Seattle Bubble has moved! Redirecting...

You should be automatically redirected. If not, visit http://seattlebubble.com/blog/and update your bookmarks.

Off-topic comment? Interesting link?
Head over to the forums, or click here for open threads.

Friday, March 12, 1982

03.12.2007 - Monday Open Thread

This is your open thread for Monday, March 12, 2007. You may post random links and off-topic discussions here.

Be sure to also check out the forums, and get your word in the user-driven discussions there!

26 comments:

rentalbliss said...

Very scary indeed, at least now the bubble is admitted.

http://www.bloomberg.com/apps/news?pid=20601087&sid=ahwzaBwuNaII&refer=home

So glad I did not buy in the last year almost did. Thanks Tim and the bloggers, you saved my family from a huge nightmare.

P.S. sorry for posting links this way I am computer illiterate.

thelongwait said...

rentalbliss, thanks for sending the article link.

Here's a tinyurl:
http://tinyurl.com/32b3fm

EconE said...

I hope you guys studied up on your global economics. ;o)

http://tinyurl.com/2lajaq

EconE said...

the bubble may be admitted but IMHO I think that they (Bloomberg et al) are "titrating" the information out as sloooooowly as possible.

soft landing...remember?

I was however surprised to see that the NYtimes most popular stories for Sunday included the mortgage crisis even with articles in the past...none have ever made it to that list...and this made it to #2.

The Tim said...

I was however surprised to see that the NYtimes most popular stories for Sunday included the mortgage crisis even with articles in the past...none have ever made it to that list...and this made it to #2.

Interesting note on that... my dad emailed me that article, and he doesn't follow my blog, nor does he have any skin in the housing game (bought a modest home in '87, never withdrew equity, will finish the mortgage this year). I think these issues are finally starting to hit the radar of the "normal people."

Terry said...

rentalbliss,

Good article. I really like the point Mr. Bowman makes. Specuvestor activity will have a definite effect on how fast the bubble deflates.

...real estate people tend to be the world's most optimistic, said Bryce Bowman, director of development for Randolph Equities LLC in Chicago.

``There's a lot of capital chasing real estate and that has not ceased with this bust,'' Bowman said. ``

darth_s said...

Some group already pushed for a plan for the FED to bail out these FBs:
http://biz.yahoo.com/ap/070312/subprime_mortgage_report.html?.v=1

Deejayoh said...

check out the ads at the top of the Housing Bubble site

- countrywide can qualify 4 of 5 borrowers!
- eloan specializes in zero-down!
- some site on how to profit from the housing boom

Quick - someone tell the marketing department to pull the google budget!

Richard said...

Looking at the Notices of Trustee sale for Friday 3/9, one is from a guy that between mid-2006 and now has purchased 6 or 7 properties, most 0-down. 4 trustee sale notices so far. One of the KC parcels is 2824100100. Not surprisingly, Fremont Mortgage is one of the lenders.

Nope, no speculation in Seattle.

Richard said...

I just looked and all of "Da Big Kahuna's" websites appear to be off line - so I called the phone #'s listed and it's just VM. I thought I saw a commercial for him just weeks ago - did he croak?

info said...

So glad I did not buy in the last year almost did. Thanks Tim and the bloggers, you saved my family from a huge nightmare.

Hi Bliss...actually, if you had bought last year in Seattle you'd have earned about 100K in equity. The market here is still very hot...

By following the advice fo this blog you missed out on the hugest appreciation in history.

witzend said...

info,

I ask only one thing, and that is, that you continue to blog here throughout 07, so we may see who is right in the end. Deal?

WTF said...

Info, would you buy right now? Or better question....could you? No more free lunches and easy money you know.

rentalbliss said...

Info, all I can say is reality escapes you.

Plymouth said...

If memory serves, info is another handle meshugy posts from, so pay it with the same sort of respect and credence you'd offer to any of his posts.

biliruben said...

Info:

First: "earn"? How would he have "earned" anything?

Second: Housing prices haven't appreciated at all since May 2006. After taking into account closing costs and inflation, the market in general is already taking a bubble bath.

EconE said...

The Tim said...

"Interesting note on that... my dad emailed me that article, and he doesn't follow my blog, nor does he have any skin in the housing game (bought a modest home in '87, never withdrew equity, will finish the mortgage this year). I think these issues are finally starting to hit the radar of the "normal people.""

MSM is still trying to keep it off the radar of the normal people.

example.

Saturday Morning at approximately 2:00 am Eastern Time...AOL had posted an ap article about the subprime mortgage issues. The article was one of the 5 "Top News" links.

Many times when AOL has a story...there is a message board where people can discuss the article.

I went to the message board and started to read the messages. Most posts were aimed at the toxic loans and the industry in general. A post was made that AOL got paid from advertising the toxic loans.

Within MINUTES the article was pulled from AOL.

I am still able to "backalley" my way to the message board as I had "saved it to my message boards" but if anybody were to try to do a search for that board (I tried)...it does not come up.

interesting eh?

confused said...

Info-

100k in equity? You mean on a $4 million dollar house/condo? Nice metrics by the way. Try percentages they work a little better for statistical measurements.

You might want to look that up, loser.

Eleua said...

Info,

Please, please, please go to some local purveyor of option-ARMs and lever yourself up on half a dozen properties.

Why not? They are hot, Hot, HOT!

I know of a RE agent that posts on another blog that shares your view. She thinks this finanace problem is not even worthy of a rat's ass.

Buy now, or you may have to compete with the rest of us in the Great Unwashed for the last rental.

Buy now, or be forced to move to Dallas.

matthew said...

Info = Meshugy

dtown said...

I read in the Seattle Times a few weeks ago that the King County condo market resulted in 18.6% appreciation for 2006.

A $500,000 Downtown condo would have equity appreciation of $93,000. Not quite the $100,000 that INFO stated, but anyone who thinks they made a wise decision waiting out the 2006 Seattle (not talking other parts of the Country, mind all) missed out on another banner year of housing.

This year and next is crystal ball, but 2006 is now simply history...Mr Bliss.

matthew said...

Dtown,

If you are going to sell that condo you bought in 2006 now, then yes, they missed out. If you are planning on holding that bad boy, enjoy the ride to the bottom!

rentalbliss said...

I can Guaruntee I will never be kicking myself for not overpaying for any condo.

matthew said...

BTW, inventory keeps rising over at housingtracker.net

j2ee said...

I am not convinced with the arguments made here. I have been kind of in agreement till recently. But the way Seattle market is picking up tells me another story. That the local economy is still strong. There are people who have enough money for down payment and to make monthly mortgage payment. Main reson is that there are a lot of high-paying jobs here and lot of people are moving here. Demand is simply much higher than supply. Just take a look at the quality of inventory we have got and the price.

Market seems to be even higher now than last month for singlr family homes. The median price is at $460K (excluding condos and town homes)

If you guys' theory was right, then high priced markets such as NYC, New Jersy, SF-bay, LA would have been vanished now.

matthew said...

TROLL ALERT! TROLL ALERT!