The Tipping Point Is Here

[PerryChase]

I think that there is such a thing as herd mentalilty.
We do what our social contacts do and talk about.

I believe that people have finally stopped talking about real estate at dinner parties and backyard BBQs. Do people still brag about and try to convince their friends and relatives to buy real estate?

Here’s a study about how people subconsciously imitate their peers. Not surprising at all. Monkey see, monkey do.
http://www.signonsandiego.com/news/health/20070725-1426-bn25weight.html

[rb_engineer]

I believe that the turning point was the winter of 2005. Before then, sellers were winning and getting the prices that they wanted. Since then, its been a buyer’s market.

[rb_engineer]

I believe that the turning point was the winter of 2005. Before then, sellers were winning and getting the prices that they wanted. Since then, its been a buyer’s market.

[lendingbubblecontinues]

Reading DQ’s latest price/sqft data for SoCal, I seem to recall that COMPTON is still above $330 per square foot.

This is completely normal folks…nothing to see here…everyone wants to live in Compton, you know.

Seriously, though, the turning point is here, I agree, but some areas have a looooooooooooong way to go (i.e. Compton back below $100 per sqft. for starters)

rb_e: still not a buyer’s market until nobody (I mean NOBODY) believes in real estate as a good investment anymore….again, we have a long way to go….don’t believe me? ask a few of your friends and neighbors how bad they think things are going to get around here….I’ll bet most of them will still say the worst is over and to expect flat to minor downside over the next couple years before things go back up again….sentiment has to be in the gutter before we will see a “buyer’s market”

Keep an eye out for the TIME magazine cover article proclaiming “Real Estate is Dead”…that’ll be the time to buy.

[lendingbubblecontinues]

Reading DQ’s latest price/sqft data for SoCal, I seem to recall that COMPTON is still above $330 per square foot.

This is completely normal folks…nothing to see here…everyone wants to live in Compton, you know.

Seriously, though, the turning point is here, I agree, but some areas have a looooooooooooong way to go (i.e. Compton back below $100 per sqft. for starters)

rb_e: still not a buyer’s market until nobody (I mean NOBODY) believes in real estate as a good investment anymore….again, we have a long way to go….don’t believe me? ask a few of your friends and neighbors how bad they think things are going to get around here….I’ll bet most of them will still say the worst is over and to expect flat to minor downside over the next couple years before things go back up again….sentiment has to be in the gutter before we will see a “buyer’s market”

Keep an eye out for the TIME magazine cover article proclaiming “Real Estate is Dead”…that’ll be the time to buy.

[Arraya]

Funny, I mentioned the RE market problems to a freinds father and he laughed at me and thought that it was completely ridiculous.

A very well to do lawyer, so you would think he would have a little business savy.

We have a long way to go before it enters the “average joe’s” psyche…

[Arraya]

Funny, I mentioned the RE market problems to a freinds father and he laughed at me and thought that it was completely ridiculous.

A very well to do lawyer, so you would think he would have a little business savy.

We have a long way to go before it enters the “average joe’s” psyche…

[drunkle]

your friend’s father may not have been one of the gold rushers of the mid 00’s. he may have bought long ago so to him, RE is doing great. he may not be aware of the situation because the situation is hardly being covered.

[drunkle]

your friend’s father may not have been one of the gold rushers of the mid 00’s. he may have bought long ago so to him, RE is doing great. he may not be aware of the situation because the situation is hardly being covered.

[rb_engineer]

lendingbubbleco,

Well, I think you are wrong. The sentiment among regular people (people around me at least) pretty much reflects this blog and many blogs that are out there. Majority are super bear, some do think that things are not going to be as bad as everyone says. But no one I know is bullish and recklessly buying now.

Not sure why we even need to wait for TIME to put it on the cover. Almost all articles that deals with economy nowdays mention US housing recession to a degree. Even a farmer living in a village in China knows about US housing problems.

It could get worse, obviously. But its definitely not good right now.

[rb_engineer]

lendingbubbleco,

Well, I think you are wrong. The sentiment among regular people (people around me at least) pretty much reflects this blog and many blogs that are out there. Majority are super bear, some do think that things are not going to be as bad as everyone says. But no one I know is bullish and recklessly buying now.

Not sure why we even need to wait for TIME to put it on the cover. Almost all articles that deals with economy nowdays mention US housing recession to a degree. Even a farmer living in a village in China knows about US housing problems.

It could get worse, obviously. But its definitely not good right now.

[NotCranky]

Enorah, Regarding the turning point.I think most of us confirmed that we had the same intuition or outright opinion or some combination of the two a long time ago. That’s why we got rid of overleveraged properties or cashed in lottery tickets and/or became avid housing bubble bloggers and are in one form or another anticipating a better opportunity to buy in the future. The collective analysis here in favor and the hollow ring or obvious ulterior motives to the posts to the contrary is enough confirmation. Plain facts(no need to rehash them) show that the turning point has been reached we can speculate now and observe the seriousness of the ramifications and for the most part that is what most of us have been doing for months and some of us for years.

[NotCranky]

Enorah, Regarding the turning point.I think most of us confirmed that we had the same intuition or outright opinion or some combination of the two a long time ago. That’s why we got rid of overleveraged properties or cashed in lottery tickets and/or became avid housing bubble bloggers and are in one form or another anticipating a better opportunity to buy in the future. The collective analysis here in favor and the hollow ring or obvious ulterior motives to the posts to the contrary is enough confirmation. Plain facts(no need to rehash them) show that the turning point has been reached we can speculate now and observe the seriousness of the ramifications and for the most part that is what most of us have been doing for months and some of us for years.

[drunkle]

just because the housing market gets mentioned, doesnt mean that it’s getting full treatment. the sound bytes are all “sub prime” or “stalled market” but little to no in depth information. if you watched the last kpbs interview with rich, he spells things out, but it’s kpbs and it was all fact. too dry, too boring, too intellectual. when 60 minutes spells it out in 4 letter words or less and with pretty/ugly pictures then it might have an impact.

hell, do the home owners who took out sub prime loans even know that they’re talking about them?

[drunkle]

just because the housing market gets mentioned, doesnt mean that it’s getting full treatment. the sound bytes are all “sub prime” or “stalled market” but little to no in depth information. if you watched the last kpbs interview with rich, he spells things out, but it’s kpbs and it was all fact. too dry, too boring, too intellectual. when 60 minutes spells it out in 4 letter words or less and with pretty/ugly pictures then it might have an impact.

hell, do the home owners who took out sub prime loans even know that they’re talking about them?

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