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JWM in SD
ParticipantBe careful Happy Renter, that kind of talk might offend some those here with delicate sensibilities about the housing market in San Diego.
Sarcasm Off.
ParticipantActually, I only said it once. Also, if you care to notice, Counselor initiated the engagement with me. He’s the one who lost patience and began whining.
In fact, I’m noticing a lot handwringers and whiners on this site worrying about some increased traffice at foreclosure ranch, meanwhile, the subprime lenders are beginning to implode at a rate of 2 a week in addition to HSBC and NEW…which was how this thread got initiated. Yet no one seems to grasp the significance of this.
When the subprime spigot gets shut off, which is occuring right now, so does the easy credit. Prices will follow…that is a certainty even here in San Diego.
Participant“lessor position…”?? And how praytell do you know that exactly? Why, because I rent instead of own? Because I choose to invest in things other than real estate? Sorry pal, but there are other ways to make money than in real estate. Get a clue…
Participant1 Trillion or so in resets coming in 07. No, it has not even come close to reaching a bottom. The subprimes are collapsing at the rate of a couple per week…20 since December alone. This will strangle the money flow to the FBs. Don’t fall for the hype people. We are turning the corner as we speak.
ParticipantDo you like condos, because that’s what you’ll get for those prices right now. Wait a couple of years and save your money. Buying anything right now is completely foolish.
ParticipantThe only bounce will be the inventory levels and the foreclosure rates. Come on people, don’t fall for this crap…you know better.
ParticipantAfter transaction costs it won’t be 15%. I smell FB.
ParticipantIn current market conditions…really?
ParticipantYou refied and heloc’ed to pay off the rental properties so you still have associated debt with some asset as collateral…presumably your primary residence. So if you sold your primary residence right now, you could pay off the outstanding loans and have money left over correct?
ParticipantUh, are you sure that you really have equity??
ParticipantFair enough. My question / taunt is not really aimed at those your circumstance anyway. However, if you don’t think this is going to get very ugly in the next few years, then you are fooling yourself. The economic implications of this credit bubble are enormous. It goes way beyond housing. In some respects, I hope it doesn’t get that bad, but all the indicators point to some very nasty on the horizon. There will be severe credit contraction and ultimately deflation in hard assets such as RE and stocks. SoCal is subprime central in the US. This news about HSBC and NEW is finally real confirmation that it’s beginning to happen.
ParticipantYeah, when did you buy the cashflowing properties? If it’s in the last couple years…then you’re probably a liar. How much debt do you have leveraged against that “equity”?
ParticipantAh yes, and so it begins in earnest finally. For all of you clown permabulls that like to come here and post your nonsense occasionally, what have you got to say now??
The Trillion Dollar Train is coming…first stop is San Diego…next stop is OC. All GFs and FBs on board. Final destination – Financial Ruin.
I have cash and I have time…what do you have??
ParticipantUmmm, in fact, bugs response was quite civil. I think you need to really consider the forum that you’re posting such a request on. This site is more or less dedicated to discussion on why SD real estate is overvalued. Why aren’t you posting your request on craigslist??
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