Comments on: As bad as it is…the worst is yet to come http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/ Mortgage insiders view on mortgages, real estate, debt, and the housing bubble. site by SoCalMtgGuy, author of - Another F@CKED Borrower Wed, 23 Jul 2008 18:29:25 +0000 http://wordpress.org/?v=2.0.5 by: cheaper insurance van http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-583150 Sat, 05 Jul 2008 23:43:14 +0000 http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-583150 <strong>cheaper insurance van...</strong> steadiest budgeters endearing edits thirtieth ... cheaper insurance van…

steadiest budgeters endearing edits thirtieth …

]]> by: Marika http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-150339 Fri, 30 Mar 2007 11:33:14 +0000 http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-150339 Err..."NEVER even getting credit", I mean, lol Err…”NEVER even getting credit”, I mean, lol

]]> by: Marika http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-150338 Fri, 30 Mar 2007 11:32:14 +0000 http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-150338 I have only one "gripe" with this article-the part about people with "good" credit making smarter financial decisions than people with bad credit. I have NO credit, which makes it sound as if I have bad credit. I don't have any debts. I pay cash for everything. I live below my means and save all the income I don't spend by doing so. What's so bad about that? Yes, I rent an apartment. No, my kids don't have designer clothes. We have a used car. But we can sleep at night, and when the bubble finally pops, we won't lose our home, our car, our savings, etc, etc. I'd say we've been pretty smart financially for even getting credit. I have only one “gripe” with this article-the part about people with “good” credit making smarter financial decisions than people with bad credit. I have NO credit, which makes it sound as if I have bad credit. I don’t have any debts. I pay cash for everything. I live below my means and save all the income I don’t spend by doing so. What’s so bad about that? Yes, I rent an apartment. No, my kids don’t have designer clothes. We have a used car. But we can sleep at night, and when the bubble finally pops, we won’t lose our home, our car, our savings, etc, etc. I’d say we’ve been pretty smart financially for even getting credit.

]]> by: Gaffer http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-138582 Fri, 16 Mar 2007 17:55:56 +0000 http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-138582 Here are some nice posts on the subprime crash as well as a few stories on the UK housing bubble, which appears to be continuing despite higher interest rates. http://economicdespair.blogspot.com Here are some nice posts on the subprime crash as well as a few stories on the UK housing bubble, which appears to be continuing despite higher interest rates.

http://economicdespair.blogspot.com

]]> by: Schahrzad Berkland http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-135017 Tue, 13 Mar 2007 20:32:19 +0000 http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-135017 waitingpatiently, I am not a real estate agent. I have owned real estate from 1988 - 2005, and sold my primary residence to get out of the way of the collapsing bubble. My mission is to inform, and my long-term projection is the same as irvinerenter: prices in So CA are likely to fall 35-50% from peak to bottom. Then some flat, then gradual appreciation. I don't think we will see today's prices in my lifetime. May I guess is you are a renter, mad you are priced out of the market? If you were selling a house for which you could get $650K, you would actually sell it for $350K, because you don't want to be greedy, and because you want to lower the comps for your neighborhood? I look forward to your response. Gee, we should have more generous folks like you! waitingpatiently, I am not a real estate agent. I have owned real estate from 1988 - 2005, and sold my primary residence to get out of the way of the collapsing bubble. My mission is to inform, and my long-term projection is the same as irvinerenter: prices in So CA are likely to fall 35-50% from peak to bottom. Then some flat, then gradual appreciation. I don’t think we will see today’s prices in my lifetime.

May I guess is you are a renter, mad you are priced out of the market? If you were selling a house for which you could get $650K, you would actually sell it for $350K, because you don’t want to be greedy, and because you want to lower the comps for your neighborhood? I look forward to your response.

Gee, we should have more generous folks like you!

]]> by: dogma http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-135015 Tue, 13 Mar 2007 20:26:58 +0000 http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-135015 As of today, 3/13/2007 subprime is officially dead: Accredited (Nasdaq:LEND - news), based in San Diego, said it needed to raise money after paying $190 million demanded by its lenders, is cutting an unspecified number of jobs, and is exploring "strategic options," including raising new capital. Irvine, California-based New Century (Other OTC:NEWC - news), meanwhile, had trading in its shares suspended by the New York Stock Exchange prior to delisting and received a grand jury subpoena in a federal criminal probe. On Monday, the real estate investment trust had said it did not have enough cash to repay its own lenders. SoCalMtgGuy how could you possibly think these companies would be saved? The meltdown is going faster than even you thought. As you say: "Stay Tuned" for our next show: The Alt-A Body bag round up. As of today, 3/13/2007 subprime is officially dead:

Accredited (Nasdaq:LEND - news), based in San Diego, said it needed to raise money after paying $190 million demanded by its lenders, is cutting an unspecified number of jobs, and is exploring “strategic options,” including raising new capital.

Irvine, California-based New Century (Other OTC:NEWC - news), meanwhile, had trading in its shares suspended by the
New York Stock Exchange prior to delisting and received a grand jury subpoena in a federal criminal probe. On Monday, the real estate investment trust had said it did not have enough cash to repay its own lenders.

SoCalMtgGuy how could you possibly think these companies would be saved? The meltdown is going faster than even you thought. As you say: “Stay Tuned” for our next show: The Alt-A Body bag round up.

]]> by: waitingpatiently http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-134160 Mon, 12 Mar 2007 04:02:49 +0000 http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-134160 Schahrzad Berkland, Why would you have a website having anything to do with real estate when you obviously don't know your ass from your elbow? it's clear you're just another trembling real estate agent trying to single-handedly hold up a crashing market. rentfornow is absolutely right -- the greedy sellers SHOULD lower their prices, but not for rentfornow's sake. they should do it for their own sake because if they don't, a year from now they'll be whining to us all about how they should have cut their price a year ago when they could still have gotten a hundred thousand or two hundred thousand more for their house. the subprime market is the bottom level of the house of cards, and the subprime market just collapsed. do you really think nothing is going to happen to the "FEW GOOD" homes on the top level? how about a post about how clueless you are? Schahrzad Berkland,

Why would you have a website having anything to do with real estate when you obviously don’t know your ass from your elbow? it’s clear you’re just another trembling real estate agent trying to single-handedly hold up a crashing market. rentfornow is absolutely right — the greedy sellers SHOULD lower their prices, but not for rentfornow’s sake. they should do it for their own sake because if they don’t, a year from now they’ll be whining to us all about how they should have cut their price a year ago when they could still have gotten a hundred thousand or two hundred thousand more for their house.

the subprime market is the bottom level of the house of cards, and the subprime market just collapsed. do you really think nothing is going to happen to the “FEW GOOD” homes on the top level? how about a post about how clueless you are?

]]> by: IrvineRenter http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-134054 Mon, 12 Mar 2007 00:16:02 +0000 http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-134054 I have made predictions for the Irvine Housing Market. * Median sales price will decline approximately 40% from near $700,000 to near $400,000 over the next 5 years. * There will be a multi-year flattening of prices at the bottom. * Sustained appreciation will not return until 2013 or later. * Peak bubble prices will not be seen until 2027 (unless we get another bubble). I would enjoy hearing your input (link below). http://tinyurl.com/2penea http://www.irvinehousingblog.com/ I have made predictions for the Irvine Housing Market.

* Median sales price will decline approximately 40% from near $700,000 to near $400,000 over the next 5 years.
* There will be a multi-year flattening of prices at the bottom.
* Sustained appreciation will not return until 2013 or later.
* Peak bubble prices will not be seen until 2027 (unless we get another bubble).

I would enjoy hearing your input (link below).

http://tinyurl.com/2penea

http://www.irvinehousingblog.com/

]]> by: Schahrzad Berkland http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-133867 Sun, 11 Mar 2007 16:19:03 +0000 http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-133867 Yes, even long-time homeowners are under water. <a href="http://www.californiahousingforecast.com/commentary/2007/3/1/exclusive-story-long-time-homeowners-underwater-albatross-not-nest-egg.html" rel="nofollow"> under water long-time homeowners refinanced out their equity</a> Stefan, you are right. Prices are not dropping because the buyers are chasing the same FEW good homes. MLS is 17K, but only 2-3K are good homes. In a buyer's market, only the GOOD homes are desired. Nobody right now wants the trashy dump, the busy street, the tiny yard, the overhead power lines in the back yard, so only the good ones sell. Buyers are making multiple offers on the same few ones, keeping the prices high. Credit crunch is needed to make the prices fall. Yes, even long-time homeowners are under water. under water long-time homeowners refinanced out their equity

Stefan, you are right. Prices are not dropping because the buyers are chasing the same FEW good homes. MLS is 17K, but only 2-3K are good homes. In a buyer’s market, only the GOOD homes are desired. Nobody right now wants the trashy dump, the busy street, the tiny yard, the overhead power lines in the back yard, so only the good ones sell. Buyers are making multiple offers on the same few ones, keeping the prices high. Credit crunch is needed to make the prices fall.

]]> by: Schahrzad Berkland http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-133864 Sun, 11 Mar 2007 16:08:01 +0000 http://housingbubblecasualty.com/as-bad-as-it-isthe-worst-is-yet-to-come/#comment-133864 RentforNow, I made a post on my website based on your idea that sellers should give away their homes just because you don't want to pay market price, and that they are "greedy sellers". I strongly disagree. The fact that market price is higher than you would like is perhaps disappointing, I agree with you there, but is more likely to make you a "cheap buyer" than make them a "greedy seller". Wouldn't you try to get top dollar for your house if you were selling it? Aren't the people calling "greedy seller" really just "cheap buyers" who are priced out? <a href="http://www.californiahousingforecast.com/commentary/2007/3/11/not-greedy-sellers-but-cheap-buyers.html" rel="nofollow"> Not greedy sellers but cheap buyers</a>. RentforNow, I made a post on my website based on your idea that sellers should give away their homes just because you don’t want to pay market price, and that they are “greedy sellers”. I strongly disagree. The fact that market price is higher than you would like is perhaps disappointing, I agree with you there, but is more likely to make you a “cheap buyer” than make them a “greedy seller”. Wouldn’t you try to get top dollar for your house if you were selling it? Aren’t the people calling “greedy seller” really just “cheap buyers” who are priced out?
Not greedy sellers but cheap buyers.

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