This is not an endorsement of some profoundly virtual negative types. But, in the hope of creating (and maintaining) an open forum for ideas (whether you agree with these bloggers or not) here’s a little piece from the dark side of real estate blogs. If you can look past the underlying bitterness that’s laced throughout these blogs, you’ll find that there are occassionally some creative insights, and great ideas. Also, and this is the best part, the sarcasm and humor here is often pretty funny. Don’t take any of this too seriously , and enjoy.
Bubble Blogger links:
Dr. Housing Bubble
Bubble Blogger’s Glossary:(the humor)Homedebtor (recent homebuyer): Perpetual debtor who will probably never own the house outright, thanks to cyclical refinancing (used to fund conspicuous consumption) and property taxes.Serial Refinancer: A homedebtor who is addicted to mortgage refinancing as a street addict is to crack. This type typically refinances several times a year for the purpose of “liberating” more equity to purchase such essentials as exotic vacations, plasma TVs, massive humvess, and anything bling!Loanowner: Another synonym for homedebtor, that more accurately describes what one really owns.Jealous Bitter Renter aka JBR: Someone who pays a homedebtor for the right to live in his home at a huge discount. (No downside risk of falling property prices, rising property taxes, or maintenence nightmares)Sheeple: Derogatory term for the vast herds of Homedebtors unaware of the bubble’s existenceAlligator: Investment property that eats more income than it generates, such as a neg-am Florida condo purchased in the last two years.McAlbatross: Play on McMansion. Homedebtor that cannot sell home. Described as living “under house arrest”Accidental Landlord: Cannot sell house and finds oneself in the position of becoming an unintentional landllord. This type is easy to spot. Usually has simultaneous “for rent” and “for sale” listings on Craigslist. Careful if you rent from an Accidental Landlord, if they sell house, the new owner may not honor the prior rental agreement.Buyer-User: Industry term for someone who buys a home to actually live in it. An increasingly rare and endangered species. Obviously, if you’ve found yourself caught between a rock and a hard spot none of this is too funny, and you have my deepest sympathies. Markets run in cycles. It is my belief that the market peaked in July and August of 2005. As long as there are no acts of God (Earthquakes, Hurricanes, ect.) or terrorist attacks, this current market should turn around in the next couple of years. Some areas of the country may take longer than others. So, be careful, cautious, and talk to a reputable Realtor as to what your best options are. All the best!
