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Thread summary:

Time to leave Florida in reference to real estate market, foreclosure rates, insurance rates, market crash, upside down mortgages, overpriced homes

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Old 03-15-2007, 04:39 PM
 
Location: St Pete -- formally LI, NY
628 posts, read 1,674,381 times
Reputation: 231

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Funny how we choose to surround ourselves with people and things of like nature. Alcoholics with alcoholics, drug addicts with drug addicts – personable and friendly with personable and friendly. Despite the fact we may despise our associations [i.e with drunks or addicts] unless we consciously decide otherwise it seems that we gravitate to what we ourselves are.

I just read a thread about the subprime meltdown and thought to myself ***what stupidity*** The fact that -- even though everyone is entitled to their opinion which is a fact I fully respect -- someone actually responded to this crap and said “one can only hope! The harder the market crashes the better” really proves the ignorance and self serving self centeredness of some people.

If any market Florida or otherwise were to experience a severe market crash it would be more catastrophic then the worst hurricane we have ever seen, it would set the state back 25 years and would take almost as long to recover.

The good news is that this event is so unlikely I would not waste the time to even respond, which brings me back to my opening statement:

I have had the pleasure while being here to communicate with some wonderful people. Too bad the number is so few!! I’m sure there are many others out there but this board is dominated by such negativity and that is something I can do without. And without it I will do!

Last edited by Shores9; 03-15-2007 at 04:48 PM..
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Old 03-15-2007, 04:45 PM
 
458 posts, read 453,617 times
Reputation: 136
I disagree 100%. The run up in prices was artificially created by giving loans to people who could not afford them. The banks, realtors, and appraisers all conspired to do this.

Greenspan kept the rates too low. The feds looked the other way as bad loans were written. They used raising property taxes to make up for the deficits caused by government spending. There is tons of blame to go around.

Florida is 30-50% overpriced, depending on where you are talking about. The markets have to correct now so that the next generation has a future.

The pain will be great but only because the greed and stupidity were great. It is like an illness, ignore it and it gets worse.

No one wishes for people to suffer but there is no other way. You have to burst this bubble, the sooner you get it over with the better for everyone.

And you are dead wrong, the probability is almost 100% that many Florida markets will crash. So go put your head in the sand.
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Old 03-15-2007, 04:55 PM
 
17,297 posts, read 25,645,113 times
Reputation: 8567
Quote:
Originally Posted by JimKing
Florida is 30-50% overpriced, depending on where you are talking about. The markets have to correct now so that the next generation has a future.
How can "the next generation" have a future when their parents are destitute and lost the shirts on their backs? OR, the NEW buyers that DO represent "the next generation" are the ones that qualified for the subprime loan (which they can attempt to refinance). Maybe as a punishment, the government should FORCE the banks to refinance subprime loans to prime so that people can afford their payments agains!

By the time "the next generation" gets around to buying a house, the prices as they are now will represent the going rate anyway.


Quote:
Originally Posted by JimKing
No one wishes for people to suffer but there is no other way. You have to burst this bubble, the sooner you get it over with the better for everyone.
I think that prices need to stabilize, or modestly fall, but a crash does nobody any good except bottom feeders who will fuel the new wave of foreclosure speculation! (only THEN, property will begin to be concentrated in the hands of a few who can gobble up rock bottom priced properties!)


Quote:
Originally Posted by JimKing
you are dead wrong, the probability is almost 100% that many Florida markets will crash. So go put your head in the sand.
If the markets crash too hard, nobody is going to sell, and will just hold onto their properties because they are upside down on their mortgages and CAN'T sell. Imagine people who bought an overpriced house but DIDN'T get subprime financing.... how many new mortgages during the boom were actually subprime as opposed to traditional mortgages that just bought overpriced homes?
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Old 03-15-2007, 04:55 PM
 
2,313 posts, read 2,393,245 times
Reputation: 471
Quote:
Originally Posted by Shores9 View Post
Funny how we choose to surround ourselves with people and things of like nature. Alcoholics with alcoholics, drug addicts with drug addicts – personable and friendly with personable and friendly. Despite the fact we may despise our associations [i.e with drunks or addicts] unless we consciously decide otherwise it seems that we gravitate to what we ourselves are.

I just read a thread about the subprime meltdown and thought to myself ***what stupidity*** The fact that -- even though everyone is entitled to their opinion which is a fact I fully respect -- someone actually responded to this crap and said “one can only hope! The harder the market crashes the better” really proves the ignorance and self serving self centeredness of some people.

If any market Florida or otherwise were to experience a severe market crash it would be more catastrophic then the worst hurricane we have ever seen, it would set the state back 25 years and would take almost as long to recover.

The good news is that this event is so unlikely I would not waste the time to even respond, which brings me back to my opening statement:

I have had the pleasure while being here to communicate with some wonderful people. Too bad the number is so few!! I’m sure there are many others out there but this board is dominated by such negativity and that is something I can do without. And without it I will do!
You are referring to a guy so unhappy with his life, should he stop posting we can only assume he has ended it. All you can do is feel sorry for him, but then again, maybe not since he actually wishes death on others here with some of his comments.
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Old 03-15-2007, 05:00 PM
 
Location: St Pete -- formally LI, NY
628 posts, read 1,674,381 times
Reputation: 231
Quote:
Originally Posted by JimKing View Post
I disagree 100%. The run up in prices was artificially created by giving loans to people who could not afford them. The banks, realtors, and appraisers all conspired to do this.

Greenspan kept the rates too low. The feds looked the other way as bad loans were written. They used raising property taxes to make up for the deficits caused by government spending. There is tons of blame to go around.

Florida is 30-50% overpriced, depending on where you are talking about. The markets have to correct now so that the next generation has a future.

The pain will be great but only because the greed and stupidity were great. It is like an illness, ignore it and it gets worse.

No one wishes for people to suffer but there is no other way. You have to burst this bubble, the sooner you get it over with the better for everyone.

And you are dead wrong, the probability is almost 100% that many Florida markets will crash. So go put your head in the sand.
Priceless

This thread is about the ignorance and stupidity of many posters on this board and that I fell its time to go. Instead of saying something like

Sorry to see you go or
Don’t let the door hit you in the a** on the way out or
Get on with it and go

I actually get the sheer stupidity I mentioned in a response arguing the example I used to illustrate the same STUPIDITY.
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Old 03-15-2007, 05:03 PM
 
15 posts, read 64,824 times
Reputation: 18
dont let the door hit ya on the way out LOL
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Old 03-15-2007, 05:03 PM
 
458 posts, read 453,617 times
Reputation: 136
This real estate market 'crash' is not like a stock market crash. Prices are very sticky on the way down. And yes, some people will just stay instead of selling.

But eventually, it may take years, the prices will return to 2001 levels. People now have higher utilities, taxes, and insurance than in 2001 when adjusted for inflation. Wages are flat. So in reality, prices should never have risen anywhere near this much. They should have appreciated just below the inflation rate.

Parents being "destitute" is ridiculous and has nothing to do with future generations. Each generation needs the opportunity to buy affordable housing and let it appreciate slowly over decades. That is wealth creation.

A parent buying a house worth $200,000 for $400,000 with a huge mortgage, huge property taxes, and huge insurance costs and eventually passing it on to their children is not. It is a ponzi scheme.

Add to that the parent's generation getting more SS and Medicare than the next generation could ever hope for, and you leave the kids holding a huge bunch of bills.

Pain now, or immense pain in 30 years. You choose.
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Old 03-15-2007, 05:04 PM
 
15 posts, read 64,824 times
Reputation: 18
Unhappy we will miss ya LOL

[IMG][/IMG]
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Old 03-15-2007, 05:08 PM
 
458 posts, read 453,617 times
Reputation: 136
The guy is totally living in a vacuum. Sure, Florida housing should continue to appreciate at 20% per year forever so that no one gets hurt!!

That house that was $200,000 in 2001 and sold for $550,000 last year should be priced at $3,000,000 in 10 years! Yup, and since wages are flat when adjusted for inflation, that scheme will work!

Shores9...you are either very foolish or kidding around. It is hard to believe a grown man could be that naive.

You can't make pretend money by inflating property values and not pay the piper sooner or later.
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Old 03-15-2007, 05:21 PM
 
Location: St Pete -- formally LI, NY
628 posts, read 1,674,381 times
Reputation: 231
Quote:
Originally Posted by nynoggin View Post
dont let the door hit ya on the way out LOL
Thanks nynoggin for reassuring my faith in humanity. Thank goodness there is someone with a brain.

BTW I really wish Muggy was around right now… I know he would give me a proper send off like flipping me the bird. Muggy if you read this maybe you could send me the Man in Black picture for my departure it would be fitting of your wit and candor
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