Comments on: “We don’t want to panic. We need to be brave.” http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/ News & discussion about real estate & the housing bubble in the Seattle area. Sat, 21 Nov 2009 10:02:55 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: Shawn http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15783 Shawn Tue, 29 May 2007 16:42:42 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15783 Ancient proverb says, "When someone says 'don't panic' one should consider panicking."<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15783','Shawn',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15783','Shawn','Ancient proverb says, \"When someone says \'don\'t panic\' one should consider panicking.\"',''); return false;">Quote</a></div> Ancient proverb says, “When someone says ‘don’t panic’ one should consider panicking.”
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]]> By: finance http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15782 finance Tue, 29 May 2007 16:32:47 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15782 When I went to WSU I met Glenn Crellin and talked to some of his researchers. They did a historical prediction model showing how accurate he was to his predictions and was very close (or much better than the avg Real Estate projections). Overall he does have a degree of credibilitiy...that has to be taken into account.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15782','finance',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15782','finance','When I went to WSU I met Glenn Crellin and talked to some of his researchers. They did a historical prediction model showing how accurate he was to his predictions and was very close (or much better than the avg Real Estate projections). Overall he does have a degree of credibilitiy...that has to be taken into account.',''); return false;">Quote</a></div> When I went to WSU I met Glenn Crellin and talked to some of his researchers. They did a historical prediction model showing how accurate he was to his predictions and was very close (or much better than the avg Real Estate projections). Overall he does have a degree of credibilitiy…that has to be taken into account.
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]]> By: historian http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15781 historian Tue, 29 May 2007 14:40:00 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15781 Down payments are a historical artifact from the time when shelter structures did not mint their own cash. They were necessary for ancient generations such as our parents, who had to compete hard in the marketplace to earn a living wage, much less save enough to buy a modest house to live on. In those unenlightened times, each paycheck was precious, and property had to offer serious value to be worth making the sacrifice. Not applicable to today's easy money environment, so never mind the "down payment" talk. Now, unlike then, we have "lenders" who exist to provide us with a constant and neverending flow of money from china. These "lenders" do this completely out of self-sacrifice, and have only our best interests at heart. Also back in those days, human beings were smaller, which is why it was possible to raise a full family in a house with fewer than four bathrooms and, shockingly, 0 bank-financed hot tubs. This is also no longer applicable to people today<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15781','historian',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15781','historian','Down payments are a historical artifact from the time when shelter structures did not mint their own cash. They were necessary for ancient generations such as our parents, who had to compete hard in the marketplace to earn a living wage, much less save enough to buy a modest house to live on. In those unenlightened times, each paycheck was precious, and property had to offer serious value to be worth making the sacrifice.\r\n\r\nNot applicable to today\'s easy money environment, so never mind the \"down payment\" talk. Now, unlike then, we have \"lenders\" who exist to provide us with a constant and neverending flow of money from china. These \"lenders\" do this completely out of self-sacrifice, and have only our best interests at heart.\r\n\r\nAlso back in those days, human beings were smaller, which is why it was possible to raise a full family in a house with fewer than four bathrooms and, shockingly, 0 bank-financed hot tubs. This is also no longer applicable to people today',''); return false;">Quote</a></div> Down payments are a historical artifact from the time when shelter structures did not mint their own cash. They were necessary for ancient generations such as our parents, who had to compete hard in the marketplace to earn a living wage, much less save enough to buy a modest house to live on. In those unenlightened times, each paycheck was precious, and property had to offer serious value to be worth making the sacrifice.

Not applicable to today’s easy money environment, so never mind the “down payment” talk. Now, unlike then, we have “lenders” who exist to provide us with a constant and neverending flow of money from china. These “lenders” do this completely out of self-sacrifice, and have only our best interests at heart.

Also back in those days, human beings were smaller, which is why it was possible to raise a full family in a house with fewer than four bathrooms and, shockingly, 0 bank-financed hot tubs. This is also no longer applicable to people today

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]]> By: kpom http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15779 kpom Mon, 28 May 2007 19:34:20 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15779 Down payment? What's a down payment?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15779','kpom',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15779','kpom','Down payment? What\'s a down payment?',''); return false;">Quote</a></div> Down payment? What’s a down payment?
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]]> By: John http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15778 John Mon, 28 May 2007 16:20:44 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15778 Losh's got a point. Owning real estates is like a competition. The entrance fee is being set higher and higher. Who can save the most money the fastest? If owning a home is #1 priority, then cut all the fat in the monthly expenses. No more dining out, no more drinks after work, no more movies, no more cable tv. You will probably be miserable but you will have your down payment in no time.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15778','John',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15778','John','Losh\'s got a point. Owning real estates is like a competition. The entrance fee is being set higher and higher. Who can save the most money the fastest? If owning a home is #1 priority, then cut all the fat in the monthly expenses. No more dining out, no more drinks after work, no more movies, no more cable tv. You will probably be miserable but you will have your down payment in no time.',''); return false;">Quote</a></div> Losh’s got a point. Owning real estates is like a competition. The entrance fee is being set higher and higher. Who can save the most money the fastest? If owning a home is #1 priority, then cut all the fat in the monthly expenses. No more dining out, no more drinks after work, no more movies, no more cable tv. You will probably be miserable but you will have your down payment in no time.
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]]> By: Jackson Wallace http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15777 Jackson Wallace Mon, 28 May 2007 07:35:41 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15777 YO Losh, You sound like one of those sour-grape Aztlan hispanic morons. I'm sure lots of Asians are smart and harder-working, but maybe you should read the reports of how the entire Chinese population is driving their own market up through wild speculation. I'm sure plenty of Asians are leveraged to the gills in the US RE market, too. What I dont get is why anyone would spend California coast prices for RE in a town that has about two months of sun per year. A lot of people are learning this Memorial Day along with the 4th of July that Seattle is a city that will rain on your parade and your bbq. The wheels are coming off the tracks everywhere, and yeah, the people can actually work will be the ones, while the speculators, even the racist Asian ones, will be eating a dirt lunch.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15777','Jackson Wallace',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15777','Jackson Wallace','YO Losh,\r\n\r\nYou sound like one of those sour-grape Aztlan hispanic morons. I\'m sure lots of Asians are smart and harder-working, but maybe you should read the reports of how\r\nthe entire Chinese population is driving their own market up through wild speculation. I\'m sure plenty of Asians are leveraged to the gills in the US RE market, too. What I dont get is why anyone would spend California coast prices for RE in a town that has about two months of sun per year. A lot of people are learning this Memorial Day along with the 4th of July that Seattle is a city that will rain on your parade and your bbq. The wheels are coming off the tracks everywhere, and yeah, the people can actually work will be the ones, while the speculators, even the racist Asian ones, will be eating\r\na dirt lunch.',''); return false;">Quote</a></div> YO Losh,

You sound like one of those sour-grape Aztlan hispanic morons. I’m sure lots of Asians are smart and harder-working, but maybe you should read the reports of how
the entire Chinese population is driving their own market up through wild speculation. I’m sure plenty of Asians are leveraged to the gills in the US RE market, too. What I dont get is why anyone would spend California coast prices for RE in a town that has about two months of sun per year. A lot of people are learning this Memorial Day along with the 4th of July that Seattle is a city that will rain on your parade and your bbq. The wheels are coming off the tracks everywhere, and yeah, the people can actually work will be the ones, while the speculators, even the racist Asian ones, will be eating
a dirt lunch.

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]]> By: Peckhammer http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15767 Peckhammer Sun, 27 May 2007 02:05:20 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15767 “The reason you white guys can’t figure anything out is because you were promised the life of your fathers. “

Someone’s been reading the Seattle Times…

“American men in their 30s today are worse off than their fathers’ generation, a reversal from a decade ago, when sons generally were better off than their fathers, a new study finds.

The study also says the typical American family’s income has lagged far behind productivity growth since 2000, a departure from most of the post-World War II period.

The findings suggest “the up escalator that has historically ensured that each generation would do better than the last may not be working very well,” says the study, released Friday.”

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]]> By: Terry http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15765 Terry Sun, 27 May 2007 00:50:34 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15765 Wow! Mr. Losh shouldn't be so shy. He ought to say what he really thinks!<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15765','Terry',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15765','Terry','Wow!\r\n\r\nMr. Losh shouldn\'t be so shy. He ought to say what he really thinks!',''); return false;">Quote</a></div> Wow!

Mr. Losh shouldn’t be so shy. He ought to say what he really thinks!

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]]> By: deejayoh http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15764 deejayoh Sun, 27 May 2007 00:48:23 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15764 Losh, Please check growth in housing stock vs. population for the past 5, 10 or 15 years. I am not going to do it for you. You don't know what you are talking about, and you sound like a fool<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15764','deejayoh',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15764','deejayoh','Losh, \r\nPlease check growth in housing stock vs. population for the past 5, 10 or 15 years. I am not going to do it for you. You don\'t know what you are talking about, and you sound like a fool',''); return false;">Quote</a></div> Losh,
Please check growth in housing stock vs. population for the past 5, 10 or 15 years. I am not going to do it for you. You don’t know what you are talking about, and you sound like a fool
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]]> By: BanteringBear http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15760 BanteringBear Sat, 26 May 2007 20:10:53 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15760 “The reason you white guys can’t figure anything out is because you were promised the life of your fathers. Your fathers and your father’s fathers worked for a living and you don’t…I barely made it through high school. I’m a drug addict and alcoholic. I work every day, somtimes at back breaking tasks because I’m so stupid. I also have no unfulfilled dreams or goals. My little companies feed seven families. I’ve made and spent, given away, or squandered several small fortunes in my life time. I go where I want, when I want, and say what I want because I can afford it…I did it by being in the real estate business.”

Unbelievable. It sounds like you need some serious therapy. Not only for your addictions, but your bigotry as well. You struck out big time in this rant. As a “white guy” I work very hard, and am doing just fine. As for you, well, it was only with the help of the FED, and lenders, that clowns like you were empowered. The painful price we all will pay for the current unhealth of the housing market, and the economy as a whole will forever live as an argument and example for why we should never hand out easy money, especially to folks like yourself. I can only imagine what untruths your loan apps and tax returns would reveal to the discerning eye. Good luck bozo.

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]]> By: mike2 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15759 mike2 Sat, 26 May 2007 20:04:21 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15759 Losh is quite the embassador.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15759','mike2',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15759','mike2','Losh is quite the embassador.',''); return false;">Quote</a></div> Losh is quite the embassador.
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]]> By: wreckingbull http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15757 wreckingbull Sat, 26 May 2007 17:44:01 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15757 Hey Losh, You are not thinking. The reason most people at this blog are calling BS on today's housing prices is because we have worked so damn hard for our savings. Spend a little time at the King County records dept and you will see that as a trend, real estate is being purchased with more leverage than ever, not cash. Take your bigotry elsewhere. It just makes you look like a fool.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15757','wreckingbull',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15757','wreckingbull','Hey Losh,\r\n\r\nYou are not thinking. The reason most people at this blog are calling BS on today\'s housing prices is because we have worked so damn hard for our savings. Spend a little time at the King County records dept and you will see that as a trend, real estate is being purchased with more leverage than ever, not cash. Take your bigotry elsewhere. It just makes you look like a fool.',''); return false;">Quote</a></div> Hey Losh,

You are not thinking. The reason most people at this blog are calling BS on today’s housing prices is because we have worked so "golly" hard for our savings. Spend a little time at the King County records dept and you will see that as a trend, real estate is being purchased with more leverage than ever, not cash. Take your bigotry elsewhere. It just makes you look like a fool.

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]]> By: Peckhammer http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15756 Peckhammer Sat, 26 May 2007 14:44:07 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15756 Brave? That's for all those yuppies who were talked into paying too much for a crack-house conversion in the central district. Drive-by shootings have become a regular occurrence. The police department has received calls from Central Area residents who are afraid to leave their homes at night because of the guns and gangs. There is a bright side: Yuppy residents finally have a use for those KitchenAid 4.5-Inch Dupont Delrin handled Santoku knives they got at the office holiday party!<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15756','Peckhammer',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15756','Peckhammer','Brave? That\'s for all those yuppies who were talked into paying too much for a crack-house conversion in the central district.\r\n\r\nDrive-by shootings have become a regular occurrence. The police department has received calls from Central Area residents who are afraid to leave their homes at night because of the guns and gangs.\r\n\r\nThere is a bright side: Yuppy residents finally have a use for those KitchenAid 4.5-Inch Dupont Delrin handled Santoku knives they got at the office holiday party!',''); return false;">Quote</a></div> Brave? That’s for all those yuppies who were talked into paying too much for a crack-house conversion in the central district.

Drive-by shootings have become a regular occurrence. The police department has received calls from Central Area residents who are afraid to leave their homes at night because of the guns and gangs.

There is a bright side: Yuppy residents finally have a use for those KitchenAid 4.5-Inch Dupont Delrin handled Santoku knives they got at the office holiday party!

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]]> By: david losh http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15755 david losh Sat, 26 May 2007 03:03:41 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15755 Happy Birthday Tim! Here's the thing about the Pacific Northwest. We are a stupid backwater set of towns in a prime financial location. The old boys play this region like a violin. We're not in good hands but we are being massaged. The rest of the country has it's own issues. You're absolutely right that prices have outstripped the ability to pay. This here internet thing is probably the biggest swindle in the world. Promises were made that never materialized. The Fed created a false sense of security by lowering interest rates that made the housing market seem like a good investment instrument. It's not an investment unless you play the game well and most people who bought weren't playing, they were palyed like the good consumers they are. Never mind let's talk about the Pacific North West. Here the supply of housing has been artificially kept low to drive up demand. Scarcity means higher prices. Boeing and Microsoft are a thing of the past. Do you have an engineering degree? Can you not afford to own a home as an architect, tech support person, or lawyer? Are there no good jobs out there for you bunch of over educated, whining, something for nothing dillatantes? Why is it a person from Viet Nam can come here with nothing and make twenty million dollars in ten years? Why are there thousands of people paying cash for new homes across the region? Why aren't those same people buying the crap town houses? The real question is why are the yuppies buying into this con job? What used to be called the under ground economy here in the Pacific Northwest is coming to the surface. There is no matching the hard working, low overhead, savvy investor that is the Asian community. OK I said it. The reason you white guys can't figure anything out is because you were promised the life of your fathers. Your fathers and your father's fathers worked for a living and you don't. You don't want to work, you're whiners. Does a house cost a half a million dollars and you don't want to work three jobs, take in boarders, and eat rice with beans? No, of course not, you want to whine about how you can't get ahead in todays complicated economy. It's all about the stock market this, and the devaluation of the dollar that. It's complicated right? I barely made it through high school. I'm a drug addict and alcoholic. I work every day, somtimes at back breaking tasks because I'm so stupid. I also have no unfulfilled dreams or goals. My little companies feed seven families. I've made and spent, given away, or squandered several small fortunes in my life time. I go where I want, when I want, and say what I want because I can afford it. I did it by being in the real estate business. I really enjoy this blog. There's a lot of truth in what you guys are saying. The thing is that you are not targeting the true essense of what is going on in our market place. We need more housing units, thousands if not millions. They should be cheap because that is the price point. The great unwashed hoards are at our Northern border and no amount of legislation will keep them out. They have suit cases full of dollars that end up here in Seattle Washington. Those dollars can either stay here or move on to Los Angeles. Are we welcoming those dollars or shutting them out?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15755','david losh',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15755','david losh','Happy Birthday Tim!\r\nHere\'s the thing about the Pacific Northwest. We are a stupid backwater set of towns in a prime financial location. The old boys play this region like a violin. We\'re not in good hands but we are being massaged. \r\nThe rest of the country has it\'s own issues. You\'re absolutely right that prices have outstripped the ability to pay. This here internet thing is probably the biggest swindle in the world. Promises were made that never materialized. The Fed created a false sense of security by lowering interest rates that made the housing market seem like a good investment instrument. It\'s not an investment unless you play the game well and most people who bought weren\'t playing, they were palyed like the good consumers they are. \r\nNever mind let\'s talk about the Pacific North West. \r\nHere the supply of housing has been artificially kept low to drive up demand. Scarcity means higher prices. \r\nBoeing and Microsoft are a thing of the past. Do you have an engineering degree? Can you not afford to own a home as an architect, tech support person, or lawyer? Are there no good jobs out there for you bunch of over educated, whining, something for nothing dillatantes? \r\nWhy is it a person from Viet Nam can come here with nothing and make twenty million dollars in ten years? Why are there thousands of people paying cash for new homes across the region? Why aren\'t those same people buying the crap town houses? The real question is why are the yuppies buying into this con job?\r\nWhat used to be called the under ground economy here in the Pacific Northwest is coming to the surface. There is no matching the hard working, low overhead, savvy investor that is the Asian community. OK I said it. \r\nThe reason you white guys can\'t figure anything out is because you were promised the life of your fathers. Your fathers and your father\'s fathers worked for a living and you don\'t. You don\'t want to work, you\'re whiners. \r\nDoes a house cost a half a million dollars and you don\'t want to work three jobs, take in boarders, and eat rice with beans? No, of course not, you want to whine about how you can\'t get ahead in todays complicated economy. It\'s all about the stock market this, and the devaluation of the dollar that. It\'s complicated right? \r\nI barely made it through high school. I\'m a drug addict and alcoholic. I work every day, somtimes at back breaking tasks because I\'m so stupid. I also have no unfulfilled dreams or goals. My little companies feed seven families. I\'ve made and spent, given away, or squandered several small fortunes in my life time. I go where I want, when I want, and say what I want because I can afford it. \r\nI did it by being in the real estate business. \r\nI really enjoy this blog. There\'s a lot of truth in what you guys are saying. The thing is that you are not targeting the true essense of what is going on in our market place. \r\nWe need more housing units, thousands if not millions. They should be cheap because that is the price point. The great unwashed hoards are at our Northern border and no amount of legislation will keep them out. They have suit cases full of dollars that end up here in Seattle Washington. Those dollars can either stay here or move on to Los Angeles. Are we welcoming those dollars or shutting them out?',''); return false;">Quote</a></div> Happy Birthday Tim!
Here’s the thing about the Pacific Northwest. We are a stupid backwater set of towns in a prime financial location. The old boys play this region like a violin. We’re not in good hands but we are being massaged.
The rest of the country has it’s own issues. You’re absolutely right that prices have outstripped the ability to pay. This here internet thing is probably the biggest swindle in the world. Promises were made that never materialized. The Fed created a false sense of security by lowering interest rates that made the housing market seem like a good investment instrument. It’s not an investment unless you play the game well and most people who bought weren’t playing, they were palyed like the good consumers they are.
Never mind let’s talk about the Pacific North West.
Here the supply of housing has been artificially kept low to drive up demand. Scarcity means higher prices.
Boeing and Microsoft are a thing of the past. Do you have an engineering degree? Can you not afford to own a home as an architect, tech support person, or lawyer? Are there no good jobs out there for you bunch of over educated, whining, something for nothing dillatantes?
Why is it a person from Viet Nam can come here with nothing and make twenty million dollars in ten years? Why are there thousands of people paying cash for new homes across the region? Why aren’t those same people buying the crap town houses? The real question is why are the yuppies buying into this con job?
What used to be called the under ground economy here in the Pacific Northwest is coming to the surface. There is no matching the hard working, low overhead, savvy investor that is the Asian community. OK I said it.
The reason you white guys can’t figure anything out is because you were promised the life of your fathers. Your fathers and your father’s fathers worked for a living and you don’t. You don’t want to work, you’re whiners.
Does a house cost a half a million dollars and you don’t want to work three jobs, take in boarders, and eat rice with beans? No, of course not, you want to whine about how you can’t get ahead in todays complicated economy. It’s all about the stock market this, and the devaluation of the dollar that. It’s complicated right?
I barely made it through high school. I’m a drug addict and alcoholic. I work every day, somtimes at back breaking tasks because I’m so stupid. I also have no unfulfilled dreams or goals. My little companies feed seven families. I’ve made and spent, given away, or squandered several small fortunes in my life time. I go where I want, when I want, and say what I want because I can afford it.
I did it by being in the real estate business.
I really enjoy this blog. There’s a lot of truth in what you guys are saying. The thing is that you are not targeting the true essense of what is going on in our market place.
We need more housing units, thousands if not millions. They should be cheap because that is the price point. The great unwashed hoards are at our Northern border and no amount of legislation will keep them out. They have suit cases full of dollars that end up here in Seattle Washington. Those dollars can either stay here or move on to Los Angeles. Are we welcoming those dollars or shutting them out?
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]]> By: Terry http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15753 Terry Fri, 25 May 2007 23:37:32 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15753 At least Mr. Crellin is consistant. He has always maintained that Seattle has an affordability problem, but then he keeps on saying that Seattle's economy will keep real estate prices propped up. Okay... If there is an affordability problem, who is going to buy these overpriced homes, despite whatever the economy is doing? I don't understand....<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15753','Terry',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15753','Terry','At least Mr. Crellin is consistant. He has always maintained that Seattle has an affordability problem, but then he keeps on saying that Seattle\'s economy will keep real estate prices propped up. Okay... If there is an affordability problem, who is going to buy these overpriced homes, despite whatever the economy is doing? I don\'t understand....',''); return false;">Quote</a></div> At least Mr. Crellin is consistant. He has always maintained that Seattle has an affordability problem, but then he keeps on saying that Seattle’s economy will keep real estate prices propped up. Okay… If there is an affordability problem, who is going to buy these overpriced homes, despite whatever the economy is doing? I don’t understand….
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]]> By: Terry http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15752 Terry Fri, 25 May 2007 23:33:48 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15752 More info on how median price stats can be misleading The Follies of Measuring Home Prices http://www.voiceofsandiego.org/articles/2007/05/03/toscano/918toscano050107.txt Hidden" Home Price Decline In Silicon Valley <i>...despite drops in volume and price there can be a gain in the median price if the mix of home sales changes significantly from a year ago in favor of the high-priced areas...</i> http://patrick.net/housing/contrib/HiddenPriceDecline_SiliconValley_041507.htm?ref=patrick.net<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15752','Terry',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15752','Terry','More info on how median price stats can be misleading\r\n\r\nThe Follies of Measuring Home Prices\r\n\r\nhttp:\/\/www.voiceofsandiego.org\/articles\/2007\/05\/03\/toscano\/918toscano050107.txt\r\n\r\nHidden\" Home Price Decline In Silicon Valley\r\n\r\n<i>...despite drops in volume and price there can be a gain in the median price if the mix of home sales changes significantly from a year ago in favor of the high-priced areas...<\/i>\r\n\r\nhttp:\/\/patrick.net\/housing\/contrib\/HiddenPriceDecline_SiliconValley_041507.htm?ref=patrick.net',''); return false;">Quote</a></div> More info on how median price stats can be misleading

The Follies of Measuring Home Prices

http://www.voiceofsandiego.org/articles/2007/05/03/toscano/918toscano050107.txt

Hidden” Home Price Decline In Silicon Valley

…despite drops in volume and price there can be a gain in the median price if the mix of home sales changes significantly from a year ago in favor of the high-priced areas…

http://patrick.net/housing/contrib/HiddenPriceDecline_SiliconValley_041507.htm?ref=patrick.net

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]]> By: Terry http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15749 Terry Fri, 25 May 2007 22:32:21 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15749 “Although the median price of a home in California continues to rise, this reflects the falloff in sales in the lower-priced markets of the state…

It is interesting to note that someone from the real estate industry being so honest about median price statistics. A year ago they would have screaming that increasing median price statistics were proof positive that the entire market was still appreciating.

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]]> By: Ouch http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15748 Ouch Fri, 25 May 2007 22:31:47 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15748 If things are going so great here in the PNW, why is there any need to be "brave"? Presumably these are the experts who have their fingertips on the pulse of the area, so what the heck are they worrying about? Don't they know that we're special - or haven't they heard about the pink ponies?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15748','Ouch',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15748','Ouch','If things are going so great here in the PNW, why is there any need to be \"brave\"? Presumably these are the experts who have their fingertips on the pulse of the area, so what the heck are they worrying about? Don\'t they know that we\'re special - or haven\'t they heard about the pink ponies?',''); return false;">Quote</a></div> If things are going so great here in the PNW, why is there any need to be “brave”? Presumably these are the experts who have their fingertips on the pulse of the area, so what the heck are they worrying about? Don’t they know that we’re special – or haven’t they heard about the pink ponies?
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]]> By: Terry http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15747 Terry Fri, 25 May 2007 22:27:44 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15747 Johny, How median price statistics can be misleading has been cussed and discussed many times on this blog. Here is one example: http://seattlebubble.com/forum/viewtopic.php?t=174<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15747','Terry',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15747','Terry','Johny,\r\n\r\nHow median price statistics can be misleading has been cussed and discussed many times on this blog. Here is one example:\r\nhttp:\/\/seattlebubble.com\/forum\/viewtopic.php?t=174',''); return false;">Quote</a></div> Johny,

How median price statistics can be misleading has been cussed and discussed many times on this blog. Here is one example:
http://seattlebubble.com/forum/viewtopic.php?t=174

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]]> By: Johny http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15746 Johny Fri, 25 May 2007 22:05:51 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15746 I have been wondering why the median prices have been rising even though inventory is climbing and sales are slowing. Heres a quote from the LA times that might explain one reason. "But the rise in the median price wasn't necessarily a sign of market strength. Instead, the figure rose primarily because fewer lower-prices houses were selling as a result of the implosion of the sub-prime mortgage business, which catered primarily to buyers with poor credit. "Although the median price of a home in California continues to rise, this reflects the falloff in sales in the lower-priced markets of the state, where new-home inventories and foreclosures are competing with the existing-home market," said Leslie Appleton-Young, chief economist for the real estate association, in a statement."<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15746','Johny',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15746','Johny','I have been wondering why the median prices have been rising even though inventory is climbing and sales are slowing. Heres a quote from the LA times that might explain one reason.\r\n\r\n\"But the rise in the median price wasn\'t necessarily a sign of market strength. Instead, the figure rose primarily because fewer lower-prices houses were selling as a result of the implosion of the sub-prime mortgage business, which catered primarily to buyers with poor credit.\r\n\r\n\"Although the median price of a home in California continues to rise, this reflects the falloff in sales in the lower-priced markets of the state, where new-home inventories and foreclosures are competing with the existing-home market,\" said Leslie Appleton-Young, chief economist for the real estate association, in a statement.\"',''); return false;">Quote</a></div> I have been wondering why the median prices have been rising even though inventory is climbing and sales are slowing. Heres a quote from the LA times that might explain one reason.

“But the rise in the median price wasn’t necessarily a sign of market strength. Instead, the figure rose primarily because fewer lower-prices houses were selling as a result of the implosion of the sub-prime mortgage business, which catered primarily to buyers with poor credit.

“Although the median price of a home in California continues to rise, this reflects the falloff in sales in the lower-priced markets of the state, where new-home inventories and foreclosures are competing with the existing-home market,” said Leslie Appleton-Young, chief economist for the real estate association, in a statement.”

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]]> By: Mike2 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15745 Mike2 Fri, 25 May 2007 19:09:00 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15745 Weird. I wonder if it's starting to dawn on any of these guys that having the average Joe's financial stability <i>this</i> wrapped up in the value of his home is really risky.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15745','Mike2',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15745','Mike2','Weird. I wonder if it\'s starting to dawn on any of these guys that having the average Joe\'s financial stability <i>this<\/i> wrapped up in the value of his home is really risky.',''); return false;">Quote</a></div> Weird. I wonder if it’s starting to dawn on any of these guys that having the average Joe’s financial stability this wrapped up in the value of his home is really risky.
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]]> By: CCG http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15744 CCG Fri, 25 May 2007 19:04:55 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15744 Yet another front-page advertisement for condos in today's rag. Is it me or are they flogging a lot harder than last year?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15744','CCG',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15744','CCG','Yet another front-page advertisement for condos in today\'s rag. Is it me or are they flogging a lot harder than last year?',''); return false;">Quote</a></div> Yet another front-page advertisement for condos in today’s rag. Is it me or are they flogging a lot harder than last year?
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]]> By: Crashcadia http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15743 Crashcadia Fri, 25 May 2007 18:53:06 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15743 Sales down Inventory up Interest rates up Sub prime lending fading away. All small compared to the economic wave of recession that will leave debtors bent over the aft end of a sinking ship, bringing new meaning to the phrase going green. Bravery that relies on debt slavery is no way to run a ship.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15743','Crashcadia',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15743','Crashcadia','Sales down\r\nInventory up\r\nInterest rates up\r\nSub prime lending fading away.\r\n\r\nAll small compared to the economic wave of recession \r\nthat will leave debtors bent over the aft end of a sinking ship, bringing new meaning to the phrase going green. Bravery that relies on debt slavery is no way to run a ship.',''); return false;">Quote</a></div> Sales down
Inventory up
Interest rates up
Sub prime lending fading away.

All small compared to the economic wave of recession
that will leave debtors bent over the aft end of a sinking ship, bringing new meaning to the phrase going green. Bravery that relies on debt slavery is no way to run a ship.

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]]> By: Terry http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15742 Terry Fri, 25 May 2007 18:25:22 +0000 http://seattlebubble.com/blog/2007/05/25/we-dont-want-to-panic-we-need-to-be-brave/#comment-15742 Tim, I know! I know! Inflated real estate prices need to come down, right? Am I right?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('15742','Terry',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('15742','Terry','Tim,\r\n\r\nI know! I know! \r\n\r\nInflated real estate prices need to come down, right? Am I right?',''); return false;">Quote</a></div> Tim,

I know! I know!

Inflated real estate prices need to come down, right? Am I right?

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