It’s the end of the week, the start of the month, and the beginning of a new year for us here at Doom. We especially would like to express our appreciation for for all the great links, comments, and other wonderful stuff that Doomers contribute.
A special thanks this week to Rick LaForce, who gave us permission to run his creation:
We look forward to seeing your contributions as well.
As always, this thread’s for you!
Very clever!
Great news for South Florida! The NAR has calculated that worst is over! (again)
Worst is over, real estate experts say
Worst is over, real estate experts say
By STEPHEN FRATER
SARASOTA — In what seemed part of a campaign to arm real estate agents against naysayers and fence-sitting buyers, the National Association of Realtors’ top economist was in the region Thursday offering strong words of encouragement.
The softness that has bedeviled Southwest Florida’s residential real estate market for almost a year has just about run its course and will not last beyond another six to 12 months, said Lawrence Yun.
…
NVMike-
It looks like it’s time for someone to start LawrenceYunWatch.
Just when we thought it was safe to go back in the water….
i think folks bought some of that creme here in california. house under construction, it mysteriously starts burning in several locations on the property, completely burned out, at 2:00 am, unfortunately there were no witnesses. the fire inspector says arson. crying homeowners (no tears) and a admission that they couldn’t wait to move in because they loved the house while looking lovingly into each other’s eyes. who could do this to us they cry. i foresee a lot of fire sales.
NVmike (comment #2) -
I had some problems with your tiny, so here’s a reference link.
“Worst is over, real estate experts say”, by Stephen Frater, HeraldTribune (SW Florida), June 1, 2007.
The Long Life Span of a Housing Downturn
http://www.nytimes.com/2007/06/02/business/02charts.html?ref=business
Jan-Martin-
It was nice to see the NYT doing some historical comparisons. It is clear that these downturns don’t go away after a couple of months, but you wouldn’t know it to hear most of the analysts.
I’d love to give this creme to some loan officers I know!
Zero down financing–with Interest Only payments to make it affordable–seemed like such a good idea. Back then.
The plan was to let the home value continue to rise as it had in the past, and then refinance with equity, or sell and make a good profit. I’ve been privy to hundreds of conversations between loan officers and buyers, so believe me when I say it never entered anyone’s head that the market might not continue to increase. These loans were presented and perceived as a no-risk deal. Home buyers signed with enthusiastic anticipation. Too bad they didn’t know they were headed for a financial fire.
– Carolyn Warren, author, Mortgage Rip-Offs and Money Savers (Wiley & Sons)