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Friday, February 26, 1982

02.26.2007 - Monday Open Thread

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This is your open thread for Monday, February 26, 2007. You may post random links and off-topic discussions here.

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15 comments:

wreckingbull said...

I challenge any of you to top this place down the street from me. It is on the corner of Loyal Way, which is an arterial.

I saw it on my run today and I was laughing so hard I had to walk home the rest of the way.

Expat said...

Uh oh...
Greenspan: Recession likely Slowdown possible by end of '07.

http://www.usatoday.com/money/economy/2007-02-26-greenspan_x.htm

I would hate to set that if I was closing on a place right now.

Terry said...

Inflated real estate prices are no longer a problem! The government is giving away free money!

free money

Eleua said...

Is this another version of Matthew Lesko?

blog said...

Real Estate Journal -- Is housing really that good of an investment?

Terry said...

eleua,

Matthew Lesko is for real! That's really funny. I had never heard of him. He's even listed in Wikipedia.

Eleua said...

The article states that only 20% of Mouseketeers expect to use their home to fund a significant portion of their retirement.

I have read sources that state it is in the 65-70% range.

From anecdotal sampling of conversation with Discoballers, I would think my stat is more reliable. Perhaps that is because I live in Bubbleland. If you live in Dallas, you can't be stupid enough to think you can retire on equity.

Either way, many Boomers are going to curl up in the fetal position when their home value craters, at the same time Jason and Jennifer need college money, and GMAC needs the payments for the his & hers Escalades.

Debt and stupidity. They go hand in hand and they are an ugly couple.

SLTO Troll said...

I was browsing over at the list of foreclosures in Los Angeles, Riverside and interestingly 700K homes are now down to less than half a million...

for a 3700sqft home that's way cheaper than up here in seattle and to think that's where the bubble started...

I might just consider moving down there and grab myself one of those homes for 400K...

only downside is the mello roos, HOA and property taxes that are off the roof...

but the point is that things are really unwinding down there to a point that it's almost cheaper to buy a home there than it is here...

Does that make sense? Those equity locusts will find that moving here is a downgrade and will naturally go back to california...

T,V & Mr.B said...

SLTO, without the troll 'cause I don't think you are one, but your comment puzzeld me " property taxes through the roof"? California has Prop 13 keeping property taxes down.....once you buy of course. It is sthe best thing in the US as your property has a limit on how much they can raise the taxes per year and it is minimal. LOVED IT. Even though my house was valued so much higher, they could only base it off about 1/4 of it's value. I truly wissh they would do something like that up here.

T,V & Mr.B said...

Expat, regarding Greenspan states a recession, do you think he is gonna say it was his fault? No, he is blaming cycles.....Next thing you know, Lereah will be saying that we have a long way to go to hit bottom. (I mentioned this over on the topics, but since it seems no one is postsing there, I thought I'd post it again...and because I like to hear myself talk...er...blog)

T,V & Mr.B said...

Housing Tracker is out.!!!!!!! Looks like the asking prices are coming down a little bit which, from what a my Realtor Cousin said yesterday, is substantially different from what the REIC was seeing annecdotedly.

Joe Consumer said...

Many folks here have (rightly) bashed for his role in the bubble frenzy.

I find it ironic that this same set of folks find his comments credible now.

LOL

T,V & Mr.B said...

Joe, I don't see the irony at all. When Greenspan says there are signs of a recession, what about that would be unbeleivable? It is the fact that a national figure is finally admitting it that we are commenting on. When he says that housing declines have had little effect on the economy, that certainly is either unbelielevable, or only a lead in to further tidbits later on.

Lake Hills Renter said...

I see where Joe is coming from, and I am guilty of it myself sometimes. Who is a shill and who is speaking the truth is based on pre-conceived conclusions. If Greenspan says the housing market is fine, he's a shill for the REIC. If he says the market is going to tank, he's a good guy who speaks the truth! It doesn't have anything to do with who said it or how they arrived at the conclusion, but with whether or not they agreed with me.

I'm not pointing this at anyone but myself really, but I do see this behavior on both sides of most discussions, be it housing market, Mac vs PC, Ford vs Chevy, whatever. It's a frame of mind I try to avoid. That's why I keep going back to facts, which is why this is my favorite blog.

Terry said...

As Adam Savage says, "I reject your reality and substitute my own."