BMIT

User Forum Topic
Submitted by Raybyrnes on January 12, 2009 - 9:48pm

What happened to Bubble Market Inventory Tracker? I know the author purchased a house but I used the links to get to the other real estate blogs.

That was a really good blog. I would ask the author if he reads this to put it back up.

Submitted by jpinpb on January 12, 2009 - 11:32pm.

BMIT is still there. You just now have to register w/google. Too many anon idiots going too far. No big deal. We had to register for Piggington and SDL. BMIT is worth it, as well.

Take that back. I signed up w/google and am still not able to get to it. Says you have to be invited.

Submitted by CardiffBaseball on January 12, 2009 - 11:53pm.

Same here, that's good reference site I wonder why he's taken from being public. I can see not updating but it's still a good reference site.

Submitted by ocrenter on January 13, 2009 - 12:41am.

I need some time to reassess risk and safty concerns for me and my family.

meanwhile the blog will be down.

Submitted by sdrealtor on January 13, 2009 - 12:45am.

Its a great blog. I hope he sticks with it.

Submitted by Jumby on January 13, 2009 - 9:40am.

Ocrenter...I'm a internet marketing consultant (among other things)...it's a shame to see you shut it down like that because you will lose all your cached pages in the engines, which in turn will severely hamper your organic search engine traffic...

email me if you want to talk more about it...i actually have some questions for you...

honestquinn[at]hotmail.com

Submitted by NotCranky on January 13, 2009 - 9:48am.

I liked the blog too but I disliked the private detective, rub people's nose in dog stuff aspect. I don't think it is smart or admirable. I guess the blogmaster is catching on. What is legal and what makes sense are two different things. It was over the top.More people should have kindly warned against it.

Submitted by Raybyrnes on January 13, 2009 - 10:25am.

OC renter. You listed you site as invite only. How do I crash the party? Would be happy to register.

Submitted by just someone on January 13, 2009 - 10:27am.

Last post found in Google Reader:

An Angry Trojan Mouthing Off
by ocrenter

A blog is nothing without its readers. And this blog is what it is because of the type of selfless reader contributions. All of it, were done anonymously. The Ladera Fraud story would not have been possible if an anonymous mortgage investigator didn't tip me off. The countless stories such as the RSF Triumvirate would not be possible without the help of industry insider such as Dr. Keeler.

I kept my anonymity over the last 3 years for a very good reason, to protect my family. I wanted no fame, I chose to have no ads. This is ultimately a forum for folks to share.

I've always enjoyed hearing from readers, here's a lovely comment for yours truly from trojan4life,

"If one has been a long-time reader (like me) you can see where his analysis evolved from fledgling RE blogger with limited RE and mortgage/finance savvy to one with enough to be dangerous when offering advice. Ultimately, it is the feeling that you are not willing to withstand the same subjective scrutiny and public ridicule you unwillingly forced other homebuyers to, at times to the point of the threat of litigation.

OCR, your blogged served what appears to be its useful purpose, to help you become better informed and to share what you learn with others. But like many bloggers, your LACK OF CREDIBILITY, ETHICS and willingness to disclose any info on your purchase makes you a loudmouth in a bully's pulpit.

I'm embarrassed by your stance on this and quite frankly think it's a shame. You once had a good blog. Ding-dong, BMIT is dead!"

That seals the deal folks. BMIT IS OFFICIALLY DEAD.

Submitted by Raybyrnes on January 13, 2009 - 10:41am.

Very Disappointed but I don't Blame OC renter.

Sort of feels like the tax example of the rich guy who has elected to stop paying for the beer.

Best of luck. I was very impressed with your blog.

No sour apples. Hope you will continue to post on piggington

Submitted by Aecetia on January 13, 2009 - 10:49am.

Ditto what Ray said. I also agree with your right to privacy. I am glad you were able to buy and hope that if the time is right, you continue to update BMIT when appropriate. TG and some of the others bought homes and I think they will continue to contribute.

Submitted by greekfire on January 13, 2009 - 7:57pm.

I don't blame OCRenter for the position he is taking. I am sure that his privacy took a major hit after he bought his property. Perhaps something leaked out. Regardless, his right to privacy and the safety of him and his family is paramount. Too many jerkoffs out there try to bring about change through acts of aggression and threats. That's when you know you have them by the balls!

OCRenter - One option might be to hand off the torch to willing contributor(s) who you think will help to continue the purpose of BMIT. Maybe someone can start BMIT2 and, if possible, port the old archives from BMIT over to it for reference.

Submitted by DCRogers on January 13, 2009 - 8:40pm.

OCRenter, as a long time supporter, I wish you the best of luck. (But please find a way to keep the old archives on line... even archive.org doesn't have them!)

Submitted by CA renter on January 14, 2009 - 1:36am.

It's sickening that some people can't understand the difference between exposing fraud and exposing the identity of someone who performed a very valuable service: exposing fraud and dislocations in the housing market. When the housing market was based on nothing but fraud (either by the borrowers, lenders, ratings agencies, CDS issuers, etc.), exposing that fraud is in the public interest, and can help law enforcement/regulators track down and prosecute those who well deserve to be prosecuted.

I'm sorry you've had to deal with all this bull$hit, ocrenter. It's very disappointing to see the childishness and viciousness of some of the posters.

I love your blog, but your safety comes first. Best of luck to you as you settle into your new home, **undisturbed.**

Submitted by SanDiegoDave on January 13, 2009 - 9:31pm.

Totally understandable ocrenter. If you choose to keep it closed I support you. But the option of moving the posts to an archive somewhere would be great. The articles remain a spectacular reference.

Submitted by gracie on January 13, 2009 - 9:58pm.

OCRenter I will very much miss your site.....I learned so much from it. I also enjoyed all the links to other sites that you had.
Many people were helped; educated and informed from all your hard work. You were very much appreciated by many readers!

Submitted by waiting hawk on January 13, 2009 - 10:28pm.

It cant go on forever right? Glad you bought. We all won. F all that care who u are and your address. How sad that people actualy care that much. I am glad that I was one of the few who knew that you worked for the CIA though ;)
forsaken

Submitted by DWCAP on January 13, 2009 - 10:29pm.

just someone wrote:
Last post found in Google Reader:
I've always enjoyed hearing from readers, here's a lovely comment for yours truly from trojan4life,

OCR, your blogged served what appears to be its useful purpose, to help you become better informed and to share what you learn with others. But like many bloggers, your LACK OF CREDIBILITY, ETHICS and willingness to disclose any info on your purchase makes you a loudmouth in a bully's pulpit.

I'm embarrassed by your stance on this and quite frankly think it's a shame. You once had a good blog. Ding-dong, BMIT is dead!"

That seals the deal folks. BMIT IS OFFICIALLY DEAD.

Perhaps I missed something, I admit I was never on BMIT much, but i did read enough Id like to know what the hell the author of the piece above is talking about. Ok, the site was confrontational. It was not nice, and didnt hold punches. But I never saw any lies or honest people exposed for being honest. It was those who had something to hide who needed to worry. Exposing fraud, tax evation, or just general RE stupidity shouldnt be something that is either unethical or shows a lack of creditability.
I also see no reason you should have to expose yourself or your families finances just because others want to use it against you assuming you have not used the same fraud or just BS practices that you railed against.

I liked you header about Anti-Slap. I am sorry some people want to hurt you for exposing their fraud. I really would like to know what the hell this is all about, but I suppose that is best left for another venue.

Submitted by jpinpb on January 13, 2009 - 10:30pm.

OC - Thanks so much for all your hard work, research, persistence. I am so disappointed that you are in hiatus right now. Happy for your new home purchase.

To all those that gave him a hard time, they were bitter, miserable, angry people who want to kill the messenger and who can't handle the truth.

It's all public information. It's not against the law to have opinions and share them on line.

I appreciate OC's efforts and I will miss him.

Submitted by jetonejet on January 14, 2009 - 12:53am.

OC, thank you for your hard work with BMIT. Your Blog will be missed...

Submitted by ocrenter on January 14, 2009 - 12:20pm.

thank you all for the kind words.

I just need a vacation from all of the trash I have been dealing with over the last couple of weeks.

waiting hawk, you know as a CIA agent how stressful my job can be. (wink). no need to complicate things with all of the verbal abuse I've been dealt with recently.

the original plan was to keep the blog up, as I do think there's a lot of value with the links as well as the continuing inventory update.

we'll see.

Submitted by pepsi on January 14, 2009 - 2:46pm.

Love your blog! Hope it will be back someday.
I am sure some years later if someone review this great RE Bubble history, they will mention about your site (and this site, too).

Your site will be one of the iconic blogs for this historical RE bubble!

Submitted by Trojan4Life on January 14, 2009 - 2:49pm.

Ah, I see you chose to only print part of the posting I submitted, OCR. Perhaps that should tell the kind readers of Piggington a little more about your character. In the first paragraph, I stated that perhaps OCR had found the home that made he and his family happy and were comfortable buying, and then I congratulated him if that were the fact.

But I will not back away from the fact that OCR feels he/she (who really knows) can hold "knife catchers" to public ridicule by divulging details of their purchase. While I understand these details are in the public record, it was his "guilty before being proven innocent" point of view that made his blog both controversial and readable.

But those who live by the sword also die by the sword, and ultimately OCR felt that they should hide for cover using the "safety of my family" excuse to absolve themselves from responsibility for their actions.

I have been a long time reader of many real estate blogs, and conducted graduate research into the ability of blogs to compete with mainstream media. Ultimately the question of journalistic ethics was found to be the most critical downfall of the blogger.

The good RE blogs like Piggington do little to hurt people emotionally, that's not their purpose. It's to analyze data, trends and to provide a forum for discussion. That is the tragedy of BMIT, it evolved into a bash-a-thon, perhaps to sooth someone's anger, I'm not sure. But I won't miss the BMIT blog, because it had become nothing more than a tabloid.

Rich, I'm sorry to use this forum to defend my comments, and if you would like I won't post here again, I respect you enough to abide by any decision you make.

Trojan4life
(oh, and OCR...all the haters use the condom joke...so get a life)

Submitted by waiting hawk on January 14, 2009 - 3:14pm.

Dont read the blog then u crybaby and make your own that is up to your standards.

Submitted by patientlywaiting on January 14, 2009 - 4:13pm.

I will miss the blog.

It's one thing to talk in abstract terms. BMIT showed us examples of the fraud and the craziness.

Yes, it's a tabloid, but what's wrong with a tabloid. There's a place for all types of reporting and speech.

Submitted by NotCranky on January 14, 2009 - 4:46pm.

Good for you Trojan4 Life,

There is too much "Hero worship" "group think" and "clique" in Blogdom. Sometimes it reminds me of the seventh grade. No, I am not going to start my own blog because I have critical comment to make. That is just the kind of thing that I am talking about.

Even tabloids get sued or face other consequences. All media outlets I know of are subject to criticism. If you can't stand the heat get out of the kitchen or take a few pots off the stove. It sounds like that's what OCRenter is doing.Good Move. I gave him a friendly warning about some of his activities, a long time ago, which I believe he didn't care for, so this is interesting to me. I'm glad no one got hurt.

Submitted by ucodegen on January 14, 2009 - 4:58pm.

@Trojan4Life

But I will not back away from the fact that OCR feels he/she (who really knows) can hold "knife catchers" to public ridicule by divulging details of their purchase.

He never detailed 'who' was the knife catcher.. just that there was one and at what price. It shows current market comps which many RE people aren't always honest about (they have a disincentive to be honest because commission is based on sales price - higher means more commission and the enforcing body is virtually non-existent; every $1000 in price is an additional $60 in commission). Sounds almost like you were one of the "knife catchers". Get over it!! Everyone makes bad or boneheaded decisions once in a while. It is almost impossible to precisely time the bottom of a market. Changing the 'Press' or suppressing it will not change the fact! The only time that OCR detailed more along the 'identity' of the person was when there was a pattern of very questionable behavior (a pattern of behavior which would have caused a broker to have their license yanked if it occurred in the securities market). "Trojan4Life"; did you have that pattern of behavior?

One important thing for all of the RE hypsters etc to realize; "Good Press" can continue momentum in price movement (up or down) but it is powerless when fundamentals overtake and the reversal occurs. When you have a pattern of good press in a weak/falling market, people begin to feel that the press is consistently lying.. and will act accordingly, including feeling that the opposite of the current media statements is the real truth.

Ultimately the question of journalistic ethics was found to be the most critical downfall of the blogger.

As it has been of the current mainstream media. The completely missed the boat on the housing crisis, the mortgage crisis, the stock bubble in 2000.. etc. A weather-vane would be just as good as the current mainstream media because it only publishes what is the current consensus. They don't seem to want to take a risk and dig! (What advertisers want to place advertisements with media outlets that balk the consensus - balking the consensus has the possibility of reducing readership and thereby add-views. In addition, most advertisements use the desire to be accepted as a driver for their products -- consensus is 'safe', or better.. perceived to be safe)

That is the tragedy of BMIT, it evolved into a bash-a-thon, perhaps to sooth someone's anger, I'm not sure. But I won't miss the BMIT blog, because it had become nothing more than a tabloid.

So I guess that the tables of currents/pending/sales broken down per region is not a form of raw data? Current sales? examples of current sales?

@OCR
You should have purchased your house under a trust. It makes it harder for people to find your real residence. It also allows for some financial security under certain types of litigation.

Submitted by Trojan4Life on January 14, 2009 - 5:22pm.

UCODEGEN,

Throwing numbers up without providing any analysis of substance isn't exactly what I was talking about. Do you see a difference between Rich's analysis and OCR's? I hope so, because the difference is staggering. I did mention his "reporting" has evolved and became better with time, again he never posted that portion of my post, because then there may not be as much sympathy.

I don't own right now. I'm getting close to jumping in, but that will be when I'm comfortable with the purchase. I'll post the particulars of my deal when the time comes, though few will care. Those who want to call me a Knife Catcher then may do so...I really don't care.

I like how I'm made to be the villain. It's a new role for me. Perhaps I should get a wrestling mask at Venice Beach? That would be cool.

For me, it boils down to being willing to take a dose of your own medicine. If OCR hadn't been reckless in his blogging activities, perhaps there wouldn't be the need to be worried for his and his family's personal safety. Even that is kind of laughable, I think he's giving himself a little too much credit there.

Submitted by ucodegen on January 14, 2009 - 7:12pm.

Throwing numbers up without providing any analysis of substance isn't exactly what I was talking about. Do you see a difference between Rich's analysis and OCR's?

But this is not what you were vilifying him for. I did my own anal on some of the numbers. With Rich's analysis, I don't accept it without question. I look into what he has come up with and decide for myself.

For me, it boils down to being willing to take a dose of your own medicine. If OCR hadn't been reckless in his blogging activities, perhaps there wouldn't be the need to be worried for his and his family's personal safety. Even that is kind of laughable, I think he's giving himself a little too much credit there.

Personally, I think that the exposure on the frauds that were going on was well needed. I am very bothered by law enforcement's preoccupation with certain crimes while turning a blind eye to other 'white collar' crimes that have done considerable damage. As I said before, consensus is perceived to be safe. So is not getting involved. Someone has to speak up. You may call it reckless, I call comments on Jennae and the like needed. Too much damage was done by people like them. As for the perceived danger being laughable; considering some of the characters he 'blew the whistle' on, and the amounts of money involved in questionable activities, you can't take it too lightly. Considering that Jenae and the like were willing to step outside what was legal.. you don't know how far they will go to prevent going to jail or to prevent any truth from getting out. NOTE: Remember, anyone could have been a mortgage broker, and several of them have been found to be convicted felons. It could be that his 'recklessness' prevented someone else from being taken to the cleaners.

What is interesting here, and OCR should pay attention, is that if there are specific threats against him in an attempt to silence him, the 'perps' may be be able to be tried under anti-terrorism statutes. Contact law enforcement and attorney.

I don't own right now. I'm getting close to jumping in, but that will be when I'm comfortable with the purchase. I'll post the particulars of my deal when the time comes, though few will care. Those who want to call me a Knife Catcher then may do so...I really don't care.

If your hold period is more than 10 years, then inflation will be balancing it all out anyway and it ends up being more of a rent-buy decision ignoring any appreciation/depreciation. As I mentioned earlier.. it is nearly impossible to exactly time the bottom.
PS: Shiller was laughed at in the investing community until his predictions came out - so it doesn't really matter what names a person is called.

I like how I'm made to be the villain. It's a new role for me. Perhaps I should get a wrestling mask at Venice Beach? That would be cool.

Sounds like a whine to me.. You spoke up.. fine,.. but don't expect us to withhold our opinions and agree blindly. Besides, if your name implies USC.. then it is quite unbecoming to whine!!

Submitted by jpinpb on January 14, 2009 - 7:28pm.

It seems more people will miss OCR and less than a handful that have an issue. Don't kill the messenger!

Submitted by NotCranky on January 14, 2009 - 7:50pm.

There you have it, if it's popular, it's right. Taking issue with an aspect of a blogger's activities and killing the messenger are not even remotely associated in my mind. If anyone was going to kill him it was the voyeurs cheering him on.

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