Housing PANIC

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Mortgage brokers really care about old people. I bet they do reverse mortg
2008-05-20 02:19:00
"Daddy, what do you do for a living?""Sorry son, I can't tell you, it's too shameful"(note - I have no idea if the company in the video is good or bad. I do know that their pitchman is pretty slick - I'd check my watch after shaking that hand)
More About: People , Brokers , Mortgage , Care , Mortgage Brokers

What goes up must come down. Vegas, Miami, Phoenix, San Diego and LA get s
2008-05-20 02:16:00
Funny how the five cities that got mentioned here the most over the past few years are now the five cities with the biggest housing crashes underway. Oh, wait, no, that's really not funny. Interesting, yes. Funny, no. "Year-round golf and pro athletes" - now THAT was funny.Here's the blurb on Phoenix from the smartmoney housing crash report headlining yahoo.com right now.PhoenixTumbleweeds aren't exactly taking over the streets of Phoenix, but the city has seen quite an exodus from a couple of years ago when speculators and real estate developers descended on it en masse. More than 67,100 single-family homes were built in Phoenix between 2000 and 2006, according to the Census Bureau, with home values rising by 127%.Once home values started to unravel, however, speculators started abandoning their rental and investment properties. "People will go to much longer lengths to avoid defaulting on a primary residence than on a secondary home," says Wyss. Now, home values are down 24% fr...
More About: Miami , San Diego , Vegas , Diego

HousingPANIC Stupid Question of the Day
2008-05-19 23:18:00
Why do you care more about the housing crash, who's gonna win Idol, and missing white girls on tropical islands than you do about hundreds of thousands of dead people and millions and millions suffering at the hands of their corrupt governments in Burma and China?Serious question. Serious answers please.
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Here's why the incumbents are going to get deservedly whacked this November
2008-05-19 04:54:00
Iraq was bad. And then The Great Housing Crash changed everything.
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What role did MTV Cribs have in people taking out liar's loans, committing
2008-05-18 21:03:00
You know, before they got foreclosed on. Before they realized people making $50,000 a year can't live in $5 million homes. Before the realities of life kicked in.MTV Cribs is evil. Make no mistake about it. MTV Cribs did more damage during the housing bubble than you can ever imagine.
More About: People , Loans , Role , Taking

Buy stocks. Sell houses.
2008-05-18 13:52:00
Here's the S&P 500 chart for the past three years. You'll note that most HP'ers went to cash last fall, and avoided the carnage through March. And then many of you have posted here or written me that you've gone back in and scooped up some bargains recently. Nice. And of course, a lot of HP'ers made a lot of money shorting REIC stocks these past couple of years. Again, nicely done.I don't give stock picks here because when I have in the past (short or long) all we get is daily "HA! I told you! Countrywide is ROCKING! DOPES! CFC to $100!" kind of garbage. And many of us have been wrong about the general market before - thinking that it would fall further and earlier as housing crashed, although any stock connected to real estate and lending did.So I want you all to be clear over the past few weeks that I've modified my neutral stance. Previously I was a picker, and not a bull and not a bear. I recommended buying good companies with good earnings with good P/E ratios and go...
More About: Stocks , Houses , Sell

Latest HP Hero: Senator Jim Bunning, who wants to rename the housing bailou
2008-05-18 07:37:00
Finally, some sanity from DC. If the GOP wants to re-invent itself after the Bush Debacle (while returning to their fiscal-responsibility roots), they need to make the biggest stink possible while fighting the Democrats' housing gambler bailout bills.Jim Bunning, you sir, along with Ron Paul, can stay (for now).Contact Bunning to show your support hereBunning Campaigns Against ?Bailouts? in Housing BillThe Senate Banking Committee plans to vote on legislation Thursday that would create a new regulator for Fannie Mae and Freddie Mac and allow the Federal Housing Administration to insure up to $300 billion in refinanced mortgages. Lawmakers plan to file up to 70 amendments during the committee vote, with 31 of those coming from Sen. Jim Bunning (R., Ken.).According to a summary of all the amendments, Sen. Bunning wants:?to stop the bailout of the rich??to prevent the bailout of illegal aliens??to prevent the bailout of homeowners who used their homes as a credit card??to stop the ba...
More About: Rename , Hero , Senator

HousingPANIC Stupid Question of the Day
2008-05-18 06:00:00
If the NAR and REALTORS on COMMISSION didn't have monopoly control over the MLS, and America's bribed congressmen in their pocket, would they stand any chance of stealing 6%?Bonus Question - will the MLS still be the dominant monopoly property listing service in five years?
More About: Stupid

What will Americans cut back on the most as the housing crash continues, th
2008-05-18 02:55:00
1) Eating out at restaurants2) Taking nice vacations3) Entertainment (bowling, movies, clubs, etc)4) Shopping (clothing, cars, electronics, etc)5) Vices (strippers, gambling, drugs and hookers)6) Other (_______)
More About: Housing , Back , Crash , Americans

HousingPANIC Quote of the Day
2008-05-17 18:16:00
"George W. Bush is unworthy of the presidency. He is a disgrace to himself, our Nation, and the high office he holds"- Democratic operative Paul Begala, May 2008, going beyond spin and just calling a spade a spade
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HousingPANIC Stupid Question of the Day
2008-05-16 08:05:00
You know the drill...
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HousingPANIC Classic Quote of the Day
2008-05-16 08:03:00
From 2006:While Greg Swann was dissing HP'ers and talking about year-round golf, this wise man was telling anyone who would listen what was about to come... And then it came."A significant decline in prices is coming. A huge buildup of inventories is taking place, and then we're going to see a major [retrenchment] in hot markets in California, Arizona, Florida and up the East Coast. These markets could fall 50% from their peaks."Kenneth Heebner, CGM Realty Fund, a man who could see the future, as quoted in the July 5, 2006 Wall Street Journal
More About: Quote Of The Day , Classic , Quote

Ahhh, the return to sanity. Banks checking over home appraisals and verify
2008-05-16 07:47:00
Seems like the good ol' days again, eh? You know, before everyone lost their minds, anyone could get a loan, and homes became lottery tickets...Lenders tighten loan rules, demand more money down"The days of simply stating your income are over," said B.J. Perez, mortgage broker and owner of Monarch Mortage in Sparks. "You have to be able to prove income and prove that you have money in the bank.""Banks are just picking apart the appraisals on houses right now," Wiseman said. "I've seen several cases where the bank doesn't accept the appraisal and the loan just tanks.""Now, lenders want proof of income, proof of how much money you have and proof of where that money is coming from. Now, they're only making loans that make sense."
More About: Home , Return , The Return

Olbermann destroys Bush again in a Special Comment. I think at this point
2008-05-15 18:14:00
And his embarrassing speech today isn't going to help.The Worst President Ever. History will not be kind.Here's Olbermann , doing what others should have been doing all along. Go ahead, the few Bush supporters left, rip on the messenger. Meanwhile, the other 84% of us will nod our heads, and wonder how the hell America was stupid enough to put this man into office for eight long years.Part 1:Part 2:
More About: Special , Comment , Point

Barney Frank wants the FHA to bail out failed flippers and mortgage fraudst
2008-05-15 11:07:00
Monkeys I tell ya. Monkeys.You'd think Barney and the FHA would have had a little chat before he put together his housing bailout turd.But that would be competent. Thanks to Luke over at USNews for the tip. And thanks to Barney Frank for showing us just how well-deserved Congress' record-low approval rating is. FHA Chief Criticizes Rescue PlanWhile most government officials scratch and claw for more authority, Federal Housing Administration Commissioner Brian Montgomery is pouring cold water on a housing rescue plan that would make his agency the linchpin of an expanded federal effort to keep people in their homes.The House of Representatives last week passed a bill championed by House Financial Services Chairman Barney Frank that would enable struggling borrowers to refinance into more affordable loans guaranteed by the government. The legislation would require a significant expansion of the FHA?an idea recently endorsed by Federal Reserve Chief Ben Bernanke.But speaking to a roo...
More About: Mortgage

Isn't the housing "crisis" actually pretty darn good news?
2008-05-15 07:00:00
* Home prices will fall to a level that will make it attractive for non-"owners" to buy* Young couples will again be able to live the "American Dream", and buy a home they can afford* The crash has washed away the mortgage fraud and crazed speculation* The fundamentals will make sense again, making real estate an attractive investment class for intelligent investors* Housing will no longer be seen as a get-rich-quick scheme. Homes will be treated as homes, not lottery tickets* Angelo Mozilo will spend the rest of his life in jail, and will have his assets seized* Housing porn TV shows will be few and far between* Realtors will go the way of travel agents and buggy whip salesmenSo, what other good news will come about because of the "housing crisis"
More About: News , Good News , Pretty , Good

Scenes of monkeys running around during the greatest housing crash in human
2008-05-15 06:02:00
Who says C-span is boring. I flipping love it!Monkeys I tell ya. Monkeys.Why wasn't this debate going on years ago, when it could have done some good?Memo to DC: It's too late. Let the market correct. And try to make sure it doesn't happen again.
More About: Running , Human , Housing , Crash , Scenes

HousingPANIC Definition of the Day
2008-05-15 06:02:00
Ignoranceig·no·rancePronunciation: ?ig-n(?-)r?n(t)sFunction: nounDate: 13th century* the state or fact of being ignorant : lack of knowledge, education, or awareness
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Now comes the fun part - who will Obama and McCain pick as their Vice Presi
2008-05-15 05:59:00
Getting a veep pick right is pretty tough, but I'm gonna take a shot. In order of likelihood:Obama 1) Ted Strickland2) Wes Clark3) Tom Vilsack4) Michael Bloomberg5) Jim WebbMcCain1) Kay Bailey Hutchison2) Lindsay Graham3) Charlie Crist 4) Tim Pawlenty5) Joe LiebermanObama has to shore up his "white-guy" base, while taking Ohio from the GOP, and appealing to Christian conservatives. Strickland does all three.McCain has to try to steal Hillary's female voters, while appealing to right-wing conservatives, and adding a bit of historic flair to his ticket to match Obama's story. Hutchison is an obvious pick.So there you have it. You heard it here first. Again.Who's your pick (will be / should be)?
More About: Part , Pick , Vice

"It may be gloomy in Florida, but it's great here"
2008-05-15 05:27:00
I don't doubt that the housing crash is less severe in places like Kentucky, who didn't see the insane run up in home prices like they did in Phoenix, Miami, San Diego etc.But the Great Unwinding, the crackdown on fraud, the inability to get a no-down, no-doc liar's loan mortgage, and a return to sanity and the fundamentals is affecting every market in America. Every market. Kentucky - got some bad news for ya. You're not that different.Group says Central Kentucky home sales down 16 percentMembers of the Lexington-Bluegrass Association of Realtors sold 835 properties in the first quarter of 2008, the association said, but that total was down 16 percent from the same period of 2007.The median sales price -- half of all sales were for more and half for less -- declined 1 percent for the 2008 quarter and dropped 5 percent in March 2008, versus the same periods of 2007, the association said.
More About: Florida

Just wondering.. Does anyone seriously believe the hilarious US government
2008-05-14 18:13:00
I do believe the US government has lost all credibility as of today. Not that they had much anyway, but now it's just laughable.Inflation pressures eased a bit in April despite the biggest jump in food prices in 18 years.The Labor Department reported Wednesday that consumer prices edged up 0.2 percent last month, compared to a 0.3 percent rise in March.The unchanged reading for energy reflected a big 4.8 percent jump in natural gas prices, offset by a 2 percent decline in gasoline costs.The reported drop in gasoline prices reflected the government's accounting process, which discounts expected seasonal price changes.
More About: Government , Hilarious , US Government

HousingPANIC Shocking Admission of the Century
2008-05-14 16:09:00
Q: Mr. President, for the record, is global warming real?A: Bush: Yes, it is real, sure is.(Next he and the ignorant crowd will come around on evolution, the big bang, the housing crash, and that Iraq was a clusterf*ck of historic proportions. Or maybe that's just wishful thinking...)
More About: Century

HousingPANIC Stupid Question of the Day
2008-05-14 04:22:00
Would you use a realtor if they worked for an hourly wage, versus trying to steal your money by taking a percentage of the sale?If so, how much per hour do you think their work is worth? (you know, unlocking those lock boxes, printing things off the internet, pointing out the granite countertops...)
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And the results from West Virgina are in...
2008-05-14 04:19:00
I've gotta give it up for West Virgina. Now THAT'S an interesting state...
More About: Results

SeekingAlpha: "NAR's Lawrence Yun Continues to Mislead on Housing"
2008-05-13 21:27:00
I believe it's time for Yun to step aside. Just another sad chapter from the National Association of REALTORS on COMMISSION. Yun has ruined his life, at a young age. Never to be trusted again. Such a shame. But there's one way out Lawrence - TURN ON YOUR EVIL MASTERS. BITE THE HAND THAT FEEDS YOU. ADMIT TO THE CORRUPTION AND LIES. COME CLEAN.Or not.Special Note: Google/Blogger has locked down LawrenceYunWatch and we can't post. Yes, they have the power to do that for absolutely no good reason (or at the request of their REIC advertisers). We're currently "under review" which they say can take up to a month. If anything ever happens to HP, I'll relocate the blog to www.housingpanic.com. FYI.Here's the anti-Yun editorial today over at SeekingAlpha:NAR Chief Economist Lawrence Yun continues to prove he's lost in the woods. I'm sure most of you who have followed the real estate market recall his long list of ridiculous predictions. Do you remember when he claimed hou...
More About: Housing

FLASH: National Association of REALTORS reports home prices fall by biggest
2008-05-13 17:13:00
Seriously, NAR, enough is enough. You have zero credibility. And every time you have Yun paraded out to spew more bullsh*t, you just look stupid. Even more stupid than you looked the day before.PEOPLE OF AMERICA - DO NOT TRUST THE NAR OR ANY REALTOR ON COMMISSION. THEY ARE ENEMIES OF THE AMERICAN PEOPLE, AND SHOULD BE AVOIDED AT ALL COSTS. Home Prices Post Steepest Drop in 26 YearsSingle-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982Lawrence Yun, the chief economist of NAR, attributed much of the record decline to liquidity problems dragging down high-priced markets."These are highly unusual results because there were very few jumbo loan originations in the latest quarter," he said. "So sales are much slower in high-cost areas."
More About: Flash

Here's how one screwed Miami condo investor thinks he's gonna break even on
2008-05-13 15:09:00
It's gotta suck for millions of investors around the country (and around the world) who bought debt-traps that only rent out for a fraction of what it costs to "own".Negative cash flow on a depreciating condo or house is the worst of both worlds.I liked this spreadsheet though. Oh, the optimism. Yup, the price is gonna go up, not down. Yup, rental income is going to ABSOLUTELY SOAR. And no, expenses won't increase - not at all! Amazing. And sad.Too bad this poor sap didn't do a spreadsheet BEFORE he bought his debt-trap. Too bad millions didn't bother doing a spreadsheet before they took out toxic loans or listened to realtors on commission. And too bad that just because you put numbers on a spreadsheet doesn't make them true.
More About: Miami , Break , Condo , Investor , Screwed

MOABO?
2008-05-13 14:59:00
Stocks aren't houses.Fed pumping up the next bubble?Government cash raining down.Moral hazard be damned.

HousingPANIC Stupid Question of the Day
2008-05-13 04:05:00
Was your town's major industry and income driver these past few years "Buying and Selling Homes from Each Other at Higher and Higher Prices"?
More About: Question , Stupid

Jump on the foreclosure bus! You'll see kids playing on roofs, homes that '
2008-05-13 03:42:00
Foreclosure bus tours like this hilarious one in housing crash California won't be total fun until they do one of former realtor homes though..."Next stop will be Greg Swann's former home in Phoenix. After that we'll be looking at Kendra Todd's investment condos, and then a tour of the mothballed Trump units"Now that's a tour I'd enjoy! Funny too that it's a "three hour tour". A three hour tour? A three hour tour? Hmmm... "The weather started getting rough, ... "Thank Frank for the link.. A three-hour tour of foreclosed homesThe Foreclosure Bus took potential homebuyers and investors to several repossessed properties.
More About: Kids , Foreclosure , Homes , Jump