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August 12, 2008 at 4:42 PM in reply to: Peter Schiff: Housing prices will go back to 2000 or lower… #256481
CA renter
ParticipantPrime, Alt-A, sub-prime are all in the same boat. Too many people paid too much for their shacks. The foreclosure “crisis” isn’t the result of loan types as much as it’s a result of people taking on too much debt so they could pay more than a house was worth (and the non-existent lending standards allowed this).
ParticipantPrime, Alt-A, sub-prime are all in the same boat. Too many people paid too much for their shacks. The foreclosure “crisis” isn’t the result of loan types as much as it’s a result of people taking on too much debt so they could pay more than a house was worth (and the non-existent lending standards allowed this).
ParticipantPrime, Alt-A, sub-prime are all in the same boat. Too many people paid too much for their shacks. The foreclosure “crisis” isn’t the result of loan types as much as it’s a result of people taking on too much debt so they could pay more than a house was worth (and the non-existent lending standards allowed this).
ParticipantPrime, Alt-A, sub-prime are all in the same boat. Too many people paid too much for their shacks. The foreclosure “crisis” isn’t the result of loan types as much as it’s a result of people taking on too much debt so they could pay more than a house was worth (and the non-existent lending standards allowed this).
ParticipantPrime, Alt-A, sub-prime are all in the same boat. Too many people paid too much for their shacks. The foreclosure “crisis” isn’t the result of loan types as much as it’s a result of people taking on too much debt so they could pay more than a house was worth (and the non-existent lending standards allowed this).
ParticipantQuestion:
Other than insurance and marketing, what do most brokers do to “earn” these large cuts of an agent’s commissions?
Why don’t most agents just go independent after the standard years of service, etc.?
ParticipantQuestion:
Other than insurance and marketing, what do most brokers do to “earn” these large cuts of an agent’s commissions?
Why don’t most agents just go independent after the standard years of service, etc.?
ParticipantQuestion:
Other than insurance and marketing, what do most brokers do to “earn” these large cuts of an agent’s commissions?
Why don’t most agents just go independent after the standard years of service, etc.?
ParticipantQuestion:
Other than insurance and marketing, what do most brokers do to “earn” these large cuts of an agent’s commissions?
Why don’t most agents just go independent after the standard years of service, etc.?
ParticipantQuestion:
Other than insurance and marketing, what do most brokers do to “earn” these large cuts of an agent’s commissions?
Why don’t most agents just go independent after the standard years of service, etc.?
ParticipantLike others have said rents only go down when people leave the area.
—————I respectfully disagree.
What about when all the empty homes now in “shadow” inventory come on the market. IIRC, about 1/3+ of the homes on the market right now are empty.
What happens when people double/triple up? It’s very easy for a couple or a single person to move back in with parents or take in a new roommate.
IMO, Drunkle is right about 1/3 HH income going to rent as being too high — especially for those who make $65K or less. Stupid, stupid, stupid — and yes, I’m calling all the renters “stupid” if they are making $65K (gross HH income)
and paying $2K+ rent.Very soon, the credit bubble is going to bite all these fools on the a$$, and they will find themselves older and poorer than they were 10 years ago. It seems nobody is saving up for retirement or for emergencies. Most people cannot pay 50% of their net income toward housing and still manage to save after all other living expenses are paid. What about savings???? Maybe that’s why everyone is eyeball-deep in debt and everyone is panicking about the “weak consumer.”
Prices are determined by what buyers are able/willing to pay (and that includes rent). The newbie LLs think they are making a killing charging high rents, but their tenants will have to live with more people/unit in order to make these payments over time, IMO. These arrangements often end up with high turnover and LOTS of damage/maintenance issues.
Years ago, I was one of the only bears who argued that rents would go up in the beginning of the downturn. That being said, I also said rents would go down as inventory is released from reluctant sellers (banks, FBs and old-timers who missed the top). Time will tell which theory is right.
ParticipantLike others have said rents only go down when people leave the area.
—————I respectfully disagree.
What about when all the empty homes now in “shadow” inventory come on the market. IIRC, about 1/3+ of the homes on the market right now are empty.
What happens when people double/triple up? It’s very easy for a couple or a single person to move back in with parents or take in a new roommate.
IMO, Drunkle is right about 1/3 HH income going to rent as being too high — especially for those who make $65K or less. Stupid, stupid, stupid — and yes, I’m calling all the renters “stupid” if they are making $65K (gross HH income)
and paying $2K+ rent.Very soon, the credit bubble is going to bite all these fools on the a$$, and they will find themselves older and poorer than they were 10 years ago. It seems nobody is saving up for retirement or for emergencies. Most people cannot pay 50% of their net income toward housing and still manage to save after all other living expenses are paid. What about savings???? Maybe that’s why everyone is eyeball-deep in debt and everyone is panicking about the “weak consumer.”
Prices are determined by what buyers are able/willing to pay (and that includes rent). The newbie LLs think they are making a killing charging high rents, but their tenants will have to live with more people/unit in order to make these payments over time, IMO. These arrangements often end up with high turnover and LOTS of damage/maintenance issues.
Years ago, I was one of the only bears who argued that rents would go up in the beginning of the downturn. That being said, I also said rents would go down as inventory is released from reluctant sellers (banks, FBs and old-timers who missed the top). Time will tell which theory is right.
ParticipantLike others have said rents only go down when people leave the area.
—————I respectfully disagree.
What about when all the empty homes now in “shadow” inventory come on the market. IIRC, about 1/3+ of the homes on the market right now are empty.
What happens when people double/triple up? It’s very easy for a couple or a single person to move back in with parents or take in a new roommate.
IMO, Drunkle is right about 1/3 HH income going to rent as being too high — especially for those who make $65K or less. Stupid, stupid, stupid — and yes, I’m calling all the renters “stupid” if they are making $65K (gross HH income)
and paying $2K+ rent.Very soon, the credit bubble is going to bite all these fools on the a$$, and they will find themselves older and poorer than they were 10 years ago. It seems nobody is saving up for retirement or for emergencies. Most people cannot pay 50% of their net income toward housing and still manage to save after all other living expenses are paid. What about savings???? Maybe that’s why everyone is eyeball-deep in debt and everyone is panicking about the “weak consumer.”
Prices are determined by what buyers are able/willing to pay (and that includes rent). The newbie LLs think they are making a killing charging high rents, but their tenants will have to live with more people/unit in order to make these payments over time, IMO. These arrangements often end up with high turnover and LOTS of damage/maintenance issues.
Years ago, I was one of the only bears who argued that rents would go up in the beginning of the downturn. That being said, I also said rents would go down as inventory is released from reluctant sellers (banks, FBs and old-timers who missed the top). Time will tell which theory is right.
ParticipantLike others have said rents only go down when people leave the area.
—————I respectfully disagree.
What about when all the empty homes now in “shadow” inventory come on the market. IIRC, about 1/3+ of the homes on the market right now are empty.
What happens when people double/triple up? It’s very easy for a couple or a single person to move back in with parents or take in a new roommate.
IMO, Drunkle is right about 1/3 HH income going to rent as being too high — especially for those who make $65K or less. Stupid, stupid, stupid — and yes, I’m calling all the renters “stupid” if they are making $65K (gross HH income)
and paying $2K+ rent.Very soon, the credit bubble is going to bite all these fools on the a$$, and they will find themselves older and poorer than they were 10 years ago. It seems nobody is saving up for retirement or for emergencies. Most people cannot pay 50% of their net income toward housing and still manage to save after all other living expenses are paid. What about savings???? Maybe that’s why everyone is eyeball-deep in debt and everyone is panicking about the “weak consumer.”
Prices are determined by what buyers are able/willing to pay (and that includes rent). The newbie LLs think they are making a killing charging high rents, but their tenants will have to live with more people/unit in order to make these payments over time, IMO. These arrangements often end up with high turnover and LOTS of damage/maintenance issues.
Years ago, I was one of the only bears who argued that rents would go up in the beginning of the downturn. That being said, I also said rents would go down as inventory is released from reluctant sellers (banks, FBs and old-timers who missed the top). Time will tell which theory is right.
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