[lbo-talk] Housing bubble? Sure!

[joanna]

Funny thing that housing bubble. Went for a walk around the block today. 
I live in a kind of gray area of Oakland -- the hood begins about four 
blocks south of my apt bulding; my immediate area has become the staging 
ground for east asian immigration: they all buy houses, pave the yard, 
fence the property and work 20 hours a day; another half mile north, 
respectability starts.

So, I'm walking around the block and I notice a house for sale. There's 
a poster with info stuck to the front lawn. It's a kind of good sized 
wood slatted dog house -- 3 bedrooms 1 bath, no charm, no facade, crappy 
paint, a few square feet of back yard, no front yard, the kitchen looks 
like a train corridor. Asking price is $499,000.00 As Is. That's half a 
mil, folks. The headline in today's Oakland Tribune is "The Advantages 
of Interest-Only Loans."

Housing Bubble? What Housing Bubble?

Joanna

Miles Jackson wrote:


>
>
> Had to share this quote from angrybear.blogspot.com:
>
> "As long as the housing bubble doesn't burst, home equity lines should 
> remain strong and remain safe," said Scott Stern, chief executive of 
> Lenders One, a St. Louis-based cooperative of 60 mortgage companies 
> that originate home-equity lines, including some that feature 100 
> percent loan-to-equity ratios. "As long as the bubble doesn't burst, 
> there should be no serious problem."
>
> (Thank goodness there's no chance that a housing bubble--could burst!
> Now, where can I get one of those 125% LTV ARMs?)
>
> Miles
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