That link is 6 months old and a lot has changed. Although it will be fun to look back on it and see "how things were" before the worldwide recession/depression...
Too bad you can't make it to the get together. I was looking forward to swapping some previous RE downturn stories with you.
Looks like the REALTORS® were busy talking to their clients this weekend. More price reductions today just like last week! Of particular note is that all price ranges are under pressure.
Why do I love this line so much from Rob Chipman's blog that he posted today?
"If you can point out the other spin I’ll either clarify my meaing (maybe you’re reading something I’m not trying to write), or maybe I’m subconciously saying that we aren’t going to have a 20%-40% correction. I am on record, after all, as saying we’re going to have that kind of crrection sooner rather than later."
I haven't posted in several months as I've been busy getting cozy in my affordable rental waiting for this market to go bust. I'll raise a glass for you all from my affordable living room, as I watch the neighbours post the for-sale signs.
I was looking forward to swapping some previous RE downturn stories with you.
How sad. Normal people like to reminisce about the good times. Bears like to talk about how bad the last downturn was and whether the next one will be worse.
How sad? Funny how it's difficult for you to understand that a housing bust is good news for most people, especially younger people. There is nothing good for society that comes from super-high house prices, except for a few naive people who think that paper "wealth" in their house is some kind of benefit.
Nortel going from $100 to $5 was only bad news for those people who bought the dot-com bubble story. But in the long term it was healthier for investors for it to crash to its real value, which allowed normal investors to enter what had become a market detached from reality.
You don't get it as usual, SP... the bear times ARE the good times, when the majority of people can afford decent housing, not just the slick, the rich, the carpetbagging speculators, and the lucky.
The boom and bubble times are good for no one except realtors. People only do well when they sell; the cash tied up in a house is not liquid until they sell, and everyone has to have a place to live so that cash will quickly be tied up in yet another house.
People being "house-rich" doesn't even benefit the market economy, because they can't even afford to keep the places up let alone buy new amounts of endless crap.
oh right, "the good times", you must mean those times when things are so ridiculously overpriced caused by greed and stupidity... and of course when the arrogance is flowing like wine....just like back when Nortel was $100,then reality happened.
"... the bear times ARE the good times, when the majority of people can afford decent housing, not just the slick, the rich, the carpetbagging speculators, and the lucky."
I'm trying to figure out which of these might be me. Not overly lucky, not rich, and definitely not slick. Maybe a carpet bagging speculator? Naw, I'm not a speculator on RE, just a homeowner along with most of my neighbours (who also would not appear to fit your categories. What's a carpet bagger? Maybe I partially fit that one :-)
I haven't looked around much, but most everybody I know own their homes. Of course, I don't know the majority of people
HHV,
ReplyDeleteLooking forward to meeting you and some of the other bears. Should be a lot of fun.
Roger
#40221
If we can find a babysitter we will be there. If not, we'll be sorry we missed it and raise one for us please. :-)
ReplyDeleteWhy be so coy bout the location? Afraid the bulls will crash the party?
ReplyDeleteSP,
ReplyDeleteYou're welcome to join us... just need to be happy.
Hey hhv,
ReplyDeleteIf i can make it, i'll be there!!!
Central Banker
sitting pretty said...
ReplyDeleteWhy be so coy bout the location? Afraid the bulls will crash the party?
Na, they'll all be attending open houses! Now is (still) a great time to buy...
I couldn't resist. Here's a link for you guys to check out over beers.
ReplyDelete-cheers-
http://www.forbes.com/realestate/2007/12/28/worldwide-million-property-forbeslife-cx_mw_0102realestate_slide.html?partner=nationalpostca
If you're going to post a link, post it correctly.
ReplyDeleteIf you can't figure that out, then post it in two pieces.
anon.
Or use Tiny URL
ReplyDeleteDamn it!
ReplyDeleteI will be back in Sweden... Leaving this morning.
Can you schedule a reunion, wrap up, let's see where we are meeting for around this time next year :)
Wow, I cannot not type in comment fields...
ReplyDelete"Let's-see-where-we-are" meeting...
Wife says I have to save my beer money because the LL's raising the rent next month.
ReplyDeleteMaybe I'll catch the next round if an actual price change occurs, the wife also has rules around celebrating things prematurely:-)
Thanks for the offer.
Happyowner: The link worked just fine, thanks.
ReplyDeleteI take it your wife has had a lot of premature issues with you.
ReplyDeleteThanks for the link happyowner. Very interesting.
ReplyDeleteDid I just miss them though?
I just couldn't see Vancouver or Victoria shown amongst all those other world class cities.
Did I miss it or are neither Victoria or Vancouver there?
That link is 6 months old and a lot has changed. Although it will be fun to look back on it and see "how things were" before the worldwide recession/depression...
ReplyDeletehhv,
ReplyDeletecan't make it but I will donate my beer to SP and grizwald to share, they both seem to need some cheering up in their lives. ;)
VG,
ReplyDeleteToo bad you can't make it to the get together. I was looking forward to swapping some previous RE downturn stories with you.
Looks like the REALTORS® were busy talking to their clients this weekend. More price reductions today just like last week! Of particular note is that all price ranges are under pressure.
#110340
roger,
ReplyDeletehopefully next time, at the 20 % celebration,maybe by fall's end. :)
"I take it your wife has had a lot of premature issues with you."
ReplyDeleteActually most are immature related, but it keeps life fun:-)
Not currently living in Victoria so cant join for the 10% libation -
ReplyDeleteanother in the fall would be good-
maybe a 20%er by then as VG says.
cheers!
Why do I love this line so much from Rob Chipman's blog that he posted today?
ReplyDelete"If you can point out the other spin I’ll either clarify my meaing (maybe you’re reading something I’m not trying to write), or maybe I’m subconciously saying that we aren’t going to have a 20%-40% correction. I am on record, after all, as saying we’re going to have that kind of crrection sooner rather than later."
I'll also miss the beer meeting. Too bad! I'm out of town for the next 4 weeks. Have fun!
ReplyDelete- StargazerXL
I'll miss it as well :(
ReplyDeleteGreat screens though Roger... I'll go out on a limb and call 5000 listings by Friday...
I haven't posted in several months as I've been busy getting cozy in my affordable rental waiting for this market to go bust. I'll raise a glass for you all from my affordable living room, as I watch the neighbours post the for-sale signs.
ReplyDeleteI was looking forward to swapping some previous RE downturn stories with you.
ReplyDeleteHow sad. Normal people like to reminisce about the good times. Bears like to talk about how bad the last downturn was and whether the next one will be worse.
How sad? Funny how it's difficult for you to understand that a housing bust is good news for most people, especially younger people. There is nothing good for society that comes from super-high house prices, except for a few naive people who think that paper "wealth" in their house is some kind of benefit.
ReplyDeleteNortel going from $100 to $5 was only bad news for those people who bought the dot-com bubble story. But in the long term it was healthier for investors for it to crash to its real value, which allowed normal investors to enter what had become a market detached from reality.
You don't get it as usual, SP... the bear times ARE the good times, when the majority of people can afford decent housing, not just the slick, the rich, the carpetbagging speculators, and the lucky.
ReplyDeleteThe boom and bubble times are good for no one except realtors. People only do well when they sell; the cash tied up in a house is not liquid until they sell, and everyone has to have a place to live so that cash will quickly be tied up in yet another house.
People being "house-rich" doesn't even benefit the market economy, because they can't even afford to keep the places up let alone buy new amounts of endless crap.
oh right, "the good times", you must mean those times when things are so ridiculously overpriced caused by greed and stupidity... and of course when the arrogance is flowing like wine....just like back when Nortel was $100,then reality happened.
ReplyDeleteSome people are really fried aren't they.
"... the bear times ARE the good times, when the majority of people can afford decent housing, not just the slick, the rich, the carpetbagging speculators, and the lucky."
ReplyDeleteI'm trying to figure out which of these might be me. Not overly lucky, not rich, and definitely not slick. Maybe a carpet bagging speculator? Naw, I'm not a speculator on RE, just a homeowner along with most of my neighbours (who also would not appear to fit your categories. What's a carpet bagger? Maybe I partially fit that one :-)
I haven't looked around much, but most everybody I know own their homes. Of course, I don't know the majority of people