"Indeed, the blog draws a dedicated group of readers and participants, many of them also renters-by-choice."
Sound familiar?
I love these definitions:
Blogger's glossary
<p>Real estate industry-speak takes on a new meaning at Patrick.net, where blog participants tout the virtues of renting over buying and sarcasm is prized. Here are some of the most frequently used terms, along with Patrick Killelea's translations. For a complete list, go to <em><a href="http://links.sfgate.com/ZXC" target="_BLANK" linkindex="30">links.sfgate.com/ZXC</a></em>.</p>
<p><strong>Homedebtor (recent home buyer):</strong> Perpetual debtor/serf who will probably never own the home outright, thanks to cyclical refinancing (used to fund conspicuous consumption) and property taxes.</p>
<p><strong>Serial refinancer:</strong> A homedebtor who is as addicted to mortgage refinancing as a street addict is to crack. This type of homedebtor typically refinances several times a year, almost always for the purpose of "liberating" more equity gains to purchase such life essentials as European vacations, plasma TVs, humvees, and bling.</p>
<p><strong>Loanowner:</strong> Another synonym for homedebtor, that more accurately describes what (such a person) really "owns."</p>
<p><strong>Jealous bitter renter/JBR:</strong> Originally a term used by housing bulls to disparage bearish non-homedebtors. Has since been co-opted by bears and is now used ironically. Technical definition: Someone who pays a homedebtor for the right to live in his home, at a huge discount and with no downside risk of falling property prices, rising property taxes or maintenance nightmares.</p>
<p><strong>Jealous bitter owner/JBO:</strong> Basically, a homedebtor who must now watch as his/her home is dropping in value, even while their option-ARM rate ratchets up and negative equity swells. Soon-to-be a foreclosure statistic. Views happy, solvent care-free renters with growing bitterness and envy.</p>
<p><strong>Sheeple/Sheople:</strong> Derogatory term for the vast, clueless, herd-following mass of homedebtors, who are unaware of the bubble's existence.</p>
<p><strong>Alligator:</strong> Refers to any unsuccessful investment that "eats" far more income than it generates, such as a neg-am financed Florida condo purchased anytime in the last two to three years.</p>
<p><strong>McAlbatross:</strong> Synonym for alligator (see definition) as well as a play on McMansion. Homedebtors who are owned by their McAlbatross and cannot sell them for enough to cover mortgage, (home equity lines of credit), back taxes, etc. can be described as living "under house arrest."</p>
<p><strong>Accidental landlord:</strong> A (flipper) who cannot sell his flip house for enough to cover the existing mortgage, so finds himself in the position of becoming an unintentional landlord. This type of landlord is easy to spot: He usually has simultaneous "for rent" and "for sale" listings on Craigslist for the same house. Accidental landlords are typically easy to bargain with, as they are usually underwater and cash-starved, which gives the renter plenty of leverage. However, renting from them also carries greater risk: If they sell the place, or the place goes into foreclosure, the new owner may not honor the prior rental agreement.</p>
<p><strong>Stated-Outcome (Liar-Loan):</strong> A loan where the lender inflates the buyer's income to whatever level is needed to "qualify" them for the loan amount.</p>
<p><strong>Viable:</strong> Any mortgage capable of generating a commission for a mortgage broker.</p>
<p><strong>MEW (mortgage equity withdrawal):</strong> Any form of additional debt/leverage on top of your original mortgage, using your house as collateral. Typically refers to cash-out refinancing, (home equity lines of credit) and home equity loans (second mortgages). Designed to bury homedebtors even deeper and further fuel spending on frivolous bling and other nonessential consumption.</p>
<p><strong>Real estate appraiser:</strong> A person who lies for a fee.</p>
<p><strong>Unemployed real estate appraiser:</strong> A person who refuses to lie for a fee.</p>
<p><strong>CHUMPS (cunning hard-eyed ultra-savvy market professionals):</strong> Acronym to lampoon the bulls' argument that most recent buyers who used exotic loan products are market-savvy professionals who fully understand the downside risks and are financially prepared for them.</p>
<p><strong>Buyer-user:</strong> Industry term for someone who buys a home to actually (gasp) live in it. An increasingly rare and endangered species in California.</p>
