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Patrick.net threatened with "Irrelevance"
2007 Jun 12, 7:29am 17,047 views 85 comments
by HARM follow (0)
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Thanks HARM for coming to the rescue. In 2+ years, we haven't seen such a steep rise in the yield curve. A 750K house with 20% down, leaving a 600K mortgage just went from 3600 mthly pymt to 3900 in one month's time. $300 monthly increase is 108K increase in the course of a 30-year loan. Many on this blog are actually looking at houses in twice this range meaning their mthy pymts would've just gone up $600/mth were they to buy. I damn well hope this rate increase translates into a significant price drop. Hell, the boom in prices was the result of cheap rates, now we're at 5-year highs in rates, it's time for prices to drop.
Np, Busted ;-).
While this post was obviously tongue-in-cheek, it's often been pointed out that the greater the MSM's acceptance (and to a lesser degree, public's) of the bubble existence, the tougher it will be for us to produce fresh material and continue to be "contrarian", by definition. Every day, we see a flood of news stories confirming our POV, and there's not much else original to be said on the subject really.
That said, I think we *still* have a way's to go on the general public's acceptance, and for every HB "convert" there are still plenty of industry shills busy "bottom-calling" each week to be debunked. Perhaps Patrick will eventually have to reinvent this site with a broader scope as a contrarian thinkers' or investors' blog.
sfbubblebuyer
@
2007 Jun 12, 8:15am
This blog is actually very likely to become irrelevant in some way or another. There doesn't seem to be much that could keep the bubble from deflating now, and the MSM is starting to cotton on to the truth. (Or be unable to hide it to keep their NAR advertisement money rolling in.)
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Patrick.net's housing bubble blog today faced perhaps the greatest threat in its 2+ year existence when a newcomer named "Busted" posted the following:
Threadmaster and regular contributor, HARM, responded quickly, posting this thread in a last-ditch effort to stave off impending "irrelevance." At a hastily convened press conference, HARM declared:
"The last thing any of us here wants is to become the blog equivalent of Jimmy Carter, Yassir Arafat, or --God forbid-- the U.N. I have decided to take immediate and unilateral action, and I hope others will support me in the Coalition to Defeat Irrelevance. Thank you and God Bless!"
#housing