Housing PANIC

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HP is in Vienna this week. Anyone got any good tips?
2008-05-28 14:53:00
Haven't been here before amazingly, so any tips appreciated. Making my way back to overpriced London... And my tip of the week is get to Bulgaria before the rest of the yanks figure it out
More About: Tips , Week , Vienna , Good

So the NAR is saying in public that all is fine, and prices have bottomed.
2008-05-28 04:51:00
Saw this from a post over at the always-entertaining Active Rain blog:From REALTOR Magazine. In the June 2008 issue, on page 42, there is the following statement.Tip 3: Build in a preset price reduction. While all our practitioners agreed that arriving at the right price the first time is the goal, sometimes you have to be a little more flexible, especially if you are in a marketwhere prices are in decline.So.. nice to see the NAR FINALLY adopting the correct strategy, at least internally. It's the price stupid. It'll always be the price stupid. The 6%'ers aren't eating anymore because the NAR chose to lie and spin and deceive, when they should have been shouting at the top of their lungs this message:"Home prices got wildly inflated in the US in a wave of massive speculation and fraud. If you're a seller, cut your price, cut it dramatically, and get out now. If you're a buyer, 50% off peak prices in most markets should be your target, at the highest, and a P/E ratio that make...
More About: Public , Fine , Prices

HousingPANIC Stupid Question of the Day
2008-05-27 10:29:00
So, with the election looming, should we count on gas prices plummeting and a couple terror alert warnings again?(Add those two to the $600 checks from Big Daddy Government and stupid-low interest rates, and those crafty little incumbents might be able to live another day after all...)
More About: Question , Stupid

So have you figured out yet that you're getting destroyed by inflation, and
2008-05-27 09:55:00
Ben Bernanke hates you.I mean he really, really hates you.And to make matters worse, your incompetent, ignorant and corrupt political leaders are failing you.You're on your own.
More About: Inflation

Peter Schiff mocks the idiots on Kudlow & Co.
2008-05-27 09:12:00
Schiff was right on housing. He was right on gold. He was right on foreign stocks. And now he's right on the run-away inflation that's taking over the world.
More About: Idiots , Peter

HP'ers who are retired or over the age of 65 - what advice can you offer yo
2008-05-26 10:26:00
What did you really do right in your life?What could you have done better?Were you prepared for retirement?What was your biggest mistake?What worries you the most?What gives you the most hope?I think about 2% of HP'ers are retired or over 65, but I'd like to hear from them. Feel free to chime in on these even if you aren't 65/retired.
More About: Advice , Offer

And then the realtors, after two years of not eating, finally turned on the
2008-05-26 07:06:00
The hungry army of 1.2 million ramen eating realtors should march on the NAR offices in Chicago and demand an end to Lawrence Yun's happy talk and spin, the NAR's non-stop "we've hit bottom" and "prices aren't falling" spew of lies and deception.Why?Because this line of BS is actually hurting the 6%'ers, a HELL OF A LOT more than helping. Besides destroying their dwindling base of dues-payers' credibility (what very little of that there's left), the monkeys at the NAR are also confusing would-be sellers into not pricing their debt-traps at saleable prices, and transactions (that aren't REO's) dry up.No transactions = no commissions = no NAR dues = more ramenAs we've said for years, the NAR should be out there saying "prices are plummeting and will fall even more. If you're a seller, lower your price, lower it big-time, and get out. If you're a buyer, get even more aggressive with your low-ball offers"Instead, the NAR happy-talk is just freezing the market, as sellers po...
More About: Realtors , Finally , Years , Eating

Here's the new "catch a falling knife" spin from one realtor in California:
2008-05-26 05:10:00
Now we have "WEEKEND BLOW OUT SALE!!" on houses.On houses.What next, houses down at the dollar store? Houses at the flea market? Houses from a shady-looking guy out of the trunk of his car?An HP'er reported on these fire-sale Ruxton Pacific Townhomes in Redondo Beach in the local conditions thread, but they and their new realtor huxter deserve their own posting I'd say.Here's some of the great copy from this failed development's new pimp, Ed Kaminsky. Sounds like someone selling used cars to me..BUILDER BLOW OUT SALE THIS MEMORIAL DAY WEEKEND! SECURE YOURS TODAY OR KICK YOURSELF TOMORROW!Congratulations--you timed the market! This is what you waited for! Memorial Day BLOW OUT SALE going on now through Sunday. WAS $849,000 now starting at JUST $599,000!!! . . . . . . The builder says:"Sell them ALL this weekend!". . . . Secure yours today or kick yourself tomorrow! Doors open at 11:00 a.m., Thurs., Fri. Sat. & Sun.! . . . . . . .
More About: California , Realtor , Spin , Knife , Catch

So how bad is the Housing Panic in your town today?
2008-05-25 04:29:00
Just checking in - where do you live and what's it like on the ground there today?Denial? Desperation? Panic ? A sea of for-sale signs?Empty Home Depot parking lots?Unemployed realtors and mortgage brokers out looking for their next get-rich-quick scheme?Moth-balled condo project eyesores?Fire away...
More About: Today , Housing , Town

So the "Mortgage Research Center" aka the "FHA Loan Center" is having a lit
2008-05-25 03:55:00
Vote for this siteReal Estate Blog Contestpresented by the FHA Loan Center I assume that eventually they'll pull HousingPANIC and any other bubble blog from this awards "contest", the likes used by traffic-deprived blogs like Swann's ("he who shall remain unlinked") to dupe the unsuspecting into visiting their sites.But since HP'ers have absolutely ZERO reason to visit the "FHA Mortgage Center", a site set up by the "Mortgage Research Center", who being 'masters of the internets' also have niche sites here and here, is just another one of many for-profit lenders posing as if they are unbiased, patriotic, caring and pro-consumer, I thought it would be a terrible hoot to win their little "contest", while giving them the traffic the so crave.Until they get wise and pull us of course..So do your thing HP'ers - just click on their nifty banner, then click "vote" - should take about 2 seconds, no registration needed. You can vote once a day, and let us know when they finally get aro...

HousingPANIC Quote of the Week
2008-05-24 18:00:00
?The federal government should not be in the business of bailing out bad investments. This bail out comes at the expense of all taxpayers regardless of whether they were at fault for the housing crisis?Senator Mike Enzi, R-WY, May 2008, speaking out against the Democrats' stupid and un-American Housing Gambler Bailout plans
More About: Week , Quote

Well, now we know why Hillary is staying in the race. Just as we expected.
2008-05-24 17:17:00
"Sociopath" folks, pure and simple. I'm just calling it like I see it.Funny, a lot of us just kinda knew. But for her to ACTUALLY SAY IT, that's the shocking part. Meanwhile, you-know-who better hire some private security, and no more open-air mass rallies please. And Hill, even if the worst happens (or you make it happen), got some bad news for ya - it'll go to Gore, not you. Now leave. Go away. You're disgusting. And you're scaring the kids.Here's some headlines that read like HP, and then watch Olbermann absolutely destroy this monster. Absolutely destroy.The Cancer That Is Hillary ClintonClinton apologizes for Kennedy assassination commentClinton faces uproar with Kennedy assassination commentWe've Now Figured it Out - Hillary is Staying in the Race Why?

HousingPANIC Stupid Question of the Day
2008-05-24 12:38:00
With gas prices soaring, the dollar in free-fall, inflation roaring, and an epic Fed-caused housing crash and debt crisis underway, why aren't there protests outside of the US Federal Reserve headquarters yet?
More About: Question , Stupid

SCHIFF!! SCHIFF!! SCHIFF!! SCHIFF!!
2008-05-23 08:35:00
What, no more Mike Norman, Connie De Groot or Tom Adkins on Fox? Wait until 4:08 on this video when one of the 'experts' goes nuclear on Schiff for speaking the truth.

What, you didn't think we could keep spending like this with no repercussio
2008-05-23 05:14:00
Remember when you're at the gas station and grocery store this weekend to consider the hundreds and hundreds of billions we've wasted in Iraq. Remember to consider why we as a nation put two free spending oil men with military industrial complex connections into the White House. And remember to think about our $53 trillion debt, and who we owe it to.And then take another look at the prices you're paying. And the price our country paid. And take a look around at the kids. You know, the ones who end up getting stuck with your bill, the ones who'll hate you one day.And maybe then it'll all come together for you. Here's a good piece in the IHT for your consideration by Bernie Sanders, the Independent Senator from Vermont. Add him to the HP short list of politicians who are allowed to stay in DC. We need more "Independents" in the Senate. Don't forget that it took both corrupt political parties to get us into this mess, and keep us there for so long."Every gun that is made, every...
More About: Spending

Read this tale of screwed housing gamblers in Florida over at the "Real Est
2008-05-23 01:01:00
"They wanted to know how they could pay $19M for something only worth $7M. They were sure the Baby Boomers were coming and would buy up everything"Real Estate and Housing Outlook Blog, May 2008(Read the whole post here...)
More About: Florida , Screwed

A HousingPANIC Angelo Mozilo tribute: "Oompa, Loompa, doom-pa-dee-da. If y
2008-05-23 01:00:00
Oompa, Loompa, doom-pa-dee-daIf you're not greedy, you will go farYou will live in happiness tooLike the Oompa Loompa doom-pa-dee-doCountrywide?s Mozilo Calls Borrower?s Plea ?Disgusting?FOXBusinessCountrywide's Mozilo stinks at mortgages & emailBaltimore SunIn reply to e-mail, Countrywide CEO criticizes plea for loan helpUSA TodayCountrywide CEO Mozilo's e-mail sets off furoreReutersMozilo on distressed borrower's appeal for help: "disgusting"Los Angeles TimesMOZILO'S HEARTLESS E-MAILNew York PostCountrywide, Mozilo in Hot Water Over Troubled Borrower FlapHousing Wire
More About: Doom , Angelo , Tribute , Angelo Mozilo

George Carlin on houses and "stuff"
2008-05-22 22:20:00
I always loved this routine. Probably had an impact on my life. Thanks HP'ers for reminding me. F*cking classic.
More About: Houses , Stuff , George , George Carlin

HP'er comment of the year - "I think there is more to life than having more
2008-05-22 18:21:00
I couldn't have said it better myself...This whole thing is just really sad to me.Some of the people here have legitimate things to say, otehrs are just insulting one another and bragging about their "success". What is our definition of success? Does it just have to do with the bottom line?Yes, money is important, but what about family, friends, travel, having time to enjoy life? I know I sound totally corny to many of you, but I think there is more to life than having more and better "stuff" than other people.Why are we so concerned with not just keeping up with the Jonses but showing them up? It's just STUFF - who cares? We lost our home in a fire less than a year ago, and let me tell you, it really doesn't matter. It really is just stuff. We got ourselves and the kids and even our pets out and that's all that matters.I just think that we've been brainwashed into thinking that all of these material possessions are so important, and they're really not. If we could learn that ...
More About: Life , Comment , Year

HousingPANIC Stupid Question of the Day
2008-05-22 09:36:00
Is the Inflation vs. Deflation argument now over?(Bonus question - when will the US Fed be forced to raise rates?)
More About: Question , Stupid

So now we have the Art Bubble. When is ArtPANIC? And is EVERYTHING going
2008-05-22 09:01:00
Man, these bubbles are EVERYWHERE. Bubble in riceBubble in oilBubble in housesBubble in goldBubble in EurosBubble in artI could go on and on...These past few years have seen so many mis-allocations of resources, so many bubbles, and now such a massive wall of money worldwide chasing too few goods, combined with a collapse in the US dollar that makes dollar-denominated things skyrocket in price. So when will it end? Or will it end? The housing bubble is over, but the other ones go on and on and on. These past few days saw Roman Abramovich, one of the Russian oil guys (who also owns last night's loser Chelsea), drop $120 million on a couple of paintings, even though he's never been a collector in the past. Hmmm... And we also saw the Rothko painting above go for... wait for it... $50 million. Not bad for a few minutes of work I'd say.Inflation folks is gonna get so out of control now that it'll make your head spin. It's not just rice, it's not just oil, it's not just art, it...

You lost. Go away.
2008-05-22 00:37:00
At this point, I seriously don't understand what she's doing or what she's thinking. Is she staying in the race just so she can raise money from suckers to pay off her debt? Is she staying in to damage Obama to the point that he'll lose and she can start running again in a few months for 2012? Or is she staying in because she seriously thinks there's some math or scenario that overturns the will of the people and gives her the nomination?Serious post - why do you think Hillary won't quit? When do you think she will?
More About: Lost

HousingPANIC Quote of the Day
2008-05-21 23:56:00
"Meanwhile, watch the market crash next week. That's how it works, right?"-Me, Sunday night, after saying I've been accumulating buy-and-hold mainly foreign stocks over the past month, right before the US market as if on cue and to teach me a lesson again about talking about stocks on a housing blog, gave a few percent back(meanwhile, I'm buying more... thank you sellers! and what are you all doing?)
More About: Quote Of The Day , Quote

HousingPANIC Stupid Question of the Day
2008-05-21 19:49:00
What's the best economic decision for a typical upside-down screwed homedebtor?Door #1: Stay in their depreciating debt-trap, paying their bloated $3000 a month mortgage, their $300 per month homeowners association fee, their $300 a month tax bill, and their $200 upkeep and repair chargesDoor #2: Walk away and rent a similar (or exact same) house for $1000 per month. Total.Door #3: Hope for a Housing Gambler Bailout so that they can keep doing what's behind Door #1
More About: Question , Stupid

LET THEM EAT CAKE! Angelo Mozilo (Angelo_Mozilo@countrywide.com) has just
2008-05-21 17:47:00
Gotta feel a bit sorry for the Great Orange One. He's gonna go to jail, we all know that. He's gonna have his assets seized, we all know that. His company is going to go bankrupt and all his employees are going to lose their jobs, and some will go to jail too, we all know that. And what's left of his reputation has been destroyed, we all know that.But now, on top of EVERYTHING that has gone wrong for him lately, he stupidly hits "reply all" to a desperate homedebtor's anguished email, calls him disgusting, blames blogs and the internets, and is exposed by the MSM worldwide for the cold, heartless, corrupt fool he is.LET THEM EAT CAKE!!!!Make sure you send Angelo and crew a nice letter too HP'ers. I'm sure he'll enjoy it.Here's Angelo's response on the original LoanSafe thread that exposed him, and internal Countrywide email cc list that some might enjoy having their hands on:Angelo_Mozilo@countrywide.com wrote: This is unbelievable. Most of these letters now have the same w...
More About: Cake , Angelo Mozilo

Yes, I can taste the irony. When it comes to Housing Bailouts, Barack Obam
2008-05-21 08:06:00
Choosing a president shouldn't be a one-issue process. Look where that got us with Bush. I cast my support for Obama because of a list of issues on which he is right, in my book, and McCain is wrong. On housing, both McCain and Obama are wrong, Obama being even more wrong than McCain - who actually I'm not sure today which way the wind is blowing. On housing, the Democratic party is wrong to want to bail out speculators, and the Republican party is wrong to want to bail out lenders and banks. Pretty much the only politicians right on housing are the Libertarian-leaning Republicans, like the few I've posted here the past few days. And Ron Paul of course.My prediction? Bush will indeed veto this bill, in his most brilliant act as president. But then a new bill will come up, which bails out the banks and lenders he favors more, and failed flippers less, and he'll end up signing that one.Here's Obama's latest position:Sen. Barack Obama, D-Ill., called on Bush to "abandon h...
More About: Irony , Housing , Taste

Jay Butler, Director of "Real-Estate Studies" at Arizona State University,
2008-05-21 06:28:00
Other blogs like housingdoom have always been a bit dubious of Butler and his reports - almost as much as we've taken on the hilariously corrupt Harvard Joint Center for Housing Studies , and their paid REIC shill Nicholas Retsinas.But I haven't been too hard though on Butler, because he hasn't been stupid enough to attack HP'ers, unlike "Chicken Littles" Retsinas. And he's had some good quotes now that it's too late.That said, the biggest housing bubble in America, and now one of the biggest real estate crashes, happened right under Butler's nose in Phoenix Arizona . And when he could have been and should have been shouting at the top of his lungs in 2004, 2005 and 2006 that wild illegal fraud and rampant speculation had gripped the Arizona real estate market and doing something about it, he did nothing, while putting out misleading soothing reports, and calling bottom every chance he could.Well, today the chickens really came home to roost, and the REIC-ad-supported Arizona R...
More About: Estate , Real Estate , University

HousingPANIC Stupid Question of the Day
2008-05-20 08:18:00
What was the stupidest thing you saw a friend, co-worker or family member do during the housing bubble?
More About: Question , Stupid

Here's Paul Volcker, a giant of a man compared to Ben Bernanke, on the hous
2008-05-20 07:58:00
The damage that Bernanke has inflicted upon the United States won't be seen until a few years down the road. Similar to Greenspan, who was treated as a god when he retired, only to be seen as a corrupt and incompetent goat now.Volcker did what had to be done when it had to be done, and it was hard (but necessary). Bernanke on the other hand did what was easy. And you'll see down the line what that causes.
More About: Giant , Paul , Ben Bernanke

HousingPANIC Classic Quote of the Day
2008-05-20 07:58:00
"The stuff I did is technically mortgage fraud, but it's not officially called that until someone prosecutes me and proves that that is indeed mortgage fraud"- Casey Serin, June 2007 (still waiting... still waiting...)
More About: Quote Of The Day , Classic , Quote