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Gawd, don't let the doomers hear you say that! Now you'll hear made up terms like "phantom supply" or "false supply". Mark my words.
LOL,LOL, LOL, I really did laugh outloud. That was a good one, Potter! And it didn't take long. Go over to the thread new foreclosures in march... I believe they used shadow inventory. Doomers think posters like glen_1000 are living in "utopia, head in the sand, delusional, denail, USA"!!!!!!! There can't POSSIBLY be somewhere where RE is making somewhat of a recovery in any terms. Please, how dare he suggest this.
Glen_1000, hope you feel the sarcasm. Potter is correct, give it time, they'll find some "link" to prove you wrong. But don't worry, we know you're not. Thanks for the good news.
LOL,LOL, LOL, I really did laugh outloud. That was a good one, Potter! And it didn't take long. Go over to the thread new foreclosures in march... I believe they used shadow inventory. Doomers think posters like glen_1000 are living in "utopia, head in the sand, delusional, denail, USA"!!!!!!! There can't POSSIBLY be somewhere where RE is making somewhat of a recovery in any terms. Please, how dare he suggest this.
Glen_1000, hope you feel the sarcasm. Potter is correct, give it time, they'll find some "link" to prove you wrong. But don't worry, we know you're not. Thanks for the good news.
Not sure how anyone can interpret Glen_1000 statement of Our area has gone from a 16 month supply to six month supply as meaningful; there is just not enough information provided to support / refute it. One could spin this statement any number of ways....only a few have tried, unsucessfully I might add.
But looks like FMV 'found' 'data' he desperately needs to flavor his plate of denial.... I suppose one could say it's a 'start.'
Not sure how anyone can interpret Glen_1000 statement of Our area has gone from a 16 month supply to six month supply as meaningful; there is just not enough information provided to support / refute it. One could spin this statement any number of ways....only a few have tried, unsucessfully I might add.
But looks like FMV 'found' 'data' he desperately needs to flavor his plate of denial.... I suppose one could say it's a 'start.'
Thanks for clarifying. The steak is perfect. And this is far from data I seek. I don't need "data" to support my case. Really, I don't. Spin it any way you please. It wont' change my optimism. Sorry to disappoint some.
I understand what you're trying to say. What I'm trying to say, is that the downturn in the re market encompasses so much more than the benefit of lower prices for a select few. At least I view it in that scope. And while the risk of the rest of it: unemployment, foreclosures, etc is greater than the dubious few that might get in at the bottom, well, it's just not worth the overall balance of a healthy economy, IMO.
Long term, having prices return to normal levels is good for the economy. Bubbles in commodities like houses cause a ton of malinvestment, which mean that money which could have gone into productive investments was instead wasted. We could have been building up manufacturing, high-tech, infrastructure, whatever. Instead, the economy shifted a significant amount of energy and money into trading houses and paper back and forth with each other for imaginary profits. OK, some of the profits were real, but look at the costs we're seeing for it today.
It's not just housing - this happened during the dot-com and commodity bubbles as well. None of these lead to a strong economy.
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So while you say you don't rejoice in the things lower home prices brings such as unemployment, etc...yes, you really do. You might not admit that even to yourself, but you do. Because it's all entangled together, unfortunately. There is no cherry picking. You are an opportunist.
If it were possible to deflate the bubble without unemployment rising and banks collapsing, it would be wonderful. The fact that it isn't shows you how bad bubbles like this are for the economy long-term.
I understand what you're trying to say. What I'm trying to say, is that the downturn in the re market encompasses so much more than the benefit of lower prices for a select few. At least I view it in that scope. And while the risk of the rest of it: unemployment, foreclosures, etc is greater than the dubious few that might get in at the bottom, well, it's just not worth the overall balance of a healthy economy, IMO. So while you say you don't rejoice in the things lower home prices brings such as unemployment, etc...yes, you really do. You might not admit that even to yourself, but you do. Because it's all entangled together, unfortunately. There is no cherry picking. You are an opportunist.
And I can promise you...I'm not in denial
I guess Potter we agree on some points and disagree with others and that is ok.
I don't rejoice in unemployment. Unemployment involves unemployment benefits which I contribute to by paying taxes. We all know why prices are coming down and it had nothing to do with too many people being employed.
As for being an opportunist...I can probably stipulate that everyone is an opportunist to a degree. I guess if I went to Macy's and bought something 50% off I am an opportunist but many people were priced out of buying a home due to overinflation and artificial pricing. Now people are happy that the market is falling back to normal. If that is being an opportunist than I am guilty as charged. And I can confidently state that a person that gets upset, offended, or doesn't believe the market is declining is in denial.
Location: Halfway between Number 4 Privet Drive and Forks, WA
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And I can confidently state that a person that gets upset, offended, or doesn't believe the market is declining is in denial.
I'm upset with the bad things the declining market is bringing, nationwide. Especially in areas where real estate has been stable and not really a part of outrageous real estate prices. We are now paying the price NATIONWIDE for the idiots in YOUR area(s) that inflated those bubbles in the first place. If you consider that "denial" then I'm guilty as charged. But I wouldn't call that denial.
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Long term, having prices return to normal levels is good for the economy. Bubbles in commodities like houses cause a ton of malinvestment, which mean that money which could have gone into productive investments was instead wasted. We could have been building up manufacturing, high-tech, infrastructure, whatever. Instead, the economy shifted a significant amount of energy and money into trading houses and paper back and forth with each other for imaginary profits. OK, some of the profits were real, but look at the costs we're seeing for it today.
It's not just housing - this happened during the dot-com and commodity bubbles as well. None of these lead to a strong economy.
KC,
While I can respect what you're saying...in all due respect, we've never been through something of this magnitude. No one living has. I agree with you that our economy needs to go back to producing. The FIRE economy would never last, no doubt.
But as I said to LongIsland, alot of this was brought on by very specific areas and very specific actions. I have a big, big problem with that affecting what has historically been relatively stable areas. The unemployment rate has hiked in Georgia tremendously and I'm sorry, but it's certainly NOT all about "housing reverting to affordable levels." What is the explanation when housing HERE has always been at relatively affordable levels?
I'm upset with the bad things the declining market is bringing, nationwide. Especially in areas where real estate has been stable and not really a part of outrageous real estate prices. We are now paying the price NATIONWIDE for the idiots in YOUR area(s) that inflated those bubbles in the first place. If you consider that "denial" then I'm guilty as charged. But I wouldn't call that denial.
Yep. You have every reason to be angry and New York has definitely aggravated the situation. Although we are feeling it the full force hasn't even hit us yet. NY has the highest taxes in the nation and is a very blue state. there are numerous idiots responsible for this fiasco so I agree wholeheartedly with you on your entire statement. I used to live in Texas and the contrast is signifigant.
KC,
While I can respect what you're saying...in all due respect, we've never been through something of this magnitude. No one living has. I agree with you that our economy needs to go back to producing. The FIRE economy would never last, no doubt.
But as I said to LongIsland, alot of this was brought on by very specific areas and very specific actions. I have a big, big problem with that affecting what has historically been relatively stable areas. The unemployment rate has hiked in Georgia tremendously and I'm sorry, but it's certainly NOT all about "housing reverting to affordable levels." What is the explanation when housing HERE has always been at relatively affordable levels?
Throw a rock in a pond and it will ripple out across the surface so that even once calm areas will be disrupted. There has been a failure on all levels in all states. I like Georgia, beautiful place. I lived in South Carolina for a bit when I was growing up and was stationed at Ft. Benning For Infantry OSUT And Jump school. I hope you guys don't suffer as bad a draught as you did last year.
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Now you'll hear made up terms like "phantom supply" or "false supply". Mark my words.
