patrick.net

A video you will like:

http://youtu.be/YgSPaXgAdzE

That is a mirror. Always filthy too. I know that mall.

Tried to give the impression clearly. Also angle of mirror and depth.

Headline: Black Friday retail sales hit record, says report.

When you look at first glance you can't see. I blew the photo up for some reason, then I noticed. Nothing Like this was going on around me and I live near a large city. In fact traffic was sparse. I live only 9 miles from the most popular mall in the town. No traffic on really traveled roads that go to the mall.

I have to question the acumen of people that shop with so much job loss. Not only that the same for the credit card companies that will have to suck up the losses of the people that do lose their jobs and default. The whole thing really makes no sense to me. You would think one would be saving for a potential emergency. With so much foreclosure. Shelter would be a priority also. Stores may not have such a priorty. Survival also. Once the merchandise is sold. They don't have any more worries. Given the incestious relationship between credit cards, credit, stores, not able to make house payments etc. Seems a very disorganized way to do things. Not only that. It's a very OR would be a very irresponsible way for the majority of people to behave given the status of the current situation. Just does not make sense otherwise.

One more thing. There are many Asian in the picture above. China is taking a chance also. Something that the forecasters are obviously not making them very aware of. Especially the whoop-de-doo people like Fox. Not only that they appear. I said appear trying to make things happen in an otherwise not so good situation. What that means is China is joining in right along with them. China should watch out someone may just be cooking the books. Their books got cooked, marinated and well done the last time around.

Lotta people just want to enjoy there savings or there hard fought credit raiting (people do not consider this, but a good FICO score is something you EARN and should there for be enjoyed like any other earnings) but yeah I think some people need to consider the junk they are investing in and look to something that pays you to sit around do nothing rather than working all ones life for cheap trinkets for XMAS time.

Also remember Art that foreclosures are a blessing more than they are not. They are what the pros call econo drivers. This is real.

Here's an LA home (3964 Black Bird Way, Calabasas, CA 91302) that sold in February 1998 for $450,000, then in June 2006 only 8 years later for an astonomical $1,095,000! You say that the bubble has burst, but the current ower is trying to sell it today for $950,000! So please tell me how the bubble has burst in LA. I still believe that in many places in the USA, it still has a long way to fall. If you buy into the unnatural bubble in real estate that took place from 1998 to 2005/6 then I can see where you're coming from. If you study the history of real estate prices in the 20th century, you'll recognize that the bubble was an anomaly: http://www.dailywealth.com/825/A-Surprising-Look-at-100-Years-of-Home-Prices

.

02/05/1998

Sold

$425,000

--

bgamall4 says

don't think that LA or SF have burst. But there are a lot of folks buying from foreign lands right now, so who knows if it will burst as much as we think?

with all respect that is lies. American citizens and war contract workers are forming trusts as i type this. there is serious $$$ here. believe me I know. I am involved somewhat

they make the big bucks. my son in law made 420 thousand dollars last year serving as a software man in Iraq

i'm very happy renting my hole in the wall right now and squirreling away my hard-earned cash money, but there is going to come a time when i'm going to want to buy - whether or not the subsidies are modified or eliminated. i plan on buying in a year or two, and, if i can, possibly paying in all cash.

someone said it best in a different thread - "either you're a slave to rent, or you're a slave to property taxes."

Zachary says

Here's an LA home (3964 Black Bird Way, Calabasas, CA 91302) that sold in February 1998 for $450,000, then in June 2006 only 8 years later for an astonomical $1,095,000! You say that the bubble has burst, but the current ower is trying to sell it today for $950,000! So please tell me how the bubble has burst in LA. I still believe that in many places in the USA, it still has a long way to fall.

if 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.

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

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

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

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!

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

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

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

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!

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

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!

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.

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.

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.

Here's one to make you all barf -

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

Anonymousone says

Both parties are screwing the people.

The people are screwing themselves.

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.

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!

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!

Ironman says

Why are you bumping threads from YEARS ago?

why not?

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.

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

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?