Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
A couple of readers want to know what were your favorites on the housing bubble blog this week. “What was your favorite post/topic this week?”
“Which comment/reply scared you the most?”
“What made you laugh out loud?”
One answered, “I liked the ‘this looks like the bottom’ with David Lereah pointing at his bottom. And May is better (meaning Mae West’s (?) bottom is better. That was brilliant!”
Name:Ben Jones
Location:Northern Arizona, United States
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Ben, I’d like to see a link on your site to an e-mail list of government leaders that are searched by zipcode. There are various website that do this, so maybe the link should be a refined google search to these places. Thanks!
the lady with 14 houses in wellington, that is pure comedy gold.
you really ought to write a book after the bubble collapses, some of the stuff i’ve read here is priceless.
This has to be the best reply!
Dena looks like a three-time divorced ex-trophy wife who landed in Real Estate when she ran out of husbands.
You gotta love Florida, especially South Florida. A larger conglomerate of that magical combination of greed + stupidity will not be found anywhere else.
There’s a stockbroker, reatly office, lawyer or “financial planner” on every street corner in Boca Raton and West Palm Beach. Has to be a reason for that.
The comment about do they pay you to throw darts and pick stocks, after you get fired you can come mow my lawn, was the best.
Accountability and Shame bring them back into the public discourse.
I enjoy the random thoughts and kooky conspiracy theories in the Craigslist thread.
Has anyone on this board ever attended one of these classes and made a million dollars in just a few minutes because I could use an extra 500K? with no investment and very little time.
http://www.robertalleninstitute.com/
See John T. Reeds RE guru ranking website.
http://www.johntreed.com/Reedgururating.html
Here are some good ones:
‘For investors, Frazier often has to tutor them on the change in Honolulu’s rental market. ‘I have owners that want me to raise the rent because their property taxes went up,’ Frazier said. ‘They don’t understand that I can’t arbitrarily raise rent under a lease. Their monthly bill has absolutely nothing to do with what we can get for rent. What the market will bear is what the market will bear, even if their monthly negative (cash flow) is too high.’
Las Vegas ‘With the market softening, buyers are aggressively trying to push prices down even further, said real estate agent Shelley Brown. ‘Some buyers are making offers of $20,000 to $30,000 less on homes that are priced right, and they can’t do that.’
Arizona ‘The primary reason the resale market’s ‘normalization’ may resemble a plummet to some, Mr. Butler said.s that ‘Everybody assumes last year was a good year, and it really wasn’t. ‘In a sense, it was like we were running a high fever, and now we’re just returning to a more normal temperature for your body. That’s really the key thing.’
Love that “…and they can’t do that” quote. You tell ‘em, agent Shelley Brown — that’ll pump the offers up for sure. I want you to help me sell MY house for more than the market will bear.
I cannot wait for the satisfaction of seeing sellers lament the day they did not accept offers $25,000 less than the ridiculous price they assume they’re entitled to. They sound so insulted today but they may come to find that this is as good as it’s ever gonna be. Their scoffs will turn to desperation as they defiantly circle the rim hoping the next flush is not for them.
californians may shed light upon this more
http://dadtalk.typepad.com/dadtalk/2006/05/why_were_sellin.html#comment-17847898
This is the typical mind set of folks in California. They belive that they have the means to great indulge / secure a future for their family, and they will fight tooth and nail to get it. That is the seller side of the current stand off. Did I miss it, or did he not state how much he paid for his place? I would guess it was more than $100,000K less than what the realtors told him to price at.
This is why stuff around me is not selling. Everyone has “banked” their gains either through home equity extraction tools or mentally, and they are not keen to give it up.
The young father in this blog may be about to learn an important lesson in providing for his family. Namely that you can’t always freelance and make sure you have money set asside to travel. For decades this sort of things was rare for a reason, it just did not pay the bills. I wish him a better future than the one is he likely headed towards until he figures that out.
I would have to say my favorite is the tale of Andre Dandeneau, the poor ignoramus who tried unsuccessfully to flip a $600k two-bedroom for $915k, failed, then said memorably: ‘I am not selling a piece of garbage,’ …‘This apartment is to die for. I am not going to give it away.” Such perfect combination of greed, incompetence, and attitude rallied the bubble troops beautifully. Positively Churchillian. Way to go Dandeneau!
This comment by BigDaddy63 made me LOL
Ah.. the Sargeant Schultz methodoligy of Real Estate investing working wonders I see… I know nuzzing! I zee nuzzing!
“Like shit, bitch, whose fault is that?”
Hands down favorite.
Over at HousingPanic there are posts saying that part of the Fannie Mae settlement is that Fannie can’t hold more loans than they did at the end of Y2005. So I suppose, that means they need to offload some as they continue taking in new closings.
So what does that mean? Will Fannie “take out the trash” and find funds willing to buy the riskiest loans? Or will they have to sell the good stuff (because that’s all interested buyers will take) leaving Fannie with the garbage?
Will there be a liquidy crisis soon, in the secondary market?
I always got a kick out of the “bubblefucious” quotes that someone (Rainman?) would post … always brought a smile or good laugh. Maybe Ben can collect all that have been posted and put them in a separate thread.