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Knife catchers that buckle and give in will justify it in their own mind by saying, “Yeah, comps may be falling all around me but long term this will be good for meâ€. By the time those fencesitters…….yada yada…..
The interesting thing is, apart from knife catchers and true FBs, a lot of people who already own can sell and buy a new place in the market at about the same time without losing anything by it -- this is the safest way to transact. They sell for a huge sum and buy for a huge sum. This is another reason prices are bolstered or are 'sticky'. Some very clever people even sold 2 years ago at the top trying to time the fall, as discussed above. The fall will come when increasing numbers in the Gen X or Gen Y come to buy their first new place, and demand will increasingly be from them rather than existing home owners (who will be dying off). The only other path to home ownership will be to inherit, and you either chose your parents wisely and/or they didn't have too many kids...
OMG, skibum killed D.L.!
"Sweeeeet" -Donald Trump
"Robert, what's your right hand doing?" - Casey Serin
"mmfmfmfmfmmffmmf" -D.L.
You could start quoting CR. Ya know, pretend to be a convert to the whole "infinitely up and to the right" mindset. Be sure to talk glowingly about the Brazillian cherry floors you saw at an open house last week. Mention that it sold for over asking.
"Guess those flippers really made their money on that one! You know any brokers who could get me one of those Interest Only loans? I need about two million... but you should see the VIEWS!"
It is actually a very simple equation, if you "bought" a house (whoops, home) in the past three years and you could not afford a traditional amortizing mortgage, you are fucked.
The only real question is how many fucks have stupid fucking mortgages.
@I like Scotch, I think you should whore out your slut of a girlfriend and should sell your bastard children to the white baby black market slave traders and "buy" that fucking house. Or you could just go fuck yourselves back on craigslist.
The October Housing Starts numbers are out and they are UGLY.
Down 14% MOM, 28% YOY.
They sound beautiful to me.
Is this UK's version of surfer-x?
http://www.cnn.com/2006/WORLD/europe/11/17/britain.webrage.reut/index.html
Allah,
That was awesome! Nice work. Btw I'd heard it was actually 14.6% down MoM! Don't cheat me out my .6%, not even on a Friday!
I’m confident that house prices will either stay flat or decline slightly over the next few months. However, my fiance and I are 36 and 32 yo, and have been living in a 1 br apt for the past 1 1/2 years so we could save $ for a house, and we are anxious to move into a bigger place, so we’re going to put in an offer of 5%-7% below asking.
Scotch,
You are going to make a flipper very, very happy......you may even keep him from commiting suicide. If you do buy, I think in a year or two, your going to be drinking alot of scotch......but then again, maybe you won't be able to afford it.
I Like Scotch,
Welcome to the Board. As you can see, you need a tough skin to pass the "gauntlet" of surfer-x and co. Don't take it personally.
@allah,
"Leslie, you got some 'splainin to do" - DL
"Waaaaahhhhh" - LAY
Is Gary Watts supposed to be Fred Mertz?
Is Gary Watts supposed to be Fred Mertz?
I haven't really written a script for it, but it was a Gary Watts infomercial Lucy was watching; Gary had convinced Lucy that the gains were "in the bag". She went on a spending spree buying up "too many houses" and couldn't sell them after the market tanked. Ricky (Desi) went on a advertising campaign convincing people that "the market is local" and that prices "here" will go back to normal appreciation, you know 8-10%. Alan Greenspam provided the easy to get funds that Lucy would have never been able to acquire in a normal market.
@allah,
Better yet, have you seen/heard the classic Eddie Murphy "Delirious" standup routine? If you have, need I say more?
"Hey Gary, how would you like to...?" - DL
"Babalooooo!"
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Ok, all you Photoshop wizards out there finally have a creative outlet. Please post links to any of your REIC/Bubble-themed masterpieces here. If you don't know Photoshop, no problem: "found art" (proper credit given to the artist, of course) is just as good.
Because only threadmasters can post images, you'll have to just post them as normal links and I'll try to convert them to viewable images as time permits. I'll give you my own and Muggy's latest contributions to start things off:
Enjoy...
HARM