October 13, 2017

The Glory Days Could Soon Become A Nightmare

It’s Friday desk clearing time for this blogger. “The appraisal profession has been changing over the last ten years as the economy, real estate market, demographics and laws have changed. Recently both Fannie Mae and Freddie Mac introduced lending programs that waive all appraisal requirements for certain purchase money mortgages. The agencies are competing with each other to increase market share and it is highly probable the use of appraisal waivers will grow, much to the risk of harm to consumers and the financial markets. Appraisers are the only ones involved in real estate transactions who are independent and unbiased. Everyone else has something to gain if the transaction closes. It makes no sense to remove the one independent voice and replace it with a data tool that can include flawed data, and is can be manipulated by those who will gain if the ‘number’ is hit.”

“Nashville is on pace for a record year for home sales, but there’s debate over whether growth is slowing across the region. The median price of a single-family home sold last month was $280,000, up 9 percent from a year ago. But on a month-over-month basis, that was down for the third straight month. Reflecting a potential slowdown in the market, appraiser Richard Exton said his analysis shows longer marketing times for homes with price drops through a series of listings and relistings. ‘This is something that wasn’t happening earlier this year,’ he said.”

“In case you missed it, the North Texas housing market has turned a corner. Things have definitely cooled a bit from the last few years. There are fewer bidding wars for properties and buyers are more likely to turn their noses up at an overpriced address. And the number of houses with ‘for sale’ signs in the front yard was higher in all but a handful of local residential districts. Real estate agents say that sales of D-FW houses priced above $500,000 are definitely slower than last year, as consumers digest several years of mark ups.”

“The moderation in our residential markets is good news for most analysts, who’ve been worried that North Texas’ residential sector is overheated.”

“After five years of recovery, prices are getting too high for some buyers, while the number of homes to choose from remains too low, said California Association of Realtors Chief Economist Leslie Appleton-Young. ‘I don’t see prices declining in the midterm. But we’re seeing prices moderate,’ Appleton-Young said.”

“The Kitsap County housing market continued to cool in September with home prices, pending sales and the number of new listings down from earlier this year, according to statistics from the Northwest Multiple Listing Service. ‘The market was on fire earlier this year, into the spring and summer months, but once August hit, we started to slow down,’ said Sandi Nelson, designated broker and owner of Poulsbo-based Mike and Sandi Nelson Real Estate. ‘We usually see a pick up in September, but we didn’t see that this year.’”

“The long-feared cool down of the Charleston region’s hot housing market may have set in. For the second month in a row, home sales skidded — and by a dramatic amount in September. ‘While the beginning of fall typically marks a slower pace of market activity, we may also be seeing the initial shift of the market,’ said Dave Sansom, president of the local Realtors group. Sansom said the past two years brought ‘monumental growth’ to the housing market through rapid increases in population and jobs. ‘We knew that wouldn’t continue forever and that at some point the market would begin to level out,’ he said.”

“Falling home prices in Toronto in September dragged down the Teranet — National Bank national composite house price index as it posted its first monthly decline since January 2016. David Madani, senior Canada economist at Capital Economics, said a sharper slowdown in price inflation in the coming months is unavoidable. ‘And with interest rates on the rise and mortgage financing rules likely to be tightened significantly later this year, the worst is still to come,’ said Madani, who has been longtime bear on the housing market.”

“There’s no shortage of warning signs that Sweden’s housing market could be going from red-hot to icy cool. At the most basic level, it’s all about supply and demand. The number of apartments up for sale just hit a nine-year high, but the flood hasn’t been followed by a gain in purchases. There’s also a massive increase in construction. Real estate agents are having problems unloading properties. Fewer people are showing up at viewings and sales are dragging on as buyers and sellers drift apart on price.”

“‘We have a gap between the sell and the buy side, in terms of how they value homes,’ said Henrik Rundgren, the deputy chief executive officer of real estate agent Notar.”

“Australia’s housing market sits atop a pile of increasingly vulnerable debt, according to Citi researchers, who on Friday outlined how the glory days for multiple property investors and interest-only borrowers could soon become a nightmare. Highly leveraged multiple-property investors are at the centre of the report, with 12 per cent of Australian real estate investors said to own six or more properties, according to new data cited by Citi analysts – a ’surprisingly high level of speculation.’”

“‘Tighter lending criteria and rising house prices has meant investors increasingly face net negative cash flows,’ analysts led by Craig Williams said. Additionally some suburbs, such as Sydney’s Bankstown, have seen investors create extreme, Hong Kong-level house price to income dynamics, reducing the pool of available buyers in these suburbs.’”

“A glut of properties could come onto the market. ‘Historically investors ‘sit tight’, but this has become increasingly less viable,’ Citi said, adding investors face a growing household ‘cashflow gap’ and reducing capital gains expectations. ‘Tighter application of responsible lending laws means that investors must now have a clear debt repayment plan, although for many prevailing interest-only borrowers this does not exist. The large levels of debt outstanding by borrowers aged in their 50s and 60s means many investors will need to sell property to discharge their debts.’”

“A push by the Chinese government to ease local housing gluts and fill empty apartments is creating a different headache by driving indebted cities deeper into the red. Under Beijing’s direction, more than 200 cities across China for the last three years have been buying surplus apartments from property developers and moving in families from condemned city blocks and nearby villages. The strategy, supported by central-government bank lending, has rescued housing developers and lifted the property market, which accounts for a third of China’s economic growth according to Moody’s Investors Service.”

“Underpinning the strategy is a cycle of debt. Cities borrow from state banks for purchases and subsidies, then sell more land to developers to repay the loans. As developers build more housing, they, too, accrue more debt, setting up the state to bail them out again. The burden on the state rises, as does the risk of collapse.”

“The government has tried other ways of filling apartments, such as offering cash subsidies to encourage rural migrants to buy in urban areas, but the program is the first large-scale case of the government becoming a home buyer itself. Bengbu officials are wary about publicizing its hand in the market for fear of driving up prices and speculative buying. ‘We don’t mention it as much now as in the past two years,’ the city official in charge of the program said. ‘Prices have been fluctuating a lot, and it’s a little bit out of control.’”

“One new resident, a 26-year-old auto factory worker, said he moved into Oriental Metropolis four months ago after his home was torn down by the government. He used part of his government compensation of 810,000 yuan ($122,000) to buy an apartment for 430,000 yuan. ‘The apartment is not as good as our village home,’ he said. ‘It’s much smaller.’ He said he plans to use the rest of the money to buy another home.”




RSS feed

76 Comments »

Comment by Senior Housing Analyst
2017-10-13 07:44:41

Aventura, FL Housing Prices Crater 6% YOY

https://www.zillow.com/aventura-fl/home-values/

Comment by Jingle Male
2017-10-14 03:53:17

Aventura Housing Market August 2017

Aventura market trends indicate an increase of $50,000 (18%) in median home sales price over the past year.

The average price per square foot for this same period rose to $249, up from $231.

I guess everyone still wants to live there!!! Is that what crater means?

Comment by Karen
2017-10-14 12:07:10

For a minute I thought Zillow was reporting sales prices again, but then I went to the link:

Aventura Market Overview
Median Sale Price: No data

Is this what an increase in median home sale price means?

 
 
 
Comment by Ben Jones
2017-10-13 07:46:01

The headline for the last link:

“Chinese Cities Buy Off Housing Glut With Borrowed Money”

Shanghai Dan, holding the bag:

Example

Comment by Professor 🐻
2017-10-13 07:59:30

What happened to the buckets of unborrowed cash wealthy Chinese investors were using to snap up investment properties left and right just a few short years ago?

Comment by Professor 🐻
2017-10-13 08:10:08

“…creating a different headache by driving indebted cities deeper into the red. Under Beijing’s direction, more than 200 cities across China for the last three years have…”

What’s the end game for this debt-fueled Communistic Keynesian ditch-digging exercise?

Comment by BlackSwanDive
2017-10-13 12:03:41

Nobody’s been printing more money than China. I am not sure how they’re avoiding a complete loss of confidence in their currency, their government, everything.

(Comments wont nest below this level)
 
 
Comment by Mafia Blocks
2017-10-13 08:45:44

The cash paying Chinese were spending borrowed/levered money. It was an interesting script by the Dream Weavers that fell apart.

Dream Weavers…. and check out the backup girl on the right.

https://youtu.be/jEn8nm80GCg

 
Comment by redmondjp
2017-10-13 09:26:34

It’s still pouring into the greater Seattle area, especially now that British Columbia has put that tax on foreign real estate purchases.

Comment by Justme
2017-10-13 12:21:20

How do you know for sure, JP ;)?

(Comments wont nest below this level)
Comment by sleepless_near_seattle
2017-10-13 21:37:18

You can tell by the exponential increase in bad/slow drivers in the Seattle area, Redmond in particular.

 
Comment by rms
2017-10-14 06:52:08

“You can tell by the exponential increase in bad/slow drivers in the Seattle area, Redmond in particular.”

Haha… indeed.

 
Comment by ibbots
2017-10-14 07:01:03

How can you tell when the Asians have started moving into the Barrio?

When the Vatos start buying insurance for their low riders!

 
 
 
Comment by octal77
2017-10-13 10:07:17

“…What happened to the buckets of un-borrowed cash wealthy Chinese investors …”

I live in Irvine, Ca. and have tracked the local market closely for many years.

Irvine was supposedly ground zero for the Chinese tsunami of hundred dollar bills raining down on the Irvine real estate market.

I have long held the theory that the Chinese were buying real estate to launder money, not to live in. (have observed plenty of empty houses). Of course they are exceptions due to the excellent school district, etc. but legitimate family units seem to be more concentrated in properties $<>500k a year. The are just regular people.

All I can say is that as recently as this summer prices for properties $>>2mm and especially for $>>3mm have stalled with regular price reductions.

IMO, I think the market for these high end properties is most certainly topping out.

Comment by octal77
2017-10-13 10:37:23

Correction:

Should read

I have long held the theory that the Chinese were buying real estate to launder money, not to live in. (have observed plenty of empty houses). Of course they are exceptions due to the excellent school district, etc. but legitimate family units seem to be more concentrated in properties less than $1.5mm.. Raising a family around here is ultra-expensive and not all households make greater than $500k a year. The are just regular people.

(Comments wont nest below this level)
Comment by Mafia Blocks
2017-10-13 10:55:57

The higher the price, the greater the debt, the more the crime, the greater the collapse.

Irvine, CA Housing Prices Crater 11% YOY

https://www.zillow.com/northwood-irvine-ca/home-values/

 
Comment by CHE
2017-10-13 12:50:29

My hometown needs to crater far more than that.

$120,000 brand-new houses in 1980 now 40-year-old $1m shacks.

 
Comment by Dylan
2017-10-13 17:10:09

The link provided by the poster above shows values have increased 7.5% since last year: “home values have gone up 7.5% over the past year.” The same link shows that Zillow describes Market for Sellers as “Hot.” Maybe “cratering” means increasing. That must be it.

 
Comment by sleepless_near_seattle
2017-10-13 18:05:42

Define “home values” please. Show your work.

 
Comment by Jingle Male
2017-10-14 03:40:31

Irvine, CA housing market

Irvine market trends indicate an increase of $32,250 (4%) in median home sales over the past year.

The average price per square foot for this same period rose to $466, up from $441.

Crater? Can you define crater. It sounds like it means a 4% increase to you.

 
Comment by Karen
2017-10-14 12:12:26

Irvine, CA housing market

Irvine market trends indicate an increase of $32,250 (4%) in median home sales over the past year.

The average price per square foot for this same period rose to $466, up from $441.

Crater? Can you define crater. It sounds like it means a 4% increase to you.

From the link:

Northwood Market Overview
Median Sales Price: No data

 
Comment by Econ_Teacher
2017-10-15 09:26:13

The key word are “Irvine market trends” for which we are supposed to trust zillow because they no longer show sales data.

What is Zillow incentive? Where do they make more money? A falling market, or a rising one?

It’s an easy question. Stop being obtuse and post DATA if you have it, not FIRE industry bloviation.

 
Comment by Jingle Male
 
 
 
 
Comment by Professor 🐻
2017-10-13 08:06:53

“After five years of recovery, prices are getting too high for some buyers, while the number of homes to choose from remains too low,…”

Why would California home owners want to ever sell an illiquid asset that reliably outperforms all others year after year, especially if you can use the home equity ATM financing to tap into capital gains, your low taxes are locked in by Proposition 13, and you know that a personal bailout is coming your way in case the market ever again turns south?

Comment by Ben Jones
2017-10-13 09:22:42

‘Forget that ‘affordable’ entry-level California house: Half-million won’t reach the mid-point’

“This year’s housing market can be told as a tale of two markets — the inventory constrained lower end and the upper end that’s non-inventory constrained,” said CAR Senior Vice President and Chief Economist Leslie Appleton-Young.’

‘non-inventory constrained’. I think you just invented a new thingie, Leslie.

‘Half-million won’t reach the mid-point’ - translation - you guys are fooked!

Comment by Professor 🐻
2017-10-14 04:36:55

Leslie needs a new moniker.

(Comments wont nest below this level)
 
 
 
 
Comment by Professor 🐻
2017-10-13 07:57:11

“It makes no sense to remove the one independent voice and replace it with a data tool that can include flawed data, and is can be manipulated by those who will gain if the ‘number’ is hit.”

It makes a lot of sense if the goal is to continuously loosen lending standards in order to keep the home equity gain gravy train rolling along for a little longer before the next crash and round of bailouts.

Comment by Ben Jones
2017-10-13 08:12:19

The article mentions the appraisers took their concerns to Senator Pocahontas. I’m sure she’ll be all over it.

 
 
Comment by Apartment 401
2017-10-13 08:05:30

Realtors are liars.

Comment by Jingle Male
2017-10-14 02:59:55

…..so tiring….get a new line!

Comment by Ben Jones
2017-10-14 07:39:23

Just why do you come here JM? To get into little squabbles? You don’t seem interested in the housing market at all. There’s some important developments in this post above. Sydney just cracked. And all you can do is antagonize people.

Rent growth finally starts to flatten
Sacramento Business Journal-Oct 13, 2017
For months, those tracking national multifamily housing trends have noticed a gradual slowdown in rent growth, with Sacramento as an outlier. But the latest ..

Comment by Karen
2017-10-14 12:17:10

And all you can do is antagonize people.

And he lies. Don’t forget the lying.

(Comments wont nest below this level)
 
Comment by Jingle Male
2017-10-15 06:49:15

Posting “Realtors are liars” every day has value?

There is a lot of valuable information on this blog and I enjoy reading it and offering observations. However, repeat daily posts of “Realtors are liars” has no value.

(Comments wont nest below this level)
Comment by Econ_Teacher
2017-10-15 09:28:46

Disagree. It’s an important reminder.

Most people have extremely limited experience buying and selling RE. they need to at least consider the idea that their fiduciary might be acting in contravention of their interests and in her own (ahem, Suzanne) instead.

 
Comment by Jingle Male
2017-10-16 05:40:03

I agree people need good information. That’s why I post; so people will realize not all UHS people are liars, housing can be a great investment and sometimes it can be a millstone. I do find it interesting you like a daily repeat post of “Realtors are liars”.

 
 
 
 
Comment by Katz
2017-10-16 21:57:17

It’s so true. The entire industry needs to be blown up entirely…a bunch of liars and thieves. Don’t fall for them pushing shacks for 1M as they dart around in their new Lexus and Mercedes.

 
 
Comment by Party on
2017-10-13 08:05:42

The borrowing and spending binge by Canadian households, businesses and governments (all levels) continues unabated. Growing the debt in the economy significantly faster than the economy itself grows seems to have developed into a way of life in Canada.

Canadian total (household, business, and all levels of government) debt numbers as of the end of June, 2017

https://owecanada.blogspot.ca/2017/09/canadian-total-household-business-and_19.html

Comment by MacBeth
2017-10-14 06:45:03

I like your moniker. If you continue to post here, I hope you keep it.

 
 
Comment by Apartment 401
2017-10-13 08:14:57

No “pent-up demand” for $500,000 starter homes happening here:

http://thehill.com/homenews/state-watch/355122-more-americans-are-living-alone-after-recession

 
Comment by Ben Jones
2017-10-13 08:15:24

‘The moderation in our residential markets is good news for most analysts, who’ve been worried that North Texas’ residential sector is overheated’

bargaining

“The five stages, denial, anger, bargaining, depression and acceptance are a part of the framework that makes up our learning to live with the one we lost. They are tools to help us frame and identify what we may be feeling. But they are not stops on some linear timeline in grief.”

 
Comment by Ben Jones
2017-10-13 08:19:08

‘Highly leveraged multiple-property investors are at the centre of the report, with 12 per cent of Australian real estate investors said to own six or more properties…a ’surprisingly high level of speculation.’

“‘Tighter lending criteria and rising house prices has meant investors increasingly face net negative cash flows,’ analysts led by Craig Williams said. Additionally some suburbs, such as Sydney’s Bankstown, have seen investors create extreme, Hong Kong-level house price to income dynamics, reducing the pool of available buyers in these suburbs.’”

“A glut of properties could come onto the market. ‘Historically investors ‘sit tight’, but this has become increasingly less viable,’ Citi said, adding investors face a growing household ‘cashflow gap’ and reducing capital gains expectations. ‘Tighter application of responsible lending laws means that investors must now have a clear debt repayment plan, although for many prevailing interest-only borrowers this does not exist. The large levels of debt outstanding by borrowers aged in their 50s and 60s means many investors will need to sell property to discharge their debts.’

Recall the guy recently writing an opinion piece admitting his mortgage fraud, and saying, “hey, I’m Australian!”

 
Comment by Sean
2017-10-13 10:22:48

‘I don’t see prices declining in the midterm. But we’re seeing prices moderate,’ Appleton-Young said.”
———————————————–
This makes no sense. “I don’t see prices declining, but we’re seeing prices declining.” Isn’t that the definition of moderate?

Moderate:
make or become less extreme, intense, rigorous, or violent.
“I shall not moderate my criticism”
synonyms: die down, abate, let up, calm down, lessen, decrease, diminish

Comment by Carl Morris
2017-10-13 11:14:59

But we’re seeing prices moderate,’ Appleton-Young said.

Wasn’t she the one with the original soufflé quote back in the day?

Comment by Ben Jones
2017-10-13 11:16:04

That was the guy who moved to Florida from California. She had the “god’s country” line about Marin.

Comment by Carl Morris
2017-10-13 11:36:00

OK. I was just going to laugh if she couldn’t even remember her own BS from last time and just re-use it.

(Comments wont nest below this level)
 
Comment by palmetto
2017-10-13 16:02:25

My buddy, Sean Snaith. I’m convinced he was the one who posted that I was “off my meds”.

(Comments wont nest below this level)
 
 
Comment by toast on the coast
2017-10-13 15:17:22

Leslie Simpleton Young was the queen of souffle in 2005.
Prices cratered 50-75% in Ca.
why would anyone listen to her.

 
 
Comment by junior_kai
2017-10-13 15:49:27

Some clown on (((bloomberg))) radio today said y-o-y appreciation has been 7% and he sees it moderating to 4-5%, so thats the narrative the talking heads have to spew nowadays.

 
Comment by Jingle Male
2017-10-14 03:45:36

Prices are increasing. When the rate of increase moderates, it means prices go up more slowly. Prices are not declining, though moderation in the rate of increase may be a sign prices might start decreasing in the future. You’ll have to wait and see.

Comment by Sean
2017-10-14 10:47:22

But that’s not what she said. She wasn’t talking about percentage gains, she said prices. Why Realtors try to speak Econ is beyond me.

Comment by Jingle Male
2017-10-15 06:56:06

That’s why I was trying to help you understand what she meant. The rate of increase is moderating.

(Comments wont nest below this level)
 
 
 
 
Comment by SW
2017-10-13 13:51:47

Price cuts everywhere. Prices may not being coming down from the new high averages established the last couple of years, but it’s only a matter of time until the price cuts eat into those new highs until they become new lows.

 
Comment by Senior Housing Analyst
2017-10-13 16:11:02

Battery Park Manhattan Housing Prices Crater 20% YOY

https://www.zillow.com/battery-park-new-york-ny/home-values/

Comment by Dylan
2017-10-13 17:13:58

The link provided by the poster above shows values have increased 8.5% since last year: “home values have gone up 8.5% over the past year.” The same link shows that Zillow describes Market for Sellers as “Hot.” Maybe “crater” means increasing. That must be it.

Comment by azdude
2017-10-13 17:32:54

we r in a generational bull market cause the money printers have went all in from losing money on their investments.

 
Comment by BlueSkye
2017-10-13 20:31:24

Hello Dylan. Welcome to the Housing Bubble Blog.

Consider the difference between Zillow’s “value” number and the actual list price of the house. Let us know when you find there is a difference and explain.

Comment by Jingle Male
2017-10-14 03:14:00

Battery Park Manhattan

Price Per Square Ft.
Average price per square foot for Battery Park City was $1,352, an increase of 9% compared to the same period last year.

(Comments wont nest below this level)
Comment by Jingle Male
2017-10-14 03:15:32

Crater? That must mean a 9% increase. Could you define crater?

 
Comment by Karen
2017-10-14 12:50:59

Price Per Square Ft.
Average price per square foot for Battery Park City was $1,352, an increase of 9% compared to the same period last year.

Could you show me where I can buy a house by the square foot?

Is it like going into a fabric store and buying fabric by the yard?

 
Comment by Jingle Male
2017-10-15 06:58:43

Every house has a “price per square foot. You take the price and divide it by the square feet. It is one of the common metrics for measuring value.

 
 
 
 
 
Comment by azdude
2017-10-13 16:32:01

stocks and homes! it just wont quit making u money.

Comment by BlueSkye
2017-10-13 20:33:34

You have to let it ride to keep “making” money and borrow against it to feel the wealth…

Comment by Jingle Male
2017-10-15 07:00:03

…or just collect the dividends and cash flow.

 
 
 
Comment by Apartment 401
2017-10-13 16:50:22

Bill Kristol on C-SPAN this morning. He loves preemptive illegal wars. Except he doesn’t actually fight in them. Your children and grandchildren do.

https://www.c-span.org/video/?435623-4/washington-journal-bill-kristol-discusses-president-trumps-relationship-gop

I thought neocons were over. Can anything exterminate this failed ideology?

Comment by palmetto
2017-10-14 05:55:44

Stay tuned. My guess is that the Whinestein dust-up has some serious legs and will spread to Washington, burning down the bestial sex’n death cult.

Comment by rms
2017-10-14 07:24:12

How would Desi Arnaz survive without the casting couch?

 
 
Comment by jeff
2017-10-14 06:22:20

So You Think Military Intervention is a Good Idea?

By Michael Rivero

Well, if you really feel that strongly about it..

Here’s your rifle..

Here’s your parachute..

We ran out of the desert camo, but here is a bright day-glo orange jumpsuit left over from Gitmo..

Watch your head climbing into that transport plane..

And we’ll call whoever it is you are telling us needs to be invaded this week and tell them you are on your way to kick their butts all by yourself.

But given the very long history of the United States government and the corporate media lying and tricking us into wars, you will forgive We The People if we sit this one out and keep our children safe at home.

Read more: http://www.whatreallyhappened.com http://www.whatreallyhappened.com/WRHARTICLES/soyouwantawar.php#ixzz4vUKpiypH

Comment by Neuromance
2017-10-14 07:52:29

“Here’s your rifle. Here’s your helmet. Don’t take off your body armor, no matter how hot it gets. Write your blood type on both sleeves and pants legs. We’re going to be walking into a sector where we suspect there’s an enemy staging area. If you get separated, don’t call out - we’ll find you. Good luck.”

 
Comment by palmetto
2017-10-14 08:18:41

Good article, jeff. Too bad he left out the USS Liberty.

 
 
Comment by rms
2017-10-14 07:20:07

“I thought neocons were over.”

DJT w/yarmulke at The Wall

http://thehill.com/sites/default/files/article_images/trumpdwesternwall05222017getty.jpg

Comment by palmetto
2017-10-14 09:05:22

Speaking of wailing wall, the Las Vegas sheriff sounds like he’s going to burst into tears any minute now

https://www.youtube.com/watch?v=MNJXPQFm3vU

Heh, they’re going all hunger games on our butts. Must be desperate since the “narratives” are getting away from them. Just shoot people.

Comment by jeff
2017-10-14 11:48:57

Cracking voice or not I thought he read his script very well. He even had the Obama pointed knuckle when he was bringing it home from 8:10 - 8:22.

(Comments wont nest below this level)
 
 
 
 
Comment by goedeck
2017-10-13 17:42:11

Does the Australian central bank utilise QE? I’ve never heard specifically.

 
Comment by Senior Housing Analyst
2017-10-13 19:24:07

El Cajon, CA Housing Prices Crater 8% YOY

https://www.zillow.com/el-cajon-ca-92020/home-values/

 
Comment by azdude
2017-10-14 04:53:35

The equity in the house is hard to resist. Its is like a fr@ckn windfall. Time to look at more toys. I need a new bass boat to take out on the weekends.

Its like we inflate asset prices and get manufactured goods from overseas for free. That is called winning!

 
 
Name (required)
E-mail (required - never shown publicly)
URI
Your Comment (smaller size | larger size)
You may use <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong> in your comment.

Trackback responses to this post