Open Thread 11-29-2008
I would like to make an announcement. Irvine Renter will be on the radio again this weekend. I will be a guest of John McCauley on KBPK FM 90.1. I can be heard on Sunday November 30, at 6:30 PM. The streaming internet broadcast can be found here. I invite you all to tune in.
AZDavePhx has been busy at the IHB. Last weekend I featured several of his works, and this weekend we have even more.
Like many people, he saw the rampant expansion of credit and a debt-fueled lifestyle to be a problem. It was a problem encouraged by our government and the purveyors of credit.
Many people used their homes as ATM machines, and this money was a huge stimulus to the economy.
Like many of us, AZDavePhx wonders where all this money went…
The lure of real estate was all the free money is generated.
Of course not all these purchases worked out as planned.
Some people are finding their purchase is very scary and painful.
Now our government wants everyone to step up and buy an overpriced house to bail out the banks.
The loan modification terms are good. With the fear of death, the lenders are suddenly willing to negotiate.
Are these companies too big to fail?
Has our government given them a get-out-of-fail-free card?
Nice pictures ! actually now !
Laguna Beach is sinking under the weight of these irresponsible financial ways.
Check out today’s auction detailed at
www.bluemove.blogspot.com
Not sure if that’s your blog, but if so, thanks for crashing that auction and telling the interesting tale.
These are fantastic, but I have a special place in my heart for the “Get Out of Fail Free” card.
How many logos will end up on the Get Out Of Fail card? Will they all fit by the time the bailouts are over? Only time will tell…
I’m anxiously awaiting the Oct sale numbers (especially for the mid and high end). This post from the Redfin CEO has me very curious.
http://blog.redfin.com/blog/2008/10/a_very_tough_day.html
But the past few weeks have seen a major reversal. As the stock market wiped out prospective down-payments, tours and offers dropped 30%. Transactions that were done came undone. October will still be pretty good, then we’re headed for a big dip.
It makes sense - when many were using their 401k as their down payment - and they saw it get cut in half.. many were not able to catch knives.
On Redfin, you can mark certain properties as favorites. Then you will receive price updates and sale updates. We have been getting a lot of $100k reduction emails.
yup! already doing that. Its a great service. 10-15% cuts on higher end stuff (700+) isnt uncommon. I cant imagine what the people feel when they have to drop THAT much off their price, and yet it sits for weeks even afterwards.
Nice job
During the high times, some guy over here in Ladera Ranch (where I rent Thank Gawd) bought his wife a stripper pole (and lessons and professional mounting of the pole and accessories in one of the many family rooms).
I hear it was all the rage.
Maybe someone could add one of those to one of the great Photoshop photos like above.
My friend had one installed for his ex-gf back when they were together. At one of their parties she was doing the thing where they put their legs over their head and slide down… it didn’t work so well for her.
SLAM!
...and off the the hospital we go.
Maybe that’s one of the reasons people got so stupid so quickly.
LOL.
Re: the AZDavid photochops. Nothing has made me laugh on this site as much as I did when I saw the “SLOD” sign. Pure genius.
SLOD!
The govt. bailout is postponing the drop and letting some getting out from under by transferring the debt to the govt., i.e., tax payers. With the investment bank and commerical bank bailout, the damage is transferred to the govt and 401k, pension plan, and other auto-investment plans.
I love the graphics. Do think it has FINALLY bottomed out in California? Prices have stopped falling in Vegas, at least for now.