such as myself who is trying to learn about some economics so as to make a SMART move once buying the house is the main issue in my soon to be marriage. I am still in the process of using all the information on this site, absorbing it and the knowledge of the various posters.

Let the troll soak in his or her own bile…

ciao

Carlos

ps- “Having shifted some of my allocated daily internet time away from sports, internet dating and porn to this site”

me too!! jajajajajaja

[NotCranky]

Temeculaguy, take this as a fun poke at a couple of us. I think we should have icons that indicate the number of drinks we have had. I think Rich should get to work on that right away.

Problem,it would be embarassing to have all know that I am abstinent,from drinking…most of the time ;).

[JWM in SD]

Sorry Rustico, but I’m taking somewhat of a sabbatical for the time being as I have a lot of other things going on right now such as little Jwm in SD due in December. I’m in LA this weekend for a Family function so I’ve got limited time to post and certainly won’t waste my venom on this clown.

[NotCranky]

Congratulations on the baby. It is a fantastic experience INHO. This if the first I take it?

Also, notice that I never engage these ingrates, except with a short quip now and then.

Best wishes to your growing family.

[Author]

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