I freaking hate that term.
"Property ladder"
"Get on the property ladder"
"I have to do anything I can to start climbing the property ladder"
"I made a killing on the property ladder"
Property ladder, property ladder, property ladder.......
It's all I heard here for years. There's even a show on TV all the time called "Property Ladder".
It made me sick.
Could it have been any more obvious?
It was a Ponzi Scheme. A pure and simple, perfectly executed Ponzi Scheme.
And then when it blew up, as Ponzi Schemes always do, people were surprised? Governments, who distorted the market with incentives to get people into the Ponzi Scheme, were surprised?
"Property ladder."
Oh, man, future generations will laugh at that one.
It should never be said again. Except as the butt of jokes.
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Keith, I didn't know ya during the HP days. But a liberal hippie Boomer like me could see it was a ladder, like Jacob's Ladder. And just as some were going up Jacob's Ladder, they would eventually come down.
It's as you prophesied, even though many did not listen. And some of us saw, even though we did not hear you.
So I jumped off the ladder and onto the flying trapeze. Mainly for political reasons, but the positive economics gave me courage to make the leap. Therefore, like the "early exiters" from a Ponzeconomy scheme, that ladder worked out pretty well for me.
It sucks that the rungs rotted out for almost everyone else, and I'd trade my good fortune if that would guarantee the wellbeing of everyone else. But I'm an ant, and I can't do squat about the Big Picture. So I tended to my small picture, and made it as pretty as I could.
'Ladder' is just another word for 'pyramid' in this context.
The 'property pyramid' is what they should call the concept of leveraging yourself to the hilt to overpay for the smallest, crappiest speck of property so that you can then sell it for more borrowed money to the next sucker.
It's a pyramid scheme, pure and simple.
I like that they even refer to it as a "scheme". Does "scheme" not have the same negative connotation over there?
Anonywuss: Indeed, "scheme" is one of the many words that have slightly different meanings between the English and American usages. It means "plan" in Brit parlance and does not necessarily have a negative connotation, although one CAN refer to an "evil scheme."
The property ladder has broken.
The "poverty ladder" is more like it.
At the top of the "property ladder" you have to go down the "property slide."
I was so stupid that I sold at peak just because I was afraid that higher taxes would cause me to need to sell anyway . I bought a cheaper place and scales down and I assumed
everyone was getting a higher salary and the World was passing me by because I was retired .When I saw the show "Property Ladder " it dawned on me that many people were investing in real estate to flip the property rather than actually live in the property .
I eventually found housing blogs and found out about the faulty lending . When I found out about the lending it took me 5 minutes to deduce the crisis would come we are seeing today . Can you imagine that the Lenders were lending just based on real estate going up and liar loans ,rather than local wages and true end-user demand. Can you imagine that Lenders handed out billions of dollars and got that junk rated as good investment paper . Can you imagine that lenders let people into high priced property with no money down . Can you imagine that lenders sold the concept that a teaser rate would erase the fact that the person didn't qualify and it would buy the jerk time to get appreciation so they could refinance again .
Can you imagine television shows showing dumb young people putting cheap repairs into houses and making thousands in 5 weeks .
Can you imagine builders building entire tracts to sell to investors who just planned to flip them ,even before the escrow closed and the jerks stood in line to over pay for that privilege to get in on the mania of build to flip homes . Now we have ghost tract that are rotting from being vacant .
People were walking around like zombies repeating the same old talking points from the NAR or some cheerleader for the sure bet of real estate . The sheep never thought that the suckers would run out because they were told that the rich Baby Boomers ,or the Europeans, would be the buyers of the inflated box they just got suckered into buying .The advertisers controlled the media and nobody thought it was weird that for a while real estate was going up ,in spite of wages not going up . Strange ,than how are people able to qualify for these loans ?
In 1929 the stock firms would lend 90% of the value of the stock ,but these jerks on real estate would lend 100 % of absurd inflated values . The corruption was everywhere .
You would think that some one would question why houses were going up that much when regular inflation wasn't even that much.
Its a faulty demand if the buyer can't really afford the payment and can't really afford the payment long term .
You would think that people would question people living off their homes ,while housing is normally a expense . The concept of selling to a greater fool is no doubt a Ponzi-scheme and its no surprise that those unstable real estate fake values crashed .
These criminals market makers should of known that you don't mess with real estate .
How's that drywall, from your master Chinese, working for you? Now to complement your toxic drywall, how about toys full of lead? Buy slaves, buy...buy until your entire family drops dead!
Chinese Drywall Cited in Building Woes
Some home builders already struggling in Florida's dismal housing market are facing another headache: The Chinese-made drywall they used is causing unpleasant odors and possibly leading to electric problems in dozens of homes constructed during the housing boom.
[chinese drywall] Getty Images
Homes under construction last year in Miami. In some developments in south Florida, odors from Chinese-made drywall are drawing complaints and health concerns from homeowners.
A handful of builders and environmental consultants are investigating whether the drywall, a wide flat board used to create interior walls, is emitting sulfur-based gases that may be corroding air-conditioner coils, computer wiring and metal picture frames.
Some homeowners are concerned about possible respiratory problems. The affected homeowners also worry that the drywall problems will reduce their already decimated property values and hamper their ability to resell, even when the market recovers.
"My biggest fear is we'll be stuck with a house we can't sell," said Marty Smith, whose air conditioner in his home near Tampa has had repeated problems. His builder, Lennar Corp., recently tested the air and drywall in his house and expects the results in a few weeks.
http://tinyurl.com/b99btj
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