[patientrenter]

“I know lots of people on this forum are waiting for houses to drop another 30-40% so they can get them at rock-bottom prices. Be careful what you wish for. If that were to happen, there would likely be riots in the streets and major police action.”

The last RRE price peak was the highest ever, but we still haven’t yet even matched prices at the last trough, after adjusting for inflation. I can’t recall those 1996 RRE riots. Were angry La Jolla homeowners burning their own homes in anger at the low prices? Or were those riots in Coronado?

[patientrenter]

“I know lots of people on this forum are waiting for houses to drop another 30-40% so they can get them at rock-bottom prices. Be careful what you wish for. If that were to happen, there would likely be riots in the streets and major police action.”

The last RRE price peak was the highest ever, but we still haven’t yet even matched prices at the last trough, after adjusting for inflation. I can’t recall those 1996 RRE riots. Were angry La Jolla homeowners burning their own homes in anger at the low prices? Or were those riots in Coronado?

[patientrenter]

“I know lots of people on this forum are waiting for houses to drop another 30-40% so they can get them at rock-bottom prices. Be careful what you wish for. If that were to happen, there would likely be riots in the streets and major police action.”

The last RRE price peak was the highest ever, but we still haven’t yet even matched prices at the last trough, after adjusting for inflation. I can’t recall those 1996 RRE riots. Were angry La Jolla homeowners burning their own homes in anger at the low prices? Or were those riots in Coronado?

[patientrenter]

“I know lots of people on this forum are waiting for houses to drop another 30-40% so they can get them at rock-bottom prices. Be careful what you wish for. If that were to happen, there would likely be riots in the streets and major police action.”

The last RRE price peak was the highest ever, but we still haven’t yet even matched prices at the last trough, after adjusting for inflation. I can’t recall those 1996 RRE riots. Were angry La Jolla homeowners burning their own homes in anger at the low prices? Or were those riots in Coronado?

[patientrenter]

There are now dozens of programs out there to keep home prices as high as possible. Price is just a function of supply and demand. All the loan modification programs for existing owners keep homes off the market, reducing the supply of homes. All the programs to keep cheap easy money flowing into the housing market (FHA, Fannie, Fed purchases of GSE MBSs, low interest rates, even govt props for private mortgage insurers) boost demand. Over 90% of all money going into the housing market is cheap and easy govt money.

The home tax credit was just icing on this layer cake of price supports. When will the cake collapse? Probably never. I wouldn’t buy when the icing is on the cake, but I wouldn’t obsess over the icing. The collective impact of all the other price supports is much larger.

[patientrenter]

There are now dozens of programs out there to keep home prices as high as possible. Price is just a function of supply and demand. All the loan modification programs for existing owners keep homes off the market, reducing the supply of homes. All the programs to keep cheap easy money flowing into the housing market (FHA, Fannie, Fed purchases of GSE MBSs, low interest rates, even govt props for private mortgage insurers) boost demand. Over 90% of all money going into the housing market is cheap and easy govt money.

The home tax credit was just icing on this layer cake of price supports. When will the cake collapse? Probably never. I wouldn’t buy when the icing is on the cake, but I wouldn’t obsess over the icing. The collective impact of all the other price supports is much larger.

[patientrenter]

There are now dozens of programs out there to keep home prices as high as possible. Price is just a function of supply and demand. All the loan modification programs for existing owners keep homes off the market, reducing the supply of homes. All the programs to keep cheap easy money flowing into the housing market (FHA, Fannie, Fed purchases of GSE MBSs, low interest rates, even govt props for private mortgage insurers) boost demand. Over 90% of all money going into the housing market is cheap and easy govt money.

The home tax credit was just icing on this layer cake of price supports. When will the cake collapse? Probably never. I wouldn’t buy when the icing is on the cake, but I wouldn’t obsess over the icing. The collective impact of all the other price supports is much larger.

[patientrenter]

There are now dozens of programs out there to keep home prices as high as possible. Price is just a function of supply and demand. All the loan modification programs for existing owners keep homes off the market, reducing the supply of homes. All the programs to keep cheap easy money flowing into the housing market (FHA, Fannie, Fed purchases of GSE MBSs, low interest rates, even govt props for private mortgage insurers) boost demand. Over 90% of all money going into the housing market is cheap and easy govt money.

The home tax credit was just icing on this layer cake of price supports. When will the cake collapse? Probably never. I wouldn’t buy when the icing is on the cake, but I wouldn’t obsess over the icing. The collective impact of all the other price supports is much larger.

[patientrenter]

There are now dozens of programs out there to keep home prices as high as possible. Price is just a function of supply and demand. All the loan modification programs for existing owners keep homes off the market, reducing the supply of homes. All the programs to keep cheap easy money flowing into the housing market (FHA, Fannie, Fed purchases of GSE MBSs, low interest rates, even govt props for private mortgage insurers) boost demand. Over 90% of all money going into the housing market is cheap and easy govt money.

The home tax credit was just icing on this layer cake of price supports. When will the cake collapse? Probably never. I wouldn’t buy when the icing is on the cake, but I wouldn’t obsess over the icing. The collective impact of all the other price supports is much larger.

[patientrenter]

[quote=Russell]There is no such thing as an unpunished crime….

I am very close to a situation like this and… they are really decent hardworking people…..

Saying “I should have done it” is just kind off bitter. You can still do it. If I have a chance to weigh in on the topic in a way that matters I will definitely speak out against it. Other than that, it’s just whining.[/quote]

I’ll take $100,000 and forgo your respect and take pot luck with my happiness, Russell. All these excuses are hogwash.

[patientrenter]

[quote=Russell]There is no such thing as an unpunished crime….

I am very close to a situation like this and… they are really decent hardworking people…..

Saying “I should have done it” is just kind off bitter. You can still do it. If I have a chance to weigh in on the topic in a way that matters I will definitely speak out against it. Other than that, it’s just whining.[/quote]

I’ll take $100,000 and forgo your respect and take pot luck with my happiness, Russell. All these excuses are hogwash.

[patientrenter]

[quote=Russell]There is no such thing as an unpunished crime….

I am very close to a situation like this and… they are really decent hardworking people…..

Saying “I should have done it” is just kind off bitter. You can still do it. If I have a chance to weigh in on the topic in a way that matters I will definitely speak out against it. Other than that, it’s just whining.[/quote]

I’ll take $100,000 and forgo your respect and take pot luck with my happiness, Russell. All these excuses are hogwash.

[patientrenter]

[quote=Russell]There is no such thing as an unpunished crime….

I am very close to a situation like this and… they are really decent hardworking people…..

Saying “I should have done it” is just kind off bitter. You can still do it. If I have a chance to weigh in on the topic in a way that matters I will definitely speak out against it. Other than that, it’s just whining.[/quote]

I’ll take $100,000 and forgo your respect and take pot luck with my happiness, Russell. All these excuses are hogwash.

[patientrenter]

[quote=Russell]There is no such thing as an unpunished crime….

I am very close to a situation like this and… they are really decent hardworking people…..

Saying “I should have done it” is just kind off bitter. You can still do it. If I have a chance to weigh in on the topic in a way that matters I will definitely speak out against it. Other than that, it’s just whining.[/quote]

I’ll take $100,000 and forgo your respect and take pot luck with my happiness, Russell. All these excuses are hogwash.

[patientrenter]

[quote=mike92104]…Basically a simple tax protest was spun into some huge new movement that the left could attack, and the right tried to take credit for.[/quote]

Very perceptive. I don’t know for sure, but your post sounds right.

[Author]

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