How and When Did You know?

[ibjames]

Moved here in January 2006 from Milwaukee, WI. Newly married and happy to be in warm weather. My wife and I have waited a while to move till we were married. We were now in nice jobs and anxious to buy.

We saw just madness with crazy expensive houses and everyone touting interest only loans as the new norm. Foolishly, we followed the lemmings to the cliff, waiting for our turn to jump off.

We put in a bid for a 2 bed 1.5 bath condo in Linda Vista/Clairemont area for 370 (they were asking over 400) they countered with 4, etc. it got to the point where we were at 380 and they were at 390. We finally, uncomfortably countered to 385. They would not go lower than 390. I saw that they were still making over 100k, and would not go lower. We pulled out of the deal, I was so sick of the greed.

I then stood back and looked at what I had almost done, the amount of money and risk we were gambling with. That was when I started doing my research and found this site. I was then able to show my wife statistics, and she too got on board with waiting. I’ve been here ever since. The last time I checked places in the same complex were going over 30k less. That would be hard to swallow

[patb]

Casey Serin.

Seriously, when i did the math and saw it was three times cheaper to rent
then buy, I sucked in and decided to ride out the rental market

[patb]

Casey Serin.

Seriously, when i did the math and saw it was three times cheaper to rent
then buy, I sucked in and decided to ride out the rental market

[patb]

Casey Serin.

Seriously, when i did the math and saw it was three times cheaper to rent
then buy, I sucked in and decided to ride out the rental market

[patb]

Casey Serin.

Seriously, when i did the math and saw it was three times cheaper to rent
then buy, I sucked in and decided to ride out the rental market

[patb]

Casey Serin.

Seriously, when i did the math and saw it was three times cheaper to rent
then buy, I sucked in and decided to ride out the rental market

[MadeInTaiwan]

I remember in early 2001 I was listening to a NPR show about people who lost a lot of money in the dot com/stock market crash. A couple interviewed mentioned that they completely pulled out of the stock market and were only investing in residential real estate. Not knowing anything about the status real estate at the time(we purchased in Encinitas end of 1995), I thought that they were going to loose more money chasing the next trend. Of course I had no idea how big the bubble would get and no idea when the bubble would burst.

[MadeInTaiwan]

I remember in early 2001 I was listening to a NPR show about people who lost a lot of money in the dot com/stock market crash. A couple interviewed mentioned that they completely pulled out of the stock market and were only investing in residential real estate. Not knowing anything about the status real estate at the time(we purchased in Encinitas end of 1995), I thought that they were going to loose more money chasing the next trend. Of course I had no idea how big the bubble would get and no idea when the bubble would burst.

[MadeInTaiwan]

I remember in early 2001 I was listening to a NPR show about people who lost a lot of money in the dot com/stock market crash. A couple interviewed mentioned that they completely pulled out of the stock market and were only investing in residential real estate. Not knowing anything about the status real estate at the time(we purchased in Encinitas end of 1995), I thought that they were going to loose more money chasing the next trend. Of course I had no idea how big the bubble would get and no idea when the bubble would burst.

[MadeInTaiwan]

I remember in early 2001 I was listening to a NPR show about people who lost a lot of money in the dot com/stock market crash. A couple interviewed mentioned that they completely pulled out of the stock market and were only investing in residential real estate. Not knowing anything about the status real estate at the time(we purchased in Encinitas end of 1995), I thought that they were going to loose more money chasing the next trend. Of course I had no idea how big the bubble would get and no idea when the bubble would burst.

[MadeInTaiwan]

I remember in early 2001 I was listening to a NPR show about people who lost a lot of money in the dot com/stock market crash. A couple interviewed mentioned that they completely pulled out of the stock market and were only investing in residential real estate. Not knowing anything about the status real estate at the time(we purchased in Encinitas end of 1995), I thought that they were going to loose more money chasing the next trend. Of course I had no idea how big the bubble would get and no idea when the bubble would burst.

[sdduuuude]

I knew in Feb 2005 when I found this site.

Just before I found Piggington, I had raised the rent on a rental property (purchased Sept 2003). I was upside down about $300/month and moved the rent up 10% ($200/month). I figured houses had gone up so much, rents must be flying. Well, the tenant surprised me when he complained about it and pointed out several similar houses he could rent at a lower price. Hmmmm. That didn’t sit well with me.

Then, I found Piggingtnon. A combination of three of Rich’s charts and that renter’s complaint did it:
1) Inflation adjusted median housing price
2) Median house price vs. Rent
3) The number of houses vs. population

The meteoric rise represented by that first chart was rather stunning.

The renters’ complaint and the second graph went hand-in-hand.

This last graph really sealed it because the mainstream media always talked about the housing shortage and I thought it was real.

I contacted Rich about this last graph and asked him to blow it up. We changed it around a little to plot a housing-to-population ratio and it became apparent to me that there was no housing shortage at all. That’s when I knew.

That April, I cleaned up the rental property to sell and it closed Aug. 2005.

After seeing how data contradicted “public knowledge” I paid closer attention to the data and have ever since.

[sdduuuude]

I knew in Feb 2005 when I found this site.

Just before I found Piggington, I had raised the rent on a rental property (purchased Sept 2003). I was upside down about $300/month and moved the rent up 10% ($200/month). I figured houses had gone up so much, rents must be flying. Well, the tenant surprised me when he complained about it and pointed out several similar houses he could rent at a lower price. Hmmmm. That didn’t sit well with me.

Then, I found Piggingtnon. A combination of three of Rich’s charts and that renter’s complaint did it:
1) Inflation adjusted median housing price
2) Median house price vs. Rent
3) The number of houses vs. population

The meteoric rise represented by that first chart was rather stunning.

The renters’ complaint and the second graph went hand-in-hand.

This last graph really sealed it because the mainstream media always talked about the housing shortage and I thought it was real.

I contacted Rich about this last graph and asked him to blow it up. We changed it around a little to plot a housing-to-population ratio and it became apparent to me that there was no housing shortage at all. That’s when I knew.

That April, I cleaned up the rental property to sell and it closed Aug. 2005.

After seeing how data contradicted “public knowledge” I paid closer attention to the data and have ever since.

[sdduuuude]

I knew in Feb 2005 when I found this site.

Just before I found Piggington, I had raised the rent on a rental property (purchased Sept 2003). I was upside down about $300/month and moved the rent up 10% ($200/month). I figured houses had gone up so much, rents must be flying. Well, the tenant surprised me when he complained about it and pointed out several similar houses he could rent at a lower price. Hmmmm. That didn’t sit well with me.

Then, I found Piggingtnon. A combination of three of Rich’s charts and that renter’s complaint did it:
1) Inflation adjusted median housing price
2) Median house price vs. Rent
3) The number of houses vs. population

The meteoric rise represented by that first chart was rather stunning.

The renters’ complaint and the second graph went hand-in-hand.

This last graph really sealed it because the mainstream media always talked about the housing shortage and I thought it was real.

I contacted Rich about this last graph and asked him to blow it up. We changed it around a little to plot a housing-to-population ratio and it became apparent to me that there was no housing shortage at all. That’s when I knew.

That April, I cleaned up the rental property to sell and it closed Aug. 2005.

After seeing how data contradicted “public knowledge” I paid closer attention to the data and have ever since.

[sdduuuude]

I knew in Feb 2005 when I found this site.

Just before I found Piggington, I had raised the rent on a rental property (purchased Sept 2003). I was upside down about $300/month and moved the rent up 10% ($200/month). I figured houses had gone up so much, rents must be flying. Well, the tenant surprised me when he complained about it and pointed out several similar houses he could rent at a lower price. Hmmmm. That didn’t sit well with me.

Then, I found Piggingtnon. A combination of three of Rich’s charts and that renter’s complaint did it:
1) Inflation adjusted median housing price
2) Median house price vs. Rent
3) The number of houses vs. population

The meteoric rise represented by that first chart was rather stunning.

The renters’ complaint and the second graph went hand-in-hand.

This last graph really sealed it because the mainstream media always talked about the housing shortage and I thought it was real.

I contacted Rich about this last graph and asked him to blow it up. We changed it around a little to plot a housing-to-population ratio and it became apparent to me that there was no housing shortage at all. That’s when I knew.

That April, I cleaned up the rental property to sell and it closed Aug. 2005.

After seeing how data contradicted “public knowledge” I paid closer attention to the data and have ever since.

[Author]

Posts