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I agree. Beyond that- this smells of “racketeering” and should be reported to the local FBI office. Let’s make a public spectacle of the ass.

Fat Tony- “You don’t pay my commission, you don’t got no customers, capiche?”

Aunt Minnie- “But, kind sir, I can’t afford to…” (sounds of a cement truck dropping it’s payload on her head)

Fat Tony- “Fugghet about itt”

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It is somewhat discouraging when an economist like Thornberg suggests that there won’t be a large drop in prices, isn’t it? It “shakes my foundation” and has me asking, do I need to buy now…am I wrong? After a few hours, I snap out of it.

The one thing that I have yet to hear be addressed is the cause and effect possibilities of folks who have purchased “investment” homes in areas outside of San Diego that clearly WILL suffer price declines. Areas like Florida, parts of Arizona, etc…isn’t it possible that this is the “economic shock” or surprise that will de-rail our local markets? For instance, someone who bought a home in Queen Creek, AZ may lose all of their investment and ruin their credit in the process. Is it outside the realm of possibility that there will be spillover into the local markets?

Obviously, I believe there will be…I know several people locally who have purchased “investment” homes in AZ, as they had given up the stock market. Also, anecdotally, my LL is selling the SD house he has lived in the last two years to rent. Fortunately, he is not selling the one I am in. I have been watching the sales process from a distance, and it seems likely that he will experience MAJOR difficulty trying to get what he wants for it. He wants and NEEDS to move. I have other friends who want and NEED to move.

I remain unconvinced that prices can’t and won’t drop when sellers who NEED to sell (how ’bout that increase in notices of default, by the way?) reduce their prices to get the deal done.

Any thoughts? Anyone?

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I was kidding about the paid NAR shill comment, of course. I imagine the NAR has very little left over to pay additonal shills, when you consider just how much they must be paying David Lereah these days to keep him from going over to “the dark side”.

One has to wonder what one’s reputation as an economist is worth, especially one who’s credibility is extremely vulnerable and who’s future as a paid “anything” is certainly up in the air.

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I’ve got it…sdrealtor is the paid NAR bubble-blogging shill. Pretends to be moderately bearish, yet simultaneously reports that he is having his best year ever.

I would not put it past the NAR to do something like this. In fact, I think I’ll ask “Suzanne” to “research this” for me to see if it isn’t true.

BTW- Check out the UT real estate section today, Sunday, and read the Century21 guy’s report about the “perfect unstorm”. His tactic is to acknowledge all of the what I call “symptoms” of the current stalemate between buyers and sellers, and then to go on and, in all of his infinite wisdom, proclaim that everyone is “cured” because the market has not dropped 10% yet (it actually has in some local markets). The “author’s” name is Steve Ring and he is a Broker, Century 21 1st Choice. I wonder how long he’s been around and how his year is going 😉

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No showings today?

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I believe they were talking about Bob Casagrand.

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Beyond all that, it looks to me like this is a 5/1 adjustable rate product anyway.

All this to “save” a couple hundred bucks a month. C’mon…we all know most people will buy right up to what they are “qualified” for. I don’t think this product is any better or worse than what is out there already. It is simply designed to delay the inevitable and smoke us out of our holes (us=bubble-heads or jealous bitter renters or whatever we are called, that is) to BUY NOW.

We may be in for a long wait…hope not, but possible I suppose.

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Amen to that, Sir Mixxalot!

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Bravo!

Way to stand up for yourself.

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I agree Bugs. It is extremely tough, though, when you accidentally share your pessimism on the local housing sector with a few “friends” at a cocktail party and the entire room of 20 starts riding you about how stupid and naive you are to think that housing could go down. I know better, but sometimes a cocktail can ignite the “I-call-bullshit”-o-meter in me.

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But it’s not meaningless….Century21 needs NO help building a brand….probably one of the most recognized brands in the world already.

This is a deliberate effort to keep the sales activity high enough that Richard Smith doesn’t get shot by his constituency of newbie Realtors he probably promised “the world” to.

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sdrealtor,

what do you think of Century 21’s television commercial where “Suzanne researched” it?

is this helpful to your business?

BTW- anyone who hasn’t seen the commercial really should…here is the link again…INCREDIBLE!!!

http://russellarch.com/2006/04/century21-video-debate.html

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I didn’t send it to anyone….just hopeful that some of these folks (reporters with a conscience) are quietly trolling these waters, so to speak…

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Turn to page 7 in today’s North Inland section and you’ll see that they still have Wisteria Place “from the low $600,000s”

Conflicting information with the color ad on page 5…let there be no confusion, however, that these homes, er ALL homes, are worth SIGNIFICANTLY less than they are being sold for today.

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sdrealtor…unless you are trying to be funny here and are failing miserably….this is just too much..now you are picking on someone else’s taste of location for a home. You truly deserve no sympathy for what comes your way.

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