IHB needs a resident bull on board

NEW -> Contingent Buyer Assistance Program
<p>Trust me, somebody "has to" buy out there. Not has to in the sense like we all have to have air or we'll die, but there are situations. I'm not saying it's smart. Hardly any of them are first time buyers. But I'm saying that there is a floor on absolute volume.</p>

<p>Truthiness spammed Lassner's blog the other day over and over with:





"And yet pepole keep buying."</p>

<p>There is truth in those words - to a certain extent.</p>
 
<p>http://www.bloomberg.com/apps/news?pid=20601109&sid=aBahn5eH_8cI&refer=home</p>

<p>Russo's Proposals </p>

<p>About $550 billion of subprime loans will reset before 2009, Russo said. Most of those borrowers will have no option except to walk away from their properties because the drop in home prices and an increase in lending standards will prevent them from refinancing or selling, he said. </p>

<p>Russo, in the paper originally written for the Group of Thirty, a research group led by former Federal Reserve Chairman Paul Volcker, proposes giving government-backed loans to homeowners with adjustable-rate mortgages, whether prime or subprime, in danger of default. He also supports a tax credit for people who buy homes in 2008 that would roughly triple the current tax benefits given to mortgage holders. </p>

<p>In addition, the Federal Reserve needs to cut its benchmark rate to 2 percent, reduce the discount rate to match it, and ``broaden access'' to the discount window where banks get government-subsidized temporary loans, he said. The Fed lowered the benchmark interest rate to 3 percent on Jan. 30, the second cut in nine days. </p>
 
Does that make anyone else irate? The fact that these companies and banks who *Created* the boom, are now asking the government to help them. There was no unforseen disaster, this was all their fault.



In their hunger for profits, they leveraged too much, lowered standards too much, and won't take responsibility for it. The government shouldn't be helping wallstreet, it should be punishing it.
 
<p>There isn't enough money in the world to fix all the boo-boos.</p>

<p>The amounts for various bail outs mentioned are between one and 2 orders of magnitude less than what would be necessary to really do something.</p>
 
<i>"Does that make anyone else irate? The fact that these companies and banks who *Created* the boom, are now asking the government to help them. There was no unforseen disaster, this was all their fault."</i><p>


Nope, not a bit. Why would the Fed and the federal government do anything different now?<p>


I am betting, literally betting, on the Fed and the federal government behaving exactly like it always does, which is to protect the large investment bankers. Maybe someone will begin to understand, the purpose of the federal reserve is to confiscate the wealth of the citizenry and put it the hands of the ruling elite.<p>


Don't get mad. Get rich.<p>


Got gold?
 
Amusing reading from today's Register...<strong>





<a href="http://www.ocregister.com/opinion/california-home-new-1975623-local-most"> Now's not the time to stop building</a></strong>


More people will live here in the future, and they will need housing





By Kristine Thalman


CEO, BUILDING INDUSTRY ASSOCIATION, ORANGE COUNTY CHAPTER





California will gain 7 million to 11 million new residents by 2025, increasing the state's population from 37 million today to as many as 48 million. This surge is due to natural increases (the excess of births over deaths) and immigration, according to the Public Policy Institute of California.





It is naive and irresponsible to not plan for our incoming population. The threat of anti-growth policies often fueled by NIMBYs (not in my back yard) or environmental zealots may prove to be the greatest hazard to homeownership in Southern California. Ironically, most of the NIMBYs and no-growth activists often own homes in recently developed communities that might be nearly identical to those they seek to prevent elsewhere.





Developers and residential homebuilders are consistently working with local and state government to provide the most efficient, environmentally sensitive, safe and aesthetically pleasing homes possible, and it isn't easy. ..."
 
Existing-Home Sales to Hold in Narrow Range, then Begin Upward Trend



<p>http://www.realtor.org/press_room/news_releases/2008/pshi_feb08_homesalesholdinnarrowrange.html</p>
 
From Lansner's blog:





"As I’ve commented many times before on these blogs. The public needs to focus on what’s selling, not what’s listed. I’ve said over and over again that the media is always late with the news. People in the industry have known that were at 2004 levels for the last 30 days, but the naysayers just keep waiting. Thank goodness it’s finally in print ! People are getting great buys right now and if you’re buying for the long term, buy what you like, lock in the low rates and enjoy your life! Move-ups, take advantage of rolling your capital gains before the Democrats revoke it in 2010 when it comes up for renewal! Investors, the bottom is still 12-18 months off, all indicators show we’ll land around 2003 prices, that’s another 15% from where we are now."





So, they're admitting they see another 15% drop from where we are now. And the reason to rush out and buy is...?
 
<p><a href="http://bubbletracking.blogspot.com/2008/02/over-weekend-jim-realtor-pointed-out.html">The Boy Who Cried Bottom</a> </p>

<p>http://bubbletracking.blogspot.com/2008/02/over-weekend-jim-realtor-pointed-out.html</p>
 
Trooper



True!! All professions have some good and some bad.



In light of "full disclosure" I want to go on record that I am no longer a Realtor TM since I did not renew my membership for 2008. I am not a fan of NAR or CAR.



I am a broker but don't need to belong since I now only work with a partner with previous clients or do my own deals. Saved a bunch of money in dues.



May have to rejoin in AZ later this year but prefer not to.



Still have full SOCAL MLS acess so it is best of both worlds.



Enjoy
 
xsocal - IMO you got out just in time ...<a href="http://www.cnbc.com/id/15840232?video=647585688">the NAR president made a fool of himself (again probably) recently on CNBC</a>
 
He's the President ? Woo doggy...he sounded like he had just popped a couple of Valium right before the interview. AND WHAT A LOAD OF CRAP he's trying to sell. "These people are going to be able to refinance those mortgages"....yeah, RIGHT ! It's just embarrassing and fully what I expected to hear. How about trying honesty for a change.
 
<em>Those reporters in the NAR link sure gave him a hard time - wonder if any of them are underwater</em>





Olick has said before she bought a house relatively recently - not sure exactly when, though.
 
<p>Ignorance a great pitfall in real estate investment</p>

<p><a href="http://www.canada.com/edmontonjournal/news/story.html?id=d905a8a1-8ec9-4f83-a109-90258db991e1">http://www.canada.com/edmontonjournal/news/story.html?id=d905a8a1-8ec9-4f83-a109-90258db991e1</a></p>

<p>"People slept there overnight for four nights," said Campbell, president of the Calgary-based Real Estate Investment Network and author of 51 Success Stories from Canadian Real Estate Investors. "A sign up above read '$500,000 to $1.3 million,' although you could go across the street and buy something very similar for $425,000. Then the developer had the gall to paste a six over the five to make it '$600,000 to $1.3 million,' and the crowd cheered, saying 'Look, it's going up.' There was even a fight in the line.</p>

<p>"When you line up around a block with 200 people to buy the condo in the sky that doesn't exist yet, put $20,000 down and plan to sell it as soon as it's built, look in the lineup and tell me how many people have the exact same mentality. Then all you need is for one guy to panic and drop his price to get out, and the average price in the whole building goes down, and you're completely at the whim of somebody else. You should only line up for U2 tickets."</p>
 
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