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denverite
ParticipantThis site has previously posted market/media sentiment for the last great housing slump, circa 1990’s. It was so insightful, that I mentally bookmarked the keywords. There are a series of three articles, each containing qoutes in the media, primarily by RE “experts”. The shift in perception is astonishing. To me, this is almost as insightful as the strong data analytical methods used on this site. Although the past may not repeat itself, it certainly seems worth periodic review. Here is the link to one of the pages. http://www.elliottwave.com/features/default.aspx?cat=mw*aid=3171*time=pm
Also, a Google on “Great Housing Slump” + 1990 should produce some hits. The author is Susan Barretta; kudos for the research.
ParticipantThis site has previously posted market/media sentiment for the last great housing slump, circa 1990’s. It was so insightful, that I mentally bookmarked the keywords. There are a series of three articles, each containing qoutes in the media, primarily by RE “experts”. The shift in perception is astonishing. To me, this is almost as insightful as the strong data analytical methods used on this site. Although the past may not repeat itself, it certainly seems worth periodic review. Here is the link to one of the pages. http://www.elliottwave.com/features/default.aspx?cat=mw*aid=3171*time=pm
Also, a Google on “Great Housing Slump” + 1990 should produce some hits. The author is Susan Barretta; kudos for the research.
ParticipantThis site has previously posted market/media sentiment for the last great housing slump, circa 1990’s. It was so insightful, that I mentally bookmarked the keywords. There are a series of three articles, each containing qoutes in the media, primarily by RE “experts”. The shift in perception is astonishing. To me, this is almost as insightful as the strong data analytical methods used on this site. Although the past may not repeat itself, it certainly seems worth periodic review. Here is the link to one of the pages. http://www.elliottwave.com/features/default.aspx?cat=mw*aid=3171*time=pm
Also, a Google on “Great Housing Slump” + 1990 should produce some hits. The author is Susan Barretta; kudos for the research.
ParticipantThis site has previously posted market/media sentiment for the last great housing slump, circa 1990’s. It was so insightful, that I mentally bookmarked the keywords. There are a series of three articles, each containing qoutes in the media, primarily by RE “experts”. The shift in perception is astonishing. To me, this is almost as insightful as the strong data analytical methods used on this site. Although the past may not repeat itself, it certainly seems worth periodic review. Here is the link to one of the pages. http://www.elliottwave.com/features/default.aspx?cat=mw*aid=3171*time=pm
Also, a Google on “Great Housing Slump” + 1990 should produce some hits. The author is Susan Barretta; kudos for the research.
Participantgdox believes that the late 70’s had unusually high mortgage rates, and that this had the effect of reducing home prices ( and therefore, the income multiplier). At that time I lived in SD and sold some properties. It is true that properties took a while to move, but not true that housing prices declined to any significant extent. The reason: creative financing. If an owner actually wished to sell, they became the lender (at reasonable interest rates typically around 7-8 percent). There were many such alternatives promoted by the real estate industry to keep the cash flow going. “Creative Fincancing” was truly a huge buzzword at the time.
Banks and other traditional lenders were used only as a last resort, though it surely did happen.
Also, one merely needs to look at historical price data (OFHEO) to understand that there was not a significant price decline at the time.
My, albeit biased, conclusion is that the thrust of the article remains intact.
Participantgdox believes that the late 70’s had unusually high mortgage rates, and that this had the effect of reducing home prices ( and therefore, the income multiplier). At that time I lived in SD and sold some properties. It is true that properties took a while to move, but not true that housing prices declined to any significant extent. The reason: creative financing. If an owner actually wished to sell, they became the lender (at reasonable interest rates typically around 7-8 percent). There were many such alternatives promoted by the real estate industry to keep the cash flow going. “Creative Fincancing” was truly a huge buzzword at the time.
Banks and other traditional lenders were used only as a last resort, though it surely did happen.
Also, one merely needs to look at historical price data (OFHEO) to understand that there was not a significant price decline at the time.
My, albeit biased, conclusion is that the thrust of the article remains intact.
Participantgdox believes that the late 70’s had unusually high mortgage rates, and that this had the effect of reducing home prices ( and therefore, the income multiplier). At that time I lived in SD and sold some properties. It is true that properties took a while to move, but not true that housing prices declined to any significant extent. The reason: creative financing. If an owner actually wished to sell, they became the lender (at reasonable interest rates typically around 7-8 percent). There were many such alternatives promoted by the real estate industry to keep the cash flow going. “Creative Fincancing” was truly a huge buzzword at the time.
Banks and other traditional lenders were used only as a last resort, though it surely did happen.
Also, one merely needs to look at historical price data (OFHEO) to understand that there was not a significant price decline at the time.
My, albeit biased, conclusion is that the thrust of the article remains intact.
Participantgdox believes that the late 70’s had unusually high mortgage rates, and that this had the effect of reducing home prices ( and therefore, the income multiplier). At that time I lived in SD and sold some properties. It is true that properties took a while to move, but not true that housing prices declined to any significant extent. The reason: creative financing. If an owner actually wished to sell, they became the lender (at reasonable interest rates typically around 7-8 percent). There were many such alternatives promoted by the real estate industry to keep the cash flow going. “Creative Fincancing” was truly a huge buzzword at the time.
Banks and other traditional lenders were used only as a last resort, though it surely did happen.
Also, one merely needs to look at historical price data (OFHEO) to understand that there was not a significant price decline at the time.
My, albeit biased, conclusion is that the thrust of the article remains intact.
Participantgdox believes that the late 70’s had unusually high mortgage rates, and that this had the effect of reducing home prices ( and therefore, the income multiplier). At that time I lived in SD and sold some properties. It is true that properties took a while to move, but not true that housing prices declined to any significant extent. The reason: creative financing. If an owner actually wished to sell, they became the lender (at reasonable interest rates typically around 7-8 percent). There were many such alternatives promoted by the real estate industry to keep the cash flow going. “Creative Fincancing” was truly a huge buzzword at the time.
Banks and other traditional lenders were used only as a last resort, though it surely did happen.
Also, one merely needs to look at historical price data (OFHEO) to understand that there was not a significant price decline at the time.
My, albeit biased, conclusion is that the thrust of the article remains intact.
ParticipantI thought there was a significant qoute in the article.
“”I know you’re not supposed to say I told you so,’ but I’m at the age where I can do it: Homeownership was oversold,” says 67-year-old House Finance Committee Chairman Barney Frank (D-Mass.). ”
What, a powerful liberal Democrat, conceding this? … perhaps we won’t be subsidizing the RE bubble after all.
On a slightly different note, the News Hour held a town hall metting that consisted of San Diego bankers, mortgage brokers, realtors, speculators, counselors, and a few home owner/foreclosed individuals. I was disappointed when Gwen Ifill (softball on all subjects) provided the moderator role, but did catch the last 2/3’s of the segment. No one even mentioned the home valuation as the problem. A Pigg point of view should have been there to straighten them out. They really danced anround anything of substance, however, one participant did say that he was starting to see some PANIC in SD. I hope this is a portent of things to come.
ParticipantI thought there was a significant qoute in the article.
“”I know you’re not supposed to say I told you so,’ but I’m at the age where I can do it: Homeownership was oversold,” says 67-year-old House Finance Committee Chairman Barney Frank (D-Mass.). ”
What, a powerful liberal Democrat, conceding this? … perhaps we won’t be subsidizing the RE bubble after all.
On a slightly different note, the News Hour held a town hall metting that consisted of San Diego bankers, mortgage brokers, realtors, speculators, counselors, and a few home owner/foreclosed individuals. I was disappointed when Gwen Ifill (softball on all subjects) provided the moderator role, but did catch the last 2/3’s of the segment. No one even mentioned the home valuation as the problem. A Pigg point of view should have been there to straighten them out. They really danced anround anything of substance, however, one participant did say that he was starting to see some PANIC in SD. I hope this is a portent of things to come.
ParticipantI thought there was a significant qoute in the article.
“”I know you’re not supposed to say I told you so,’ but I’m at the age where I can do it: Homeownership was oversold,” says 67-year-old House Finance Committee Chairman Barney Frank (D-Mass.). ”
What, a powerful liberal Democrat, conceding this? … perhaps we won’t be subsidizing the RE bubble after all.
On a slightly different note, the News Hour held a town hall metting that consisted of San Diego bankers, mortgage brokers, realtors, speculators, counselors, and a few home owner/foreclosed individuals. I was disappointed when Gwen Ifill (softball on all subjects) provided the moderator role, but did catch the last 2/3’s of the segment. No one even mentioned the home valuation as the problem. A Pigg point of view should have been there to straighten them out. They really danced anround anything of substance, however, one participant did say that he was starting to see some PANIC in SD. I hope this is a portent of things to come.
ParticipantI thought there was a significant qoute in the article.
“”I know you’re not supposed to say I told you so,’ but I’m at the age where I can do it: Homeownership was oversold,” says 67-year-old House Finance Committee Chairman Barney Frank (D-Mass.). ”
What, a powerful liberal Democrat, conceding this? … perhaps we won’t be subsidizing the RE bubble after all.
On a slightly different note, the News Hour held a town hall metting that consisted of San Diego bankers, mortgage brokers, realtors, speculators, counselors, and a few home owner/foreclosed individuals. I was disappointed when Gwen Ifill (softball on all subjects) provided the moderator role, but did catch the last 2/3’s of the segment. No one even mentioned the home valuation as the problem. A Pigg point of view should have been there to straighten them out. They really danced anround anything of substance, however, one participant did say that he was starting to see some PANIC in SD. I hope this is a portent of things to come.
ParticipantI thought there was a significant qoute in the article.
“”I know you’re not supposed to say I told you so,’ but I’m at the age where I can do it: Homeownership was oversold,” says 67-year-old House Finance Committee Chairman Barney Frank (D-Mass.). ”
What, a powerful liberal Democrat, conceding this? … perhaps we won’t be subsidizing the RE bubble after all.
On a slightly different note, the News Hour held a town hall metting that consisted of San Diego bankers, mortgage brokers, realtors, speculators, counselors, and a few home owner/foreclosed individuals. I was disappointed when Gwen Ifill (softball on all subjects) provided the moderator role, but did catch the last 2/3’s of the segment. No one even mentioned the home valuation as the problem. A Pigg point of view should have been there to straighten them out. They really danced anround anything of substance, however, one participant did say that he was starting to see some PANIC in SD. I hope this is a portent of things to come.
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