The Kool-Aid is still free flowing

I

IrvineCommuter_IHB

New member
If I have to hear another person say that it's a great time to buy, I am killing someone AHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!





<a href="http://www.cnbc.com/id/15840232?video=510787951&play=1">www.cnbc.com/id/15840232</a>





Seriously, housing prices based upon gold prices? I mean the fact that value of the dollar has been cut in half has nothing to do with raising commodity prices.





A little older but more interesting: <a href="http://www.europac.net/Schiff-FOX-8-15-07_lg.asp">www.europac.net/Schiff-FOX-8-15-07_lg.asp</a> <a href="http://www.europac.net/Schiff-FOX-8-18-07_lg.asp">www.europac.net/Schiff-FOX-8-18-07_lg.asp</a>
 
According to the NAR, it's a great time to buy <strong><em><u>or</u></em></strong> sell. Just like it was yesterday...and the day before...and the day before that...
 
The end effect of the kool-aid is a guy like this. . .. (via Ben Jones' Blog)





<a href="http://www.orlandosentinel.com/orl-homes1107sep11,0,4391853,full.story">www.orlandosentinel.com/orl-homes1107sep11,0,4391853,full.story</a>





"In a survey report last week, Archer said many homeowners "have not yet come to terms" with the harsh reality of the weaker market and the loss of the rapid price appreciation they experienced from 2003 to 2005.





Sukhram is a case in point.





He lived and worked in the New York City area for 26 years before tiring of the snow and ice. He brought his wife and children to the Orlando area two years ago and bought a home in south Lake County for $212,000.





<strong> A little more than six months ago, Sukhram, who works at a Wal-Mart, listed his home with a real-estate agency for $348,000. He held firm to that price for the first six months, even though his agent brought no one around to look at the house.





"He said he didn't get any calls," Sukhram said. So he agreed to cut his asking price to $340,000 when he signed with McAdams, though he said Monday that he's not willing to negotiate further cuts</strong> .





Not budging





<strong> Sukhram said homes in the Orlando area already are priced too low compared with areas of the country such as New York, where a relative of his recently sold a house for more than $500,000. That tells him, he said, that he should hold firm.</strong>





But the yard behind his 1,938-square-foot Clermont home is not big enough for the swimming pool that his wife and four children want. He said he has not made any improvements to the property to raise its value during the two years he has lived there, but he needs the $128,000 profit -- minus his agent's commission -- to be able to afford the kind of home and large yard that he really wants.





<strong> "I would not sell it for less than $340,000. That's a fair price for me," Sukhram said.</strong>"





What the heck kinda of logic is that? Since houses are selling for higher prices in New York. . .we all should sell at a higher price? If that's the case, I know some houses are selling at Malibu for like $14-15 million. . . .a three bedroom at $900K in Irvine is a bargain!
 
As Forest Gump said, "Stupid is as stupid does."








I was just thinking, I would like a Ferrari. Perhaps I should put my car for sale for $150,000 because I need to make that much profit to buy the Ferrari.
 
<p>He has over 50 neighbors that have dropped their homes below 300k.</p>

<p>One is 1000 sqft bigger then his. I guess they don't have the same fair price as him.</p>

<p> </p>
 
Speaking of the NAR... .guess what another revised estimate of home sales. .





<a href="http://biz.yahoo.com/ap/070911/housing_forecast_realtors.html?.v=8">biz.yahoo.com/ap/070911/housing_forecast_realtors.html</a>





"The [NAR] described a big cutback in the construction of new homes as a "healthy trend" that will reduce inventory. The group projected construction of new homes will fall to 1.4 million this year from 1.8 million last year."





There is always a silver lining.. . makes me feel much better.





<a href="http://www.realtor.org/press_room/news_releases/2007/sept_forecast07_dampen_home_sales.html">www.realtor.org/press_room/news_releases/2007/sept_forecast07_dampen_home_sales.html</a>





<p>"Lawrence Yun, NAR senior economist, said unusual disruptions in the mortgage market are dampening the outlook for home sales, notably for August and September. “<strong>There’s been an unusual hit to home sales, starting in March when subprime problems emerged and more recently when problems spread to jumbo loans, with many potential buyers on the sidelines.</strong></p>

<p>'<strong>However, the jumbo loan market is now beginning to settle, and FHA-insured loans are helping to fill the subprime vacuum</strong>. The volume of existing-home sales this year will be better than 2002, which was the second year of the housing boom.”</p>

AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1
 
<p>I did Mr. Wainwrong's gold calculation when Dimmy posted that crap on Lansner's blog. Using gold and the median OC SFR prices from 1975 OC should have a median SFR price today of $270k and if you add 1% above inflation and a 3% OC bluesky/beaches/no more land/everyone wants to live here premium that would equate to $367k. So either gold is going to soar or home prices are going to tank.</p>

<p>I see fools like that and I just hope that their econ teacher watches that and goes back to change their grade to F. </p>
 
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