Yep they were talking their book the whole way down. Which gives me an excuse to post this picture again -- this is from September 2006, long after it was clear that the bubble days were over:
I remember the same one's were telling us, when it was in its very early stages, that we weren't seeing a collapse in the real estate market.
At the time I was doing IT/systems admin for a local Realtor/MLS outfit. I seeing 400-500 being listed per day, whereas shortly before then only 10-20 max were being listed. At first I thought there was something wrong with the software, servers or database. It was truly shocking, as being in real estate literally since my childhood, I had never seen anything remotely like it.
Then I'd log onto FR and "those guys" you refer to would be telling us how their daughter-in-laws (or whatever friend/relative) were Realtors and were having their best year ever. Those of us trying to give witness to what was really happening were a bunch of Chicken Little, doom-&-gloom, Ron Paul freakoids.
This was extremely frustrating being that I was looking the objective data right in front of my face.
Hey AAABest,
Some of us took heed of the warnings we saw on FR, you and Texan et al.
ATM I’m working in IT support for a CRE brokerage, holy mother of gawd the stuff I’m seeing is unbelievable. A single county in NJ has lost market value in CRE in the last 6 months greater than the yearly GDP of small countries such as Haiti.
LoopNet is a graveyard, a digital representation of a modern abandonment of a civilization. SunkenCiv and Blam post articles to the GGG list about how ancient societies apparently abandoned their cities under mysterious circumstances. I’m seeing that right now on Costar.
Yep they were talking their book the whole way down. Which gives me an excuse to post this picture again -- this is from September 2006, long after it was clear that the bubble days were over: