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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (28697)	3/24/2005 9:19:41 PM
From: MulhollandDrive	Respond to of 306849

Finally after the sort of charades that always accompany these kinds of exchanges where neither party knows enough of the other's language, he put his bag down, pulled everything out to reveal a small plastic bag. He pulls that out and unties it. He showed us what was inside, hermit crabs, about a couple dozen medium sized ones. Everybody smiled, I asked him what they were called in Spanish, he said it a few times until I could repeat it correctly, then he bundled up his bag again and we said our buenas. Then I started wondering what the going rate for hermit crabs was there and how anyone could survive on the income even in a place that is so cheap to live. What struck me was how happy this guy appeared to be. grace, your story reminds me of the guy i saw when recently on vacation every morning, early, walking the golf course grounds and bag in hand, searching for lost golf balls (also in the lava rocks, btw) not only was he scavenging some income from the local golfing 'economy', he was getting some good exercise as well... i'd take my morning jaunt, wave at him when i saw him, and he would smile a broad grin.... seemed like a happy camper as well :)

To: GraceZ who wrote (28697)	3/25/2005 9:53:25 AM
From: stockman_scott	Read Replies (1) \| Respond to of 306849

Some interesting comments on 'The Real Estate Bubble'... maxfunds.com <<...I've owned a mortgage company for the last 12 years. Its been a good run. Whats changed...and what gets mostly glossed over is the steady decline of underwriting standards. 10 Years ago....you had to actually qualify for a loan...put some money down....and have decent credit. IN the last 2-3 years.....ANYONE can get a loan...with NO money down....crappy credit....and NO employment verification. ANYTHING goes. On top of that....Realtors are putting 2-4 thousand dollars into contracts (into the sales price of the home) to pay for closing costs. Appraisers are able to keep substantiating higher prices because people are willing to pay the higher prices because they do not have to take any (or very little) of their own money out of their pockets. Very little of the increase of home prices has to do with REAL value. Its value thats being created by lax underwriting and low rates. IS there a bubble? There is no doubt about it....and its been created by lenders, FNMA, GNMA, and the agencies that oversee them. The end is near...and when it blows.....the financial devastation will be unlike anything ever seen before...>> Posted by: BK at March 24, 2005 09:29 AM