"Many people claim Stoneleigh and I must be crazy, and doomers and all that, for predicting an 80%+ drop in real estate values, but we in turn can't seem to understand why home prices would fall "only" 20% from here, or why they would fall "just" 40%, as Mish suggested for instance. We think that more than 20% is in the cards just because of the bubble coming back to earth; we think 40% is certain because of the bubble bursting, and we think 80%+ will then happen because the bursting bubble will take the entire financial system down with it. Pretty simple really."
don't worry after 3 years or so most of those bashers fell off, they either lose THEIR JOBS or THEIR homes or just go away because the facts on YOUR side are so powerful. The naysayers will bash and then just tell you things will get better, TELL YOU, they have no facts (except some government kool-aid) but I call it 'wishin and hopin and prayin' - but sadly not a fact in the room.
It amazes me. I understood when it happened in 2007, I was front and center so understood why it was so clear to me what was going on and others might not see.............BUT COME ON
THREE YEARS LATER?????
with every horror from 2007 NOW 20 TIMES WORSE and still they are bashing the messengers?
but buck up, you are right on, if you can see values falling 20%, and you see no fix in sight, you have to believe it can go to 80%.
And after being out here alone for a couple years there are many more like you guys that are seeing the damage, believe me many many more. There were like 3 of us in October 2007 and no big boys, they were all still making money...........
When you ignore that 39% of the OLD buyers are baby boomers and gen xers and they aren't going to go back into the housing market in a big way now...........then you lost 39% of the buyers..............ooopppppps,
so who is going to buy those MILLIONS AND MILLION OF HOME SUPPLY? Many people had more than one home 3 years ago, what lender is encouraging that now?
see no buyers but the realtors STILL PUMP KOOL-AID with government backing..........
And when media and government's happiness is THAT ONLY 380,000 LOST THEIR JOBS LAST WEEK :evil: - ignoring THE FACTS :roll: :roll: that at Christmas we usually have a big HIRING INCREASE, and remember a SHORT HOLIDAY WEEK, but hey just some old facts, 8) 380,000 IS THEIR GOOD NEWS!!!
WE ARE REPEATING HISTORY, so feel so sorry for the people that think it can't happen again WHILE IT IS HAPPENING again in their faces.
Keep writing, the government kool-aid has gotten weaker and weaker since 2007, they are trying harder and the bashers are bashing harder BUT THE TRUTH ALWAYS WILL COME OUT whether it is 'nice' or not.
2011 is when the city and county and state governments come to the party......they lose their jobs now and while we went away pretty quietly WITH STILL NO BIG MEDIA ATTENTION, they won't........(leaving the snow on the ground in NY CAUSE THEY COULD, HEHEHEH is just a warning Americans).
again watch some Greece and London footage......that is how we will be treated when we DARE invite the unions to the party....... Permalink