curtisg165

Foreclosure-Proof Homeowners

Ain't this fun? There's so much greed its hard to keep up. Gordon Gecko was right. Greed is good! It would be even better if some of these very large financial institutions would completely collapse. One can only hope. Unfortunately, the government will probably use taxpayer money to bail out these greedy people. Meanwhile the financial fallout from all this hubris is going to cause hardship for everyone. Its the American way.

Shiller: Single-Family Housing Market Is "Grim"

Jay Jay said it well. This Realtor BS referring to the the American Dream is just that. Also there's: we are running out of land and, of course, NAR advising everyone to buy now as the price is just going to go up. What an absolute crock!
And this from a long time home owner. People, be patient. Buying at the top is crazy in both stocks and housing. Thank goodness homes are so illiquid, otherwise you would see a 2000 stock market type collapse. Qualified home buyers are like gold. Don't give yourself away cheaply and make the sellers pay dearly. After all, that's what they were doing to the buyers for the last 5 years. Its all about greed. Try to stay detached and objective. Let the games begin!

Prices Fall, Inventories Rise, NAR Spins

Maybe Yun is referring to the fact that the federal government is working to freeze many variable rate loans at their existing interest rates; not allowing resets. This will create a "moral hazard" and will certainly send the wrong message while penalizing those who were prudent enough to avoid this whole debacle. People who made decisions based on the guaranteed home appreciation that Yun and Lereah adamantly predicted will benefit; as will NAR. This will even help Wall Street to collateralize the ugly SIVs and CMOs they created so as avoid heavy losses. The home buyer who was prudent and saved will, in reality, get to pay for all this with his taxes. Heck, its the American way!