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Furious Chinese Demand Money Back As Housing Bubble Pops
Hell hath no fury like a woman scorned or, it seems, like a Chinese real estate speculator who is losing money. After four years of talking (and not doing much) about cooling the hot-money speculation that is the Chinese real-estate bubble (mirroring the US equity market bubble since stock-ownership is low in China), the WSJ reports that the people are restless as the PBOC actually takes actions - and prices are falling. With new project prices down over 20%, 'homeowners' exclaim "return our hard-earned money" and "this is very unfair" - who could have seen this coming?
After a four-year campaign by the government to cool spiraling property prices, rises in home prices are starting to slow and in some smaller cities they are weakening.
Growth in average housing prices in 70 Chinese cities moderated in February for the second-straight month though they were still nearly 9% higher compared with a year ago.
But weaker economic growth, slower home sales and rising volumes of unsold houses have convinced developers in a number of cities to cut prices to raise cash quickly.
And new home prices are down...in smaller cities...
Property developers say privately there isn't enough transparency in land sales and land use, which sometimes give rise to overbuilding in many smaller cities.
Phoenix Lake Garden, prices were cut by as much as 16%
According to property agency Soufun Holdings, Wharf cut prices of 20 apartments in the project to 8,200 yuan ($1,317) per square meter, down from the average 11,000 yuan per square meter it recorded in recent months.
Mr. Wu said he bought a 120-square-meter apartment in December, for 730,000 yuan. Prices are now 610,000 yuan for a similar apartment in the same tower
The drop in newer home prices hasn't gone down well.
Groups of angry homeowners put up banners and demanded their money back after Hong Kong-listed property developer Wharf Ltd. cut prices
Around 20 homeowners picketed outside a property showroom in Changzhou Saturday, demanding to meet executives of the developer. They said they wanted their money back after prices at the project dropped
Meanwhile, there was also a small disturbance at a second project called Ambassador House in the same city after the same developer cut prices there.
Furniture at the showroom of Wharf's Ambassador House was knocked over and the wooden stands for advertisements for the homes were flung on top of a model of the project.
Others said that as many as 100 people who had bought homes at the project had vented their frustrations outside the showroom over the past week.
The complaints...
"Wharf, give us justice. Return us our hard earned money," read one of the banners, held up on bamboo poles outside the Phoenix Lake Garden showroom of a project for mid- to high-end apartments and villas.
"We aren't speculators. We just want an explanation from the developer," said one 35-year-old home buyer, who said he had bought an apartment and gave his surname as Wu. "This is very unfair."
Unfair indeed. How long before we hear they are "entitled" to a fair return on their housing (non) speculation investment? Alas for China's "non-speculators", as we reported last week in "The Music Just Ended: "Wealthy" Chinese Are Liquidating Offshore Luxury Homes In Scramble For Cash" the real anger is only just beginning.
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Great Angry Asians......
....could be fun...
Yeah, whys is that so damn funny?
Prolly cause they are not always pissed, like the fembitches.
If you build it.....the ghosts will come.
FUKASHIT! FUKASHIT!
SUM TING WONG!
Sons a beech. Dat what you say?
By the time this all fully unfolds, the units will be worth approximately the deposits put down (or less).
Sum Ting Wong, Indeed.
An epic crash lay ahead. Watch for falling boulders. Ghost banks, ghost cities, ghost flights...
The bubble that China inflated
Is something that should be X-rated
A government con
A Satanic spawn
Like Ponzi & Keynes must have mated
You go home now. You pay too much. Not my problem.
You reave sales office now before I call porice.
You gweedy specurators. I not have to give money back. You stir owe many mirrions of yuan.
Rots of ruck, bitchez.
There's a sucker born every minute, whether he's Chinese or American.
The unwind has begun! Expect this to take a year or more so to play out. Nothing is scarier to a Keynesian than the inability to print price inflating money.
Wi bai hausu, pei phat moni, nau wan yu pei bak!
Fockuyu, you always blowsing around never buy anyting white sons a beeches!
Boris,
just how many languages do you speak? You should be an ambassador!
they pitched the bitch, you never under any circumstances pitch the bitch.
Boris is once live in China, in Harbin, old Russian city. Visit China in 1989 during Tian An Men.
Shadow Bankers are now in a spot
Investors demand what they've got,
It is not about tellin
of the junk they've been sellin
Can they pay the interest or not?
An overheated housing bubble pops
The last buyer says "You've busted my chops"
"Why me", they will say
And demand someone pay
"Nobody told me the price ever drops"
The burnt customer certainly prefers to believe that he has been robbed rather than that he has been a fool on the advice of fools.
For every specalutive parasite there is a low IQ buyer just as there was in the US debacle, Irish debacle, and hopefully any moment the forthcoming canadian debacle that has been years in the making. That part is sad.
I've been living in a tent near fonestar's and we are both eagerly awaiting the bloodletting.
Wow.
Fonestar's mom tossed him out of the basement?
No...fonestar's mum tossed him OFF in the basement...but we won't go into that...
Alas, those blogospheres spreading rumorisms and fearmongerizing the patriotistic leadership of the Homeland with their reckless blobbing ups of lies, lies and damn americanism lies. Such is the eternal nature of ignorant foreigizing and "tweeting up" of insincere propagandisms untrue to the unique inner Chinese growth characteristics. Through superior mannerisms China will uncompromising construct the biggest bad bank to the envy of the entire world for visiting to see, using her strong supply of labor and shovels and patriotic fervor and peaceful slogans and yellow-red bannerisms. The construction of the bad bank will stimulate the economy in eternity.
Ah...Ananonymous lives!
All is well with the world :O)
Chinese bitching about how something is unfair and demanding the terms of a deal be altered. ROFL.
There's a reason an old mentor of mine (from the 50's) called the Chinese the Jews of the Orient.
The stereotype rings true: Chinese business people & even their Chinese attorneys will literally try & argue about whether there's even a contract in place (when there indisputably is) if a deal even begins to cause their side to lose money.
I will be looking at a witnessed, fully executed, notarized document, and will hear "[W]hat signature you speak of? We not sign any such document! You lie about this!"
Me: "I will be happy to email or fax you the copy of the original right now."
Them: "We not want to see such forgery!"
I've had debates that people don't believe occurred. Only by tape
recording conversations could I hope to prove that the words that were spoken really were.
A-fucking-men .... I will never do business with mainlander Chinese.
Correction: Without LOTS of legal/extrajudicial backup from Taiwanese / HK guys that I know / trust.
Yeah because they never do that in the States or other Western nations.
get real soopy... again, the West isn't perfect but goddamned if that's even relevant to the reality of Chinese business & legal practices... after a few years of that y'all would crawl over a mile of broken glass naked to get back to the "corrupt" practices in the West
soopy - I've never had an experience with any other people, and it's happened many times, and this is just one of an assorted number of examples I can cite, whereby two counterparty directly tells me that they didn't sign a document, witnessed & notarized, less than 48 hours earlier, relating to a relatively large deal.
I'm talking about them flatly denying they signed a fundamental, important document, and refusing my offer to fax or email them a copy of it, merely continuing deny that any such thing happened.
It's surreal.
The other common occurrence is when they try to argue that a clearly written, unambiguous & important section of a document that they signed means the opposite of what it does (not a slightly or significantly different meaning, mind you - but the opposite one).
And they do this with a straight face, while projecting an indignant anger. Again, it's surreal.
I really like the Chinese, generally speaking, and find them hospitable (if a tad stand-offish at first), but in terms of the business context, they operate in truly bizarre ways.
I'll add some spice to that TIS. I agree with the ultimate valuation estimation.
When I was in a city last year I had a few days to just poke around Guiyang, where the average annual income is below $4,000 US per/year. I thought Guiyang was a nice example of real China. But the small, I mean small "apartment/condo's" were being sold for $130,000 US. I wouldn't pay $130,000 for that condo anywhere in the US. And prices only went up from there. How could these places be selling for 30x average annual income. When you think about that 30x number, you realize the prices were staggering.
All major league property developers were very close "friends" of Chinese communist party members and have gotten all the loans they want from regional Chinese banks to build a ridonkulous amount of residential and commercial properties, totally unecessary, all over China.
The units/properties were being marketed as a " can't lose/get rich quick" scheme all over China, with the blessing of Provincial Officials, even.
The central authorities have only begun cracking down on the corruption, which is why you see so many wealthy Chinese either fleeing China or jailed, and why the central authorities have now put pressure on law enforcement to literally babysit the regional banks and even the PBoC.
This is part of the reason why China has printed 15 trillion in absolute fiat during the last 5 years, much of which was leveraged up into shady and highly speculative real estate developments, and which now has a created a massively multiplied ocean of septic debt.
...and I forgot to mention this. They're selling these apartments on the street corner with 5 young guys in suits with very pretty brochures. When I asked them, in my fractured Mandarin, "Can American buy this house"....they all looked at each other, talked among themselves for about two minutes, and they one guy who remembered a little bit from his High School English class came back to me with the verdict "yes". The message was so clear..."you give me money, I take money, we'll work out the details later".
They really are going to pissed and buring shit down when prices really start to fall. What do you think they will do if prices fell by 90 percent..... c'mon economic depression in China... your years of self-richtoues views need to be put back in there place.
Go away. Nobody cares about what you think.
"Go away. Nobody cares about what you think".
Says the junk king.
The junk is being put to good use.
And one day that dog is going to maul you when you sleep.
pods
Wait? Does junking you create a new currency? Junk Coin?
I freely admit that the popping Chinese bubble and all its manifestations have become a sizzling, juicy, medium-rare slice of schadenfreude for many of us. Mmmmmmmmmm... fork tender.
I'm savoring it. But before we get too involved in fantasy land, let's take a minute to remember that at least China IS POPPING their bubble.
We are still pumping ours. China will have a hard landing, shake off the punches, re-set and be back up & growing just as we get around to finally, maybe popping ours.
Then who will have the last laugh? I secretly wish the reverse were true. That we would have our big reset, wallow a bit & finally get back to a truly growing economy -- while the Middle Kingdom blows theirs to infinity.
Sadly, that cannot be until January 2017.
And if the FSA votes in hillary -- never.
My question becomes - if this contines does it spread outside of China? Obviously there will be some overlap with US markets.
If the US intentionally popped any one of thei numerous bubbles I believe it would just start a chain reaction, first domestically, then globally.
I found some bitcoins in te parking lot yesterday. I'm going to put them in the roll with the other pennies. I hope the bank doesn't notice.
Well that would be dumb seeing as how 1 BTC would buy you 1120 rolls of pennies.
Can we be friends? Friends will be better than money soon. Do you know how to shoot a rifle? Clean one? Those are the best friends a guy can have.
I am pretty sure that he does know that. Check out his You Tube Channel...
https://www.youtube.com/user/weihrauchfan1999
Coooooool! Not keen on the Mauser but I do have an extra Mosin and plenty of ammo if you like to shoot antiques. The surplus ammo I have goes right through 1/4" steel plating. Fun stuff.
Let's be buddies, I don't want any of your coins, though.
Yes become buddies with fonestar.
fonestar is locked and loaded and has some more Yugoslavian SKS on the way (traded for some junk silver).
I have enjoyed your Gun Videos. You are quite a character.
Weihrauch really are very good...
Hahahahha... You still make my day. Everytime I see a post by you I think... man.. thank god I am not that guy.
My concern is that those in charge in China will blame exterior and unrelated parties, basically sparking a war, to divert the attention of the restless masses. For years I have been saying China and Russia would have to become staunch allies for WW3 to happen and for those years people have been telling me China and Russia really don't get along all that well and not to worry. Now actions in Ukraine show that is starting to change. Putin might prove that the Liberal in Chief is too green to even consider nukes should the Russians and Chinese team up to start several massive land wars.
What do you think they will do if prices fell by 90 percent.....
Suck it up or be charged 3 cents for the bullet they put in the back of your head.
c'mon economic depression in China... your years of self-richtoues views need to be put back in there
said the FIAT drunk, staggering ameriCON to the chinacom
There was was a ChiCom named Fong
Who's cash was as short as his dong
While trying to cash in
His condo was crashin'
And his banker said Fong Sum Ting Wong
Fate the Magnificent
"Push the Button, Max"
Ho lee fuk! Dey Tu Lo (prices, that is!)
I'm sorry, but if your intentions are to ACTUALLY live in the property you purchased, why would you care about dropping prices?
If I was Chinese, I'd be furious too. Not because of the housing market, but because
any Chinese women who is not uglier than sin or older than dirt, is here in the U.S.
or in Great Briton, giving rub and tugs to the round eyes.
zorba, you're living in the wrong hood. In my neighborhood many of the McMansions are bought by porcelain skinned pretty-if-not-beautiful Chinese driving BMWs. They pay cash also. They stay to themselves and don;t bother anyone.
Crazy stuff but there is no doubt who has the money and looks in my hood. However, saying that I must say most of the American women in this hood look like Stepford wives as opposed to Walmart chunkies. They are pleasant and freiendly when they walk by with their 3 or 4 blonde hair blue eyed offspring and mandatory dog [or two].
All-in-All, it's a nice place. You gotta move zorbe. Life is too short to be surrounded by ugly women.
Dear Speculators,
Can you/ewe read between the lines? [holds up 3 fingers]
..... and once again, "the people" have not a clue who actually caused this situation. Just get mad at whoever's handy- like the developers. Yeah, that'll fix it.
Nice to see the Chinese are as stupid as everyone else when it comes to identifying the root cause of the problem.
Watch out for falling banksters, William.
I had a near miss just this afternoon.
Mao would approve of bankers 'great leap forward".
How does one have a near miss? Does that mean that it almost missed you? If it did hit you would that be a near hit?.... I'm so confused.
Be careful--in HK they can fly halfway across the street after jumping--I've seen pictures.
Walking under the Chater Building again were ye?
Nice work here ... although the heavily Sino-Centric mainlanders are not gonna like it; your use of the Rising Sun, that is.
The Laobaishin just get took and took and took - since the 1980's, as soon as they get some Yuan in their pocket they just get took.
How's HK RE?
If you see one you may experience the "dead banker bounce"...look out for the rebound and sudden crash again afterwards. They splatter just as bad as the cats
HAHA these rubes know nothing of RE crash just like most Americans. Manassas Park, Va right outside DC had a 70% drop from peak in home values from 2007-2012. It somehow managed to stay out of the news media for one of the worst hit zipcodes in the nation as well. It just recently recovered maybe 20% of that 70% back which allowed me to sell and break even last summer but still is down a solid 40-50% from peak and that's at the top of its recovery. These Chinese aint even begun to feel the sting yet.
This is not the end of the beginning,
but beginning of the end
Geez, who will buy the BMW and Mercedes now?
Good luck with that, Suckahs!
Coming to Mercika, Canada, the Ozzies, etc. etc.
That's Canaduh...
long poutine
Lose money - It's not our fault, it's so unfair, my government should do something
Make money - I'm so clever (and I don't want to pay taxes on my profits either)
90% of retail investors make me sick.
90% of retail investors make me sick.
90% of Retail Investors make Wall Street rich. Sheep for the shearing. The Muppet Class.
Why are they making you sick?
short wool?
wool for gold?
Based on recent history I believe that philosophy isn't solely owned by just the retail investor. If I remember correctly it was the large institutions who threatened tanks in the streets if we didn't bail them out.
Now only if the retail investor can threaten "Tanks in the streets" then we'd stand a chance.
Tanks in the lobbies of the WS houses is what I want.
This line of reasoning seems to work well for Wall Street.
Poor babies.
I feel like I've seen this movie before rather recently.
rumor has it all 20 of them have threatened to drive without using their turn signal to show their dissatisfaction.
(Normally I would not make fun of chinese people but Tyler started it with the picture)
I was going to go with a 'Sixteen Candles'/Long Duck Dong reference, myself. But, yeah, that works, too.
(It must be "old movie day" in my head today. So far this morning I've referenced 'Glengarry Glen Ross', 'The Philadelphia Experiment' and 'Sixteen Candles' in under an hour on ZH.)
Come on...It is called Credit Freeze II...The Sequel. Coming to a Financial Market near you soon. Enjoy the show.
Yeah. I need some popcorn. It should be spectacular and full of suspense., intrigue, and drama.
Looks like someone is about to be "unfriended" on Facebook in China...
oh wait..
Somewhere in China there is a real estate agent saying,
"Now is a great time to buy!"
There has never been a better time to buy, as in
NOW, NOW,NOW. Baby needs new shoes;) Roll dem snake eyes.
Italian proverb - Four gamblers couldn't support a chicken.
Now is a great time to kick a realtor in the nuts.
Edit... Full disclosure: my wife works in real estate..... and no she doesn't have nuts.
But she has you, and your loaner set.
Mon, 03/24/2014 - 09:51 | 4585154Dr. Engali
Now is a great time to kick a realtor in the nuts.
Edit... Full disclosure: my wife works in real estate..... and no she doesn't have nuts.
---------
It's okay since you have nuts Tylers will kick your nuts in her place. Be a good whipping boy and come take your kick.
Thank god your wife doesn't have nuts,I can sleep now.
90% of the time I've had fast-talking 20-something sluts as agents. The office manager must see my stats, 50's, married, and figure the slut can close the deal. On other occasions when I'm a walk-in the young girl with the tits is always the one that bounces over to work with me. It rarely fails.
Maybe I should go real estate shopping today...
"Now is a great time to buy!"
"Suzanne researched this."
https://www.youtube.com/watch?v=20n-cD8ERgs
When are people in all countries going to finally wake up and hang the god damn paper-pushers/bankers?
Meh, I guess a utopia really isn't possible.
In the US, the paper-pushers are strongly incentivized by favorable tax treatment. At the margin, it is tax favored to trade paper rather than hire a worker. A lot would change in the US for the better if that disparity were corrected. I suspect it is similar in many other countries.
They should of bought the dip.
Viva viragra!!!
Chinese finally amerikanized ... welcome to the club
https://www.youtube.com/watch?v=2gy-aFrypqA
Just wait till the majority of Asian investors realise they've been stuffed up by the sharp UK property boys, basically selling them very very high priced off-plan deals because 'you can't lose with UK/London properdee'.
Here's a stroll down memory lane : Mitsubishi Japan buys Rockefeller Center stake in 1989 for $ 2 billion .... walks away in 1995.
http://www.nytimes.com/1995/09/12/business/japanese-scrap-2-billion-stake-in-rockefeller.html
Don't worry my Chinese friends. I'm sure that the Chinese leadership will bail out the appropriate people while at the same time teaching you the lessons of moral hazard.
And as we've been told numerous times, when the Chinese property bubble pops, it will send major negative signals throughout the world economy. That's probably why the US markets all gapped up this AM.
Why isn't the Chinese central bank buying all the bad mortgages like here in 'Murica? The U.S. claims to be capitalist, yet acts socialist. China claims to be communist and acts capitalist.
It is just beginning...It will take some time before the plot is developed. I am looking forward to the crescendo.
Collapse baby collapse. I am so pleased that Janet Yellen is running the show and causing this. Taper on Bitchez.
She is going to collapse the entire World Economy to save the US Dollar.
cash sales my friend, but price does matter...price destruction is a bitch. at least you have a roof over your head, never mind you bot ten...
"She is going to collapse the entire World Economy to save the Federal Reserve Note". Needed a bit of editing to make things clear. That is the reason you won't have hyper inflation UNTIL the Gub'ment takes away the right to print the currency from the FRB in an attempt to save itself. Hyper inflation is a political decision and a private bank won't take the loss.
Thanks for the fix. I will do better...I promise.
So we are going to ave deflation ? Don't think so,they'll let it collapse until the sheep cry and then print to the moon.
Deflation precedes a Hyperinflation.
The most scholarly work on this phenomena appeared on the Kitco Forums by Jim Lubbad. It was even plagarized by an official, a University Professor, at one time who was paid for Jim's Research. It will behoove you to read it.
https://www.kitcomm.com/showthread.php?t=93752
Learn the three P:s.... Patience, popcorn and precious metals..
welcome to the free market communist chinese bitches!!!!!
Socialists and Communists always want someone ele to pay for their mistakes.....
Look how the American taxpayer is paying for the Obowel voters mistakes.....
Please, since we started bailing out corporations what's left of the american tax-base has been bailing out private equity for at least 15 years...
Still think you have a political choice? LMFAO!
Remember it was Bush who signed TARP/TALF.
Seriously. Someone needs to bail these people out. I think it should be the little guy.
Fcuk you for this, GW Bush ! {cough}
Barney Frank, the whole gang.
Want their money back.
That's our TBTF bankers' joker card.
"Groups of angry homeowners exchanged harsh words with passers-by."
"Around 20 homeowners picketed outside a showroom armed with tofu and a foreign brand of spreadable cheese, but they denied any snacks to the showroom managers."
"Meanwhile, there was also a small disturbance when an angry mob of property speculators decided they were going to sit down outside for 'as long as it takes to get on TV'."
"One man from Shenzhen has been missing for 30 minutes. Witnesses said he was last seen looking very dissatisfied indeed."
Wife talking in hushed tones to mother-in-law.
Nail salon a twitter while golden goose has tungsten center.
Noodlehouse manager takes half day off.
Men glaring at government building.
That's pretty good Kurt; sounds like you are familiar with the Small City mindset in those parts.
Their money back. lulz. Ninja loans don't require money and I doubt seriously that Wu pulled 730K yuan out of his er, back pocket to pay for that dump. Those fuckers must think they're Americans paying over $100/sq. ft. Sum ting wong indeed.
Sometimes these folks don't act like the oldest civilization on earth - wise up
Google Images searched "angry chinese"
Bingo, first time
like the one that says "yu dum fuk" on it
If they aren't speculators, they have nothing to worry about. Just keep living in the home until its paid for.
Chinese/ Japanese they all look the same when it comes to scamming them on real estate bubbles...
Remember the Japanese buying up New York City real estate the last time around. How'd did that one work out for the Japanese?
uh, remember how americans were paying 5 times annual income on homes 'cause they always went up? remember when every idiot, including me, was buying dot.com stocks with infinite PE ratios? yeah, stupid asians /s
GOOD!@ Fucking cheap asians! Eat that.
At least these buyers got what they paid for. Now imagine communities in my area where developers took easy money from buyers eight years ago and still haven’t delivered the construction improvements promised. And, if you think there was a bankruptcy involved, think again. Many of the same developers are still in business working on smaller projects now. Of course they’re being sued by many, but, the local governments and courts (who the developers have in their pockets) keep ignoring them and delaying cases on technicalities. It’s organized crime at its finest, right here in the good old USA. Suddenly, Chinese real estate investing doesn’t look so bad.
I'd look into an involuntary bankruptcy proceeding, but that's gonna cost some dough.
If they weren't smart enough to start new LLCs or Corps for each new venture, then the new venture could be liable for the failed old one, but it sounds like these guys are smart about ripping people off.
They got the Chinese Buffet treated turned on them.
https://www.youtube.com/watch?v=TdwuiyO7hOU
You go now you here 4 hours...
Cry me a river bitches.
http://www.youtube.com/watch?v=DksSPZTZES0
Don't worry, Jinping will send in the tanks.That's the system a great majority of Chinese supports.
go to Frorida, eat rats in Condo, pay HOA fees, Lealtol say; Its an investment, Blicks and Moartel...Hai,
Lushian Neibers gone, banks gone, bus, gone, taxplaya, gone, all gone.....
They can always go back to making money the old fashioned way:
Brack Jack at the Seminole Hard Rock.
It is all fun and games... until you lose your arse in a deal.
MiddleKingdomFUBAR
I think Bruce Lee made a movie like this once, 'Condos of Fury!' I'm pretty sure of it.
What is the Chinese character for 'muppet'?
INSIDE JOB, part 2
Chinese get boned by central banking. Welcome to the club.
Looks like it's 2009 in China.
In 1929, people were so happy that they were getting their money back that they were jumping out of high-story windows....
Canada, you're next.
Canadian Home Sales Fall in January for 5th Straight Month http://www.bloomberg.com/news/print/2014-02-14/canadian-existing-home-sales-fall-in-january-on-toronto-decline.html
Lloyds Banker Sees Big Losses Ahead for London Luxury Homes http://www.bloomberg.com/news/print/2014-03-21/lloyds-banker-sees-big-losses-ahead-for-london-s-luxury-property.html
Who could have seen this coming? http://img.photobucket.com/albums/v393/youricarma/Miscellaneous/Mao_That...
Let the run for the exits commence.
Wow..............and I thought we Americans were stupid.
so....WTF? Why is FXI on a tear today??
keep an eye out for chinese realestate agents and mortgage banksters with nailguns...I hear that's a painful and slow way to suicide yourself ;-)
How long before we hear they are "entitled" to a fair return on their housing (non) speculation investment.– Tyler Durden
When it develops that anyone who is buying a home is classified as a speculator then we are talking about the banker takeover of the housing market.
There was a time when housing was part of a man’s right to develop his estate, to live in his house but to work on it and develop it and to realize a return on his labors and savings in an effort to at least stay even with banker-induced inflation. To call this speculation is banker propaganda.
And after the bankers -- with a cooperative brokerage-real estate-construction industry in accompaniment -- artifcially run the prices up and people are caught in the bursting bubble, it’s the bankers who first exclaim, you’re just suckers.
Anyone who takes glee in this travesty of his fellowman, and owns gold, is not only playing along with this propaganda but should remember the words,"Do unto others as you would have them do unto you," when his turn comes round.
Stocks are a market, housing is a market, and gold, never forget it, is a market. Markets, when they are no longer honest, are what the bankers manipulate to seize another man’s property.
The handling of this misfortune to, yes, Chinese “homeowners,” reminds me of MSN Money’s attitude toward American “savers” in 2009 when, according to that banker mouthpiece: People that have stopped spending money and instead are saving could destroy the economy.
Same as 2009, its difficult to say "its all the borrower's fault", because they have been lied to (extensively). Once fraud has been committed, IMO, "it's the lenders fault".
There is work in the rural areas. The water pump broke and water must be carried to the fields. Lots of available positions. Or, you can come to Los Angeles and be a German Language Tutor to American College Students.
The apple I bought last week is now on sale for 3 cents less each. WAHHHH, I WANT A REFUND!