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~ (Author) "The first three rules of real estate are expressed as ""location, location, and location.""..." (more)
Key Phrases: apartment building prices, housing prices relative, housing crash, Fannie Mae, Freddie Mac, San Francisco (more...)
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The Coming Crash in the Housing Market : 10 Things You Can Do Now to Protect Your Most Valuable Investment + Sell Now!: The End of the Housing Bubble + Obamanomics: How Bottom-Up Economic Prosperity Will Replace Trickle-Down Economics (Economics in the Obama Presidency)
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  • This item: The Coming Crash in the Housing Market : 10 Things You Can Do Now to Protect Your Most Valuable Investment by John R. Talbott

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Editorial Reviews

Review

"Is This House Worth USD1.2 Million? No, we don't have a housing bubble yet. But if the frenzy doesn't end soon, we will. Then, watch out"---Cover Story, Fortune, 10/28/2002


Product Description

Today's real estate market is a house of cards--learn what homeowners can do to prepare for its pending collapse

Soaring home prices and 50-year low interest rates have lulled homebuyers into a false sense of security. But plummeting consumer confidence and record-high personal debt threaten to blindside overextended homeowners and real estate investors.

The Coming Crash in the Housing Marketshows homeowners how to avoid owing more to lenders than their houses are worth--known as an "underwater" mortgage--and reveals commonsense steps for protecting one's assets when the bottom falls out.

In this compelling, well-documented book, renowned economic consultant John Talbot tells current and potential homeowners how to survive and thrive in tomorrow's world of slashed home values. He presents:

  • Convincing reasons why the housing market will likely crash within two years
  • Startling similarities between this and previous economic disasters
See all Editorial Reviews

Product Details

  • Paperback: 204 pages
  • Publisher: McGraw-Hill; 1 edition (April 28, 2003)
  • Language: English
  • ISBN-10: 007142220X
  • ISBN-13: 978-0071422208
  • Product Dimensions: 8.8 x 6 x 0.7 inches
  • Shipping Weight: 11.4 ounces (View shipping rates and policies)
  • Average Customer Review: 3.5 out of 5 stars  See all reviews (61 customer reviews)
  • Amazon.com Sales Rank: #536,060 in Books (See Bestsellers in Books)

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More About the Author

John R. Talbott
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Search Inside This Book:
Inside This Book (learn more)
First Sentence:
"The first three rules of real estate are expressed as ""location, location, and location.""" Read the first page
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
apartment building prices, housing prices relative, housing crash, home prices decline, implied government guarantee, qualifying formula, high home prices, mortgage interest deductibility, new homebuyers, quasi agencies, book equity, debt leverage, mortgage industry, mortgage business, physical house, housing market, mortgage debt
Key Phrases - Capitalized Phrases (CAPs): (learn more)
Fannie Mae, Freddie Mac, San Francisco, Wall Street, New York, Action Item, Federal Reserve, National Association of Realtors, San Diego, United States, Census Bureau, Existing Home Sales Survey, San Jose, Fed Funds, Ginnie Mae, Los Angeles Area, Orange Cnty, Santa Ana, Federal Housing Finance Board, Kansas City, Las Vegas, New Jersey, Oklahoma City, Pompano Beach, San Bernardino
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Customer Reviews

61 Reviews
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Average Customer Review
3.5 out of 5 stars (61 customer reviews)
 
 
 
 
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Most Helpful Customer Reviews

 
47 of 50 people found the following review helpful:
5.0 out of 5 stars Excellent! Finally someone to answer the nagging questions., September 11, 2003
By A Customer
One of the most interesting aspects of the book was that it answered many of my nagging questions that I had about home buying and mortgages. This includes issues that I see every day with my family and co-workers.

I consistently wondered how a person could make $30,000 per year could qualify for a mortgage of $175,000. Many receive mortgages with little or no money down. How can they have a mortgage payment of $1200.00 per month and cope? How did a mortgage banker determine that they were credit-worthy?

How could so many single people afford a home? Every single woman and man in my office (20 people or so) is currently buying his or her own home. Even married couples seen to spend an ever-increasing amount of their salaries to support a mortgage.

How does anyone in this day and age determine future employment or employability? Globalization and the quest for lower labor costs have put pressure on nearly all jobs, even in the field of education, where I work.

If people are spending 40- 50% of their salary on housing, how will they fund other needs, such as saving for retirement and education for their children?

Both my parents and in-laws live on a fixed income with social security and small work pensions. I know that there is no way that they could afford to carry a mortgage after retirement. Property taxes, insurance and maintenance take an increasing share of their fixed income.

Now, I know that they are all pretty much broke, they just don't know if yet.

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93 of 107 people found the following review helpful:
4.0 out of 5 stars This book helped me decide not to buy a new house, May 20, 2003
By Tom Carr "Tom Carr" (Atlanta, Ga. USA) - See all my reviews
(REAL NAME)   
The author made some excellent points. I have read some of the same things in several recent magazine articles, but he went into greater detail and was very convincing.

When I first started reading this book in the book store, the title made me think it was one more sensational doom and gloom type book on the economy that was designed to sell books without giving the reader any accurate information. That was not the case. The author seems to have a firm grounding in economic principles. He makes his points, while explaining that there are always uncertainties in any market.

If you are thinking about buying a house or investing in rental real estate I think you should read this book first. It convinced me that I should wait another year before buying a larger house.

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67 of 77 people found the following review helpful:
4.0 out of 5 stars Thought Provoking, July 23, 2004
Amazon Verified Purchase(What's this?)
As an investment banker who buys blocks of mortgages around America this is an important subject as to whether the value of my collateral will deteriorate. Talbott does a good job presenting his case that there is a relationship between household income and housing prices. His point is well taken that low interest rates have fueled this boom and that when rates rise, housing prices will have to come down. So, from the perspective of his thesis, I found this to be well written and well documented even if I agree there is a risk but do not believe that it will be significant.

For example, he quotes the very low average household net worth?s of households. Households 45 to 54 have less than $200,000 mean net worth. But when median net worth is taken into account for the same group, the number is closer to $700,000. Doesn't this support current home prices while at the same time highlighting a bigger issue, the widening diversity of haves and have-nots in America? Also, San Diego is presented as the least affordable housing, $379,000 average home vs. $60,000 average income. That's a great fact but does it take into account the large military population that is generally lowly paid but highly transient that may be more renter than buyer in that area? I theorize that these many people are lowering average household income while substantially not trying to purchase homes.

This is a complex issue I have purchased mortgages and real estate around America through the Texas, East Coast and California busts. It is worthwhile to discuss that that risk is higher now than in the past 14 years. But I'm not convinced I see the current catalyst for a bust.

DISCLOSURE: I spoke recently at a banking conference on the likelihood of a home pricing crash. The speech was well received and there are many that worry of this issue. I quoted Talbott and gave him credit for his opinion. He provided great insight and material for a contrarian view on home prices.
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Most Recent Customer Reviews

5.0 out of 5 stars Hindsight is 50/50
I purchased and read this book back in 2003. Talbott was right. You could not have asked for a more accurate guide book on how to prepare for and then to navigate this disastrous... Read more
Published 11 months ago by Chris Merriam-leith

5.0 out of 5 stars A Belated Thank You
In 2003, when I was looking to buy a house and realtors were trying to get me to agree to a higher price than I thought I could afford, I became bewildered and confused by the... Read more
Published 13 months ago by Leha Carpenter

5.0 out of 5 stars Saved me money
I have read this book when I was planning to buy a house in 2003. After I read it, I did not, which now saved me a lot of money. Good analysis, convincing examples. Thanks John.
Published 13 months ago by Serdar Sahin

2.0 out of 5 stars Was it genius or just luck? Definitely luck!
Every year bunch of pundits write books about the next market crash. Eventually, half of them are right. Read more
Published 16 months ago by Gaetan Lion

5.0 out of 5 stars He was Right.
You guys were all wrong.
He was right!

Read this book and profit tomorrow.
Published 20 months ago by Mr. Thomas G. Poulos

1.0 out of 5 stars hasty generations and fallacies
The book contains many hasty generations and fallacies. It's the beginning of 2008 and the rates are at the record low's. Read more
Published 21 months ago by Alekdandr Margovskiy

2.0 out of 5 stars Bad advice, bad person
Mr Talbott actually suggests in this book that you either sell your house or buy put options on Fannie Mae... Read more
Published on April 20, 2007 by Pedro Voltaire

2.0 out of 5 stars Too much terminology, out-of-date, but Talbott was right
Mr. Talbott was correct, sort of. Housing DID crash in late 2003. Or, at least, it should have. By 2003, the pool of qualified buyers had begun to dry up. Read more
Published on December 14, 2006 by April P

5.0 out of 5 stars Housing Crash Believer
Two years ago, by chance, I purchased two books dealing with the coming crash of residential real estate: this one by John Talbott and one by John Rubino. Read more
Published on October 13, 2006 by Happy Renter

1.0 out of 5 stars lol, 3 years later and things are just starting to level off
when i bought my home in fountain valley, ca in late 03 i was given this book to read by a concerned friend. Read more
Published on July 20, 2006 by mr. wright

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