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moneymaker.
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February 26, 2009 at 12:40 PM #356069February 26, 2009 at 12:43 PM #355486
jpinpb
Participant[quote=jetonejet]
Do people think that this Obama housing fix is going to help the huge wave of Option-arms that are coming? If so, have they seen the details of the bailout that exclude exotic type mortgages ( which California has a huge percentage?)?I have a hard time understanding peoples logic, because they way I read all the indicators, were heading further down, way down… Am I crazy?
[/quote]
First of all, when since 2001 have people been logical when it comes to real estate? I mean other than Piggs, and as many as turned out at the meetup and those that didn’t and those not on the boards, we are still in the minority.
I don’t know what it is. Some kinds of mass brain-washing cult that programs people to invest in real estate as if it’s the end-all be-all and this little downturn is just a hiccup.
The last downcycle in the ’90’s lasted, as far as I’m concerned, for about 6-7 years. We didn’t require government intervention to really screw it up. The downturn was followed by normal, nominal appreciation until we came out w/the exotic loans.
Hard to rationalize w/zombies and sometimes that’s what it’s like when I talk to people about real estate. Still in denial. Still thinking this is temporary. Somewhat understandable since they had a pretty healthy run of like 6 years. Natural that they’re not letting go of that ideology.
I wonder, too, how they can be so optimistic. Just driving down the street in PB, I see lease signs everywhere. Businesses are closing and unemployment continues to rise – and that’s not counting all those unable to claim unemployment.
Nothing short of some miracle is going to save us.
February 26, 2009 at 12:43 PM #355794Participant[quote=jetonejet]
Do people think that this Obama housing fix is going to help the huge wave of Option-arms that are coming? If so, have they seen the details of the bailout that exclude exotic type mortgages ( which California has a huge percentage?)?I have a hard time understanding peoples logic, because they way I read all the indicators, were heading further down, way down… Am I crazy?
[/quote]
First of all, when since 2001 have people been logical when it comes to real estate? I mean other than Piggs, and as many as turned out at the meetup and those that didn’t and those not on the boards, we are still in the minority.
I don’t know what it is. Some kinds of mass brain-washing cult that programs people to invest in real estate as if it’s the end-all be-all and this little downturn is just a hiccup.
The last downcycle in the ’90’s lasted, as far as I’m concerned, for about 6-7 years. We didn’t require government intervention to really screw it up. The downturn was followed by normal, nominal appreciation until we came out w/the exotic loans.
Hard to rationalize w/zombies and sometimes that’s what it’s like when I talk to people about real estate. Still in denial. Still thinking this is temporary. Somewhat understandable since they had a pretty healthy run of like 6 years. Natural that they’re not letting go of that ideology.
I wonder, too, how they can be so optimistic. Just driving down the street in PB, I see lease signs everywhere. Businesses are closing and unemployment continues to rise – and that’s not counting all those unable to claim unemployment.
Nothing short of some miracle is going to save us.
February 26, 2009 at 12:43 PM #355933Participant[quote=jetonejet]
Do people think that this Obama housing fix is going to help the huge wave of Option-arms that are coming? If so, have they seen the details of the bailout that exclude exotic type mortgages ( which California has a huge percentage?)?I have a hard time understanding peoples logic, because they way I read all the indicators, were heading further down, way down… Am I crazy?
[/quote]
First of all, when since 2001 have people been logical when it comes to real estate? I mean other than Piggs, and as many as turned out at the meetup and those that didn’t and those not on the boards, we are still in the minority.
I don’t know what it is. Some kinds of mass brain-washing cult that programs people to invest in real estate as if it’s the end-all be-all and this little downturn is just a hiccup.
The last downcycle in the ’90’s lasted, as far as I’m concerned, for about 6-7 years. We didn’t require government intervention to really screw it up. The downturn was followed by normal, nominal appreciation until we came out w/the exotic loans.
Hard to rationalize w/zombies and sometimes that’s what it’s like when I talk to people about real estate. Still in denial. Still thinking this is temporary. Somewhat understandable since they had a pretty healthy run of like 6 years. Natural that they’re not letting go of that ideology.
I wonder, too, how they can be so optimistic. Just driving down the street in PB, I see lease signs everywhere. Businesses are closing and unemployment continues to rise – and that’s not counting all those unable to claim unemployment.
Nothing short of some miracle is going to save us.
February 26, 2009 at 12:43 PM #355962Participant[quote=jetonejet]
Do people think that this Obama housing fix is going to help the huge wave of Option-arms that are coming? If so, have they seen the details of the bailout that exclude exotic type mortgages ( which California has a huge percentage?)?I have a hard time understanding peoples logic, because they way I read all the indicators, were heading further down, way down… Am I crazy?
[/quote]
First of all, when since 2001 have people been logical when it comes to real estate? I mean other than Piggs, and as many as turned out at the meetup and those that didn’t and those not on the boards, we are still in the minority.
I don’t know what it is. Some kinds of mass brain-washing cult that programs people to invest in real estate as if it’s the end-all be-all and this little downturn is just a hiccup.
The last downcycle in the ’90’s lasted, as far as I’m concerned, for about 6-7 years. We didn’t require government intervention to really screw it up. The downturn was followed by normal, nominal appreciation until we came out w/the exotic loans.
Hard to rationalize w/zombies and sometimes that’s what it’s like when I talk to people about real estate. Still in denial. Still thinking this is temporary. Somewhat understandable since they had a pretty healthy run of like 6 years. Natural that they’re not letting go of that ideology.
I wonder, too, how they can be so optimistic. Just driving down the street in PB, I see lease signs everywhere. Businesses are closing and unemployment continues to rise – and that’s not counting all those unable to claim unemployment.
Nothing short of some miracle is going to save us.
February 26, 2009 at 12:43 PM #356074Participant[quote=jetonejet]
Do people think that this Obama housing fix is going to help the huge wave of Option-arms that are coming? If so, have they seen the details of the bailout that exclude exotic type mortgages ( which California has a huge percentage?)?I have a hard time understanding peoples logic, because they way I read all the indicators, were heading further down, way down… Am I crazy?
[/quote]
First of all, when since 2001 have people been logical when it comes to real estate? I mean other than Piggs, and as many as turned out at the meetup and those that didn’t and those not on the boards, we are still in the minority.
I don’t know what it is. Some kinds of mass brain-washing cult that programs people to invest in real estate as if it’s the end-all be-all and this little downturn is just a hiccup.
The last downcycle in the ’90’s lasted, as far as I’m concerned, for about 6-7 years. We didn’t require government intervention to really screw it up. The downturn was followed by normal, nominal appreciation until we came out w/the exotic loans.
Hard to rationalize w/zombies and sometimes that’s what it’s like when I talk to people about real estate. Still in denial. Still thinking this is temporary. Somewhat understandable since they had a pretty healthy run of like 6 years. Natural that they’re not letting go of that ideology.
I wonder, too, how they can be so optimistic. Just driving down the street in PB, I see lease signs everywhere. Businesses are closing and unemployment continues to rise – and that’s not counting all those unable to claim unemployment.
Nothing short of some miracle is going to save us.
February 26, 2009 at 12:49 PM #355491SD Transplant
ParticipantReuters
NEW YORK (Reuters) – The U.S. housing market slump is nowhere near over and home prices will probably keep falling well into next year, one of the property market’s best-known economists said.
Karl Case, the co-developer of a widely watched gauge of the housing industry, told Reuters that the hard-hit U.S. housing market has gone from being the primary source of the U.S. economic recession to one of its biggest casualties.
“Never say never, but it is looking increasingly probable that we will not see a housing market bottom until next year,” said Case, an economics professor at Wellesley College in Massachusetts.
“If the housing market was independent of the economy, we would be getting closer to a bottom, but that is not the case and we have a horrible economy,” he said in an interview late on Tuesday.
The U.S. has been in recession for more than a year. The fourth quarter showed the biggest economic contraction since 1982.
The Standard and Poor’s S&P/Case-Shiller Home Price Indices, which Case co-developed, has shown an acceleration in the fall-off in home prices in recent months.
Case, whose research has focused on real estate markets and prices for over 20 years, said he did not anticipate the extent of home price depreciation that has transpired since the peak in the second quarter of 2006.
“I did not think it was probable that we would have a home price decline of this magnitude,” he said.
Standard and Poor’s said on Tuesday the S&P/Case-Shiller 20-City Composite Index was down a record 18.5 percent in December, with home prices on a month-over-month basis falling 2.5 percent in December from November, compared with a 2.3 percent decline in the previous period. The 20-city index dates to 2000……
February 26, 2009 at 12:49 PM #355799ParticipantReuters
NEW YORK (Reuters) – The U.S. housing market slump is nowhere near over and home prices will probably keep falling well into next year, one of the property market’s best-known economists said.
Karl Case, the co-developer of a widely watched gauge of the housing industry, told Reuters that the hard-hit U.S. housing market has gone from being the primary source of the U.S. economic recession to one of its biggest casualties.
“Never say never, but it is looking increasingly probable that we will not see a housing market bottom until next year,” said Case, an economics professor at Wellesley College in Massachusetts.
“If the housing market was independent of the economy, we would be getting closer to a bottom, but that is not the case and we have a horrible economy,” he said in an interview late on Tuesday.
The U.S. has been in recession for more than a year. The fourth quarter showed the biggest economic contraction since 1982.
The Standard and Poor’s S&P/Case-Shiller Home Price Indices, which Case co-developed, has shown an acceleration in the fall-off in home prices in recent months.
Case, whose research has focused on real estate markets and prices for over 20 years, said he did not anticipate the extent of home price depreciation that has transpired since the peak in the second quarter of 2006.
“I did not think it was probable that we would have a home price decline of this magnitude,” he said.
Standard and Poor’s said on Tuesday the S&P/Case-Shiller 20-City Composite Index was down a record 18.5 percent in December, with home prices on a month-over-month basis falling 2.5 percent in December from November, compared with a 2.3 percent decline in the previous period. The 20-city index dates to 2000……
February 26, 2009 at 12:49 PM #355937ParticipantReuters
NEW YORK (Reuters) – The U.S. housing market slump is nowhere near over and home prices will probably keep falling well into next year, one of the property market’s best-known economists said.
Karl Case, the co-developer of a widely watched gauge of the housing industry, told Reuters that the hard-hit U.S. housing market has gone from being the primary source of the U.S. economic recession to one of its biggest casualties.
“Never say never, but it is looking increasingly probable that we will not see a housing market bottom until next year,” said Case, an economics professor at Wellesley College in Massachusetts.
“If the housing market was independent of the economy, we would be getting closer to a bottom, but that is not the case and we have a horrible economy,” he said in an interview late on Tuesday.
The U.S. has been in recession for more than a year. The fourth quarter showed the biggest economic contraction since 1982.
The Standard and Poor’s S&P/Case-Shiller Home Price Indices, which Case co-developed, has shown an acceleration in the fall-off in home prices in recent months.
Case, whose research has focused on real estate markets and prices for over 20 years, said he did not anticipate the extent of home price depreciation that has transpired since the peak in the second quarter of 2006.
“I did not think it was probable that we would have a home price decline of this magnitude,” he said.
Standard and Poor’s said on Tuesday the S&P/Case-Shiller 20-City Composite Index was down a record 18.5 percent in December, with home prices on a month-over-month basis falling 2.5 percent in December from November, compared with a 2.3 percent decline in the previous period. The 20-city index dates to 2000……
February 26, 2009 at 12:49 PM #355967ParticipantReuters
NEW YORK (Reuters) – The U.S. housing market slump is nowhere near over and home prices will probably keep falling well into next year, one of the property market’s best-known economists said.
Karl Case, the co-developer of a widely watched gauge of the housing industry, told Reuters that the hard-hit U.S. housing market has gone from being the primary source of the U.S. economic recession to one of its biggest casualties.
“Never say never, but it is looking increasingly probable that we will not see a housing market bottom until next year,” said Case, an economics professor at Wellesley College in Massachusetts.
“If the housing market was independent of the economy, we would be getting closer to a bottom, but that is not the case and we have a horrible economy,” he said in an interview late on Tuesday.
The U.S. has been in recession for more than a year. The fourth quarter showed the biggest economic contraction since 1982.
The Standard and Poor’s S&P/Case-Shiller Home Price Indices, which Case co-developed, has shown an acceleration in the fall-off in home prices in recent months.
Case, whose research has focused on real estate markets and prices for over 20 years, said he did not anticipate the extent of home price depreciation that has transpired since the peak in the second quarter of 2006.
“I did not think it was probable that we would have a home price decline of this magnitude,” he said.
Standard and Poor’s said on Tuesday the S&P/Case-Shiller 20-City Composite Index was down a record 18.5 percent in December, with home prices on a month-over-month basis falling 2.5 percent in December from November, compared with a 2.3 percent decline in the previous period. The 20-city index dates to 2000……
February 26, 2009 at 12:49 PM #356079ParticipantReuters
NEW YORK (Reuters) – The U.S. housing market slump is nowhere near over and home prices will probably keep falling well into next year, one of the property market’s best-known economists said.
Karl Case, the co-developer of a widely watched gauge of the housing industry, told Reuters that the hard-hit U.S. housing market has gone from being the primary source of the U.S. economic recession to one of its biggest casualties.
“Never say never, but it is looking increasingly probable that we will not see a housing market bottom until next year,” said Case, an economics professor at Wellesley College in Massachusetts.
“If the housing market was independent of the economy, we would be getting closer to a bottom, but that is not the case and we have a horrible economy,” he said in an interview late on Tuesday.
The U.S. has been in recession for more than a year. The fourth quarter showed the biggest economic contraction since 1982.
The Standard and Poor’s S&P/Case-Shiller Home Price Indices, which Case co-developed, has shown an acceleration in the fall-off in home prices in recent months.
Case, whose research has focused on real estate markets and prices for over 20 years, said he did not anticipate the extent of home price depreciation that has transpired since the peak in the second quarter of 2006.
“I did not think it was probable that we would have a home price decline of this magnitude,” he said.
Standard and Poor’s said on Tuesday the S&P/Case-Shiller 20-City Composite Index was down a record 18.5 percent in December, with home prices on a month-over-month basis falling 2.5 percent in December from November, compared with a 2.3 percent decline in the previous period. The 20-city index dates to 2000……
February 26, 2009 at 1:13 PM #355505ParticipantThanks for posting that article.
Also thanks for the Chinese video clip. At last. They must be the foreign investors people were talking about. Buying in Corona! That sounds like a well thought out investment. Location, location, location. I hear the economy is thriving over there across from the dairy cows. Nice.
February 26, 2009 at 1:13 PM #355815ParticipantThanks for posting that article.
Also thanks for the Chinese video clip. At last. They must be the foreign investors people were talking about. Buying in Corona! That sounds like a well thought out investment. Location, location, location. I hear the economy is thriving over there across from the dairy cows. Nice.
February 26, 2009 at 1:13 PM #355952ParticipantThanks for posting that article.
Also thanks for the Chinese video clip. At last. They must be the foreign investors people were talking about. Buying in Corona! That sounds like a well thought out investment. Location, location, location. I hear the economy is thriving over there across from the dairy cows. Nice.
February 26, 2009 at 1:13 PM #355982ParticipantThanks for posting that article.
Also thanks for the Chinese video clip. At last. They must be the foreign investors people were talking about. Buying in Corona! That sounds like a well thought out investment. Location, location, location. I hear the economy is thriving over there across from the dairy cows. Nice.
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