Is it 1992 all over again?
James Pethokoukis thinks so.
So does Eyeon08.
Housing slump = bad news for the GOP.
***
Commenter TMoney: “The housing slump may be bad for the GOP, but nowhere nearly as bad, in my opinion, as immigration, overspending, allowing the democrat surrender in Iraq, socialized meds – shall I continue? No. My fingers are already tired from typing this morning…Housing slumps come and go, but the ever-encroaching surrender of sov[e]reignty will determine where we go next.”
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The housing slump may be bad for the GOP, but nowhere nearly as bad, in my opinion, as immigration, overspending, allowing the democrat surrender in Iraq, socialized meds – shall I continue? No. My fingers are already tired from typing this morning.(one book after another-I need a vacation).
Housing slumps come and go, but the ever-encroaching surrender of sovreignty will determine where we go next.
Molon Labe
I agree with TMoney – what we need are REAL conservatives who aren’t afraid to put their necks on the line to defend our values, our sovereignty, our taxes, and our country.
Until we see some of them come out of the GOP, it’s digging its own grave.
Besides, since when is it the responsibility of government at any level to feed, clothe, house, educate, or care for . . . anyone?
I have very little faith in the GOP to pull their collective heads out of their butts. They are too busy pandering to the illegal invaders and their big business allies turning their head the other way to continue to keep wages depressed in this country. The runaway spending and increased handouts have got to quit. Something has to be done very soon about the entitlement programs that will soon strangle the ability to fund the one branch of the Federal Government (Military), which always seems to get things done in peacetime (providing aid in disasters) or war. Yep! I need some leave/vacation too (holding out for 19 Oct when I can finally take some)!
I am a victim of the housing slump.
I purchased my previous home after it was on the market for 4 weeks.
Now I have had it on the market since last January at the price I paid for it, not including improvements made either.
The area is the prime location for this town.
It isn’t fun to having two homes to maintain. Depressing is the word.
After watching the price of houses in my area just go through the roof, and wondering where all the millionaires were, I am not surprised one bit at this downward trend in the housing market. It was long over due. It is just another symptom of credit card generation, better called the instant gratification generation. Whether it comes to dinner or fighting wars everyone has developed the mentality of wanting everything and wanting it now. The old fashioned work ethic and working and sacrificing to earn something in non existent.
My experience in life has taught me that the things you value and cherish the most are those things which you had to work hard to attain, not what was given.
I know that is straying from the any bad news is bad for the GOP memo, but somebody on the Republican side needs to start framing these sort of stories in just such a manner.
The average person on the street, I believe, can see the parallels.
TMoney is correct. The housing boom/bust cycle has always been with us and always will. There are scores of issues that are more important. Of course, the MSM will play this issue as much as possible since they think it will help the democrats. I’m not sure if will hurt republicans that much at election time. Anyone who blames the government for a localized depressed housing market probably isn’t someone the republicans had in their camp to begin with.
WRONG, I DISAGREE.
Perot was the distraction in 1992 that will not be a factor in 2008. Pundits routinely characterize his constituency as independent when it was clearly more than 50% republican malcontents.
George H. Bush “NO NEW TAXES” pronouncement then capitulating to the Democrapweasle controlled congress to increase taxes shortly thereafter cost him huge and enough republican votes to lose that election.
America was celebrating the huge military victory over Irag in Kuwait shearing off just enough republican votes by not surging into Baghdad to “finish Saddam Hussein off” for good. W is showing much more conviction and resolve than his father in a much more important War against Terror conflict.
We are NOT celebrating victory in Irag right now and our country is yearning to achieve exactly that despite the obvious dubious and devious polling by the MSM. Something a Democrat president will never accomplish.
In 2008 will most likely have a female democrat nominee in STARK CONTRAST to the field of candidates in 1992. I don’t believe the female factor vote will be decidedly in Hillary Clintons favor.
The NEW MEDIA was not a factor in 1992 and clearly will have significant conservative representation in 2008.
It is reasonable to expect that the Kos based NETROOT FREAKAZOIDS, Media Matters, Moveon.org and Georgie Soros will manipulate Democrats enough to repulse the entire electorate by Nov 2008.
I believe 2008 will be the mother of all presidential election battles with the END GAME results being quite different than in 1992.
In our community houses are still going fairly well although existing homes are going a little bit slower. It is just about the end of PCS (Permanent Change of Station) season in our neighborhood with many homes up for sale with our Military folks moving on to new assignments. The influx of new personnel (their replacements) helps to keep our housing market humming along despite the fact that prices have flattened out for now here too. I have 3 houses on the market on my street alone with one sold in about a week the others have only been on the market for 2 weeks and will probably sell in about a month.
gayle I sure couldn’t maintain two houses myself right now and sympathize with anyone caught in this soft market. Hope you catch a break and sell it soon without too big a loss.
The media pundits don’t have a clue. They can prosalatize all they want, trying to create their perfect storm of controversy and sell lots of advertising. We’re still over a year out folks, and these breathless dweebs are falling all over themselves to capture every bleeping word that spews from Hillary’s lips. Personally, I find it to be sickening. If ever there was a conspiracy to overthrown the country, the media is to blame for propping up the thoroughly incompetent democratic candidates.
Thanks Boomer!
I am trying to stay positive knowing that it’s a great home and in a super location!
Gayle, a victim? Do you mean: a person who is deceived or cheated, as by his or her own emotions or ignorance, by the dishonesty of others, or by some impersonal agency….or by market forces which have deflated the value of your home?
I bought a home in Texas in 1985. A few months later, home prices started tanking across the state. I sold the house in 1992 at a LOSS. No one was offering to bail me out and I resent the cry for bailouts today. I survived and moved on and so will the people in trouble today.
meatpieandtatters;
Not certain what your motive is in your implication of ignorance.
Regardless, due to market forces and undisclosed issues from the previous sellers that I had to “FIX”.
Does that answer your questions?
Sounds like it’s time to buy. One could call it a slump, or alternatively, one might call it a buyers market!!!! (assuming that you can get a loan after all this subprime garbage is finished).
FYI, Sorry to hear about your problems Gayle.
They’ll change the tax rates so you pay more.
They’ll change the minimum wage again and drive more jobs overseas.
They’ll change immigration policy so that if you have a house for sale at a decent price, you’ll never sell it due to the 28 illegals renting the house next door.
Change isn’t good in all cases.
Since politicians realized that they could keep their power-mad arses farting thru silk by exploiting the electorate’s envy of those better off and recasting everything as a matter of “rights” and “fairness”. “How can you be against the people’s right to healthcare/education/food/mortgage protection?!? Don’t you know it’s not fair for people to not have healthcare/education/food/mortgage protection?!?”
They are able to exploit people’s fear of being ostracized for being “mean” or some sort of “-ist” to cow them into silence. “You don’t want to give ‘undocumented Americans’ blah-blah-woof-woof? What are you, a racist? Hey, everyone, look at the racist!! RACIST!!! XENOPHOBE!!! BIGOT!!! When that’s the reward for suggesting, as Dennis Miller says, that immigrants take a moment to sign the guest book on the way in, well, how many want to spend the rest of their lives with the residue of some specious slur stuck on them? Better to keep quiet and not have to explain some wrongly awarded scarlet letter.
George Will said a long time ago that the Stupid Party was only offering a “little less socialism, a little more slowly”, than the Dems and until they realize that they reason they were even in power for a decade was because they used to stand for far less government, the greater their losses will be. (At least until Tim McVeigh made downsizing government rhetoric into a precursor to killing babies in Federal building day care centers – a reality twist that Clinton was able to pull off and spook the Stupid Party onto their current path to oblivion.)
I also find it hard that they are alreading connecting this to an election that is still over a year away.
Housing sales are determined by what a buyer will pay. The asking price is set by a real estate agent who gets paid a commission on a percentage of how much the house sells for…and shares that commission with the real estate agent who represents the buyer.Inflated pricing is the result.
Here’s a tip: most states have public records of the house sales history.You can easily spot the best price to offer by determining if the seller is getting what it’s worth or what the real estate agent wants to get in order to obtain the highest commission.Most homes for sale right now are expecting the inflated price. The so-called slump is just smarter buyers not willing to pay the inflated price. If you paid an inflated price…don’t expect to pass it on.
I think the situation with the housing market is only the tip of the iceburg on the economy. If you look at the picture as a whole, we may be in very big trouble. Note that the dollar has tanked, even the Canadian dollar buys more. This coupled with the significant debt that the country and individuals owe and pending inflation could spell a situation that was like 1929. Instead of feeling good that the Fed dropped interest rates 50 points, I was frightened. Maybe I am wrong, but the government is spending like there is no tomorrow and I am really beginning to be afraid for the future.
Amen, Michelle. You’ve said it all about what’s ailing the Republicans, and the nation.
I have that worry as well, taylor.
And gayle, I wish I could help. If I was lookin’ to move to where ever you are, I can tell ya I’d rather buy from a Malkinite than just some random person…
What’s saddest about the current rush to bail out sub-prime lenders who made lousy loans and stupid people who were living wildly beyond their means – as if the real estate bubble was going to exempt them from ECON101 realities about value and wealth – is that it removes the pain of failure and the risk of taking risks from the equation.
What is to prevent gamblers from demanding that their losses at the gaming tables and slots be covered by Uncle Sam? Nothing, if the way the mortgage biz mess is being handled is an indicator. When you know that Nanny (fka Uncle) Sam is going to make things all better, why not go all in? This happened with the S&L debacle, so we’ve got precedent for what it looks like when profits are privatized and losses are socialized.
The housing market goes up and down. If you can divine the outcome of voters a year from now based on August reporting of the housing market you are an incredible human being. Another reader above also noted that it was Ross Perot that screwed up things for Conservatives in 1992. Some folks have short memories. Doom and gloom is not a very good strategy folks.
If the GOP is smart in ’08, they’ll highlight the Democrat’s continual desire for more government benefits for ‘the poor’, and the necessary taxes which will have to be raised to pay for it all.
If the Democrat’s still control the Senate after ’08, any tax increase will get adopted that they want.
Even if the housing slump continues into ’08, all of us homeowners stuck in it won’t want even higher taxes, and we’ll want a ‘no new taxes’ President to prevent the Senate from sticking it us.
You do NOT want to move here….land of illegals! LOL!
Actually it’s a nice town small schools, high taxes…coughing here.
I love at a golf course/lake/country club community which adds value in this county. (snobs galore!)
I just appreciate the water views! That was my motive to live in this area. Don’t play golf, don’t fraternize with the wanna be important snobs……just little ole me, loving my home, kids, and pets.
Yeah i think that their basing a GOP potential loss on a downturned housing market is bogus. I live in Nevada and am in the process of buying a house. the house we are buying sold for 162 in 2004, went up to 238 in 2005/06 and is now valued at 184 (we are buying cheaper cause it forclosed due to the good ole ARM). the reason Nevada’s market “tanked” so bad is because of all of the Californians moving to Nevada driving prices up. the prices kept climbing and climbing and when people realized that they werent worth what they are charging the market dropped to just slightly above their actual value. I get sick and tired of hearing “oh the housing market crashed in Nevada” when if you look at it over 10 years or even 5 years you see a steady upward rise with a massive spike in the last 2 years and then it dropped to what is still a large rise over 4 years ago….
I just heard that there are now 3800 more registered Democrats in NV than republicans. and i can guarantee you those 3800 arent from in state…. that will be the reason why the voting will be closer in this state than last election. But if we sent Las Vegas over to California (where 80% of them are from) we would once again be a very red state….
Correction:
Not enough chocolate; “I live at a”
It is 1992 again. Bush 41 looking at his watch during the debate showed more energy than any of the current crop of GOP candidates.
Unfortunately, he was also probably more conservative than today’s candidates.
Oh, boo hoo. It’s so depressing you have two homes when others don’t have even one. It must be so horrible to be you. ‘Scuse me why I go cry in the shower for you.
To do so will backfire and ensure Democratic victory. Why? Because the Dems and their megaphones in the Treason Media will spin it as Evil Greedy Rich White Republicans wanting the poor to suffer, starve and die in squalor while they eat caviar off the soft tummies of 14-year-old boys in their mansions while denying gays equal rights.
Trying to bring up the taxes won’t work because the Dems will just say that “the rich” will be forced to pay “their fair share” after the “giveaways” of the Dubya era are repealed. By exploiting the ignorant public’s envy of those with more, the Dems will be able to slap the yoke of totalitarian government upon everyone by convincing the proles that all they’re really trying to do is provide “social justice” via the mechanism of voting away the wealth of those who earned it, whoops, I meant, making those well-off “pay their fair share.”
A well-told lie will always beat a poorly-told truth. Thems the facts, folks.
Let’s see.
1992: Last full year of a term of President Bush who abandoned conservative principles and split his party.
2008: Last full year of a term of President Bush who abandoned conservative principles and split his party.
Ouch.
Of course, there will be no Bush running in 2008, so nothing is over. Don’t give in. Don’t surrender.
LC;
Not that your comments deserve anything but Geraldo’s spit, you have no idea what you are talking about.
Now……go away and play in the traffic.
gayle…i second that motion.
The GOP “leadership” seem determined to remake the party into liberal one. And judging by the leading nominees in the Presidential race, the GOP rank-and-file are cool with that.
It’s still too early to say that November of 2008 is going to be a repeat of November 1992. It’s a safe wager, though, that Hillary’s pals in the Drive-By Media will go to great lengths to make it seem that way if the economy begins to falter.
Still, claiming that the economy’s in ruins will be a risky tactic for the Dems. They tried it in the 2004 election when Republicans were in control of Congress, but they’re in charge today. “It’s the Economy, Stupid” Redux leaves them open to the counter-charge of, “You were running Congress and had budget responibility when the ball stared rolling back down hill; but you were so obsessed with attacking George Bush and losing the war that you didn’t lift a finger yourselves to head off the problem.”
We’ll see.
Sorry Frank, I have to disagree a bit here. Someone recently did a study (don’t make me Google it
) that showed that Real Esatate agents undervalue your home slightly (4 – 6% I believe it was) compared to the prices they ask for their own homes – presumably to make sure they sell. (Thus getting their commission.)
There is much more at work here. Interest rates in conjunction with prices help determine monthly payments. When either goes up, the number of available buyers goes down. If you have to sell (sorry Gayle) you may be forced to lower your price (especially since you can’t control interest rates.) Add in to the mix people who get interest only mortgages, adjustable rates that the Mafia would envy and you get people paying too much (i.e., driving prices up to silly “values”) who then are desperate to sell when the Bank of La Cosa Nostra ups their rate. They are so desperate – often – they walk or sell below their cost.
http://www.zillow.com has a site where you can see what houses in your area have sold for, and what tax records indicate. They are accurate in some parts of the country, not so in others – please don’t hold me responsible…
It’s the opposite of 1992. The antiwar moonbats will probably be attacking the Dem nominee, and Bloomberg and Nader will probably be running. That’s a three-way split of the Dem votes, and a landslide for the GOP nominee.
gayle, your comment was obviously posted in an effort to illicit feelings of pity for you. Although I’m not sure why you believe that we should feel sorry for you in your effort to make a quick buck on an obviously artificially inflated housing market, I do know that there is no way you are going to have my sympathy. You rolled the dice – deal with it and stop being such a baby. It’s amazing that my rather mild mockery of you was enough to entice you to invite me to play in traffic. I guess you’ve moved on to stage 2 of the depression which is your second home. Stage 1 was sadness, now anger. What’s Stage 3? Acceptance? :p
LC; Liberal Crapper
I’m a Goldwater conservative and I’m voting for Hillary Clinton.
Tax-and spend-liberals are more conservative than borrow-and-spend Republicans, and more patriotic and American than the Christian right and Jewish neoconservatives who put Israel before the United States.
Alphonse, if you vote for Hillary, you’ve sold your soul to Satan.
Of course the new Republicans do not represent conservatives…..far, far from it!
There really isn’t anyone to vote for at this juncture. Sad isn’t it?
Although there is some downturn in the housing market and problems with liquidity in the credit markets, unemployment is still low, the Dow is at a record high, and interest rates are still lower than they ever were under Slick Willie. Maybe the “Democrats take it all” prognosis is a little too pessimistic.
#37:
you’re right on the interest rates affecting home prices…and, I might add, the enire economy. Remember Jimmy Carter? I had a thriving business but cost of a line of credit to sustain growth was 8 points over prime and prime was 26% resulting in a charge of 34%. I soon figured the bank was making more money than the company so I found jobs for my employees and shut it down. Started a consulting business and been fine ever since.