"No one guessed then that housing would lead Arizona's economy into a recession"
-Rolodex of Realtors Catherine Reagor, Arizona Republic, December 29, 2009, writing about the Phoenix housing crash in 2007
Strange thing to say now though, since she knew very well about HousingPANIC, Housing Doom and TheHousingBubbleBlog, all out of Arizona, all posting about the shit-storm that was hitting Phoenix and the world.
Guess all she remembers now though is what her rolodex of realtors was telling her, over nice dinners and martinis no doubt.
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24 comments:
Keith, that HousingPanic link you provided was priceless. Simply amazing!
But this post only mentions her stating no one saw it coming. Her final line is: "A regulatory overhaul is now under way to prevent another housing-market meltdown."
I'm trying to laugh but feel like throwing up instead.
.
No One ?
Really?
.
Keith, time to do a post with the "Sugar Smacks" picture, as Pimco's El Erian is echoing your sentiments
omes are selling at their fastest clip in nearly three years, the unemployment rate is falling and stocks are up 66 percent since their March lows -- the best performance since the 1930s.
What's not to like?
Plenty, according to Mohamed El-Erian, chief executive of giant bond manager Pimco. The investor says the recovery may be gaining steam but is no different than a kid who eats too much candy at one of the birthday parties his 6-year-old daughter attends.
"We're on a sugar high," El-Erian says. "It feels good for a while but is unsustainable."
His point: This burst of economic activity fed by government spending and near-zero interest rates will soon peter out.
As CEO at Newport Beach, Calif.-based Pimco, El-Erian, 51, oversees nearly $1 trillion in assets, more than the gross domestic product of most countries. So when he talks, people listen.
investorinpa
you come back from time to time and do the real estate gig while your man in washington is screwing this country more than most thought was possible so keep up the good work hope all is well and the sitcom is on the circus is in town so stop the charade
I say it is time to go midieval on these people who make these statements. "Nobody" saw it coming. She is to fat, stupid, ugly and slow to be a sheep, must be one of those really smart cows. Are you sure she isn't from CA.
I am sooo tired of hearing people say that no one saw this coming. Bitch!
She is a dam good woman.She is so hot dudes.She is the best reporter az has.I nominate her for the journalist of the year along with greg swann.How come a bunch of rogue bloggers saw this thing going out of control back in 2004 and yet the phd types still have their heads up their ass reading books on the depression?It is amazing some of these tools graduate from college.Arent they giving away degrees these days so they can collect fees?
A STOOPID quote and a picture of this broad? You're getting me back for calling you a major tool aren't you? Well played Keith.
distressed units going for 15,000 bucks and houses going for 25,000 all aroubd the resort areas? with then property taxes at 15 percent of value yearly?
nobody saw that comming!
I too am sick and tired of the "no one saw this coming" crowd.
I propose a new national standard for "podiums" every podium is rigged with a High Def camera system, a .50 cal sniper rifle and a computer controlled speech recognition system. The computer system would have phrases such as "no one saw this coming", "it's a great time to buy", "it only goes up", "get in now or be priced out forever", "this bill will be revenue neutral", "We have a strong dollar policy" etc etc etc.
Upon issuance of any of the programmed phrases the rifle will fire exploding the head of the speaker into red mist. High pressure water jets clean the area for the next "speaker." The digitally captured hi def video will be available on you tube as a "greatest hits" for each specific year.
Term limits with extreme prejudice.
She deserves the Condi Rice award for the most spherical bubble headed comment of all time.
"COFFEE IS FOR CLOSERS"
A= Always
B= Be
C= Closing
Liar loans sold as AAA...
{priceless}
Who knew?
Keith - thank god you're back.
I made it to Argentina with wife and kid. Great to be out out of bubble land.
Thanks for all you have done for so many of us. Hope you're well.
Now is the time to short treasuries. TBT and RRPIX.
But you of all people knew that.
I disagree with the premise that the AZ Republic is actually a newspaper.
Good thing Reagor's not in porn. Because if she didn't see something THAT BIG coming in an XXX movie, she might not blink fast enough. She could get an eye put out or something!
Andrew Hac said...
OK, Snapper Turtle and all other tortoise-like creepers out there,
Listen and listen hard:
A house is a place to sleep in, eat your meal, do your homeworks, make kids, get piped-up, get shitface, smoke a doobie, take a doo-doo, etc...
A house is not an investment, a stock purchase certificate, a trading commodity, a bank, an ATM machine, etc...
Not every turtle is entitled to own a house. Owning a house is a privilege, not a right, not an endowment from God or Uncle Bushie.
Most Americano believe that it is their God-given right to own a house. Heck NO !!! That is incorrect. It is also stupid to heed that belief. If you are poor, ignorant, illiterate, dumb, uneducated, buckteeth, harelip, fat, obese, or just plain WACKO then you do not have the right, the mean or the privilege to own a house. No BUT, IF, HOW, WHEN ,WHY, WHAT, etc...
The game of survival is simple. You are strong then you will survive and prosper. Your descendant will grow strong and will not have rotten teeth or marry his/her cousin as spouse. Joe6Pack is like a gazelle in the African Segenreti plain, his destiny is to be hunted down, chased after, pursued relentlessly, devoured by the lions, the leopards, the hyenas, etc... Joe6Pack does not simply possess any right or privilege to own a house in the land of the Americano AKA the land of the Skunk.
Got it, Turtle ???
OK OK while we are at it, I happened by the listings for the infamous 3rd Ave Lofts in Old Town Scottsdale.
How does $40,000 sound?
http://bit.ly/6VQF4h
$2.60/square ft down from $1000/sq ft?
Buy now or be priced out forever?
They aren't making any more land?
We're out of cocaine and hookers?
Speculators will be Speculators.
If these speculators have not learn from their first experience, what make you think these speculators will learn from the second experience.
http://www.mercurynews.com/
real-estate-news/ci_13972794
http://articles.sfgate.com
/2006-03-26/real-estate
/17285890_1_housing-market-average-
investor-real-estate
When is investor a speculator.
http://www.nytimes.com/2009/12
/13/business/economy
/13sfecon.html?_r=1
The phenomenon is familiar to anyone who has watched a market swoon: vulture investing.
Private investors have pooled cash and are buying foreclosed homes by the dozens in the Bay Area.
an investor with an all-cash offer and no intention of moving into the property swooped in and snapped up a house she was bidding on
http://money.cnn.com/news/newsfeeds
/articles/marketwire/0572810.htm
In Phoenix, absentee buyers purchased 38 percent of all homes sold
http://www.nydailynews.com/news/ny_crime/2009/12/27/2009-12-27_he_burst_the_
bubble_defaulted_on_20_loans
_for_10_qns_homes.html
I can't stand that pig! And having no choice but to read that rag everyday to get local news, I have to agree with Ross.
Happy new year Keith and everyone!
These people truly have no shame.
Smug Bastard
So, when does she get her Edward R. Murrow Award?
Smug Bastard
" I have covered real estate for the Arizona Republic for the past 12 years. I own and live in a house in Phoenix and track the real estate market not only as a reporter covering a beat, but as a homeowner concerned about the roof over my head and my biggest investment."
--Hmm, methinks if she had only worked as a reporter covering a beat she might have won a Pulitzer for ground zero coverage of the biggest financial disaster in modern history. She could have saved millions of people trillions of dollars. Instead she's just another NAR toady that made a bad investment. Bad call.
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