OT: Old posts pre- housing crash

[FlyerInHi]

I have new real estate agent friend who owned a dozen properties and lost his shirt. He’s pretty humble now. I can respect that.

Some people however never learn and remain forever bitter while blaming others…. It’s always someone else’s fault.

I don’t like the current run up in prices. It’s good for owners but not healthy for providing housing and entrepreneurs who want to purchase housing and operate a real estate business. Bad for turnover and the economy.

[sdgrrl]

I was actually reading Poway’s post last night- not just for him. He was in the posts.

One of the oldies messaged me instead of replying. It seems many of us are still here,but we just fly under the radar lol.

[sdgrrl]

Hmm…so blaming something on the media by someone in power hasn’t been in the media or controversial recently…

[sdgrrl]

You know Rich, that would be some good reading.

Maybe you can do a ‘Rich’s all-time list’ once a month and post some of the really good ones. Fingers crossed- like looking at the accident when you drive by; morbid appeal lol.

Yeah, it was crazy on here at the time and I was definitely a part of it. The economy was collapsing. Two wars were going on. Bush was getting bashed. Then it was Obama. Lessons learned for myself. I stay away from politics, or I should say partisan politics.

Lots of fun/tragic post to look back on.

One made me sad, just one I caught. Some guy asking if he should buy and it was 2008. You could tell he was scared and was clueless.

Some people said to buy and some said not to, but surprisingly more said buy.

Wonder what happened to him…

[evolusd]

[quote=gzz]I waited until 2011 to buy my first house because of pricing issues and read this site then as I waited for the bubble to burst.[/quote]

Same boat here. Despite the frenzy, I found this site in 2007 and it validated my belief that the market was insane due to artificial demand created by ridiculous lending practices. So glad.

Bought first home in late 2011 and have been amazed by the appreciation. Sometimes consider selling, but then what? I don’t see much probability for material depreciation in the near term. Happy to have piggington around to help me navigate.

[Anonymous]

The film The Big Short is an entertaining way to relive the bubble days.

There are a few scenes that would be unbelievable, except that they actually happened.

And then there’s this: https://piggington.com/public_service_announcement

[sdgrrl]

Great movie.

[flyer]

Having been in real estate investment most of my life, I had never seen anything like what we experienced during the years you mentioned sdgrrl–and that’s why I first joined this forum–to learn what other people were thinking–especially Rich who had the insight to sound the alarm when no one else would. Lots of very interesting posts during those years.

It’s true, some people lost their shirts during that period, and it was sad to witness the ridiculous (lending among other) policies, processes and mindsets that made that possible, as well as the apocalyptic aftermath, but some of us stepped back, took a breath, held on, and got through it–especially since many of us had purchased our properties many years prior to the meltdown.

Then, and in some ways, sadly, the crash did bring another round of great buying opportunities, so now, here we are, with real estate at new highs (for the moment) and hoping everyone is well positioned for the many economic challenges I believe still lie ahead.

[svelte]

What housing crash?

I deny it ever happened!

[flyer]

And, per the current topic–from another recent housing blog:

“Living in a renter’s paradise: Renters now dominate over half of largest US cities. Between 2007 and 2016 approximately 7.8 million homes lost to foreclosure.”

[sdgrrl]

[quote=flyer]Having been in real estate investment most of my life, I had never seen anything like what we experienced during the years you mentioned sdgrrl–and that’s why I first joined this forum–to learn what other people were thinking–especially Rich who had the insight to sound the alarm when no one else would. Lots of very interesting posts during those years.

It’s true, some people lost their shirts during that period, and it was sad to witness the ridiculous (lending among other) policies, processes and mindsets that made that possible, as well as the apocalyptic aftermath, but some of us stepped back, took a breath, held on, and got through it–especially since many of us had purchased our properties many years prior to the meltdown.

Then, and in some ways, sadly, the crash did bring another round of great buying opportunities, so now, here we are, with real estate at new highs (for the moment) and hoping everyone is well positioned for the many economic challenges I believe still lie ahead.[/quote]

I remember you well and hope all is well.

Yeah, it was just insane at that time. For me, I could feel it in my bones, feel it in the air.

I remember being jealous, because so many people I knew were buying and I couldn’t see how I could afford it; the 20% down. Then it hit me that no one could really afford it. I started googling for articles and stumbled upon Rich’s site. I felt so vindicated what was in my gut.

I wish i could have bought in 2010’2012, but wasn’t in the position to do so. I’m a homeowner now and am not too worried. We bought what we could afford and plan to stay there until Florida calls.

[sdgrrl]

[quote=svelte]What housing crash?

I deny it ever happened![/quote]

Who invited svelte to the party? Where’s your walker old timer?

[sdgrrl]

Delete. Duplicate

[FlyerInHi]

Some people were so convinced that there would be economic collapse and dollar debasement after Fed intervention and stimulus that they missed the opportunity in places that recovered fast like La Jolla, Carmel valley, the Bay Area, west LA.

The press did run sensational stories about ground zero areas like the inland empire Vegas, florida that scared a lot of people.

A friend sold a business at the right time and he bought a dozen properties in Moreno Valley, of all places. Percentage wise, that area had one of the best recoveries in the nation.

[temeculaguy]

This caused me to see when I became a member, just had my 10 year anniversary. I lurked before that. Then I looked at some of oldest posts from 07, while i can only barely remember it, I followed Deadzone back then.

https://piggington.com/getting_married_in_september_2007_when_should_we_buy#comment-28267

Here’s a gem where we tried to talk someone out of buying countrywide stock

https://piggington.com/countrywide_is_in_aprils_most_attractive_small_caps

the rest of my short lived historical research just made me feel creepy reading about my obsession with Diana Olick. In my defense, she was one of the only ones in the MSM to tell it like it was back then. Sure there was Rich, this site and Shiller, Roubini and a few others. But Olick had the furthest reach and took the greatest risk by reporting the contrarian view while employed by a major network.

At some point someone will film a documentary for the history channel on the untold story of the housing crash. When they do they will likely find this site during their research. So if you found this thread and you are researching, here is my advice: Be sure to interview Rich, he was always our humble leader and be sure to interview Diana, if she got pressured but network executives to soften her reporting due to advertisers it would serve to show the fundamental flaw and the conspiracy element.

Then interview some of the piggs who read the tea leaves and won. I’ll volunteer to be interviewed at my house and show what I paid and how it allows for my hedonist lifestyle , I’m sure other will also. Maybe I should become a film maker, this sounds like something netflix would buy.

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