Thursday, February 22, 2007

Farewell to The Southern Maryland Housing Bubble News Blog

The Southern Maryland Housing Bubble News Blog has ceased operations. Patch Tuesday, the blogs founder wrote
I pulled the plug on the Southern Maryland Blog. The REIC is collapsing under its own weight now, so I felt like my work was done, and it's time to move on to other pursuits. Special thanks to David and everyone that supported the blog.
The Southern Maryland Housing Bubble News Blog (SMHBN) was a high quality blog that offered insightful commentary. Patch, if you want to post something you can email me and I'll be glad to post your thoughts on Bubble Meter. :-) SMHBN stood strong fighting the Real Estate Industrial Complex (REIC). We will surely miss Patch.

13 comments:

  1. Gotta luv the spin!

    "The REIC is collapsing under its own weight now, so I felt like my work was done,""

    David, when you get tired of waiting for the burst that is never going to happen, I hope you at least have the decency to admit you were so so wrong!

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  2. Lance - same goes for you. Please be willing to concede...

    And IMO, Patch is right - these past few weeks the housing/mortgage/credit collapse is becoming more and more mainstream. Nothing left but the fallout now. The snowball is starting to gather speed.

    And frankly, if the broader economy does suffer, and the decline is signifigant, many of these blogs will probably close. Their purpose was to warn people and find other contrarians. No need to warn when it becomes mainstream.

    Other blogs will probably morph into guidance on how to take advantage of market conditions or advice on how to escape a toxic mortgage situation.

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  3. The lesson here is that blogging actually takes a fair amount of effort. So thanks to David for continuing to keep this one running.

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  4. Mojo said...
    "The lesson here is that blogging actually takes a fair amount of effort. So thanks to David for continuing to keep this one running."

    Agreed.

    ReplyDelete
  5. Lance is a real estate clerk, mortgage broker, or is involved with or married to a mortgage broker real estate clerk or is somehow tied to the industry no matter what he says or just stupid. Lets see lance
    Home depot lost 28% last qtr(stores empty)
    23 lenders gone under,
    no one buying houses
    the list could go on.

    Lance, I dare you to put a list together of the postive info(give us real info from real sources)

    Lance is dreaming a little dream

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  6. Thanks David please keep your blog going!

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  7. anon said:
    "Lance, I dare you to put a list together of the postive info(give us real info from real sources)"

    I dare you to read post #2 under "January 2007 MRIS Numbers" ... Standard and Poor is reporting NO CHANGE in the price of existing houses over the last 12 months ... Thanks for all your anecdotal "evidence" ... but in the end it's the facts that count.

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  8. And IMO, Patch is right - these past few weeks the housing/mortgage/credit collapse is becoming more and more mainstream. Nothing left but the fallout now. The snowball is starting to gather speed.

    Exactly. We're in the end run. The next 90 days are going to put us on the path we've been predicting for a long time. (Ok, not me, for a long time... But the bears.)

    As to being wrong????
    Prices are dropping.
    Condos are about to implode.
    Rents are dropping nationwide.
    And empty home inventory is at never before seen levels.
    Calculated risk shows us what to expect for April and May layoffs. (Its brutal.)

    No, at this point bubble blogging is becoming less interesting because its obvious the bears are correct.

    Don't believe? Just wait. 26% of the US population is too poor to buy today. They are "priced out forever." With 70% ownership (vs. a more typical 66%) there isn't exactly a hoard of people spectating through this bubble.

    Lance, look at the ABX links people have posted. If you don't understand what that market's CRASH is going to hurt the economy. Ask.

    Credit is about to disappear. Down payments are about to be required again. We've never had asset appreciation under stricter lending standards.

    Since price to rent is so out of whack... its smart to rent in a level market. And today's prices will not sustain.

    http://www.eurobondonline.com/abx-HE-BBB-06-2.Htm

    The best thing is, if I'm wrong... I cannot lose. If home prices go up, my company will only accelerate job transfers out of the area. They're doing this because employees are begging to be transfered to lower cost of living areas.

    In effect, the ABX market crash was the dam breaking. It will take six to 12 weeks for that crash to end the mortgage market as we know it. Cest la vie. ABX has already crashed. The rules are about to change. Welcome back to down payments. In fact, 20% might not be enough.

    Got popcorn?
    Neil

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  9. lance:

    NO CHANGE in 12 months.

    that's 0% appreciation. Maybe you didn't realize that.

    Hmmm...I hear a bubble bursting.

    J

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  10. Anonymous said...
    "lance:

    NO CHANGE in 12 months.

    that's 0% appreciation. Maybe you didn't realize that.

    Hmmm...I hear a bubble bursting.

    J"

    hmmm ... it must be coming from that open window near you ... Why don't you lean over into it a little further to hear it better? ;)

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  11. Am I the only one who thinks now might be the time to buy BBB-rated ABX bonds?

    I've done fine with emerging market debt, but those risk spreads are looking mighty puny.

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