by Peter P ➕follow (2) 💰tip ignore
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I know I (and others) have brought this up before but I was just going over the emp. #'s and it occured to me that the bubble has actually been a mechanism to keep wages low and in some cases drive them lower. With the widespread availability of IO and pay option loans (along w/ever increasing RE values) there was no momentum for any kind of wage pressure or negotiating leverage. So:
Get out of my office! Show some b*lls, win a bidding war on a house you can not afford, get hooked up w/some shady mort. broker, cook up a payment, make 24 of them and flip it to some greater fool! There's your f'n raise! Now close the f'n door on your way out!
I wandered over to the housing forum on CL the other evening; it seems the tide has turned there. Especially sad watching the one or two brokers desperately trying to drum up business.
Especially sad watching the one or two brokers desperately trying to drum up business.
Was Face Reality "stirring up" things again?
I've kept an eye on CL and haven't seen Face Reality lately. The bears have been out in force, though. :)
The bears have been out in force, though.
Winter is over and we bears are all out of hibernation. Watch out for our paws, it is a delicacy for some.
Or maybe the bulls are just growing more fur.
Or are just producing more $hit.
i know the market is trending lower....but i havent been
to find a property in san jose that is listed lower than its
selling price in 2005....that is, till now... here it is.
address: 5003 Phileo CT, San Jose - Cambrian, 95124
2005:
(from zillow.com)
Sale History & Tax Info Sale History
08/17/2005: $750,000
2006:
mls#619009
ZipRealty Price Track:
Price Reduced: 04/10/06 -- $785,000 to $765,000
Price Reduced: 04/17/06 -- $765,000 to $755,000
Price Reduced: 05/02/06 -- $755,000 to $745,000
with the closing costs, sales commissions & such, the flipper
has already lost $30K-50K in less than a year.
duh?
i know the market is trending lower….but i havent been
to find a property in san jose that is listed lower than its
selling price in 2005….that is, till now… here it is.
I have also seen a SHORT SALE listing on CL.
Housing bubble?
Duh indeed.
Where have I been? Off on a tangent (apparently a hot one, and no, not in Belmont).
Blog party 3.0? Huh?
newsfreak,
The difference between then and now is: then = investing and saving (I know inflation was high, but the stock market and housing were both quite cheap by today's standard) cheap, consumption = expensive. now saving = expensive, consumption = cheap.
And people wonder why young people are screwing themselves with $20K credit card debts!
Hopefully, you finished a book?
Is the title "How a Flipper Got kissed, Got wild, and Got a Life" ?
(and now for an ill thought out and possibly completely erroneous comment)
Right now, with the moral hazards of bankruptcy and what not, period one expenditure are close to cost of period 2 expenditure. There's little incentive to save for a utility maximizer outside of tax calculations.
newsfreak,
My mom recalled seeing less than 70 cents/gallon of gas in the mid to late eighties :)
My mom recalled seeing less than 70 cents/gallon of gas in the mid to late eighties
I was paying $1 gas less than 10 years ago.
I can do without #3 though. I'm pretty mellow and underachieving as it is :)
I have also seen a SHORT SALE listing on CL.
Huh? I must have missed this. Got link?
@newsfreak,
Randy H merely regurgitated what a brilliant writer in yesterday's FT calculated, just to be clear (of any future charges of plagarisation).
Quick question: what is the best way to get to Sedona from the Silicon Valley?
15 to Vegas? Then follow the crows.
Any way to avoid two-lane highway as much as possible?
newsfreak,
Actually, my old college roommate used to smoke pot in my room (and then had the galls to kick me out for being passive aggressive) and I know a couple people in college who smoked pot. They can be very fun and quite mellow, but no thanks. Besides, people used to think I'm drugs when I was just high from having a good time. (because of good conversation and good music, Unalloyed, I can't believe your mind went there! :P )
Seriously, I have been there, go 40 which is 4 lane to Falgstaff, and then south to Sedona.
Thanks! I heard that Sedona is a positive (metaphysical) energy source.
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