The Dreary Truth Presses Dark Upon The Homeowner
The Post Dispatch reports from Missouri. “All real estate is local, or so goes the saying. But the St. Louis region can’t seem to avoid the troubles of a weak national house-building market and buyer indifference. House building locally has slowed to levels not seen in almost a decade. With so much inventory on the market and with prices lower than they have been in years, it should be a natural buying opportunity, said Patrick Sullivan, executive VP of the Home Builders Association of St. Louis and Eastern Missouri.”
“Yet prospective buyers continue to sit on the sidelines. As a result, builders and other companies tied to the housing industry are cutting back staff and reducing overhead. ‘This is an unusually challenging time for builders,’ Sullivan said. ‘They have got to rid of dead wood and get much smarter to survive.’”
The Suburban Journals from Missouri. “Applying for her first mortgage was daunting for Warrenton resident Sarah Reed. ‘It was rough,’ she said. ‘I didn’t realize how much it entailed.’”
“After renting for several years, Reed and her long-time boyfriend Justin Berg moved Saturday into their first home. The couple found their dream home in Andorra Estates, just north of where Reed works at Waffle House on Highway 47. They paid in the low $100,000s for the two-story, four-bedroom and two-bath home. It had been repossessed by the bank.”
“While Reed said she knows it’s a big jump from renting to buying, she couldn’t be more excited. ‘I’m really proud of myself,’ she said. ‘Here I am, 24 years old, working at the same job for the past nine years with two boys and now I’m a homeowner.’”
The Riverside Brookfield Landmark from Illinois. “With sales at two townhome sites in Brookfield slow to materialize, the developer of a proposed 21-unit townhome project near the Congress Park train station won’t break ground until at least 2009.”
“Michael Beckerman, who has owned the former Brookfield Moose property since January 2006, said last week that until the glut of townhome units in Brookfield dissipates, he’ll bide his time on construction.”
“‘There are two townhome projects with 34 units that are basically all available,’ Beckerman said. ‘From an inventory perspective, that’s a lot.’”
“David Hrizak, the principal owner of the Courtyards of Brookfield development, blamed media coverage of the slow housing market as scaring away buyers.”
“‘We’re in a holding pattern until the people in the media tell the buyers to start shopping,’ he said.”
The Herald Spectator from Illinois. “In 2005, Niles saw just 24 foreclosures. But there were 87 foreclosures in 2007 — a 128-percent increase. ‘There are more foreclosures now than I’ve ever seen,’ said Bill Alston, a Niles real-estate agent. ‘It scares people.’”
“The average sales price of a Niles home fell to $330,000 in 2008, down from $400,000 in 2005.”
“The volume of homes sales has also taken a dive. In 2005, 199 homes were sold. In 2007 there were only 116 closings, and 2008 is shaping up to be no better, with just 21 homes sold thus far.”
“‘It’s causing a great deal of anxiety in this community,’ said Marty Friedman, director of Niles Human and Family Services. ‘People were sold a bill of goods by mortgage companies. These are not people who were educated in housing. But they worked and they had families and they were just trying to fulfill the American dream of owning a house.’”
“Alston said builders making ‘McMansions’ were taking a bath because they were building fancy homes that were out of step with the surrounding neighborhoods’ demographics.”
“‘A lot of builders who built these McMansions are stuck,’ he said. ‘Who wants to buy a $800,000 home in a $400,000 neighborhood? You want to live in an $800,000 neighborhood.’”
“Alston, who has been selling real estate for 37 years, said the housing bubble was the result of unreasonable expectations. ‘Real estate is a long-term investment,’ he said. ‘Part of the problem is that people were speculating. The term ‘flipping’ wasn’t even invented until 2000. Now, they lost their lunch.’”
The Lincolnwood Review from Illinois. “In the almost six years she has been with the Lincolnwood Police Department, housing foreclosures haven’t figured in her conversations with clients, social worker Geri Silic says. At least up until now.”
“‘In six years, I have not had any people come to me with housing problems,’ she said. ‘In the last four months, a number of families have come in with big problems and foreclosure is part of that.’”
“The number of single family homes sold in the village decreased three years running. In 2005, 128 changed hands; in 2006, 91 were sold, and in 2007 only 68 were sold. This year, only 17 had sold as of May 1.”
“The drop comes despite evidence that owners were willing to lower their prices in order to quickly offload properties. Association figures show that the median price for a single family home in Lincolnwood rose only from $512,500 in 2005 to $514,500 in 2007, then dropped precipitously.”
“As of May 1 of this year, the median price of a single family home in Lincolnwood was $410,000.”
“Jim Berger, executive VP at the Bank of Lincolnwood, said, ‘Most of what I see in Lincolnwood is that the people who had been speculating — buying homes, probably borrowing substantially in hopes of making the big bucks on the flip — are caught.’”
The Skokie Review from Illinois. “The story is familiar: Skokie has been aggressive in recent years in expanding its condominium market. It has big development plans for downtown, which include creating luxury homes.”
“The problem on a local level can be seen in the numbers. In 2006, Skokie had 90 foreclosures compared to 173 in 2007. The median price for homes has dropped considerably as well — $400,000 in 2006, $375,000 in 2007 and $332,500 for the first four months of this year.”
“Terry Oline, Skokie Property Standards Supervisor, has seen the impact of an increasing number of foreclosures first-hand. Last month, 140 homes (not including condominiums) in Skokie were in foreclosure or in the process of heading there, Oline said. When condominiums are factored in, the number is closer to 180.”
“How does that compare to previous years? ‘It’s unheard of,” Oline said. ‘It’s a huge increase.’”
“Oline has worked for the village since 1995. ‘It’s safe to say I’ve never seen anything like this before.’”
The Oakland Business Review from Michigan. “Even Oakland County’s luxury home market faces a chilling effect from the general market freeze, as potential buyers can’t sell their current houses for the price they want. Conventional wisdom suggests the $500,000-and-up markets should be insulated from lower-end troubles, but such home sales fell off in the last two years.”
“Fewer people in Oakland County are ‘buying up,’ said Dennis Wolf, president of a niche real estate brokerage managing high-end listings. ‘The thing that’s most troubling to me is, you have buyers who don’t want to buy. There are a lot who would and can’t because they can’t get credit, but there are a lot who think prices haven’t bottomed out,’ he said.”
“‘It affects the high-end market in that they have a bottom house to sell. If they have to give on price too much, they won’t put their house in the market and make that move,’ Wolf explained.
“There were 13 non-foreclosure houses sold in Oakland County this year in the $1 million-$2 million price range, and one that was in foreclosure…according to Farmington Hills-based Realcomp II Ltd.”
“In the $400,000-$1 million range, there were 41 foreclosures sold so far this year and 260 non-foreclosure houses sold in Oakland County.”
“‘If you have a three- to five-year supply of homes, you may have 50 or 60 competing with yours and only seven a year are selling,’ said Kelly Sweeney, CEO of Birmingham-based Weir Manuel Realtors.”
“The supply of houses in the $500,000-plus price range is as high as 60 months, reported Dan Elsea, president of Real Estate One. The supply of high-end homes was relatively high even when the economy was robust, he added. ‘That was because of builders, who prefer to build the upper end over the lower end,’ he said.”
The Journal Sentinel from Wisconsin. “After more than seven years and $937,159 in federal funds, the West Pointe mixed-use project is still not completed and needs more public money, a Common Council committee was told Monday.”
“Ald. Robert Bauman, who represents the area, said West End claims it needs about $350,000 to complete the ground-floor retail space and 14 condominium units. ‘Foreclosure isn’t necessarily the worst-case scenario,’ he said. ‘They may not be able to sell condos.’”
“Leo Ries, director of the Local Initiatives Support Corp.’s Milwaukee office, a private nonprofit that provides support for neighborhood development projects, said his agency initially invested $270,000 in West Pointe and is willing to pay for an outside project manager to assess the project and to look for a for-profit developer to take ownership, he said.”
“‘I argue that foreclosure would be the worst-case scenario because it wipes out the city’s lien rights, and the city would have to repay the U.S. Department of Housing and Urban Development,’ he said. ‘The party at the greatest risk here is the city.’”
The Pioneer Press from Minnesota. “Oh, woe and doom! The dreary truth presses dark upon the homeowner, cast about on a sea of uncertainty. (Oops. Sorry. I’ve been reading ‘Moby Dick.’)”
“The struggling housing market has plenty of homeowners worried, even those for whom foreclosure does not lurk beneath the stormy waters like a massive creature threatening to overturn all that floats in the name of shelter and security.”
“Hang in there, says Zoe Liston, a Twin Cities Realtor since 1994 and an appraiser since 1998. People seem to have forgotten that buying a house is a long-term investment, Liston says.”
“‘They’ve been spoiled in the last few years, expecting to get their money back in four or five years,’ Liston said.”
“Home prices increased so rapidly and steadily for so many years that a whole generation expects it to be that way, according to Liston. ‘Too many people used their house like a bank account,’ she adds. ‘We paid $250,000 and it’s now worth $300,000 - let’s go on a vacation!’”
“‘When people buy a house,’ she says, ‘it’s emotional, not logical.’ The emotions tied to homebuying are one reason Liston got out of selling houses and into appraising houses.”
“An appraiser’s job is to compare the house to three or four recent sales of similar homes - less emotional, more practical, Liston says. And for years, each appraisal brought good news for homeowners, as prices rose in the Twin Cities market.”
“‘Except now, people hate me,’ she says with a half-laugh, ‘as values drop.’”
I heard the Truth Fairy is leaving a Quarter under the pillow, in foreclosed homes.
The Truth Fairy always visits after the F*ckup Fairy has had her due.
HAHAHAHAHAHAHA!
Good one, Faster.
“I heard the Truth Fairy is leaving a Quarter under the pillow, in foreclosed homes.”
If by Truth Fairy you mean “drug-amped squatter,” and by leaving a quarter under the pillow you mean “turding on the granite,” then yes, this is true.
I was thinking more along the lines of 25% of people being foreclosed on, had the Truth Fairy suffocate them, with said pillow.
“I was thinking more along the lines of 25% of people being foreclosed on”
I missed that. My apologies. The reality is I like saying, “turding on granite” even when not appropriate.
The reality is I like saying, “turding on granite” even when not appropriate.’
Who wouldn’t? It’s lovely. I believe I’m going to go ahead and add that particular phrase to my own lexicon of commonly used phrases.
Thanks, Muggy.
“Conventional wisdom suggests the $500,000-and-up markets should be insulated from lower-end troubles, but such home sales fell off in the last two years.”
Since when did “wisdom” mean “stupidity.” It’s one big chain or property ladder, and who said people in $500,000 were not over-leveraged? Moreover, even if they could afford it, if they don’t have any equity left, note that some places have fallen over 30% already, why wouldnt some just make an economic decision that it is better to let it go into foreclosure?
Well it’s all the bottom feeders fault right. They can’t or won’t buy and the whole thing is falling apart. ‘Bout time too. Conventional wisdom says if you give a person who makes $40,000/year a $400,000 loan on a crapshack, you’ve made a foolish decision. (Unless, you can immediately sell that loan to some other sucka who will then slice and dice into a MBS and sell it to a bunch of other suckas!)
Wall Street: A sociopathic egomaniacs dream world.
But. . . but…. they bought on the credit worthiness of the bond insurers. Have you pulled up MBIA yet today?
Too funny! Only down 12%!
Hey Tim why don’t ya loan my buddy Guido a few G’s. He’s good for it you know. Little Vinny can vouch for him. Little Vinny can always collect if there happens to be any “problems”. He’s pretty persuasive since he’s got a lot of muscle in his crew. (Now that’s insurance!)
Triple A to talk of bankruptcy in a few weeks. Losing 93% of stock value in 8 months. Talking about finding out the emperor has no clothes. Where are the rating agency indictments?
Tim - I had a job interview with Morningstar here in Chicago about 3 years ago. I was offered a job but turned it down. I was shocked at the stupidity of the questions during the interview cycle. They were surprised that I walked away. Seems folks at such agencies (well, this one at least) think they’re the annoited ones.
I work in finance. You would not believe how stupid many of the people who work in financial services are. Most people at banks, brokers, private equity, and hedge funds get their jobs because of who they know or where they went to school.
Keep the popcorn popping,
Red Baron
As the financial system implodes, I predict that holders of common stock in the following companies will get little or nothing for their shares: Ambac, Citigroup, Fifth Third, KeyCorp, Lehman Brothers, MBIA, National City, Wachovia, Washington Mutual.
Keep the popcorn popping,
Red Baron
Red Baron,
and how many employees of those firms still own their own company’s stock…having learned nothing from Enron or Worldcom?
what site do you use to see recent sales ? zillow is way slow
tia
http://www.redfin.com
24 years old
2 kids
waffle house
house in the low $100,000s
long…long way to go folks.
Dumb is as dumb does.
Why does a 24-year old with 2 sprogs need to buy when she works at a waffle house?
Jeebus Cripus! There’s a really long way to go.
Come on. She’s worked at the same place for nine years. That, in my book, demonstrates stability, and stable people should be able to buy a house in this country, even if they do have two kids and a significant other instead of a spouse. A house in the low $100’s should be able to be financed (even at 100% — but I doubt she and her BF got that) for about the same amount as renting — “rent parity” — which is where the worst housing markets will bottom out.
You think so?
I’ll bet that house is less than $60K before 2012 is here. There’s a glut of houses in case you didn’t notice.
FINSUP,
I tend to agree. In fact with less education this may well be their path toward financial security. How many of us have had the same job for 9 years? ( I did, but that was the Navy so it was “put up” or swim home )
I think that should count for something. Besides, there are plenty of homes that have already lost more “equity” than she paid to begin with. These are the people we should be pulling for. Perhaps she will manage a chain of them someday?
I agree. Someone has to work at the Waffle House. It is 24 hour–I bet she works at night and takes care of the kiddos during the day (b/c no way can you afford day care on Waffle House pay). That’s two jobs, in my book.
You forgot the “long term boyfriend”.
The divorce rate should be going down as it seems no one gets married before starting a family now. I suppose the government handouts aren’t there as much when you are actually married.
There is nothing wrong with a “long term boyfriend” but I will just observe that “24 year-old” and “long term” don’t go well together.
At 24, I was barely capable of keeping my toilet clean let alone buying a house.
“24 year-old” and “long term” don’t go well together.”
lol…very nice observation…i didn’t even think of that.
Now, now… she’s had the same job since she was 15. Give her some credit. And the low 100K - that’s certainly not much where I live (Portland, OR). Where I live, on the outskirts, that’s a small used-up condo with an assessment hanging over it.
The tax code is written to favor the non-married w/ 2 kids over married with 2 kids.
especially if the single person with the 2 kids works at a waffle house.
she will get at least 3k from you and me courtesy of the earned income tax credit.
And your breakfast is cheaper than it would be otherwise, if they had to pay her a living wage.
ill take my 3k and you can have the cheaper breakfast.
If any have the time please read:
Nickel and Dimed
On ( not ) getting by in America
by Barbara Ehrenreich
It’s really eye opening. Bill Gates “gives” but how can one give more.. than donating their time when their full time job won’t even cover their basic needs? According to Barbara THAT is “charity”. Just a different slant.
(Oh and I’m a good tipper) Do not wind up on the STD!
(Sh!tty Tippers Database)
Pennies, michael, pennies. Think how much corporate america steals from you. BOA is about to raid your pocket of billions.
ohh…i’m pissed off about the BOA bailout as well.
i can disapprove of both.
i read a few years ago that the cost of the EIC was around 40 billion a year.
it’s been around since 1975.
hardly peanuts btw.
having grown up in the deep south and spending 8 years as a CPA there, i have seen abuse of this part of the code the likes of which god has never seen.
it’s just one of my pet peeves.
Couple of comments:
1. Why should ANYONE with kids be able to save on their taxes at the expense of those without children? Amazing how those who are married with kids bitch about those who are unmarried with kids. Newsflash: You’re ALL guilty of screwing childless taxpayers.
2. Bill Gates is fecal-full. All that highly-publicized generosity of his. Gee. What a charitable guy. Hey, Bill! How about making non-exclusive, inexpensive products that actually work? It would seem the public good might be better served via the introduction of products that are not only highly compatible with others but also light on the wallet.
Gates is the whore of the tech industry. 200 bucks for the one-time use of an “upgraded” piece of hardware that might look sexy as packaged but actually only is capable of gumming up what was.
Using the same logic, why should rich people pay more in taxes to support the poor people in this country.
I am sure that, when my kid grows up, he will be paying high taxes to support your Social Security benefits.
24 years old, working at same job for 9 years…no need to graduate from high school to work at the waffle house.
worked 9 years at waffle house - that means she started at 15. Her wages may look good to her now, but another 10 years down the line she’ll still be in the same dead end job with same wages.
I wish I knew the terms of the loan…
She also bought with her boyfriend. Would think a good waitress or manager could make $30K. If the the bfriend makes $30K as well $110K - $120 purchase price sounds fine.
Today’s neo-Orwell doublespeak…
‘buyer indifference’
here’s one I like:
squatter = asset manager
“…The dreary truth presses dark upon the homeowner”
Nice job Ben, you’ve become quite “poetic” in your title selections lately.
Gotta pay to play to get the media back on your side.
What do you say you meet em’ halfway, and advertise?
“‘We’re in a holding pattern until the people in the media tell the buyers to start shopping,’ he said.”
Input, input…Johnny 5 must have input.
“‘We’re in a holding pattern until the people in the media tell the buyers to start shopping,’ he said.”
Could the media proclaim that I’m a millionaire and then make it so?
If so, then I might feel inclined to start shopping if told to do so by the media.
At this point it doesn’t matter what the media says about shopping for houses. If wages don’t rise and/or prices fall more, there can’t be many sales.
Right, this guy shouldn’t have to do any market analysis, or try to identify a need for housing and match it. Just watch TV and when the NAR gets the microphone, start pounding nails.
Skokie and Lincolnwood and Niles, oh my!
Take note HBBers, these older near-north burbs of Chicago are not the kind of places anyone would have ever thought to utter the word “speculation”. These are the very areas that Chicagoland REIC boosters point to when saying “it’s different here”. This is where many grandmas and grandpas live. Heck, according to local yore there shouldn’t be anything but free and clear titles there.
I grew up just south of them, spent many years traveling through them, and now work just minutes from them. These are the places where my coworkers pull out all the stops to buy a SFH. Blocks upon blocks of neat postwar houses that are still widely desired by the locals.
They put infill McMansions all up in through there - Norridge, Park Ridge too. Condo towers near every Metra station/mini dowtown. Speaking in a local context - prices in Niles falling over 15% is huge news!
The wolf is at the door.
Yeah, even old timer Germans living there, from the 60’s, with serious wealth (not from appreciation).
Exactly, the North Shore might have the rep and get all the national/cultural attention, but areas like these are the backbone of Chicagoland’s wealth.
As you noted when you said, “according to local yore there shouldn’t be anything but free and clear titles there,” these older, somewhat affluent but not posh suburban areas are supposed to be our bedrocks of stability — high homeownership, long-term residency rates, and homes paid in full by cautious people who’ve lived through tough times before.
lankawenda?
Have you noticed how much commercial square footage is open along the big thoroughfares in Skokie? Last time I was up there (to go to Kaufman’s Deli), I was really surprised by the amount of unoccupied strip mall acreage.
For those if you who watch or turn off Larry Goldilocks Kuntlow and his rants suggesting how great this economy was when his pal Ronald Reagan ran this country.
Looks as if stock market is headed towards prices not seen since his Ron was on his ranch on a horse in Simi Valley.
“…Ron was on his ranch on a horse in Simi Valley.”
Actually it was a little bit West of Simi Valley:
Yeah see, this thing about McSame & the GOP …Drill off-shore…well old buck-a-roo Ronnie see…he really didn’t have a hankerin’ for riding up to the top of his “ocean view” ridge so that he could have a panoramic view of oil rigs doting the Santa Barbara coast, …wasn’t to keen on having a nuclear power plant nearby either.
688 “ocean view” acres… for $6,000 USD in 1941…now that’s what I call Cali-forn-ia Gold!
http://en.wikipedia.org/wiki/Rancho_del_Cielo
Reagan was quite the astute real estate investor. He had a large amount of acerage in the San Fernando Valley in the 50’s, sold it to developers for a tidy profit and bought a property in Malibu in the 60’s, then sold that for another tidy profit and bought the Santa Barbara property.
The only problem with the SB property was that it had (and still has) horrible roads leading up to it. That presidential helicopter came in very handy during the 80’s.
I believe Bob Hope was also a very astute real estate investor.
We may see a different Kudlow in a few months if last week’s RBS forecast is correct.
“‘When people buy a house,’ she says, ‘it’s emotional, not logical.’ The emotions tied to homebuying are one reason Liston got out of selling houses and into appraising houses.”
There is no emotion that goes into appraising houses? I call BS. How about fear of blacklisting, or lust for kickback money?
“‘When people buy a house,’ she says, ‘it’s emotional, not logical.’ The emotions tied to homebuying are one reason Liston got out of selling houses and into appraising houses.”
What a load of crap. Buying a house, like anything else, can be emotional or logical among other things.
“An appraiser’s job is to compare the house to three or four recent sales of similar homes - less emotional, more practical, Liston says. And for years, each appraisal brought good news for homeowners, as prices rose in the Twin Cities market.”
So there’s no emotion in getting your fee and the prospect of future business if you hit a number or likewise if you don’t? A buyer, too, can run numbers and make “practical”, not “emotional” decisions.
‘When people buy a house,’ she says, ‘it’s emotional, not logical.’
Not logical? I guess I don’t get it, the last time I bought a place to live it was logical and not emotional. So is that what caused all of this housing mess, emotion?
Trust me for 51% of America it’s emotional… I know this statement will get flamed but for most women it’s an emotional purchase.
Yeah I’ll fess up. But I tried to be as logical as possible, while being emotional..
OK, my last house purchase was about 100% logical (and I’m a woman), but I fought against it as hard as I could, but the numbers won out. I actually didn’t like the house, but the location was great. After a remodel, liked the house better, but when I sold it was glad for the location.
But I think guys are susceptible to the emotional part too.
C’mon, guys, admit it. When your wife starts crying and all that or gets really really mad, don’t tell me emotions aren’t part of your decision!
I’m keeping an eye on the Fireworks stands here in California. This is going to be a big indicator of “do people still have money to burn”.
I’ll bet right after the 4th there will be all these Charities complaining people aren’t as generous as they have been in the past.
I could have sworned they should have been open by now. Perhaps I’m wrong, but I thought they wanted 2 weekends before the big day.
Congress needs to act NOW to make sure there’s a firecracker available for every tiny hand. Think of the children, you fully insured and fully pensioned patriots!
Funny! Add that to the list of things I’ve grown tired of. “If donations don’t pick up we’ll be forced to ___”. The fireworks stand in our local Safeway parking lot looks abandoned.
Forced to … what exactly, I ask them?
Not get your own salaries?!? Tough titties.
Faster Pussycat,
My problem is that even during boom times and RECORD contributions they are just barely able to keep their head above water!? WTH? So… the amount of canned food or whatever is always in perfect correlation with those that need it? Even during blissful economic times?
Every year the fireworks display at Ft. Vancouver (WA) is on the brink of insolvency! “If things don’t pick up this may well be our last year…”. Why do I keep feeling like I’m being held “hostage” by these event organizers? It’s the same way I feel about the opera or the symphony. I guess if they’re that sucking for donations then just let it DIE already! But please, PLEASE stop threatening me!
I never EVER buy subscription tickets to the Met or Carnegie Hall or just about anything.
They tell me it will be cheaper. I tell them that if I’m not happy with their full-price performance, I may not show up next time.
Best wait till next year.
The Governator has made a public plea that people not buy and use fireworks..
“I know that the people that are selling all this stuff are going to go crazy now when I say this, but don’t buy any of the fireworks,” Schwarzenegger said. “Don’t go out and do fireworks this year.
http://www.sacbee.com/111/story/1039655.html
This is not as dumb as it sounds. Oddly enough, this may actually be one of the more intelligent things out of the Goobernator’s mouth.
One can have just as much fun with dry ice and 2-liter pop bottles.
diet Coke and Mentos
eepybird dot com
Hey,
I thought Mythbusters busted that myth.
From time to time, i’ve asked of weird weather phenomenons in your neck of the woods, and we just had 8,000 dry lightning strikes in California, causing wildfires a’plenty…
Nobody can ever remember such a thing happening.
What sort of stuff is Mother Nature throwing your way?
Wierd stuff happens periodically.
There’s no reason to get all metaphysical about it.
could be gloBull douching
have also noticed the many fireworks stands still empty here in N. Sacramento area … very unusual .. every year it seemed they would pop up going full bore bizness at least a month before july.
then you get firecrackers going off a week before the 4th, all night long. also a day or so before & on the 4th, gunfire into the air! I remember back in the day over in Del Paso Heights retreating to the innermost closet to avoid the midnight falling bullet shrapnel from the all the gang bangers. too bad none of their own was ever killed from falling bullets, only innocent people on the next block.
actally, people all over town, except for the hoity-toity granite bay area, are pretty much white trash actin’ blow it up whenever they want. and their kids run around at all hrs with similar behavior. lovely. this year I have announced to all concerned I am heading out to the wilds of CA to escape all the crazy commotion. I’ve seenenough pyrotechnic displays to last a lifetime. when you figure every 4th of July, New Years Eve, DisneyWorld, sports events, and other occasions, I am burned out (ha) of fireworks. let the kids enjoy em. thats great, but leave me to my cranky solitude .. hehe !!
(never thought I’d admit this but I long for the peace & serenity of USAF base housing. a world unto itself. wonder if other air force dependants were culture-shocked also after growing up under uncle sams dictorial but safe/secure federal bases, then transitioning to the civilian world whentheir parent retired? military to civilian life ; what a difference) !!
apologies for the rambling comments … carry on.
You haven’t seen anything until you’ve gone to Seabright beach in Santa Cruz on the 4th. Last time I was there it was the most amazing, crazy, out of control fireworks display EVER! I’ve heard they’ve cracked down on it though.
Is there still a huge party at 4-mile Beach?
My best 4th was spent backpacking alone into the San Juan Mountains, camped at 11,000 feet watching the alpenglow and thinking of all the noise and chaos in the cities far below.
Organizations at every single store front in every single town asking for donations.
“The term ‘flipping’ wasn’t even invented until 2000″
Well, whatever I’ll take you at your word but a ‘term’ in and of itself can’t be held accountable for the mess we’re in. Now if you said “Tax Code” that enabled and encouraged ‘flipping’ well then yes I could get on board with that.
Notice how even in their darkest hour the cheerleaders craft their statements to carefully disguise that fact?
“It should be a natural buying opportunity, said Patrick Sullivan, executive VP of the Home Builders Association of St. Louis and Eastern Missouri.”
YOU FOOL! These idiots are still in denial. There are 4.9 million new and existing homes for sale in the US now–even after everyone is supposedly snapping up foreclosed homes like hotcakes. Who is going to buy all of those homes?
The reality is that the US economy is toast for one main reason that has nothing to do with oil–most US consumers cannot get any more money through wages, borrowing, reducing savings (they save nothing already), or tapping financial assets (they have few financial assets to tap).
Put the following on your refrigerator to survive the depression:
1. Get and keep a job.
2. Rent so you can be mobile for your job.
3. Save at least 25% of your after-tax income.
4. Eliminate debt unless you can pay it off if you lost your job.
Keep the popcorn popping,
Red Baron
The term ‘flipping’ wasn’t even invented until 2000. Now, they lost their lunch.’
I think “flopper’ is now more accurate. And ‘they lost their A$$” is more accurate and descriptive. Agreement?
The dreary truth presses dark upon the homeowner, cast about on a sea of uncertainty. (Oops. Sorry. I’ve been reading ‘Moby Dick.’)”
CAST ABOUT A “LAKE” OF UNCERTAINTY BETTER FOR MINNESOTA. NO SEA OR OCEAN ANYWHERE THERE. BUT ABOUT 10,000 LAKES.
Loser by a technical knockout in the 12th round, Liston
“An appraiser’s job is to compare the house to three or four recent sales of similar homes - less emotional, more practical, Liston says. And for years, each appraisal brought good news for homeowners, as prices rose in the Twin Cities market.”
“‘Except now, people hate me,’ she says with a half-laugh, ‘as values drop.’”
In NM, they keep advertising that you can be one of the lucky buyers of a 160 acre ranch in the Land of Enchantment. These ranches have everything, abundant wildlife, river access, easy highway access, sweeping vista views, etc. They will match your down payment up to 10%. And price starts at $89K. Call 1-877-BIGLAND.
I think I will pass. But all of the rest of the knife catchers can get your piece of the Land of “Judas”.
Don’t forgot all of the hard up people standing at freeway exits and major intersections with their hard luck cardboard sign. My natural reaction is to want to flatten them all.
‘My natural reaction is to want to flatten them all.’
Now, now, need 2. Think a bit. Those irritating signflappers would make unattractive dents in your hood, unless you were to carefully feed them under your vehicle wheels in such a manner as to avoid their hard bits connecting with your unblemished metal. They’d wiggle, I bet, making that outcome unpredictable, and also you’d have to touch them and they could be germy.
Mature reflection will lead you to the solution: rent a bulldozer for the task. Or just steal one from a builder–they’re not using them much lately, anyway.
At least give the 24 yr old Waffle House chick some credit. She has shown job stability. She has been there since 15 or 16. She might be up to $10/hr and be the assistant manager by now. And she has demonstrated she knows how to work. More than we can say for Taco Bell Jeff and some of the likes of him or Casey. Or most of the Trump Floppin’ wannabes. She just wants a home to live in, and is doing honest labor.
I have to agree with you on this.At least she has a job becuase there are a lot of deadbeats that simply wont work.They make a liveing off of milking the system.I know of a few people who simply cannot hold a job for a couple months.They won’t due any labor either
“The National Association of Realtors reported that sales of existing single-family homes and condominiums rose by 2 percent to 4.99 million units last month”
question: are these actually sold homes or are they also counting the ones still in escrow?
OT: I just saw on the local news here in CNY that the City of Utica has reconvened their arson unit. Smoke ‘em if you got ‘em.
“Alston, who has been selling real estate for 37 years, said the housing bubble was the result of unreasonable expectations. ‘Real estate is a long-term investment,’ he said. ‘Part of the problem is that people were speculating. The term ‘flipping’ wasn’t even invented until 2000. Now, they lost their lunch.’”
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“Flipping” is an old-fashioned horse racing term, meaning yes, you do lose your lunch.
Jockeys often struggle to make racing weight, and a finger down the throat works wonders @ the scale.
I know this is OT but this morning I called the White House and told them I was opposed to any sort of a housing bailout, especially the Dodd-Shelby Bill and I was urging the President to veto it. It was easy and I actually spoke to live person.
White House phone #
1-202-456-1414 or
1-202-456-1111
“..and I actually spoke to live person”
I think that you were re-directed to the: “Shadow Gov’t Office” Did the voice kinda sound like “Dickey” Boy Cheney?:-)
“Oh, woe and doom! The dreary truth presses dark upon the homeowner, cast about on a sea of uncertainty. (Oops. Sorry. I’ve been reading ‘Moby Dick.’)”
Very nice, Ben!
I would hope to extend some dreary truths to the semi-professional, dubiously skilled “workers”
who made big $$$ at the height of the bubble.
the 20 year olds making six figures processing fraudulent loan apps. The bleached bimbos driving Escalades and handing out sales contracts at their listings. The Trump-wannabees bidding on a dozen condos at a time to secure their “future”. Here’s a few dreary truths for your lazy behinds:
1. You can go broke quickly in real estate.
2. Easy money doesn’t last.
3. There is no substitute for hard work and education for most people.
4. Pride goeth before the fall.
5. Debt is not your friend.
6. Success has 10,000 fathers. Failure is an orphan.
7. The… “quick, give it to Mikey… he’ll eat anything!” … works best for cereal not mortgage loans.
OT… Home for sale, includes wife…
http://www.abcactionnews.com/news/local/story.aspx?content_id=005201aa-6596-4203-b3e9-a666ae138149
Looking at the pictures, I think a better bet would be to torch the house and herself in an effort to collect some insurance money.
i agree with you olympiagal. a bulldozer would work best. or a stolen police vehicle (if one could get away with it).