Top Ten Signs You’ve Been Following the Housing Bubble Too Long
Chuck Ponzi November 5th, 2009
10. You kinda miss the days when everyone was still on blogspot. Uh… except for that Ritholtz guy.
9. Everything looks like a bubble now. Even bubbles.
8. Oompa Loompas and “The Tan Man” evoke feelings of intense disgust
7. You know who Tanta and the Mortgage Pig are and you miss them
6. You KNOW Neil has got popcorn.
5. The inflation vs. deflation argument was sooo 2007
4. You wonder if Schiller has a time machine
3. You know the rental multiplier for your neighborhood
2. You think the Flying Monkey Warriors vs. Greg Swann battle was epic and you totally know who won.
1. Hoodoodanode?
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Yah. Of course we are going to drag this thing out for another decade or so, if you and Mish are correct.
My estimate from the Fannie report was they have 500K homes with non-performing mortgages. They are offering to drag things out by a year with the lease option. Not the worst choice but it will probably slow the rate of assent.
Are they writting off those loans?
Seems like a reasonable estimate of shadow inventory would be near 1.5 million homes, which is probably larger then the entire inventory available.
That would be 500K for the FRE and FAN. Figure another 100k in FHA. Then another 400K in all the banks combined. Probably a conservative estimate.
All this debt transfered to the taxpayer/government will have to be paid at some point. I expect we are going to have crushing taxes at some point in the near future. That should also have some deflationary effect.
Still waiting for the high end to have more cracks show up. I see a lot of distressed inventory on google maps but it hasn’t come unglued yet.
Catch you later Chuck.
Someone calls “murst” and you know what it means.
Good content.
I agree, when the f*&k will this be over and I can buy a house sustainably.
Teardowns in borderline neighborhoods in Costa Mesa are still going for $600-700K.
WTF.
I like your post on your predictions.
Like you I really don’t know what to think. If this is the start of a new real estate bubble I just don’t think I can stomach it. When it comes to this current boom and bust we are all learning on the job, but at this moment I am thinking about jumping ship.
Lol
I’m amused to have made the list.
As to the future and predictions… its a mess. I do not see how this euphoria can last with the job situation.
Got Popcorn?
Neil
This is real good stuff…enjoyed reading it written with a lot of reality streaks and a pinch of humor to it.
And to think Greg Swann is still a realtor. Sucker born every minute.