What is Digg?92 Comments
- bethannies, on 10/10/2007, -1/+37The NAR really pisses me off. First, they hired paid schill economists that are always predict that the housing market is in great health...even when it is the peak of perhaps the largest housing bubble in US history. They have pumped so much misinformation into the media about the housing market being a sure bet to accumulate wealth, that they helped create an irrational frenzy in the market. The average American believes what they hear and read...Shame on the media outlets for taking their word at face value and not scrutinizing it. I like these efinancedirectory housing articles. They tell it like it is.
Say no to the mortgage bailout. All it will do is bailout the irresponsible lenders and people who lied on their applications.
Take action here. http://patrick.net/housing/contrib/nobailout.html - thebaron2, on 10/10/2007, -2/+24Wow, an association of Realtors was lobbying for legislation that would help the real estate market?
Well color me shocked. For every single piece of possible legislation that exists, SOMEONE, SOMEWHERE is going to benefit, and you can bet your ass that that group of beneficiaries will be lobbying for said legislation. - irvman21, on 10/10/2007, -1/+20The people who are defaulting on their mortgages deserve to lose their houses. The lenders who are going under deserve to go under for lending to poor people. Bailing these idiots out will go right to the top of the list of crap that pisses me off.
- DangerCollie, on 10/10/2007, -1/+16When poor people get a handout from the government it's called welfare. When rich people get a handout it's called thoughtful intervention. When corporations are reaping billions in profits at the expense of the poor, they'll be shouting to let the markets correct on their own. When the market does finally correct, they want a handout.
I can't think of a less deserving group for a government handout than NAR. They're as protectionist and anti-free market as a group of Republicans ever gets.
And, no, I don't think the Democrats will be any better. They've done a good job demonstrating they haven't learned any more from the '06 elections than the Republicans. - jkbowman, on 10/10/2007, -1/+16I so wish people would educate themselves on the Federal Reserve, using this latest "bubble" as their reference. I'm afraid the subject shoots over the head of most Americans, but nothing could be more important to their economic health.
- trghpy, on 10/10/2007, -2/+16Screw the gold/silver standard.
Lets go to the Rice standard. At least i can eat my rice when inflation hits. - kaelyiesta, on 10/10/2007, -3/+13To abolish the reserve you would have to enlighten quite a few americans as to what it really is. Even after spending quite a few hours researching the subject, I still haven't gotten past the surface of the issues. Imagine how many people don't even know that such a thing exists.
- mrbubbleboy, on 10/10/2007, -2/+12The NAR is such a joke. Their real estate propoganda machine is so shameless. How many naive Americans have they duped with their salespeak during the last few years, encouraging them to buy now before prices get any higher? What a bunch of crap! I still hear commercials sponsored by the NAR today preaching the same thing.
- aliengoods, on 10/10/2007, -1/+10Or bailout the crooked lenders who purposely defrauded people into getting loans they knew their customers couldn't afford (see Ameriquest).
- azprofessional, on 10/10/2007, -0/+8Typical modern western civ. Bandaid solutions to unaccountable greed. Paid for by the unsuspecting populace.
Big surprise - dcormier, on 10/10/2007, -1/+9Amusing, since he didn't mention or (directly or indirectly) link to Ron Paul. You did.
- inactive, on 10/10/2007, -0/+8these capitalist entities love the free market and small government, that is until it affects them negatively and they require the government's help.
- timbellomo, on 10/10/2007, -0/+8I used to think that this was a heartless and callous positions, but the fact of the matter is this:
If you over-extended yourself into an interest-only loan with 100% financing, barely making the interest-only payments each month, you are not, and never were a "homeowner" - you simply borrowed the home from an investor for a short time.
Don't get me wrong; I don't want people out on the street because of it, but you can't now punish the well-disciplined people who sat on the sidelines waiting for this to happen. - CraigJ, on 10/10/2007, -1/+8The system is set up by realtors for realtors. They really have very little value add anymore. All the stuff is online now. We need eBay for real estate.
- Zippo, on 10/10/2007, -0/+7Ugh, it's really time to stop corporations and the government being in bed together. All it does it ***** over competing businesses and the consumer.
- inactive, on 10/10/2007, -0/+7This ***** drives me absolutely crazy. I have seen a lot of people I know lose their jobs and homes over the past year. Now they are all shrugging their shoulders and pointing at each other. It's like everybody is playing stupid now!
Lender: Let's approve them for more than they can afford... I'm sure they will get raise soon!
Buyer: Let's buy more house than we can afford... I'm sure I'll get a raise soon! - Stradenko, on 10/10/2007, -1/+7...
http://realestate.ebay.com
Need anything else while I'm at it? - aliengoods, on 10/10/2007, -3/+8Flat fee! I mean seriously, do you think a percentage is the only way to charge for a service?
- trghpy, on 10/10/2007, -2/+6I have a simple fix to the problem...
Stop giving Realtors a percentage.
As long as they're getting a percentage they're going to try to inflate the price.
The all inflate the price to get a higher commission, causing the market to bubble and now its burst.
So lets take away their reason for inflating prices.
Simple enough? - inactive, on 10/10/2007, -2/+6A gold standard won't work any longer......you're better off with silver.
- thcobbs, on 10/10/2007, -1/+5"The Federal Reserve caused the housing bubble by inflating our currency"
I seem to remember them curbing inflation by raising the interest rates...... - WiseWeasel, on 10/10/2007, -1/+5@vault: It's up to the seller to set the price they want. And then it's up to the realtor to decide if they feel like bothering trying to sell the house at the rate the seller is asking for in the market they're selling in. A smart seller will do more than any realtor ever could to get the most from the sale.
Personally, I think sellers will inflate the prices as much as they can get away with all by themselves, with no help needed from the realtors, and so I doubt changing realtor compensation from a percentage to a fixed rate would actually do much to stem housing inflation. - Veeman55, on 04/04/2008, -0/+3The mortgage industry and hedge funds are responsible for the housing bubble
and the resulting implosion of the market. Leave the losses where they belong
and don't allow your tax dollars to be used to make good on the mortgage investors' losses.
I have initiated a petition to Stop The Mortgage Bailout, which I will forward
to members of Congress. Please sign it and forward it to friends. They are
talking about a staggering amount of your money being used to reimburse the
risk-taking private sector, and it's an outrage. Read the petition here:
http://www.ipetitions.com/petition/stopthemortgage ...
I really think this is an important cause, and I'd like to encourage you to add your signature, too. It's free and takes less than a minute of your time.
Thanks! - inactive, on 10/10/2007, -1/+4LOL @ the Gold Standard. More Ron Paul moonbat *****. The best part is you kids dont even understand what you are asking for.
- mrbubbleboy, on 10/10/2007, -4/+7Hey, I agree with you FreakyD. I was a real estate investor as well for several years running up to the peak of this bubble. People need to take responsibility for their actions. That is why i am 100% against any kind of a government bailout. I just think that in the case of the NAR, their economists get so much press that people (including the media) look at them as being experts and take their forecasts at face value, when they are nothing more than straight up lies.
- inactive, on 10/10/2007, -0/+3And back to the dark ages we go!
- johnhummel, on 10/10/2007, -1/+4So remember - bailing out "idiots too stupid to read a mortgage form" don't deserve to get bailed out, but large corporations "too stupid to figure out that giving high interest rate mortgages to poor people" *totally* deserve a bailout from the government.
I'm missing something here. - ThomasPaine23, on 10/10/2007, -2/+5So let me get this straight:
I work hard, pay my bills, keep my credit score up and get a standard 30 year fixed mortgage.
on the other hand,
Alot of idiots come along with no income documentation, crappy credit, etc and buy houses they can't afford.
Government then wants to use my tax dollars to help these people???? WTF? I guess I'm the idiot.....
Screw bread and circuses, screw the Fed and the Gubment. Ron Paul or bust! - DangerCollie, on 10/10/2007, -0/+3I remember the exact moment I decided to trade down and unwind all my real estate investments. Was reading an article at money.cnn.com about the latest fads in housing and number one on the list was a chapel. People we're building homes so big they had room for a freaking chapel. Sold our house in a nice subdivision and bought a repo on 10 acres out in the middle of nowhere. Put all my rentals on the market, undercut the local listings by 5% on the price per square foot and unloaded them all. Closed on the last one at the end of July '06.
I think when the market bottoms out there might be some good deals out there. But I don't expect that to happen in '08 or '09. It could be 2010 or even beyond. This is a lot worse and a lot bigger than most people realize. Prices have a long, long way to fall. People racked up a lot of debt and that's going to take a long time to pay off. Housing market isn't going anywhere but down.
On the plus side if you're trying to raise cash selling off any large tracts of land in New Mexico, northern Arkansas, south Texas, Kansas or North Dakota, let me know. 40 acres minimum, utility access is optional, can't be in flood plain. abandoned commercial is okay if it has a RCRA release. - opes, on 10/10/2007, -0/+3If the government bails out goes through, i'm moving to Norway.
- gak001, on 10/10/2007, -2/+5Please refer to ECN 102: Principles of Macroeconomics for a complete explanation of why that idea is completely *****.
- GabrielS, on 10/10/2007, -0/+3The Fed only argues for a bailout if they forsee a collapse that could have a major impact on its shareholders, US banks.
The Fed didn't argue that Enron or Global Crossing should be bailed out either. - hiphoc, on 10/10/2007, -5/+7Shut the ***** FED down. Greenspan caused this issue. The fed has robbed americans of their monetary value. This ***** has to end. The banks use this power to make themselves richer.
- GabrielS, on 10/10/2007, -1/+3I have an idea. If the NAR can locate the missing 9 billion in US currency sent to Iraq, they can keep 1/3 of it.
- Radian, on 10/10/2007, -0/+2Take a look, sign if you agree. http://www.petitiononline.com/bailout/petition.html
I work too damn hard for my money to have the gov't bail out a bunch of greedy ass-clowns. - diggerphelps, on 10/10/2007, -1/+3The Fed just dropped funds rate 50bps to help these deadbeats out.
Good work, Ben.
Gotta go buy Gold now, kthxbai. - thebaron2, on 10/10/2007, -1/+3@WiseWeasel
Vault's right - most people don't have the time required to invest in getting the most out of the sale. They tell their realtor what they'd be willing to walk away with, but the realtor goes for as much as possible, all because their pay is directly proportional to that sale.
Most people trying to sell their homes don't know enough about real estate to set the right asking price, not to mention running the open houses and advertising in the right places in order to GET that asking price. That's exactly why they hire realtors in the first place. The realtor DOES work for you, but you hire them because THEY are the expert - not much use in hiring an expert if you're going to disregard their suggestions and demand that they do exactly as you say, is there?
I have to agree with vault in asking, have you ever sold a house on your own, or with a realtor? It's a hell of a lot more complicated and difficult than you seem to be giving it credit for. - catalysis, on 10/10/2007, -0/+2I used to think it was heartless too, then I realized that I live in a 1 bedroom apt. while people who make less than me think they are entitled to 3000sq ft houses.
- nars, on 10/10/2007, -1/+3I didn't admit to anything =[
- wageslaven, on 10/10/2007, -0/+1Right! Dont forget the Police Department, the FBI, the CIA, the Military & the Military Suppliers, Fire Departments, Coast Guards, Food Inspection, Road maintenance and... ?
Right. Its important that for-profit interests be put before the citizens. Profit before public! - ThomasPaine23, on 10/10/2007, -0/+1um no. My anger is directed at the asshats in government who think both the corporations selling the products AND the idiots who bought them deserve my tax dollars. Screw the banks, mortgage lenders etc who bought and sold these loan tranches, and screw the idiots who bought a house they coud not afford. No one made EITHER party sign the papers. BTW it is a bailout of both parties, the house just passed a bill backing re-fis of these with government money. I'll agree that some lenders took advantage of buyers. Fine, that is what the law is supposed to be there for. Bust them, fine them, hell even use the fines to help the poor SOBs out. However it is immoral and unconstitutional to use federal money in this way.
- ElGstr, on 01/09/2009, -0/+1Why Don’t Realtors Support A Real Estate Degree For Realtors?
http://digg.com/business_finance/Why_Don_t_Realtor ...
Maryam, I love getting lost in women's breasts. - trghpy, on 10/10/2007, -1/+2@natey
When a Realtor puts a house up for sale all they do is put an ad in the MLS or whatever that list is called and then sit on their ass. Occasionally they'll hold an open house, otherwise they do jack *****.
The Realtor who shows the house is working for the buyer not the seller. - thcobbs, on 10/10/2007, -1/+2Well, would you rather risk a bit of inflation or a recession?
- wageslaven, on 10/10/2007, -0/+1in all your research, did you learn that no nation uses asset-backed money? The Problems (TM) have _nothing_ to do with monetary systems.
Sure, monetary priorities, tax law, federal bank policy (including it not being democratically controlled) - but not just fiat vs. asset. - wageslaven, on 10/10/2007, -0/+1Its the buyers given "as much rope as they need to hang themselves". It is American greed. Its the pollution of the american dream. Its is the Plutocracy subverting the public discourse to only their purposes.
- trghpy, on 10/10/2007, -1/+2Average fee is 5-7%
20k still gives them an extra 1000 bucks, and all they have to do is sit on their ass till someone offers - mmmcookies, on 10/10/2007, -0/+1Its not about jacking up a 400,000 house to 420,000. Its about jacking up the 400,000 house to an 800,000 house over the course of a few years. Houses are doubling and tripling in cost every 5-10 years in places where the real estate market is "hot". 15 years ago my house was worth 50k. I could sell it for 200,000 right now. 3% of my house was 1500, now its 6000. Realtors do very well when prices go up.
- joe8pack, on 09/09/2008, -0/+1its about 1 million Real Estate agents raising property prices on 1 million properties, year after year. Its called an exponential progression. You know it leads to the belief that prices will go up forever, helping to make sure all the lemmings stampede over the cliff without looking up.
Its not like RE agents could possibly have profited by helping people buy houses that couldn't afford on terms that they couldn't understand, for prices that were well above reason (thanks to all the little people who helped make it possible, the appraisers, the loan originators, the banks, the bond rating agencies, and the people asleep at the Fed and in the executive branch tasked with oversight of financial transactions)
Amplification of small transactions by volume. Its what makes hedge funds work. -
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