Hat Tip to Housing Panic Blog. "Hat-tip to Housing Panic'er Damon for the work"
It is past time that David Lereah is taken to task by the mainstream media for his shameless cheerleading
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Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.
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The best way to get the housing market thriving again is to drop prices to the point where supply equals demand. Home sellers might not like it, but it's good for buyers and it's great for Realtors.
For Realtors, the best way to make more money is to sell houses quickly, and the best way to sell houses quickly is to convince the seller to drop the price.
For Realtors, the best way to make more money is to sell houses quickly, and the best way to sell houses quickly is to convince the seller to drop the price.
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The comments have been getting out of hand as of late.
ReplyDeleteBlog Rules will be enforced.
This post is offensive David. It violates your RULES!
ReplyDeleteUh, Oh!!
ReplyDeleteva_investor, was that your house?
I love how the little girl is running away from the imploding house. LOL
ReplyDeleteWhich of my houses are you referring to?
ReplyDeleteThat cover is funny. While it isn't really substantive, things like this circulating on the net start to chip away at the "housing never goes down" mantra and make less gullible people start to realize that there is another side to the story.
ReplyDeleteA Redskins fan
And can you please tell me how much they are going to fall in Arlington? (duplexes AND single family homes) Thanks, it's great you are telling us this so that we can plan ahead!
ReplyDeleteYou guys should stop bashing Lereah. Lereah is my hero. You're just jealous because he is rich and you're not.
ReplyDeleteI don't know enough about Lereah to say anything, but I note that the 'Housing Panic' blog is increasingly becoming the 'Too Many Brown People Speaking Funny Languages! Panic' blog. The guy seems to love implying that if an economic downturn is in the works, all those Hispanics are inevitably gonna turn to pillage immediately.
ReplyDeleteSeems a tad odd to me, since in my experience the folks who are most prone to riots and other mayhem are our own home-grown fellow citizens -- black and white (if you doubt the latter, dig into your history, look at Tulsa in the 20's or Detroit in '43). In any case, if 'Housing Panic' is gonna become completely unhinged, it'd be better if it did it in a more amushing manner. As it is, it's just getting tedious.
-- sglover
The Blog Rules are for me, but not for thee.
ReplyDelete"4) Any comment which uses foul language such as 'f*ck', 'sh*t' is highly likely to be deleted."
However, the foul terms 'a**hole' and 'sh*t' was used in a post, NOT a comment.
ReplyDeleteSecondly, it was used a against the shameless cheerleader David Lereah.
David,
ReplyDeleteThat is pure bull****.
David:
ReplyDeleteHere's a better reply: Simply say that it's your website and the rules are whatever you say they are. It would be a much more accurate statement than that pretzel-like explanation.
LOL - The graphic is hilarious. I couldn't believe the 2nd revision of the book. Its called "milking a cash cow."
ReplyDeleteTrue. Good point fritz.
ReplyDeletegod that guy is just a puppet for the people making lots of money selling overpriced homes to suckers. ...He may not even be human..like a droid programmed to lie about what is happening to keep this spigot pouring the last drop..until the bankers give up with all of middle america's money...
ReplyDeleteFritz said...
ReplyDelete"David:
Here's a better reply: Simply say that it's your website and the rules are whatever you say they are. It would be a much more accurate statement than that pretzel-like explanation."
It also wouldn't earn David any respect. It's bad enough having one David around without any self-respect, we don't need a second one.
While the post may not be completely appropriate, sometimes you have to shout to make a point.
ReplyDeletethey are just words people. these words do MUCH less harm than those that combine to make up a book by a profiteer such as Lereah.
Nice blog Bill. Nice choice of name for the blog too. Kinda like a combination of this blog's name and DC Bubble's blog's name.
ReplyDeleteThat article on rents increasing is interesting in that increased rents may push more would be house buyers to buy well before your anticipated 50% drop in prices occurs.
50% ain't happening.
ReplyDeleteAnonymous 12:26 said...
ReplyDelete"50% ain't happening."
Agreed. As the differential between renting and buying decreases, there is less and less of an incentive for potential buyers to "wait it out." Additionally, and perhaps more importantly, as prices do start to dip (so 10% to 15%) on certain units --- putting them within grasp of hitherto unqualified buyers, more and more folks "waiting it out" will scramble to buy fearing to be left without a property when all is said and done. Human nature, pure and simple. The same greed that propels someone like David Lereah ... except that little self respect is lost in the process.
Man, I can't believe how sensitive the housing heads (i.e. Flippers and Real Estate Agents) are to this post from David. I know RE agents worship Lereah and the ground he walks on. It was a funny image. People shouldn't take it personally.
ReplyDeleteHow to Buy a $450K Home for $750K
ReplyDeletehttp://www.oftwominds.com/blogmay06/RE-ad.html
Bill:
ReplyDeleteWell, at least you have lots of wind to fill up that echo chamber of yours. Nice that you come up with a name that piggybacks off of two other blogs. Very original of you. Enjoy the solitude of your very own blog.
are they going to book Lereah on charges of being the "principle architect" of a series of complicated plots to hide housing slowdown, pump up estimates and polish the housing facade of success.
ReplyDeletesounds enronish....
Bill:
ReplyDeleteI have warned you several times about advertising your blog on this website. What part of "stop it" do you not understand??
This is your final warning.
David,
ReplyDeleteDon't worry, Bill's blog is so off the wall and froth with errors that the only people he's going to "steal" from you are guys like Keith ... and frankly you'll have a much better blog without them. It was so funny, last night he posted a blog similar to yours this morning about the 4.9% rise in prices EXCEPT that he said the 13.9% variance made it worthless. Yes, he actually thought that was 13.9 percentage POINTS and not a percentage variance on th 4.9% ... as if anybody doing a study would actually put out something with a variance so incredibly high to make it worthless. Good riddence to him and his ilk. Darwanism in action!
Lance, rents will not catch up with the costs of house purchasing in the west anytime soon. Rents reflect what real people make, while housing reflects what speculators were willing to pay. The two will not meet until many years from now. And the houses will drop much faster and harder than the rents will rise.
ReplyDeletegary,
ReplyDeleteI read something the other day that is disturbing, but may provide an answer for the disparity between buying and renting ... It was that basically we are turning into a nation of haves and have-nots, of owners and of a renter-class ... and that that accounts for the lower rents vs. buying costs. I.e., things will sell for "what the market will bear", and when it comes to the rental market, those (for the most part) doing the renting just can't affordt pay more than they are paying. I know the retort from many here will be something along the lines of "but some of these apartments are the same places ... condos lived in by owners one day and rented out to renters the next day". And that is correct, BUT that fails to acknowledge that at least in this country (and every western country that I know), being a homeowner buys you much more than a place to hang your hat. It also buys you a certain place in the eco-socionomic "ladder" (i.e., you get higher "standing" in your community, your neighborhood, your friends, and even your family.) Buying vs. owning also gets you more decision making authority over your home (i.e., I think I'll knock down the wall between the kitchen and the living room to make a more open space.) Lastly, I think buying vs. renting buys you the peace of mind of knowing that you can't be kicked out willy-nilly by a landlord at a time when you are not ready to move out. It also affords you the security of knowing what your costs will be for a long ways down the road. (I.e., you don't have to worry about the landlord raising the rent to unaffordable levels.) So, all in all, when you buy vs. rent, you are buying so much more ... and hence it makes sense that you are paying more. And because we are so far down the pike from when Reagan first started tearing down the middle class in this country, that we are getting to the point where there are haves and have-nots, but not many "median-income" folks. The bubbleheads are absolutely correct in saying that they can't afford to buy. The way things are going, they'll never be able to afford to buy ... not because the market isn't working like the rational ones among them seem to think, or because there is some vast conspiracy going on as the less rational ones think, but rather because the politics of this country have designated them as a "renter class" ...like the ones that have existed for centuries in countries like England and France. Hoping for a bubble is a desparate attempt at bringing control over an area over which they truely have NO control. In my humble opinion, they are wasting their time vesting energy into this "hope" and would be better served working to get the political trend of this country reversed. It is a strong middle class that has always been the backbone of this country. We don't need to be another India or Brazil or "old American South" with their 2 class systems with the poorer "renter class".
Very classy Bill. You're asked repeatedly not to advertise your knock-off blog, yet you spam just about every thread. Yep, that's really gonna make a person want to go to your ego, er, I mean, echo chamber.
ReplyDelete