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Don't panic ? I was writing this in previous thread
HSBC and NEW both give BIG bad news.
I have a savings account with HSBC Online. It’s FDIC insured … but now has me worried a little bit.
... and ...
Bill Fleckenstein (MSN Investor) warned about the coming problems in home loans at least 2 (maybe 3) years ago. That’s where I learned about secondary MBS, stated income loans and assorted information.
Couple of years ago he mentioned NEW as a compelling short idea. It has been going downhill since then. Although I did not trade NEW, I made some money on TOL on its way down. He was the first one to give information that saved me from buying a home. So I owe him a lot.
If CFC/TOL etc go up tomorrow, I think I will admit to PPT’s existence.
We have savings with HSBC at 6% online but less then $ 100K.
I hope the money is safe. it is our 50 % down payment when we buy our discounted Mc mansion...
Dude stop plugging nyc-123 - this is the second time that link has showed up.
Peter P
@
2007 Feb 7, 12:14pm
Maybe the meltdown simply isn’t coming to the BA, and you mentioned some of the reasons for that.
Remember, my 8-ball said no crash in the Bay Area.
* Not advice of any kind
Peter P
@
2007 Feb 7, 12:15pm
But a soft-landing can be major disappointment or even major hardship for more than a few people with toxic loans.
Peter P
@
2007 Feb 7, 12:19pm
Also, a soft-landing means plenty of time to pick and choose for buyers.
palo alto renter,
Face Reality is right. The Bay Area is immune to any alleged housing "crash" (which is now so obvious that even spokesmen for the Fed, NAR, and GSEs are on record confirming it). Every 400sft studio in Nob Hill/Marina/PH/SOMA[insert favorite "it's different here" neighborhood] is worth $10 meellion dollars (pinky to lips).
The historic relationship between rents, incomes and carrying costs has been forever severed. The perennial shortage of land there means future first-time buyers will be priced out forever. Renters, and those born in future generations, will be will be unable to afford a $10 million starter home in 5 years. They will live in tent cities, and used Hondas. This asset bubble is unlike any before it in history, because it will never slow down, or pop. The gains are permanent. It's a new paradigm, and anyone who doesn't buy, now, will be priced out...
Do I really need to finish this?
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Inspired by Rainman18 (from Ben Jones' blog):
Expect real estate prices to decline in the coming year
Redlandsdailyfacts.com
posted 02/06/2007
Attention everyone:
"When put into perspective of a 10-year pattern, the downturn should have been expected based on the huge run up since 2002."
"...No reason to panic if you purchased your home for the quiet peaceful enjoyment of it" (vs. appreciation)
"Only the speculators and flippers ...are in any trouble at all."
"...and the last ones that purchased in 2005-2006..."
"The rest of us just need to continue to enjoy our homes, unless we were using it as an automatic teller machine."
Crickets: (Chirp chirp, Chirp chirp...)
#housing