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Housing PANICHousing PANICWorldwide leading housing bubble and crash blog Articles
Time for the running of the bulls on Wall Street?
2008-05-04 00:53:00 Has Helicopter Bernanke successfully engineered the beginning of Next Great Bubble? He told us what he was going to do, and then he did it. Screw moral hazard, it's too-low-rate party time. Bubble after bubble after bubble.... How else are Americans supposed to make money?And remember, houses are not stocks. It's the P/E stupid. It's always the P/E.Invest wisely.Drudge: Buffett Says Worst of Crisis Over for Wall Street , Individuals May Suffer... May 3 (Bloomberg) -- Warren Buffett, chief executive officer of Berkshire Hathaway Inc., said the global credit crunch has eased for bankers, and the Federal Reserve probably averted more failures by helping to rescue Bear Stearns Cos.``The worst of the crisis in Wall Street is over,'' Buffett said today. More About: Running , Time
HP favorite target "Third Avenue Lofts" in Scottsdale Arizona now going for
2008-05-03 11:09:00 HP'ers recognize this complex as one of the most obvious bubble-crazed towers of stupidity in Phoenix. So check out this firesale: Here's a 1000 square foot unit that old in bubble-madness 2006 for $895,000, now (trying to go for) only $395,000. And yet likely STILL overpriced based on its P/E ratio. Good god what fool (or fraudster) paid $895,000 just a few months ago? Someone without a calculator (or a realtor) most likely.And how about those "21 reasons" again? HP has the one reason that really mattered: It's the P/E stupid. It will always be the P/E stupid. Not the pro athletes. Not the golf. It's the P/E stupid.Here's what I wrote in October 2007 after doing the math, which might have seemed nuts to realtor-believers at the time:"Seriously, these hilariously overpriced bubblerific units will see drops of 50% to 70% when all is said and done. Just do the math. It's the P/E stupid. It'll always be the P/E stupid."And now, of course, it's happened.I'd love to see the (la... More About: Arizona , Target , Scottsdale , Avenue , Favorite
Oops! McCain slips up and tells the truth (before withdrawing the truth ho
2008-05-03 04:58:00 "My friends, I will have an energy policy that we will be talking about, which will eliminate our dependence on oil from the Middle East that will prevent us from having ever to send our young men and women into conflict again in the Middle East"- John McCain, May 2008(too bad our politicians feel they can't tell the truth and stick to it. it makes much more sense than the lies.) More About: Truth , Tells , The Truth
Make sure you thank Ben Bernanke when you're at the gas station this weeken
2008-05-01 08:56:00 You know, because bailing out his rich banker buds was sure more important than you and your silly problems. More About: Station , Make , Ben Bernanke , Bernanke
America has been down in the dumps before. It's just been awhile since it'
2008-04-30 23:29:00 * Home values crashing* Record gas prices* Soaring food prices* Job losses* Flat incomes* Lousy savings rates* Plummeting dollar* Stuck in a middle-east quagmire* Loss of trust and respect for America around the worldYup, I'd say things are looking good for the Incumbents this November.Not.The good news? I'm not sure it can get much worse, so maybe (except for houses) we're hitting rock bottom. More About: Dumps
Check out this video on Canadians swooping into housing crash and foreclosu
2008-04-30 22:55:00 It probably looks tempting for the maple-syrup-eaters flocking in Phoenix. All those half-off deals, the sea of foreclosures, the ruined families to take advantage of, the thousands and thousands of bank-owned debt-traps. But it's still not close to the bottom. Not even close. It's the P/E stupid. It'll always be the P/E stupid.You just know there's a bunch of Phoenix ramen eating realtors who have moved all their advertising and cold calling to north of the border. They ran out of suckers in the US, time to import.Here's the CBC video. Enjoy. More About: Video , Housing , Canadians , Check , Crash
HousingPANIC Stupid Question of the Day
2008-04-30 20:29:00 In what year will Ben Bernanke's successor have to raise interest rates to 10%+, in a desperate attempt to repair the damage caused by the biggest wuss ever to hold the office? More About: Question , Stupid
Countrywide loses $893 million for the quarter while Angelo Mozilo cashes i
2008-04-30 08:39:00 Seriously, if BofA completes the CFC acquisition, you'll know something funny is going on with Hank Paulson and Ken Lewis. Countrywide is AIDS, Chlamydia, Genital warts, Herpes, Gonorrhea, Hepatitis and Syphilis all rolled into one. BofA would be dealing with lawsuits, losses and employees going to jail for years and years.Watch for the other shoe to drop soon here. And watch for the FBI to announce formal charges against Countrywide execs, and Angelo Mozilo by the end of Summer.And oh, get your popcorn.Countrywide Financial Corp. said Tuesday it lost $893 million in the first quarter, as rising loan defaults amid a deepening housing downturn forced the nation's largest mortgage lender and servicer to sharply increase its provision for loan losses and book other credit-related charges.Shareholders saw their stake in the company dwindle as Countrywide shares lost 80 percent of their value by the end of 2007. Shares had hit a five-year peak of $45.03 in February of that year.Meanwhi... More About: Million , Quarter , Angelo Mozilo
And then people figured out living 50 miles away from work was really, real
2008-04-30 01:19:00 You're going to be shocked at how high gas prices will go. You're going to be shocked at how worthless homes in the Wal-Mart exurbs will get. More About: Living , People , Work , Miles , Real
Gonna be on the road the next couple of days
2008-04-29 23:19:00 Heading to Varna Bulgaria, doubt I'll find internet on the way (or paved roads)Let me know what I missed here. And if you're looking for a travel tip, get to Budapest before everyone else finds out. Great town and your dollars are still pretty good. More About: Couple , Days , Road , On The Road , Gonna
What do you do when you made the biggest financial mistake of your life, cl
2008-04-29 21:08:00 This article is so full of cliches I figure I'll just let you guys at it. Funny captions get bonus points.... Where's the wine and cheese everyone? For that matter, where IS everyone? I paid what? Come here doll - I want to show you my granite countertops, and my checkbook. More About: Life , Financial , Made
FLASH: Iowans Riot Against Foreclosures
2008-04-29 20:34:00 Iowans Riot Against Foreclosures Des Moines: Sporadic outbreaks throughout the farm belt against mortgage foreclosures reached a climax today when Gov. Clyde Herring, of Iowa, declared martial law in Plymouth County after a mob of 150 farmers dragged Circuit Judge Charles C. Bradley from the bench, manhandled the 60-year-old jurist and threatened to lynch him unless he promised not to sign further foreclosure orders. Tonight, 300 national gaurdsmen are patrolling the main streets of Lemars, the county seat and scene of yesterday's outrage, while detachment of the machine-gunners has guns set up at strategic points to guard against a further outbreak.- Iowa, April 1933-America, ???? More About: Flash
FLASH: Here's the latest S&P Case-Shiller numbers that Lawrence Yun, the NA
2008-04-29 16:56:00 "We think the housing market has now hit bottom"- Lawrence Yun, NAR Chief Propagandist, January 2007"The BubbleBloggers will someday bawl balefully in private, but they will never, ever admit that they have been very publicly very foolish."- Greg Swann, America's Most Discredited REALTOR?, July 2006 _______________Housing prices post record declines - Las Vegas, Miami and Phoenix all saw prices plummet by at least 20%.Home prices posted another record decline, as most of the nation's largest markets suffered double-digit drops over last year, a survey released Tuesday shows.The S&P Case /Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That's the biggest fall since the index began tracking prices in 2000."There is no sign of a bottom in the numbers," S&P spokesman said David M. Blitzer, said in a prepared statement. "Prices of single family homes continue to drop across the nation.... More About: Flash , Numbers
Is throwing open the borders with Mexico and Canada the solution to the Gre
2008-04-29 11:25:00 AmerimexanadaMexamericanadaCanamerimexica Oh dear.Seriously though, if the US threw open their borders and did an "EU-thing" with Mexico and Canada , that would add 108 million Mexicans (a good chunk of which are already in the US illegally) and 33 million Canadians. First step would be an open-immigration economic zone, next step would be a common currency, and then a hundred years from now, one big country. And why stop with Mexico and Canada - watch for a massive increase in visas for workers from around the world. The United States is $53 trillion in debt, we have 20 million vacant homes ready to move into, we have 78 million Baby Boomers retiring soon, and soon we'll only have two workers supporting every one retiree (down from 3.3 today and 15 to 1 at the start of the Social Security ponzi scheme).In other words, at this rate we'll need people. Lots and lots of taxpaying, baby-producing legally-registered people. And if we decide we want the Big Ponzi Scheme to continue, we ne... More About: Open , Borders , Solution
A nation of 300 million people has nearly 20 million vacant and unwanted ho
2008-04-29 08:02:00 What this means:* Rents will stay low* Prices will keep falling* realtors will keep lying* Drastic government intervention into the free market is on the way What will we do with all these empty homes? How can we as a nation have been so incredibly stupid? And what will become of vacant-home foreclosure ghost towns like Maricopa Arizona? Time to send in the bulldozers?Home Vacancies Set Record The share of homes vacant and for sale, an important measure of the nation's housing supply, set a record in the first quarter in a signal that the glut of homes on the market isn't improving.The homeowner vacancy rate, which measures the number of vacant homes for sale, rose to a record 2.9% in the first quarter from 2.8% in the fourth quarter, about one percentage point higher than normal, according to new Census Bureau data. The vacancy rate has jumped nationwide and in cities, suburbs and rural areas since the housing bubble popped. From 1995 until the fourth quarter of 2005, the rate he... More About: People , Nation , Vacant , Million
The end of the world as they know it for realtors is now here: Ramen costs
2008-04-29 07:38:00 Here's the bad news from South Korea - coming soon to America.RamenPANIC is here!The Lee Myung-bak administration has laid out a series of measures to fight inflation, including eliminating or reducing import duties on grain and oil products.Still, the price of ramen soared 12.8 percent from a month earlier while bread jumped 8.8 percent. More About: Realtors , World , The World , End Of The World , Costs
HousingPANIC Stupid Question of the Day
2008-04-28 12:04:00 Will The Great Housing Crash offer a positive lifetime financial lesson for those under 25? More About: Question , Stupid
HP Special Post
2008-04-28 08:44:00 An HP'er in the know wrote this letter to a friend who was thinking of buying a house, trying to recap for her the Great United States Housing Bubble and Crash, while warning her NOT to buy until this little crash thing is over. The letter was so good, I post it here, in its entirety. He asked to remain anon, as he's in a position to see how bad it is, and how bad it's gonna get.XXXXXX, I am delighted to explain. Some of this is theory and some is fact, but I feel very confident I am painting a very accurate portrait.The early part of this decade was marked by the bursting of the tech bubble and 9-11, and resulting subsequent economic disruption. The many free trade agreements signed during the 1990's led to bleeding of middle-class manufacturing jobs that used to be the backbone of our economy. Since Bush took office, nearly 4 million manufacturing jobs have been lost. But it goes beyond that. American companies, looking for increased profits, have outsourced millions of white ... More About: Post , Special
Countrywide Home Loans is in tha house. True that.
2008-04-28 06:17:00 Pick up ya phoneFreedomCountrawide can man More About: House , Home Loans , Loans , Home , True
HP'ers - A fringe bunch of nuts, hoping for a big housing bust, screwing up
2008-04-27 23:10:00 So here's how Housing PANIC (I assume it's us) is positioned by the mainstream media in a recent interview with a couple of investors:Reporter: What do you think of bloggers who seem to root for an even bigger bust?McEnearney: I'm not seeing that.Foster: Good Lord. I'm not either. I'm hoping it's just a fringe bunch of nuts. Because, you know, I think that would be awful for the whole economy.So I guess a few questions and statements come to mind:1) We're indeed rooting for home prices to come down. Do you want to know why? BECAUSE THEY'RE TOO DAMN HIGH, NOT BASED ON THE FUNDAMENTALS, AND NOT GOOD FOR SOCIETY OR FUTURE GENERATIONS. GOT IT?2) We're not a "fringe bunch of nuts". WE'RE SANE, RATIONAL PEOPLE WHO UNDERSTAND BUBBLES AND FINANCIAL MANIAS, AND ECON 101, AND MADE WISE FINANCIAL CHOICES, UNLIKE THE MILLIONS WHO DID NOT AND ARE NOW SCREAMING FOR US TO BAIL THEM OUT.3) These investors apparently have never googled "housing bubble". Too bad. Lots of good stuff on that c... More About: Fringe , Bust , Nuts
Meanwhile, while you weren't watching, 27% or 220,000 Republicans in Pennsy
2008-04-27 17:00:00 It's too bad the winner-take-all GOP rules wrongly gave the nomination to McCain so early. Most of the states didn't get a voice in choosing the Republican nominee. And if the GOP had had a REAL nomination battle, instead of a short-circuited snoozer, I seriously, seriously doubt McCain would have emerged as their standard-bearer in November.McCain is a math error. Huckabee and Romney simply cancelled each other out, and McCain's 1/3 took the delegates. And now true Republicans don't have a candidate this fall.Here's to the 220,000 Republicans who went to the polls in PA to embarrass McCain. And here's to the 16% of the PA voters who voted for Ron Paul.How McCain Lost in Pennsylvania27 percent of Republican primary voters didn?t just tell pollsters they would defect from their party?s standard-bearer; they went to the polls, gas prices be damned, to vote against Mr. McCain.Though ignored by every channel I surfed, there actually was a G.O.P. primary on Tuesday, open only to re... More About: Watching
"The government ignores the prudent ones"
2008-04-27 10:37:00 "In all this discussion about all these poor people losing their homes, they never talk about people who didn't buy homes in this chaos. They said this is stupid, I'm not going to buy a house that is wildly overpriced. I'm going to wait until prices come down. The government ignores the prudent ones."- Christopher Thornberg, April 2008DON'T BE IGNORED. NO HOUSING GAMBLER BAILOUT.Visit Stop the Mortgage BailoutSign the no-bailout petition hereWrite your congressman hereWrite a letter to your local newspaperOr start something yourself. Take over an office. Disrupt an event. Mount a protest. Or just take it lying down like they want you to. More About: Government
Angelo Mozilo is a pig. One more time - Angelo Mozilo is a big fat pig.
2008-04-26 22:48:00 Countrywide CEO Made $132M In 2007 Pay, Stock Sale More About: Time , Angelo , Angelo Mozilo
Do you watch housing porn? Do your friends and family use housing porn? D
2008-04-26 17:55:00 By the way, on this house, I'd pay $120,000. Tops.Now I need to go take a shower. More About: Family , Watch , Friends , Housing
HousingPANIC Quote of the Day
2008-04-26 12:08:00 ?We?ve had a tremendous surge in mortgage fraud investigations, and we expect them to grow even more. I?m not sure at this point we can see the extent of the surge.?- FBI Director Robert Muller, April 2008(note - too bad the FBI was asleep at the wheel when the rampant fraud was going on. you know, when cracking down actually would have done some good... meanwhile, angelo, they're coming. slowly and surely, they're coming...) More About: Quote Of The Day , Quote
HousingPANIC Stupid Question of the Day
2008-04-26 12:02:00 When home prices have bottomed, the housing panic is over, and it's cheaper to 'own' than rent, how will you feel? More About: Question , Stupid
Call centers in India now calling down-on-their-luck American debtors
2008-04-26 08:49:00 When I first moved to Phoenix in the mid-90's, the place was swarming, and I mean SWARMING, with call centers. Someone find me a stat, but I'd bet call centers were 10% of the workforce and 30% of the new jobs.Anyway, we know what happened next. The call centers closed down, the jobs got sent to India , and the call center jockeys got jobs as realtors, mortgage brokers and appraisers, and the housing bubble saved the day. For a few days.Well, now that the jobs are gone and the bubble has blown, guess what the call centers in India are doing now?They're acting as collection agents, calling screwed and jobless debtors in Phoenix (and all over the United States) asking people to pay their credit cards, auto loans and mortgages."Sorry. Can't do that, Charanjit. You see, our jobs got outsourced to India, and then the REIC jobs we stumbled into blew up in spectacular fashion, and there's nothing left to replace 'em. Except maybe Burger King, or Wal-Mart."Well, maybe the Indian call c... More About: American , Calling , Call , Luck
HousingPANIC Quote of the Day
More articles from this author:2008-04-25 15:19:00 "One of the reasons that millions of families face foreclosure and/or the loss of their life savings is that the ideologues of homeownership continued to promote homeownership even when it was clear that buying a home would be financially detrimental."- Dean Baker, April 2008 More About: Quote Of The Day , Quote 1, 2, 3, 4, 5, 6, 7 |
