Buying And Selling: False Profits

And so it came to pass that the Lereah looked upon the land of the housing market and claimed it was good:

WASHINGTON - The slowdown in the once-sizzling housing market is spreading, with 28 states and the District of Columbia reporting spring sales declines, led by big drops in former boom areas of Arizona, Florida and California....The Realtors report depicted a tale of two housing markets, with former boom areas experiencing declines and other areas of moderate sales gains during the boom years experiencing strong growth.

Of course, those who've been reading Housing for a while know that this is the latest phase of the great leap inward, where exhausted families and exurbanites flee the cities for cheaper homes deep inland, thus pushing those prices up and giving homebuilders a reason to move all that excess inventory. Meanwhile, the cities attract the super-rich, childless, and anyone else with lots of disposable income.

Naturally, true housing bubble blogerati do not tolerate the lies of false idols like the Lereah, and so they have crafted some truly wicked punishments for his perfidy:

Make him purchase a new-construction condo in South Florida, or a far exurban new Southern California cookie cutter new home for full price, using an an option mortgage with significant pre-pay penalties. And, the condo or house must have a hefty HOA. The punishment fits the crime.

Verily, their verdict is vengeance.

Posted at August 16, 2006 12:03 AM

digg this story

Trackback Pings

TrackBack URL for this entry:
http://weblog.housing.com/cgi-bin/mt/mt-tb.cgi/221

And so it came to pass that the Lereah looked upon the land of the housing market and claimed it was good: WASHINGTON - The slowdown in the once-sizzling housing market is spreading, with 28 states and the District of Columbia reporting spring sales declines, led by big drops in former boom areas of Arizona, Florida and California....The Realtors report depicted a tale of two housing markets, with former boom areas experiencing declines and other areas of moderate sales gains during the boom years experiencing strong growth. Of course, those who've been reading Housing for a while know that this is the latest phase of the great leap inward, where exhausted families and exurbanites flee the cities for cheaper homes deep inland, thus pushing those prices up and giving homebuilders a reason to move all that excess inventory. Meanwhile, the cities attract the super-rich, childless, and anyone else with lots of disposable income. Naturally, true housing bubble blogerati do not tolerate the lies of false idols like the Lereah, and so they have crafted some truly wicked punishments for his perfidy: Make him purchase a new-construction condo in South Florida, or a far exurban new Southern California cookie cutter new home for full price, using an an option mortgage with significant pre-pay penalties. And, the condo or house must have a hefty HOA. The punishment fits the crime. Verily, their verdict is vengeance.