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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: patron_anejo_por_favor who started this subject8/20/2002 6:35:31 PM
From: patron_anejo_por_favorRead Replies (2) of 306849
 
FWIW, this guy thinks we just saw the tippity top of the real estate bubble:

capitalstool.com

The real estate bubble recorded a final, blowoff top, according to several “Mark to Market Indicators”

The Wall Street Journal reported homeowners refusing to pay appraisers and demanding new ones sent out by Countrywide (CCR) when they don’t get the airball valuations they expected. The last time I witnessed this activity was in August of 1989.

A large percentage of homes sold in my neighborhood have “In Escrow” or “Sale Pending” signs instead of “Sold”. Translation: “We have this house sold, but the buyer is not likely to qualify. Other offers are welcome”. The last time I witnessed this phenomenon was in August of 1989.

One of my largest clients called me on the phone today, and told me that Northern Trust was prepared to refinance all 7 of his properties with no loan fees or appraisal fees. The fixed rate offered on the residences was 5.9%, and a start rate on the apartment buildings was 3.90%. That’s unheard of, and has to be a record. I’ve never witnessed such insanity in my 25 years of lending experience.

The constant drone heard at the cocktail parties is the “in your face” bragging about how many real estate properties have been acquired for minimal down payments, and how real estate will never go down because “this time its different”. The last time I heard that was in August of 1989.

So there you have it. For the record, the RRECI stands at 122,184 today. Let's see if that is the high for the rest of the year...
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