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Borat I’m with you on this one. I think we were attacked by radical muslims and anyone with half a brain can see that something is askew with the whole event. I also feel that our government knew this was coming, hell it was handed to Condi in a memo which she later tried to claim she didnt remember.
Bush wanted to take us to war with Iraq very very bad but if you remember just before 9/11 his ratings were actually not very good and he would need something very powerful and dramatic to get the US people on board to go to war with him.

Enter 9/11, it was all the administration needed to go get Sodam (who had nothing to do with any of it) and to start his fake war on terror. 9/11 was used for political gain and nothing more, it was Bush’s Pearl Harbor so he thought and he never lost a chance to use it as a defense for his wrong and misleading actions. The American people are right to throw these thugs out of office. Its only a matter of time before Bush will go down as America’s most miserable president.

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Your right debt is not wealth. I don’t even consider a home to be an asset unless its paid for or your renting it out with positive cashflow. A mortgage is just another bill with the posibillity of the home going up or down in value.

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According to the lady that all of us in the area buy lunch from she said that she had spoken to one of the brokers and she said they were actually closing up not just moving. I believe her becase a personal friend of mine who does mortgages said that business has slowed down to almost nothing. He had to go find a real job.
I have also observed many strip malls have empty offices that used to be RE offices. To me thats a huge sign that things have changed.

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I dont have actual data but the mortgage office next to my office just closed shop. There used to be seventeen mortgage brokers there. If this is any indication I would think that the mortgage industry is not booming.

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This quote isnt from an article but from a co-worker who bought a 430K 2 bed condo in Rancho Bernardo about six months ago. I repeatedly told the guy to hold off but it was no use. He listened to his realtor and got the place. A few days later he struts over to my desk and tells me –

“yep, it was expensive but I’ll let it go up another 100k or so and sell it in six months.”

Now that is the classic Joe clueless that is out buying real estate right now. Now the poor guy is working every weekend just to try and pay the interest only payments on his loan.

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I think I can see what’s really going on here on this site. I have been reading Rich’s content for a very long time now, way back when people were still making money hand over fist in RE and a handful of us saw that this just could not go on. We found Rich’s site and finally had proof in graphs and awesome reports Rich had put together to boost our case that the market would not continue on the way it was.
So here we are in Oct of 06 and the Market has clearly taking a turn for the worse with no relief in site for home sellers. So what is there to talk about anymore?
Rich’s prophecies have come true and we don’t need to wonder about where the market is going now days. So now we have to pick on each other and talk about politics, good places to ride a bike, where our friends went and sometimes pick on PS. Does this mean that there’s nothing to talk about anymore? I really miss Rich’s articles but I have a feeling those have gone the way of the 400k condo’s.

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How refreshing to see a President that can actually articulate a thought into a sentence. Republicans hated Clinton because he is smart and popular and stuck up for the common man and not just big business but conservatives finally got to him with the sorry ass bj scandal. Meanwhile we have a dysfunctional administration that cant seem to tell the truth concerning anything they have done or are currently up to. Its no wonder people don’t trust bush and constantly bad mouth him.

As for that interview, I loved it. Clinton finally got to have some ass and defend himself. Fox news is still going after him. The more Bush screws up the more they try to somehow pin it in Clinton.
I loved the way Chris came out all arrogant then after having his ass handed to him by someone way out of his league he quickly decides to try ad go back to the topic. So freaking typical. end of rant…

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Well here is some spin from Centex homes. I just got it in my morning email.

“Time is running out to take advantage of purchasing a new home from Centex Homes-Inland Empire. Beginning Monday, October 2, prices on our homes will increase by up to $20,000. Take advantage of the best prices by visiting your preferred new home community and purchasing today!”

The 20k increase will probably be caused by the Honda Civic hybrid they will have to add as an incentive for you to drive that far every day.

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Funny that you bring up this property. I actually have a workmate that bought here in 04. He used to boast about how it was expensive but its all about location blah blah blah. Now the guy is very quiet and never brings it up.

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I find it funny how he acknowledges that he’s in bad shape yet he still has the cajones to ask for someone to bail him out and give him a little cash on top. He obviously still feels like he’s entitled to make some money even at this stage. This is incredible. I’d rather wait and buy them from the bank at a discount.

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It happened again! I submitted one of my usual lowball offers on a certain property and low and behold the offer was rejected and then immediatly the listing was put into a pending status on the MLS. I want to assume that they decided to go with a better offer but this has happened at least three times now. Its odd because these properties that I make offers on have usually been on the market for a very long time then poof a pending status after the lowball. Can anyone explain why this is happening? I have only seen one of these properties actually go through escrow the rest just sit as pending.

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I believe NOD is notice of default.

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For the last couple of months I have been submitting lowball
offers. I usually look at the tax records and see if they are even able to go down in price (some just owe too much money) Then I do the math and figure what that place would rent for and come up with an amount. Usually its at least 100k off the asking price. One thing I see happening when I submit these low offers is that they put them in a pending status or just take them off the market all together. One condo I sent an offer to is still pending after two months. The agent sent me a nasty voice message and said that she got a full price offer.
Actually I’m seeing prices drop so fast now that I stopped with the offers. I’m just saving money and waiting until next year.

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IN 2
OUT 3

I know three people from my job that have left for Arizona in the last year and a half and two people that are moving to SD next year.

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I was using Craigslist to get an idea of how the market is doing. Its hard now with so much on the market but in mid 04 there was probably only 30-40 postings a day and today there are hundreds. I also remember when the 92108 zip code only had about 30 listings at a time and now there are something like 250. July 04 was a crazy year in SD. I sold my buddies 1 bed piece of crap condo in the ghetto in two weeks for 175K. I even countered and asked for 5k more and got it. Now those same units are trying to sell for 130k. I remember talking to the buyer and he was telling me that his plan was to keep it until he made about 100k in equity then move up to a house. His own uncle was his agent and advisor. I just held my tongue. Even then I knew this wouldn’t last forever.

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