Chamberlin…blames us for driving home prices down….

[JWM in SD]

…this is just too much. NC Times needs to fire his ass today for this.

By: GEORGE CHAMBERLIN – For the North County Times

Let me begin by passing along my congratulations to the many people who are celebrating the current situation in the housing market. In concert with much of the national and local media, they have been able to artificially construct something that has never —- I repeat, never —- been done before: drive down housing prices at a time when unemployment is low, the economy is booming and consumer confidence is approaching record highs.

A column I wrote about a year ago on the housing market triggered more hate mail than any other topic that I have discussed. I needed to check underneath my car and use a food taster for a couple of weeks after I suggested that the situation was dramatically overstated.

To be clear, in that column, I said right up front that I had no idea where housing prices were heading in the short term. Nor did I really care. I am not a speculator, so I could care less what changes might occur as far as the “market value” of my two personal residences is concerned. The value of these homes is better measured by the benefits they provide as a place to live for the rest of my life.

I also said that I couldn’t quite grasp the unbridled joy that the doom-and-gloomers seemed to have about the possibility that many families might lose their homes in a downturn. If flippers get burned, so be it. But there was elation being expressed that households would be disrupted in the correction.

To be sure, I know the ulterior motives behind these attitudes. But since I don’t want to crawl around and look under my car again or have someone taste my food, I’ll leave that alone.

I love a good debate, and there are many sides to the real estate argument. One of the biggest bears is David Rosenberg of Merrill Lynch, who said there is an additional 5 percent downside to housing prices. In other words, home prices could potentially dip over the next year the same amount that the stock market corrected in the last two trading sessions.

However, at Wachovia Securities, Mark Vitner says: “We are continuing to stand by our forecast that sales of both new and existing homes bottom out this summer. Once sales stop falling, the modest drop in physical inventories should begin to translate into a decline in the month’s supply figures.”

But never mind what a couple of Wall Streeters think about the housing market. I refer everyone to a new report, “California’s Deepening Housing Crisis.” It comes from the Department of Housing and Community Development and, somehow, the media seemed to ignore the news when it was released two weeks ago.

“Housing production has not kept pace with the state’s housing needs particularly in the coastal metropolitan areas,” cites the report. As populations swell and home availability ultimately shrinks, a crisis looms.

When I read in this paper last week that plans for a three-story housing development in Bonsall are in the works, I realized that we are, indeed,

approaching a crisis. There is little land left for development, and that will indeed create a crisis in housing availability.

So, lets all remain calm. Hate me if you want. I accept opinions, give me the same courtesy. Owning a home is still the American dream and, since 97.4 percent of homeowners pay their mortgages on time, the dream seems to be working out pretty well.

George Chamberlin is a regular contributor to the North County Times, and also is a TV and radio commentator. Contact him at [email protected].

[NotCranky]

Who this guy? http://en.wikipedia.org/wiki/Chamber_pot

[NotCranky]

Who this guy? http://en.wikipedia.org/wiki/Chamber_pot

[NotCranky]

Who this guy? http://en.wikipedia.org/wiki/Chamber_pot

[Ex-SD]

I don’t think that ‘ole George sounds too happy, does he? Calling a spade…..a spade…….. is totally different than shouting “the sky is falling” for no apparent reason. There are more than enough apparent reasons to recognize this situation as “a SPADE”.

The housing market in the bubble cities around the country couldn’t go on the way it was going because the majority of people who have been buying homes for the last few years couldn’t really afford them in the first place. If the old standard rules for getting a mortgage had still applied, this run-up in prices would have never reached this level of insanity. Not only would a large majority of these people never have been granted a loan for the mortgage, many people who purchased in CA before 2001 and actually had some real equity in their homes would not have had all this extra, paper equity and would not have been allowed to take out so many $$$$ in loans against their properties because those artificial values wouldn’t have been there to borrow against.

‘Ole George Chamberlin can point his finger and get huffy all he wants but the root of the blame lies with the regulators for ever allowing these types of loans to be generated, much less, to borrowers with sub-standard credit, no money down, no documents for proof of income, etc, etc, etc. Foolishness at it’s finest and now the market is going to fall…………I think at least 30% in the most desirable areas to live and as much as 55% in places like the Temecula area. It’s not going to be pretty but in the end, the economy will be much healthier than this artificial Fantasy-Land that SoCal & other bubble markets have been for the last 8-9 years.

[Ex-SD]

I don’t think that ‘ole George sounds too happy, does he? Calling a spade…..a spade…….. is totally different than shouting “the sky is falling” for no apparent reason. There are more than enough apparent reasons to recognize this situation as “a SPADE”.

The housing market in the bubble cities around the country couldn’t go on the way it was going because the majority of people who have been buying homes for the last few years couldn’t really afford them in the first place. If the old standard rules for getting a mortgage had still applied, this run-up in prices would have never reached this level of insanity. Not only would a large majority of these people never have been granted a loan for the mortgage, many people who purchased in CA before 2001 and actually had some real equity in their homes would not have had all this extra, paper equity and would not have been allowed to take out so many $$$$ in loans against their properties because those artificial values wouldn’t have been there to borrow against.

‘Ole George Chamberlin can point his finger and get huffy all he wants but the root of the blame lies with the regulators for ever allowing these types of loans to be generated, much less, to borrowers with sub-standard credit, no money down, no documents for proof of income, etc, etc, etc. Foolishness at it’s finest and now the market is going to fall…………I think at least 30% in the most desirable areas to live and as much as 55% in places like the Temecula area. It’s not going to be pretty but in the end, the economy will be much healthier than this artificial Fantasy-Land that SoCal & other bubble markets have been for the last 8-9 years.

[Ex-SD]

I don’t think that ‘ole George sounds too happy, does he? Calling a spade…..a spade…….. is totally different than shouting “the sky is falling” for no apparent reason. There are more than enough apparent reasons to recognize this situation as “a SPADE”.

The housing market in the bubble cities around the country couldn’t go on the way it was going because the majority of people who have been buying homes for the last few years couldn’t really afford them in the first place. If the old standard rules for getting a mortgage had still applied, this run-up in prices would have never reached this level of insanity. Not only would a large majority of these people never have been granted a loan for the mortgage, many people who purchased in CA before 2001 and actually had some real equity in their homes would not have had all this extra, paper equity and would not have been allowed to take out so many $$$$ in loans against their properties because those artificial values wouldn’t have been there to borrow against.

‘Ole George Chamberlin can point his finger and get huffy all he wants but the root of the blame lies with the regulators for ever allowing these types of loans to be generated, much less, to borrowers with sub-standard credit, no money down, no documents for proof of income, etc, etc, etc. Foolishness at it’s finest and now the market is going to fall…………I think at least 30% in the most desirable areas to live and as much as 55% in places like the Temecula area. It’s not going to be pretty but in the end, the economy will be much healthier than this artificial Fantasy-Land that SoCal & other bubble markets have been for the last 8-9 years.

[mixxalot]

And KOGO AM needs to fire his ass as well. I for one am sick and tired of this annoying guy yelling how “real estate never goes down” mantra day in and day out. Its funny because this morning his buddy finance guy even admitted that real estate was tanking in San Diego with all the sub prime meltdowns and Wall Street events and Chowderhead was silent. Hmmm well, isnt that special?

[mixxalot]

And KOGO AM needs to fire his ass as well. I for one am sick and tired of this annoying guy yelling how “real estate never goes down” mantra day in and day out. Its funny because this morning his buddy finance guy even admitted that real estate was tanking in San Diego with all the sub prime meltdowns and Wall Street events and Chowderhead was silent. Hmmm well, isnt that special?

[mixxalot]

And KOGO AM needs to fire his ass as well. I for one am sick and tired of this annoying guy yelling how “real estate never goes down” mantra day in and day out. Its funny because this morning his buddy finance guy even admitted that real estate was tanking in San Diego with all the sub prime meltdowns and Wall Street events and Chowderhead was silent. Hmmm well, isnt that special?

[temeculaguy]

Rustico, now that was funny. Chamberlin knows exactly why prices will come down and has turned the table on our favorite argument from 2005, claiming the spin is is the cause. Let’s see, he is on the radio every ten minutes and writes for the paper, our combined audience can fit into a costco, who has the real spin power.

As Chris Berman says “Lets go inside the numbers.”

1. The biggest bear in town says housing will go down 5% (probably took all day to find that wizard, unless he dropped off the last port where the guy said 5% by October)

2. Some government agency says there are not enough units for the swelling coastal metropolotin populations. (they always say this, they want affordable housing units, yes it is a bitch to be on welfare and live in La Jolla we will get right on it, great report, I’ll take two copies)

3. Bonsall has a three story apartment building under construction, which obviously means that was the last piece of dirt. (I’ve been to Bonsall, recently, there is plenty of dirt to go around and hardly the best choice to use as an example of massive development swallowing all the land)

4. I don’t care if prices don’t go down, I’m in it for the long haul. (can’t have it both ways, you are either mad at us for our motives in destroying your appreciation schedule or you don’t care, you cant write twelve paragraphs and then convince anyone you don’t care).

5. You can’t get pregnant from oral sex. (O.K. he didn’t write that but he should have, it’s an old CIA propaganda trick to mix in some truths with the lies)

[temeculaguy]

Rustico, now that was funny. Chamberlin knows exactly why prices will come down and has turned the table on our favorite argument from 2005, claiming the spin is is the cause. Let’s see, he is on the radio every ten minutes and writes for the paper, our combined audience can fit into a costco, who has the real spin power.

As Chris Berman says “Lets go inside the numbers.”

1. The biggest bear in town says housing will go down 5% (probably took all day to find that wizard, unless he dropped off the last port where the guy said 5% by October)

2. Some government agency says there are not enough units for the swelling coastal metropolotin populations. (they always say this, they want affordable housing units, yes it is a bitch to be on welfare and live in La Jolla we will get right on it, great report, I’ll take two copies)

3. Bonsall has a three story apartment building under construction, which obviously means that was the last piece of dirt. (I’ve been to Bonsall, recently, there is plenty of dirt to go around and hardly the best choice to use as an example of massive development swallowing all the land)

4. I don’t care if prices don’t go down, I’m in it for the long haul. (can’t have it both ways, you are either mad at us for our motives in destroying your appreciation schedule or you don’t care, you cant write twelve paragraphs and then convince anyone you don’t care).

5. You can’t get pregnant from oral sex. (O.K. he didn’t write that but he should have, it’s an old CIA propaganda trick to mix in some truths with the lies)

[temeculaguy]

Rustico, now that was funny. Chamberlin knows exactly why prices will come down and has turned the table on our favorite argument from 2005, claiming the spin is is the cause. Let’s see, he is on the radio every ten minutes and writes for the paper, our combined audience can fit into a costco, who has the real spin power.

As Chris Berman says “Lets go inside the numbers.”

1. The biggest bear in town says housing will go down 5% (probably took all day to find that wizard, unless he dropped off the last port where the guy said 5% by October)

2. Some government agency says there are not enough units for the swelling coastal metropolotin populations. (they always say this, they want affordable housing units, yes it is a bitch to be on welfare and live in La Jolla we will get right on it, great report, I’ll take two copies)

3. Bonsall has a three story apartment building under construction, which obviously means that was the last piece of dirt. (I’ve been to Bonsall, recently, there is plenty of dirt to go around and hardly the best choice to use as an example of massive development swallowing all the land)

4. I don’t care if prices don’t go down, I’m in it for the long haul. (can’t have it both ways, you are either mad at us for our motives in destroying your appreciation schedule or you don’t care, you cant write twelve paragraphs and then convince anyone you don’t care).

5. You can’t get pregnant from oral sex. (O.K. he didn’t write that but he should have, it’s an old CIA propaganda trick to mix in some truths with the lies)

[stansd]

It must all be a vast right wing conspiracy…this guy is ridiculous…As long as housing in CA is desirable, there will be a shortage…what makes the current market amazing is that prices have gone beyond what is necessary to balance supply and demand even in an environment of scarcity.

The only conclusion you can draw from his nonsense is that we should all wish for prices to remain sky high so that builders will build more so that more people can continue to consume their future financial security now in order to afford a 3BR 500K bungalow in Bonsall.

Stan

[stansd]

It must all be a vast right wing conspiracy…this guy is ridiculous…As long as housing in CA is desirable, there will be a shortage…what makes the current market amazing is that prices have gone beyond what is necessary to balance supply and demand even in an environment of scarcity.

The only conclusion you can draw from his nonsense is that we should all wish for prices to remain sky high so that builders will build more so that more people can continue to consume their future financial security now in order to afford a 3BR 500K bungalow in Bonsall.

Stan

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