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."
1 posted on
11/01/2006 9:15:11 AM PST by
ex-Texan
To: ex-Texan
To: GodGunsGuts; M. Espinola; Hydroshock; Calpernia
3 posted on
11/01/2006 9:17:52 AM PST by
ex-Texan
(Matthew 7: 1 - 6)
To: ex-Texan
Repeat a LIE often enough and it will becomes true...Is that the socialist scheme here!??? hmmm
4 posted on
11/01/2006 9:19:29 AM PST by
100-Fold_Return
(In Prisons Tattletales Are the Same as Child-Molesters...hmm)
To: ex-Texan
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....
5 posted on
11/01/2006 9:19:54 AM PST by
.cnI redruM
(Democrats; The Evil of Two Lessors.)
To: ex-Texan
Some thoughts:
1. All real estate is local. Many markets are overvalued and will decline but many are still increasing
2. Long term - The American population is still growing. We will have another 100 million within 25 years. They will want housing
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.
6 posted on
11/01/2006 9:20:20 AM PST by
2banana
(My common ground with terrorists - they want to die for islam and we want to kill them)
To: ex-Texan
It would be nice if this were true, because I am buying soon, but it isn't.
8 posted on
11/01/2006 9:28:07 AM PST by
Toby06
(Happy camper.)
To: ex-Texan
Tech stocks took a similar correction. Not every tech stock suffered. Those that had no value went in the toilet. Those that were overvalued took a slap down.
People still need technology, and people still need a place to live.
Here's something else to consider: if we hadn't aborted 40 million unborn little ones, how would market demand fair today for both stocks and real estate?
Markets never like the hard sell or hustle. People only get hurt from the quick sell.
Luke 12:
15
Then he said to the crowd, "Take care to guard against all greed, for though one may be rich, one's life does not consist of possessions."
16
Then he told them a parable. "There was a rich man whose land produced a bountiful harvest.
17
He asked himself, 'What shall I do, for I do not have space to store my harvest?'
18
And he said, 'This is what I shall do: I shall tear down my barns and build larger ones. There I shall store all my grain and other goods
19
and I shall say to myself, "Now as for you, you have so many good things stored up for many years, rest, eat, drink, be merry!"
20
But God said to him, 'You fool, this night your life will be demanded of you; and the things you have prepared, to whom will they belong?'
21
Thus will it be for the one who stores up treasure for himself but is not rich in what matters to God." 7
22
He said to (his) disciples, "Therefore I tell you, do not worry about your life and what you will eat, or about your body and what you will wear.
23
For life is more than food and the body more than clothing.
24
Notice the ravens: they do not sow or reap; they have neither storehouse nor barn, yet God feeds them. How much more important are you than birds!
25
Can any of you by worrying add a moment to your lifespan?
26
If even the smallest things are beyond your control, why are you anxious about the rest?
27
Notice how the flowers grow. They do not toil or spin. But I tell you, not even Solomon in all his splendor was dressed like one of them.
28
If God so clothes the grass in the field that grows today and is thrown into the oven tomorrow, will he not much more provide for you, O you of little faith?
29
As for you, do not seek what you are to eat and what you are to drink, and do not worry anymore.
30
All the nations of the world seek for these things, and your Father knows that you need them.
31
Instead, seek his kingdom, and these other things will be given you besides.
32
Do not be afraid any longer, little flock, for your Father is pleased to give you the kingdom.
33
Sell your belongings and give alms. Provide money bags for yourselves that do not wear out, an inexhaustible treasure in heaven that no thief can reach nor moth destroy.
34
For where your treasure is, there also will your heart be.
14 posted on
11/01/2006 9:50:17 AM PST by
SaltyJoe
("Social Justice" for the Unborn Child)
To: ex-Texan
"Pretty soon, being a billionaire wont mean much any more, just like being a millionaire means you are now part of the lower middle class."
Decided the author was pretty a dumass about here.
The real estate market may take a down turn, but with the drop in mortgage rates over the Summer anyone who was staring at an impending ARM reset and didn't take out a fixed rate mortgage pretty much is going to get what they deserve.
To: ex-Texan; Petronski
The real estate market continues to go bust as I had predicted in my first major article on the subject in December of 2005. What a slacker. You posted predictions of a bust at least 2 years before this guy.
20 posted on
11/01/2006 10:17:54 AM PST by
Toddsterpatriot
(Goldbugs, immune to logic and allergic to facts. You know who you are.)
To: ex-Texan
21 posted on
11/01/2006 10:22:01 AM PST by
Petronski
(I just love that woman.)
To: ex-Texan
I work for a real estate publishing company - one of the titles being
Valuation Review in which Freddie and Fannie are always making headlines. In my opinion, this article is BS.
24 posted on
11/01/2006 10:28:51 AM PST by
neefer
(Bad spellers of the world, untie!)
To: ex-Texan
perhaps by as much as five trillion being wiped out of the rather bloated false $20 trillion in equity in real estate Hmmmm . . . From the urgent tone, and my general experience of confidence men, I'd have to suspect this fellow is lying. He's not selling a newsletter or anything, I'm sure.
The reason real estate goes up is not scarcity per sethe world is pretty big. As Steven Wright used to say, "People keep saying, 'It's a small world.' What if you had to paint it?"
No, the reason is that the general increase in wealth, especially through technology, turns more places into valuable places to live.
Why did North Carolina become the target of an exodus from the Northeast U.S.? Because technology (air conditioning) made it possible, first of all, to survive the southern summers. Furthermore, technology made it possible to make a living there in ways that weren't possible beforein industries that didn't even exist before. Therefore, the value of having land in that very nice environment went up.
The higher value of real estate is real. It may go up and down like anything else, but there is nothing "false" about it.
To: ex-Texan
My ex girlfriend told me a few weeks ago that she was going to start flipping houses. I criticized her for it and sent her a deluge of articles like this one. I suspect she is going to go ahead with her plans and end up going over the cliff with the rest of the lemmings.
34 posted on
11/01/2006 10:49:34 AM PST by
Mini-14
To: ex-Texan
unless politics are removed and separated from the economic engines of the military industrial financial media complexjust like being a millionaire means you are now part of the lower middle class
Another article of a bunch of blather with ABSOLUTELY NO SUPPORTING FACTS.
What tripe you post.
To: ex-Texan
41 posted on
11/01/2006 11:05:45 AM PST by
Dr.Deth
To: ex-Texan
In my town, prices have pulled back a bit, and there is some inventory now (last year there was none), but the prices are still almost twice what they were 4 years ago. Some bust.
45 posted on
11/01/2006 11:10:19 AM PST by
3niner
(War is one game where the home team always loses.)
To: ex-Texan
I'm a big Dave Ramsey fan! He makes a lot of sense on a lot of financial matters, that's for sure. And his Total Money Makeover plan WORKS.
55 posted on
11/01/2006 11:39:10 AM PST by
Ignatz
(Click your mouse three times and repeat, "There's no place like 127.0.0.1")
To: ex-Texan
I sold a home in June in Mt. Pleasant SC. It went for $273K. The real estate company that handled the sale is now out of business and the average home sale price in the neighborhood has dropped between $30-40K.
I own a home in Portland Maine. last year I could have gotten perhaps $265K...today I have no idea as the 2 week turnover of a year ago is now 6 months or so.
All is not well in the housing market.
58 posted on
11/01/2006 11:49:09 AM PST by
Jim Verdolini
(We had it all, but the RINOs stalked the land and everything they touched was as dung and ashes!)
To: ex-Texan
"Home buyers dont want to buy in a falling market and because they cannot sell their old homes may sit on them for a while as the market wrings out the trillions of dollars of loans "Existing home values. Hmm. Mine went up in the last week, 98% since I bought it 6 years ago.
To find the value of your house go to the website that has about the best home value data base I have ever seen.
Good satellite zoom to roof top photos.
http://www.zillow.com/
yitbos
72 posted on
11/01/2006 1:50:18 PM PST by
bruinbirdman
("Those who control language control minds. " - Ayn Rand)
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