Went to a mens retreat with my church this weekend. Helped me understand a bit better where mass psychology is at right now:
Story 1: A guy that owns a 1M house in scripps ranch and has little real estate knowledge starts talking about how he’s thinking of selling because of all the upcoming ARM resets. I learn: the average Joe is really cluing into what is happening. There also is the chance that as things really go south, and some with large pools of equity will think about selling to preserve their nest egg.
Story 2: I meet a mortgage broker who opened his own firm a year ago…very bad idea. He is quite good at what he does, but has shed almost all staff and gone back to doing loans alone. He remains highly optimistic that the market will not get much worse, and his mindset is very focused on the old world of getting as much loan as possible and really working all the angles of the system. What I learn: those in the profession still largely don’t understand how bad it is about to get for them. They are taking the current state of things as an indication that it can’t get worse rather than realizing if it’s gotten this bad, it can get worse still.
Mann of the pro’s still don’t get it. Many of the joes are starting to and to panic.
It did bring things home on a personal level for me. This debacle is having a severe impact on the lives of real people every day. Some of them were greedy, and one could argue they deserve what they get. While deeply in favor of the correction that must occur, I am now more sympathetic toward the human impact is it only now beginning to have.
Is how things must happen for the correction. We still have idiots like Chowderhead and his buddy Maron Retard spouting off false propaganda on the housing market whereas others like the Mortgage Guy Makeover dude is telling folks that prices should drop another 20% next year. I will buy in Sandy Eggo when its cheaper to own than to rent. End of story.
Is how things must happen for the correction. We still have idiots like Chowderhead and his buddy Maron Retard spouting off false propaganda on the housing market whereas others like the Mortgage Guy Makeover dude is telling folks that prices should drop another 20% next year. I will buy in Sandy Eggo when its cheaper to own than to rent. End of story.
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