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I wish he would. I was pretty ticked off when PS drove him away.

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Unlike the Japanese, J6P is going to walk away when he sees the writing on the wall. Further, after downing a few, he’s going to brag to his buddies about how he stuck it to the bank by taking the dishwasher and faucets.

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On Saturday I was talking to a woman who told me that she was looking into buying a condo. I cautioned her and advised that she do some research as the market was probably going to be heading south for some time. She told me at least three times, “I just really want to INVEST in something.” I wanted to tell her that she was about to invest her way into financial destruction.
People just don’t get it yet. It isn’t going to sink in until they start seeing their friends and neighbors in trouble.

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Raybyrnes, you are ignoring the most important aspect of housing prices – They are set on the margin. It doesn’t take very many transactions to set comps.
It doesn’t matter what “most” people are able do (hold on, rent out, etc). If 100% or 50% or even 25% of all real estate changed hands in a year, the distressed sellers would be only a small fraction of overall sales and would not have a big effect on prices. However, total sales in year, as a percentage of all housing, is quite small. Therefore, distressed sellers, as a percent of all sellers, can be quite large. This has a big downward effect on prices.

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Posted by Powayseller last summer: http://piggington.com/take_a_minute_out_to_thank_rich

Rich, let me start this post by thanking you for your hard work, dedication, foresight, and courage to start this Econo-Almanac. When you started, the media and most people were still saying that housing can only go up. You went out on a limb, and you educated many people, probably thousands who come here. Thanks again, and if anyone else has a minute to add to this post, I think he deserves a hand! 

 

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He wrote that high NODs could be due to duplicate entries for the same home from piggyback loans, but there is no proof.

COULD is the key word here. You seem to have missed it, PS. This is in stark contrast your observations and conclusions, which you consistently present as absolute fact.

If I am not mistaken, Rich and Piggingtons provided important information that convinced you to sell your house, thereby saving you an amount that is probably approaching $100,000. And you treat him like this? What is wrong you?! If you disagree with him or have conflicting information, fine. Present it in a civil manner here on Piggingtons.

But LAY OFF THE PUBLIC ATTACKS!!!!

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So here we have it, admission through lack of denial. She did do it.

Powayseller, toot your own horn all you like but quit attacking Rich, it makes you look like a mentally unstable freak. Additionally, it completely destroys any credibility you might have had.

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Psychology hasn’t shifted yet for the masses. I was at a party last weekend and talked to two people about real estate. One person claimed that real estate has never gone down in value close to the beach in LA (therefore it is a safe purchase now). Another person made the comment that anyone who wants to live in the Phoenix area better hurry up and buy now before prices go up any more. I responded that prices were going down in Phoenix and that the inventory was huge. He looked at me like I deserved an award for idiot of the month.

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That was on top of having to deal with personalities like jg and others who often put me down, for no reason. I just got tired of dealing with them.

Aw, JG, how come you got mentioned and I didn't? I think my feelings are hurt. 🙂

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I think it is very possible she wrote that piece. She has attacked Rich before.

If she did not write it, she will post here and deny it. She still reads Piggington’s (because still posts on occasion) so she will probably see this thread.

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Wow, I think she has an honest to goodness mental disorder. She would completely go off the deep end now and again when she was posting here. Maybe she is bipolar. In any event, Rich chastised her previously (with good reason) and she seems to be intent on getting revenge by attacking him (while also drumming up traffic on her website). In addition to being disgusting, it is very sad, for she clearly has a lot of natural intelligence, which seems to have been hijacked by psychosis.

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I love how people think foreign money is going prop up the market. There are very few places on this earth where there really is a scarcity of land coupled with significant international demand. London is one of those places. Santa Monica? What? Folks, there are many, many miles of coastline between Santa Barbara and the border. Mr. Mumbai with his pockets full of cash has a lot to choose from.

I get pretty tired of hearing bears described as bitter folks left out of the money party. Sigh. There is nothing bitter about me. Sure, I’ve been very conservative in the stock market this year and missed some earnings. However, I still made money (shorting New Century last fall sure made me feel like a hero :)). Had I kept my house (sold 05), my net worth would be down 20%. Instead, my net worth is up over 20%. I sleep very well at night, thank you very much.

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I think the NAR realized that he had spent all of his credibility. Now they can bring in a new guy who can say, “Lereah was wrong when he called the bottom, he was too early. But everything is okay folks, we’re at the bottom now.”

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Welcome back! Maybe you will be able to buy the house you rented for 1.3M in a couple of years….

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There do seem to be a bunch of scared sounding trolls in this thread. Further, they obviously know nothing about most of the posters here. Many of us went for the “American Dream” and cashed out before it became the “American Nightmare.”

I don’t want to see anybody hurt. However, it is going to happen and it is waaaaay to late to stop the train.

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