Housing PANIC

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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.
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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...)
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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...
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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."
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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"?
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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

A HousingPANIC message to Barney Frank, Chris Dodd, Hillary Clinton and any
2008-05-12 11:55:00
Barney, Chris , Hillary and Friends,If you spend one penny of direct taxpayer money, or expose the American taxpayer to any more risk than we already have (Fannie, Freddie, FHLB, FHA, etc) THEN WE WILL HOUND YOU, WE WILL TAKE OVER YOUR OFFICES, WE AND WE WILL VOTE YOU OUT THE NEXT CHANCE WE GET.WE ARE THE MAJORITY. The vast majority of Americans who rent, who OWN, and who didn't treat homes as lottery tickets these past few years. WE ARE THE HONEST ONES, THE RATIONAL ONES, THE SANE ONES. And we not allow you to bail out fools, flippers and fraudsters with our money. Period.It was rampant fraud and wild speculation you corrupt monkeys. And we're pretty sure you know that. So why the rush to bail out Housing Gamblers? Is it your REIC masters, calling the shots? Is it because you "own" homes yourselves, and don't want their values to go down further? Is it because you feel propping up artificially high housing prices is good for America, or for future generations? Or is it ...
More About: Hillary Clinton , Message , Clinton , Dodd

Flood the White House folks. The only thing that can stop a massive taxpay
2008-05-12 11:13:00
Oh dear god. George W. Bush holds the fate of the nation in his hands.The White House 1600 Pennsylvania Avenue NWWashington, DC 20500Phone Numbers202-456-1111202-456-1414FAX: 202-456-2461E-Mail comments@whitehouse.gov or vice_president@whitehouse.govAlso make sure you sign the No Housing Gambler Bailout petition over at www.angryrenter.com, check out http://www.nobailout.org/ and also http://www.nationalbubble.com/stopthebail out/
More About: White House , Stop , Thing

Another new HousingPANIC Hero - Representative Tom Feeney from Florida, ris
2008-05-12 06:24:00
Here's Representative Feeney IN A GREAT GREAT SPEECH railing against using taxpayer money to bail out speculators and mortgage fraudsters, who took out "options" to buy a home (i.e. put no money down) and lost. The Democrats have a real loser on their hands with these Housing Gambler Bailout plans. The GOP should take this issue and run with it. Too bad their new standard-bearer, Flip Flop McCain, didn't stick to his guns.The Housing Gambler Bailout is the new Terri Schiavo. Politicians who want to win in November need to get on board against this stinker.
More About: Florida , Hero

Here's CNBC video of Barney Frank trying to explain away his Housing Gamble
2008-05-12 06:16:00
We're run by monkeys folks. Monkeys I tell ya. Fat, corrupt, brain-dead monkeys, all too willing to spend taxpayer money to bail out failed housing gamblers and mortgage fraudsters.Thank god the Bestest Smartest President in the History of the United States, the honorable George W. Bush, is in the oval office today, ready to veto this turd.Here's the video. Don't throw things at the screen.
More About: Video , Housing , Gamble , Frank , Barney

Glen Beck gives angryrenter.com some plug - and shows OUTRAGE against Berna
2008-05-12 06:15:00
Renters, home OWNERS and people who didn't gamble on housing are getting heard now. And yes, we're the VAST, VAST majority of voters in America.Here comes the OUTRAGE against what Bush, Paulson, Bernanke, Dodd, Clinton, Frank and the other monkeys in DC are doing.WE'RE THE MAJORITY, WE'RE F*CKING ANGRY, AND WE'RE NOT GOING TO TAKE IT. GOT IT BARNEY FRANK? GOT IT CHRIS DODD? GOT IT BEN BERNANKE?
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BUBBLETALK
2008-05-12 00:19:00
BUBBLETALK - New thread to talk about the epic historic housing crash firmly underway. And anything else on your mind...Keep it clean, use tinyurl, don't post full articles, and let me know what I missed. Oh, man, is this getting ugly now...
More About: Bubble

HousingPANIC Stupid Question of the Day
2008-05-11 21:40:00
Would you be more tempted to buy a home that was marketed as "Half Off!!!" simply because it was a steal versus what some fool, victim or fraudster paid before you (regardless of the fundamentals or whether the home was still overpriced)?
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Full interviews with Obama and McCain for your enjoyment
2008-05-11 14:23:00
Here's 35 minutes of good uncensored interviews with both candidates. I've got a feeling we're going to see a decent, thoughtful and respectful race this fall between these two (now that the cynical power-hungry nut Hillary is gone).McCain will end up losing with honor. And I think that's OK with him - I don't think at his age that he has the fire in the belly to be president. This run is about his "legacy", not about winning. And why does he seem like he's on the verge of snapping every interview I see?Check out the links I have under "Politics" on the right and let me know any other good ones I should add. And enjoy the interviews. This campaign between Obama and McCain is gonna be a good one.
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HousingPANIC Quote of the Day
2008-05-11 07:17:00
?Clearly, many people who were betting on rising home prices were hurt when the housing bubble burst, but we can not force taxpayers to insulate everyone from the costs of those bad decisions. If we use tax dollars to bail out everyone who makes a bad decision, we are setting ourselves up for an even larger housing crisis in the future?- New HP Hero Grant Bosse, Republican running for Congress in New Hampshire, May 2008(send a few bucks to Grant Bosse here)
More About: Quote Of The Day , Quote

Too bad Schoolhouse Rock never did one on mortgaes, refi's, HELOC's, negati
2008-05-11 06:58:00
Ignorance of basic personal finance issues in America was a leading contributor to the housing crash and mortgage mess.If I had a dime for every time I read "we didn't know what we were signing" or stories about people who trusted a realtor, or didn't know they had an exploding ARM, or who never took the P/E of housing into consideration, I'd be rich.What complicated this ignorance is the army of commission-hungry conmen (aka 'real estate professionals' and 'mortgage brokers') all to eager to screw the clueless for their commissions. "Just sign here - real estate is ALWAYS your best investment! Home prices NEVER go down!". You know the drill. So, a serious proposal HP'ers for you to do your thing. Let's see if we can get ABC to bring back Schoolhouse Rock to do a special "housing crash" edition. You can email them here. And here's your copy/paste if you're lazy:Dear ABCWe would like you to bring back Schoolhouse Rock for a special edition on mortgages and homebuying...