http://seattletimes.nwsource.com/html/nationworld/2008006720_webfraud19m.html

Now, an 80 year old granny who was steered into a reverse mortgage that just keeps screwing her (and the loan officer made a cool 30K). Please do throw the LO in jail and throw away the key. The same thing for the LO’s who accepted fake documentation, made non-english speaking people sign stuff they didn’t understand while raking in the moolah on the YSP. Do continue up the chain with the underwriters and the people who packaged these “joke loans” into CDOs and possibly bankrupted several pension funds in the process.

But many many people were purely and simply motivated by greed. Don’t allow a single “second-home” investor to just walk away. A foreclosure even on a primary house should prevent that person from buying a house for a good 10 years. Period.

….Indictments against Cioffi and Tannin might lead to a cascade of criminal cases and civil suits, said former prosecutor Robert Bunzel, a white-collar criminal defense lawyer in San Francisco.

“The floodgates could open,” Bunzel said.

In a separate move today, two government officials said more than 400 people have been charged in a U.S. Justice Department mortgage-fraud sweep…..

Oh what fun! Now the really serious finger pointing begins between the investment bankers, mortgage brokers, loan originators, bank regulators, ratings agencies, investors, etc., etc,

http://cnnwire.blogs.cnn.com/2008/06/19/hundreds-accused-of-mortgage-fraud-2/

Buy, buy, buy, great time to buy!!! Market’s never been hotter….buy, buy, buy!!!!

Former Bear Stearns Fund Managers Arrested by FBI

June 19 (Bloomberg) — Bear Stearns Cos. former hedge fund managers Ralph Cioffi and Matthew Tannin were taken into custody at their homes this morning by FBI agents over their roles in the collapse of two funds that ignited the subprime mortgage crisis last year.

The arrests are the first from a federal probe of possible fraud by banks and mortgage firms whose investments in subprime loans and securities plunged in value, causing losses that now total $396.6 billion. The U.S. Securities and Exchange Commission may sue the two men as early as today, claiming they committed fraud by falsely telling investors the funds they managed were sound, people with knowledge of the case said…..

http://www.youtube.com/watch?v=jYqDS9i8zJw

You can make “millins” in real estate…

NO. Everyone works in downtown. EVERYONE. Each and every individual and family, therefore, wants to live in Ballard. ALL OF THEM!!!! Rid your mind of its curious nature and go and buy a townhouse in Ballard.

On a serious note, the wife and I just moved out to near Redmond (Sammamish to be exact). We moved from Seattle. Her commute is now an easy 5 miles in each direction and she doesn’t have to deal with the 520 bridge.

If I ever decided to work for the evil empire (Microsoft) then I could hop on the bus – that I can walk to – that goes right through the Redmond campus. Or I could get on one of those MS “Connector” buses I see driving around.

So many that work in Seattle and live in Seattle see *all* the region’s jobs as being in Seattle. Therefore, anyone that doesn’t live in Seattle is just crazy and living in the “exurbs”.

Your passive aggressive comments are littered with “good luck with that” and other dreadful and pitiful attempts to put people down. In that respect you’re no different to some others on this blog on the other side of the fence. It’s unfortunate that you’ve decided to have this kind of attitude.

P.S. Tim – not sure if you can control it, but the tab order on the page is goofy when leaving a comment. It always jumps to an ad at the top of the page instead of moving from Name -> Mail or Mail -> Website.

I have removed the offending ad.

I’m sure growth was “off the charts” in Miami and Las Vegas too!

just because the price collapses started in the previously rapidly growing suburbs, doesn’t mean that the price collapse won’t continue to migrate toward the city centers.

rapid price declines are facilitated by foreclosures, but the eventual sustainable value of neighborhoods will have some relation to affordability and perceived value. the timing of these price declines is harder to predict.

Mikal why do you care if prices crash 10%, 20%, or 40% if you are in this for the long, long run things will come back it will just take a time.

As long as people can afford to live somewhere and feed their family there will be no riots — why — because everyone is sold on the American dream — if you work hard enough you will get ahead. If you don’t get ahead then apparently you didn’t work hard enough. Now if people wake up and see that this is now basically a myth then maybe just maybe we might be in trouble, but as long as Americans can shop at WalMart and buy tons of cheap crap then everything will be A OKAY.

No. You’re not any kind of blogger. You’re not:

-An expert blogger
-A bad blogger
-A happy blogger
-A purple blogger
-A smelly blogger

I too am not a blogger. I do not have a blog of my own. That’s how I know I’m not a blogger.

OK?

I wonder if the next house in your hood sales for as much as the last one you mentioned. Oh that is right we are just chicken littles — I think one of your posts in a different thread sarcastically said something about the sky is falling.

By Stuart Eskenazi (Seattle Times staff reporter)

It should come as a surprise to no one that Seattle is growing fast.

But this fast?

In just over three years, Seattle already is halfway to reaching its targeted housing growth for 20 years.

And a few sections of town — Ballard, Eastlake, the Central Area, Greenlake, Lower Queen Anne and downtown — already have exceeded their 20-year targets…. article continues…

http://seattletimes.nwsource.com/html/localnews/2008003405_growth18m.html

Jonness agreed. I would like to emphasize this. Every property that is listed on the MLS has money that is the Buyers. Every "golly" one. The problem is very few realize its theres. Be happy you do. More WILL in time!

Ray Pepper
http://www.500Realty.net

I will say that from my perspective you have toned down the self promotion aspect of your comments here, and I appreciate that.

P.S. Tim – not sure if you can control it, but the tab order on the page is goofy when leaving a comment. It always jumps to an ad at the top of the page instead of moving from Name -> Mail or Mail -> Website.

Technically, it is said that the seller pays. But in a way it is the buyer who pays because he is the one who puts up the money. If I buy a house it’s immediately worth 6% less than I paid because in order to convert it to cash, I have to sell it. The seller simply increases the cost of the house by 6% in order to cover RE fees. Once the buyer puts up the money, the seller allocates the buyer’s money to the RE company and puts the rest in his pocket ( just as his money was given to the Realtors when he originally bought the home).

Of course, you can look at it a multitude of ways. Another way is that one agent represents the seller and gets paid by the seller, and another agent represents the buyer and gets paid by the buyer. The way the money is transferred is a technicality, but ultimately the buyer puts up the cash and ends up with a home that is worth 6% less than he paid. The fact that it only bites him when he tries to sell is a technicality. The truth is that the buyer and the seller are the same person, and both of those people pay 3% each. Thus, it is my choice as a buyer to not pay the full 3%, and it is also my choice as a seller to not pay the full 3%. Whoever buys a house and then sells it to me is on his own when it comes to how much he wants to pay to buy and sell the home.

1) Seattle is the most special place in the world and everyone wants to live here and buy multiple investment properties. Even if prices double every 2 years, foreign investors will come in and just keep on buying forever because they think housing is a wonderful investment.

2) Unemployment will never go up because 100% of the population works at MS or Boeing.

3) Due to mountains and a low-height dome that completely surround the city, there is simply no more land available, and you hit the top of the dome if you build above 3 stories high.

I think they meant:

1) Many, not all, people would rather live in California or New York.

2) The economy is going to $*(# and unemployment is going to skyrocket

3) Most young people want to live in the city, so the ghettos are going to relocate to those million dollar homes out in the distant suburbs because there will be little demand for them.

4) We’re going to watch house prices drop at least 30% in the next 2 years.

Why? Japan has managed to have 90% peak declines with only sluggish/stagnant growth. No bread lines or riots over there. California and Texas have both suffered huge declines in previous bubbles without breadlines or a depression. I certainly don’t think things will be economically great, but I also don’t think there are going to be breadlines because Ballard "chocolate"boxes sell for 80% off peak values.

Like Eleua and many others, I believe we’re only getting started. The economic foundation on which this country’s credit markets are based is beginning to crumble.

Barclays North to close down

I made a comment about the fundraiser and a comment about this website being a bubble. How is that wishing Tim to fail? Its a smart a$$ comment like the plenty that are made here daily. Lol… grow some skin jeez.

As far as being bitter hardly, tim does have some good excel skills he will be plenty marketable if anything happens. lol

Magnolia just bought a house, ’nuff said?

I have noticed this as well. It’s not even as if Tim is to be blamed for any of this so called downturn (crash is way more appropriate). The only thing Tim is doing is putting out facts, AND asking people to vet them if they don’t believe him.
Magnolia what’s your bone with Tim dude?

btw Tim, nice job integrating the area codes into the google maps thingy. Certainly looks cool.

I just bought a 1 year CD at WAMU. I’ll write a post on how to make a claim on FDIC insurance. :-)

The Naked Loon reminds me of Drew Carey doing the Price is Right.

I haven’t watched The Price is Right in years, but I am assuming that was meant to be an insult?

Most every blog I placed in the News Tribune this week has been deleted. In expressing my personal opinion as to why the NEWS TRIBUNE will NOT EVER run a story on why BUYERS NEED TO SAVE NOW MORE THEN EVER….
And utilize Brokerages that ** GIVE ** TO THE CONSUMER (not extract) and how if they ever did run a story, the advertising on Sundays in the Real Estate section of the paper would collapse.

My blogs have been deleted. No reponses given other then. “You know Ray editorial is different then Advertising”………I SAY BS!! Tell the truth to the PUBLIC!

If someone is choosing to Buy in this recessionary environment EDUCATE THEM!! Is this NOT what the media and blogging is for? EVERY "golly" property on the MLS has money that is the BUYERS! Yet ..SSSSHHHHHHHHHHH

“Ray you didn’t tell my clients what it is your company does”? I hear this statement most nearly everytime I get into offer/counteroffer with an Agent.

Good GOD!

Not telling the TRUTH in MEDIA is as bad as lying. Thank GOD I HAVE THE BUBBLE to get this off my chest!

I feel a little better now…

Thanks TIM!

Ray Pepper
Broker
http://www.500Realty.net