[Reality]

[quote=paramount]I was surprised to see (4) houses go into foreclosure this past week alone on my street.

I thought the worst of it was over in terms of foreclosures…[/quote]

I’ve seen several new foreclosures this past week in the areas I track.

[Reality]

[quote=paramount]I was surprised to see (4) houses go into foreclosure this past week alone on my street.

I thought the worst of it was over in terms of foreclosures…[/quote]

I’ve seen several new foreclosures this past week in the areas I track.

[Reality]

[quote=paramount]I was surprised to see (4) houses go into foreclosure this past week alone on my street.

I thought the worst of it was over in terms of foreclosures…[/quote]

I’ve seen several new foreclosures this past week in the areas I track.

[Reality]

With unemployment in this state at 11% (and possibly going even higher) it just blows my mind that folks are bidding on properties.

Give someone an $8,000 tax credit and they’ll overpay on a house by $80,000. Genius.

[Reality]

With unemployment in this state at 11% (and possibly going even higher) it just blows my mind that folks are bidding on properties.

Give someone an $8,000 tax credit and they’ll overpay on a house by $80,000. Genius.

[Reality]

With unemployment in this state at 11% (and possibly going even higher) it just blows my mind that folks are bidding on properties.

Give someone an $8,000 tax credit and they’ll overpay on a house by $80,000. Genius.

[Reality]

With unemployment in this state at 11% (and possibly going even higher) it just blows my mind that folks are bidding on properties.

Give someone an $8,000 tax credit and they’ll overpay on a house by $80,000. Genius.

[Reality]

With unemployment in this state at 11% (and possibly going even higher) it just blows my mind that folks are bidding on properties.

Give someone an $8,000 tax credit and they’ll overpay on a house by $80,000. Genius.

[Reality]

[quote=SD Realtor]
As to optimism about the future I am not sure I would assume that. I would simply say that people have found a home they want to buy rather then rent. In fact most all of the buyers (at least those who I have been working with) feel that the economy is going to continue to sputter and unemployment will grow and that the housing market will continue to depreciate. They have the resources to outlast it, and they have made the choice to buy. Trying to figure out why people are buying is close to an exercise in futility.
[/quote]

I think P.T. Barnum was correct when he said something like you won’t go broke underestimating the intelligence of the American public.

With unemployment in CA at 11% and possibly rising higher, how can it possibly be rational to buy or even worse bid against others?

[Reality]

[quote=SD Realtor]
As to optimism about the future I am not sure I would assume that. I would simply say that people have found a home they want to buy rather then rent. In fact most all of the buyers (at least those who I have been working with) feel that the economy is going to continue to sputter and unemployment will grow and that the housing market will continue to depreciate. They have the resources to outlast it, and they have made the choice to buy. Trying to figure out why people are buying is close to an exercise in futility.
[/quote]

I think P.T. Barnum was correct when he said something like you won’t go broke underestimating the intelligence of the American public.

With unemployment in CA at 11% and possibly rising higher, how can it possibly be rational to buy or even worse bid against others?

[Reality]

[quote=SD Realtor]
As to optimism about the future I am not sure I would assume that. I would simply say that people have found a home they want to buy rather then rent. In fact most all of the buyers (at least those who I have been working with) feel that the economy is going to continue to sputter and unemployment will grow and that the housing market will continue to depreciate. They have the resources to outlast it, and they have made the choice to buy. Trying to figure out why people are buying is close to an exercise in futility.
[/quote]

I think P.T. Barnum was correct when he said something like you won’t go broke underestimating the intelligence of the American public.

With unemployment in CA at 11% and possibly rising higher, how can it possibly be rational to buy or even worse bid against others?

[Reality]

[quote=SD Realtor]
As to optimism about the future I am not sure I would assume that. I would simply say that people have found a home they want to buy rather then rent. In fact most all of the buyers (at least those who I have been working with) feel that the economy is going to continue to sputter and unemployment will grow and that the housing market will continue to depreciate. They have the resources to outlast it, and they have made the choice to buy. Trying to figure out why people are buying is close to an exercise in futility.
[/quote]

I think P.T. Barnum was correct when he said something like you won’t go broke underestimating the intelligence of the American public.

With unemployment in CA at 11% and possibly rising higher, how can it possibly be rational to buy or even worse bid against others?

[Reality]

[quote=SD Realtor]
As to optimism about the future I am not sure I would assume that. I would simply say that people have found a home they want to buy rather then rent. In fact most all of the buyers (at least those who I have been working with) feel that the economy is going to continue to sputter and unemployment will grow and that the housing market will continue to depreciate. They have the resources to outlast it, and they have made the choice to buy. Trying to figure out why people are buying is close to an exercise in futility.
[/quote]

I think P.T. Barnum was correct when he said something like you won’t go broke underestimating the intelligence of the American public.

With unemployment in CA at 11% and possibly rising higher, how can it possibly be rational to buy or even worse bid against others?

[Reality]

[quote=partypup]

Yeah, I was checking out of a hotel as I posted this article, and my partner was talking to me. So sorry I incorrectly wrote “400” when I meant to write “1000”. I’ll be sure to be on my toes next time, John 😉

And yes, this time it really IS different. In my business (entertainment), all we’ve heard for decades is how it’s a recession-proof industry. LOL. What a joke.

We’re getting slammed so hard now that veterans at my company are just walking around, scratching their heads. Ad revenue – which had consistently grown (yes, even in the 70s) for YEARS is now contracting for the first time. Our company – which has NEVER reported a loss — simply can’t cash flow to all vendors anymore. Some weeks we joke about whether we will still be able to make payroll. Is this like the early 90s? Maybe on a different planet, but I lived through the 90s bust – and I’ve never seen anything like this. I was laid off from my law firm in 1991, got another job in a couple of months. Now colleagues of mine are wandering around for 8+ months after layoffs, and still don’t have replacement jobs. My condo was underwater for 8 years in the 90s, but it only lost about 15% of its value at the bottom. Already the home I sold in 2007 is worth 20% less. Do you think we’re anywhere near the bottom??

So yeah, this time IS different.

The “d” word is everywhere now. And that means that we’ve passed the 90s and the 70s. We’re heading to 1929. Heck, I’m fully-prepared to slash my standard of living by 50%, and I’ve saved up for this prospect. I’m ready for the pain. But I suspect most people aren’t in that position. Because they’re still thinking that this is going to be like the 90s or the 70s, and it’s not.

This is NOT a recession.[/quote]

The jist of this, from what I can tell, is that because your company and your cronies are having tougher times, this is something worse than a recession.

So you found a job soon after being laid off in 1991. Good for you. You probably didn’t notice that lots of folks weren’t so fortunate. In California at least, times were tough. There was even talk that California was in a depression at that time.

Reminds me of the old saying that a recession is when my neighbor loses his job, and a depression is when I (or my friends in this case) lose mine (theirs).

Nothing new here.

[Reality]

[quote=partypup]

Yeah, I was checking out of a hotel as I posted this article, and my partner was talking to me. So sorry I incorrectly wrote “400” when I meant to write “1000”. I’ll be sure to be on my toes next time, John 😉

And yes, this time it really IS different. In my business (entertainment), all we’ve heard for decades is how it’s a recession-proof industry. LOL. What a joke.

We’re getting slammed so hard now that veterans at my company are just walking around, scratching their heads. Ad revenue – which had consistently grown (yes, even in the 70s) for YEARS is now contracting for the first time. Our company – which has NEVER reported a loss — simply can’t cash flow to all vendors anymore. Some weeks we joke about whether we will still be able to make payroll. Is this like the early 90s? Maybe on a different planet, but I lived through the 90s bust – and I’ve never seen anything like this. I was laid off from my law firm in 1991, got another job in a couple of months. Now colleagues of mine are wandering around for 8+ months after layoffs, and still don’t have replacement jobs. My condo was underwater for 8 years in the 90s, but it only lost about 15% of its value at the bottom. Already the home I sold in 2007 is worth 20% less. Do you think we’re anywhere near the bottom??

So yeah, this time IS different.

The “d” word is everywhere now. And that means that we’ve passed the 90s and the 70s. We’re heading to 1929. Heck, I’m fully-prepared to slash my standard of living by 50%, and I’ve saved up for this prospect. I’m ready for the pain. But I suspect most people aren’t in that position. Because they’re still thinking that this is going to be like the 90s or the 70s, and it’s not.

This is NOT a recession.[/quote]

The jist of this, from what I can tell, is that because your company and your cronies are having tougher times, this is something worse than a recession.

So you found a job soon after being laid off in 1991. Good for you. You probably didn’t notice that lots of folks weren’t so fortunate. In California at least, times were tough. There was even talk that California was in a depression at that time.

Reminds me of the old saying that a recession is when my neighbor loses his job, and a depression is when I (or my friends in this case) lose mine (theirs).

Nothing new here.

[Author]

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