patrick.net

It’s possible that one day we will be authorizing 103% loans guaranteed only by your immortal soul. Think of how rewarding that will be!

I'd take the house and mail in the soul.

Skibum, being a doctor is very prestigious. You are a professional and thus you get to mingle with realtors who consider you their peer in their professional circles.

:)

Yes, got the reference. In fact, that one should be one of the ridiculous realtor (TM) quotes - (to paraphrase) "we are professionals, just like doctors, lawyers etc., and we can't understand why there aren't more TV shows about our glamorous lives"...

Peter P - As long as we are able to print money, we will always be able to bail everybody out. This is the common ideal in socialcapitalism.

Well, this illustrates the importance to participate in asset inflation whenever possible.

So again, where are these “mass affluent”? They’re not coming from the B-schools as you posited. Maybe they’re coming from Uranus. Dunno.

Well, Uranus rules surprises. You never know... :)

BigBrother Says:
We’re talking about the ‘mass affluent’ who are buying these 2-3 million homes.

And WE are talking about the 'mass effluent' that is your primary contribution.
HTH
SP

Dang it, just saw that Brand has already made the 'mass effluent' comment w.r.t. Big Blather's comments.

SP

HARM Says:
:lol: I’m seriously considering sending her flowers & candy.

You better do it before Brand beats you to it.
SP

Kathleen Pender is cool. She is a voice of conscience and sense in the very heart of the bubble. Her calm sanity towers above San Francisco like the eye of the hurricane. We will look back on her impassioned pleas for responsibility like we enshrine Shiller for decrying the "irrational exuberance" the dot com bust.

I envison her as cross between Jodi Foster and Lena Headey as Queen Gorgo of the Spartans in 300. [steeples fingers like Mr. Burns] She is... eeeexcellent. Smithers, my jaunty cap! :o

Wow! Where can I sign up to be one of the mass effluent? Gee, all the losers I know who have been at their professions here in the "special" (and by "special" I mean complete with short busses, helmets, and drool cups) Bay Area aren't making anywhere near $300k. Even the CEO of our organization who has only been a professional psychologist for over 25 years makes only about $120k. Gosh, I think I need to stop wasting my time interning as a psychotherapist to be and start studying real estate. I mean, it takes like a couple semesters at Laney College and you have to take a test too. So, it's at least as difficult and rewarding being a RealWhore as it is to be a doctor, psychotherapist, dentist, etc.

Oh, and I can help so many more people find inner peace and serenity when they become FBs as they work 80+ hours per week to afford their mortgages as a RealWhore. Then I can get invited to all of the coctail parties that BagBrooder gets to go to.

By the way, has anyone ever noticed that the word mortgage has the words "mort" and "gage" in it? "Mort" is the French word for death and well, guage is a measure... So, is a mortgage "the measure of death" then?

Oh, and "mort" in English means, "The note sounded on a hunting horn to announce the death of a deer." So perhaps one could say that a mortgage is the measure of the note sounded on a hunting horn to announce that another FB has been killed by a mortgage broker... Oh and "broker," oh the possibilities are endless....

No man is an island, entire of itself. Therefore never send to know for whom the bells tolls; it tolls for thee.

Ass effluents signup will be at the backdoor of the Blue Oyster.

BigBother,

Randy H - Pls re-read. How many times do i have to say this? 300K+ is after 10-15 YEARS OF EXPERIENCE.

Please re-read yourself before telling me to re-read. That's why I posted the EMBA salaries, which are people with 10-15 years of experience. Salaries from top schools are well below your mythical $300K.

Here, let me say it slowly, and without understatement.

Not

are.

I suggest you look up the words "hoards" and "mass".

Oh yea, before I forget, you're a choad.

I think Big Brother has a point. I heard somewhere that just the top 50 richest people in US can buy every single house without needing a mortgage. Since there are more than 50 rich people in this country, the housing market is going to remain strong. In addition, all these rich people need doctors and lawyers. By being doctors and lawyers of rich people, they are also rich. The rich people need investment bankers and hedge fund managers to manage their load of cash, so these are additional rich people.

That proves that there are hoards of rich people. And as long as their are rich people, houses will keep selling at high prices. Yes, and I forgot to mention about the rich heirs of rich dead people. QED.

And to talk about common man. My friend's house is worth over 1M according to Zillow. So he is rich too. Another person I know just moved into a 1.5M house. So he is even richer.

This site is for "loosers". People here are not only jealous about homeowners, but also jealous of rich people. They deny the mass existence of rich people.

Checking in after a long time. Seems like Face Reality has started posting under the name of Big Brother. Arguing with these folks is pointless. They will change their screen name and start posting the same sh1t again.

We need to develop a bot to respond to them, so that we can focus our energy on more meaningful discussions.

does anybody know where a real estate blog can be found?

Well, the hard part is not just the $3M price tag, but the perpetual carrying cost about $50K + after tax money for property tax and home insurance alone.

Nowadays, gardeners, lawn service and pool services start to charge based on zip codes. If you live in San Jose, your quote will be a quarter of those living in foothill Saratoga. Plumbers and contractors? Oh sure, Mr. $3M, you can afford a minimum charge of $250 for coming out to your house, right?

Welcome to the high-flying lifestyle of "mass effluent", yeah, certainly substantial cash flow effluence.

Back on topic. Admittedly, this is not new, but often seen.

Homes, when priced competitively, are selling within 45-90 days. If priced 5% below market value...they sell with a few weeks!

Market value of a painting I have, is 100K, but if you want to buy it now, I will give you 60% discount over this "market value".

There are quite a few choice quotes at
http://realtytimes.com/rtmcrloc/California~Tracy

Kim: "I want to be effluent, Mum. Effluent!"

Kath: "You are effluent, Kimmie. Look at all you have - a Hyundai, a half-share in a home unit, a DVD, a mobile ..."

Kim: "I want to be effluent, Mum. Effluent!"

Kath: "You are effluent, Kimmie. Look at all you have - a Hyundai, a half-share in a home unit, a DVD, a mobile ..."

HARM, EBGuy,

BACK OFF!

(I saw Kathleen first!) :)

Agreed, more than drive a dagger through the heart of the misguided notion of even entertaining a bail-out she really does strike at the core of the bubble!

How about this? Let's have potential bail-out recipients write an essay as to why they should be eligible for more free money and allowed to stay in "their" homes! Winners.... (and they're ALL "winners" here) gets instead an autographed "Guide to Financial Responsibility" signed by no less than Kathleen herself!

Brand Says:

You know, I think most people on this forum are envious of the young investment bankers making $200K/year to start. And what about the MBAs who got their degree at the University of Phoenix? $400K/year minimum.
_____

No. U of P is $600K per year min. to start. Stanford, Colombia, etc. $5M+ per year.

As for doctors, sure they only start out at $400-$999K per year but 10-15 years out they're making 15-20X that amount plus 50 free houses thrown in.

Please, enough of this sh-t already.

DS - I love Kath and Kim. Truly cringworthy comedy, like Alan Partridge used to be.

Wait a sec, worst drop in home sales in 18 years? Can't be, can it?

http://money.cnn.com/2007/04/24/news/economy/home_sales/index.htm?postversion=2007042410

Weren't realtors just in the past few weeks talking about "hitting bottom" and that this year will be a year of "sure but steady" sales? Where are all the a$$ effluents to bail us out?

Speaking of the NAR's EHS numbers, can anybody tell me how the for-sale inventory managed to fall between February and March.

ozajh Says:

> Speaking of the NAR’s EHS numbers, can anybody
> tell me how the for-sale inventory managed to fall
> between February and March.

When homes are selling fast developers put EVERY home for sale in to the MLS (even before they get a CofO). Now with home sales slow they just list a few as "for sale" (even if they have 100 unsold sitting vacant on the street or in the condo tower)...

And a quick look over at CR indicates I'm not the only one having trouble swallowing the fall in inventory...

FAB,

I posted while you made your comment.

Yes, that makes a lot of sense.

"(even before the get a CofO)"

Oh, how very convenient? They can leave the shower head off or leave the dishwasher in the garage or simply sit on the ppw and magically there's less inventory. Jeez, where do the shenanigans end?

"They just took the student loans and stuck it into vehicles returning double the rate."

Then "they" are a$$holes. That money was design to help people afford college. It is not investment seed money for rich folks or those with corporate tuition assistance.

I hope no one sees this as "shrewd" investment strategy.

Brand,

I can't say for sure and someone else may have brought this up previously but FWIW I suspect that the giggly sidekick, "Hi-There" is CR/FR/BB's alter-ego as well. Innocently showing up at the most opportune times to "support" Fake Brutha's point? Hi-there seems to function as a "wing man" putting out some of the "smaller fires" leaving FOS to at least feel he's on a par with FAB, Randy and some of the other heavies.

We'll have to get a 'forensic blogger' to go back through the archives but I hardly think it's necessary.

PA Homeowner Says:

> To get back to the point of this thread, which is Big
> Brother saying that professionals who have worked
> 10-15 years “can” afford $2.5 million dollar houses.

There is a big difference between “can” buy and “will” buy…

Most of my friends “can” buy a Ferrari F430, but not many “will” buy one…

When $2.5mm homes go up in value year after year most who “can” buy “will” buy…

When $2.5mm homes drop in value and smart people predict that values will continue to drop very few that “can” buy “will” buy and an increasing number “will” sell to cash in before values drop even more…

Speaking of the NAR’s EHS numbers, can anybody tell me how the for-sale inventory managed to fall between February and March.

ozajh,

This is from the realtor.org press release:

"Total housing inventory levels fell 1.6 percent at the end of March to 3.75 million existing homes available for sale, which represents a 7.3-month supply at the current sales pace, up from a 6.8-month supply in February. "

What FAB says makes sense. However, these are existing (read used) homes, not developer (read new) homes. I think the news of a housing bust is finally hitting your typical potential seller, many of whom are waiting to see if the market improves. Tracking Boston, which I still think is ahead of the Bay Area in its housing cycle, this Spring has had noticeably lower inventory levels compared to last Spring. Sales are stable compared to last year. I think they are seeing a "dead cat bounce" as the very last capitulators (sp?) are pulled into the market.

Also, it's interesting how the drop in inventory still is not enough to prevent a rise in "months supply," as the drop in sales was so substantial.

On other economic news, consumer confidence down, inflation expectations rise. The Fed must be stressed out right now. Can they continue to hold the course, holding rates steady while giving lip service to inflation? I think this puts a serious damper on those who think the Fed will cut rates any time soon.

From my e-mail this morning :

NationPoint offers loan programs that many lenders don’t.
Looking for a mortgage with a high loan-to-value (LTV) ratio? We have 100% LTV products that are available with credit scores as low as 620.1
And lower LTV products are available to borrowers with credits scores as low as 540.1 Extended amortization programs are also available to keep your payment as low as possible.

"California has great twisty roads though, nothing I’ve seen on the East Coast compares. "

Astrid, if you get the chance try driving Route 58 or Route 60 through the Blue Ridge mountains. These roads are within a few hours drive from DC.

If you like "twist" and incredible natural views, you'll like these.

"Then “they” are a$$holes. That money was design to help people afford college. It is not investment seed money for rich folks or those with corporate tuition assistance."

Big deal. That's about the least of our worries. Anyhow, a simple way around it is to have a networth cap. The much bigger story in this area is how SallieMae and other non-government lenders have made out like bandits on our tax dollars.

Headset,

Thanks for the tip. My boyfriend and I have driven skyline drive and been a little underwhelmed (the vistas are nice, but the mountains just aren't tall enough or interesting enough. We might take a drive there this weekend.

http://www.dailykos.com/story/2007/4/24/81711/7932

Hehe, Dailykos ties honeybee disappearance to subprime mortgage (sort of)

Then “they” are a$$holes. That money was design to help people afford college. It is not investment seed money for rich folks or those with corporate tuition assistance.

I disagree.

I believe college education should be widely available. However, student loan should not be seen as a form of welfare. There are already too many forms of welfare.

Unproductive people had been gaming the welfare system for decades. What is wrong with these people taking advantage of some universal benefits now?

If anything is wrong, the system is wrong.

And don't forget that student loans are not free money. It is a collateralize debt. The collateral is you. Not even BK can wipe it out.

"This listing is special John; you guys can do this."