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Ex-SD
ParticipantFrom the comments in that blog:
SDChad said…
It just boggles my mind how many realtors bought $800k to $1 million homes over the last several years. Were they really making that kind of money or were they simply the most deluded people? Of course, that $800k in Santa Luz is far worse once you take the HOA and Mello-Roos into account.From my perspective: There are none so blind as those who will not see. People get caught up in their own hype without taking a logical, rational look at their own profession. There were a bazillion people out there (and many of them were realtor’s) who thought that houses could just keep appreciating into infinity and that magically, buyers could obtain loans and mysteriously make enough money to pay for them, no matter how high the prices rose. Craziness, greed, ignorance and stupidity…….all at their best!
ParticipantFrom the comments in that blog:
SDChad said…
It just boggles my mind how many realtors bought $800k to $1 million homes over the last several years. Were they really making that kind of money or were they simply the most deluded people? Of course, that $800k in Santa Luz is far worse once you take the HOA and Mello-Roos into account.From my perspective: There are none so blind as those who will not see. People get caught up in their own hype without taking a logical, rational look at their own profession. There were a bazillion people out there (and many of them were realtor’s) who thought that houses could just keep appreciating into infinity and that magically, buyers could obtain loans and mysteriously make enough money to pay for them, no matter how high the prices rose. Craziness, greed, ignorance and stupidity…….all at their best!
ParticipantFrom the comments in that blog:
SDChad said…
It just boggles my mind how many realtors bought $800k to $1 million homes over the last several years. Were they really making that kind of money or were they simply the most deluded people? Of course, that $800k in Santa Luz is far worse once you take the HOA and Mello-Roos into account.From my perspective: There are none so blind as those who will not see. People get caught up in their own hype without taking a logical, rational look at their own profession. There were a bazillion people out there (and many of them were realtor’s) who thought that houses could just keep appreciating into infinity and that magically, buyers could obtain loans and mysteriously make enough money to pay for them, no matter how high the prices rose. Craziness, greed, ignorance and stupidity…….all at their best!
ParticipantFrom the comments in that blog:
SDChad said…
It just boggles my mind how many realtors bought $800k to $1 million homes over the last several years. Were they really making that kind of money or were they simply the most deluded people? Of course, that $800k in Santa Luz is far worse once you take the HOA and Mello-Roos into account.From my perspective: There are none so blind as those who will not see. People get caught up in their own hype without taking a logical, rational look at their own profession. There were a bazillion people out there (and many of them were realtor’s) who thought that houses could just keep appreciating into infinity and that magically, buyers could obtain loans and mysteriously make enough money to pay for them, no matter how high the prices rose. Craziness, greed, ignorance and stupidity…….all at their best!
ParticipantThe Bay Area housing crisis is worsening on all counts, as the lack of credit and growing economic uncertainty extinguished hope for a quick turnaround in the new year.
January data show regional home sales dropping to a 20-year low and the median price falling nearly 9 percent. Nearly one-fifth of the properties that did trade hands in the Bay Area last month had been foreclosed upon last year.
“We’re going through the painful transition toward pricing that is realistic and we’re nowhere near that (yet),” said Christopher Thornberg, an economist and founding partner of real estate research firm Beacon Economics. “Even though your local real estate agent will tell you, it’s OK in this neighborhood or it’s a wonderful time to buy because interest rates are low, all that’s wrong. If you’re buying into this market, you’re overpaying.”
A total of 2,312 resale homes sold in the nine-county Bay Area in January, down 43.7 percent from a year ago and 24.2 percent from December, according to DataQuick Information Systems. It’s the lowest regional sales total in the two decades the La Jolla research firm has tracked the area and the 38th straight month of declines.
Story here: http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2008/02/15/MN8RV2K0E.DTL
ParticipantThe Bay Area housing crisis is worsening on all counts, as the lack of credit and growing economic uncertainty extinguished hope for a quick turnaround in the new year.
January data show regional home sales dropping to a 20-year low and the median price falling nearly 9 percent. Nearly one-fifth of the properties that did trade hands in the Bay Area last month had been foreclosed upon last year.
“We’re going through the painful transition toward pricing that is realistic and we’re nowhere near that (yet),” said Christopher Thornberg, an economist and founding partner of real estate research firm Beacon Economics. “Even though your local real estate agent will tell you, it’s OK in this neighborhood or it’s a wonderful time to buy because interest rates are low, all that’s wrong. If you’re buying into this market, you’re overpaying.”
A total of 2,312 resale homes sold in the nine-county Bay Area in January, down 43.7 percent from a year ago and 24.2 percent from December, according to DataQuick Information Systems. It’s the lowest regional sales total in the two decades the La Jolla research firm has tracked the area and the 38th straight month of declines.
Story here: http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2008/02/15/MN8RV2K0E.DTL
ParticipantThe Bay Area housing crisis is worsening on all counts, as the lack of credit and growing economic uncertainty extinguished hope for a quick turnaround in the new year.
January data show regional home sales dropping to a 20-year low and the median price falling nearly 9 percent. Nearly one-fifth of the properties that did trade hands in the Bay Area last month had been foreclosed upon last year.
“We’re going through the painful transition toward pricing that is realistic and we’re nowhere near that (yet),” said Christopher Thornberg, an economist and founding partner of real estate research firm Beacon Economics. “Even though your local real estate agent will tell you, it’s OK in this neighborhood or it’s a wonderful time to buy because interest rates are low, all that’s wrong. If you’re buying into this market, you’re overpaying.”
A total of 2,312 resale homes sold in the nine-county Bay Area in January, down 43.7 percent from a year ago and 24.2 percent from December, according to DataQuick Information Systems. It’s the lowest regional sales total in the two decades the La Jolla research firm has tracked the area and the 38th straight month of declines.
Story here: http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2008/02/15/MN8RV2K0E.DTL
ParticipantThe Bay Area housing crisis is worsening on all counts, as the lack of credit and growing economic uncertainty extinguished hope for a quick turnaround in the new year.
January data show regional home sales dropping to a 20-year low and the median price falling nearly 9 percent. Nearly one-fifth of the properties that did trade hands in the Bay Area last month had been foreclosed upon last year.
“We’re going through the painful transition toward pricing that is realistic and we’re nowhere near that (yet),” said Christopher Thornberg, an economist and founding partner of real estate research firm Beacon Economics. “Even though your local real estate agent will tell you, it’s OK in this neighborhood or it’s a wonderful time to buy because interest rates are low, all that’s wrong. If you’re buying into this market, you’re overpaying.”
A total of 2,312 resale homes sold in the nine-county Bay Area in January, down 43.7 percent from a year ago and 24.2 percent from December, according to DataQuick Information Systems. It’s the lowest regional sales total in the two decades the La Jolla research firm has tracked the area and the 38th straight month of declines.
Story here: http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2008/02/15/MN8RV2K0E.DTL
ParticipantThe Bay Area housing crisis is worsening on all counts, as the lack of credit and growing economic uncertainty extinguished hope for a quick turnaround in the new year.
January data show regional home sales dropping to a 20-year low and the median price falling nearly 9 percent. Nearly one-fifth of the properties that did trade hands in the Bay Area last month had been foreclosed upon last year.
“We’re going through the painful transition toward pricing that is realistic and we’re nowhere near that (yet),” said Christopher Thornberg, an economist and founding partner of real estate research firm Beacon Economics. “Even though your local real estate agent will tell you, it’s OK in this neighborhood or it’s a wonderful time to buy because interest rates are low, all that’s wrong. If you’re buying into this market, you’re overpaying.”
A total of 2,312 resale homes sold in the nine-county Bay Area in January, down 43.7 percent from a year ago and 24.2 percent from December, according to DataQuick Information Systems. It’s the lowest regional sales total in the two decades the La Jolla research firm has tracked the area and the 38th straight month of declines.
Story here: http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2008/02/15/MN8RV2K0E.DTL
ParticipantIf Bernanke, Bush and Congress don’t stop tinkering with the economy, the problem is going to get worse than it otherwise would have. Now, Bernanke has indicated that he’ll keep chopping interest rates………………..WELL, Whoop de doo! When they get them down to zero and the economy is worse than ever, what will they do then? I sit in my home, scratching my head in disbelief that these fools are actually in charge of the USA. It’s truly discouraging for anyone who has acted responsibly, saved their money and now has to watch these fools destroying the value of the U.S. dollar. Did they really believe that homes could just keep appreciating into infinity and that people could miraculously make the payments on these homes? It was as obvious as the nose on your face that people with household incomes of $60k-$70k could not pay for a $600k-$700k home……………….but they gave them loans anyway. So, now they’re defaulting and a whole lot more of them are going to default and they want to throw more crazy solutions that will only make the matter worse. And, how did some of your Congressmen spend their day, today? They grilled Roger Clemens about using steroids years ago.
Congress=Home of the truly stupid.
ParticipantIf Bernanke, Bush and Congress don’t stop tinkering with the economy, the problem is going to get worse than it otherwise would have. Now, Bernanke has indicated that he’ll keep chopping interest rates………………..WELL, Whoop de doo! When they get them down to zero and the economy is worse than ever, what will they do then? I sit in my home, scratching my head in disbelief that these fools are actually in charge of the USA. It’s truly discouraging for anyone who has acted responsibly, saved their money and now has to watch these fools destroying the value of the U.S. dollar. Did they really believe that homes could just keep appreciating into infinity and that people could miraculously make the payments on these homes? It was as obvious as the nose on your face that people with household incomes of $60k-$70k could not pay for a $600k-$700k home……………….but they gave them loans anyway. So, now they’re defaulting and a whole lot more of them are going to default and they want to throw more crazy solutions that will only make the matter worse. And, how did some of your Congressmen spend their day, today? They grilled Roger Clemens about using steroids years ago.
Congress=Home of the truly stupid.
ParticipantIf Bernanke, Bush and Congress don’t stop tinkering with the economy, the problem is going to get worse than it otherwise would have. Now, Bernanke has indicated that he’ll keep chopping interest rates………………..WELL, Whoop de doo! When they get them down to zero and the economy is worse than ever, what will they do then? I sit in my home, scratching my head in disbelief that these fools are actually in charge of the USA. It’s truly discouraging for anyone who has acted responsibly, saved their money and now has to watch these fools destroying the value of the U.S. dollar. Did they really believe that homes could just keep appreciating into infinity and that people could miraculously make the payments on these homes? It was as obvious as the nose on your face that people with household incomes of $60k-$70k could not pay for a $600k-$700k home……………….but they gave them loans anyway. So, now they’re defaulting and a whole lot more of them are going to default and they want to throw more crazy solutions that will only make the matter worse. And, how did some of your Congressmen spend their day, today? They grilled Roger Clemens about using steroids years ago.
Congress=Home of the truly stupid.
ParticipantIf Bernanke, Bush and Congress don’t stop tinkering with the economy, the problem is going to get worse than it otherwise would have. Now, Bernanke has indicated that he’ll keep chopping interest rates………………..WELL, Whoop de doo! When they get them down to zero and the economy is worse than ever, what will they do then? I sit in my home, scratching my head in disbelief that these fools are actually in charge of the USA. It’s truly discouraging for anyone who has acted responsibly, saved their money and now has to watch these fools destroying the value of the U.S. dollar. Did they really believe that homes could just keep appreciating into infinity and that people could miraculously make the payments on these homes? It was as obvious as the nose on your face that people with household incomes of $60k-$70k could not pay for a $600k-$700k home……………….but they gave them loans anyway. So, now they’re defaulting and a whole lot more of them are going to default and they want to throw more crazy solutions that will only make the matter worse. And, how did some of your Congressmen spend their day, today? They grilled Roger Clemens about using steroids years ago.
Congress=Home of the truly stupid.
ParticipantIf Bernanke, Bush and Congress don’t stop tinkering with the economy, the problem is going to get worse than it otherwise would have. Now, Bernanke has indicated that he’ll keep chopping interest rates………………..WELL, Whoop de doo! When they get them down to zero and the economy is worse than ever, what will they do then? I sit in my home, scratching my head in disbelief that these fools are actually in charge of the USA. It’s truly discouraging for anyone who has acted responsibly, saved their money and now has to watch these fools destroying the value of the U.S. dollar. Did they really believe that homes could just keep appreciating into infinity and that people could miraculously make the payments on these homes? It was as obvious as the nose on your face that people with household incomes of $60k-$70k could not pay for a $600k-$700k home……………….but they gave them loans anyway. So, now they’re defaulting and a whole lot more of them are going to default and they want to throw more crazy solutions that will only make the matter worse. And, how did some of your Congressmen spend their day, today? They grilled Roger Clemens about using steroids years ago.
Congress=Home of the truly stupid.
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