patrick.net

In truth, I’m not sure the letter from “Linda” is genuine.
Thank you Randy, the letter is hilarious but it would be truly frightening to think of Linda as an actual Realtor.
Also, since I regularly harangue Randy about Mill Valley prices... the July DQ numbers show a 10% drop in the median home price (year over year) and a horrendous monthly drop from June -- which I suppose correlates nicely with his recent on the ground observations.
For me, the question of the hour is what will become of CAR's First-Time Homebuyers Affordability Index? Come on Obama, how about some Senate hearings on the REIC. Wouldn't you love to hears this.
Sen. Obama: Ms Appleton-Young, is it true that the California Association of Realtors recommended that first time buyers use an ARM and spend up to 40% of their income on their mortgage, taxes and insurance.
Ms. Appleton-Young: Its just an index that reflects the reality of the marketplace. Hey, we have to make a living somehow. Its not our fault. Mortgage brokers are evil. [breaks down sobbing]

I’d like to know what you think about how these biased, one-sided forums that favor the bulls over the bears by eliminating anyone who says anything negative about the housing market; even while it is obviously deteriorating. I thought these forums were about sharing information; whether it be good news or bad news as long as the information is true.

I say join them. Help them help the hype. Get everyone there to buy with 0% down and a neg am loan.

Yes, but do you agree that they are conspiring against me, or do you think I am over-reacting?

They are conspiring against reality. But that applies to all kool-aid drinkers.

Tell them to invest heavily in Detroit real estate. We're going to win in Iraq any day now and oil's going back to $5 a barrel, so Ford and GM will hire hundreds of thousands of new workers in Detroit. Tell them to hurry before word gets out!

Tell them to invest heavily in Detroit real estate. We’re going to win in Iraq any day now and oil’s going back to $5 a barrel, so Ford and GM will hire hundreds of thousands of new workers in Detroit. Tell them to hurry before word gets out!

I can't because they already suspended my account.

By the way, take a look at the last post; a fellow Long Islander who agrees with me and is telling them about a house he bought in 2002 and was lucky enough to get out in time only to just break even.

Allah,

They conspired against you. They are TERRIFIED and their arguments don't hold up well, or they wouldn't have a problem with a point of view that's different than their own. At least they didn't accuse you of being unpatriotic or aiding and giving comfort to terrorists.

Allah,

If some of those price reductions don't look frantic, I don't know what does?! Some of them came in as little as a week. (Doesn't exactly inspire confidence now does it?)

I talk regularly with an internal wholesaler for ____ firm and he is a HUGE fan of yours!

They conspired against you. They are TERRIFIED and their arguments don’t hold up well, or they wouldn’t have a problem with a point of view that’s different than their own. At least they didn’t accuse you of being unpatriotic or aiding and giving comfort to terrorists.

SFWoman,

That is confirmed now. I just realized that they also deleted the graphic of the inventory on Long Island as well as the ARM reset schedule; those were the first two graphics; you can see they replaced them with "moderator cut : personal website". It wasn't even a link to a website, I uploaded those pictures directly to the site; no those pictures are "too scawy, we can't have that here!".

It has begun. Ginnie Mae announces, "We don't need no stinkin' conforming loan limit". Its only saving grace:
Frenz said in the memo that Ginnie Mae will continue to require that the borrower's downpayment plus the amount of the VA guaranty be equal to at least 25 percent of the purchase price or the home's value, whichever is less.

"too scawy"

I've heard little children say that so many times. (Now I know how it's spelled!)

If some of those price reductions don’t look frantic, I don’t know what does?! Some of them came in as little as a week. (Doesn’t exactly inspire confidence now does it?)

DinOr,

I have thousands of these price reductions; some are as high as 30% or more and I'm not talking about sale price, I'm talking about an asking price that is still not pullin any interest!

Here's an example:
mls#1991137
614 Bayview Ave, Bellport, NY
-30.4% change from first recorded price
Asking Price $195k as of 08/24/2007
Asking Price $280k as of 08/14/2007

Tell your friend from ____ firm, thanks!

And now for something completely different:

www.cbhhomes.com/viewpage.aspx?ID=424

Corey Barton (known locally as "Hurry Build'em") was giving 6 months free mortgage payments lately in order to sell houses. Now they are going to try eBay. You can't say they aren't willing to try anything to move unsold inventory.

DennisN,

Gawd! That's funny, especially the neon "Reserve not met". And this is ID!? But... but.. bu.

The feds say housing is still going up; guess we don't have to worry about a loanowner bailout :lol:

Corey Barton (known locally as “Hurry Build’em”) was giving 6 months free mortgage payments lately in order to sell houses. Now they are going to try eBay. You can’t say they aren’t willing to try anything to move unsold inventory.

Ah, great! Always wanted a house in Idaho; I can grow potatoes in my backyard....I bit $10k!

Probably a bunch of realtor's ring bidding the price up and hoping some sheep come along.

The feds say housing is still going up; guess we don’t have to worry about a loanowner bailout

Remember the idea of the "rolling boom" in real estate? Seems like a joke now. Well, this must be the "rolling bust."

allah,

Seriously, though, between the OFHEO data you cited and the GDP data released today (yes, our economy is still healthily expanding!), I find it hard to imagine how the Fed can cut the Fed Funds rate in the face of this and other data without it being completely obvious to everyone that they are trying to bail out Wall Street.

Bendover Ben truly has a fine line to walk. We'll see how he does.

Seriously, though, between the OFHEO data you cited and the GDP data released today (yes, our economy is still healthily expanding!), I find it hard to imagine how the Fed can cut the Fed Funds rate in the face of this and other data without it being completely obvious to everyone that they are trying to bail out Wall Street.

I agree. You know, I think Bernanke is just putting this info out so he could make an excuse to not cut short term rates; I think if they start cutting those rates now, the foreigners are going to be pissed! ...and that won't sit well with the greenback.

There is one bear still on this thread kicking all the bulls a$$es!

I'd like to join in, but they suspended my account!

>>614 Bayview Ave, Bellport, NY

Whoa - wow is that house cheap. It's livable and everything!

Compare that to http://www.burbed.com/2007/08/30/easy-cummuting-at-this-425-fixer-upper-near-alum-rock/

"rolling bust"

In spite of the humor you intended, that may well play out skibum!

Rolling corrections are not entirely unheard of. We may stumble along and find what "looks" like support in the housing market only to find what we thought was solid ground turned out to be a trap door!?

In fact, the more I think about it the more it seems likely. Again Randy H would describe this as "stickiness".

Wow, there's some pretty awful advice on that thread:

http://www.city-data.com/long-island/144309-why-would-someone-want-buy-into-6.html

If you had bought that house in 2001, 2002, 2003, 2004, you would have enough equity now that you could ride out this market and never worry about it.

You are suffering from Analysis Paralysis. You buy a home for your family when you can afford to.

Putting your life on hold for 6 years because you are worried about statistics and the conditions of a global market you have zero control over is just going to make you nuts. In ten years you'll be saying the same thing... just about a different market with different circumstances.

Get a deal, buy the house, raise your kids... in 10+ years you won't care about this at all. Home prices are not going to fall for another 7 years unless the economy craps out for 7 years too. And if that happens... stock up on shotgun shells, gasoline, and beef tallow.

I guess in some ways its right "buy a house when you need it" - but the phrasing is generally so bogus.

>>614 Bayview Ave, Bellport, NY

Whoa - wow is that house cheap. It’s livable and everything!

Please, don't start this again! If you like the house, buy it!

Wow, there’s some pretty awful advice on that thread:

They're all bulls on that thread and they do everything they can to keep the bears off; I started the thread, they removed all the graphics I put up and suspended my account!

eburbed,

Even for your site, that Alum Rock house is truly a sight to behold. I didn't realize there were shotgun houses in San Hosebag. It looks Depression-era to me. How exactly would a contractor "breathe new life" into that thing?

I shouldn't comment on the "cum-muting" typo...

It's funny how the moderators suspend my account and then posted that.

I shouldn’t comment on the “cum-muting” typo…

Don't be a "hippocrit." ;)

Allah,

I went to the link you posted, their Intelius site is so behind the curve. They are trying to charge me $14.95 for information that I could get at propertyshark for free. What kind of loser web2.0 are they?

The city data they posted for the neighborhoods that I know is more out-dated than wikipedia. That site has nothing useful to offer.

I went to the link you posted, their Intelius site is so behind the curve. They are trying to charge me $14.95 for information that I could get at propertyshark for free. What kind of loser web2.0 are they?

The city data they posted for the neighborhoods that I know is more out-dated than wikipedia. That site has nothing useful to offer.

OO,

I didn't even know they had anything like that; I was just brought there by a google search. That site is heavily biased; probably run by realtors. Mention anything negative about the market...you get an infraction by the web police!

What the heck is Lawrence Yun smoking, and where can I get some of it?

http://www.realtor.org/rmomag.nsf/pages/economysep07?OpenDocument

He's clearly making a strong bid to outdo David Lereah...

I went to the link you posted, their Intelius site is so behind the curve. They are trying to charge me $14.95 for information that I could get at propertyshark for free. What kind of loser web2.0 are they?

I guess anyone dumb enough to drink their kool-aide will pay the $14.95 and they probably get the said information from propertyshark.

He’s clearly making a strong bid to outdo David Lereah…

Don't you know he's the NAR's relief pitcher; I'm sure they have another one waiting in the bullpin until Yun has a nervous breakdown like Lereah did. Kharma claims another!

Off Topic... but look at this FB :

http://tinyurl.com/3cs37p

All you need to be a home owner is... catch up the two mortgages, then agree to pay for them all yourself!

Even an idiot would realize it'll be cheaper to buy it from the bank.

(Also, how can payments be between 5500 and 6500 a month? Doesn't he KNOW?)

Predictions are always risky, but I’m going out on a limb to say existing-home sales will improve markedly by the fourth quarter. Here’s why:

I'd say that's a very thin limb!

All you need to be a home owner is… catch up the two mortgages, then agree to pay for them all yourself!

and who the hell wants to live on a divided highway? (notice the yellow line in the street).

5500 and 6500 a month?

This is supposed to be a good thing?

I like how Yun pretty much hangs his hopes on foriegn buyers. Yah, they're going to rush in to snap up depreciating assets. Suuuuure.

At least Obama wants to make Wall Street pay instead of the taxpayers, that at least is a step in the right direction and far better than the taxpayer funded bailouts Dodd and Schumer are calling for.

Personally I think that the market is going to continue to address the issue and likely resolve it prior to the Government getting around to taking action. For example, the debt markets have dramatically marked down the price of most all mortgage backed security "investments," including the ones that don't even hold any subprime debt.

Furthermore, credit standards have dramatically tightened such that lenders are simply not issuing subprime loans because the lenders are (finally) scared of not being paid back, and all of this happenned before the Government got around to doing anything.

Of course, this whole mess never would have happenned if the Fed or the OCC actually enforced lending standards during the boom years. You remember those boom years right, back when we were called "jealous bitter renters" and derisively told to "just deal with" paying the haughty homeowners mortgages for them for the rest of our lives? Ha ha hah hah hah hah! Oh sorry, is that "schadenfreude"? My bad, I don't care. :)

Randy H would describe this as “stickiness”

:lol:

and who the hell wants to live on a divided highway? (notice the yellow line in the street).

It's actually not a divided highway.

http://tinyurl.com/357luc