Funny Business with Jane Wells

'Imagine' No Subprime: The World Will Live As One?

Beazer Home

Today I'm uncovering the truth about home prices. Yes, the truth! We went to an auction this weekend in Ontario, California, where a NEW Beazer home was on the foreclosure block (I guess the original buyer's lending fell through). In a neighborhood where other new, or nearly new, homes are on sale for $420k, this home's opening bid was...$209,000. It eventually sold for about $300,000, or nearly 30% less than its original asking price. That tells you just how bad it is out there in the Inland Empire, which some call "Ground Zero" for subprime lending.

Which brings me to you. You just can't help yourself. The subprime song parodies keep coming. This one from Tim J., to the tune of "Imagine."

Imagine there's no subprime, it's easy if you try,
No hell around us, how Bear's spirits fly,
Imagine all their people living for today,
Imagine there's no defaults, it isn't hard to do,
Nothing to kill or lie for, no option ARMs, too,
Imagine all the people living life in peace,

You may say that I'm a dreamer, but I'm not the only one,
Soon Ben will cut the rate,
And the world will be as one

Imagine no foreclosures, I wonder if you can,
No need for greedy lawyers, just Buffett's brave new plan,
Imagine all his people, saving all the world,
You may say that I'm a dreamer, but I'm not the only one,
Cramer hopes someday Bill Poole quits, and the world will live as one.

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