Posted on 11/01/2006 9:15:08 AM PST by ex-Texan
I continue to predict that the current bust will be the biggest loss in dollar terms in the history of this planet. Billions in coming losses are no longer a realistic estimate but rather we are talking trillions, perhaps by as much as five trillion being wiped out of the rather bloated false $20 trillion in equity in real estate across a broad spectrum of residential and commercial properties in the United States."
Funny how this real estate writer sounds familiar. For those in the know, he sounds just like Dave Ramsey. It you are a regular listener to Ramsey's Daily radio broadcast, you know that he preaches careful financial investment. Last week he was getting hoarse telling people not to try to get rich flipping houses.
If you want to learn more about the bursting real estate bubble click here. Or visit my FR Page For all the realtors and mortgage brokers out there, I suggest you just crawl back into bed. The situation will get a lot worse before it gets any better. For "naysayers" out there I reiterate some of your favorite mantras: "Nothing to see here. Not in my neck of the woods. Time to move on."
bttt
*Ping*!
Repeat a LIE often enough and it will becomes true...Is that the socialist scheme here!??? hmmm
Goody, Goody, Goody. A couple of more months, maybe my wife gets the raise she's going for, I'll be able to afford a Palace on The Potomac. Something near Mt. Vernon where all the trees have turned beautiful colors this time of year....
3. Banks are making loans they never used to due to the packaging and selling of mortgages (including sub-prime) on the market due to Fanny Mae. This has to stop.
This is the truth. What is your agenda?
It would be nice if this were true, because I am buying soon, but it isn't.
Most of us just wonder why you and your buddy ex-Texan (if that is not just another FR name of yours) keep posting these articles. You seem to take a perverse pleasure in every sign that there is a real estate crash on the way. Why is that?
The MBS credit market which created the bubble is global.
2. Long term - The American population is still growing.
Only if you count immigration, much of it illegal.
Banks are making loans they never used to due to the packaging and selling of mortgages (including sub-prime) on the market due to Fanny Mae. This has to stop.
Fannie has been incapable of generating a credible financial statement for over 5 years. They have trillions in highly leveraged debt and derivatives which permeate every major money center bank, most small banks and money market funds. This problem is literally orders of magnitude larger than the S&L crisis.
It's not true on my street. Our values are up about 20% in 3 years, which is not exactly rocket acceleration, but beats a hole in the head, for sure.
"3. Banks are making loans they never used to due to the packaging and selling of mortgages (including sub-prime) on the market due to Fanny Mae. This has to stop."
This has been this way since the early 1980's.
Kind of a fundamantal piece of our financial system. And it's Fannie Mae...
They are liberal schmucks. Doom & Gloom types trying to slap the "Bush economy" in the face. Try carrying on an intellignet debate with hydroshock and you'll go running for a fan of the Barney the Purple Dinosaur for some intelligent conversation.
I lived through a major bubble burst in New England in the 80's when home values dropped by as much as 50+ percent. I was actually pretty lucky, I bought my house in December of 1984 and closed on it in february of 1985. by the time we had closed on it the value had already gone up $50 thousand dollars. When we sold it 14 years later it went for that same $50k profit we made in the first 2 months. Some of my coworkers who bought in 1985-86 saw their home values plummet. One buddy paid $135k for a condo and finally declared bankruptcy when it was assessed at $50k. Another paid $280k for a condo and the price dropped to about $170 for the rest of the units but he and his wife rode it out. Cape Cod took a massive hit. But there was a silver lining in the cloud. For each family that lost big time there was another family, one that had been saving up because they were priced out of the market, that now had a home they could afford. So the trillions won't dissapear they will be moved around because unlike stocks which can only be used for toilet paper when they become worthless people can still live in houses, business can still move into office space. It happens and frankly I'm in a position to buy and wouldn't mind cashing in on someone elses misery.
He's a genuine real expert, he took a bunch of half truths and DU doom and gloom socialist-onomics to prove some sort of point. These threads are as dumb as the evolution and 100 per barrel oil threads. Facts are.
1. "Prices overall are down". What the writer didn’t say is MOST markets are still appreciating while some seriously overvalued markets like So. Fl, So Ca and some areas of the NE have dropped a bit. What he left out was that sales have actually increased. Let me repeat that. SALES HAVE INCREASED.
2. There has been no systemic, epidemic and widespread foreclosures. The local mullet wrapper the Palm Beach Post takes joy in spreading this lie. Headline PB Post "Foreclosures up 85%". What the local socialists don't tel you is the number of foreclosures went from 1200 to 2400. So going from .03 percent of mortgages held to .035% of mortgages that go into foreclosure is a real crisis. Made those millions yet Carlton Sheets lemmings?
3. Interest rates have not skyrocketed like some of the HOLD GOLD loonies have speculated. In fact rates maybe poised for another drop in the Spring.
4. The S&L crisis was created by changes to the tax laws which instantly created worthless investment portfolios. Look of the facts before some spout some ignorant Democratic clichés.
Someone quoted Dave Ramsey before. I used to like Dave and actually liked some of his common sense principles but Dave's a certified idiot speaking on things he knows little about. Going broke in real estate, being a reformed whore monger and having a down home East Tenn. accent does not make you wise. Waiting around for a 15 year mortgage and 20% down payment and you will living in a rental for 20 years. Any guy who guests on Oprah can't be taken seriously. Cut up your credit cards and use cash but the rest of his Dave-isms ignore them.
Alex S. Gabor is a big fan of George Soros. Perhaps exTexan is also.
http://newswire.indymedia.org/en/2006/02/833140.shtml
The goldbugs, gloomwhores and leftists badmouthing the economy are all in bed with Soros, either directly or figuratively.
They march under the same banner.
What a slacker. You posted predictions of a bust at least 2 years before this guy.
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