[tony soprano]

Originally Posted by olecapt

Keep trying. You quoted me...or did you miss that.

Go back and look at my first use of "bank". It might become more clear to you. If not, have someone read it back to you slowly.

[tony soprano]

Originally Posted by olecapt

Never used any of that locally. In fact in the high part of the market it was the problem of keeping your client rational. You had to turn them down not up.

Right. This from the guy that was telling people there was no housing bubble in 2006.

[olecapt]

Originally Posted by tony soprano

Do you really need a bank to tell you what you can and can't afford? Did you consult a bank the last time you financed a automobile? Did you ask them if you could afford the monthly payment? Do you call your bank every time you use a credit card to make sure you can afford the minimum monthly payment?

The influence of the mortgage industry on what people could rationally do was very strong. Note that people in CA had been doing exactly what blew up in the face of the Vegas folk for the last 25 years. Pretty much successfully. Lots of things look dumb in hindsight. But they did not look that way when the decision was made.

Those who by skill and trade should have known better pushed the edge past reason.

[olecapt]

Originally Posted by tony soprano

Right. This from the guy that was telling people there was no housing bubble in 2006.

Same old Tony. Always out of context.

That is because you are losing the argument.

[olecapt]

Originally Posted by tony soprano

Go back and look at my first use of "bank". It might become more clear to you. If not, have someone read it back to you slowly.

Same old Tony. You quoted me...

[cmist]

Originally Posted by tony soprano

Do you really need a bank to tell you what you can and can't afford? Did you consult a bank the last time you financed a automobile? Did you ask them if you could afford the monthly payment? Do you call your bank every time you use a credit card to make sure you can afford the minimum monthly payment?

Um yes, they have limits to what they loan you based on your income. If you are suggesting they dont, I wonder if you are living on the same planet? From the looks of it, I'm beginning to think Las Vegas actually may not be.

If lenders in the auto industry lowered their qualifications and suddenly the average person could afford a car to the tune of $200k, and likewise all the SELLERS, car dealerships of the cars raised their prices to $200K since they KNEW they could rake a buyer over the coals based on the flood of new money and easy loans, a car would now cost $200K.

Then when no one makes their payments because they really cant afford the payment they stop offering those loans, but dont lower the price of the cars. Who can buy the cars now????

What about that concept don't you get?

[tony soprano]

Originally Posted by olecapt

The influence of the mortgage industry on what people could rationally do was very strong. Note that people in CA had been doing exactly what blew up in the face of the Vegas folk for the last 25 years. Pretty much successfully. Lots of things look dumb in hindsight. But they did not look that way when the decision was made.

Those who by skill and trade should have known better pushed the edge past reason.

It never stopped a realtor from trying to close a sale though did it?

[tony soprano]

Originally Posted by olecapt

Same old Tony. Always out of context.

That is because you are losing the argument.

Yeah, why don't you explain to everyone reading this thread what exact context there could possibly be where telling someone "there is no housing bubble" in the Vegas housing market, is not completely absurd.

Lace up the tap shoes.

[olecapt]

Originally Posted by tony soprano

It never stopped a realtor from trying to close a sale though did it?

You know Tony the funny thing is I think the RE Agents did OK. Not because they were the more ethical or moral, but simply because the situation provided little challenge for them. As a class they did a lot better than the mortgage guys. But given equal stress I think they would have done a lot worse.

You continue to speak as if I carry a brief for NAR or RE Agents. I don't. Most should be banned from dealing with clients.

That however is up to the state legislators...who ain't going there.

[cmist]

Originally Posted by tony soprano

It never stopped a realtor from trying to close a sale though did it?

Sorry, realtors could only drive buyers to homes they were given a loan approval to buy. And on top of that the pricing of homes was not in the realtors control. The home sellers all jumped 10,20,30K higher than the last sale and buyers scrambled to buy whatever they could afford. Home sellers would not have been able to price homes based on thin air, if easy money wasnt allowed. They arent doing it now, so why was it ok to do it then? Were wages higher??? What was this new lenience on lending based on??? NOTHING!!!! Thats my point. It was based strictly on the fact that THEY could make more money by pushing more loans through.

Picture the cheesy grin on the loan officer's face telling their unknowing victim..."Congratulations, your loan is approved!"

Realtors are not involved in a buyers financing, and direct that type of thing to the lenders. When they are told the clients are approved, realtors dont pry into the buyers finances and ask them "Are you sure you can handle it?" They trust their lender has done that.

Whats the deal anyway? Why does this offend you? Are you a lender??

Many people even bought within their means, but had to pay 500K for a 3 bd / 2ba boring cheap house cause thats just what they cost.

However any realtor telling a client, it will never go down would be foolish, and the person who believes them is even more foolish.