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House Buyer Strike: Do not participate in a rigged market


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2011 Nov 20, 8:57am   48,193 views  109 comments

by Patrick   ➕follow (55)   💰tip   ignore  

To protest government debt-mongering and the resulting enslavement of the 99% to employers and to banks, not to mention the giant Fannie/Freddie/FHA hole the federal budget, let us declare a general house buyer strike.

Let us not buy any house until the government eliminates all subsidies and guarantees for mortgage loans. This means the complete elimination of the FHA, Fannie, Freddie, and any other program that subsidizes or guarantees mortgage debt, including the purchases of mortgage-backed bonds by the Federal Reserve.

Congress and President Obama's hiking of the jumbo loan limit to $729,000 today is a sneak attack on your financial freedom. Their evil goal is to get you to sign away your whole working life for the benefit of the 1%.

Buying with cash won't help. You would then be bidding your hard-earned money against someone who is enslaving themselves with huge loans subsidized by and guaranteed by taxpayers -- taxpayers like you yourself!

If buyers all band together nationally and refuse to buy, then we will all win with much lower house prices when these programs are eliminated.

Sellers who want to move upscale would also win, because they'd get a bigger discount on their next house than they would lose on their current house.

Anyone got a catchy slogan?

Any graphic designers want to make some compelling posters for free distribution?

#housing

« First        Comments 89 - 109 of 109        Search these comments

89   JodyChunder   2011 Nov 28, 9:39am  

chip_designer says

his house sits in an area with good schools, and all his neighboors house prices are around that range, there is no way that house will come down to just $500K or so.

no way it will yuou are rite. lot of investment money comin g in from returning veterans and contract workers. they will buy these places up and rent them back to the less fortunre

90   JodyChunder   2011 Nov 28, 9:59am  

chip_designer says

but if that house sit in an average area with so so schools, then your argument have some merit.

course home school is more more poplar so this mite not always apply

91   Zeke1964   2011 Dec 21, 9:11pm  

At the end of the day we each have the right to make our own decisions and have to live with the results of what we do. While a landlord can evict you, so can the bank who really owns your house until it's paid off in full. If you don't believe me, pay your mortgage off 99% and then stop paying and see what happens to YOUR home! Cash flow is the key regardless to which path you take. Then there are the 25% off all US homeowners who are underwater, paying on the American dream of hme ownership while the mortgage is larger than the value of their home. Given the shape of the world's economy in the US, Europe, and Asia and the increasing bank exposure to the unregulated derivatives market (http://www.zerohedge.com/news/five-banks-account-96-250-trillion-outstanding-derivative-exposure-morgan-stanley-sitting-fx-de), IMHO that hard times are coming over the next few years. With banks collapsing, government debt exploding, and inflation rising, the prognosis for real estate is dismall. Prices will continue to fall. The National Real Estate Association will have to stop marketing their misinformation and accept the fact that real estate values continue to fall across the nation: http://www.npr.org/2011/12/21/144066058/housing-market-weaker-than-previously-thought?source=patrick.net
Finally, if you own investment properties with rentl income that cover your expenses that's a beautiful thing. Happy Holidays to all: Merry Christmas and Happy Chanukah!

92   bill1102inf   2011 Dec 21, 10:04pm  

Kriggle dot com, where prices are 100% higher than reality.

93   Patrick   2011 Dec 22, 9:57am  

Ooh. I don't actually know what that advertiser is selling...

94   Mr B   2011 Dec 22, 10:26am  

When people look at prices in 1990’s thru 2000’s they should realize that the prices should double every ten years. This is a common rule to keep up with inflation. Also, housing is becoming affordable again. I am not saying that housing will not go down, but I don’t see a large shift in prices. I believe there maybe a 2-3% downward trend, and then a drag on the bottom. Government has stabilized the market and now companies are growing. The unemployed will be force to take any wage possible because benefits are exhausted. I am betting we have Russia, China, and US start competing for raw materials by the end of 2012 and prices will start rising again. Housing will be hyper inflated because rents are going to spike again in a few years

95   ReasonNotFaith   2011 Dec 22, 4:25pm  

That's a great idea! You guys all stop buying homes so I wont have to bid against you when I'm buying mine!! :)

Happy Day!

96   JodyChunder   2011 Dec 22, 9:37pm  

ReasonNotFaith says

That's a great idea! You guys all stop buying homes so I wont have to bid against you when I'm buying mine!! :)

Happy Day!

hey another real estate investment wizz here on Patrick! $$$$$$$$$$4

97   toothfairy   2011 Dec 22, 10:00pm  

yeah get rid of all of those things. And get rid of the mortgage deductions too. At least until I buy my house. Then bring them all back!

98   zzyzzx   2011 Dec 23, 7:11am  

futuresmc says

What happens when more than half of the housing in the US is rental?

Wasn't that the case in the US for quite some time before a certain year? I mean, I'm pretty sure that was the case before (1940, or something) and so figuring out what would happen should be possible by learning history.

99   Patrick   2011 Dec 27, 3:48am  

Mr B says

When people look at prices in 1990’s thru 2000’s they should realize that the prices should double every ten years.

That cannot be true. That would be a compound rate of 7.2%, which is way higher than the Case Shiller compound rate of 3.5% over the last 20 years (which includes the bubble of course).

Also, prices are still falling in richer neighborhoods. So don't count on any appreciation at all in the next decade.

bgamall4 says

I don't think people should bid for houses at all. I think a lot of it is a scam and I think it drives prices up artificially. It is bad for the consumer.

I agree. It's not even good for the seller if they're upgrading. They'll lose more on their next house than they gain on the smaller one they're selling, when the same scam is played on them.

The blind-bidding scam is good for people who are downsizing, or selling for the last time though. And it's good for banks and realtors.

100   Bap33   2011 Dec 27, 4:07am  

all I have to say is "I told you so" to all of the RE-pukes that were all over my butt in 2004-05-06-07 when I was put my opinion on PatNet that there would be a reset to 1999 prices, with a REDUCTION for repairs, and an INCREASE of 1% per year (Merced County rate). So far, I'm pretty close.

Also, the sales numbers were pumped up in the post burst time --- lets not forget how many of the sales since 07 are already going into forclosure #2 (again, Merced County). Most homes sold at the still-too-high amount relied on USDA 0% down, or some other buyer assistance program (me included - due to repairs needed).

THe REgang has rigged this thing in their favor. It sucks. So far, in my uneducated little mind, I see the first step being the end of the NAR/RE gang. THere is no logical reason for an RE agent to exist. They have made themselves needed out of thin air. F that, no more REgangsters needed. We don't use an agent to buy anything else. Car, food, clothes, .. no agent, no extra fees, no bull crap.

102   FunTime   2012 Jan 3, 6:31am  

Anonymousone says

Both parties are screwing the people.

The people are screwing themselves.

103   anonymous   2012 Jan 3, 6:33am  

FunTime says

Anonymousone says

Both parties are screwing the people.

The people are screwing themselves.

Sorry but I disagree and refuse to believe that. If that's really true, you and this website won't even be here.

104   FunTime   2012 Jan 3, 6:37am  

Icabod says

Here's one to make you all barf -


http://money.cnn.com/video/pf/2011/12/21/pf_ate_real_estate_outlook_2012.cnnmoney/

If you're committed to doing whatever it takes to maintain your income and increase it every year until you die, now's a great time to buy a home!

"Cheap prices" Tell that to my income!

105   JasonM   2015 Aug 29, 12:14pm  


If buyers all band together nationally and refuse to buy, then we will all win with much lower house prices when these programs are eliminated.

This message brought to you by the NAL - the National Association of Landlords - protecting people from 30 years of home slavery with 70 years of renting!

106   Patrick   2015 Aug 29, 12:18pm  

Ironman says

Why are you bumping threads from YEARS ago?

why not?

107   JasonM   2015 Aug 29, 12:57pm  

Ironman says

Why are you bumping threads from YEARS ago?

I think it is important to look back and learn from past mistakes. I used to post bullshit like this on another blog which is now gone unfortunately. I consider this my kharmic penance.

108   Patrick   2015 Aug 29, 1:33pm  

Ironman says

Are you looking to turn this back into a housing forum?

I want it to be a forum for anything anyone wants to say.

Well, anything except for these:

threats
child porn
spam
copyright violations
personally identifying information

109   HEY YOU   2015 Aug 29, 3:33pm  

I'll not boycott housing. I willing to purchase shacks at 10% of listing price.

Some of the childish comments seem like ignorance porn.
Do these fall under child porn?

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