Chowk forums: South Asian views, reviews, opinion

market tanking

Topic started by Sheru1849 on Jul 14, 2008 10:46:09 am

well..has been tanking for a year now but I ntoiced whenever the pain level exceeds my threshhold and I post my randi rona about it on chowk, market tends to rally for a while. so here I officially, whole heartedly, bund-phatke-gall-mein-ayee'ly whine that market is oversold.

My thesis is this housing bubble bust is good for economy and consumer spending.
here is why.

I was at a newly build, sold and then abandoned neighorhood in central California last week. a house sold for $668K was listed at $324K and still no buyer in sight...admit was very temping. in another house 4 br, 2000 sq ft listed at only $150K I saw a single mom, with a stable job in the county office also looking at the same house...she said she never thought even in her dreams she will ever afford a home of her own but now she is so happy she and her kids will have a home of their own..

so true people who bought at the peak are fucked but there is equal number of people who will benefit from it.

1. People who got fcked u buying at the peak were paying monthly the mortgage payments through their asses. After they paid the bank every month, not much was left for anything else. Now that homes are down so much they can walk away, live in a rental place and pay 1/3rd of what they were paying to the bank earlier. true some will lose jobs in recession, but still what 2/3 of the savings is lot..I bet they will spend it on fun stuff called discretionary spending and still save some more...good on both accounts.

2. People who missed the boat in the alst bubble can now put good down payment, buy cheap and build equity for their future. Their payments won't be more than what they were renting for. so no dent on their discretionary spending.

so buckle up guys, we will see a ncie future in less than 12 months.

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Posts 1-12 of 12

Post by Sheru1849 on Jul 14, 2008 12:47:04 pm
atif, I am just doing what has worked in the past...after days of market down, I whine on chowk to see the market go back up for short term. May be this post will have the same effect on it. flag objectionable content

Post by chaltahai on Jul 14, 2008 12:46:28 pm
yes and keep predicting it...every two months...like since september.. It will surely happen sometime...keep predicting...chutiya sala!! flag objectionable content

Post by atif2 on Jul 14, 2008 12:40:21 pm
any chutia can "predict" recession once its already here. but it takes some insight and grasp of math to predict it well in advance flag objectionable content

Post by atif2 on Jul 14, 2008 12:24:46 pm
sheru, I have no idea who you are, but for a split second I got a passing glimpse of a sikh in any case, assuming you are a sikh, i think you are looking at the micro factors and not the macro factors. its kinda like chudtahai claiming last november that sun will be back up in february 2008. Of course his customers have lost their shirts, but thankfully you were saved by my timely intervention flag objectionable content

Post by scout_new on Jul 14, 2008 12:23:29 pm
wow i didn't know california prices fell that much i'm still waiting for ny prices to lower, people are still in denial about their homes worth flag objectionable content

Post by mohar11 on Jul 14, 2008 11:43:51 am
Man, I am tired of bubble bursts in US... twice in like 8 years - waht the fk?... I am going home... (" /> flag objectionable content

Post by jang on Jul 14, 2008 11:37:39 am
sheru this is hardly rundi rona...its more like the last customer cheated me, i am not seeing any more customers, but look at the bright side, the cheat got claps and i can get more sleep kinda shyte flag objectionable content

Post by Kulharee on Jul 14, 2008 11:37:22 am
Sheru Saab. I have also lowered my rates. If you book in advance, I will throw in a couple of extra rides. I wonder how Wolfie is surviving this tanking. flag objectionable content

Post by Sheru1849 on Jul 14, 2008 10:58:57 am
foreclosure just reduces your score to the minimum but you can spice it up back to reasonable level in 2 years. bankruptcy is more damaging but still worth it rather than enslave yourself to the bank for next 10 years. flag objectionable content

Post by Ranjit on Jul 14, 2008 10:55:48 am
Yeah, i understand that but I thought bankruptcies and foreclosures stay permanently on your credit record....so you can never again buy a house...(" /> flag objectionable content

Post by Sheru1849 on Jul 14, 2008 10:54:09 am
ranjit, simple..will you pay me $250,000 to fix your credit score form 550 to 740? NO! flag objectionable content

Post by Ranjit on Jul 14, 2008 10:52:21 am
Sheru, one thing I dont understand about people walking away from their homes even if they can make the payments....dont they care about their credit history? flag objectionable content

Posts 1-12 of 12

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