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BuyerWillEPB
Participant“I believe that only about 8% of the rest of the decline is going to show in real value, meaning where you actually see the price decline and the papers report it. The rest of the decline will be assumed through the fact that housing prices will not increase at the rate of inflation…”
————————–Now that’s a much more reasonable guesstimate. I think it the process will be a mix of of what Cow Tipping and LostCat said.
The main driving force of this “collapse” or “correction” will be the tried and true FUNDAMENTALS. That means how much people earn, not how much Loan they can scam into.
ParticipantNancy_s:
Wow, I was going to bring up how fraud is responsible for much of this huge run up in prices… Then I saw your post. You said it much better than I would have! 🙂
I have a good sense of humor about most of life. But when you think about this housing ponzi scheme, we really do need to get angry and get some justice.
A lot of good families in San Diego are homeless because they were “priced out” by the real estate speculation these last few years.
ParticipantI was in Panama for 4 months. I liked it very much. The locals were really friendly.
ParticipantYeah, just keep waiting until the generation behind you comes up and buys from underneath you. lol
—————————————Well, since the next generation didn’t buy in 2005, they must all be “priced out forever” too!
Nice try for the drama though, dumbass!
ParticipantAnd also…
inaccurate unemployment statistics manipulation
– due to the unreported illegals losing construction jobs.
ParticipantAdd in:
Closing costs fraud
Broker fees fraud
HOA dues fraud
Mello Roos tax fraud
Property tax fraud
Inevitable govt. bailout fraud.
ParticipantIt seems the housing crash and mortgage fraud will be mentioned in NEXT years’ State of the Union speech.
ParticipantI watched the show last night and I found myself involuntarily yelling at the TV. Every time they showed the lazy, big spending wife, I would say, “Get a job, you dumb bimbo!”
The kids are old enough to take care of themselves. How about she get some gainful employment and be a part of the solution! What a concept.
ParticipantI remember a story about SAIC moving all the employees to their Virginia building.
Then there was a San Diego biotech relocating to China.
Unrelated to San Diego, but Intel is also moving operations to Vietnam.
And me personally, if after 2 years I still can’t buy a semi-decent SFR in Clairemont or Mira Mesa, then I’ll be relocating out of state too.
ParticipantThis is related to the crazy closing cost process on CNN Money.
Participant“Consumers who once relied on home equity loans are keeping a tighter hold on their wallets.”
————————————–A better metaphor would have been, “Consumers who once relied on home equity loans are throwing away their fountain pens used to sign the exotic financing docs.”
🙂
ParticipantStan – What is a “multiple buying offer?”
I’ve never heard that term.
ParticipantI have thoughts like you describe every day as I drive to work. Some fool will cut me off, or act crazy, whatever, and I think to myself “Yep, that guy must’ve lost $100,000 on his house this week.”
It gets me through the day. 🙂
ParticipantI just had a thought that could be fuel for all the conspiracy mongers out there.
I agree that Greenspan is not dumb AND I agree that he gave out terrible advice regarding the financing in RE. But what if it wasn’t terrible advice after all? What if Greeny KNOWS beforehand that the US will just inflate their debt problems away?
If you know that your money was about to be worth half of its current value, you would want to be completely leveraged 100% with OTHER PEOPLE’S money (i.e. China?). Then after the inflation happens, you only have to pay back the (greatly reduced) loans with the many more dollars you will be getting.
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