By BIG ROB

April 16, 2007 10:42 AM | Link to this

Jeff how about the tale between million dollar homes vs 250-500 thousand dollar homes.

By A.P.

April 16, 2007 10:48 AM | Link to this

There isn’t much going on relating to Real Estate other than the usual ASSAULT by our favorite Post writers. They continue to SPECULATE on the IMMINENT housing collapse with NO proof whatsoever.

Linda Rawls commentaries are as accurate as MISS CLEO’S predictions.

YA MAN!

Touching back on the MaxMoose03 incident, MaxMoose03 makes a certain speculation which obviously they didn’t like and they HIT the PANIC button! What he said is NO DIFFERENT than what Linda Rawls does on a daily basis.

It’s pure speculation! It seems that they make the RULES as they go along. How convenient!

I got the impression that MaxMoose03 is a stubborn older individual in his late 50’s or early 60’s. Speculation is NO crime. If that was the case, Linda Rawls and her expert CRONIES would be in the CLINK!

MaxMoose03 will BE BACK SOONER than later. Just look for the CLUES!

VIVA MaxMoose03!

ON A FUNNIER NOTE, I came across a post from the GREAT NastraFINKus in the “Cliche of the Week” section giving advice on Real Estate. How comical!

That’s like asking a BLIND person how to PARRALEL park!

EXCELLENT JOB ACE!

While your intentions are good, You’re extremely MISGUIDED!

So in memory of MaxMoose03 (Unknown to 4-12-07), I will pound NastraFINKus for him. It’s my civic duty to carry on this TRADITION.

For some reason, I envision the GREAT NastraFINKus curled up in the FETAL POSITION at the CORNER of his room SUCKING his DUMB saying MOMMY please make them stop their picking on me.

NastraFINKus on giving advice on Real Estate. Like Joe Namath said on Monday Night Football to Suzy Colber,

“OH GOD”.

By Pimping For a Crash

April 16, 2007 11:03 AM | Link to this

You recall The Palm Beach Post’s stories 2 week ago headlined…”PALM BEACH FORECLOSURES ARE SOARING”. Well, just like everything else this Bonnie & Clyde duo write it was totally misleading. The Sun-Sentinel quoting the very same real estate firm that Post writers Bonnie & Clyde used stated the TOTAL OPPOSITE in today’s Sun-Sentinel. Here it is…”The number of late house payments in Broward and Palm Beach counties spiked in February, but actual foreclosures are increasing at a more modest pace, according to Plantation-based Realestat.com.” In fact, The Sun-Sentinel explained that foreclosures in Palm Beach county are unchanged from last February! Quite a bit more subdued outlook but then the truth never seems to get in the way of these two!

By Ghost of Max

April 16, 2007 12:15 PM | Link to this

DO tell, good AP, what speculation did our spiritual leader MAX make? I thought he prided himself on facts, not speculation.

By Antlers of Max

April 16, 2007 12:42 PM | Link to this

Gee, do you think it would be a good idea for residential owners in (pedestrian)high-traffic areas to get their properties rezoned to commercial? Or would it be to simple and logical a way to balance out the markets?

Unfortunately, we can’t “count” on the county to expedite matters.

I was at a meeting of the Broward County Trial Lawyers Association about a week ago. There were a number of judges present, whining about the number of foreclosure cases filling their dockets. These people, who earn generous 6-figure salaries, could not come to grips with actually having to work for a living. Nonetheless, lawmakers are not proposing any significant process to expedite matters.

If foreclosures are not to be handled with greater celerity, there is little hope for rezoning.

By easyasabc

April 16, 2007 2:21 PM | Link to this

Colorado has a state agency that deals with the high volume of foreclosures…..when people apply to the program, their foreclosure ratio drops big time…..Colorado led the nation in foreclosure notices 9 out the last 12 months MSNBC reported.

If this state want to avoid a masssive problem in the housing industry, they need to get it going into high gear to fix the problems we could have here in the future…..the middle-class is the backbone of this state (sorry rich people), I know it is not the prices that is holding buyers up, but taxes, insurance and their credit card bills…….there are people who have the money to buy and the mortgage rates are low for them……but many buyers are looking at the penny side of costs instead of the dollar value and return they can get down the road….

I do have faith in this area, with all the money being poured into infrastructure and construction…..there is just a reckless attempts by certain people who are trying to drive the market down, so they can buy low and sell high themselves…..and the half-lies being reported in the “Post” to promote an out of control market crash that is not true.

By Gangs

April 16, 2007 3:05 PM | Link to this

Does the fact that law enforcement has identified about 130 gangs in Palm Beach County help the real estate market here? http://www.palmbeachpost.com/gangs

By Warlord

April 16, 2007 5:46 PM | Link to this

Yeah the gangs help real estate…we all gotta live somewhere, motherf**ker.

By Ghost of Max

April 16, 2007 7:32 PM | Link to this

“Gangs” is a smart guy. I am sick of the crime here, which I blame on uneducated Black Haitian teen-agers.

In order to feel safe, I am going to move to a small, White college town in Virginia.

By cw1900

April 17, 2007 10:16 AM | Link to this

morning notes from notes from cw:

Well, it looks like we have a new group of disgruntled’s joining us for awhile. Here’s what it looks like to me, you magazine people. Whether or not your boss is a a-hole or not, you are sounding like the same kind of freaks complaining about some realtor in WPB who allegedly steals their signs. It was boring then, and it’s still boring. Now you’re boring us about a little magazine that nobody cares about.

“to outraged girl” had to be easyasabc. Very good.

Signed has jumped all over the disgruntled’s, and that’s a good enough barometer for me on this blog to tell me my suspicions are right. BTW, Signed is all over our loyal, radio talk show listener, Steve. Steve, I’m not sure of the town in the US that is only populated by white, non jewish guys, and chicks in checkered aprons who want to home school the 2.3 kids in the house with the white picket fence, bake bread all day, and transforms into Pamela Anderson at night after the kids are safely tucked into the bunkbeds, but you might be looking for a very long time. Good luck to you in your search, buddy. I hope it works out for you.

Max, I want to bring up our girl Lauren. Admittedly, she is doing exactly the opposite of what I preach and do, and she is actually a poster girl for me on not how to conduct your financial life. With all due respect, I couldn’t advise her to go out and buy a house for rental. Not because of our current real estate market, but because this woman and her husband are broke. Sure, it may be a buyer’s market, and, yes, she could walk into some cookie cutter developments and buy something for no money down, but the most important thing you forgot in the whole equation is risk.

She simply does not have the resources to purchase properly a piece of real estate with the hopes of successfully renting it out. Not only that, she has no experience in this, and this is a difficult market to purchase today with the main goal to rent it out successfully and even coming close to cash flowing properly. Risk is too big right now in her world. She cannot take on that kind of risk at this time.

I would advise that woman to sell both vehicles immediately, and buy some more modest vehicles to get them out of this mess they are in. Then, I would start paying off those huge loans, and start putting money in the old, proverbial rainy day fund. Some basic, fundamental needed steps that they are not doing is the first order of business.

This family seems to be in crisis as it is, and to add a potential rental property to that mix with their lack of experience and very limited financial know how is certain financial suicide. That’s my take, but I know I’m more financially conservative than you are.

Easy, thanks for calling me a millionaire. I may be on paper, networth-wise and not by much, but I don’t feel like it. As you and FL Ren say, just because you may be worth a million today, it’s not the same as a million years ago, and I certainly can’t go out and spend like one, that’s for sure. Real millionaires are in a different class than I am, that’s for sure.

I will say this. For someone who is worth a mill on paper, I probably drive a worse car than guys on this blog who’s networth is close to zero. That puts a smile on my face and makes me laugh.

Thanks, Easy, but I’m still years away from true millions.

Mike Fink, I can give you twenty reasons why micromanaging every financial tick is just too consuming and complicated. The tortoise and the hare will work much better, and in between you can forget and ignore much of the noise. It makes for a better time at the beach when I am not worrying about how the Singapore Dollar will affect the current tomato crop in the California valley, and the effect that will have on General Motors junk bonds, which in turn, may have an adverse reaction on the stock price of KB Homes next Thursday at 1034am. Your life can be consumed by garbage thinking like that. It is simply not worth it.

We sit here and banter back and forth on crap that, in the end, really doesn’t matter. Imagine what some parents, family, and friends are doing right now in or en route to Blacksburg, Virginia. They’re the ones we should be thinking about.

cw

By Ghost of Max

April 17, 2007 1:29 PM | Link to this

CW - Must say with regard to the lovely Lauren, that it was an integral part of my plan to pay down those ridiculous SUV notes and the credit card as well, plus fund a ROTH IRA.

Risk is tolerable when you are not using any of your own money.

++++++++++++++++++

Housing starts up, Dow hitting intra-day highs, dollar down down down. What does that spell? House prices up up up. I know all real estate is local, but a couple of thousand people holding empty units in Firenze, or City Place, or 610 Clematis or Evergrene, aren’t going to overcome global financial pressures.

++++++++++++++++++

Finally, while my thoughts are with the survivors in Virginia, it goes to show how silly it is to think you will get away from crime or senseless violence by moving away from Haitian kids, or whatever kind of kids you want.

This sickness is part of our society, not any particular ethnic group. The shooter was Asian. Go figure.

Knowing the landscape of the area, and given the circumstances, what popped into my head may be altogether to obvious, but I can’t get rid it:

When lilacs last in the dooryard bloom’d, And the great star early droop’d in the western sky in the night, I mourn’d, and yet shall mourn with ever-returning spring.

By easyasabc

April 17, 2007 1:30 PM | Link to this

Anyone going to the new casino in Pompano ??????

Lost out on “Flipping” properties this past year ????….Why don’t the Brokers try something new !…..I bet our boy “Steve” never bets on black !

Sorry “cw”, that was not me for “outraged girl”…..

It is getting B O R I N G here……

New story…..

Hearing whispers of a large layoff plan at the “Post”……

(Editor)Jeff or Linda ?….Jeff or Linda ?….Jeff or Linda?…..(yelling outside his office door)Does anyone have a quarter I can flip?

Getting some hot dogs, lemonade and hearing Sammy Kershaw sing sounds good to me !………I bet the sales ladies have big bee-hives at the sales trailer !…and the guys wear white shoes and belts !

easyasabc

By easyasabc is a jerk

April 17, 2007 1:50 PM | Link to this

maybe easy just drops in from another planet, completely oblivious to sensitive issues. what a f**king jerk.

By sensitive issues?

April 17, 2007 2:01 PM | Link to this

to what sensitive issues are you referring to?

i don’t see anything that he said that would get you so worked up.

are you upset about black chips or bee hive hairdo’s?

By Erik Estrada

April 17, 2007 2:03 PM | Link to this

All our home sites are sold on a first-come, first-served basis and our Free Trips fill up fast! Call or make a reservation now before they are gone!

http://www.nationalrecreationalproperties.com/

Erik Estrada -Star of CHiPs

By .

April 17, 2007 2:07 PM | Link to this

Did you expect Easy to suddenly become aware of the world around him? He’s too busy watching his FSBO signs. XOXOX

By chuck woolery

April 17, 2007 3:22 PM | Link to this

You forgot to mention, Erik, that easyasabc is a fat greasy dumb-a*s metaball.

By chuck woolery

April 17, 2007 3:30 PM | Link to this

Maybe even a meatball.

By IPRE

April 17, 2007 5:28 PM | Link to this

IPRE data is out for last month. Sales are continuing to drop, inventory is increasing, but average sales price is also up.

Its starting to look like the spring buying season was a bust. Sales should rise month over month from Jan to May/June, but that may not be happening.

One other thing, lenders are starting to back out of 100% financing, further reducing #s of buyers. If interest rates start going up

By Ghost of Max

April 17, 2007 7:32 PM | Link to this

Those IPRE numbers are wildly inconsistent. The median prices are almost 100K too LOW, and the average prices are almost 100K too HIGH.

449K average price??? Highest average price since 1/06 ??? Do YOU believe the average price is up TWENTY-THREE PER CENT since last September?

I may be more optimistic than pessimistic, but these prices are too optimistic for me. These data was assembled by an incompetent and are only meaningful to an ignoramus.

Soon John will be here with his imbecilic Melissa Data numbers, so I will mention that Melissa kindly has sales volume in 33432 almost TRIPLING from February to March — more baloney.

FAR is the only one of these surveys with any credibility — and even they are suspect at times.

By .

April 17, 2007 7:51 PM | Link to this

Darling - If the doomers want to argue that prices are up 23% since September, what do you care? Let them have their IPRE data, it’s not your job to save them from themselves.

By Mike Fink

April 17, 2007 10:23 PM | Link to this

Ghost of Max,

I can believe the avg price is up 100K, but only because of how averages work. Somoene probably sold a 50-100M dollar property. That will skew the heck out of the avg number, especially when you only have <1000 homes sold. Also, it is possible that there were several homes in the 10M dollar range sold? Anyway, I can believe that number, although, obviously, you need to see the data to be sure about it.

Median price is a much better indicator of the market (which is why they always use that number when talking about home prices). And down 100K? I doubt it; we have not had enough time pass yet. But give it time. :)

Also, a 1 month sample is pretty small, especially when you have so few homes sold, the median/avg numbers can move quickly from month to month.

Look at the trends; inventory up, sales down (or flat). That’s the data that appears useful from the IPRE information.

Also, I think we just broke another “for sale” record, although I am not sure. Looks like IPRE has us with 24,000 homes for sale, the highest number in their chart to date. ~850 sales or so (chart is hard to read). ~26 months of inventory; assuming no other homes come on the market?

Yeah, this correction is going to have some legs, especially in our area. It take a long time to get through that much static inventory. Forget the 100’s/1000’s of homes and condos that hit the market every month.

Here is the link, if anyone would like to see the date themselves:

http://www.ipre.com/trendg/index.htm

And now, the lending crunch starts to settle in; removing marginal buyers from the market. Anyone want to guess what happens next?

You got it “As we speak, prices are rising”.

:)

By Ghost of Max

April 17, 2007 11:24 PM | Link to this

Mike - That data shows a trend starting September, with prices up 23%. As little as I believe prices have fallen significantly since then, neither do I believe they have surged.

There are always mansions on the beach selling as part of the mix. They would have to go up staggering amounts to have any NEW effect on the average.

To me there is a whole lot of nothing going on in the resale market, a few people offering “bargains”which represent prices from early 2005, most deals still working gradually higher.

New construction prices are soaring though, and as those units gradually get resold, the median price can only go up.

Most important, Finkster, the drooping dollar means it takes more and more and more pictures of presidents to pay for the same house, and that is the real reason your 30% decline is beyond impossible — unless the entire country is in a depression. But a depression — when prices go down — is the opposite of what we have today: inflation - where the prices go up. When I last looked, intraday, the DOW was at an all-time high.

More dollars, to buy a gallon gas, more dollars to buy a plate of eggs at Denny’s, more dollars to buy an ounce of gold, more dollars to buy a house.

Sorry Mike, but the reasons your price decline is beyond impossible have absolutely nothing to with how many houses are vacant in Evergrene. It’s simple arithmetic, but applied in a complex global game.

By Ghost of Max

April 18, 2007 4:39 AM | Link to this

And coming soon, to a Fink near you…

in the tradition of maxmoose03, who exposed “real estate consultant” Jack McCabe on this blog, as a vulture fund operator, Ghost of Max will expose “Professor” Robert J. Shiller, another con man extraordinaire, who figures to make even more money than McCabe if he can cause a real estate crash.

By cw1900

April 18, 2007 9:48 AM | Link to this

I guess it is time for me, in the spirit of goodwill and volunteerism, to give another public service message to our disgruntled’s whining about their ex-boss. I really have to say the disgruntled’s have now completely and thoroughly embarrassed themselves. If anybody out there had any ounce of sympathy for your predicament, it is probably now gone. Get off it. Move on. Figure out a way to make your lease payment on the car you can’t afford.

The kids need braces and your wife wants a new pair of shoes, and here you are, talking about some old broad’s ability to do stupid human tricks after a few drinks. Big deal. I’ll bet RCA can spit chocolate pudding at Nurse Ratched from 20 paces, and Steve can watch 12 hours of Leave it to Beaver re-runs without getting up from the living room sofa with the plastic cover on it. Steve, don’t you know that’s only for when company comes over?

I’m thinking about going to the Maltz Theater in Jupiter on Friday night to see Roger McGuinn. I read about it in the Post this morning, and the interview was entertaining.I’ll guarantee he has some interesting stories to tell. I saw him with Ritchie Havens and REM many years ago back in the early 80s, and of the hundreds of shows I have seen over my life, I still remember that show vividly.

I think it was at The Capitol Theatre in Passaic, NJ, it was an invite show and taped for a video for MTV with REM….back in the day, my friends.

I remember it to be a great, great show. I’m thinking it was Richie Havens, John Sebastian, some of The Band, and Roger McGuinn in the first half, REM in the second half, and for the encores REM backed McGuinn on some Byrd’s songs and Sebastian on “Do You Believe in Magic.” MTV filmed it. Quite a few years later at a party, somebody broke out a tape of that show, and there we are in the audience, young, and with our females of the times, smiling and probably had smoked a bit too much pot… Oh well, now it’s kids, mortgages, and talking about real estate with you people.

I have one question. What the heII happened?

Some things are more fun to talk about than real estate.

Ahh, new song on. I will have to get some work done to the sounds of Yes, with the classic, “And You and I”.

Time for the important things in life today…good music, a new cup of coffee, and maybe get some work done.

Jeff, new topic please.

cw

By Ego check

April 18, 2007 10:03 AM | Link to this

Mr. CW

I am very hesitant to be critical of other’s posts as everyone has a right to their opinion however I feel the need to speak for many here and say your ego needs a check if you think anybody cares about your concert times (or 85% of the material you blather about). I suggest you stick to the topic and post relevant thoughts. I am sorry if this seems harsh but someone had to tell you.

By cw1900

April 18, 2007 10:10 AM | Link to this

no ego here, just a new topic is needed and the magazine people are boring everybody.

cw

By Ghost of Max

April 18, 2007 10:22 AM | Link to this

It was the best of times.

It was the Clinton Administration.

There was peace. There was prosperity.

There was confidence, but not everyone was sure. Fed Chairman Alan Greenspan was concerned, as the stock market had rocketed to an unimaginable 5500.

Earnestly wanting fresh input, Greenspan asked that 8 strong economists be asked to meet with him, and on December 3, 1996, they did.

One of these was Dr. Robert J. Shiller, an MIT-trained economist who had been producing some startling visual results: graphs which would suddenly end soaring nearly straight up, or plummeting nearly straight down.

One of these was achieved by taking a graph of stock price gyrations, and omitting the base-line that they centered around. The striking result spoke of impending catastrophe, and the grandfatherly Greenspan was taken in. Two days later he pronounced his famous “irrational exhuberance” speech, much influenced by Shiller’s chart, warning that stock prices had exceeded all rational levels, and had to moderate.

Whereupon, stock prices doubled again in short order.

Still relatively unkonwn, Shiller was able to escape the heat for his ridiculous blunder. Reasoning that, if he thought he was right at Dow 5000, he HAD to be right at DOW 10,000, he continued calling for a stock market meltdown — not a correction, but a dire disaster lasting many years. He continued making charts that went straight up or straight down at the end.

When the NASDAQ bubble popped, Shiller was sure his time had come, and rushed out a book in 2000. Borrowing the Masestro’s famous phrase, he titled it “Irrational Exhuberance,” warning of the unprecedented long-term disaster that was imminent.

For the first time, Shiller had a taste of the good life he wanted. He was well-known. He was making some real money. He looked forward to more.

Unfortunately, that intransigent stock market would not cooperate, and it soon became clear that, despite a correction, Shiller’s disaster was not happening.

Shiller looked around for another opportunity for the riches he believed were rightfully his. After a few years, and still no stock market disaster, rising house prices caught his attention.

Armed once again with charts that soared steeply or dropped precipitously, Shiller announced his new disaster was the real estate market. Once again, he called for a chronic disaster of epic proportions. Roundly ignored by the mainstream media, and with most of his charting techniques having been debunked by other economists or mathematicians, Shiller was nonetheless able to attract a sort of cult following of disaster fanatics, self-styled economists and conspiracy theorists. One of his finest propaganda tools in achieving these results was a chart that made house prices seem to jump straight upwards, unbounded by the laws of gravity or economics. This was the one that fooled our own dear Mike Fink.

Despite the “Yale Economist” title which seems permanently to attach to his moniker, Shiller is these days mostly involved in MACROMARKETS LLC, which he co-founded. This is essentially a hedge-fund against dropping real estate values, and last year his company achieved the historic step of getting real estate futures and options listed on the Chicago Mercantile Exchange. No longer is Shiller the dedicated academician on the road to truth, wherever it may lead. Shiller’s very rosy future depends on how many options he can sell you to hedge real estate loss.

Let me restate that: Shiller will make BILLIONS — not the millions he already has, but BILLIONS — if he can convince enough unsuspecting clowns that a real estate crash is imminent.

Shiller these days is a spokesman for the crash. A huckster who makes predictions to fatten his own wallet. Though he is more subtle and sophisticated than someone like Jack McCabe, he is nonetheless another crash profiteer. Any predictions made by him are self-serving and can be dismissed. And his charts which go straight up or straight down, can go straight down — into the trash chute.

By gigu

April 18, 2007 10:40 AM | Link to this

“It makes for a better time at the beach when I am not worrying about how the Singapore Dollar will affect the current tomato crop in the California valley, and the effect that will have on General Motors junk bonds, which in turn, may have an adverse reaction on the stock price of KB Homes next Thursday at 1034am.” equals Mike Fink and his calculator

“Shiller was nonetheless able to attract a sort of cult following of disaster fanatics, self-styled economists and conspiracy theorists.” equals Mike Fink and his checkbook sending in his subscription money

“Hearing whispers of a large layoff plan at the “Post”……” equals Mike Fink could be Jeff in disguise????

By quiet reader

April 18, 2007 11:27 AM | Link to this

I agree with Cw. This blog is not as good as it was. I think the NC posters have fled, so the debate is just not there anymore. The only one to counter is Mr. Fink and A.P., EasyasAbc, Cw, and Max new name, systematically put him in his place.

How anyone can think that prices will fall so dramatically in this neck of the woods is tunnel visioned at best.

By easyasabc

April 18, 2007 12:01 PM | Link to this

zzzzzzzzzz……….zzzzzzzzz…..zzzzzzzz…….zzzzzzzz……zzzzzzzzzzzz….zzzzzzzzzz

(Alarm clock ringing)…dilling, dilling…dilling

Oh man….Smell that smokey mountain country air……no what, that is the “Waffel House” cooking I smell off the Interstate…….when does Sammy start to sing?…….there is my neighbor, the “Ho of the county”….in her house coat with a cig hanging out of her mouth….picking the beer cans off of lawn from the hubby who came in late last night….he doing his thing with that gay cowboy in the caves of Carolina……I knew he was queer, always seeing him renting that “Brokeback Mountain” dvd at Blockbuster…..she has to run off to her “Village” sales trailer soon to try and sell some lots, but first she needs to redo her bee-hive and catch and clean a possum for tonights dinner……look what’s on TV…it is CHiP’s….I don’t want to watch some mexican cop who has to wear a badge to tell everyone he is a policeman ……(switching channels)…there’s Chucky and “Blind Date”….I think this is the show that “Dot” and her queer hubby met…..(switching channels)……Oh man, it’s the “Godfather”….I love this movie….especially the part where all the heads of the five families get hit together……that reminds me, this is Wednesday…”Prince Spaghetti Day” …I need to make my meatballs…..the redneck jewish girl who moved from Florida, and works at the 7/11, worked on my sausage last night….hey, I got a free “slurpee” out of it……I will hit on the mexican girl who works at “Checkers” for Friday night date……..maybe I can get some free fries off of her!

I am so glad I sold off my Pet food stock last February…..My Singapore agent told me what those dirty yellow commies were doing to our pet food supply………I just let my dog eat the meatballs I make……and sometimes, that dirty Ho “Dot” goes after my Italian sausage !….Hey, I get a free mountain view lot out of it at times !

Maria….where is my lunch?

Life is great in the hills of Carolina

LOL

easyasabc

By Everyone

April 18, 2007 12:13 PM | Link to this

HEY IZZYasABC — Now that you are in California why don’t you

a. Stay there

b. Find a blog there

c. Spare us your stupid rambling commnetary which has nothing to do with anything.

Talk about ZZZZZZ ZZZZZZ

By Signed

April 18, 2007 12:17 PM | Link to this

“Mr. easyasabc,

I am very hesitant to be critical of other’s posts as everyone has a right to their opinion however I feel the need to speak for many here and say your ego needs a check if you think anybody cares about your sausage and your Maria escapades (or 85% of the material you blather about). I suggest you stick to the topic and post relevant thoughts. I am sorry if this seems harsh but someone had to tell you.”

Signed,

Ego check (the moniker the have-nots who fled to North Carolina and Georgia now use)

By This blog

April 18, 2007 12:20 PM | Link to this

You’re right that this blog isn’t fun anymore. THe reason is that the facts are so obviously against the cheerleaders that they can only resort to name calling. The battle is over, the doom and gloomers have won. This market is a bust, and it will be so for several years to come. Good bye all, I’m done here.

By Signed's second cousin twice removed

April 18, 2007 12:30 PM | Link to this

To Everyone,

At the apt where you live, when you go to put the quarters in the slots in the washer and dryers to wash your bowling shirts and the shirts that have your name stitched in the pocket now that you’ve made Fry Cook Supervisor, you know, the little building by the pool that has the green algae growing in it, is there a sign at the door that has the word, “commnetary”?

We’re not sure what that means.

Please expound on that for us.

By Signed

April 18, 2007 12:42 PM | Link to this

To “This blog”,

“You can’t win. We’ve tried and look at us now. There are a few posters here who are gifted with unusual and impressive intellectual acuteness, and we just can’t compete. We would advise you to do the same.

Where are you moving to? Can we join you? We’re very good at bingo and making pretty pot holders.”

Signed,

RCA and Oscar de low renta

By easyasabc

April 18, 2007 12:43 PM | Link to this

Now the “have nots” are up in arms about my “Maria”, my property in California and my sausage & meatballs……the only reason I give some of you “have nots” a hard time is….because I know it pisses you off…….and it brings a smile to others……besides, what is there to talk about ?….maybe the Realtors are sitting around in their offices, having a spelling contest among themselves?…..and “Everyone” is most likely speaking for her entire office staff that can’t sell from Boca to Jupiter…..no matter how much make-up they have on, what expensive leased car they drive, or how high their bee-hives are……..I have to go now and get some garlic and oregeno for the sauce…….

signed,

The guy who is laughing all the way to the bank.

easyasabc

….and I love you also !

By Jerry

April 18, 2007 1:13 PM | Link to this

How can a guy in a shirt that says he is a fry Cook Superviser ever efford a house in Florida that can support his family. I don’t think that is funny and that is why when my leas is up, I’m moving the wife and our children to Lawrenceville in Geogia. I’m gonna work with my uncle and the wife can have a little easier time of it.

Its too darned high priced in Flordia anymore and were not going to put up with this anylonger. Thats enough of your making fun of hard working folks.

By EazyWMooseAPoop

April 18, 2007 1:26 PM | Link to this

If Eazyascrap, BigW, MaxTrump, and APoop can think they can run over those of us who think this market is in the tank, they have another thing coming. If it was the last place in town, I would’nt rent from any of them. I hope they all go bankrupt.

By To EazyWMooseAPoop

April 18, 2007 2:24 PM | Link to this

You’re rent is past due. It’s time to pull a double at B.K. There’s also a $75 dollar late fee. Pay you’re rent or get evicted.

By WPB Renter

April 18, 2007 2:48 PM | Link to this

The last place I rented I told the landlord that he needed to fix the fan in two rooms (He replaced them), then I told him the washing machine was broke (he had to get it repaired), and I told him about the bug problem (he got a monthly bug service). This guy was loosing money on me and since I signed a paper he couldn’t raise my rent. I would break things in the house and he would have to fix it or repair it. lol It’s fun to mess with the landlord. I have total control over them.

By laughing at poor schmuck

April 18, 2007 3:06 PM | Link to this

hey WPB renter —

which is worth more?

your bank account or a toaster oven?

you are out of your impoverished mind if you think you can laugh at ANYONE

By To Idiot Renter

April 18, 2007 3:45 PM | Link to this

Some people are bitter that they can’t have what they want. Does it sound like you? YES. So they go ahead and destroy others property. What you seem to forget while he might spend money on fixing the items that you break, you pay off his mortagage.

Do you know why you don’t break your own things? It’s because you have NOTHING.

If your landlord is smart, He will have a clause on his contract which can have you evicted as soon as he realizes that you’re destroying his property.

You think you’re clever but you’re an absolute moron.

By LakeWorthRenter

April 18, 2007 4:12 PM | Link to this

I like to rent because when someone with gold teeth and a Cadillac move nextdoor I can move away.

By To Lake Worth Renter

April 18, 2007 5:01 PM | Link to this

Why would you want to move away from your Dad?

By To WPB Renter

April 18, 2007 5:06 PM | Link to this

WPB Renter sounds like he is kissing his security deposit off.

I think the people with the gold teeth and the cadillac has more class and money than this bitter renter has.

Maybe they are the ones who move out when the wpb or lake worth renters moves in!

By To Lake Worth Renter

April 18, 2007 5:09 PM | Link to this

Whoose your daddy?

The man with the gold teeth and a nice car that has your mommy in the back seat.

By Mike Fink

April 18, 2007 5:39 PM | Link to this

There is another poor lost soul in Evergrene getting ready to take a bath on RE that needs Max’s “Never lose money in RE” system.

720 Bocce Ct.

Sale history-

Feb 03 - 336K Apr 05 - 473K

Orignal List price of 600K

Currently asking 500K.

So, this guy has currently held this property for just about 2 years, and might, just might, slip out with 25K, assuming they get the full purchase price (and that they didn’t pay any RE commisions on either side of the transaction, or taxes, or HOA, or insurance). Yeah, nevermind, this guy is going to lose some big money on this transaction..

Yeah, this is not going to turn out well for this poor flipper.

This home should sell for about 300-350K, depending on how bad the market gets in the next few years. 03 prices were inflated, so it would not suprise me to see it below 330K at some point in the next 2-3 years.

Max, make sure you call up the owner; you can save him all this hassle with the “Mad Max make money on negative cash flow, negative appreciation properties” plan!

:)

By By Signed's second cousin twice removed

April 18, 2007 6:21 PM | Link to this

To WPB Renter,

You will be “loosing” your deposits, you poor slob. Make sure you go buy a new lunch pale before you leave and your deposit is all gone, otherwise, instead of the shiny new Nascar lunch box, you’ll have to use an old, Winn Dixie bag, you know, the bag you brought your Pabst Blue Ribbon and Slim Jim’s home in….

You must be “loosing” your pride.

By to mike fink

April 18, 2007 6:29 PM | Link to this

mike, you only make yourself look foolish when you believe prices can get down to 2003 prices.

i’m on your side of the fence, and with building costs, land supplies, falling dollar (the one thing i agree with max on), even taking into account high insurance and mediocre tax reform, there is no way in god’s green earth would i bet my financial future on 2003 prices. we will never see that ever again.

sorry, mike, but this time i have to butt in and bring you down a little to earth.

By Ghost of Max

April 18, 2007 6:35 PM | Link to this

Finkus Ridiculous - Why don’t YOU call him and ask how much he paid down his mortgage and how many tens of thousands he saved on taxes.

Fink, even if you could find 1 neighborhood out of a thousand where people overpaid, so what?????

For every one problem you find there are 10 thousand people who are glad they own.

More important, see my expose’ on your con man buddy Robert Shiller above, and the BILLIONS he will make if he even just convinces idiot investors real estate MIGHT go down.

By Ghost of Max

April 18, 2007 6:53 PM | Link to this

TO “TO MIKE FINK”:

I say without prejudice that if you had to agree with me on just one thing, you picked the right one (falling dollar).

Nothing is a greater threat to our way of life. Not only does it put houses and other goods and services out of reach for many of us, it makes economic attack the form of attack we are most vulnerable to.

Inimical foreign interests can buy our homes, our land, our businesses, our means of industrial production, without firing a shot — and it’s all “legal.”

By Mike Fink

April 18, 2007 9:43 PM | Link to this

I appreciate you not throwing mud in the post; it’s almost a first for this blog in the past few weeks.

2003 prices were highly inflated already; the speculation really started in S. FL RE right after the .COM bust.

2003 prices are not an “extreme” prediction. People like Shiller would tell you to go back to 1998 and add 3-5% for inflation. That would be less then 1/2 for almost every home in S. FL.

I respect your right to your opinion, but I do think that your wrong. Will we get to 2003 prices again in actual numbers, or through an extended period of flat prices with inflation chewing up the gains?

Either way, it does not matter. And honestly, I think 2003 prices are a rather “rosy” outlook for this housing market. Remember, during a bust, just as during a boom, mob mentality starts to take hold; and panic selling (and buying) ensues.

The right time to buy a home again in S. FL is when everyone is telling you it’s STUPID to buy a home in S. FL. :) Buy at max distress, sell at max euphoria.

And yes, the devaluation of the dollar is a big problem. How do you fix it? Raise the interest rate!! So, either you’re “for the housing bust, and against runaway inflation” or “against the housing bust, and for runaway inflation”.

The Fed has run out of options at this point. And, imho, they are going to destroy the housing market to save the dollar (as they have been doing for the past 6 months). I predict a protracted hold (12+ additional months) at the current rate.

Oh, and, btw, the removal of the subprime and low down/no doc loans is another nail in the housing colfin, especially in areas like S. FL, and CA, which absolutly MUST have these kinds of products to even feign affordability.

By Ghost of Max

April 18, 2007 10:18 PM | Link to this

FINKUS NON COMPOS MENTIS:

As I revealed above, Shiller is just another shill, another con man going for the BIG score if he can talk people into buying his options, which will generally be to short the real estate market. Every person he can scare about real estate is potentially more money in his pocket. Instead of a “vulture” fund, he runs a “hedge” fun. Vulture, hedgehog, it matters not — the same breed of animal. Of all your bad arguments, Mike — Shiller is the worst. You’re going nowhere with that one.

YES, the FED HAS run out of options — after two years of interest rate rises. Society has run out of options. Sooner or later we are going to have to realize that a dollar based on nothing dwindles in times of stress, such as war. As much as I hate the thought, nothing short of Nixon’s draconian wage and price controls is going to be effective.

As for your nonsense about supbrime and other loans — I am a mortgage broker, Fink. You are not. Nobody told me about any kind of loan going away. I don’t think they would keep it a secret from me. You want 100% financing? Show me a 660 FICO and you haved it — although you may have a problem getting to 660. Why? Your credit habits reflect the mentality of a renter, someone who does not have a continuous history of being able to handle a mortgage. Sorry, Mike, your Capital 1 card with the $500 credit limit doesn’t cut it.

By A.P.

April 18, 2007 11:16 PM | Link to this

The good ole times!

Don’t let up Ghost of Max!

By Mikeville, Finkland

April 18, 2007 11:29 PM | Link to this

Ego check, Everyone, This blog, Jerry, EazyWMooseAPoop, WPB Renter, the 6 of them all sound bitter and priced out.

Mike Fink, these are your compatriots.

I will say this. If they were a village and you were the 7th resident, you would at least would have a good chance to be Mayor. The others probably can’t read or count to 10.

Mike, how does it feel to carry a ball and chain that large?

By Mike Fink

April 18, 2007 11:34 PM | Link to this

Ghost of Max:

I hope you’re not depending on those sub prime 0 down loans to hold up the housing bubble. Maybe nobody told you; but perhaps you should turn on CNBC or read the Wall Stree Journal from time to time.

660 for 100% financing? That’s great that you can still get that kind of loan. You better get those loans funded fast; if you read/follow the subprime collapse, you will know that the lenders are going under, one after the other, sometimes before the loan paperwork finishes.

What is it with you and the “mentality of a renter”? Were you spewing the same garbage during the .COM run-up “You’re an relic, P/E ratios don’t matter anymore, profits don’t matter anymore, the only way to go is UP!”.

How about this.. We all need a place to live. Some of us thought that the housing market was turning into a ponzi scheme, and decided to sit on the sidelines. That made us renters. It has nothing to do with my credit score, income, or anything else for that matter. I could have purchased the home I live in today for less (out of pocket) then it cost me to rent; just because the MTG standards at the time were nuts (and, according to you, still are).

You make homeownership out to be this “great” thing that we all “strive” for. Guess what; I could walk into a development tommorow, buy a 1M dollar home, and join the ranks of the idiot flippers all around me. Nothing prevents me from doing this; execpt for a bit of common sense, an ability to do math, and also, an ability to look at the market.

If you think that Shiller having a hedge fund that is involved in RE in anyway invalidates what he says; then I do have news for you. You’re a MTG broker; you depend on home sales and price appreciation. So, guess what? You’re just as irrelivent/con man/shill as Shiller (by you’re own standards and admission).

By Cosmo

April 18, 2007 11:46 PM | Link to this

That is one ripping good yarn

By Ghost of Max

April 19, 2007 6:40 AM | Link to this

Finkus Ridiculous:

Owning a home is “The American Dream.” I did not invent the sentiment or the tradition. I know that the generation that survived the Depression and World War II understand this better than me, and that my generation understands it better than yours. Your generation does not seems to have much of a handle on who you are or where you came from. In fact, your generation does not seems to have much of a handle on anything. You can’t even program, for God’s sake. Point and click. You think that is IT.

I also did not invent how FICO figures credit scores. Guarantee you I had nothing to do with it, but it is done every day, partially in the way I described. Don’t believe me? Call the Fair, Isaac and Company and ask. They will not give your specific formulas, but they will explain essentially what I just did. Your credit score is based on your demonstrated ability to handle credit. Renters don’t handle credit, in the single biggest area of financial obligations.

Finally, I have no stake, trying to get someone funding, in whether his house goes up or down. I am not a con man like Shiller, a hedge fund operator hiding behind the veneer of a “professor,” nor a vulture fund promoter like McCabe, trying to pass himself off as a “real estate consultant.” These guys are liars who intentionally try to mislead people. That is not me, Mike, and the assertion is not even fair. I tell the truth when it is convenient for me or when it is inconvenient. I wrote extensively the other day about the prices on IPRE being too optimistic, and the increased traffic on Melissa being too good to be true. I don’t lie and distort like you do, Mike, in order to make my point. Some day your real agenda will become clear. For the meantime, you just keep putting up ridiculous arguments which even your own side shoots down. That is because some of them have the integrity you lack.

By Ghost of Max

April 19, 2007 7:01 AM | Link to this

Finkus Miassus:

Your assertion is SO ridiculous it wants further comment.

I am also a real state broker. If I tell someone at a party “real estate is going to surge this year,” and it doesn’t — I get sued. I can get sued for gratuitous information. I can get sued for some idiot acting secretly on comments made over a Pina Colada. So you know what I tell people? Nothing. Will real estate go up? I sure hope so. Are there Black people in this neighborhood? I can’t answer that, besides, I don’t keep track of my neighbors. What school district is this? I don’t know, my kids are grown. Why don’t you call the PBC School District?

No, Fink, sadly, I have to come here to give my real opinions — one reason you see me here so much.

I am certainly not out there telling people real estate will go up or down. Unlike Shiller, I am licensed in real estate, and have to maintain an ethical standard that he is not bound by (in real estate). Just the same, I am sure all of his products have the following disclaimer in their prospectus:

Past performance is no guarantee of future results.

An ironically fortunate statement for Shiller, who has never been right about anything.

By Casper the Friendly Ghost

April 21, 2007 12:15 AM | Link to this

I see nothing in the ping-pong, “yer-mother-wears-army-shoes” arguments on this board about the fact that Congress is definitely taking action with regard to the subprime catastrophe. One facet of the plan would call for a moratorium on foreclosures, and other plans under consideration will force lenders to offer restructuring from predatory ARMS to fixed rates. It should be a no-brainer for the eternally-greedy (EG) ‘not’ to force the estimated 2.4 million in potential foreclosure land out of the housing market - and onto the street - but apparently there has to be a monumental crisis first, and then congressional action, for the EG to be forced to correct their actions…

So what’s my point? Well, if there is any type of real ‘bailout’ program like this, and I’ve read much about it, the “sky is falling” scenario with a subprime crash is diminished if not mostly averted.

So d’yall not know about this? Or do you dismiss it? I know those drooling for fire sales (EG) probably do… but I’m surprised to see no mention of it here. Guess you’re too busy arguing about whose is bigger, right? LOL

By Ghost of Max

April 21, 2007 7:33 AM | Link to this

Capser:

My live predecessor, Max, often made the point that the Gov wants to crack down on predatory lending, not “punish” whoever bought a house and signed a 1003 shoved in their face. This fell on deaf ears as the fools cackled with glee at the thought that many who bought a house would automatically be prosecuted for giving a mortgage.

Max could only make the point so many times, but I am glad some soul out there understands it.

As it turns out, Wall Street is celebrating the fact that there is no crisis (as far as banking profits are concerned) with records highs, but Congress may have gotten the message just the same and may yet come to the aid of beleaguered homeowners. Let’s hope.

By Casper the Friendly Ghost

April 22, 2007 3:10 AM | Link to this

Dear Ghost of Max: You should write a book.

I actually understand it because I’m one of the schmucks out here with a bad loan who has a rare ‘shout out’ for Congress - taking up the issue. Regardless of ‘why’ people have one of these ridiculous loans (naivete, desperation, etc.) those on the adminstration end should be held accountable for deliberately targeting a vulnerable section of society…

It’s clear these vultures sleep well at night - after having profited off the misery of others, but at least Senators like Mr. Schumer of NY are not willing to allow them to get clean away…

I’ve read several different stories showing this type of relief will be forthcoming, and I called his office as well to confirm.

With a potential of 2.4 million (by one source) facing foreclosure/homelessness, does it make a lot of sense to eliminate this many people from the market?

To dump this many households onto the street?

Uh, in a word: NO!

By Ghost of Max

April 22, 2007 3:44 AM | Link to this

That was a powerful comment you contibuted. I certainly hope homelessness is not a possible outcome for you or your family, and I hope you avoid foreclosure too.

I wish some of the people on this board would understand what stupidity and insensitivity they show at times, toward well-meaning people who got in a jam.

There is no question about how business is done in terms of the 1003’s. Most people rarely see it, except for 5 seconds of “sign here.” I think - I hope - Congress realizes this. What they will do about it is another question. There are a lot of Republican Conservatives out there who would just as soon see an ordinary family hang as get relief.

I am not unsympathetic to all mortgage brokers, who in fact usually think they are doing the borrower a favor if they can get him the loan. We need a better way of doing things for everyone.

There is no question, though, that there is predatory lending and people (like you) who thought they were taking reasonable steps, got caught. It sounds to me like you may have never gotten a good look at your 1003 OR your terms on your note.

I hope a few vulture wanna-be’s on this board will reconsider their positions, and understand the pure evil intent of a Jack McCabe or even Robert Shiller.

Hang in there, Casper, I am hoping for a workable outcome for you.

By Casper the Friendly Ghost

April 22, 2007 12:58 PM | Link to this

Thank you, fellow friendly ghost! I was not naive on the ‘1033’s, per se. Just trying to get on top of a situation I had little control over…Unfortunately for me, the snowball effect kicked in and so what was to be a temporary fix has turned into a bit of a nightmare.

The most despicable thing here is that the vultures would rather profit while someone sinks, instead of seeing the bigger picture: If you effectively eliminate lots of people from the housing and other consumer markets, how smart is that?

Anyway, foreclosure is a remote possibility, but I don’t intend to quietly into that good night…

By Ghost of Max

April 22, 2007 7:15 PM | Link to this

Casper:

Lots of reasonable and ethical people took what looked like reasonable measures for the interim — possibly offered by people who thought they were offering the borrower some breathing room. Hindsight is always 20/20. Most of these loans were viewed at the time as good for all parties, a “win/win” situation.

I remember that optimism abounded in those heady days. Many people work in sales or service industries, where their income is absolutely unpredictable, yet they are forced to dream up a number for the 1003. A car salesman who had just had a 100K year after 2 50K years, seemed perfectly credible in guessing 90K well into the year — even the borrower himself believed it.

You are right that the really awful part of this is the vultures and would-be vultures, half a notch above child molesters, in my book. Sadly, this is what people like “Proud Vulture” and “Curious” aspire to be. The fact that they don’t have the knowledge or brains to profit from other peoples’ misery is fortuitous — the malicious intent is there.

By Casper

April 22, 2007 11:50 PM | Link to this

GOM: Well Vulture and Curious et al would probably call this sour grapes, but I’m convinced the system is designed to keep a certain percentage of the population propping up the rest, i.e., the rich. Got no problem with rich per se, except for those who got there by stepping on the backs of the less fortunate (for whatever reason). Well see you on the latest blog by Jeff…)

By Ghost of Max

April 23, 2007 12:59 AM | Link to this

CFG: They call it Capitalism, not Humanism.

To paraphrase Winston Churchill, it’s the very worst economic system there is — except for all the others.

With some serious tweaking here and there, it can work for the average person better than anything I’ve seen. But your situation shows that it’s high maintenance. Let Republicans stay in office too long, and it reverts to Feudalism, which was the old word for “trickle down economics.”

By Curious

April 29, 2007 7:13 PM | Link to this

“GOM: Well Vulture and Curious et al would probably call this sour grapes, but I’m convinced the system is designed to keep a certain percentage of the population propping up the rest, i.e., the rich. Got no problem with rich per se, except for those who got there by stepping on the backs of the less fortunate (for whatever reason). Well see you on the latest blog by Jeff…)

Sorry young buddy. No idea what the heck you are talking about?

Just got back from a wonderful missionary marketing and potentially buying trip up as far as the Mosquito Lagoon. Sure all you fishing folks around here will understand the value of that area?

This is a great area! Would move there in a heart beat, if the price was right.

Real estate friend I was with constantly inserted, “Well, why don’t you make some offers and buy this or this or this?”

Constant reply was, “Because in a year or two or three, the prices will a third, or a half as much.”

Sorry! Know this is not what many other seller folks here want to hear.

:-)

By Curious

April 29, 2007 7:17 PM | Link to this

“GOM: Well Vulture and Curious et al would probably call this sour grapes, but I’m convinced the system is designed to keep a certain percentage of the population propping up the rest, i.e., the rich. Got no problem with rich per se, except for those who got there by stepping on the backs of the less fortunate (for whatever reason). Well see you on the latest blog by Jeff…)

Sorry young buddy. No idea what the heck you are talking about?

Just got back from a wonderful missionary marketing and potentially buying trip up as far as the Mosquito Lagoon. Sure all you fishing folks around here will understand the value of that area?

This is a great area! Would move there in a heart beat, if the price was right.

Real estate friend I was with constantly inserted, “Well, why don’t you make some offers and buy this or this or this?”

Constant reply was, “Because in a year or two or three, the prices will a third, or a half as much.”

Sorry! Know this is not what many other seller folks here want to hear.

:-)

By Ghost of Max

April 30, 2007 3:31 AM | Link to this

What is the point of your story? That the fish are smarter than you? We knew that already - at least the fish have something to do with a school.

I can’t get over this…you tell a story in which the point is you told a friend your idiotic opinion on real estate prices, which you based on nothing?

Let me know when your novel wins the Nobel Prize.