Misc. Post

It’s Official: AHB is Worthless

12 Comments

On August 8th, 2008, we received the following comment from “bwrealestate@yahoo.com”. I can only guess that he/she is a Realtor:

You all are idiots, I have a buyer for this property…and no way to contact you.

Great idea, complain, complain…but offer and do nothing effective.

Thanks

Your worthless.

The comment was left on my 300 N. Altura Road post and although I’m used to constant criticisms on AHB, it still makes me wonder why people get so fired up over these blog posts. It’s not like this housing bubble was a made up story. Every single sane economist, financial guru, Wall Street analyst and media outlet will tell you that home prices across the nation are overpriced and we’re looking at steep price reductions in the current and near future.

Even data from the National Association of Realtors reflect the deteriorating housing situation we’re in.

I don’t visit other blogs and bash the author. In fact, I’m a big supporter of local bloggers and Realtors who actually know what their talking about.

But you know what? It’s ok. Whatevers. Maybe they’re just pissed off that they have 25% of the income they did in 2006 and can no longer afford to lease that 5-series bimmer and their house is underwater with an ARM that’s about to blow up next year.

12 thoughts on “It’s Official: AHB is Worthless”

  1. Don’t worry, you’re not worthless. They didn’t write “You’re”.

    That person wrote “Your worthless”, which I believe is their signature. Kinda like “Your Highness”, but I guess he/she doesn’t think too highly of him/herself. And rightfully so. That person does sound worthless.

    Keep up the good work.

  2. It is a for sale by owner propery. The poster must the seller/owner. Look at what he did: he bought the house at 1399K on 10/16/2007 while it was sold 1295K on 3/8/2007. What a loser! No wonder it is “worthless”.

  4. Your blog is not worthless. I have a friend that almost pull the trigger on a house in Arcadia until I told him to read your blog. Now he is waiting and seeing. He has the cash for a huge downpayment too. Keep up the good work.

  9. “Every single sane economist, financial guru, Wall Street analyst and media outlet will tell you that home prices across the nation are overpriced and we’re looking at steep price reductions in the current and near future.”

    The Arcadian, during the height of the market in 2006, there were many prominent economists and analysts who preached that there was no bubble. Here is a paper by Harvard trained economists Gary and Margaret Smith, economic professors at the prestigious Pomona College:

    http://www.brookings.edu/es/commentary/journals/bpea_macro/forum/bpea200603_smith.pdf

    The Smiths assert that so long as people are willing to shell out the $ for the property (supply meets demand), the $ is justified by non financial factors such as “privacy of home ownership,” and “reaping benefits of home improvement.” Looking back to 2006 w/20/20 vision, this all begins to sound like a ponzi scheme to me.

  10. T K Eng,

    I have met many of these analysts and all of them are singing a completely different tune now.

    I guess my point is that even those who claimed there was no bubble 2 years ago are now facing the reality of the situation.

    Great article by the way. You would almost think it was written with a sarcastic tone. The authors address fundamental values but 2 paragraphs later they throw it out the window.

  11. AHB is a fresh, frank, forward and FUNNY!

    If it was a realtor what’s he/she doing reading this blog? Things that slow or just trying to educate him/herself on the Arcadia RE market? LOL!

    If anyone wants to complain they should take it up with the bank board of directors who were asleep at the switch and with the SEC for the same.

    Home prices were artificially high back in the mid-late 2000s, now they are coming back to reality. You are just reporting the news.

  12. In the same article he goes on to say…

    But Greenspan cautioned that even at a bottom “prices could continue to drift lower through 2009 and beyond.”

    ^ If they could continue to drift lower then it’s not a bottom Mr Idiot Greenspan with your double speak.

    We must realize that Greenspan is another idiot who helped created the bubble by keeping rates very low while everyone used home equity as an ATM to fuel the economy. I blame the banks first for loaning money to unqualified people, but Greenspan should have used more oversight and spoke out about lending practices.

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