One of my favorite Piggington charts is the Chuck Smiar Fence Sitter Threat-O-Graph
As a perma-bull Mr. Smiar and his quotes have proven to be an excellent contrary indicator. However, I stumbled across an interesting quote of his in today’s U-T on line.
Chuck Smiar, a Prudential California agent in Escondido and 2006 president of the North San Diego County Association of Realtors, said it was inevitable that coastal areas would see more defaults and foreclosures because there were upper-end buyers who stretched to buy homes at the peak of the boom and now can’t handle the financial load.
“If you have a neighborhood of 30 upscale homes, one going into foreclosure will affect (property values), but not like in the lower end,” Smiar said.
OK, so he’s still looking on the bright side with the “not like the lower end comment”, but now even old Chuck Smiar-Smiar-pants-on-fire appears to be closer to capitulating.
When this guy makes his closest approach to something like “this market sucks” we know we’ll be at the bottom.
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