Comments on: Real Homes of Genius Special Country Edition: Examining the 7 Hardest Hit Metropolitan Areas. 7 Home Foreclosures That Make you say Hmmm. IndyMac Bank and Reaching the Untouchable Shady Borrower. http://www.doctorhousingbubble.com/real-homes-of-genius-special-country-edition-examining-the-7-hardest-hit-metropolitan-areas-7-home-foreclosures-that-make-you-say-hmmm-indymac-bank-and-reaching-the-untouchable-shady-borrower/ How I Learned to Love Southern California and Forget the Housing Bubble Thu, 09 Feb 2012 06:16:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: DAve http://www.doctorhousingbubble.com/real-homes-of-genius-special-country-edition-examining-the-7-hardest-hit-metropolitan-areas-7-home-foreclosures-that-make-you-say-hmmm-indymac-bank-and-reaching-the-untouchable-shady-borrower/#comment-26534 DAve Tue, 04 Nov 2008 17:58:38 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-special-country-edition-examining-the-7-hardest-hit-metropolitan-areas-7-home-foreclosures-that-make-you-say-hmmm-indymac-bank-and-reaching-the-untouchable-shady-borrower/#comment-26534 I don't see the problem with the long posts as long as the blogmaster doesn't mind... maybe if someone objects to long posts so much they should start THEIR own blog and forbid them THERE... I don’t see the problem with the long posts as long as the blogmaster doesn’t mind… maybe if someone objects to long posts so much they should start THEIR own blog and forbid them THERE…

]]> By: SEAN http://www.doctorhousingbubble.com/real-homes-of-genius-special-country-edition-examining-the-7-hardest-hit-metropolitan-areas-7-home-foreclosures-that-make-you-say-hmmm-indymac-bank-and-reaching-the-untouchable-shady-borrower/#comment-26531 SEAN Tue, 04 Nov 2008 14:32:48 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-special-country-edition-examining-the-7-hardest-hit-metropolitan-areas-7-home-foreclosures-that-make-you-say-hmmm-indymac-bank-and-reaching-the-untouchable-shady-borrower/#comment-26531 Exit, Sorry if my postings were a bit longer then usual. The articles I posted were ment to compare & contrast DRHB's points of view & not to be a rant. Both of these pieces needed to be pasted in there entirety because of there importence to what DRHB has been saying. Especially in light of WM's questionable practices. Exit,

Sorry if my postings were a bit longer then usual. The articles I posted were ment to compare & contrast DRHB’s points of view & not to be a rant. Both of these pieces needed to be pasted in there entirety because of there importence to what DRHB has been saying. Especially in light of WM’s questionable practices.

]]> By: DAve http://www.doctorhousingbubble.com/real-homes-of-genius-special-country-edition-examining-the-7-hardest-hit-metropolitan-areas-7-home-foreclosures-that-make-you-say-hmmm-indymac-bank-and-reaching-the-untouchable-shady-borrower/#comment-26527 DAve Tue, 04 Nov 2008 10:14:38 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-special-country-edition-examining-the-7-hardest-hit-metropolitan-areas-7-home-foreclosures-that-make-you-say-hmmm-indymac-bank-and-reaching-the-untouchable-shady-borrower/#comment-26527 I guess they don't have internet in W. Hollywood yet: http://latimesblogs.latimes.com/laland/2008/11/httpwwwlatimesc.html L@@K at THOSE condo prices!!! I guess they don’t have internet in W. Hollywood yet:
http://latimesblogs.latimes.com/laland/2008/11/httpwwwlatimesc.html

L@@K at THOSE condo prices!!!

]]> By: compass rose http://www.doctorhousingbubble.com/real-homes-of-genius-special-country-edition-examining-the-7-hardest-hit-metropolitan-areas-7-home-foreclosures-that-make-you-say-hmmm-indymac-bank-and-reaching-the-untouchable-shady-borrower/#comment-26526 compass rose Tue, 04 Nov 2008 09:18:53 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-special-country-edition-examining-the-7-hardest-hit-metropolitan-areas-7-home-foreclosures-that-make-you-say-hmmm-indymac-bank-and-reaching-the-untouchable-shady-borrower/#comment-26526 Of course they aren't refinancing. People who want something for nothing are partly motivated by their estimation of potential gain, and partly by whether they think they can get away with it. Now that the gain has vanished, they turn to the second part--and we watch in dismay as the banks/system *invite* them to get away with it. ~ But all along, the banks' hunger for fees, and the financiers' hunger for more debt to turn into derivatives, was what led to them marketing home ownership as the road to wealth. Can't really blame people for believing it, especially when all around them, people were getting rich (it seemed) flipping houses. ~ That doesn't happen for many people through working, saving, scrimping; 40-50 years of hard work, and pennypinching, and modest digs, and deferring whimsy...gets ya WHAT again? Supposing of course that you even manage to HAVE work for 40-50 years. ~ I've been re-reading William Greider's 1987 _Secrets of the Temple_, his history of the Federal Reserve, which makes many points from the '70s and '80s that are identical to today's problems. Including that people in the '70s started buying things they knew they'd never be able to afford, because a) they could get the debt/credit and b) they could have it today whereas c) there was no telling what the future would bring since d) real wages froze, even as the numbers inflated. ~ The example Greider uses is people of very modest incomes buying $400 and $500 jewelry; 30 years later you just add three more zeroes, and make it for houses. Who was it who described real estate shopping earlier this decade as "the ultimate in catalogue shopping"? ~ Doc, if you rotate that Case-Shiller bar chart about 135 degrees CCW, you have something that looks oddly like a stacked series of Enron logos (the Slanty E). ~ The Miami house is clearly trying to evoke the Bounteous Spirit of Xmas with its fabulous red-and-green theme. Maybe Santa Claus will pop out of the garbage can if you crank the handle! (And pop a cap in yer ass.) ~ rose ~ PS--Exit, factually speaking, I have lots of yeti photographs! Really! It's a cottage industry here in the PNW. ;D Of course they aren’t refinancing. People who want something for nothing are partly motivated by their estimation of potential gain, and partly by whether they think they can get away with it. Now that the gain has vanished, they turn to the second part–and we watch in dismay as the banks/system *invite* them to get away with it.
~
But all along, the banks’ hunger for fees, and the financiers’ hunger for more debt to turn into derivatives, was what led to them marketing home ownership as the road to wealth. Can’t really blame people for believing it, especially when all around them, people were getting rich (it seemed) flipping houses.
~
That doesn’t happen for many people through working, saving, scrimping; 40-50 years of hard work, and pennypinching, and modest digs, and deferring whimsy…gets ya WHAT again? Supposing of course that you even manage to HAVE work for 40-50 years.
~
I’ve been re-reading William Greider’s 1987 _Secrets of the Temple_, his history of the Federal Reserve, which makes many points from the ’70s and ’80s that are identical to today’s problems. Including that people in the ’70s started buying things they knew they’d never be able to afford, because a) they could get the debt/credit and b) they could have it today whereas c) there was no telling what the future would bring since d) real wages froze, even as the numbers inflated.
~
The example Greider uses is people of very modest incomes buying $400 and $500 jewelry; 30 years later you just add three more zeroes, and make it for houses. Who was it who described real estate shopping earlier this decade as “the ultimate in catalogue shopping”?
~
Doc, if you rotate that Case-Shiller bar chart about 135 degrees CCW, you have something that looks oddly like a stacked series of Enron logos (the Slanty E).
~
The Miami house is clearly trying to evoke the Bounteous Spirit of Xmas with its fabulous red-and-green theme. Maybe Santa Claus will pop out of the garbage can if you crank the handle! (And pop a cap in yer ass.)
~
rose
~
PS–Exit, factually speaking, I have lots of yeti photographs! Really! It’s a cottage industry here in the PNW. ;D

]]> By: exit http://www.doctorhousingbubble.com/real-homes-of-genius-special-country-edition-examining-the-7-hardest-hit-metropolitan-areas-7-home-foreclosures-that-make-you-say-hmmm-indymac-bank-and-reaching-the-untouchable-shady-borrower/#comment-26523 exit Tue, 04 Nov 2008 06:52:12 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-special-country-edition-examining-the-7-hardest-hit-metropolitan-areas-7-home-foreclosures-that-make-you-say-hmmm-indymac-bank-and-reaching-the-untouchable-shady-borrower/#comment-26523 Hi Doc... been a while since I commented. I'd offer congratulations on your foresight and well-reasoned commentary, but we know, to have been right means that, unfortunately, the entire house of (dis)cards has come a-tumbling down, and we're all squashed by the rubble. Echoing previous commenters reply to frugal biker- DHB and others have ably discredited the postulate that immigrants and heirs will keep the bubble afloat. As Kevin Depew over at Minyanville has noted, "math is not a rumor", whereas hard evidence of the mythical immi-beast and its cousin the heir-ball is as hard to come by as a yeti photograph. Grampa Richguy got slaughtered in the Dow(n)draft, and Shmitty points out the demographic error of FB's argument. FB... what else does that stand for? Oh, right, foolish buyer... And while I certainly appreciate Sean's and Michael Littlebigs's comments - can't you just post the link, and give your take, or in MLB's case, get your own blog, rather than posting the whole darn article or your rant? This is DHB's blog, after all, and he gets to give his viewpoint. If you disagree, fine - but keep it short, to the point, and point back to your own post on your own blog if you don't like his take. Besides, the good doctor doesn't absolve the bankers from blame. Read up on previous posts and you'll find that he points to everyone. Read Matt Padilla's "Chain of Blame" and you'll find that there are lots of parties deserving of the finger. Of blame. And be offended to your heart's content if don't like the finger pointed at borrowers as being blameless. But don't be surprised when people disagree with you. Your diatribe lacks evidence to support your contention, and without it, is unpersuasive. DHB provides data to support his views, so if you choose to attack him please line up your evidence or be dismissed as a crackpot. Or write your own blog. You may or may not be correct in your views, but without data, why should anyone bother to listen? Hi Doc… been a while since I commented. I’d offer congratulations on your foresight and well-reasoned commentary, but we know, to have been right means that, unfortunately, the entire house of (dis)cards has come a-tumbling down, and we’re all squashed by the rubble.

Echoing previous commenters reply to frugal biker- DHB and others have ably discredited the postulate that immigrants and heirs will keep the bubble afloat. As Kevin Depew over at Minyanville has noted, “math is not a rumor”, whereas hard evidence of the mythical immi-beast and its cousin the heir-ball is as hard to come by as a yeti photograph. Grampa Richguy got slaughtered in the Dow(n)draft, and Shmitty points out the demographic error of FB’s argument. FB… what else does that stand for? Oh, right, foolish buyer…

And while I certainly appreciate Sean’s and Michael Littlebigs’s comments – can’t you just post the link, and give your take, or in MLB’s case, get your own blog, rather than posting the whole darn article or your rant? This is DHB’s blog, after all, and he gets to give his viewpoint. If you disagree, fine – but keep it short, to the point, and point back to your own post on your own blog if you don’t like his take.

Besides, the good doctor doesn’t absolve the bankers from blame. Read up on previous posts and you’ll find that he points to everyone. Read Matt Padilla’s “Chain of Blame” and you’ll find that there are lots of parties deserving of the finger. Of blame.

And be offended to your heart’s content if don’t like the finger pointed at borrowers as being blameless. But don’t be surprised when people disagree with you. Your diatribe lacks evidence to support your contention, and without it, is unpersuasive. DHB provides data to support his views, so if you choose to attack him please line up your evidence or be dismissed as a crackpot. Or write your own blog. You may or may not be correct in your views, but without data, why should anyone bother to listen?

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