Blonde Beverly Hills Realtor bull takes on Peter Schiff
http://www.europac.net/Schiff-Fox-1-01-08_lg.asp

“I’m not selling a book” as her “I don’t have a dog in this fight” comment almost made me spit up my soda.

Funny graphic, interesting article http://globaleconomicanalysis.blogspot.com/2007/12/things-that-cant-happen.html?ref=patrick.net

I may post that on the main blog. It is too funny.

U.S. Home Sales to Reach Bottom in 2008, Bankers Say (Update2)

http://www.bloomberg.com/apps/news?pid=20601087&sid=a27Po_ZD4m1A&refer=home

Are these the same bankers who were selling CDOs loaded with toxic waste as AAA?  The same bankers who are now taking billions of dollars in losses.  The same bankers who ...

Don’t worry Awgee.  The subprime problem is contained.

A bullish builder ad

Courtesy of http://mbcon.blogspot.com/2008/01/builders-take.html

I could go on and on as to why this is the worst-designed ad I’ve seen in a while, but that would take hours.

Economist’s forecast sees Denver housing turnaround
http://www.rockymountainnews.com/news/2008/jan/17/economist-sees-denver-housing-turnaround/
"The one thing that may be holding back your market is buyer pessimism," Yun said. "I think for your housing market it is irrational pessimism. You have very strong affordability."

"....it states that a NAR spokesperson is optimistic on housing. This is news? "
"...is this a headline from The Onion" ?  Home | The Onion - America’s Finest News Source
(excerpts from Denver commentors to the above article) 

Chicago Tribune: Turning point
Improvement in housing market could mean an end to discounts

http://www.chicagotribune.com/classified/realestate/newhomes/chi-builders_nh_118jan18,0,1055794,full.story
For those who believe that housing is going to stage a turnaround, the next month may be a last chance to get a home at a bargain price.

That’s because, if the early spring selling season gets off to a strong start, incentives and discounts may soon be a thing of the past.

"There are signs that consumers are growing a bit more confident and that there is some pent-up demand for new homes," said Jack Sorenson, president of U.S. Shelter, based in Hoffman Estates

Ok, here is an unusually eloquent bull with graphs and statistics and stuff.  Let the debate begin.
John L. Scott Real Estate: Why Now is a Smart Time to Buy
http://www.johnlscott.com/includeX/pdfs/whynowisasmarttimetobuy.pdf

LOL, John quotes Lawrence Yun, John is the trusted source in RE, John uses fancy charts, John has no clue about economics, John ignores the specuflippers, John sounds like Gary Watts in 2005. Smart people have figured out he is the nutter, and people like us are realistic. Thanks for the laugh Anon,this is proof the pacific northwest is next to have their bubble burst.

Kill me now . . . please kill me now. . .
4 million marriage and 8 million babies equals rebound in home selling.
www.cnbc.com/id/15840232
Why do none of the "analysts"/"experts" ever talk about down payment?  20 percent!  Where are people going to get 20 percent to get a loan?   An average house in Irvine still costs about $600K .  Where in the world is an "average" household going to get $120K for a downpayment? 

http://www.marketwatch.com/news/story/market-crash-1987s-offing/story.aspx?guid={C34E308D-1D8F-468C-98D4-C43B017EA6F9}&dist=TNMostRead
The great myth is that individual Americans were reaping the windfall benefit of absurdly low interest rates on their mortgages. This belies the fact that not only are the borrowers’ mortgage loans secured with their own homes, but the average adjustable-rate subprime mortgage borrower is paying a 9% interest rate. That hefty consumer cost has produced, and is still largely producing, a lot of annual profit for the loan financiers. In the long run, these yields will offset all of the defaults, and in a very real sense the current default losses are simply one of the foreseeable costs of making the higher-risk loans in the first place."

Best and Worst Places to Buy a House: Whether you’re looking for an investment property or a place to live, here’s a look at the cities you should seek out and avoid in 2008.
http://finance.yahoo.com/real-estate/article/104278/Best-and-Worst-Places-to-Buy-a-House;_ylt=At9a_yUdsybI_oPKR6bNTgG7YWsA
The Top Places to Buy
Whether you’re an investor like me or you’re looking to purchase that next move up, here are my picks for the best areas to buy a home:
...
Mission Viejo, California: Mission Viejo has the lowest crime statistics in the nation. With no murders in 2007 and a low rate of violent crime, this is a good place to raise a family. Prices are relatively stable, and the job market in the nearby cities of Irvine and San Diego means there is consistent demand from job seekers.

That explanation for why Mission Viejo is a good buy was uninformed at best, moronic at worst.

That commute from MV to Sandy Eggo is a cakewalk.  Its only what,  three or four hours one way at traffic time?
Why didn’t he just pick Temecula instead?  At least you could of made some sense of that argument if you’ve got access to google maps.
Fing donkey.

Conforming loan limit legislation
http://calculatedrisk.blogspot.com/2008/01/conforming-loan-limit-legislation.html
 

Housing prices to free fall in 2008 - Merrill

According to a Merrill Lynch report, home prices will drop 15 percent this year, and declines will continue in 2009.

http://money.cnn.com/2008/01/23/real_estate/merrill_forecast/index.htm
"Merrill Lynch’s figures are way too pessimistic, and they are unprecedented," Lawrence Yun, the National Association of Realtors chief economist told CNNMoney.com. "There is so much variation in local housing markets, and we see stable price conditions for 2008."

I just saw a NAR ad which emphasized the warm and fuzzies of buying a house for your family and only at the end said you’d make money if you owned the house a long time.

Greenspan on the defensive
Former Fed chairman defends subprime mortgages, says market near bottom

http://www.theglobeandmail.com/servlet/story/LAC.20080125.RGREENSPAN25/TPStory/Business
The biggest barrier to stabilizing the chaotic U.S. housing market is the oversupply of homes that cash-strapped builders are flogging at rock-bottom prices, former Federal Reserve chairman Alan Greenspan says.
"If there were some kind of alchemy whereby we could pick up all these 300,000 units, that would stabilize the markets," Mr. Greenspan told a Vancouver audience yesterday. He was referring to the number of homes in the U.S. that were estimated to be under or near construction when the subprime mortgage market began to unravel.
With those homes subject to vandalism and requiring expensive upkeep, builders are desperate to clear out the inventory, he said, saying that the prolonged slump could be nearing its end.
"We may be close to a point where actual sales levels are starting to bottom," he said. "We don’t have to get rid of it all, we do have to get to maximum rate of liquidation."

Oh, goddess, I thought that Greenspan was at least smart.  This is just the stupidest comment I’ve heard yet.
Why not torch them then?  Why not plow them under?  Why not have the govmint buy them all and hand them over to homeless families, if that’s all it takes?  Inventory gone, and all our problems solved.
Like depression farmers being paid to plow under their field and pour milk out?
Grrrrrrrrrrr . . . . . .