I agree, hence my offer to provide proof.

I would be glad to meet anybody for some hand picked fresh Guatamalan coffee right here in Victoria.

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"Mortgage brokers and real estate agents that do development are like drug dealers who do their own product."

Worse in a way. If things go to hell not only does the RE professional suffer on the job front but they have an over leveraged portfolio who's value is dropping like a stone.

Drugs are where it's at, you can always count on stable or increasing prices (take note Krrish, this could be your next great investment opportunity!).

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"Even Drachen believes me."

Yeah, I think Krrish/Thumbsup has got everyone here jittery with his constant handle switching and occasional conversations between handles. I propose to everyone here that we simply apply a modified Turing test in the future. ie. If you cannot definitively say that two handles belong to the same person they are for all intents and purposes two separate people. There is really no point in debating it.

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LOL. What advice? How to make money in a boom market? Because that's all you know. But you're about to get quite an education in bear markets, and the cost will make your student loan debt seem cheap in comparison.

Speaking of which: psych always attracts the flakes; no surprise considering how dysfunctionally 'the source' has represented himself here.

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It's clearly him and he could be Krissh too

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"The "U.S. crash" is not countrywide. Out of 150 major markets, some 72 are still rising in value."

Of the 20 Case-Shiller markets, all 20 are down (YOY). But according to Fuzzie, half of all US markets are up!

Between 1988 and 1992, prices in San Diego dropped 35 per cent — since then, they rose by 410 per cent.

Back to Case-Shiller: San Diego actually bottomed in 1996 at 71.22. Today it sits at 178 (and falling) for an increase of 150%. I guess Fuzzie forgot to tell us his margin of error of 260%!

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Again, I am willing to prove it. So far, no takers.

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Mortgage brokers and real estate agents that do development are like drug dealers who do their own product.

What I don't understand, is how can mortgage brokers get sucked in? I can understand real estate agents b/c they start believing their own BS. But mortgage brokers should realize the market is turning when NO reputable bank will touch broker deals anymore.

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This actually made me laugh out loud. None of the big five banks are doing much financing for ANYBODY right now, especially not for amateurs who jumped on the bandwagon way too late. Dave, I suggest you try the credit unions first, although even they seem to be realising they're going to get murdered when the market turns.

Maybe some of the mezz debt lenders would be willing to take a chance on you, but they will charge you 18% interest and a 4% fee.

Btw, since you're doing a "land assembly", I would bet a lot that your property is out in the sticks. I'll give you some free advice: stop now before it's too late. I work with experienced developers every day who are panicking now because they can't sell their product. Sell your land as fast as you can to another sucked, then get yourself a job in something non-real estate, or at least make sure you're on salary and not commission.

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