September 4, 2010

Did this really exist?

Low mortgage rates go lower. Better days ahead for housing market?

Low mortgage rates fell still more this week – to the lowest level ever in four decades of tracking. Also, the number of pending home sales posted a rise for the month of July.
A home for sale is posted at a reduced price in Palo Alto, California, in this June 24 file photo. Low mortgage rates fell still lower this week, and the number of pending home sales posted a rise for the month of July.
Paul Sakuma/AP/File

Now, granted, this photo was from June 24 – which is like 2 years ago in Palo Alto/Silicon Valley time.

But seriously? Aren’t “Price Reduced” signs banned within the city limits of Palo Alto? Did this really ever exist?

OR is this the work on the clueless “Main Street Media” (MSM), based out of NY, that is intent on destroying the famed Real Bay Area?

You have this long weekend to figure it out.

Comments (21) -- Posted by: burbed @ 5:05 am

21 Responses to “Did this really exist?”

  1. maryjane Says:

    What town is it they’re talking about? My computer screen gets fuzzy and all I can see is P*** A***. Why would that be happening?

  2. SEA Says:

    maryjane- This is about EPA, maybe?

  3. maryjane Says:

    The article is from the Christian Science Monitor. A local paper would never have written such nonsense. Isn’t the paper headquartered in Boston? What could they possibly know about the differences between the Town We Never Mention and East Town We Never Mention? We need to see a map!

  4. SEA Says:

    Clearly your monitor is still blurry!

    The article is from The Onion.

  5. maryjane Says:

    Now it all makes sense.

  6. Petsmart groomer Says:

    Total Photoshop.

  7. nomadic Says:

    I’ll contribute one thing to your denial party: the one line from the linked article we need to focus on.

    Pending sales rose more in the West in July (11 percent) than in the rest of the United States.

  8. Petsmart groomer Says:

    From the article: “The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget,” Mr. Yun said.

    And how are they supposed to maximize their return if they stay within budget? The key is to do what Real™ Estater advocated in the past, i.e. stretch the budget!

  9. anon Says:

    Indeed – smart ‘buyers’ know to buy too much house!

  10. nomadic Says:

    It’s frightening when Larry Yun says to stay “well within budget.” lol

  11. SEA Says:

    You guys–don’t you know how to read Yun’s words?

    Fixed:

    “The loan underwriting standards are tighter, but home debtors can improve their chances of getting a loan by staying well within a Ramen and PB&J budget,”

    Any potential home debtor should demonstrate his ability to live on Ramen and PB&J.

  12. madhaus Says:

    There is no way this could happen in the RBA. This must be flyover country.

    And I think I found out exactly where.

  13. maryjane Says:

    How weird! Another amazing find, madhaus.

  14. Real Estater Says:

    If madhaus had not bought a house when she was younger, she would be in this camp by now.

  15. anon Says:

    Aww those poor 50 somethings. If you had read further than the title, fantasy estater, you’ll notice a common theme:

    “Their 401(k)s have been cut down to 201(k)s. Their pensions have been frozen, or worse. Their home equity has evaporated just as their kids’ college bills come due. And while younger workers may have been hit harder by unemployment, 50-something Americans who get laid off are stuck in jobless limbo longer than any other age group.”

    .. And then the really heartbreaking part: “Our houses are worth less than we paid for them.”

    Poor, poor bitter owners. Should have stayed out of the market. Oh well!

  16. anon Says:

    A little bit more:
    “At 51, Joy Bayler of Saratoga is not quite at that age yet, but she already knows the dark side of lingering unemployment. Her recent work history sounds brutal: “I lost my corporate job in 2006,” she says, “took my stock and started my own business, but that started going downhill; started working a temp job, but lost that in 2008; was unemployed until February 2009, then another temp job; then out of work from May 2009 to February of this year with another temp job, but no benefits.”

    Now, after going through her 401(k), “we’re doing what we can to stay afloat. But unless we can get funding from a relative, we’re about to lose our home.“”

    Does anyone want to live house poor and hand to mouth? If so, buy a home!

    You may wind up just like this lady:
    “That group won’t include Cox, who figures she can’t afford to sell her house in today’s market — or quit her new job, which she considers a “lifeline to health care for me.”

    Like many of her fellow 79 million baby boomers, Cox is coming to a sobering realization.

    “Retirement is fading further out,” she says. “Now I’m thinking I can’t stop until I’m well into my 60s.”

    Boy that sounds great – can’t retire, can’t quit, can’t move! Good thing she ‘bought’ a home!

    Gosh – how could anyone have seen this coming?

  17. madhaus Says:

    Would you believe I know one of the people in that article?

    And I don’t understand why #14 is worried about me but not himself. After all he’s right at the tail end of that 45 to 54 age group so in danger of losing a job and neve, ever, ever getting another one anywhere as good. Just think, #14, you too could work part-time at Target instead of making 2 am calls on multi-million dollar megaprojects. There’s got to be a Target closer to your house than Megaproject Central By the Bay.

    Gosh, I can’t imagine why #14 thinks I “lost out” by not “trading up” to more debt, more uncertainty, more chance of spending down my 401k, more ramen, more PB& J, and more problems should there be an “income event.” So what are you going to do, #14, when your house drops below 2003 levels?

    #15, you sound like you’re having too much fun as Empire collapses. I tell you, when those 50somethings have to stop paying the cable bill, there’s going to be a revolution.

  18. maryjane Says:

    madhaus –

    I checked out what’s available in P*** A*** Co, IA and that place is AFFORDABLE!

    You can get a lot on a lake – no sewer or septic, but hey, there’s a lake – and electric is ‘nearby’. It’s under $50,000. It just might be that ground-floor opportunity – kind of like moving here in 1940. Land around a lake is finite – they’re not making any more of it!!!

  19. madhaus Says:

    #18, definitely more affordable then that property on the lake in East Woodside, I mean Redwood City.

    But if you have a lake in the way, how the heck are you going to start that antenna farm?

  20. SEA Says:

    Real Estater- If those starting out make $90,000+ per year, how much do those with experience make?

    That article must be another fraud.

  21. nomadic Says:

    anon, I’m not sure how you think these people would be so much better off if they were renters. Sounds like they’d be almost as screwed, and would reach the same point of desperation a year or two later.


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