It’s Friday, and I thought I’d take a moment and respond to "Wilson" who’s multiple comments were in Igor’s clutches this morning. I rarely let Igor have his way with posters, but I thought I’d respond with this open letter, so Wilson will know why he’s the exception:
Wilson-
As you suspected, your comments will not post. While I never allow posters to be insulted, posters are free to insult me. However, the language must be family friendly, and you would need to demonstrate a basis for your insult. Therefore, "Twist is a moron." is unacceptable. Were you to say "Obviously Twist is a moron, as the data from the Texas A&M Real Estate Center Clearly shows…." that comment would be allowed through.
I happen to love Texas by the way, particularly the Austin area. I have watched the economy and the housing market in my hometown destroyed by rampant building and speculation. Now I am seeing our banking system shaken by the same foolishness. If more people had taken the time to preach moderation and sense, perhaps we wouldn’t be in this mess. I see the same overbuilding and rising foreclosures in Austin, but being late to the party, I am hoping it will fare better than markets like Phoenix and LV.
I have a "real" job by the way- I’d starve to death blogging. I do what I do because of all the nice emails I get from people. They thank me for helping them find information and educate themselves on buying real estate. They tell me of the difference I’ve been able to make for them. That’s why this takes up pretty much all my spare time, and I ignore the occasional "nastygram".
Oh and Wilson, I’m a "she", not a "he". And one of the things that I love about Texas is that very few men that I’ve met would use the language that you did with a lady.
Have a wonderful Easter weekend.
Debi aka Twist
Now that I have that off my chest, what is on Doomer’s minds today?
As always, we welcome, your links, comments and insights- just keep them family friendly!
I’d like to make a comment about reverse mortgages. If we are indeed embarking on a massive real-estate deprecation wave across the nation shouldn’t elderly home-owners be rushing as fast as they can to take out reverse mortgages and “lock-in” some of the current value of their property?
Reverse mortgages almost seem like an ideal stop-loss. You limit the ultimate loss you might have to take if your property were to drop 80% or 90% in value.
This raises another question. What will reverse mortgage lenders do if most of the properties they lend to have lost so much value that there is negative equity? Will the lender keep making the payments to the customer? Could these lenders wind up going bust?
Who knows, in the end it might be the reverse mortgage lenders themselves who wind up “walking away” from places that have negative equity.
Well said, Twist!
For my part, as a classroom teacher, I don’t allow insults in the class, period. It tends to destroy a teaching atmosphere. A little kidding is ok, but everyone pretty much has to know each other for it to work.
What’s on my mind? I have most of my monies in Treasuries now… but I’m actually wondering if the stock market is going to drop big time or not.
We KNOW the dollar rally is short-lived, and I may go for a yen option.. the Feds are supporting the stock market, but the momentum really seems to be building for a lower and lower buck.
Oh, and I’m seeing more and more abandoned infill developments in the Portland – Salem corridor. Have to get some pics.
What does everyone else think about the dollar?
Wilson could possibly be a former used home salesman and not having a very productive year. There are always two roads to take the high road or the low one. The high road requires honor and integrity the low one doesn’t. Yossarian I don’t belive anyone can predict what is going to happen to the dollar or the stock market they both are trending down. The government is manipulating so much of the market who can predict. I’m about half in cash and treasuries and the other half in Aerospace stock’s as they generally lag by about a year to the general economy.
We have all heard that insults and poor language are signs of intelligence (or a lack of). Here is what’s on my mind: SELLERS — TAKE YOUR HOMES OFF THE MARKET, as evidenced in this post:
http://www.foreclosureexpert.info/2008/03/sellers-wake-up.html
Good on you, Twist, for taking the high road!
Certainly, if Wilson had no logical arguments to make for his \”position\” against what people write on this blog… it only betrays his complete lack of logic in the position he is defending. I for one would welcome a logical argument from him regading the Real Estate Market, but given his track record I won\’t be holding my breath.
Ah, remember the good \’ol days a year or two ago when the \”Wilson\”s of the world used to ignore or simply laugh at the assertions of people who spoke the truth about the Housing Bubble?
It sounds to me that Wilson is either in serious denial, or redirecting the anger he has for his own mistakes at you.
To paraphrase Gandhi very generally..\”First they ignore you. Then, they laugh at you, then they fight you. Then, you win.\”
Mind you, I don\’t think anybody \”wins\” with the collapse of the housing bubble; however, if we at least see an end to the insanity of the MSM and real estate \”professionals\” who will say anything, no matter how illogical, to keep the real estate ponzi scheme going….
then I consider that a victory.
….
Finally, regarding Wilson\’s remark that you \”get a job\” or whatever, I suppose he would rather that you spend a couple of hours watching crappy television sitcoms every day (like the vast majority of North Americans), then spend a couple of hours doing something that helps you, and helps many others???
Twist, shame on you (and any of your readers) for using your free time on something constructive, and not being a TV zombie! How DARE you!
Twist – well done! I have blogged on this and other sites for the past two years, and have never used bad words to describe persons. . .perhaps used a few “colorful” words to describe poor construction. . .as in S$$#box. .I agree that this and other sites have helped me and other people become educated about now only housing, but the overall economy.
As for the above comment about sellers taking their house off the market – that cuts both ways. . .if we have only “must sell” houses (foreclosures, short sales, death,divorce,reolcations, etc) then those houses will set the comps for years to come. . .they will drag down the average sale price so in two years, houses will be worth at least 20% less than today. Then those people who took a house off the market today will be starting at a MUCH lower base to sell. . .perhaps it is better to reduce your price 10% today and sell than wait two years until prices are down 20%.
Good answer, Twist. I’m glad not to have seen any of Wilson’s posts.
I agree that Wilson could just be someone who’s been seriously burned by this housing bust. Just take your medicine and move on, Wilson!
On my mind is one of my husband’s co-workers who is REALLY worried that this country is headed for civil war. I’m not kidding. He swears he’s losing sleep because the “news sources” he reads are warning people to load up on firearms and canned food.
Is anyone else hearing rants from paranoid, conspiracy-theorists or is it just a few alarmists?
Yossarian-
The temporary euphoria brought on by the Fed moves this past week has strengthened the dollar and hurt commodities. I’ll bet this lasts until the next big credit crisis event. The market is bound to notice that more of the “hair of the dog that bit it” isn’t going to solve our economic problems, only delay the inevitable.
I’m not taking any bets on commodities, but I don’t see how our poor little dollar can do anything but continue to shrink.
MikeC-
I am so grateful for the level of intelligent discourse we see here on Doom. Our posters have me spoiled, and I’m glad I don’t have to put up with this sort of thing much. : )
Zazzu-
I’ve seen more “Uh, are you people stocking up on your canned goods? comments on the boards than I have ever seen. There are a lot of people who are scared.
I don’t attribute it all to alarmism though.
I remember reading somewhere, “A recession is when your neighbor is out of work, a depression is when you are.” We are seeing more people entering their own personal depressions.
That being the case, more cash on hand and more food in the pantry doesn’t seem an unreasonable response.
Past depressions/recessions haven’t resulted in civil war- so here’s hoping that continues to be the case!
wist:
One does want to be healthy and eating should things get particularly bad.
I’m starting to see wierd local discontinuities… one housing project still building strong.. but several others almost abandoned… people completely in denial…. even after they tell me startling news … a 4 acre lot in a nice neighborhood… for… 10 thousand dollars. The lot last sold several years ago, with a home on it.. for 700k. The house was torn down, for a seven home infill development. The lot was sold, unimproved. I can’t even bear to do the math.
Still, no word if this is the true number, or if my informant was just flat hallucinating.. but. … on the same street, a quarter acre lot priced at 70k has been sitting for sale for two years.
Expect this type of cognitive dissonance in spades. There will be some periods where rational forces will meet irrational objects.. and poom! Of such awful forces, crashes and collapses are made. That’s where a little cash on hand, and canned goods come in.
Statistics and graphs are our modern day telescopes and binoculars. But we are still quite surprised when the problem shows up right next to us.
“Objects in the mirror are closer than they appear.”
Let me hear you say ‘amen’.
Yossarian-
You get an “amen” from me.
The other good thing about the canned goods–
For those of us who find it hard to take a long position these days on most investments, there’s a certain appeal to stocking up. I don’t anticipate any decline in the foodstuffs market, but if I’m wrong, I can always eat it!
Twist,
Wilson (I missed his post, thank God) is mentally handicapped. You are a very intelligent and classy lady. I can only hope and pray that I meet someone of your intelligence, moral character and caliber.
” And one of the things that I love about Texas is that very few men that I’ve met would use the language that you did with a lady.”
Lady Twist, On behalf of the majority, let me say we are highly embarrassed and apologize profusely that there are ANY.