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teatsonabull
ParticipantI had great success using http://www.cars.com listing service. This was about two years ago.
ParticipantI had great success using http://www.cars.com listing service. This was about two years ago.
ParticipantI had great success using http://www.cars.com listing service. This was about two years ago.
ParticipantI had great success using http://www.cars.com listing service. This was about two years ago.
ParticipantMy perspective is that people who have been extraordinarily greedy deserve to be extraordinarily punished. When someone pulls out home equity and goes to the desert to buy that “investment” home, who are they hoping to capitalize on? The same “young” people you mention in your e-mail. I want the same thing you do…I want those poor innocent young to be able to buy a house for shelter, rather than an investment. I recognize that there will be some lives ruined…it certainly won’t be my fault or yours when that happens. There WILL be some people responsible, however, who will NOT recieve any punishment for their sins…the “economists” of the RE groups, the PERMA-BULLS, and, yes, the lowly RE agents and mortgage brokers who have NO-ONE to answer to, even while providing “investment advice”.
Happy…I am not…nor will I be. This bubble should never have been allowed to develop, nor should have NASDAQ 5300+…by getting involved in a grass roots way, I feel we can alert some folks who would “march over the edge” forever oblivious to what they are doing.
Watch out for those canes over there…I understand they can be a bitch.
Cock-a-doodle-doo
ParticipantCertainly the quadruple in inventory since early 2004 should be of some significance. Or how about more than a double since same time frame 2005? I don’t think the NUMBER of homes for sale is of so much significance, rather it is the arrival of something that wasn’t suppose to arrive….decreasing sales volume along with increasing prices (indicative of a market top) which leads to another downswing in sale prices. This will effectively kill all speculative demand and topple the first of MANY dominos yet to fall here. Bye bye RE sector/RE finance jobs (even if we just go flat) and bye bye “goldilocks” local economy, hello death spiral.
Cock-a-doodle-doo
ParticipantPlease try again…
Cock-a-doodle-doo
ParticipantI disagree that the RE agents will “always” be able to argue that point, because the evidence is certainly mounting that the bubble is going to burst. By mid-June we should be seeing a precipitous decline in the prices homes are fetching (certainly MA, No. VA, FL have beaten us out of the “starting blocks”). Back in 2003, the bubble was just hitting it’s stride, and while I don’t discount that SOME people “made a lot of money” since then, I submit that the vast majority of them either parlayed their bets into more expensive homes that will decline dramatically (wiping out any “gains” they made) or “invested” foolishly in places like FL, MA, NV, or AZ.
I am concerned that you have given up on economic cycles, as you suggest “maybe the bubble won’t burst and prices won’t drop”. Have some faith, here, that the human emotions of greed and fear truly do rule the day and will push us back down in prices…perhaps far beyond our wildest (or tamest) expectations.
Cock-a-doodle-doo
ParticipantThey must have heard you cheering because there have been 50 homes added since TEN MINUTES AGO (17,176 as of 6:45 p.m.)
Thank Zod for “SpringHopeMania” to the rescue! Heck I was starting to think that maybe trees didn’t grow to the sky. Not!
Let the bleeding commence…
February 23, 2006 at 2:40 PM in reply to: sing along…”Ding, dong, the M..L..S is dead” (instead of wicked witch) #23477ParticipantI’m sorry…I just noticed that this post was from May of 2005.
Fock ’em anyway…
ParticipantEvisceration….
1) Can’t rent out that investment property to cover your costs
2) Can’t sell because the homebuilder is offering your exact same model for 30% less (see Sacramento)
3) Can’t afford carrying costs
4) Fall behind on mortgage for 2nd or 3rd property…perhaps lose the house
5) Screw up your credit so no more REFIs, no more purchases for a LONG time
6) Your I/O negative amortizing loan resets and you start to lose your PRIMARY residence
7) Your Hummer H2 breaks down and you can’t afford to fix it.
8) You learn that there is no such thing as a secondary market for a USED Hummer H2 so you can’t sell it.
9) Gas goes up 1-penny per gallon and pushes you completely over the cliff as you couldn’t afford any of this S*%t to begin with…
10) Finally, they come and take that McMansion off your hands (they=the bank w/his buddy the sheriff)
11) From here on out the only thing you (the former investor) will be “camping out” for is government cheese.Since I feel somewhat sorry for your gullibility…feel free to “dive my dumpster”…trash day is Wednesday.
ParticipantEvisceration….
1) Can’t rent out that investment property to cover your costs
2) Can’t sell because the homebuilder is offering your exact same model for 30% less (see Sacramento)
3) Can’t afford carrying costs
4) Fall behind on mortgage for 2nd or 3rd property…perhaps lose the house
5) Screw up your credit so no more REFIs, no more purchases for a LONG time
6) Your I/O negative amortizing loan resets and you start to lose your PRIMARY residence
7) Your Hummer H2 breaks down and you can’t afford to fix it.
8) You learn that there is no such thing as a secondary market for a USED Hummer H2 so you can’t sell it.
9) Gas goes up 1-penny per gallon and pushes you completely over the cliff as you couldn’t afford any of this S*%t to begin with…
10) Finally, they come and take that McMansion off your hands (they=the bank w/his buddy the sheriff)
11) From here on out the only thing you (the former investor) will be “camping out” for is government cheese.Since I feel somewhat sorry for your gullibility…feel free to “dive my dumpster”…trash day is Wednesday.
ParticipantI think that the PermaBulls would prefer that I go away. I blatantly disagree that a 50% correction would be akin to Economic Armageddon. Regardless of YOUR wishes, the market is going to drop and it is going to drop big, probably on order of 50%. Whether you like my prediction or not, it shall come to pass. So what if house prices go back to where they were 4 years ago?!?!
True economic armageddon will come IF we find out that too many people are “swimming naked” when the tide goes back out.
I have experimented with posting for the last time, I think. Good luck to anyone who thinks that buying on a 20% “dip” is a great long term investment!! I’m out of here…
I’ve got some granite countertops and Hummers to re-possess…FOOLS!!!!@
ParticipantReasonable entry point is about 50-55% of the highest price the house sold for here in San Diego during this frenzy.
Impossible you say! Well, this is where we were a mere 4-5 years ago before this phony “expansion” really hit it’s stride.
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