Housing Doom

What got me was how the commentator toward the end tallied up the total value f the property and said mistakenly the profit. What she should have said was the equity. BUt that is the mindset of the people who regard RE as an investment.

I was just astounded that a retired woman, by her own admission out of money, was ecstatic at the thought of substantially increasing her mortgage.

It looks like she’s going to really enjoy the new kitchen, and pool, and of course the bigger boat, but will she think it was all worth it when the bank finally pulls the plug?

I know it’s cliche’, but while I watched that video I threw up in my mouth just a little.

Based on the way she reacted twice to her “profit” (ie: house lottery winnings to her) I kept waiting for Ed McMahon to show up with an oversized Publisher’s Clearing House check.

Someday in a generation or two, people are going to study that video in a business and finance class.

The assignments will be to write long term papers about what went wrong with the America that was so hard won and built by the people we celebrated and remembered just a few short days ago on Memorial Day.

I would be humiliated (in my efforts as a dad) if I saw my grown daughter acting like that because she “won” the prize of being able to bury herself another few hundred thousand dollars in debt on a dropping pile of bricks and sticks.

(nice views from the house, though!!)

If we, as a culture, keep celebrating this kind of stuff, I’m going to run out and buy the domain: http://www.societydoom.com and ask twist to start a blog there about what went wrong.

NVMike-

I can’t vouch for the authenticity of the show, but here’s what I was able to find out about it.

I’m not certain what the date of the "appraisal" would have been. [According to Dan Kelley's website, he is a RE agent with Keller Williams, no mention of his appraisal credentials.] HGTV’s website  lists air times in May and July of 2007, but they do not mention if this episode has aired previously.

According to this website, there are 29 homes currently listed in her neighborhood of Keystone Point.  They are all listed around $1M.  Whether this lady can afford to stay in this area given her resources remains to be seen.

Twist ~

When you get to that point, and start creating your intergalactic best seller…

I have a possible suggestion for your table of Contents and perhaps an overall outline for the book:

Throughout history civilizations have progressed:

From bondage to spiritual faith;
from spiritual faith to great courage;
from courage to liberty;
from liberty to abundance;
from abundance to selfishness;
from selfishness to complacency;
from complaceny to apathy;
from apathy to dependence;
from dependency back again into bondage.

Sir Alex Fraser Tyler: (1742-1813)
(source disputed)

And a trite quote for inside cover flap:

“When values are sufficient, Laws are unnecessary.
When values are insufficient, Laws are unenforceable.” - Barry Asmus

I wonder if the lady in the video whistled right on by “abundance.”
(at least until the payments come due)

Those are some great quotes, Twist!

If you combine the thoughts, you end up with everyone paying rent on money to acquire something they don’t need and don’t really want…

and then spending more to upgrade and enhance them.

How far behind can the TV shows be?

“Pimp my Pachyderm”

“Screwed Up Childhood TV Stars Dancing, Fit Clubbing, Having Emotional Breakdowns and Throwing Temper Tantrums with their Elephant”

“SURVIVOR: Home Zoo”

“Surreal Life: The Junk in Her Trunk”

And of course, “World’s Dirtiest Jobs: Elephant Edition”
(you’ll have to use your imagination on that one!)

At least we wouldn’t be subjected to Paris Hilton carrying one around with bells & designer clothing.

A quick read through the Book of Ecclesiastes taught me how the richest and wisest man in the world dealt with the disease of “MORE” and finally figured it out.

I wish THAT was a required study in schools, but then we wouldn’t produce labor and consumers as effectively.

Columbiarnd-

The show is a sham, but unlike Atlanta’s flipper reality show, as bubbletracking indicated, the woman is real, and so is her penchant for refinancing and remodeling. [I also looked her up.]

Glad he liked it!

I think the rights to the show were bought and paid for with stock options in 2000 or 2001 by Pets.com

Should be on the air any day now.