There are some great housing blogs out there and a wealth of information for people like myself.
I do not even have time to read them all but occasionally I come across something that is just to priceless not to post.
The following rant on The Housing Bubble 2 says it all.
It was a reply made by DCBroker, about half way down the page.
i need to vent.
i will admit it i am a broker and developer.
if i encounter one more 21 year old girl who tells me that she is a real estate investor i am going to puke.
if have to talk one more person out of buying property in las vegas they have never seen before i am going to puke.
if i have to explain to someone that this contract really means that they have to buy this 500k condo even if they have no financing in place, i am going puke.
if i have to endure another dinner party or family event or just walking down the street with people constantly talking about real estate this and real estate that, i just might puke.
i have to talk another young couple out of refi’ing their existing condo with a pay-option arm cash out based on a supremly inflated appraisal so that they can rent it out at a loss PLUS THE NEG AM!!! just so they can buy another $650k house that they would need to rent each room out just to make ends meet, i am going to puke. ESPECIALLY when its their own FAMILY FRIEND doing the loan.
if i have to have another green ass newbie tell me how to make money by borrowing vast sums of money by lying to the bank, i am going to puke.
i have to hear aging boomers tell me about how their home is their nest egg and they will just cash out in a few years and retire rich, i am going to puke.
looks like i am going to be doing a lot of puking.
sorry to vent but this seemed like a receptive crowd.
when a true real estate professional has had enough with this market, its time to throw in the towel.
and yes, sales are down, inventory up and prices stagnant to declining in my market even with great jobs and no more land baby.
Here are some housing blogs that I follow.
A tip of the hat from Mish to all of the above and also to many other sites that I did not mention for attempting to keep us up to date on the current state of affairs in housing.
Special thanks to DCBroker for the “Rant of the Week”.
Mike Shedlock / Mish/