Given his conservative outlook, it's not hard to figure what Chief Justice Roberts would rule the real estate bubble.
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Article comments
26 - demabloggery
All I owe you is a bad reference to whoever you interview with when you get out of school. Your comments are childish at best and Blogcritics' editor should be deleting your insults any time now.
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Physician, heal thyself.
27 - Dave Nalle
Hey, Arcticblueice, after reading your crazed conspiracy theories about the real estate 'bubble', I have a couple of questions for you.
1. Can you provide any references for your theory that there is any more real estate or loan fraud now than there ever has been before.
2. Are you aware that consumer debt is actually going down, rather than up and that consumer investment and savings is trending upwards in most income groups? This runs exactly counter to your unsubstantiated claims.
3. What role does Jesus play in the bubble, since your information all seems to come from a loony, apocalyptical god-flogging website.
Dave
28 - Beelzebub
HAHA! Arcticblueice is simply a pawn in my game! He and his friends will go forth deceiving nations to believe that Jesus is the real cause of the housing bubble, then I, Beelzebub, will win the war of Armageddon!!! HAHAHAHAHAAAAAAAAAAAAAAAAAA!!!! FOOLS!
29 - Dahvid
It should be noted that the results of a google search:
"real estate" OR housing bubble
will yield a pattern whereby anybody connected to the real estate industry will deny a bubble, whilst other pundits, including those that have predicted the stock market bubble say otherwise.
With the above in mind, note that Mr. Real Estate is a realtor, who profits from real estate sales. It seems unethical for someone with a vested business interest to publish this article.
30 - Mr. Real Estate
There's a mortgage broker who has a syndicated column on mortgages, so I guess he's unethical, too, right?
If I want to write a satirical opinion column, I have that right under the First Amendment. I can write whatever I want, as long as I am being honest with the public. I can be satircal, though, if I want, and I have. Let me point out a few things, though, for the idiots promoting real estate bubble here in this thread.
(1) A bubble has to burst.
(2) Equities sell off more quickly than houses do, therefore, it is easy for a stock market bubble, because when one thing comes along to make everyone scared, everyone can sell their stock, or whatever other equities they have, in minutes of that occurrence.
(3) When the real estate market "bubble" bursts, you will not see prices crash. Here's what you will see:
First, prices will slow, lower and drop off. New construction starts will be low.
Then prices will drop (see Las Vegas citing of 20% price drops for details).
Over time if houses are on the market for very long periods of time, prices continue to drop. that's not a bubble, though, however, it is how housing prices work.
If you want to find out more, do some research. In the 1970s condo conversions were all the rage here. Gas was high then, too, and so was real estate. What killed it then? Well, I'm not 100% sure, but I think it had to do with ever-increasing gas and oil prices and a lack of gas and oil.
As I have said before, high gasoline prices are more of a threat to housing than increased interest rates, but combined they could create a very large slowdown. Add to that a lack of American investing altogether, and, hey, welcome another national recession. Bubble's, though, happen overnight, and to fail to admit the real economic processes that lead to lower housing prices, is simply dishonest, and that is not a game NAR's REALTOR Code of Ethics will allow me to play with consumers, and I'm not going to play it simply to make 'Bubble' evangelists happy who are reading my columns.
Cheers.
31 - Dahvid
Whoa! Easy there, Mr. Real Estate, your right to free speech is not the issue. For example, free speech makes defacing the flag legal, but that doesn't make it right. The tone of your response is highly defensive, even abusive, why? Abusive and insulting childish remarks are a sign that you don't have anything valid to say. You've invited a public debate here but evidently you can't stand other's rights to free speech. You do have some valid points, but you've ruined your position and reputation, with your insulting lack of civility.
You might actually be correct, but you have failed to defend your position... angry insults and the insistence that you can say whatever the heck you want are not very convincing. Basically, your behavior has confirmed my instinct regarding the questionable ethics of your position.
Folks, would you buy a used car, I mean house, from this man?
32 - Mr. Real Estate
Dahvid,
My position was/is that the housing bubble is a myth, and I have stated in my previous comment what actually occurs when the housing market slows. Here's a re-post:
Isn't it unethical for journalists to taunt people under pseudonyms for the purpose of trying to create a "news" story? It is, but it doesn't stop a lot of commenters to what I write here. Funny how that works, but you know, I wouldn't trust any of the stuff I read that those "journalists" write. There are a lot of them here on Blogcritics that do that, although I'm not sure why.
There's a point at which I'm not going to bother giving credit to the same group of flamers who try to destroy my reputation every time I post something about real estate, my area of expertise. I have reached that point with this post. This isn't the first post that's happened on.
For the sake of credibility, though, let's look at the flamers on this post:
(1) A law student, not yet degreed or barred, yet advising me of what the law is.
(2) Someone who believes the sky is falling.
(3) Someone who taunts anonymously, without having the courage to reveal the slightest hint of what his/her real name is.
You can flame me all you want to. Of course, if you're not a credible source, I'm going to call you on it. If that isn't something you can bear, then perhaps this isn't the post for you.
33 - Eric Olsen
Mr. Real Estate has every right to give his opinion upon the overall state of the real estate economy - it is his area of expertise, after all. He has certainly made no effort to conceal his profession!
34 - Mr. Real Estate
California's Santa Barbara shows signs of flattening real estate market: http://www.rismedia.com/index.php/article/articleview/12016/1/1/.
35 - Mr Foreclosure
Sounds like "Mr Real Estate" needs to get "real"! unfortunately most people don't bother to look at the state of the economy until their house gets foreclosed and their car gets reposessed!
36 - RogerMDillion
that's it. keep talking about it and maybe you'll spook enough people into causing it to happen prematurely like Bush talking down the economy after he got elected so it wouldn't look like the downturn was goig to happen on his watch.
keep your thoughts and opinions on Florida and don't mess with my California market, thank you very much.
37 - Dave Nalle
>>Sounds like "Mr Real Estate" needs to get "real"! unfortunately most people don't bother to look at the state of the economy until their house gets foreclosed and their car gets reposessed!
<<
And some people don't bother to consider the state of the general economy in hypothesizing a real estate 'bubble', because it doesn't fit their doom and gloom philosophy.
Dave
38 - Mr. Real Estate
The New York Times reports on a slowing real estate market: here. Sellers are lowering their prices at the advice of their brokers, and their property is selling more quickly as a result. Market normalization is in effect.
39 - Myrrhia
Only time will vindicate arcticblueice but I am afraid he is a pariah in a world of big fat liars and hypocrites.
He has nothing to hide but also nothing to gain by speaking the truth. After all, who gave the right to most people in this great nation to live beyond their means when there are billions of people around the world who are dying from starvation simply because no bank or lending institution calls them up at night in the comfort of their homes to extend their credit or offer them more plastic?
So next time when you shop for that cool SUV or buy that new condo on the beach with credit, remember that poor mother in Ethiopia who cannot borrow from anybody to feed her hungry kids...
40 - Mr. Real Estate
I gave well-over a grand to various charities last year, and I don't own an SUV. I live very comfortably, but I'm fairly conservative, although I do love to help the needy with what God has blessed me with.
Interestingly enough, though, Myrrhia, most buyers use cash to buy beach condos, or mostly cash with a small mortgage (it gives them tax benefits - ask your CPA for details). Also, those folks give quite a bit to charity, too. I'm not going to reveal names of these folks, because most are rather private folks. The wealthy shouldn't be looked down upon just because they're wealthy. They do quite a bit for the needy, and many of them do so without turning it into a publicity stunt; that is to say, they do it because they care, not because they're seeking credit for the good that they do. They are very good, kind, down-to-earth people.
There's nothing wrong with being rich. If people want to buy an SUV or beach condo, they do have that right. If they want to give to a charity, they also have that right. If you want to judge people, you can, but remember, you get more with honey than you do with the other stuff.
Hey Myrrhia, how much did you give to charities last year?
Cheers.
41 - myrrhia
Ha, you are soooo misinformed, Mr. Un-real Estate. Indeed 50% of the condo buyers are in deep trouble paying with everything they do not actually own, that is interest only loans. The rest include some pathetic foreigner losers who foolishly believe their money will make a big bang here in the States than in their homeland. Little did they know that they are about to lose their shirt on that deal. As far as the statement you made about paying cash, I guess who is the idiot who will do that when one can get a loan with such low interest rates, no money down and no credit checking?
There is also something else that does not add up to your statement that most condo buyers pay with cash: In a period where the average household saves just only 1% of their disposable income where can they find the money to pay for their purchase? Is it maybe from the equity loan they got from their existing homes that they also do not actually own? duh...maybe scratching my head or my other end will help me fathom your statement...
You also did not get my point. If being rich is a crime then I would have been one of the biggest criminals around. I won't tell you who I am, but surely I laugh at your naive responses.
Are you qualified to write responsibly and unbiased? You betcha!!!
42 - arcticblueice
The U.S. Housing Bubble has Burst in 2006
March 25, 2006 - U.S. Economy: New Home Sales Fall and Residential Inventory at Record Level. Polls show that consumer confidence has dropped significantly. The housing crash has the economy collapsing. The real estate propaganda is pouring out from the media and even the “White House” as "they" downplay the housing bubble that has burst. Most people do not really own anything in America. Almost everyone I know is just making payments on things that the banks really own such as a home and a car. Americans spend more than they earn and many people who purchased a home between 2001&2006 are in for a really rude awakening. The "artificial equity" game is over people. Total collapse of the American economy is looming as home equity debt, bankruptcy, foreclosure and personal insolvency skyrocket in a debt-ridden country. Americans have relied on the false sense of well being created by the federal government. The illusion of prosperity was devised after 9-11-2001 to spend our way out of recession.
There are several obvious indicators revealing the inevitable recession or depression that is looming; the growing inventory of houses that continue to pile up throughout the nation, houses are on the market for much longer and properties are discounted in order for them to be sold. U.S. consumer debt has now increased to more than 2.16 billion dollars. This record debt is largely from Americans living beyond their ability to pay for things they do not need. It is a fact that Americans spend more than they earn.
In the beginning of 2005, the prophecy of the residential real estate bubble bursting was revealed to this godless, materialistic, backslidden and unrepentant nation. John 8:50 And I seek not mine own glory: there is one that seeketh and judgeth.
The downward spiral of the United States of America: There is plenty of irrefutable evidence on the residential real estate bubble that has come to light. The facts, the greed, the real estate fraud, the indictments, the fines, the convictions, the incarcerations, the record consumer debt, the shattered dreams, the bankruptcies and the foreclosures continue to climb. Millions of citizens of this great nation have chosen to become slaves to debt stemming from "artificial equity" being spent on things that people just cannot afford. Real estate appraisal & mortgage fraud along with poor judgement influenced by media propaganda and driven by historic low interest rates are responsible for a destructive economic downward spiral by creating an insatiable housing "frenzy" that has now ended. This housing bubble could not have existed if the rules in mortgage lending were kept in place. For decades, the house pricing standard for qualified homebuyers was limited to 2.5 times your annual income. Today, I have read about folks who qualify for up to 12 times their annual income for an interest only "no doc" home loan. In some states this practice is unlawful and is referred to as predatory lending.
American poverty has increased for the fourth straight year in 2006.
2 Timothy 3:1-5 This know also, that in the last days perilous times shall come. For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good, Traitors, heady, highminded, lovers of pleasures more than lovers of God; Having a form of godliness, but denying the power thereof: from such turn away.
A few thousand years ago the bible states when the Israelites chose to forsake the Lord and his laws, the Lord then allowed for their enemies to conquer & enslave the rebellious nation until they repented. Americans have placed material lust such as their house and car before God. The Word of God clearly says in Romans 13:8 Owe no man anything. There is nothing to misunderstand about that. If you do not have the cash to satisfy your material lust then don't buy it. Do not forsake the Lord and his laws or you will reap the consequences of your disobedience. For there is no respect of persons with God. Our living God of Israel will judge this faithless and perverse nation that has willfully forsaken our Lord and his commandments. The time is fulfilled, and the kingdom of God is at hand: repent ye, and believe the gospel. Watch therefore: for ye know not what hour your Lord doth come. Be not deceived; God is not mocked: for whatsoever a man soweth, that shall he also reap. For the Lord our God is God of gods, and Lord of lords.
The "fractured states of America" used to be known as a nation of "industry". Now most things are made in Communist China and sold here at retailers like Wal-Mart. The only jobs created in large numbers are in the retail or food industry for 6-7 dollars an hour. GM just announced the closure of 12 plants and the "forced retirement" of nearly 130,000 Americans. This was all forecasted with the passing of the North American Free Trade Agreement (NAFTA) in 1994 under the convicted liar and impeached (by the house of representatives in Dec. 1998) former President Bill Clinton. Now George Bush has passed the Central American Free Trade Agreement (CAFTA) in 2005 that will cost more American jobs. On April 20th in 2005 George Bush signed into law the new bankruptcy laws that went into effect October 17, 2005 to make sure all the Americans who dove into debt with the housing bubble frenzy would not be able to walk away from their debt.
The only hope for this nation is to repent to our living God of Israel and accept Jesus Christ as their personal savior. This broken nation without borders is flooded with illegal aliens who now are in the streets protesting pending legislation that will make entering the United States illegally a felony offense. The "homeland" is not safe and the porous borders of America allow millions of criminals to walk right in. America has been invaded without a single shot ever being fired. The middle class has been eradicated and the United States is now building a "caste" system of debt-ridden citizens.
The Democrats and Republicans are worthless and have a common agenda of building their own wealth. Their political goals have become obvious. The average American no longer has a voice that matters in this failed debt-ridden government who just raised their own debt limit (national deficit) to just under 9 trillion dollars.
You will only find peace in your life through Jesus Christ our Lord & King.
Repent for the kingdom of God is at hand.
43 - Mr. Real Estate
If it has burst, then why did I just sell a condo that used to be an apartment for nearly $300K? Why do I have four contracts as I write this? If the bubble had burst, the value would be $0. Markets fluctuate. I've said it a hundred times. And my point is being proven now: Even when the market corrects, values will not have burst and gone to $0. Prices leveled off here during the fall and winter months. They've been going up again, though, since January. Buyers who make lowball offers still get rejected. I had four contracts last month. One closed, and I got another, giving me still four contracts. There is no bubble.
Overpriced properties will not sell in a hot or cooler market. People sell because of need or greed, and the investors who are trying to liquidate their investments in excessive numbers now are not selling for need. They're selling for greed, or because they're in a panic because of all the nonsense about a bubble.
That's a reality update on real estate markets.
Just out of curiosity, when did God hire you as His official spokesperson, and what makes you qualified to be an expert on the things you speak of? Inquiring minds would like to know.
-John Mudd
"Mr. Real Estate"