You’d have to be an idiot to buy a house

[temeculaguy]

C’mon Russell, we both you are way too smart to buy into the “Suburbia is a failed experiment, everyone will live downtown” crap. I also loved the part about “prohibitive inefficiencies of low-density construction.” That was beautiful, people who live on land are bad, get in the bee hive or else.

Here is the author’s bio http://www.housekeepingchannel.com/viewbio.php?id=324

He is a publisher of women’s lifestyle magazines, specializing in gardening and shopping, he is also a professor of journalim at NYU. I am supposed to listen to his opinion of why people should live in cities, that people on land are wrong. This guy has never understood the people who like to live on land and own a gun, he never will and he’s no economist. The fact is that we westerners like our space, we don’t want to be anywhere near poor people and we won’t raise out family in manhattan, but a guy who writes articles about gardening and shopping for women’s magazines isn’t on my list of people I have a lot in common with.

scaredy, the panic you feel can be offset by the fact that forbes lists temec and mur and 2 of the 5 hottest markets in the country right now. The hundreds of houses changing hands are being reset, they will not default, order will one day be restored and every repo has a crowd of cash buyers waiting for it, hold off on panicing until nobody is buying. You may personally know FB’s but I personally know (and in a few case am related to) cash buyers who are snapping up deals at 30, 40, 50 cents on the dollar for a variety of reasons. Some are buying and having no mortgage so they can live pleasantly in retirement, others are buying cash positive rentals. The biggest problem is that you are approching it with the goal of making a profit, change that mindset, approach each deal with the attitude that the price will never go up, it will never appreciate, because appreciation is only realized when you sell, the posts above are not from flippers, they are from real people who want to live in reasonably priced homes that they can afford. If the numbers work purely from a monthly cost/benefit basis, then it is a buy, if you are looking for something “that will lead to profits,” this isn;t you market, short term profit taking and flipping only works during one third of the cycle, so for you, wait until things begin to swing upward, the same part of the cycle where the fb’s bought, just make sure you time it right.

[NotCranky]

[quote=temeculaguy]C’mon Russell, we both you are way too smart to buy into the “Suburbia is a failed experiment, everyone will live downtown” crap. I also loved the part about “prohibitive inefficiencies of low-density construction.” That was beautiful, people who live on land are bad, get in the bee hive or else.

Here is the author’s bio http://www.housekeepingchannel.com/viewbio.php?id=324

No I don’t buy it. But we have a lot of people on the blog now who are going want to see different milestones. One guy is disappointed because a hospital isn’t getting built as fast as he would like to see it. Stuff like that. Anyway, this man isn’t going to go from calling himself scaredycat to being jocular about the whole thing overnight.He is going to have to transition to cautious and then reasonably comfortable. Hopefully he will do that with as good of timing as we hope you have exercised, but its still probably someways down the road. I dislike the name sacredycat BTW. I think is a terrible affirmation. Sorry if that is none of my business or I am looking at it wrong.

[NotCranky]

[quote=temeculaguy]C’mon Russell, we both you are way too smart to buy into the “Suburbia is a failed experiment, everyone will live downtown” crap. I also loved the part about “prohibitive inefficiencies of low-density construction.” That was beautiful, people who live on land are bad, get in the bee hive or else.

Here is the author’s bio http://www.housekeepingchannel.com/viewbio.php?id=324

No I don’t buy it. But we have a lot of people on the blog now who are going want to see different milestones. One guy is disappointed because a hospital isn’t getting built as fast as he would like to see it. Stuff like that. Anyway, this man isn’t going to go from calling himself scaredycat to being jocular about the whole thing overnight.He is going to have to transition to cautious and then reasonably comfortable. Hopefully he will do that with as good of timing as we hope you have exercised, but its still probably someways down the road. I dislike the name sacredycat BTW. I think is a terrible affirmation. Sorry if that is none of my business or I am looking at it wrong.

[NotCranky]

[quote=temeculaguy]C’mon Russell, we both you are way too smart to buy into the “Suburbia is a failed experiment, everyone will live downtown” crap. I also loved the part about “prohibitive inefficiencies of low-density construction.” That was beautiful, people who live on land are bad, get in the bee hive or else.

Here is the author’s bio http://www.housekeepingchannel.com/viewbio.php?id=324

No I don’t buy it. But we have a lot of people on the blog now who are going want to see different milestones. One guy is disappointed because a hospital isn’t getting built as fast as he would like to see it. Stuff like that. Anyway, this man isn’t going to go from calling himself scaredycat to being jocular about the whole thing overnight.He is going to have to transition to cautious and then reasonably comfortable. Hopefully he will do that with as good of timing as we hope you have exercised, but its still probably someways down the road. I dislike the name sacredycat BTW. I think is a terrible affirmation. Sorry if that is none of my business or I am looking at it wrong.

[NotCranky]

[quote=temeculaguy]C’mon Russell, we both you are way too smart to buy into the “Suburbia is a failed experiment, everyone will live downtown” crap. I also loved the part about “prohibitive inefficiencies of low-density construction.” That was beautiful, people who live on land are bad, get in the bee hive or else.

Here is the author’s bio http://www.housekeepingchannel.com/viewbio.php?id=324

No I don’t buy it. But we have a lot of people on the blog now who are going want to see different milestones. One guy is disappointed because a hospital isn’t getting built as fast as he would like to see it. Stuff like that. Anyway, this man isn’t going to go from calling himself scaredycat to being jocular about the whole thing overnight.He is going to have to transition to cautious and then reasonably comfortable. Hopefully he will do that with as good of timing as we hope you have exercised, but its still probably someways down the road. I dislike the name sacredycat BTW. I think is a terrible affirmation. Sorry if that is none of my business or I am looking at it wrong.

[NotCranky]

[quote=temeculaguy]C’mon Russell, we both you are way too smart to buy into the “Suburbia is a failed experiment, everyone will live downtown” crap. I also loved the part about “prohibitive inefficiencies of low-density construction.” That was beautiful, people who live on land are bad, get in the bee hive or else.

Here is the author’s bio http://www.housekeepingchannel.com/viewbio.php?id=324

No I don’t buy it. But we have a lot of people on the blog now who are going want to see different milestones. One guy is disappointed because a hospital isn’t getting built as fast as he would like to see it. Stuff like that. Anyway, this man isn’t going to go from calling himself scaredycat to being jocular about the whole thing overnight.He is going to have to transition to cautious and then reasonably comfortable. Hopefully he will do that with as good of timing as we hope you have exercised, but its still probably someways down the road. I dislike the name sacredycat BTW. I think is a terrible affirmation. Sorry if that is none of my business or I am looking at it wrong.

[Rt.66]

Look at it this way; there are 15 REOs in the neighborhood that you would like to buy in. 5 are on the market and available to purchase. 10 are being horded by the banks for whatever reason and are not for sale. Why does it make any sense to get into a bidding war on one of the five available REOs?

If you went to a fruit stand to buy oranges and the stand had 15 oranges sitting on the table but the stand owner declared the price has been increased because there are only 5 oranges left. What would your reaction be to paying a price based on a scarcity of 5 when you are looking at 15 oranges on the table?
People make really dumb decisions when it comes to housing (their single biggest purchase) that they would not consider making even with fruit.

I applaud the folks that admit that they are buying because they are just sick of waiting and admit that prices have further to fall. The knife catchers who try to give rational reasons why housing could ever be near bottom when 70% of the REO inventory is being kept off the market (yet is in plain sight for all to see) are kidding themselves and looking for company. The banks must be laughing that people are actually falling for this blatant, in your face scam to keep prices inflated.

Face it, the truth is that if you choose to buy today you will be FORCED to bid in a market with a heavily manipulated supply. And the manner in which it is being manipulated can have NO OTHER affect than maintaining higher prices than should normally exist in this housing environment.

[Rt.66]

Look at it this way; there are 15 REOs in the neighborhood that you would like to buy in. 5 are on the market and available to purchase. 10 are being horded by the banks for whatever reason and are not for sale. Why does it make any sense to get into a bidding war on one of the five available REOs?

If you went to a fruit stand to buy oranges and the stand had 15 oranges sitting on the table but the stand owner declared the price has been increased because there are only 5 oranges left. What would your reaction be to paying a price based on a scarcity of 5 when you are looking at 15 oranges on the table?
People make really dumb decisions when it comes to housing (their single biggest purchase) that they would not consider making even with fruit.

I applaud the folks that admit that they are buying because they are just sick of waiting and admit that prices have further to fall. The knife catchers who try to give rational reasons why housing could ever be near bottom when 70% of the REO inventory is being kept off the market (yet is in plain sight for all to see) are kidding themselves and looking for company. The banks must be laughing that people are actually falling for this blatant, in your face scam to keep prices inflated.

Face it, the truth is that if you choose to buy today you will be FORCED to bid in a market with a heavily manipulated supply. And the manner in which it is being manipulated can have NO OTHER affect than maintaining higher prices than should normally exist in this housing environment.

[Rt.66]

Look at it this way; there are 15 REOs in the neighborhood that you would like to buy in. 5 are on the market and available to purchase. 10 are being horded by the banks for whatever reason and are not for sale. Why does it make any sense to get into a bidding war on one of the five available REOs?

If you went to a fruit stand to buy oranges and the stand had 15 oranges sitting on the table but the stand owner declared the price has been increased because there are only 5 oranges left. What would your reaction be to paying a price based on a scarcity of 5 when you are looking at 15 oranges on the table?
People make really dumb decisions when it comes to housing (their single biggest purchase) that they would not consider making even with fruit.

I applaud the folks that admit that they are buying because they are just sick of waiting and admit that prices have further to fall. The knife catchers who try to give rational reasons why housing could ever be near bottom when 70% of the REO inventory is being kept off the market (yet is in plain sight for all to see) are kidding themselves and looking for company. The banks must be laughing that people are actually falling for this blatant, in your face scam to keep prices inflated.

Face it, the truth is that if you choose to buy today you will be FORCED to bid in a market with a heavily manipulated supply. And the manner in which it is being manipulated can have NO OTHER affect than maintaining higher prices than should normally exist in this housing environment.

[Rt.66]

Look at it this way; there are 15 REOs in the neighborhood that you would like to buy in. 5 are on the market and available to purchase. 10 are being horded by the banks for whatever reason and are not for sale. Why does it make any sense to get into a bidding war on one of the five available REOs?

If you went to a fruit stand to buy oranges and the stand had 15 oranges sitting on the table but the stand owner declared the price has been increased because there are only 5 oranges left. What would your reaction be to paying a price based on a scarcity of 5 when you are looking at 15 oranges on the table?
People make really dumb decisions when it comes to housing (their single biggest purchase) that they would not consider making even with fruit.

I applaud the folks that admit that they are buying because they are just sick of waiting and admit that prices have further to fall. The knife catchers who try to give rational reasons why housing could ever be near bottom when 70% of the REO inventory is being kept off the market (yet is in plain sight for all to see) are kidding themselves and looking for company. The banks must be laughing that people are actually falling for this blatant, in your face scam to keep prices inflated.

Face it, the truth is that if you choose to buy today you will be FORCED to bid in a market with a heavily manipulated supply. And the manner in which it is being manipulated can have NO OTHER affect than maintaining higher prices than should normally exist in this housing environment.

[Rt.66]

Look at it this way; there are 15 REOs in the neighborhood that you would like to buy in. 5 are on the market and available to purchase. 10 are being horded by the banks for whatever reason and are not for sale. Why does it make any sense to get into a bidding war on one of the five available REOs?

If you went to a fruit stand to buy oranges and the stand had 15 oranges sitting on the table but the stand owner declared the price has been increased because there are only 5 oranges left. What would your reaction be to paying a price based on a scarcity of 5 when you are looking at 15 oranges on the table?
People make really dumb decisions when it comes to housing (their single biggest purchase) that they would not consider making even with fruit.

I applaud the folks that admit that they are buying because they are just sick of waiting and admit that prices have further to fall. The knife catchers who try to give rational reasons why housing could ever be near bottom when 70% of the REO inventory is being kept off the market (yet is in plain sight for all to see) are kidding themselves and looking for company. The banks must be laughing that people are actually falling for this blatant, in your face scam to keep prices inflated.

Face it, the truth is that if you choose to buy today you will be FORCED to bid in a market with a heavily manipulated supply. And the manner in which it is being manipulated can have NO OTHER affect than maintaining higher prices than should normally exist in this housing environment.

[scaredyclassic]

scaredycat is just the truth. I’d hate to get my tail caught in the doorway. I liek to imagine i’m flexible and free to move around, but cautious, like a feral cat, untrusting, wary. perhaps even a vicious when cornered. further to fall could really make my life miserable not in terms of the lost money, but just in the sense that i am trapped. it would be very difficult for me personally mentally to just stop paying. the oranges at the fruit stand explanation makes sense to me. just cause the fruit guy says dont sweat it, you can make payemnts, oranges ar egonna cost more later anyway, doesn’t make me feel any better about the price at the transaction.

I am a “real person” who wants to live ina “reaosnably priced home I can afford”, but I’m alos a real person who’d liek to be able to sell teh house for what i paid for in 7 years or less, not make a profit, just be able to get out from under. I don’t have faith that that will be. I mean, houses are going for what people paid 10 years ago. maybe even more in some cases. Imight freaking want to move at some point int he future.

[scaredyclassic]

scaredycat is just the truth. I’d hate to get my tail caught in the doorway. I liek to imagine i’m flexible and free to move around, but cautious, like a feral cat, untrusting, wary. perhaps even a vicious when cornered. further to fall could really make my life miserable not in terms of the lost money, but just in the sense that i am trapped. it would be very difficult for me personally mentally to just stop paying. the oranges at the fruit stand explanation makes sense to me. just cause the fruit guy says dont sweat it, you can make payemnts, oranges ar egonna cost more later anyway, doesn’t make me feel any better about the price at the transaction.

I am a “real person” who wants to live ina “reaosnably priced home I can afford”, but I’m alos a real person who’d liek to be able to sell teh house for what i paid for in 7 years or less, not make a profit, just be able to get out from under. I don’t have faith that that will be. I mean, houses are going for what people paid 10 years ago. maybe even more in some cases. Imight freaking want to move at some point int he future.

[scaredyclassic]

scaredycat is just the truth. I’d hate to get my tail caught in the doorway. I liek to imagine i’m flexible and free to move around, but cautious, like a feral cat, untrusting, wary. perhaps even a vicious when cornered. further to fall could really make my life miserable not in terms of the lost money, but just in the sense that i am trapped. it would be very difficult for me personally mentally to just stop paying. the oranges at the fruit stand explanation makes sense to me. just cause the fruit guy says dont sweat it, you can make payemnts, oranges ar egonna cost more later anyway, doesn’t make me feel any better about the price at the transaction.

I am a “real person” who wants to live ina “reaosnably priced home I can afford”, but I’m alos a real person who’d liek to be able to sell teh house for what i paid for in 7 years or less, not make a profit, just be able to get out from under. I don’t have faith that that will be. I mean, houses are going for what people paid 10 years ago. maybe even more in some cases. Imight freaking want to move at some point int he future.

[scaredyclassic]

scaredycat is just the truth. I’d hate to get my tail caught in the doorway. I liek to imagine i’m flexible and free to move around, but cautious, like a feral cat, untrusting, wary. perhaps even a vicious when cornered. further to fall could really make my life miserable not in terms of the lost money, but just in the sense that i am trapped. it would be very difficult for me personally mentally to just stop paying. the oranges at the fruit stand explanation makes sense to me. just cause the fruit guy says dont sweat it, you can make payemnts, oranges ar egonna cost more later anyway, doesn’t make me feel any better about the price at the transaction.

I am a “real person” who wants to live ina “reaosnably priced home I can afford”, but I’m alos a real person who’d liek to be able to sell teh house for what i paid for in 7 years or less, not make a profit, just be able to get out from under. I don’t have faith that that will be. I mean, houses are going for what people paid 10 years ago. maybe even more in some cases. Imight freaking want to move at some point int he future.

[Author]

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