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A Collective Response Called The Chicken Little Syndrome

A report from Reporter Newspapers on Georgia. “The white-hot housing market in Buckhead and top end Perimeter neighborhoods may be hitting its peak as prices rise above salaries, two experienced local real estate agents say. Kelly Marsh of Brookhaven’s Keller Williams Realty says the housing market has come back to where prices are even a little higher than they were in the boom of 2006, before the bubble burst in the global financial crisis. Newer homes built in the last 10 years and priced at more than $750,000 are slowing in sales, creating a buyer’s market.”

“These home buyers seem willing — at least for now — to pay a premium for relief from the bumper-to-bumper grind. ‘The commute is now a major factor (in home-buying) that I haven’t seen before,’ says John Mason of Harry Norman Realtors. ‘Commutes in metro Atlanta are getting worse. We’re hearing of two hours one way.'”

“The median price in outside-the-Perimeter Sandy Springs is $570,000. ‘I see buyers reluctantly paying these prices,’ Mason says, adding that salaries in the Atlanta job market might not allow the numbers to go too much higher. ‘I think we saw a bust in the fourth quarter of last year,’ he says.”

The Daily Mail on New York. “A luxurious New York City mansion has had its price slashed by $26 million as it continues to look for a buyer after six years on the market. The six-floor, six bedroom Manhattan townhouse owned by Virtu Financial CEO Vincent Viola is now $88 million after initially hitting the market at $114 million in 2013.”

“Real estate agents nearly secured an $80 million sale with a Chinese buyer in December 2017, according to The Real Deal, but the deal reportedly fell apart in its final stages.”

The Arlington Times in Washington. “I’m tired of the real estate ‘Chicken Littles’ you hear who analyze using fear mongering. Justified or not it can create a collective response called the Chicken Little Syndrome, which can exploit horrible conclusions that stop people from doing anything.”

“The supply of homes locally has doubled compared to last year at this time. It’s easy to understand why home prices have seen a measly increase of .6 percent year-over-year from the median sales price of $375,000 to $377,250.”

“Our area remains the hottest spot in Snohomish County for affordable housing. Just south of us the median sales price around Bothell is $675,000 and Lynnwood comes in at $496,000. Some parts of Snohomish County have employment that provides a higher wage than others. For example the average salary in Bothell is $60,134 a year compared with Marysville at $40,386.”

“The sky is not falling on your real estate dreams of buying or selling. We are experiencing a balancing of our market. Mortgage interest rates are stable, we have a nice supply of homes and prices are not bottoming out.”

This Post Has 87 Comments
  1. “I’m tired of the real estate ‘Chicken Littles’ you hear who analyze using fear mongering. Justified or not it can create a collective response called the Chicken Little Syndrome, which can exploit horrible conclusions that stop people from doing anything.”

    Sounds like an REIC shill is getting fed up with his monotonous diet of Ramen noodles and food bank gleanings. Stamp your little feet!

    1. You sorry losers. Dont be mad you lost out on 500000k of gains. Should have brought 3 or 4 houses umi 2012 like me. My agent told me housing always goes up. No bubbles ever. What happened in 2008 was not real bubble. It was a fake bubble cause all you idiots bears are just looking for bubbles. My commission checks are secure. Business is booming. You cant hope for a recession cause it ain’t coming. Suzanne told me so!!!!

  2. ‘I’m tired of the real estate ‘Chicken Littles’ you hear who analyze using fear mongering. Justified or not it can create a collective response called the Chicken Little Syndrome, which can exploit horrible conclusions that stop people from doing anything’

    Who is he talking about? In the universe of REIC media, are there any voices who doubt that shacks always go up?

    ‘exploit horrible conclusions that stop people from doing anything’

    Jeebus, what a drama queen. Oh, and Seattle prices are off 5 or 6 digits. Not horrible for me, but some people are taking an a$$-pounding.

    1. ‘exploit horrible conclusions that stop people from doing anything’

      Kind of sucks when your bread and butter depends on cajoling the lemmings into rushing to their financial destruction. Curse the truth-tellers who warn them of the cratering that lies ahead!

      1. ‘Curse the truth-tellers’

        But who are they? The Seattle Times is relatively fair about the bust up there but still drop into boosterism every couple of paragraphs. And for the rest of the Washington media, “never is heard a discouraging word” about shacks.

        1. But who are they?

          Well, the HBB for starters. Lonely voices in the wilderness, but looks like all of us Chicken Little’s are being vindicated, while the REIC shills are about to be utterly discredited, again.

          1. Professor Bear:Stopped clock Chicken Littles are right once a decade or so.

            I think we’re in an ongoing once-a-century style event. Here’s why:

            1) Household debt levels have been steadily climbing for 70-plus years:
            http://www.slate.com/articles/business/the_united_states_of_debt/2016/05/the_rise_of_household_debt_in_the_u_s_in_five_charts.html
            https://www.newyorkfed.org/microeconomics/hhdc.html

            2) Interest rates have been trending down for 35 years: https://fred.stlouisfed.org/series/FEDFUNDS

            3) Mortgage rates have been trending down for 35 years: https://fred.stlouisfed.org/series/MORTGAGE30US

            In 2008, the system was about to reset but the government was able to drop interest rates, plus engage in QE, which juiced the system again. But now, with interest rates about as low as they can go (zero-bound), mortgage rates at historic lows, the financial juicing has reached a plateau I think. Also, with China’s capital controls limiting currency from fleeing the country, also has an impact.

            These are IMO key factors. One can never count the REIC out – for example, they could somehow perhaps engineer 0% mortgage rates somehow? Other? They’re very clever and have the US government and central bank at their disposal.

            Net result – I don’t think this is a once a decade series of phenomena. The Fed turning the ship around on QE and interest rates is the choice of one or two people. But these factors are forming because of the mass desires of people and politicians over many years.

          2. Trend is not the friend of those who maintain we can indefinitely remain on our present course. The Fed leadership does not seem to be among these people; otherwise why would they have even bothered to initiate the punchbowl removal process (ending QE, normalizing rates)? Never mind that they are stuck in a low-rates trap from which they cannot escape, or that some commentators presently want them to dig themselves into an even-deeper hole.

          3. Never mind that they are stuck in a low-rates trap from which they cannot escape, or that some commentators presently want them to dig themselves into an even-deeper hole.

            Hole digging is now being looked at as something you can base the whole economy on forever. I am curious to see exactly how long you can do that. Morbidly curious. I don’t think it’s forever.

        2. You can’t expect the fake news media to warn prospective home buyers that they are about to make the worst financial decisions of their lives. Doing so could jeopardize the flow of real estate advertising dollars that helps keep their old scool dead-tree newspaper publishing business from collapsing.

    2. “Oh, and Seattle prices are off 5 or 6 digits. Not horrible for me, but some people are taking an a$$-pounding.”

      Yet the far flung areas outside of Seattle – the non-commuters where it’s too far to reasonably drive into the city daily – are still selling at prices which make 2006 look like a warm up act. These are towns where a minimum wage job – any job – is a good job. And the land speculators are still at it, too.

      This dumpy trailer just sold and closed in 2 weeks for $200,000 cash, in a place where your neighbor is likely to be a meth head with no teeth who supports his habit by stealing everybody’s copper wiring and whatever else he can find. Last bubble, this place may have fetched $100k at the peak.

      https://moxi2.ssl.hwcdn.net/img-pr-000903/psm/d52c80f07f9238812241e1eaec6bc8da4f99aaab/0_3_gallery.jpg

  3. ‘The median price in outside-the-Perimeter Sandy Springs is $570,000. ‘I see buyers reluctantly paying these prices’ Mason says, adding that salaries in the Atlanta job market might not allow the numbers to go too much higher. ‘I think we saw a bust in the fourth quarter of last year’

    The Atlanta paper has been hinting at this. When people are thinking they “won” a bidding war, the bubble is on. Then they run out. Reluctant to pay $500-800k for a 2 hour commute when they can rent for less? Call em’ chicken, that’ll work.

    1. A 2 hour commute from Sandy Springs? No.

      Sandy Springs and neighboring Dunwoody is the sweet spot for Atlanta location wise. Not a bad commute to downtown if need be. But not that many people work downtown relatively speaking these days. The good jobs are on the northern perimeter between 75 and 400. Home Depot, Cox, UPS, First Data, etc are all there. That entire stretch of 285 is wall to wall office buildings. Northside Hospital and all the ancillary medical offices built around it at 285/400. The new Braves baseball stadium is at 75 and 285.

      All these things are under 30 mins away even in the worst Atlanta traffic from Sandy Springs. Buckhead is 20 mins away as well for shopping and restaurants.

      2 Hours will get your to Chattanooga.

        1. I don’t know if everything is fine or not. I didn’t say everything is OK.

          What I do know, and what I did say, is that from Sandy Springs, nobody has a 2 hour commute. Unless they work in Chattanooga.

    2. “Reluctant to pay $500-800k for a 2 hour commute when they can rent for less? Call em’ chicken, that’ll work.”

      Are chickens really dumb enough to make that kind of home purchase?

    3. My brother is all the way out near Suwanee and the couple times I’ve been out there, it’s seemed ridiculous to get around given the terrain.

      For those who remember my earlier posts, it’s looking like D-day for him will be sometime this week. There was a truce of some weird sort so that their child’s big Spring Break trip to WashDC, which was already paid for, wouldn’t be wrecked. But she declared the hammer falls once they return.

      I fear he’s stuck his head back in the sand, but that’s not going to help him. I’m on standby to fly out on short notice with a GECK (Fallout reference) to get him back on his feet and bitchslap him for giving her too much.

  4. ‘A luxurious New York City mansion has had its price slashed by $26 million as it continues to look for a buyer after six years on the market’

    Another day, more sawin’ and a slashin’ in New York. Pick any definition of a bubble, of a bubble popping, and how does NYC not fit?

    1. “…has had its price slashed by $26 million…”

      Is that alot?

      This reminds me: We’re still in the denial phase of the Housing Bubble Stages of Grief. There are many more stages to go, so hang on to your hats, folks!

      The Housing Bubble Stages of Grief

      1. Denial in a previously hot real estate market occurs when a home listed at a high price doesn’t sell quickly, even though just a few months ago houses sold in just a few weeks. The home buyer says, ‘This is weird, but I’m sure it’s just a glitch,’ and does not alter his or her asking price.

      2. Anger occurs when, after a few months pass, the house still hasn’t sold, and little interest has been shown.

      3. Bargaining begins as the home seller starts to offer a few incentives, agrees to more open houses, starts to fix up the house to make it show better, and actually agrees to lower the listing price a bit.

      4. Depression starts to set in when the house has been on the market for about four months or so, and the seller realizes that his or her net worth simply isn’t going to be as high as he or she thought.

      5. Finally, acceptance occurs when the seller realizes that homes prices have fallen; that he or she will not get peak price of what is now six months or more ago; and that if he or she wants to sell the home, the asking price needs to be adjusted downward considerably.

      — Thomas Lawler

  5. “Our area remains the hottest spot in Snohomish County for affordable housing. Just south of us the median sales price around Bothell is $675,000 and Lynnwood comes in at $496,000. Some parts of Snohomish County have employment that provides a higher wage than others. For example the average salary in Bothell is $60,134 a year compared with Marysville at $40,386.”

    10+ times annual income is considered affordable now?

    “measly increase of .6 percent year-over-year”

    Don’t worry Todd this was just a once in a lifetime slowdown, it’s different this time, buyers returned from vacation, weathers better now, economy is running on all cylinders, we will all return back to the normal 10%+ yoy increases we have been so accustomed to.

    1. “10+ times annual income is considered affordable now?”

      That this absolutely clueless clown wrote this article and saw nothing amiss in those two dollar figures is breathtaking.

  6. Something I noticed in the last week or so. Trulia stopped publishing the price history of a house. Maybe too many people were seeing that a 100% increase in 5 years was a sign of a bad deal

    1. Even though Zildo and trulia are supposedly one in the same, Zillow actually seems to show pricing history. Trulia is a best effort hodgepodge site for price history

  7. The MSM is giving John Q. Public the heads up about the Everything Bubble. It’s only a matter of time now.

    If you were Trump would you do everything you could to stave off the bursting bubble until you were re-elected, so you can blame the Democrats, or would you cut and run, seeing the potential for pitchforks?
    https://www.washingtonpost.com/business/economy/how-regulators-republicans-and-big-banks-fought-for-a-big-increase-in-lucrative-but-risky-corporate-loans/2019/04/06/08c8cd58-4b1e-11e9-b79a-961983b7e0cd_story.html?wpisrc=nl_most&wpmm=1

    1. This:

      “…do everything you could to stave off the bursting bubble until you were re-elected…”

      White House economic adviser calls criticisms of Trump’s Fed picks ‘very unfair’
      Herman Cain and Stephen Moore have come under fire for both their economic views and personal controversies.
      April 7, 2019, 9:55 AM PDT
      By Allan Smith

      White House economic adviser Larry Kudlow on Sunday defended President Donald Trump’s controversial selections for the Federal Reserve Board, touting their experience and dismissing criticisms that they would be too partisan for the independent board.

      “I think these criticisms are very unfair,” Kudlow told CNN’s “State of the Union.”

    2. Efforts to forestall bubble collapse face numerous headwinds:

      1) The origin is external (China, Europe, etc.), not primarily emanating from the U.S. as last time with subprime collapse;

      2) Trade policy objectives may conflict with bubble sustenance goals;

      3) It could prove challenging to get the Fed on board with the plan;

      4) Collective denial about the onset of bubble collapse makes it awkward to promulgate policy measures to delay it.

      Favoring a successful effort to postpone bubble collapse is that the dollar is still a reserve currency, providing a buffer against the strong financial winds that buffet the global economy, and also that the President’s Working Group can organize such efforts behind the scenes without public notice.

      1. The Wall Street Journal
        Europe Economy
        German Manufacturing Slump Piques Fears Over Europe’s Flagship Economy
        The slowdown is bad news for the rest of Europe, where a return of economic hardship could prove a boon for populists
        By Nina Adam and
        Bertrand Benoit
        April 4, 2019 9:46 a.m. ET

        FRANKFURT—German manufacturers saw orders drop sharply in February, increasing the likelihood that Europe’s flagship economy could contract in the first half of 2019 in a setback for a weakened continent.

        Total orders for the sector dropped 4.2% from January, Germany’s statistics office said Thursday, missing forecasts by a large margin. Compared with February 2018, order volumes were down a steep 8.4%.

        “It’s…

        To Read the Full Story
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        Sign In

      2. Ya know If the front runner decides to angle to the inside lane as soon as possible to win the event, it can be called cheat$ & di$qualifying, but they can still holler: “I came in 1$t!”

        $taggering the runner$:

        If they all started from the same line, then the athletes in the outer lanes would have to run further than the athletes in the inner lanes, because of the semicircles at the top and bottom of the track. So each lane has to have a $pecial $tarting po$ition so they all have to run the same distance.

    3. The IMF has issued the clarion call. What next: QE4? Preemptive bailouts? Hair-of-the-dog hangover cures until death by cirrhosis of the liver?

      Barn door left open
      All of the horses have fled
      Hurry, shut the door

      Global economy
      Rising risk of US and China housing slump causing recession – IMF
      Concern that overvaluation, low interest rates and loose lending will affect stability
      Phillip Inman
      Thu 4 Apr 2019 09.00 EDT
      Last modified on Thu 4 Apr 2019 16.04 ED
      Boarded-up houses

      A growing number of homes in the US and China are teetering on the brink of a price slump that would drag their economies into a recession, the International Monetary Fund has warned.

      Using the latest evidence from global housing markets, the Washington-based organisation said there was a clear increase in the risk of a housing price collapse in both countries after years of ultra-low interest rates and loose lending by financial institutions.

      Ahead of its annual meeting next week, the IMF’s research showed a strong connection between falling house prices and declines in activity across the economy between 1990 and 2017, illustrating the power of housing markets to trigger wider slumps in GDP growth.

      It follows similar concerns from US economists that the global recovery has been running out of steam since 2008 and slowdowns in the US and Chinese economies are likely to undermine worldwide growth. Recent falls in housing activity and relatively high long-term borrowing rates have also been seen as signals of a recession, possibly as soon as next year, in the US.

      1. It’s high time to tighten up lending standards, in order to avoid a repeat of the 2007-2009 financial collapse!

        In an extract from the Global Financial Stability Report, the IMF said risks to the US housing market were similar to the levels seen in 2002/03, before the outset of the sub-prime mortgage crisis.

        Borrowers at the bottom of the income scale then proved vulnerable to rising interest rates, which pushed the cost of monthly mortgage payments beyond their means and forced them to default.

        Without stricter rules on lending, the IMF said the US economy would increasingly be at risk of a house price slump, resulting in a shock to economic activity.

        1. March 10, 2019 12:05 AM
          How big can Quicken Loans get?
          Dustin Walsh
          Detroit-based company is largest retail mortgage originator in U.S., overtaking Wells Fargo & Co. and JPMorgan Chase in 2018
          Nontraditional approach focuses on technology, customer service
          Company filled void after subprime mortgage crisis

      2. “…risk of a housing price collapse…”

        That statement seems harshly discordant with the ‘everything is awesome’ messaging of the U.S. MSM.

          1. I just now stumbled onto the IMF story. It seems pretty surreal for them to be warning on twin housing-led recessions in the U.S. and China, due to a protracted period of low interest rates and loose lending. The warning comes many years too late, which is why I felt inspired to resurrect my Housing Bubble haiku.

        1. “That statement seems harshly discordant with the ‘everything is awe$ome’ me$$aging of: …

          Big Chief Economic Advi$er Kudlow: “lower the Fed Find$ rate$ .50 point$ … Now!”

          1. It’s clear sailing from here to Election Day, regardless of who gets appointed to the Fed.

            Trump is getting the credit he deserves for fixing Obama’s economy | Opinion
            Donald Trump
            Trump’s policies have sparked the greatest economic renaissance America has seen in decades, and no amount of political spin can conceal that fact from the millions of Americans who have benefitted, writes the author. (Evan Vucci / AP)
            Julio Gonzalez
            Privacy Policy

            President Trump is doing wonders for the U.S. economy, and voters are taking notice.

            According to a recent CNN poll, 71 percent of Americans believe the economy is doing well — the highest level of positivity recorded by the survey since 2001. Likewise, a 51 percent majority of Americans also approve of President Trump’s handling of the economy, while only 42 percent of respondents disapprove.

            This level of support for the president’s booming economy tells the sort of “morning in America” story that sends voters flocking to the polls to re-elect an incumbent president.

      3. So long as it is a mere synchronized slowdown, not a global economic recession or a systemically important financial crisis, there is nothing to fear except fear itself.

        The Financial Times
        Global economic growth
        Global economy enters ‘synchronised slowdown’
        Disappointing indicators show similar picture in US, China and Europe
        Christine Lagarde, managing director of the IMF, said the IMF would cut its growth forecasts © AFP
        Chris Giles in London April 6, 2019

        The global economy has entered a “synchronised slowdown” which may be difficult to reverse in 2019, according to the latest update of a tracking index compiled by the Brookings Institution think-tank and the Financial Times.

        Sentiment indicators and economic data across advanced and emerging economies have been deteriorating since last autumn, suggesting fading momentum in global growth and the need to resort to new forms of economic stimulus.

        The worsening outlook has sparked warnings from Christine Lagarde, managing director of the IMF, who said the fund would cut its growth forecasts later this week, and the World Trade Organization which has said the continued threats of trade skirmishes had weakened forecasts.

        The findings follow generally disappointing economic indicators over the past six months that have shown a similar picture in the US, China and in Europe.

        Professor Eswar Prasad of the Brookings Institution said the slowdown did not yet appear to be heading for a global recession, but all parts of the world economy were losing momentum.

        “The nature of the slowdown has ominous portents for these economies over the next few years, especially given present constraints on macroeconomic policies that could stimulate growth,” he said.

        1. “…the need to resort to new forms of economic stimulus.”

          It seems that the world economy cannot break its chronic addiction to stimulus.

          1. What can cause an “Intervention$” to such addiction$? … $elf realization$?

            Hi my name$ is Mr.Mi$$ America, I love to $pend my hard.earned $aving$ for over.priced thing$!

          2. It seems that the world economy cannot break its chronic addiction to stimulus.

            Just watched The Dirt. They’re already like Nikki with two needles hanging out of his chest in the ambulance. Time to check ourselves out and go home and shoot up again.

      4. For some reason, the IMF statement calls to mind the warning that was never issued before The Titanic’s maiden voyage: “It’s clear sailing ahead, if you just avoid those housing market icebergs in the U.S. and China.”

      5. “Ahead of its annual meeting next week, the IMF’s research showed a strong connection between falling house prices and declines in activity across the economy between 1990 and 2017, illustrating the power of housing markets to trigger wider slumps in GDP growth.”

        Well, duh! Since hundreds of thousands – millions even – of mindless ignorant pukes have been conditioned to view debt-driven housing prices as magical creators of easy-living wealth that can and should be cashed out and spent there should logically be “a strong connection between falling house prices and declines in activity across the economy between 1990 and 2017” because once house prices begin to fall the magical equity money machine breaks down which ultimately means dumb assed spending dries up.

        “IMF’s research”. What a laugh. My paperboy could have done just as well.

      6. “Lagarde indicated that the IMF, which acts as lender of last resort to financially-distressed nations, was likely to downgrade its forecast for world growth in 2019 and 2020.”

        Does the IMF have a printing press too?

        1. No, but they have a bully pulpit from which they can encourage various central bank actions.

  8. How bad are things in Atlanta? This bad:

    “Metro Atlanta home prices are up 4.9 percent in the past year, slightly outpacing the national average but still the lowest increase in four years, according to a report released Tuesday.

    The market continues to be tilted in favor of sellers, LaGrange said, because of low inventory – that is, the number of homes listed for sale. Those listings now represent just 2.4 months of sales – less than half of what experts say is needed for a housing market where sellers and buyers have equal negotiating power.”

    The horror!

    https://www.ajc.com/business/home-prices-atlanta-like-nation-increasing-more-slowly/uz5ZmDVXQa4dJ1RcIiwOIJ/

        1. We compared meals at Applebee’s and Chili’s — and the winner was obvious
          Lindsey Updyke
          Mar. 29, 2019, 10:10 AM
          The Cajun Chicken Pasta at Chili’s. Lindsey Updyke
          – Applebee’s and Chili’s are trying to make comebacks after a disappointing couple of years.
          – We visited both casual-dining chains to compare dishes and drinks from their new meal combination deals.
          – Applebee’s had impressive appetizers, but based on the rest of the meal — and the price — Chili’s came out on top.

          1. Olive Garden is even better. If you like making money.
            ____

            Darden Restaurants (NYSE:DRI) stock is having a great fiscal 2019, and the reason is Olive Garden.

            Olive Garden, an Italian-restaurant chain found outside many suburban malls, represents about half of Darden’s revenue, and is its fastest-growing brand. In the third quarter, its revenues were up 5.3% year-over-year to $1.13 billion, and its profits rose 9% to $247 million. Olive Garden accounted for about half the company’s revenues, which came to $2.24 billion, and more than half its profit.

            Olive Garden’s growth and profitability have helped make DRI stock one of the better investments of the decade. Over the last five years, DRI stock is up 156%. Compare that to Costco Wholesale’s (NASDAQ:COST) gain of 114%. The quarterly dividend of Darden Restaurants stock has risen about 35%, from 55 cents per share to 75 cents.
            _____

          2. Olive Garden is not great if you prefer the authentic Italian cuisine typically served by family-owned chains.

          3. Always seems like I’m still hungry after having dinner at the Olive Garden unlike Mexican food.

          4. Eye’s been on a brisket feast myself lately …

            Dickey’s Barbecue Pit is a family-owned American barbecue restaurant chain based in Dallas, Texas.

          5. Olive Garden is not great if you prefer the authentic Italian cuisine typically served by family-owned chains.

            Everybody complains about that. But if you want a simple spaghetti dinner and want to take enough home to eat a couple more times all for about 10 bucks or so it’s hard to beat. Fill up on unlimited bread and soup there and take almost all the pasta home. If bums had refrigerators I suspect you’d see a lot of them there.

          6. Dickey’s Barbecue Pit is a family-owned American barbecue restaurant chain based in Dallas, Texas.

            I tried it but it’s kind of an embarrassment to Texas if you’ve had Rudy’s or Salt Lick before. It’s like eating Mexican in Northeast Ohio.

          7. Olive Garden is like the Italian chili’s. Carl, speaking of eating Mexican in Northeast Ohio. You guys got a good little taqueria there in Folsom. Ever eat at La Fiesta? Pretty good IMO

          8. “Olive Garden is not great if you prefer the authentic Italian cuisine typically served by family-owned chains.”

            You’d be surprised how un-authentic those family owned chains can be.

          9. M: Oh look, this isn’t an argument!

            (pause)

            O: Yes it is!

            M: No it isn’t!

            (pause)

            M: It’s just contradiction!

            O: No it isn’t!

            M: It IS!

            O: It is NOT!

            M: You just contradicted me!

            O: No I didn’t!

            M: You DID!

            O: No no no!

            M: You did just then!

            O: Nonsense!

            M: (exasperated) Oh, this is futile!!

            (pause)

            O: No it isn’t!

            M: Yes it is!

            (pause)

            M: I came here for a good argument!

            O: AH, no you didn’t, you came here for an argument!

            M: An argument isn’t just contradiction.

            O: Well! it CAN be!

            M: No it can’t!

            M: An argument is a connected series of statements intended to establish a proposition.

            O: No it isn’t!

            M: Yes it is! ’tisn’t just contradiction.

            O: Look, if I *argue* with you, I must take up a contrary position!

            M: Yes but it isn’t just saying ‘no it isn’t’.

            O: Yes it is!

            M: No it isn’t!

            O: Yes it is!

            M: No it isn’t!

            O: Yes it is!

            M: No it ISN’T! Argument is an intellectual process. Contradiction is just the automatic gainsaying of anything the other person says.

            http://www.montypython.net/scripts/argument.php

          10. You guys got a good little taqueria there in Folsom. Ever eat at La Fiesta?

            No but I’ll check it out. So far I haven’t found any Mexican I really like here (I’m used to Colorado so I like green chile over everything and they don’t have much of that going on here). The best I’ve found so far is a pupusa place that also does tacos called Nuby’s.

    1. Business is so great. Trump saves economy. Wait until QE4 and trillions deficits come. Propersity for all except all you wishing for apocalypse and depressions. Sales up 100% YOY thank GOD for low rates. ALL you losers gonna cry to your momma when houses prices go back up by 15 to 20% per year. Its tent cities for you losers

        1. Weird hearing the crickets from my Republican family members about the massive deficits building. It’s all they can talk about when there’s a Dem in the WH.

      1. QT did you join the Susanne and JohnDave help-u-sell budget real estate team? I was on the fence of taking that multiple choice online realtor exam but decided I would save that $100 to buy me a few month supply of my favorite ramen.

        1. @BubblevilleCa (troll believer)

          Oh my young grasshopper and Trump wanna-be real estate investor, I have so much to teach you as long as you have a lot to pay me. You see taking these seminars will be the first step in participating in the great wealth effects and money generations of a lifetime. However, there are a few steps before you can become wealthy like me.

          Step 1. Believe in the Disbeliefs
          This means don’t waste your time reading these stuffs here. I can’t believe all these anti-Housing, Rent-loving buffoons material I’m reading from this blog called “The Housing Bubble Blog”. What a bunch of losers!

          Also dont read these either: Zerohedge.com or Wolfstreet.com. Complete trash. I mean this loser Wolf Richter is some douche.

          https://wolfstreet.com/2019/04/07/the-wolf-street-report-why-mega-ipos-wont-goose-san-franciscos-housing-bubble/

          Preferred reading materials: NAR.com, Realtor.com, Owners.com, and one of my favorite books ever
          https://www.amazon.com/Are-Missing-Real-Estate-Boom/dp/0385514344

          Step 2. Can’t see something that is not there
          You see if people look hard enough for something, they will find. These bubble callers are nothing more than doomsayers. 2008 wasn’t a bubble. It was just a pause, like a shift or plateau. As you long see, the prices now are much higher than ever before. There can’t be a BuBBle BUST if no bubble exists in the first place!!!! This is like listening to “Alternative Facts” stories on Fox News.

          Again, please read this book. I can’t recommended enough
          https://www.amazon.com/Are-Missing-Real-Estate-Boom/dp/0385514344

          Step 3. Convince the buyers this time is different
          Buyers must believe they will become RICH. This is called the Greater “Genius” theory. If new buyers believe prices will go up forvever, this greatest economy ever and prosperity for all scheme will continue forever. You see evil Socialists like AOC or Sanders want people to be poor forever. Trillions of printed money is better off handed to Wall St and not the poor. The poor just waste the money anyway.

          Step 4. If all else fail you can still do it
          https://www.nytimes.com/2019/04/07/us/trash-pickers-san-francisco-zuckerberg.html

          Remember the rich neighbors have the best trash!

          1. ah the 4 steps to success! thank you for sharing, this is a very inspiring list of information. i have put in a ticket with the IT dept at my office to blacklist these conspiracy theory webistes: wolfstreet, zerohedge, and the hbb. I plan to trick, i mean educate my fellow co-workers into the miracles of real estate investing and dont want them to have any doubts as my future career will depend on suckers, no, knife catchers, i mean marks (did i get that right?). soon as i can start buying real estate with OTHER peoples money to make me rich, i will be sure to share my wealth with you to gain some of your vast knowledge. thanks to people like you, johndave, susanne, and of course the newest member Doomed, i have the upmost confidence that someday i will be gifted riches beyond my wildest dreams!

      2. “Proper$ity for all except all you wishing for apocalyp$e and depre$$ions.”

        You should hookup one of those towable billboard signs with that $unny me$$age and head out to the farms, they could use $ome cheerin’ up.

      3. “Its tent cities for you lo$ers” … New tent city rule$ allow Fico $cores of > 660

        ( The % of > 60 day$ delinquencies is intere$ting!)

        Market$

        Inflated Credit $cores Leave Inve$tors in the Dark on Real Risk$
        By Adam Tempkin | April 7, 2019 | Bloomberg

        Same score is a higher ri$k than a decade ago: Moody’s
        Goldman sees ‘grade inflation’ contributing to missed payment$

        Consumer credit scores have been artificially inflated over the past decade and are masking the real danger the riskiest borrowers pose to hundreds of billions of dollars of debt.

        This means debtors are riskier than their scores indicate because the metrics don’t account for the robust economy, skewing perception of borrowers’ ability to pay bills on time. When a slowdown comes, there could be a much bigger fallout than expected for lenders and investors. There are around 15 million more consumers with credit scores above 740 today than there were in 2006, and about 15 million fewer consumers with scores below 660, according to Moody’s.

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