Monday, March 12, 2007

Priced Out Forever

If you are a prospective first-time homebuyer, you know that it is virtually impossible today to find an affordable house...The price of homes these days just keeps going up and up. Sure, prices may be moderating here and there, but everyone knows it's only a matter of time before prices begin to skyrocket once again. That's why now is not only a great time to buy, it may be your last chance to buy a home before you get priced out forever.

Read more at the newly launched website Priced Out Fovever.

11 comments:

chuck said...

LOL...

Forever is a damn long time too!

I was always wondering when Gwynneth Paltrow or Harrison Ford were going to come around to my neighborhood to buy one of those 1 million dollar "fixer uppers", for I assumed that they were the only type of people, besides Dick Cheney and Jack Abramoff, who could afford the prices...

but maybe State Workers all make the same kind of money as Steve Jobs....who knows...

that's before I became aware of all of the fine loan products on the market, including the Craig Nassi "Now you see it now you don't" no money due Loans, or the John Saca "Hot Air" no money down now, no interest payments soon, and plenty of government subisidies Loans....

Now everybody happy and everybody shop at Walmart to support Chinese and everybody shop at Ikea to support Viking wearing Swedish Women, and the Chinese, AGAIN...

peterbob said...

I'm a potential first time house buyer. My life just got "settled" jobwise, I'm just turned 40, and now is a perfect time to buy. However, there is NO WAY that I would buy a house today given all the uncertainties and likely price drops.
That's unfortunate, because it means that I'll need to wait extra years to buy just because of all the clowns who purchased/sold the last few years and the mania it created.

Of course, I believe prices will fall about 40 in inflation adjusted terms in my area, so I just need to wait (hopefully they will fall sooner rather than later). But the ONE THING that will keep prices out of reach forever is a government bailout that sacrifices MY future American Dream for the past American Dream of someone who couldn't afford a house in the first place. That's not fair.

JUST SAY NO TO GOVERNMENT BAILOUTS!

Sippn said...

Interesting new web site from 2 contributers who refuse to show ANY credentials.

Chuck Ponzi said...

Sippn,

What kind of credentials would you believe if you saw them?

Chuck Ponzi

Sippn said...

Assuming some honesty, is this written for humor or serious consideration? You're publishing today's equivalent of a newspaper or news letter, based on fact or fiction?

At least with Lander, Max, Agent Bubble we know one of them is in the industry they criticize, and the articles and data cited are legit.

Your profiles are empty.

Chuck Ponzi said...

Sippn

Did you even read it, or just skim the title and figure you'd understood the whole thing? I am just finishing the tongue-in-cheek posting for the site that Tim setup (the history of priced out forever). Due, it's a joke like thereisnohousingbubble.blogpsot.com and iamnotfacingforeclosure.com.

If you're wondering, I was one of the first bubble bloggers... when I started in April 2005, the only ones were Rich's, Patrick's, Ben's, and a news outlet of housebubble.com. The socalbubble.blogspot.com and socalbubble.com are my creations.

I'm worried that you're needing a small chill pill.

Dude, in the bubble blogger world, I am ancient and one of the original founders of the idea. Ask Ben or Rich. Patrick, I don't know so well. I'm not tooting my own horn, those are the facts. It's like a kid today asking who Adam West is, and by the way didn't I know that the original was Keaton or Kilmer. What a joke.

BTW, you may know me as John Doe, my previous psuedonym.

Cmyst said...

If you read the site, it is pretty simple stuff. It's like a primer for the first-time home buyer, on reasons why he/she shouldn't panic and on making good fact-based decisions on when to buy.
I don't think you need to "work in the industry" or hold a doctorate in economics to share this kind of basic info.
Anytime someone is telling me NOT to spend money foolishly, and ways to save, I'll listen. If they want to encourage me to spend money, or "invest" it, that's when I really want to see some credentials and documentation.

Jeff said...

I just read the latest North State BIA newsletter, and they must all be reading off the same talking points. Trying a last minute act of desperation and make people on the sidelines panic to try and get them to buy in this horrible RE market, it's really unethical. And borderline fraud...I mean what's the difference between this behavior and the guys in boiler rooms doing the “pump and dump” with penny stocks? The difference is that buying a home in this market could bankrupt you and put you on the streets. We'll see more and more of these types of sites and PR campaign as builders, realtors, mortgage brokers and title companies all conspire to try and scare people into homes. Great sales tactic guys!! BTW, no one seems to really be focusing on the fact that South Placer’s unemployment rate jumped .8%, a pretty good jump and no doubt all the laid off RE personnel.

Diggin Deeper said...

peterbob said...

"However, there is NO WAY that I would buy a house today given all the uncertainties and likely price drops"

This just about sums up the home buyer of today. With the subprime implosion in full swing, markets jittery, consumers making their way to the sidelines, and just an overall funk in general, there's very little buying sentiment that would prop up this market.

Late Mortgage Payments Reach High

http://news.yahoo.com/s/ap/20070313/ap_on_bi_ge/late_mortgages_6

The Mortgage Bankers Association
survey covers 43.5 million loans

4.95% of all loans were at least 30 days late in the fourth quarter '06.

13.33% of all subprime loans were at least 30 days late over the same period.

Not a pretty picture and truly would indicate that subprime is not the only segment that's going to experience a high rate of foreclosure.

Diggin Deeper said...

Now here's a guy you want to listen to...

Exerpted from Reuters article on retail sales and housing.

"The National Association of Realtors, a leading trade group, warned on Tuesday that unusual weather had created "ambiguity" in how the U.S. housing market may recover.

""Underlying trends point to a housing recovery in 2007,"" NAR Chief Economist David Lereah said. However, he trimmed his forecast of existing home sales to 6.42 million units this year from 6.44 million."

So I guess he's projecting couple of hundred thousand home sales to the downside this year. Hmmmm...I wonder how far off he'll be based on his past predictions.

Jeff said...

When all else fails, blame it on the weather.