Socal Housing Bubble - news, tools, opinion
Wednesday, December 06, 2006
Friday, December 01, 2006
So, so predictable
Regarding my last post, it's still amazingly funny how predictable these guys are with their official REIC spin. This link should give you a good laugh. Or just a "warm feeling" if you like the sensation of smoke being blown up your ass.
Not only do they say "It's a great time to buy" buy they're still parroting the "priced out forever" myth.
"If you continue to wait, you may never be able to afford to get into the housing market."The biggest threat according to them is rising rents. Since you can currently rent for less than half the cost of a mortgage, you'd need 10 yrs of constant rent increases before this "risk" materializes.
"In short, the smartest and safest time to buy is now."Oh no you dii'int!
I wonder if there has EVER been a time for these guys when it wasn't the right time to buy?
P.S. They should be sued in a class action lawsuit for fraud for saying "All of the economic fundamentals show that this is a good time to buy a home and that there is upward pressure on rental apartments. The real risk isn’t in buying a home, it’s continuing to rent." Tell that to the suckers that are $100K in the hole because they bought in Sacremento in the summer of 2005. The risk of being lied to be the NAHB (Nat'l Assoc. of Home Builders) spokes-holes is nearly 100% certain. Take that to the bank.