May 28, 2012

This Week In Bubble History

A reader had this suggestion. “As an old timer I always look forward to Friday’s ‘Desk Cleaning’ column. How about a Sunday ‘Today in Bubble History’ where your post from 5 years etc, are posted, to give us a background from whence we came.”

May 25, 2007. “The Merced Sun Star. ‘The housing market isn’t crashing. That’s the good news local Realtors heard Thursday when state Department of Real Estate Commissioner Jeff Davi visited Merced. ‘There’s no bubble in California real estate,’ Davi told a crowd of 140 at UC Merced’s Lakireddy Auditorium. ‘It’s been a soft landing and a subtle downturn.’”

“Davi gave a half-hour talk that first recapped the ‘euphoria’ of the five-year period between 2000 and 2005, when California’s real estate market saw huge growth. That upswing fueled speculation, contributed to the breakdown in subprime lending, and drove thousands of people to become real estate agents, Davi said. One in 53 adults in California now holds a real estate license, which is twice the number of attorneys in the state.”

“Statewide home sales slumped 23 percent between 2005 and 2006, a ‘very significant drop’ that marked the beginning of the downturn, he said. ‘The run’s over, that’s all right,’ Davi said. ‘We’re transitioning from a seller’s market to a buyer’s market. We’ve been through this before in the ’90s.’”

May 31, 2007. “The Sacramento Bee reports from California. ‘First it was individual homeowners who turned to the auction block to sell fast at a discounted price. Then home builders. Now come the banks. Home loan lenders, stuck with rising numbers of repossessed homes, will auction 242 houses next month to bidders in Sacramento, Modesto and San Mateo. It’s the biggest home auction in Northern California in the wake of a five-year housing boom. The auction especially signals a new sales rival to home builders, investors and individual sellers: the banks.”

“Foreclosures.com reports that banks owned 661 homes in April in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties. That’s up from 92 in April 2006. Statewide, banks owned nearly 5,500 homes in April, according to the Web site. The same month in 2006 it was 1,111. Many of those still haven’t reached the market, said Foreclosures.com’s Alexis McGee.”

“The Marin Independent Journal. ‘A Novato mortgage company has laid off nearly all its employees, becoming the third Marin brokerage in just over a month to issue pink slips. Pro30 Funding laid off about 40 staffers last week. While the mortgage industry has been buffeted by defaults nationwide, particular in the ’subprime’ sector, Pro30 founder Bill Coleman said 99 percent of his clients had good credit records. In many cases, he said, borrowers were defaulting on the loans without making a single payment, perhaps so they could live without housing expenses for six to nine months during the foreclosure process.”

“‘The appreciation started to decline, and people looked at their payments and said they’re not going to make money,’ Coleman speculated.”

May 30, 2007. “The Daily Bulletin. ‘The median price of a home in California hit $597,640 in April, an all-time high, but the California Association of Realtors’ chief economist says that number is at least a little misleading. ‘Although the median price continues to rise, this reflects the fall-off in sales in the lower priced markets of the state where new home inventories and foreclosures are competing with the existing home market,’ Leslie Appleton-Young said in a release.”

“‘There is a lot of strength in the $1 million market in Los Angeles,’ said Jack Kyser, chief economist with the L.A. County Economic Development Corp. ‘That makes the median numbers somewhat misleading…I think it will be 2008 before we see anything that could be called stability in the market.’”

“The Bakersfield Californian. ‘Local real estate appraiser Gary Crabtree announced in a letter Monday that he will no longer provide news media with monthly reports that examine the local real estate market, saying that his business has been damaged because ‘industry insiders don’t want to hear the truth’ about a troubled market.”

“For two years, Crabtree has been providing reports that compile single-family home market statistics, including unsold inventory, existing home prices and new home prices. As a result, local lenders have ceased to give him appraisal assignments, Crabtree said in his letter, citing a similar ‘persecution’ during the real estate recession of the ’90s. In his letter, Crabtree wrote that lenders have been asking appraisers to ‘hit’ values in violation of the industry’s ethical standards.”

“‘That is absolutely true,’ said Ted Faravelli Jr., a spokesman for the California Association of Real Estate Appraisers. ‘I’m ashamed to say that.’”

May 29, 2007. “From Chicago Business. ‘Chicago-area foreclosures, which set a record last year, are projected to reach full-blown crisis levels in 2007. Cook County is on pace to record at least 30,000 and as many as 36,000 foreclosure filings this year, according to Cook County Circuit Court Judge Dorothy Kinnaird. That would mean a 35% to 62% increase from 2006, when 22,248 filings were easily the highest in county history after having risen 36% from the previous year.”

“The data show foreclosures up in nearly every part of the city and suburbs, from the middle-class South Shore neighborhood (up 55%, to 331 foreclosures, last year) to the well-heeled suburb of Wilmette (up 192%, to 38). ‘It’s not just unsophisticated borrowers who got into trouble,’ says David Rose, the analyst who authored the report. ‘It just shows you how risky these (adjustable-rate mortgages) really are.’”

“From Minnesota Public Radio. ‘After years of a housing boom in Minnesota, Zola Thompson wasn’t expecting a soft real estate market when it came time for her to sell. ‘I kept seeing this thing going lower and lower, and I really would like to get as much as we can out of it because we’re going to be living on some of this in our old age, and I just wanted to get as much as we could,’ says Thompson.”

“Glen Dorfman of the Minnesota Association of Realtors recommends that sellers accept the market for what it is, and not hold out for a recovery. Dorfman says market conditions are more likely to get worse than better if, as expected, the rate of foreclosures continues to climb. That would dump even more homes on an already saturated market, pushing prices down further.”

“‘I’ve been saying to everybody who will listen, if you have your house on the market and your realtor tells you to update the living room carpeting, or stage it…then you should do that,’ says Dorfman. ‘And if you need to reduce the price today $10,000 to $20,000, it’s far better to reduce it 10 or 20 than in six months having to reduce it 70 [thousand] or 80 [thousand].’”

May 29, 2007. “National Mortgage News. ‘We got us an industry catfight! This tiff started early last week at the Mortgage Bankers Association’s National Secondary Market Conference in New York where, according to reporting by National Mortgage News’ Ted Cornwell, trade group officials made a number of veiled public comments blaming the foreclosure crisis on, well, loan brokers. Some mortgage bankers believe that brokers work for incentives (commission, yield spread premiums) and could care less about a loan’s long-term performance.”

“National Association of Mortgage Brokers president Harry Dinham fired off a statement saying, ‘It is truly unfortunate that the president of the Mortgage Bankers Association has attempted to shift blame away from Wall Street, federally chartered banks, state-chartered lenders and underwriters for the subprime situation we find ourselves in today.’”

“From Fitch Ratings. ‘Home prices were virtually unchanged for 2006 subprime mortgages even as subprime defaults rose to double digit levels, according to Fitch Ratings in a new report. The analysis showed that subprime loans originated in the first quarter-2006 (1Q’06) have experienced only 0.5% of home price inflation (HPI) after 12 months, but that defaults have jumped to 8.3% of outstanding mortgage balances.”

“The low HPI is exacerbating the increased risk associated with these loan attributes said Managing Director Glenn Costello. ‘Some of these borrowers are probably experiencing outright home price declines.’”

May 29, 2007. “The Times Dispatch from Virginia. ‘What a difference from a few years ago when builders in the Richmond area couldn’t build fast enough and received multiple offers on houses in the planning stages. ‘Everyone got used to the craziness,’ said Rich Napier, president of the Home Builders Association of Virginia. ‘We’re back to a more normal pace,’ he said.”

“Local builders are sweetening the deals to unload existing inventory in a soft market for new homes. They aren’t cutting costs, as they would if the market tanked, but they are offering incentives to entice more buyers. Napier built the Richmond Symphony Designer House last year. The 7,600- square-foot French country home in Founders Bridge, Chesterfield County, is still on the market for $1.95 million. The house has $125,000 worth of electronics, and $200,000 worth of discounts is built into the price, Napier said.”

“‘I’m not happy that it’s sitting there, but there are not that many $2 million buyers walking around out there,’ he said. Still, ‘for those who think the sky is falling, it’s just not happening,’ Napier said.”

“Economist Christine Chmura said the housing industry may have hit bottom. The number of building-permit applications statewide flattened over the last three months, and that could signal a turn, she said. ‘It’s unusual for the general economy to be strong overall but the housing market to be in a recession,’ Chmura said. ‘The main problem is affordability. Prices are rising faster than income, and that makes it difficult to purchase a home.’”

May 30, 2007. “From Bloomberg. ‘After years of easy profits, a chain reaction of delinquency, default and foreclosure has ripped through the subprime mortgage industry, which originated $722 billion of loans last year. Since the beginning of 2006, more than 50 U.S. mortgage companies have put themselves up for sale, closed or declared bankruptcy, according to data compiled by Bloomberg.”

“The imprint of ‘Secured Funding’ is all that remains of the corporate logo that once graced the outside of the two-story building. What little remains of Secured Funding, which specialized in home equity loans, or second mortgages, to people with lousy credit, is now housed in a building across the near-empty parking lot, where a receptionist tells a caller: ‘Our wholesale division is closed. We’re no longer doing business with brokers.’”

“‘Even with explanations, most borrowers didn’t really understand what types of loans they were getting,’ says Maureen McCormack, (a) former Secured Funding employee. ‘They just cared about the monthly payment.’”

May 27, 2007. “The Arizona Republic. ‘Few in the housing industry, those who are seeing listings increase and more mortgages fall through because of tighter guidelines, will be surprised to hear housing analyst RL Brown’s April report on the market. New-home sales, new-home permits and resales were all down in April from March in metro Phoenix. Brown said the hope that supply and demand for homes in metro Phoenix will balance out in 2007 grows ‘fainter and fainter.’”

“Here are some of his new realties for the housing market: The housing industry will eventually ‘give back’ one way or another much of the profit gains of 2004-05. The demise of ‘wink-wink’ financing will cut the ranks of home buyers. Appraisals will be based on today’s comparable sales, not comps from 2005-06, and appraisers ‘will be edgy as cats at a dog show.’”

“He said 2007 is a transition period for the market and ‘if you made a lot of money in 2005 and even 2006, hope you banked some of it.’”

May 23, 2007. “The Boston Globe reports from Massachusetts. ‘The housing slump isn’t over yet after all. After getting off to a strong start in 2007, home sales in Massachusetts fell 1.7 percent in April compared to the same period last year, and the median home price declined 2.3 percent, to $345,000, according to the Massachusetts Association of Realtors. April’s sluggish pace is bad news for home sellers and brokers, who were hoping that robust sales in January and February meant the deep downturn that began last year was at an end.”

“Michael Ball said he misjudged the market when he purchased a small Cape on the South Shore in July 2005, to renovate and resell. He purchased the worn but charming house when Massachusetts real estate prices were at a peak. By the time he finished the work and put the house on the market last October, home sales were in freefall. He dropped the price $35,000, to $635,000, and hired an agent last month after failing to sell it on his own. He said he could not go much lower on price, because of remodeling costs.”

“‘Everyone who goes in to see it loves it,’ said his agent, Maryann Zaccardi. But buyers, ‘faced with an abundance of inventory, feel that there’s no real need to act quickly.’”

May 26, 2007. “The New York Times. ‘As dozens of condominium towers conceived during Florida’s real estate boom near completion, investors who snatched up units in the preconstruction phase in hopes of turning a quick profit are increasingly trying to break contracts, even walking away from fat deposits. ‘I get two or three of these calls a day,’ said James Ryan, a lawyer in Boca Raton who said he had 40 clients looking to get out of condo contracts. One, Mr. Ryan said, abandoned a $340,000 deposit rather than close on a $1.6 million unit that lost its appeal as the market faltered.”

“Tom Leon said he planned to give up $200,000 in deposits on two condo units in Miami, priced at $500,000 each, after finding ‘no loopholes’ in his contracts. He said he was not especially bitter, since he had made money flipping other properties at the height of the boom. ‘There are some people that mentally can never bring themselves around to that, especially in real estate. But there’s a time to hold and a time to fold, and in my opinion, this is a time to fold,’ said Mr. Leon, adding that he never had any intention of living in either of the units.”

“The St Petersburg Times. ‘Realtors couldn’t sell Paul Swisher’s house. Since listing his house in March 2006, he’s dropped the price by $86,000 from $425,000, which his Realtor recommended, to $339,000. He’s also gotten rid of the Realtor. Frustrated by a home on the market for nearly 15 months, the St. Petersburg resident has taken a new tack to attract potential buyers: a 3-by-4 whiteboard on his lawn.”

“‘Hey, what’s up with this?’ he wrote this week. ‘Do I have to hit somebody over the head with a brick? This is a truly beautiful home. Are you going to force me to stand out here in a clown suit?’”




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45 Comments »

Comment by Cantankerous Intellectual Bomb Thrower©
2012-05-27 08:01:03

“‘There is a lot of strength in the $1 million market in Los Angeles,’ said Jack Kyser, chief economist with the L.A. County Economic Development Corp. ‘That makes the median numbers somewhat misleading…I think it will be 2008 before we see anything that could be called stability in the market.’”

Since FPSS seems to be missing in action these days, I feel compelled to pinch hit for him:

BwaHahAHaHhAHAhAHAHAHAHAHAHAHAAAHAHAAAAAAAAAAAAAAAA!!!!

 
Comment by Cantankerous Intellectual Bomb Thrower©
2012-05-27 08:04:05

May 29, 2007. “The Times Dispatch from Virginia.

“‘I’m not happy that it’s sitting there, but there are not that many $2 million buyers walking around out there,’ he said. Still, ‘for those who think the sky is falling, it’s just not happening,’ Napier said.”

Economist Christine Chmura said the housing industry may have hit bottom.”

Five years later, and the serial bottom callers are still claiming a bottom is at hand…

Comment by rms
2012-05-28 01:30:53

Five years later, and the serial bottom callers are still claiming a bottom is at hand…

Her bottom is the only thing Economist Christine Chmura can really count on to deliver.

Comment by Arizona Slim
2012-05-28 09:50:31

My bottom delivered something this morning. But it would be TMI to describe it here, so I’ll stop this post right now.

 
 
 
Comment by Diogenes (Tampa, Fl)
2012-05-27 08:52:23

“‘Hey, what’s up with this?’ he wrote this week. ‘Do I have to hit somebody over the head with a brick? This is a truly beautiful home.

Are you going to force me to stand out here in a clown suit?’”

Where are the clowns? there have to be clowns.
Yes, we think all you morons that bought into the mania in hopes of selling your over-priced POS to one of us while you run off with the money to the islands should be wearing clown suits and holding signs on the corner.
More clown suits. Bring out the clowns.

Comment by Robin
2012-05-27 19:54:45

Don’t bother…they’re here. (Cue RAL)

 
 
Comment by Lisa
2012-05-27 08:59:41

Ah the good ol’ days on HBB…

“The appreciation started to decline, and people looked at their payments and said they’re not going to make money,’ Coleman speculated.”

My San Francisco home debtor pals have their hopes pinned on newly minted tech millionnaires.

Europe on the brink, CA deficit almost double the state’s estimate four months ago, national deficit, UE still high.

There does seem to be more “optimism” out there…home sales up, restaurants busier. But optimism about what?

Comment by Carl Morris
2012-05-27 09:18:28

Optimism about how we’re still doing OK as long as we never have to make another house payment?

 
Comment by scdave
2012-05-27 11:13:38

But optimism about what ??

About living for today because for the most part it makes little sense to worry about the future since it does not appear that the citizens have any control…Thats how I see it with many 30 somethings….

 
 
Comment by norcaltenant
2012-05-27 09:21:59

List of California auctions here:

http://www.foreclosureauctioninfo.com/jurisList.html

Comment by Awaiting
2012-05-27 09:54:40

Auctions are generally come ons and scams. I went to a “bootcamp” for foreclosures a few times at different locations/same guy. The guy conducting the “bootcamp” was not allowed to practice law in Ca anymore. His bar record read like a rap sheet. Caveat Emptor!

I was the only one who did my due diligence when he worded his practiced law comments carefully. Flashing red lights. Like the word “matriculated”.

Comment by Arizona Slim
2012-05-28 09:52:49

I went to a foreclosure seminar back in 2004. And, guess what, the company that sponsored it got shut down by the state of Arizona.

The owner of said outfit was the presenter of the seminar I attended. He can no longer own a mortgage company in our fair state. But he’s allowed to be employed by one.

 
 
 
Comment by Awaiting
2012-05-27 09:46:24

Quick Update
We found a diamond in the rough, and of course they put lipstick on it, but it needs HVAC, new doors and windows, and other misc pricey fixes. We’re taking a contractor friend w/ us today. Great topography. If the (paid off) owner doesn’t get his ransom, he’ll take it off the market. This place is a $50K sinkhole in our guestimation. We’ll see how it goes. The neighbors are a bunch of societal misfits, but nice folks. Better than a-hole any day.

Comment by Rental Watch
2012-05-27 20:29:28

Good luck.

 
 
Comment by BetterRenter
2012-05-27 11:10:32

“The Merced Sun Star. ‘The housing market isn’t crashing. That’s the good news local Realtors heard Thursday when state Department of Real Estate Commissioner Jeff Davi visited Merced. ‘There’s no bubble in California real estate,’ Davi told a crowd of 140 at UC Merced’s Lakireddy Auditorium. ‘It’s been a soft landing and a subtle downturn.’”

The function of all officials in our scam society is to propagandize.

And I’m terrified that people didn’t really have a problem with such a thing as a state Department of Real Estate. Of course, Clownifornia has 500 state departments, which is a larger issue of waste and propaganda.

 
Comment by DennisN
2012-05-27 11:44:16

“He said 2007 is a transition period for the market and ‘if you made a lot of money in 2005 and even 2006, hope you banked some of it.’”

Yep, I made a lot of money in 2006 and banked most of it. Odd that some people couldn’t see the obvious future.

 
Comment by DennisN
2012-05-27 11:46:35

“One in 53 adults in California now holds a real estate license, which is twice the number of attorneys in the state.”

There’s probably double-counting going on there. In CA it’s pretty simple for a member of the CA bar to get a broker’s license. IIUC the licensing exam is waived and all you do is fill out some forms and pay a fee. The law school classes in real property law and contracts are probably more rigorous than that given to realtors.

Comment by Rental Watch
2012-05-27 20:31:35

Not to mention those that hold licenses, but don’t use them on a regular basis. Both of my partners hold RE licenses, but aren’t sales agents. They have them “just in case” since they both own commercial property (and you never know when a deal might fall into your lap without a broker already attached).

 
 
Comment by Lying Realtors
2012-05-27 13:09:56

‘there is no bubble in California real estate.’

You LIED and you did so deliberately and knowingly. You, as a public servant should be held accountable for your misrepresentation and prosecuted for official misconduct.

 
Comment by Neuromance
2012-05-27 13:15:47

This is from 4 years ago but it’s a classic :)

The Best Time To Buy Real Estate Is Now
Published: Thursday, 24 Jul 2008 | 3:44 PM ET
By Jim Gillespie, President & CEO, Coldwell Banker

The real estate market is the best I have seen in my 33+ years in real estate for buyers, whether they are buying for lifestyle to move in with their families or for buying for investment. There are four main reasons why I say this:

http://www.cnbc.com/id/25837067/The_Best_Time_To_Buy_Real_Estate_Is_Now

Comment by aNYCdj
 
 
Comment by skroodle
2012-05-27 13:17:31

100 Fastest-Growing Companies (FORTUNE Magazine)

By David Rynecki Reporter Associates Elias Rodriguez, Muoi Tran
September 1, 2003

1 InVision Technologies REVENUE: $571.1 MILLION
2 American Home Mortgage Holdings REVENUE: $293.6 MILLION
3 AdvancePCS REVENUE: $14.11 BILLION
4 Career Education REVENUE: $849.3 MILLION
5 American Healthways REVENUE: $147.5 MILLION
6 Corinthian Colleges REVENUE: $472.9 MILLION
7 New York Community Bancorp REVENUE: $733.4 MILLION
8 eBay REVENUE: $1.45 BILLION
9 Dynacq International
10 EDO REVENUE: $356.3 MILLION
11 Meritage REVENUE: $1.23 BILLION
12 New Century Financial REVENUE: $674.9 MILLION
13 Chico’s FAS REVENUE: $569.6 MILLION
14 GulfTerra Energy Partners REVENUE: $685.3 MILLION
15 Hovnanian Enterprises REVENUE: $2.84 BILLION

Comment by BetterRenter
2012-05-27 20:41:38

Yep. That’s part of the propaganda machine. Report growth without any consideration of other factors. Never mind that the growth was highly artificial and the more people who promoted it, the harsher were the consequences of the collapse of its artificial nature.

 
 
Comment by Muggy
2012-05-27 13:25:06

“Do I have to hit somebody over the head with a brick?”

Hey, man, it’s Florida. Chew their face off, stab them with a samurai sword, set their car on fire in an orange grove. Just take care of you, o.k.?

Comment by Cantankerous Intellectual Bomb Thrower©
2012-05-27 13:50:19

Is this news fairly typical for South Florida?

BREAKING NEWS
NAKED MAN KILLED BY POLICE OFFICER
As he was chewing another man’s face off
May 27, 2012

(MIAMI, FLORIDA) — It is an event that has stunned and shocked the residents of Miami and elsewhere.

A Miami police officer was forced to shoot and kill a naked man who was in the act of chewing the face off of another man Saturday afternoon on a downtown causeway off-ramp, police officials said.

The Miami Herald reported that the naked man chewed off half the face of his victim, who is struggling for his life in a hospital.

The gruesome act of violence began about 2 p.m. on the MacArthur Causeway off-ramp, just south of the Herald’s offices.

Comment by Muggy
2012-05-27 15:47:30

“Is this news fairly typical for South Florida?”

Yes.

Comment by Muggy
2012-05-27 15:54:09

“Man Convicted of Leaving Child to Be Eaten by Alligators”
http://www.foxnews.com/story/0,2933,289791,00.html

“Two men disappear. Each was last known to be with the same police officer. At the least, it’s “a coincidence in the extreme.”
http://www.sptimes.com/2005/05/29/news_pf/State/Without_a_trace__but_.shtml

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Comment by Cantankerous Intellectual Bomb Thrower©
2012-05-28 10:43:24

The MSM can’t seem to stop gnawing on this account of a real life Hannibal Lecter.

Witness: Naked attacker was chewing man’s face
Updated 37m ago

MIAMI (AP) – A witness says a naked man chewing on the face of another naked man on a downtown highway ramp kept eating and growled at a police officer who tried to make him stop.
Sponsored Links

Larry Vega told WSVN-TV in Miami (http://bit.ly/L6kwWt) that he was riding his bicycle Saturday afternoon off the MacArthur Causeway into downtown Miami when he saw the savage attack on the bridge’s off-ramp. The causeway connects downtown Miami with Miami Beach.

“The guy was, like, tearing him to pieces with his mouth, so I told him, ‘Get off!’” Vega said. “The guy just kept eating the other guy away, like, ripping his skin.”

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Comment by GrizzlyBear
2012-05-28 20:50:38

Almost guaranteed to be a tweaker. Meth heads are absolute maniacal monsters.

 
 
 
Comment by Muggy
2012-05-27 15:50:11

One-legged Sex offender mad that sex offender wife dating new sex offender, kills guy with samurai sword.

http://www.sptimes.com/2007/05/14/news_pf/Tampabay/Clash_ends_in_stabbin.shtml

Comment by Muggy
2012-05-27 16:14:14

Now that I think about it, peak chaos occurred around 2007. Things are a little calmer now.

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Comment by Cantankerous Intellectual Bomb Thrower©
2012-05-27 23:59:32

In fairness to FL, SoCal has its issues, too.

Police ID cyclist hit by SUV then shot in LA
The Associated Press
Published: Saturday, May. 26, 2012 - 11:03 pm
Last Modified: Sunday, May. 27, 2012 - 3:55 pm

LOS ANGELES — Los Angeles police have identified a bicyclist who was shot to death as he lay on the ground after being struck by an SUV.

Officer Karen Rayner says 19-year-old Shaoyan Almazan was declared dead at the scene in Koreatown Saturday afternoon.

Another man who was shot in the hand as he ran away was treated at a hospital for non-life threatening injuries. His name was not released.

Rayner says the two men were riding their bikes when the white SUV ran into Almazan, knocking him to the ground. The gunman then got out of the vehicle and shot Almazan several times. The second bicyclist ran away and called for help.

Read more here: http://www.sacbee.com/2012/05/26/4519541/gunmen-in-suv-hit-cyclist-then.html#storylink=cpy

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Comment by Arizona Slim
2012-05-28 09:54:43

Which is why Yours Truly is especially wary when cycling in the presence of SUVs.

 
 
 
 
 
Comment by Pete
2012-05-27 14:39:11

““Do I have to hit somebody over the head with a brick?”

I REALLY want to know when that house sold, and for how much.

Comment by Muggy
Comment by Pete
2012-05-27 16:45:14

$315k - 04/07/2008

Interesting! Realtor not that far off with advice. Now I wonder if he had to resort to the clown suit.

Comment by Ben Jones
2012-05-27 19:00:13

I’m pretty sure everyone thought he was a clown the morning this article ran.

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Comment by Muggy
2012-05-27 15:42:36

Sales Comparison $216,500

 
 
Comment by 2banana
2012-05-27 18:27:31

The seller demanding that the new buyers take care of the squirrels always gives me a laugh going down memory lane.

Comment by In Colorado
2012-05-28 11:13:55

I always enjoy watching my dog chase the varmints in our yard. He never catches any, but he tries so hard.

Comment by Arizona Slim
2012-05-28 12:10:40

I once saw a family dog snag a mouthful of squirrel-tail. But the squirrel still managed to escape up a tree.

That was one disappointed dog.

 
 
 
Comment by Roy G Biv
2012-05-28 01:29:17

WOW !! Thanks for the look backs, [I have always wanted to read about the bubble in Florida from the 1920's, but haven't had the time to sit in the library lately] but I take back the “Old Timer” title, how about if I call myself “A Market Expert” like some of the other It’s a Great time to Buy cheerleaders whom seem to be a little off target?

 
Comment by arit
2012-05-28 14:00:32

That’s memory lane???

This is memory lane, my dear friends :)

https://picasaweb.google.com/110455307154537723080/VancouverBubbleI

Taken by yours truly in the Vancouver Museum.

“Vancouver Economic Boom Collapses in 1913 leaving many impoverished homeowners with high mortgages on wortless lots. The price of land does not recover to it’s pre bust levels until the mid 1950’s”

It’s exactly one hundred years later for the next cycle….

Cheers

Comment by BetterRenter
2012-05-28 20:17:18

Why do we even bother recording history? We never learn from it.

 
 
Comment by doom
2012-05-29 08:51:15

If you bought in the last 2 years or so you will probably make a small return in the future otherwise it is a long day in May for the rest of the bubble crowd.
RE agents continue the smoke and mirrors and after a house lingers for many months they tell the client the real story they still get a nice commission and you have to bring money to the table to pay off the bank if you want to move?

 
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