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Face Reality is a Lying Full-of-Shit Troll
invite response
2006 Oct 4, 8:46am 4,881 views 36 comments
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Face reality needs to face reality: Today Bernanke says, there is now a "substantial correction" in the housing sector.
What, no response from our guest of (dis)honor? Not even a smarmy JBR taunt?
Peter P
2006 Oct 4, 9:21am
Face Reality is not that bad...
I somehow feel assured enough to be his apologist.
Perma-bulls cannot harm us anymore. We can all say "real estates always go up" and dance with the bulls and the reality will still assert itself over wishful thinking. This bust is here. Ha Ha!
Perma-bulls cannot harm us anymore.
True, but I cannot stand idly by and have perma-bulls spout complete bullshit as fact, while accusing US of being the "revisionist historians".
did BB really say “substantial correction�?!! Do you have a link?
Yes, he did: http://www.msnbc.msn.com/id/15130165/
Peter P
2006 Oct 4, 9:50am
he was very worried about housing and inflation
Oops... what to do? The porridge is too hot AND too cold. Looks like Godilocks will be sick. The three perma-bears win.
Perhaps underwater FBs can teleport themselves to a new planet before their option-ARMs reset.
HARM,
So cruel and yet fantastic with this thread! There's the problem with blogs: your quotes are retrievable through posterity...
BB knows there is fall still to be seen he doesn't want to be the bearer of new economic realities. I've never understood this dance between the Fed and Wall Street. Just goes to show you who is really running this country. It's big money....
Also,
Just to add my $0.02 about RC's Boston comment, yes, Boston is going to unfortunately tank hard. Demographics there are highly unfavorable, with declining population and relatively high home prices. The local numbers already document a 6-8% price decline YoY nominal, and sales are even drier than they were this Spring. Add inflation, and Boston sadly has up to a 10% correction already underway. So much for prices "holding up" there.
HITB,
Plus, if worse comes to worst, you can always live in a house of "limited edition batman begins coca cola cards."
I have heard of a house of cards, but I have never heard of a house of Pokemon or a house of beanie babies.
Maybe Face Reality is right and the site below was just created by a bitter renter to trick people in to thinking that real estate can drop in value (Realtors know that just like limited edition Batman cards real estate always goes up since they don't make it any more).
Hiding,
I'm holding on to my preorder for the limited collector's edition of Batman v. Superman playing cards. I already put in a down payment of 50 cents to this guy across the street to secure my title to buy the pack for $5.00 when the movie comes out.
But I'll sell you my place in line for $3.00. It's really a total no brainer. Once Warner Brother goes with the JJ Abrams script, the studio is going to go bankrupt and there'll never be another DC comics crossover movie again.
@RC,
Saw your "Kubler-Ross" post on the Casey Serin blog --both funny & true!
HARM,
I love you, can we spoon?
Very Sincerely and Respectfully,
Surfer-X,
VP of Sin, HARM-X industries LLC.
When Ben is saying something, obviously he is saying it for a purpose.
What do you think his words are setting up for? Rate cut? Tax increase?
I don't think Face Reality is an ugly troll or even a troll. He seems rather dwarvish to me. A bit misguided but he does raise plausible questions.
SFWoman is absolutely correct; people will tell you almost anything if you ask....it's amazing.
However, I'm still in shock over the price sq/ft AND having to spend more on renovations than I'll spend on a new house!
What drugs are involved in these decisions?.....LOL Maybe someone will do a study on which drugs are more likely to to drive up the purchase price and by how much.....Hmmmm.
Doug H,
Forget renovation costs. What these houses cost will produce enough annual income to live in a similar style in a cheaper part of the country.
SFWoman,
Great point! Does that mean Cow Hollow is ripe for a huuuuge price? No MIRAGE support there?
Hiding,
My Batman v. Superman card contracts will yield far more! That guy next door just sold me his 4 spots for $2/each. I'd be willing to transfer to you for $3.50. I'm sure you can find a suc...financial genius here who recognize the real appreciation value of these cards and buy them at $75 per spot next year.
huuuuuge price = huuuuge price drop
I'm just terrible, really really terrible...at proofreading
ConfusedRenter Says:
> My realtor just e-mailed me this listing. It was a
> complete fixer he said and needed over $500,000
> in work. It just closed yesterday for $855,000 OVER
> asking?! Have you seen this place? Looks really dumpy.
According to title records Father Edmund L. Hayburn took title to the 2,390 sf (not 2,557 as the listing says) home via a trustees deed in 1991 from his brother Rev. Monsignor Robert F. Hayburn.
Reason for sale is below:
Rev. Edmund L. Hayburn died in Oakland, February 23, 2006. Son of the late Emma L. and James C. Hayburn. Dear brother of Ruth M. Hayburn-Cisek (Frank); brother-in-law of Vickie Hay-burn-Kehoe, and brother of the following late: Evelyn Levinson, Msgr. Robert F. Hayburn and James Hayburn. Loving uncle of Mara E. Amato (Michael), Anne M. Cooley (Michael), Marsha Felice (John) and Janice Charbonneau; cousin of Edmund W. Clarke. A member of Knights of Columbus. Former pastor of St. Agnes Parish, Concord, and St. Leonard Parish, Fremont. He was grateful for dedicated friends, Arline Lipman, Dolores Garcia and Margaret Griffith.
It’s funny that a pile of crap in Cow Hollow is selling for $2,750,000 (over $1,000 a sf) today when years ago Cow Hollow was so affordable that even priests who took a “vow of poverty†could buy in the neighborhood. As a kid I remember a lot of priest living in Cow Hollow (but they never lived in Pacific Heights or drove Cadillacs). The one exception was the Archbishop who lived at 2840 Broadway (the Willis Polk home just down from Gordon Getty’s place) before the church sold the home in 1991 to John Rosekrans (who’s grandparents built the Legion of Honor and Spreckels mansion where Daniele Steele now lives…
ConfusedRenter Says:
> the one thing the house has going for it, is it’s
> oversized 3,800 sqft lot. Very large vs. the typical
> 2,500sqft lot.
It's hard to think of 3,800 sf as "very large" after growing up in the suburbs in a city with a 22,000 sf minimum lot size...
ConfusedRenter get your faggot ass the fuck back to craigslist. Bad troll no more masturbation for you.
HARM, come on man, whip out the troll-b-gon
eburbed Says:
"Did you folks see the Moody report for their expected home price drop?
San Jose was dead last at -.2%."
_____
I took a little trip out to San Jo from Phoenix a few weeks ago. Looked pretty dumpy. I was disappointed.
Since San Jo is so overpriced, I think it's going to have one of the highest price drops in the nation. Just you wait and see!
"I took a little trip out to San Jo from Phoenix a few weeks ago. Looked pretty dumpy."
Most of San Jose IS dumpy. Definitely over-priced by 40% +
Folks, I must say this thread makes you look like a bunch of poor, angry, vindictive apartment dwellers instead of the smug (and rich) renters that you are (or should be). Here is the latest on the BA scene and its micro-markets. Will be interesting to see if some of these places take a hit in the next couple of months.
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2006/10/05/BUGPLLICBL1.DTL&type=business
"Prices in San Francisco, Marin and San Mateo counties will rise about 3.6 percent a year for the next two years even as home values in the East Bay slip, according to a Moody's Economy.com report."
@Surfer-X,
Right back at'cha, buddy! (Though I think a hug might be more appropriate ;-) ).
@Robert Cote,
You got it!
@SQT,
Once again you have perfectly encapsulated my thoughts and feelings.
Maybe Face Reality is right and the site below was just created by a bitter renter to trick people in to thinking that real estate can drop in value (Realtors know that just like limited edition Batman cards real estate always goes up since they don’t make it any more).
Real estate always goes up...just not in Sacramento.
--Face Reality (artist's conception)
Face Reality Says:
October 4th, 2006 at 2:47 pm
There’s a lot of revisionism here.
Patently false. Not only have none of the regulars tried to hide any previous predictions, we’ve openly admitted our mistakes –unlike the perma-bulls. Of course, they have mostly been mistakes in timing (I was too bearish too early), not in the overall direction or scale of what was happening:
FuckedCounty.com “dead pool†revisited
As recently as a year ago, the prevalent opinion on this blog was that a big crash was imminent in the Bay Area. It was even presented as a fait accompli.
It was and it still is. The bubble took several years to build on the way up, and will likely take several years to bust on the way down. As just about every regular on this blog has repeatedly noted, the RE market is very inefficient and sticky compared to the equities and bond markets.
The predictions of the participants turned out to be wrong (as they had been in previous years as well).
To what “predictions in previous years†are you referring? Or, are you just talking out of your ass (as usual)? Knowing exactly how far the RE market will drop is still years away. How “wrong†our long-term predictions will turn out to be remains to be seen.
Now, let's revisit some pearls of wisdom from our Revisionist Historian-in-residence himself, Face Reality:
Percent of houses with mortgages?
Discuss, enjoy...
HARM
#housing