Patrick.net

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San Francisco, CA
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Registered Jun 26, 2007

ScottJ's most recent comments:

• On 16 Aug 2007 in ...and now (your predictions welcome), ScottJ said:

  This is a nice graph on housing starts from nasdaq.com

  http://tinyurl.com/2jqeaf

  It shows how grim things are now and if housing starts keeps following the current vector, things will get even uglier. As if all y'all didn't know this already!

• On 13 Aug 2007 in ...and now (your predictions welcome), ScottJ said:

  My prediction is that there will still be a lot of new FBs out there who are buying properties to flip them, even though the easy "no down, no income verification" loans have disappeared. I went to a wedding wwwwaaaaayyy up north from SF in Rohnert Park this past weekend and some fools were still talking about wanting to get into flipping in Truckee citing that "home prices have appreciated from $150k to $600k in 4 years!" These folks will lose whatever savings they had and will cry to mommy and daddy (or whoever will listen) when they go belly up.

  For those of you who aren't from CA, Truckee is a third rate town, which is essentially where people stay when they can't afford to stay in Reno or along the lake in North Lake Tahoe. Home prices there have appreciated since so many bay area folks bought second homes up there. Right now, there are hundreds of 1-2 million $ homes up for sale there and hundreds in the $500k-1 mil range. How is one supposed to flip houses with that much inventory in one city? Some people are still smoking the housing rock pipe... these folks would never believe "The steepest part of the downward curve in home prices is now just around the corner as the inflection point has now clearly just passed."

• On 26 Jun 2007 in Defense Against The Dollar, ScottJ said:

  I haven't had time lately to read my favorite blog. But I wanted to share this today. Is Lennar smoking crack? Unexpected loss? Come on guys...

  http://tinyurl.com/35w4p5