Peter Schiff vs Beverly Hills Realtor Smackdown Jan 1st, 2008

Just to bring an air of levity to our sometimes acrimonious debates, here’s Peter Schiff squaring off against a Beverly Hills Realtor on News Year’s Day, 2008. She of course said it was a FANTASTIC time to buy a property.

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oneangryslav2
Guest
oneangryslav2

Unfortunately for Schiff (and even more unfortunately for some of his clients) the housing bubble is pretty much the only call Schiff got right over the last few years.

As for realtards being interviewed in the media, if I were able to ask a question of them it would be something like "real estate values have fluctuated historically, yet realturds are incessant in their belief that `now is a good time to buy!' It's obvious that there are good times to buy and good times not to buy. In your opinion, Ms/Mr real estate professional, what factors would contribute to it not being a good time to buy?"

patriotz
Member

http://www.theglobeandmail.com/globe-investor/per

The Canadian residential mortgage market crossed the $1-trillion threshold for the first time this year as higher prices forced many to borrow heavily to finance their new homes and low interest rates encouraged many more to refinance.

The Canadian Association of Mortgage Professionals said in its annual report to be released Monday that there were $1,008,000,000 in mortgages outstanding at the end of August, a gain of 7.6 per cent in one year. Over the past 15 years, the volume of outstanding mortgages has increased by 194 per cent.

Bubble? What bubble? It's different here.

And who's holding the bag? We're debt, Jim.

Anon
Guest
Anon

I'm so glad she didn't bore us with the numbers.

Bill Clinton
Guest
Bill Clinton

Yeah did you notice her boob job….unfortunately they ended up on top of her neck.

buffates
Guest
buffates

People who communicate like that tramp should be beheaded.

jesse
Member

@patriotz: from the article :

by the time their mortgages are due for renewal, time will have increased their financial capacity and reduced the amount of mortgage debt being financed.

Oh that old argument again. The fallacy comes in looking at personal situations — which resonate with people more than the abstract concept of market forces — and not looking at who is going to be setting market price. Sure, salaries will increase in 5 years making fixed payments on renewal no less affordable as % of income, however the first time buyer can afford significantly less when rates rise. When that happens the entire ladder collapses and homeowner equity along with it.

Canadian Wiggler
Guest
Canadian Wiggler

Housing starts decline….but at least debt’s not an issue

http://financialinsights.wordpress.com/2010/11/08

“One in five homeowners used their home as an ATM in the past YEAR, with the average amount of equity extraction being 46K! Wow that says a lot about the true financial state of many Canadians….Some rudimentary math tells us that equity withdrawals added over $8,000 of additional spending per household! That is HUGE! This is money that bolsters the broader economy. But it only lasts while home prices increase and people are confident enough to tap their equity.”

Bilbo Bloggins
Guest
Bilbo Bloggins

Have you ever heard a realtard say it's a bad time to buy?

Answer: never

Anonymous
Guest
Anonymous

Mortgage debt tops $1 trillion

Canadians are holding more than $1 trillion worth of mortgage debt, the first time the total has passed that level, and a 7.6 per cent increase over the past year.

The gain in the country's total residential mortgage debt is in keeping with the 7.5 per cent average seen over the past fifteen years, the Canadian Association of Accredited Mortgage Professionals (CAAMP) said in its annual report Monday.

More :http://www.cbc.ca/money/story/2010/11/08/mortgage-debt-2010.html

realpaul
Guest
realpaul

#9 A…that same article infers that if rates rise at all…an additional measley $300 p/m that the entire premise is fucked in the ear.

Bwahahahahahahahahahaha $300 p/m…whats that make rates on a $500,000 mortgage have to rise ….something like 1%……So these 'professionals' are saying that as long as rates stay at zero…everythings fine………ya right…that'll work.

http://www.vancouversun.com/business/Canadian+mor

Fuzzy Logic
Guest
Fuzzy Logic

@jesse: Unless it doesn't.

fixie guy
Guest
fixie guy

@ 1 oneangryslav2

To be fair to Schiff (and others who called it right like Shiller and Thornberg), their housing predictions weren't "it will crash >insert date<", but "it's unsustainable madness". Thornberg went out of his way to remove himself from date guessing by drawing the fundamental contradiction between a market acting irrationally and the ability to predict irrational behaviour.

Schiff's case though, his main business is critically dependent on market timing, a whole different skill set. Long term he may yet turn out to be right, I certainly didn't regret pulling all my money out of American investments pre-crash after listening to his arguments.

xyz
Guest
xyz

OV brings back the 70's with this hot mess. Is that wallpaper on the cupboards??

http://vancouverrentalproperties.com/img_store/12

logic
Guest
logic

13, is that really faux-wood? wtf would say "oo, here's an idea…"….?

Bizznitch
Guest
Bizznitch
Bailing in BC
Guest
Bailing in BC

I love her final comment. "I'm not selling anything" It's probably the only true thing she said in the whole exchange!

Devore
Member
Devore

@Fuzzy Logic: How much you gonna stake on that bet?

Anonymous
Guest
Anonymous

Connie 2.0 says it's a great time to buy:

http://conniedegroot.com/blogframe.htm

Ted
Guest
Ted

Let's see a chart for that Condo tracker!

FlipFlop
Guest
FlipFlop

from the Irish Times article:

The perception growing among borrowers is that while they played by the rules, the banks certainly did not, cynically persuading them into mortgages that they had no hope of affording.

Such BS. Have some f'n responsibility for your actions. Caveat Emptor you greedy pricks. And if it sounds too good to be true….

Idiots. Let them all suffer. Everywhere.

The pain train is coming people. If you've bought in the last couple of years, have limited equity, and think that times are tight now, you best be jumping ship while you have the chance. All pigs are eventually slaughtered; they have no other purpose in life.

NO - LYMPICS
Guest
NO - LYMPICS

8 Bilbo Bloggins Says:

November 8th, 2010 at 8:43 am

Have you ever heard a realtard say it’s a bad time to buy?

Answer: never

==================================

I've lived through enough RE cycles to have hard the S-A-M-E F+cking Realtards rhetoric rebarfed ad – nauseum to the point I have it memorized.

scullboy
Member
I think this all anyone needs to know about any housing market on the planet, courtesy of Our Miss Conny: Here are a few tips to get started: 1. Buying a home is an EMOTIONAL PURCHASE for most. Above all, your home must cause a buyer to become so attached that they ignore all the bad housing news, the joblessness and fears of such a large financial obligation. And Buyers start deciding if your home will work at your curb! Stand at your curb and be honest with yourself, does your home look impressive or well maintained? Next, walk inside and go into every room and ask yourself if EVERY room has a VALUE a buyer will recognize and does each space have a "good feeling?” If the answer is no, you will need to get to work. This market… Read more »
Bob Rennie
Guest
Bob Rennie

22 scullboy

And is it me, or is she a little scary looking? The huge hair, the soft focus photos, the obvious eye job.

======

Yeah, most women look pretty scary just without the war paint, let alone the body work.

http://www.starswithoutmakeup.net/

It's almost enough to turn one at least P/T AC/DC

Junius
Guest
Junius

#20 FlipFlop,

Caveat Emptor, eh? Yet the banks have no such moral hazard being bailed out when they are in trouble or guaranteed by the gov't through programs like the CMHC. These are regulated monopolies who control our financial system through increasingly predatory practices and our gov'ts through lobbying and political spending. Wake up.

Our major corporations are not the least bit interested in capitalism so why shouldn't the public be cynical? The banking industry are lucky they aren't swinging from trees with nooses around their necks after the last financial blow out. Perhaps next time they won't be so lucky.

DaMann
Member
DaMann

@Junius:

I agree. My first though is to let these idiots rot who were taking on huge mortgages, people need to take responsibility for their own actions. I'm sick of hearing how it's someone elses fault. However, it's a tough pill to swallow when the banks are all getting bailed out all the time and their upper management still get $millions in bonuses for putting the bank into bankruptcy.

Having said all that though, it's the way it's always been, if people don't look out for their own asses then it's their own fault. They wouldn't be bitching if they made $100k on a flip…

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