The last housing bubble was enjoyable. Housing stocks like $TOL and $HOV moved like internet stocks and the local real estate was rife with speculation — causing even homeless men to ‘play the market’ and become true players in the housing extravaganza.
You didn’t need any documentation back then and loans were given out freely, without a care in the world. I took out a mortgage with a home equity loan attached to it. I could do as I liked with the money — no strings attached — so I bought some Google calls with it and saw it expire worthless inside of a month. Losing the money was a minor set back. I didn’t care about money then as I do now. I viewed it as transitory, small little pieces of paper that could easily be reproduced at my desk by doing a few trades.
Commissions were gauche and I didn’t have an issue making as much as I wanted. It all was dependent upon the amount of time I wanted to work. If I wanted to make, for example, $40,000 for the month, I’d have to work part time. If I was in a particularly fond mood of making money, feeling competitive and entrepreneurial, I’d work full time and make over $100,000.
The housing bubble only fueled this carnivale like atmosphere. Some of my clients would take their money out to spend on beach homes they were flipping — always angling for the next score. Truth be told, I was too busy reproducing cash at my desk than worrying about real estate. Many of my friends were active players in the bubbling hot Brooklyn market and ended up making permanent wealth as a result.
So when I see the housing sector up by 3% for the day and $XHB ripping higher, I am reminded of the halcyon days of 2003-2007 when life was absurd and the economy was roaring ahead atop of a gigantic bubble.
I want those days back. I don’t give a shit about moral hazard and the fact that bubbles eventually lead to dark endings.
All endings are dark, friendo. Let’s get this fucking party started.
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What I see in the East is a lot of new construction, in over-populated areas such as the Boston area where apartment buildings are springing up in every nook and cranny and they are high-end rentals. From talking to mortgage brokers, it is very hard for plebe-like individuals to get mortgages and to refinance because of the insane speculation of th early 2000-2008 years. The new rules make it hard for banks to lend money. So, maybe the high rollers dabbling in speculation can elaborate on your bubble thoughts.
Reset day two EPV
Reset and added to UVXY
Note 1: Fed cabal, how many times do I have to tell you you can’t beat me, Short positions get reset until an equity-bubble-top: has been established
Note 2: New short added, CLAW, relating to the housing sector armageddon extolled above so delectably
YOU HEAR THAT FED, AH HA HA HA, NEW SHORT ADDED, AH HA HA HA HA
ADDED SHORT POSITION CLAW
I usually get the context of your posts but most of the time it’s like trying to read the Rosetta Stone.
Sounds like he bought CLAW. Man that’s an ugly chart.
This is a new ticker to me. Thanks Showtime!
It’s above your pay grade chump
Some assembly required thanks man
Buy you a pizza for using word: context
regarding CLAW, I picked up just a little, it needs to settle, clearly that part of the sector is either irrationally exuberant or pumped, reality in housing/building may return soon anyway
See, now that post was clear and concise.
Showtime is a complex, multi-dimensioned thinking individual.
Eric, I’ve been saying this for a while now, either Showtime is a bot or has an unlimited amount of money.
I don’t recall him ever denying that he is using a paper trading account.
UVXY?
Plz explain this further
15th century bath, ancient manuscript. I hope most of us were permanently touched by the financial crisis, and it’s not just me.
I remember home equity credit cards with $400,000 limits. Good times!
The party is started Fly, tap that keg. Becoming an alcoholic involves prepping for St paddy’s day atleast a day in advance. This insures your shitfaced enough to begin the morning of, and built up enough short term tolerance to drink as your heart desires, while not remembering the entire weekend. Cheers!
I could drink you under the table, nothing to be proud of. So don’t start with that bullshit.
With everyone now employed again that bubble is brewing.
Could be that the FED has been successfull in instilling fear/panic amongst the mortgage wannabes/next level snowflakes, with rate hikes and future blot charts and whatnot. Like most people know that 25 bps is bullshit, yet insane at the same time.
Home equity line of Credit for Google calls!!!?? True story??
While you wait for another U.S. housing bubble you can always fill in the time gap by venturing over to Toronto or Vancouver Canada. They make Americans in the last housing bubble look like amateurs.
Yes, I agree. Bring it on, pump it up. I want to see these vinyl sided rectangular houses in a nearby lower income working-class neighborhood with a rectilinear street grid being sold for 500 K. Locals would consider them worth about 175 K. Some of them have broken above 400 K on the ask. Can’t wait to see 500 K sales, and want to be around to see what happens next.
Around here 200 K now buys a house 35 miles from downtown, with a partially collapsed roof, mold and sold as-is with no right to plumbing or structural inspection prior to purchase.
BRING IT ON !!