Bearish Bob Toll: No One Wants to Look 'Like a Schmuck'
Well, leave it to Bob Toll to cast storm clouds over a Bloomberg news article that contains a slightly positive piece of news—the index of pending home sales rose 6.3 percent in April—about the national housing market. “What people are most scared of is looking like a schmuck,” said Toll, who believes the housing slump…
Well, leave it to Bob Toll to cast storm clouds over a Bloomberg news article that contains a slightly positive piece of news—the index of pending home sales rose 6.3 percent in April—about the national housing market. “What people are most scared of is looking like a schmuck,” said Toll, who believes the housing slump will last another two to three years, at a conference in New York last week. “What do I want to buy a home for and next year be looking at 10 percent less asset?” Economists, meanwhile, incorrectly predicted that the index of pending home sales would actually fall slightly in April. Either way, no one’s taking the news as a sure sign that housing is on the rebound, or that there’s going to be a substantial dent in the 5 million or so unsold homes on the market, or that the foreclosure rate is going to take a nosedive anytime soon.
U.S. Economy: Pending Sales of Existing Homes Unexpectedly Rise [Bloomberg]
Photo by david.
OOOHHH!! I forgot about this!
F.H.A. Faces $4.6 Billion in Losses
http://www.nytimes.com/2008/06/10/business/10housing.html?_r=1&oref=slogin
Oh man read this:
“He said the mortgages had foreclosure rates three times those of traditional loans and would push the F.H.A. to the brink of insolvency.
“Let me repeat: F.H.A. is solvent,†Mr. Montgomery said on Monday in a speech at the National Press Club. “However, no insurance company can sustain that amount of additional costs year after year and still survive. Unless we take action to mitigate these losses, F.H.A. will soon either have to shut down or rely on appropriations to operate.â€
If FHA goes under, you WILL need 50% down to buy a house!
For the Asshats
http://en.wikipedia.org/wiki/Federal_Housing_Administration
The Federal Housing Administration (FHA) is a United States government agency created as part of the National Housing Act of 1934. The goals of this organization are: to improve housing standards and conditions; to provide an adequate home financing system through insurance of mortgage loans; and to stabilize the mortgage market.
Now get some toilet papaer…
During the Great Depression, the banking system failed, causing a drastic decrease in home loans and ownership. At this time, most home mortgages were short-term (three to five years), no amortization, balloon instruments at loan-to-value (LTV) ratios below fifty to sixty percent.[1] The banking crisis of the 1930’s forced all lenders to retrieve due mortgages. Refinancing was not available, and many borrowers, now unemployed, were unable to make mortgage payments. Consequently, many homes were foreclosed, causing the housing market to plummet. Banks collected the loan collateral (foreclosed homes) but the low property values resulted in a relative lack of assets. Because there was little faith in the backing of the U.S. government, few loans were issued and few new homes were purchased.
If FHA goes under I’m moving to Zimbabwe!
The What (No Joke)
Someday this war is gonna end…
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<|3
1:16: I own with no debt. I am not under water. This isn’t Ohio, where you come from. You know nothing and it is painfully obvious. You lose. Now back to Ohio with you.
wow- is 12:50 a bitter owner or what? I don’t seem to recall seeing a motto that says “for homeowners only” so either I’m blind or you’re hallucinating. FYI- I’m typing so we can assume I’m not blind.
I was born and raised here- I doubt you could say the same, judging by the infantile malevolence of your post. Oddly, not all of us think that living in the city means you must be a homeowner or get out. Goodness- what would you do without us? You couldn’t afford your lovely brownstone without your tenants paying the mortgage, the City would simply melt down without the taxes we also pay (and that includes City services like transportation, schools, streets, sanitation, fire and police), businesses would go out without all of us completely worthless renters to support them.
Say goodbye to your supermarkets, clothing stores, and restaurants. Who’ll do your little filing jobs, serve you food, clean up after you because you can’t be bothered to wipe your own ass, who’ll watch your kids, tutor them because you are too busy money grubbing to pay for your fancy reno instead of pay attention to them, and whose taxes also pay for the streets you park your expensive model cars on, when you haven’t put in your illegal curb cut? And since you can’t be bothered to put your precious entitled ass into a uniform to go fight for your country, guess who’s been filling the ranks? Oh yeah- renters.
And proud of it.
12:50 has entered the anger stage
lol- i have to go fix the penske file
it will all be ok 12:50
maybe your skank gold digging whore of a wife amy leave you but you will survive and see your brats on the weekend
What date is this all ending t’What????? No answer as usual. You know nothing.
I own my own house in Bed-Stuy. No debt and working to throw trash like you out. Get back on that corner and work hard for the money, ghetto ass, before the cops come back and arrest you AGAIN. You are a useless piece of human garbage.
You can’t take the heat t’What, so get out of the kitchen.
Pack your knives and go.
Hi ya Asshats! I think the “cut and paste route” is disturbing some of you. Good, suck it well! Let’s see…
“Brooklynnative – you are talking to deaf ears. I for one very much appreciate an informed analysis. It is AMAZING to me that people are in such denial on this site. Frankly the lack of intellectual curiosity is pretty sad. Shows how truly out of it people in the “arts” can be – just not a clue about what is going on in the financial markets right now and no interest in learning.”
This little diddy was posted friday! To the poster of this comment, may GOD bless you. I hope you are well off and successful in your life. Why you ask? Because you understand the dynamics of stupidity.
To the poster Posted by: guest at June 10, 2008 11:27 AM
Funny you mention Asia.. That earthquake was vary bad and China is strapped for cash. The amount of money for the relief effort will run into 100’s of billions! The Chinese is waiting for the Olympics to be over. They will dump American debt on the market and you will see 14% interest rates nest year!
“OK, t’What, when does the bubble end? Give me a date you ghetto ass punk bitch. All you say is that things are getting bad and it is all about to end. You are so tired. Go back to being a trannie hooker on Classon and Fulton and stay off this site.”
Who is this guy? A Anon?! The comment “Give me a date you ghetto ass punk bitch.”?! What’s wrong Homeboy, too many Black people around you? Or maybe you can’t afford to live where you want or maybe you sleeping with 6 Asshats in a 1 Bedroom apartment.. Sad little boy, poser….
“i think we have hit capitulation. the what is on a roll and no one even tries to dispute him. the underwater buyers want to change the subject, and the renters just moved up a notch in status. this site is dead to me.”
Winer Winer Chicken Dinner!! Ding Ding Ding!!!! You noticed to same thing, huh! The Asshats have no comeback, just Ad- Hominem crap! Funny you mention “Underwater Asshats”. They see to writing on the wall, plus with the graffiti of The What….
Poster Posted by: guest at June 10, 2008 12:50 PM. Please Cheney yourself!
BTW Please bookmark this page
http://www.bloomberg.com/markets/rates/index.html
Bloomberg Bonds and Rates.
The 2, 5 and 10 year Treasuries are imploding now. The only way to get rats back down is a Stock Market Crash! Ask Brownstoner, he has MBA. He was smart enough to buy a house in the ghetto.
LMMFAO, you are done…..
The What (Tick.. Tick… Tick…)
Someday this war is gonna end…
12:50 needs to chillax. And restart his meds. And take up tai chi or something. Shhhhhh, 12:50, it’s all gonna be OK.
What’s “lovey dovey” hate?
Hey fellow bitter renters — buy my t-shirt so I can finally afford a down payment!
http://www.zazzle.com/bitter_renter_shirt-235860130489499204
Happy hot Tuesday, b-stoners. Who wants a Mojito?
things are different here, buy now or forever be priced out, everybody wants to live in a city, forget about what the market will do in the next 2-3 years b/c it won’t matter in 10, i built a mini-empire in 2001 with $80k as a down payment so you should have no problem, the only way to make money is to buy real estate, renters suck, better have my check by the 3rd.
sound familiar? it should because it’s you and no matter how alarmist you try to be, you are still underwater and no one is taking the bait. good luck with those late payments or trying to rent out to cover your costs.
i’m just going to sit here, stay bitter, keep paying my rent and keep growing my net worth at a much faster clip than you can dig out of your negative equity. all while doing it at a much lower cost than carrying a depreciating asset. guess what, you lose. i win.