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Rt.66
ParticipantWhat hit me square in the face when I read about these things are the poor people who just wanted to buy a home. Not an investment, but a home they could raise a family in and afford comfortably.
Any family wanting a home in that area during the bubble years had to bid against scammers like this. Add to that the fake inflated appraisals likely adding tens of thousands of dollars to the mortgages of families who purchased in the wake of the scam purchases/appraisals, and the pain grows.
I hope their punishment reflects the broader pain they caused the community.
ParticipantWhat hit me square in the face when I read about these things are the poor people who just wanted to buy a home. Not an investment, but a home they could raise a family in and afford comfortably.
Any family wanting a home in that area during the bubble years had to bid against scammers like this. Add to that the fake inflated appraisals likely adding tens of thousands of dollars to the mortgages of families who purchased in the wake of the scam purchases/appraisals, and the pain grows.
I hope their punishment reflects the broader pain they caused the community.
ParticipantWhat hit me square in the face when I read about these things are the poor people who just wanted to buy a home. Not an investment, but a home they could raise a family in and afford comfortably.
Any family wanting a home in that area during the bubble years had to bid against scammers like this. Add to that the fake inflated appraisals likely adding tens of thousands of dollars to the mortgages of families who purchased in the wake of the scam purchases/appraisals, and the pain grows.
I hope their punishment reflects the broader pain they caused the community.
ParticipantWhat hit me square in the face when I read about these things are the poor people who just wanted to buy a home. Not an investment, but a home they could raise a family in and afford comfortably.
Any family wanting a home in that area during the bubble years had to bid against scammers like this. Add to that the fake inflated appraisals likely adding tens of thousands of dollars to the mortgages of families who purchased in the wake of the scam purchases/appraisals, and the pain grows.
I hope their punishment reflects the broader pain they caused the community.
ParticipantYou bring up a good point. “existing and planned humans” LOL! I have not heard much about it but it’s an interesting subject. How much demand is there?
I do believe the houses will be bought as the prices slide down, picking up buyers at each lower price point.
There is a group of folks out there now who believe today’s REO prices are good and they are tripping over each other to buy. They might quickly be exhausted when inventory finally comes to market. But there is a group behind them waiting for another 15% drop before they’ll jump in, and so on. As we know, knife catchers are not a new phenom, every bubble has them.
The numbers reported every month are depression numbers. I hear forclosures won’t even peak until 2011. My source for such dire news? Some guy I recognized at a bar said his friend knows someone who we should trust.
Or we could go with the MBA:
ParticipantYou bring up a good point. “existing and planned humans” LOL! I have not heard much about it but it’s an interesting subject. How much demand is there?
I do believe the houses will be bought as the prices slide down, picking up buyers at each lower price point.
There is a group of folks out there now who believe today’s REO prices are good and they are tripping over each other to buy. They might quickly be exhausted when inventory finally comes to market. But there is a group behind them waiting for another 15% drop before they’ll jump in, and so on. As we know, knife catchers are not a new phenom, every bubble has them.
The numbers reported every month are depression numbers. I hear forclosures won’t even peak until 2011. My source for such dire news? Some guy I recognized at a bar said his friend knows someone who we should trust.
Or we could go with the MBA:
ParticipantYou bring up a good point. “existing and planned humans” LOL! I have not heard much about it but it’s an interesting subject. How much demand is there?
I do believe the houses will be bought as the prices slide down, picking up buyers at each lower price point.
There is a group of folks out there now who believe today’s REO prices are good and they are tripping over each other to buy. They might quickly be exhausted when inventory finally comes to market. But there is a group behind them waiting for another 15% drop before they’ll jump in, and so on. As we know, knife catchers are not a new phenom, every bubble has them.
The numbers reported every month are depression numbers. I hear forclosures won’t even peak until 2011. My source for such dire news? Some guy I recognized at a bar said his friend knows someone who we should trust.
Or we could go with the MBA:
ParticipantYou bring up a good point. “existing and planned humans” LOL! I have not heard much about it but it’s an interesting subject. How much demand is there?
I do believe the houses will be bought as the prices slide down, picking up buyers at each lower price point.
There is a group of folks out there now who believe today’s REO prices are good and they are tripping over each other to buy. They might quickly be exhausted when inventory finally comes to market. But there is a group behind them waiting for another 15% drop before they’ll jump in, and so on. As we know, knife catchers are not a new phenom, every bubble has them.
The numbers reported every month are depression numbers. I hear forclosures won’t even peak until 2011. My source for such dire news? Some guy I recognized at a bar said his friend knows someone who we should trust.
Or we could go with the MBA:
ParticipantYou bring up a good point. “existing and planned humans” LOL! I have not heard much about it but it’s an interesting subject. How much demand is there?
I do believe the houses will be bought as the prices slide down, picking up buyers at each lower price point.
There is a group of folks out there now who believe today’s REO prices are good and they are tripping over each other to buy. They might quickly be exhausted when inventory finally comes to market. But there is a group behind them waiting for another 15% drop before they’ll jump in, and so on. As we know, knife catchers are not a new phenom, every bubble has them.
The numbers reported every month are depression numbers. I hear forclosures won’t even peak until 2011. My source for such dire news? Some guy I recognized at a bar said his friend knows someone who we should trust.
Or we could go with the MBA:
ParticipantWhat a good thread. Some observations:
The person who refers to people who acknowledge the facts and figures displayed daily for all to see that show a huge inventory of distressed homes as….Zealots, has it backwards. From reading this and previous threads one can see that the so called zealots do not pigeon-hole the term “shadow inventory” into any single category of delinquents. Rather they continually make the argument that no matter how or where the bank hides it, if its delinquent and highly (99.9%) unlikely to cure then that is “shadow” (Duh!)
No one will argue that the pool of distressed housing from which one can pull shadow numbers IF, IF one defines shadow as the so called zealots do, is enormous. Those who continually try to restrict the definition to the only segment NOT burgeoning (bank owned and sitting) while at the same time ignoring the elephant that is all the other categories blowing up, just so they can continue the argument, are………… much closer to the definition of a ZEALOT!
Get it? Believing in a position steadfastly through self restriction of the definition of the term “shadow inventory” and through willful ignorance of the gigantic numbers that fall outside of one’s own self proclaimed tiny limitation to the term “shadow inventory” despite constant declaration that the counter arguers do not adhere to such made up definition restrictions, is a fanatical position. Pretty easy to spot, yet the realtors heap praise on anyone willing to go along with their ruse.
Let’s justify this. Realtors claim to be worth 6% of the biggest purchase in your life. Yet these highly paid taxi drivers/offer deliverers can only come up with unsubstantial, un-detailed stories conveyed by an acquaintance at a bar? Geez, talk about lack of worthwhile inside information from so called pros.
Can you imagine a banker giving you inside banking information based not on information a banker would be privy to, but instead based on something some non-banker at a bar told him about the banking industry? Just another example of how the realtor industry is one big fake unnecessary drain on humanity and that realtors are little more “in the loop” than the rest of us. Just as a car salesman is an unreliable source to Ford’s or GM’s plans and motives.
I’ve got a whole bunch of unsubstantiated stories that would strengthen my position (to the ignorant) but…. (I can’t believe I’m gonna say this) even I have enough class to forego such bullshit.
For those who mentioned the inevitable fine print the realtor was not privy too, you took the thoughts right outta my head.
Look people, if you want to believe the realtor and convince yourself that shadow inventory is of no threat then go buy a house already. I bet the realtor would be happy to drive you around to see some homes and then even do a little paperwork (most of which is designed to protect realtors against you having recourse against realtors) and convey the offer price you come up with to the selling agent (for his 3%) so the selling agent can tell their client what you said (for 3%) and both agents can then pass it off to the title company (which does the important stuff).
When the shadow inventory does what it has to do then realtors will start singing another tune. But the tune will be familiar, as always. It will always, in some perverted, twisted bending of logic, be telling us that now is a good time to buy.
Consider the source.
ParticipantWhat a good thread. Some observations:
The person who refers to people who acknowledge the facts and figures displayed daily for all to see that show a huge inventory of distressed homes as….Zealots, has it backwards. From reading this and previous threads one can see that the so called zealots do not pigeon-hole the term “shadow inventory” into any single category of delinquents. Rather they continually make the argument that no matter how or where the bank hides it, if its delinquent and highly (99.9%) unlikely to cure then that is “shadow” (Duh!)
No one will argue that the pool of distressed housing from which one can pull shadow numbers IF, IF one defines shadow as the so called zealots do, is enormous. Those who continually try to restrict the definition to the only segment NOT burgeoning (bank owned and sitting) while at the same time ignoring the elephant that is all the other categories blowing up, just so they can continue the argument, are………… much closer to the definition of a ZEALOT!
Get it? Believing in a position steadfastly through self restriction of the definition of the term “shadow inventory” and through willful ignorance of the gigantic numbers that fall outside of one’s own self proclaimed tiny limitation to the term “shadow inventory” despite constant declaration that the counter arguers do not adhere to such made up definition restrictions, is a fanatical position. Pretty easy to spot, yet the realtors heap praise on anyone willing to go along with their ruse.
Let’s justify this. Realtors claim to be worth 6% of the biggest purchase in your life. Yet these highly paid taxi drivers/offer deliverers can only come up with unsubstantial, un-detailed stories conveyed by an acquaintance at a bar? Geez, talk about lack of worthwhile inside information from so called pros.
Can you imagine a banker giving you inside banking information based not on information a banker would be privy to, but instead based on something some non-banker at a bar told him about the banking industry? Just another example of how the realtor industry is one big fake unnecessary drain on humanity and that realtors are little more “in the loop” than the rest of us. Just as a car salesman is an unreliable source to Ford’s or GM’s plans and motives.
I’ve got a whole bunch of unsubstantiated stories that would strengthen my position (to the ignorant) but…. (I can’t believe I’m gonna say this) even I have enough class to forego such bullshit.
For those who mentioned the inevitable fine print the realtor was not privy too, you took the thoughts right outta my head.
Look people, if you want to believe the realtor and convince yourself that shadow inventory is of no threat then go buy a house already. I bet the realtor would be happy to drive you around to see some homes and then even do a little paperwork (most of which is designed to protect realtors against you having recourse against realtors) and convey the offer price you come up with to the selling agent (for his 3%) so the selling agent can tell their client what you said (for 3%) and both agents can then pass it off to the title company (which does the important stuff).
When the shadow inventory does what it has to do then realtors will start singing another tune. But the tune will be familiar, as always. It will always, in some perverted, twisted bending of logic, be telling us that now is a good time to buy.
Consider the source.
ParticipantWhat a good thread. Some observations:
The person who refers to people who acknowledge the facts and figures displayed daily for all to see that show a huge inventory of distressed homes as….Zealots, has it backwards. From reading this and previous threads one can see that the so called zealots do not pigeon-hole the term “shadow inventory” into any single category of delinquents. Rather they continually make the argument that no matter how or where the bank hides it, if its delinquent and highly (99.9%) unlikely to cure then that is “shadow” (Duh!)
No one will argue that the pool of distressed housing from which one can pull shadow numbers IF, IF one defines shadow as the so called zealots do, is enormous. Those who continually try to restrict the definition to the only segment NOT burgeoning (bank owned and sitting) while at the same time ignoring the elephant that is all the other categories blowing up, just so they can continue the argument, are………… much closer to the definition of a ZEALOT!
Get it? Believing in a position steadfastly through self restriction of the definition of the term “shadow inventory” and through willful ignorance of the gigantic numbers that fall outside of one’s own self proclaimed tiny limitation to the term “shadow inventory” despite constant declaration that the counter arguers do not adhere to such made up definition restrictions, is a fanatical position. Pretty easy to spot, yet the realtors heap praise on anyone willing to go along with their ruse.
Let’s justify this. Realtors claim to be worth 6% of the biggest purchase in your life. Yet these highly paid taxi drivers/offer deliverers can only come up with unsubstantial, un-detailed stories conveyed by an acquaintance at a bar? Geez, talk about lack of worthwhile inside information from so called pros.
Can you imagine a banker giving you inside banking information based not on information a banker would be privy to, but instead based on something some non-banker at a bar told him about the banking industry? Just another example of how the realtor industry is one big fake unnecessary drain on humanity and that realtors are little more “in the loop” than the rest of us. Just as a car salesman is an unreliable source to Ford’s or GM’s plans and motives.
I’ve got a whole bunch of unsubstantiated stories that would strengthen my position (to the ignorant) but…. (I can’t believe I’m gonna say this) even I have enough class to forego such bullshit.
For those who mentioned the inevitable fine print the realtor was not privy too, you took the thoughts right outta my head.
Look people, if you want to believe the realtor and convince yourself that shadow inventory is of no threat then go buy a house already. I bet the realtor would be happy to drive you around to see some homes and then even do a little paperwork (most of which is designed to protect realtors against you having recourse against realtors) and convey the offer price you come up with to the selling agent (for his 3%) so the selling agent can tell their client what you said (for 3%) and both agents can then pass it off to the title company (which does the important stuff).
When the shadow inventory does what it has to do then realtors will start singing another tune. But the tune will be familiar, as always. It will always, in some perverted, twisted bending of logic, be telling us that now is a good time to buy.
Consider the source.
ParticipantWhat a good thread. Some observations:
The person who refers to people who acknowledge the facts and figures displayed daily for all to see that show a huge inventory of distressed homes as….Zealots, has it backwards. From reading this and previous threads one can see that the so called zealots do not pigeon-hole the term “shadow inventory” into any single category of delinquents. Rather they continually make the argument that no matter how or where the bank hides it, if its delinquent and highly (99.9%) unlikely to cure then that is “shadow” (Duh!)
No one will argue that the pool of distressed housing from which one can pull shadow numbers IF, IF one defines shadow as the so called zealots do, is enormous. Those who continually try to restrict the definition to the only segment NOT burgeoning (bank owned and sitting) while at the same time ignoring the elephant that is all the other categories blowing up, just so they can continue the argument, are………… much closer to the definition of a ZEALOT!
Get it? Believing in a position steadfastly through self restriction of the definition of the term “shadow inventory” and through willful ignorance of the gigantic numbers that fall outside of one’s own self proclaimed tiny limitation to the term “shadow inventory” despite constant declaration that the counter arguers do not adhere to such made up definition restrictions, is a fanatical position. Pretty easy to spot, yet the realtors heap praise on anyone willing to go along with their ruse.
Let’s justify this. Realtors claim to be worth 6% of the biggest purchase in your life. Yet these highly paid taxi drivers/offer deliverers can only come up with unsubstantial, un-detailed stories conveyed by an acquaintance at a bar? Geez, talk about lack of worthwhile inside information from so called pros.
Can you imagine a banker giving you inside banking information based not on information a banker would be privy to, but instead based on something some non-banker at a bar told him about the banking industry? Just another example of how the realtor industry is one big fake unnecessary drain on humanity and that realtors are little more “in the loop” than the rest of us. Just as a car salesman is an unreliable source to Ford’s or GM’s plans and motives.
I’ve got a whole bunch of unsubstantiated stories that would strengthen my position (to the ignorant) but…. (I can’t believe I’m gonna say this) even I have enough class to forego such bullshit.
For those who mentioned the inevitable fine print the realtor was not privy too, you took the thoughts right outta my head.
Look people, if you want to believe the realtor and convince yourself that shadow inventory is of no threat then go buy a house already. I bet the realtor would be happy to drive you around to see some homes and then even do a little paperwork (most of which is designed to protect realtors against you having recourse against realtors) and convey the offer price you come up with to the selling agent (for his 3%) so the selling agent can tell their client what you said (for 3%) and both agents can then pass it off to the title company (which does the important stuff).
When the shadow inventory does what it has to do then realtors will start singing another tune. But the tune will be familiar, as always. It will always, in some perverted, twisted bending of logic, be telling us that now is a good time to buy.
Consider the source.
ParticipantWhat a good thread. Some observations:
The person who refers to people who acknowledge the facts and figures displayed daily for all to see that show a huge inventory of distressed homes as….Zealots, has it backwards. From reading this and previous threads one can see that the so called zealots do not pigeon-hole the term “shadow inventory” into any single category of delinquents. Rather they continually make the argument that no matter how or where the bank hides it, if its delinquent and highly (99.9%) unlikely to cure then that is “shadow” (Duh!)
No one will argue that the pool of distressed housing from which one can pull shadow numbers IF, IF one defines shadow as the so called zealots do, is enormous. Those who continually try to restrict the definition to the only segment NOT burgeoning (bank owned and sitting) while at the same time ignoring the elephant that is all the other categories blowing up, just so they can continue the argument, are………… much closer to the definition of a ZEALOT!
Get it? Believing in a position steadfastly through self restriction of the definition of the term “shadow inventory” and through willful ignorance of the gigantic numbers that fall outside of one’s own self proclaimed tiny limitation to the term “shadow inventory” despite constant declaration that the counter arguers do not adhere to such made up definition restrictions, is a fanatical position. Pretty easy to spot, yet the realtors heap praise on anyone willing to go along with their ruse.
Let’s justify this. Realtors claim to be worth 6% of the biggest purchase in your life. Yet these highly paid taxi drivers/offer deliverers can only come up with unsubstantial, un-detailed stories conveyed by an acquaintance at a bar? Geez, talk about lack of worthwhile inside information from so called pros.
Can you imagine a banker giving you inside banking information based not on information a banker would be privy to, but instead based on something some non-banker at a bar told him about the banking industry? Just another example of how the realtor industry is one big fake unnecessary drain on humanity and that realtors are little more “in the loop” than the rest of us. Just as a car salesman is an unreliable source to Ford’s or GM’s plans and motives.
I’ve got a whole bunch of unsubstantiated stories that would strengthen my position (to the ignorant) but…. (I can’t believe I’m gonna say this) even I have enough class to forego such bullshit.
For those who mentioned the inevitable fine print the realtor was not privy too, you took the thoughts right outta my head.
Look people, if you want to believe the realtor and convince yourself that shadow inventory is of no threat then go buy a house already. I bet the realtor would be happy to drive you around to see some homes and then even do a little paperwork (most of which is designed to protect realtors against you having recourse against realtors) and convey the offer price you come up with to the selling agent (for his 3%) so the selling agent can tell their client what you said (for 3%) and both agents can then pass it off to the title company (which does the important stuff).
When the shadow inventory does what it has to do then realtors will start singing another tune. But the tune will be familiar, as always. It will always, in some perverted, twisted bending of logic, be telling us that now is a good time to buy.
Consider the source.
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