Comments on: A return to rational prices http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/ Real Estate, Economics, and Politics Thu, 09 Feb 2012 05:47:16 +0000 hourly 1 http://wordpress.org/?v=3.0 By: JCLurker http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144206 JCLurker Thu, 27 Dec 2007 03:31:29 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144206 RE: wamu has been laying off mort brokers in NY this month. acquaintance of mine got clipped RE: wamu has been laying off mort brokers in NY this month. acquaintance of mine got clipped

]]> By: Elvis Manning http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144177 Elvis Manning Wed, 26 Dec 2007 21:45:40 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144177 Runaway lending practices do nothing but inflate the marketplace, whether in housing or in other capital goods. When the goods are being snapped up the costs tend to rise. That's the opportunity of business, right or wrong. We wouldn't have runaway pricing for homes and cars if we didn't have complicit financial institutions convincing the public that they can afford the cost. As a result, costs spiral upward because they can along with hidden costs that further push the envelope. Sooner or later, even in a stable economy, a correction is eminent. Runaway lending practices do nothing but inflate the marketplace, whether in housing or in other capital goods. When the goods are being snapped up the costs tend to rise. That’s the opportunity of business, right or wrong. We wouldn’t have runaway pricing for homes and cars if we didn’t have complicit financial institutions convincing the public that they can afford the cost. As a result, costs spiral upward because they can along with hidden costs that further push the envelope. Sooner or later, even in a stable economy, a correction is eminent.

]]> By: BC Bob http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144090 BC Bob Wed, 26 Dec 2007 15:06:34 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144090 [21], X-Mas gift for Dick Syron; http://www.aaronsfarm.com/category/Apple+Trees [21],

X-Mas gift for Dick Syron;

http://www.aaronsfarm.com/category/Apple+Trees

]]> By: ithink_ithink http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144086 ithink_ithink Wed, 26 Dec 2007 14:50:11 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144086 "...Marty Feldstein, who also is a friend of mine, said something like - Well, housing prices could decline 30%. Let me tell you something. As I said, housing wealth in the United States is about $22 [billion]. You get a 30% decline in housing prices; that's-- I said billion-- it's $6.6 trillion. That's about half a year's GDP. If we get a decline in housing prices of 30% in the United States, we're all going long apples and boxes to sell them in." - DICK SYRON, CHAIRMAN AND CEO, FREDDIE MAC http://insurancenewsnet.com/article.asp?n=1&neID=20071211560.2_03b30aa5401aebbb “…Marty Feldstein, who also is a friend of mine, said something like – Well, housing prices could decline 30%. Let me tell you something. As I said, housing wealth in the United States is about $22 [billion]. You get a 30% decline in housing prices; that’s– I said billion– it’s $6.6 trillion. That’s about half a year’s GDP. If we get a decline in housing prices of 30% in the United States, we’re all going long apples and boxes to sell them in.”
- DICK SYRON, CHAIRMAN AND CEO, FREDDIE MAC

http://insurancenewsnet.com/article.asp?n=1&neID=20071211560.2_03b30aa5401aebbb

]]> By: ithink_ithink http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144085 ithink_ithink Wed, 26 Dec 2007 14:45:39 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144085 http://www.ft.com/cms/s/1/c7bef25e-b3b9-11dc-a6df-0000779fd2ac.html The real concern is that the banking system has had a serious wobble after a very small real economy event. Average US house prices have fallen by only about 6 per cent from their high, having risen by over 50 per cent over the last five years. They could well fall further. http://www.ft.com/cms/s/1/c7bef25e-b3b9-11dc-a6df-0000779fd2ac.html

The real concern is that the banking system has had a serious wobble after a very small real economy event. Average US house prices have fallen by only about 6 per cent from their high, having risen by over 50 per cent over the last five years. They could well fall further.

]]> By: chifi / children are -(NPV) http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144082 chifi / children are -(NPV) Wed, 26 Dec 2007 14:31:31 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144082 Richie Says: December 26th, 2007 at 8:53 am They had standards? What were they??? All correspondence on 8 1/2 x 11 paper. Richie Says:
December 26th, 2007 at 8:53 am
They had standards? What were they???

All correspondence on 8 1/2 x 11 paper.

]]> By: BC Bob http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144081 BC Bob Wed, 26 Dec 2007 14:28:48 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144081 "Happy Boxing Day everyone." Cheers, mate. “Happy Boxing Day everyone.”

Cheers, mate.

]]> By: Outofstater http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144080 Outofstater Wed, 26 Dec 2007 14:24:07 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144080 Good Morning All. Hope you had a nice Christmas. One of my gifts was a long out of print copy of "The Invisible Scar" by Caroline Bird. It's a chronicle of the Great Depression written in the 1960's. I haven't gotten very far but here are a few sentences that made me think "whoa." "Our guilt over preferring war to Depression is one of the reasons we hate to think about the bad old days before the war." "(The Depression) began with a financial crash, reached nadir in paralysis (the Bank Holiday) and ended with unexpected death from the skies." "The Crash made us see, in a blinding flash of insight, that we had more buildings than we were going to need for the next generation... in Detroit, the Elks stopped work on an 11-story building and it stood like a skeleton on East Jefferson Street for the next 34 years." Happy Boxing Day everyone. Good Morning All. Hope you had a nice Christmas. One of my gifts was a long out of print copy of “The Invisible Scar” by Caroline Bird. It’s a chronicle of the Great Depression written in the 1960′s. I haven’t gotten very far but here are a few sentences that made me think “whoa.” “Our guilt over preferring war to Depression is one of the reasons we hate to think about the bad old days before the war.” “(The Depression) began with a financial crash, reached nadir in paralysis (the Bank Holiday) and ended with unexpected death from the skies.” “The Crash made us see, in a blinding flash of insight, that we had more buildings than we were going to need for the next generation… in Detroit, the Elks stopped work on an 11-story building and it stood like a skeleton on East Jefferson Street for the next 34 years.”
Happy Boxing Day everyone.

]]> By: CAIBC http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144079 CAIBC Wed, 26 Dec 2007 14:23:54 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144079 i know 3 people that used to work out in LI....Nassau and Suffolk in the mrtg industry....they all got laid off back in Sept / Oct...they worked for smaller companies that were already feeling the belt tighten....they predicted back then that there would be massive layoffs in 2008 since the bigger banks could hold out longer that them... does this mean that LI home prices are also going to fall....i couldnt believe the rate of appreciation that those two counties!!! and there is nothing out there! i know 3 people that used to work out in LI….Nassau and Suffolk in the mrtg industry….they all got laid off back in Sept / Oct…they worked for smaller companies that were already feeling the belt tighten….they predicted back then that there would be massive layoffs in 2008 since the bigger banks could hold out longer that them…

does this mean that LI home prices are also going to fall….i couldnt believe the rate of appreciation that those two counties!!! and there is nothing out there!

]]> By: CAIBC http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144076 CAIBC Wed, 26 Dec 2007 14:17:28 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144076 Here it is... http://www.breitbart.com/article.php?id=2007-12-26_D8TP5VDO1&show_article=1&cat=breaking CAIBC Here it is…

http://www.breitbart.com/article.php?id=2007-12-26_D8TP5VDO1&show_article=1&cat=breaking

CAIBC

]]> By: BC Bob http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144074 BC Bob Wed, 26 Dec 2007 14:11:32 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144074 Stu [13], That's Chiller. Stu [13],

That’s Chiller.

]]> By: stuw6 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144072 stuw6 Wed, 26 Dec 2007 14:07:35 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144072 "No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim," said Robert Shiller, who helped create the index, in a statement Wednesday. Grim!!! “No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim,” said Robert Shiller, who helped create the index, in a statement Wednesday.

Grim!!!

]]> By: John http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144071 John Wed, 26 Dec 2007 13:59:13 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144071 Who knew, but I last saw him in early November at a birthday party and he was gung ho. The CEO of WAMU just had a town hall and said they had a strong banking operations unlike countrywide and they had already started cost savings in anticipation of the downturn in mortgages way back in 2006 and that this would actually be a good event for them as they could gain market share. He was actually saying buy the stock and was excited about the prospects. Thing that was funny was him and his Boss quit Chase Mortgage in 2005 out in Hicksville and came over as a team to Wamu so they know what lending standards are. It is now apparent you need more than two people in the department who knew what they were doing. He was just an AVP reporting to a VP so the problems were not his to see. They had standards? What were they??? Who knew, but I last saw him in early November at a birthday party and he was gung ho. The CEO of WAMU just had a town hall and said they had a strong banking operations unlike countrywide and they had already started cost savings in anticipation of the downturn in mortgages way back in 2006 and that this would actually be a good event for them as they could gain market share. He was actually saying buy the stock and was excited about the prospects. Thing that was funny was him and his Boss quit Chase Mortgage in 2005 out in Hicksville and came over as a team to Wamu so they know what lending standards are. It is now apparent you need more than two people in the department who knew what they were doing. He was just an AVP reporting to a VP so the problems were not his to see.

They had standards? What were they???

]]> By: Richie http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144070 Richie Wed, 26 Dec 2007 13:53:21 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144070 <i>So anyhow my cousin works in the mortgage department of WAMU. He actually deals with the mortgage brokers and the buying of mortgages and making sure the mortgages meet WAMU standards.</i> They had standards? What were they??? So anyhow my cousin works in the mortgage department of WAMU. He actually deals with the mortgage brokers and the buying of mortgages and making sure the mortgages meet WAMU standards.

They had standards? What were they???

]]> By: lostinny http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144069 lostinny Wed, 26 Dec 2007 13:52:39 +0000 http://njrereport.com/index.php/2007/12/26/a-return-to-rational-prices/#comment-144069 Don't know if this has been posted but: Thousands of New Yorkers to Share in Ameriquest Settlement http://www.ny1.com/ny1/content/index.jsp?&aid=76875&search_result=1&stid=3 Don’t know if this has been posted but:

Thousands of New Yorkers to Share in Ameriquest Settlement

http://www.ny1.com/ny1/content/index.jsp?&aid=76875&search_result=1&stid=3

]]>