HOME PRICES PLUMMETING

The Austin American Statesman | 01 February 2003 | Shonda Novak

[isthisnickcool]

LOL! You are right! I didn't look at all the photos.

You may be able to find something you like more (or hate more)at har.com. For a million bucks you can get a lot of house.

There is one house that's probably coming on the market over in Galveston County..

[quebecois]

"I don't think you can make a sweeping statement regarding real estate markets nationally"

I was speaking of the overall trend. I'm sure that there are individual stocks that have done quite well over the past 3 years...but the overall trend has been miserable. Similarly, there may be some areas which, due to local factors, may still experience growth in real estate values. But the overall trend is a bubble deflation.

[Torie]

Here is an example of the Iranian thing. There are worse examples, however, much worse. Alas I couldn't find a paradigmatic specimen. Let's just say the columns and height of a Taj Mahal gone wrong are out of proportion to just about everything else, including the lot size, the balance of the house and everything else. The one below just sports that office building look. It lists for about 1.5 million I think. Hurry.

[Myrddin]

Here is a nice little bread and butter house in Foster City, California, located about 10 miles south of the San Francisco Airport. It lists for $995,000. It has 1800 square feet.

That house is about the size of my parent's home in Chula Vista, CA. I sold my 1334 sq ft house on .25 acres of land in Mira Mesa, CA (part of San Diego) for $242,000 in February 2001. My new home in Pocatello, ID is 3900 sq ft on .33 acres...purchased for $180,000. My wife and I like winter. No lawns to mow :-). Our lawn area produces almost 150 gallons (dry) of grass clippings each week during the summer months.

[AdamSelene235]

Give me another 2 or 3 points on the upside on FNM and I'm shorting it. Oh baby, what a mess that is going to be.

You mean you've waited until NOW to short it. Sheesh, I shorted back at $82.

Buy some puts while you're at it. I put all the short money in oil,n.gas,and gold. oh, and fannie mae puts, I know that is a wee bit aggressive....buy hey, I'm right.

[AdamSelene235]

If the housing market ever "plummets" like the Internet stock bubble, the nation will be in a depression worse than the one in the '30's.

Ironically it was our response to the 1930's that got us in this GSE mess in the first place. See my post # 55.

Unlike an investor's shares in "Whatwasithinking.com", houses have an intrinsic value.

Not when you owe more on the mortgage than the house is worth.

If houses all lost 70% of their value nationwide (as has NASDAQ), it's all over for everyone.

Speak for yourself, I plan to make a killing.

[AdamSelene235]

"I don't think you can make a sweeping statement regarding real estate markets nationally"

Sure you can. All the money is coming from the same place, see post #55.

[Torie]

Here is a cutie. It is just adorable.

[isthisnickcool]

LOL!

Paint it pink and it would look like one of those plastic Barbie Castles.

[arete]

You mean you've waited until NOW to short it. Sheesh, I shorted back at $82.

No, shorted and covered earlier. Made some nice money on FNM and just waiting for the right time to do it again.

Richard W.

[Big Horn]

Why Wyoming taxes low no snow men are men and so are some of the women.

[jwalsh07]

Here's my wood stove room, I'll let it go cheap and give you a half acre of my five to go with it. But you can't share the garage.

[AdamSelene235]

No, shorted and covered earlier. Made some nice money on FNM and just waiting for the right time to do it again.

She's a big fish and takes patience to land. 65-67 seems to be the upper limit. I eagerly await a retest of 58 .

[Don Corleone]

The GREATER FOOL theory is just being proved.

[jackbill]

Quiwr Jackbill, my parents live there, and it's already over discovered!:).

I assume that you meant "Quiet". Not to worry. As you know, much of the property here is waterfront and to paraphrase Mark Twain, "They're not making any more of it".

BTW, I got mine, and it's done much better than my investments.

[Don Corleone]

Here is a nice little bread and butter house in Foster City, California, located about 10 miles south of the San Francisco Airport. It lists for $995,000. It has 1800 square feet.

Does that include the noise from SFO in that price or is that an extra?

[AdamSelene235]

I assume that you meant "Quiet". Not to worry. As you know, much of the property here is waterfront and to paraphrase Mark Twain, "They're not making any more of it".

They might not be making more land, but they are printing mortgage funny money like there's no tommorrow.

[AdamSelene235]

The GREATER FOOL theory is just being proved

They'll run out of fools shortly, they always do. The looming GSE crisis is going to make us long for the days of a simple S&L bailout. Kiss the bond market and baby boomer's 401k's goodbye.

[arete]

65-67 seems to be the upper limit

I was looking at 69 even. I think that we will yet see at least one more attempt by da boyz to ramp up the markets before the bottom falls out.

Richard W.

[Rollee]

Oh, that is utterly, utterly hideous!! Where is it? How much?

I once showed a house that was painted black and gray with purple trim. When I pulled up to it (the posting picture was in black and white) I was horrified. My clients were clutching their sides in spasms of laughter. The inside had bright green carpet, like a golf course, white marble walls, black wrought iron railings and kitchen appliances in avocado circa 1971. The basement had red and black carpet and was decorated in early frat house. The crowning touch was 3 or 4 cages of iguanas in the living room. That house was on the market for about 6 months, but someone did eventually buy it. It was, decorating and iguanas aside, a lot of house for the $$ and in a good location, location, location. We called it the Ozzie Osbourne house.