Monday, June 12, 2006

There aren't too many things that chap my hide as easily as the debate on housing. I have now been telling people for years exactly what is now coming to pass; that the housing market and the "what goes up must continue to go up" crowd who were so in love with the idea of themselves as wise investors for being born and getting a mortgage, are now beginning to sing a different tune. Soon, everyone will say that they knew exactly what was happening and never bought the party line from the real estate industry, the realtors, or the fellow moron speculators who sat around eating popcorn and watching "flip this house". My landlord, who bought the pile of shit I live in now, bought this and the bungalow next door for just under a million, because he wanted to get in before "things got to crazy". You should see this house. As interests rates rise and home buyers have a v8 moment, there are STILL people out there hawking their wares, hoping against hope, and grasping for every little straw to try to put a good face on a bad thing. When you hear people talk about bright spots in the economy, I think "Well, other than that, Mrs. Kennedy, how was the Dallas?"

I pray to God every day that I get half a chance to sue the bastards who have been purveying interest only, variable-rate mortgages to people who are now hanging upside down with kids and a job that pays squat. I guess I should hate them too, but it's kind of hard can only really get angry at the people who should now better.

"Investors were a bigger part of the market than many thought, including ourselves," said Hovnanian, whose company builds primarily in the Northeast. Would-be flippers are not only not buying new properties, they're selling what they already own, adding to the record number of homes already on the market.

I suppose it's possible that he's telling the truth. I don't know. But the term "snake-oil salesman" comes to mind....


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