Bits Bucket for August 25, 2012
Post off-topic ideas, links, and Craigslist finds here.
The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
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Name:Ben Jones
Location:Northern Arizona, United States
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Any on-the-scene reports from Paul Festival in Tampa? Still hoping delegates pledged to Dr. P will insist on their right to be seated, but haven’t heard anything about a protest in the MSM yet. Ben?
“Any on-the-scene reports from Paul Festival in Tampa?”
I’m taking the family to the beach. I’ll let you know if I see anything.
Allena, here’s this:
“The Republican establishment has quelled the Ron Paul Revolution, at least for 2012.
Using a mix of charm and procedural hardball, Mitt Romney’s campaign and his allies who control the Republican National Committee have ensured that the Texas congressman will neither speak nor be formally nominated at next week’s convention.”
http://www.tampabay.com/news/politics/article1247549.ece
It doesn’t suit the public interest.
Let Freedom Ring!
This is why I have been cautious of being enthusiastic about Dr. Paul’s belief that he can wrest control of the Republican Party away from the war mongering neo conservatives and return it to real conservatism, the ideals of Barry Goldwater and Robert Taft.
I am heartened that In 2008 as well as 2012 I can either write in Dr. Paul or vote for Gary Johnson. Before that, the only choice I had for small government was the Libertarian Party.
It will be interesting to see what the choice will be in 2016. I think the Republican Party will crush the next Ron Paul in 2016 early in the campaign, and the only choice will be the next LP candidate. That candidate will get more votes than Gary Johnson this year.
Tampa Bay area under tropical storm watch; Isaac continues to strengthen
By John Woodrow Cox, Times Staff Writer
Posted: Aug 25, 2012 07:06 AM
Two months ago, Tropical Storm Debby wreaked havoc along Florida’s west coast, wiping out beaches and flooding coastal cities.
Tropical Storm Isaac — arriving to the state just in time for the Republican National Convention and its 50,000 visitors — could bring similar, or worse, conditions.
Tampa Bay, now under a tropical storm watch up to Tarpon Springs, is expected to be hit with winds of 39 to 73 mph as early as Sunday. The area could also be drenched by 4 to 8 inches of rain and, in certain locations, up to 12, according to the National Hurricane Center. Those estimates are less than what Debby dropped on Tampa Bay, at least in part because the June storm remained stagnant off the coast for several days.
Winds and storm surge, however, will likely be more damaging this time around.
Experts are predicting Isaac — which claimed at least three lives in Haiti —will become a hurricane before it strikes the Florida Keys sometime Sunday.
Along Florida’s southwest coast, already under a hurricane warning, the storm surge may reach 5 to 7 feet. Debby’s surge was about half that in most areas. Experts say it’s still too early to predict what level of storm surge Tampa Bay should anticipate.
Only two computer models predict the storm will cross over the Florida peninsula and hit this area head-on. Most indicate the storm will remain over water until it makes landfall near the panhandle, likely as a Category 2 hurricane.
…
But all the models show Tampa on the “dirty”s side. Projected rainfall amounts show 8+ inches all along the west coast even with the storm staying over water.
Only time will tell whether Isaac will prove kinder to Republicans than Katrina did.
Tropical Storm Isaac postpones Republican convention in Florida
Republican Party officials decide to delay Mitt Romney’s formal nomination in Tampa as Tropical Storm Isaac is forecast to become a hurricane.
Because of the approaching storm, the Republican convention’s four-day schedule of events will be compressed into three days. (Andrew Harrer, Bloomberg / August 25, 2012)
By Paul West, Washington Bureau
August 25, 2012, 9:20 p.m.
TAMPA, Fla. — An approaching tropical storm, forecast to become a hurricane as it roars into the Gulf of Mexico on Sunday, has forced postponement of the first day of the Republican National Convention here, party officials announced Saturday evening.
The opening session Monday was to have featured Mitt Romney’s formal nomination by thousands of convention delegates as the party’s 2012 presidential standard bearer. A planned speech that evening by Romney’s wife, Ann, had previously been moved to Tuesday because the TV networks were not carrying events from the first night.
Instead, the gathering will nominally open Monday and then immediately adjourn, officials said. The plan — at least for now — is to reconvene Tuesday. The exact time won’t be announced until later when officials are able to assess any damage from the storm, which is expected to peak in Tampa on Monday.
“Our chief priority is the safety of the residents of Florida, of those visiting the convention, and all those in Gulf Coast states who may be impacted by Tropical Storm Isaac,” Bill Harris, the convention president, said in announcing the postponement.
Harris, in a prepared statement, said that the scheduling changes “will help ensure the continued safety of all participants — our foremost concern. We are also committed to keeping the delegates and guests of the convention well-informed about the situation, and we will continue providing updates in the hours and days ahead.”
Officials said the decision was unanimous among party officials, convention organizers and the Romney campaign.
…
Republicans are wusses.
This should be a great dry run for the next Katrina-like event to face a Republican president.
Here’s to hoping the next guy doesn’t get caught flat-footed, the way Bush and “Heck-of-a-Job” Brownie were.
Aug. 25, 2012, 3:25 p.m. EDT
Isaac expected to hit Florida as a hurricane
State declares state of emergency as Republicans gather in Tampa
By Kate Gibson, MarketWatch
Residents survey the damage to their homes in a camp for displaced people in a low-lying area of Port-Au-Prince on Saturday. Tropical Storm Isaac, which is heading for Florida, dumped torrential rains on Haiti, where thousands of people remain homeless more than two years after a devastating earthquake.
NEW YORK (MarketWatch) — Tropical Storm Isaac on Saturday veered northeast toward Cuba and the Florida Keys, where it was projected to make landfall as a hurricane on Sunday, the National Hurricane Center said.
Hurricane warnings and watches were expanded for Florida, which on Saturday declared a state of emergency, as Republicans readied for their national convention in Tampa, where more than 50,000 delegates, journalists and protesters were expected.
Some oil and gas production in the Gulf of Mexico already had halted as companies evacuated crews from rigs in the Gulf of Mexico.
At least three deaths were attributed to Isaac in Haiti, according to media accounts from the flood-stricken, impoverished nation that shares the island of Hispaniola with the Dominican Republic.
An advisory issued by the hurricane center in Miami at 11 a.m. Eastern placed the Florida Keys and portions of southern Florida’s west coast under a hurricane warning. Parts of Florida’s southeastern coast were put on a hurricane watch.
Isaac’s top winds were 60 miles an hour, with the storm moving northwest at 17 mph, the hurricane advisory said.
The storm was on track to skirt Cuba’s northern coast Saturday and cross the Florida Straits and Keys Sunday. Isaac was forecast to increase to at least a Category 2 hurricane before going ashore near Pensacola, Fla., by the middle of the week, the center said.
Emergency response teams were ready to protect the state’s 19 million residents, and the “hundreds of thousands of visitors” in the state each day, Florida Gov. Rick Scott said Saturday in a statement.
The Republican governor said he was leading briefings twice a day with local, state and federal officials, including those involved with the Republican National Convention, where Scott was scheduled to speak Monday.
“Preparation is a key to success and all visitors can be assured they are safe in Florida,” Scott said in the statement.
The GOP convention was scheduled to open Monday, with Mitt Romney expected to be nominated as the party’s presidential candidate during the fourth-day gathering.
…
We were on our HI honeymoon, and Hurricane Iniki was just getting warmed up in the Pacific, while Andrew was trashing South FL. We were blissfully oblivious.
Andrew’s Lessons, Twenty Years Later
What was it about the Fall 1992 hurricane season that spawned hurricanes in HI and FL in short succession with tornadic-velocity winds (over 200 mph) in both cases?
Hurricane Slams Hawaii
Uploaded by Storm on Aug 3, 2010
Hurricane Iniki ravages the Hawaiian islands with some of the fastest winds ever recorded inside a hurricane. Winds over 200 mph rip off roofs, bend telephone polls, and peels off siding. The damage is extreme. (from Discovery Channel’s “Destroyed in Seconds”)
If you’re not in indentured servitude then you must watch sunsets and rainbows so that you can.
Also, you decapitate puppies!
If you are indentured, you still might catch a break and have a little view of a sunset from the window of your cell.
We had the greatest sunset views from the windows of the library in my first law firm (indentured servants working off the law school debt). The crap in the air over New Jersey made the reds so spectacular. It was a nice interlude around 5:00 PM. Since we weren’t going home until midnight anyway, it was OK to take a few minutes.
Oh, the good old days. Sunsets viewed from the Bayway refinery were spectacular!
What is the difference between home ownership with an underwater mortgage and indentured servitude?
I guess you love pussycats…….Its fun to watch those guys married to their dawg taking them out for a poop at 6am in the middle of a blizzard…..hahahaa!!
Naah, I like dogs too.
A lot of work and NYC apartment sizes are not fair to dogs.
Yes you wonder what people are thinking. San Fran has about one dog for every four people. So many of those dogs are apartment dogs. I remember a very contentious meeting about dogs and off leash rules at Mission Dolores Park. One guy said more off leash hours were needed for people like himself. He lived in a studio and had a St Bernard.
New York Times, 23 Aug
The Hunt
Accommodating a Three-Dog Lifestyle
By JOYCE COHEN
Bonnie John and Gary Pelton needed an apartment in a building that would take three large dogs.
http://www.nytimes.com/2012/08/26/realestate/the-hunt-accommodating-a-three-dog-lifestyle.html
I read that 1 out of 3 households in SF have dogs.
I agree….dawgs need at least a little backyard….in Manhattan? yes we has one right in back of a pizza place on 1st ave…..the supers apt 1A with a small outside, our cats loved it…
I need to get a house so that I can decapitate puppies in peace.
My landlord says that it stains the hardwood floors and I won’t get my $3000 deposit back.
I think I’ll tell him to watch some sunsets and rainbows.
Back at Brinkley, Bingley (in Runkle’s employ) discovers the purloined porringer in Bertie’s drawer, and Runkle accuses Bertie of the crime.
Are you on some type of meds right now? ; )
Nah-
I just went to Wikipedia and clicked on the random page link.
Much Obliged, Jeeves.
I notice that homeowners some times engage in some fairly questionable activities, shielded from public scrutiny in the confines of their tiny fiefdoms.
REGION: Escondido “bomb house” controlled burn a model for nation, expert says
The “bomb factory” house in a neighborhood just outside Escondido is fully engulfed after authorities ignited it on Dec. 9, 2010.
File photo by Hayne Palmour IV | hpalmour@nctimes.com
March 26, 2012 6:30 pm • By BRADLEY J. FIKES
SAN DIEGO —- It sounded like the craziest idea. But the plan to burn down an Escondido house full of explosives and hazardous materials went off so well it has become a model studied by safety professionals nationwide.
That was the judgment of industrial safety expert Neal Langerman, who spoke about the daring plan’s long-term impact Monday. The house at 1954 Via Scott in northwestern Escondido, known as the “Escondido bomb house,” no longer exists. Its destruction on Dec. 9, 2010, was carried out with no loss of life or injury, and without contaminating the neighborhood.
…
Housings Slim Recovery
http://mobile.nytimes.com/2012/08/24/opinion/housings-slim-recovery.xml
As an active RE shopper, I can attest to the fact that demand exceeds inventory in NW Phoenix. Many homes are getting multiple offers and many of these offers are coming from investors who can pay cash. Since they have to overbid each other, prices are rising.
When will the hidden inventory be made available?
‘demand exceeds inventory’
So people are sleeping in their cars or tents?
‘they have to overbid each other’
And who’s holding the gun to their head?
Jeebus, these ‘investors’ HAVE to buy a house? Overbid? That person won’t be investing for me.
Just listen to yourself; listen to what’s being said about the housing market. Does this sound right? Shortages? Multiple offers? In Phoenix!
Hey! It’s working!
RE backs loans. If RE goes down then the value of the loans also go down. If the value of enough loans go down then the economy is screwed.
To unscrew the economy the RE market needs to be hyped.
And there it is, right in front of us, a hyped RE market.
In this corner have the Fed, the MSM, OPM, and managers of OPM.
In the other corner we have Ben Jones and his blog - voices in the wilderness.
Stick with Truth no matter how isolated.
Oh and there’s the NAR, I almost forgot the NAR.
“Stick with Truth no matter how isolated.”
Knowing the Truth makes one free.
If FPSS ever wearies of the joke about decapitating puppies, perhaps he could respond to my question yesterday about the limits of government-sponsored manipulation of markets. I’m sincerely curious, as so far, it seems as though the manipulation has worked as intended.
Maybe you think the answer is in there somewhere, but my question is really about what sort of unforeseen black swan could trigger the horrible consequences of “mv = pq” to manifest themselves? So far the Fed has offset the drop in “v” with a huge influx of “m”, plus supported policies to artificially prop up “v,” such as federally-insured mortgages up to principal north of $700K from the three F’s (Fannie, Freddie, FHA), and pushing the interest rate pedal ever closer to the floorboard.
On the “pq” side of the equation, “q” has been limited in the housing market by severely reducing inventory; a historically low rate of transactions, with commensurate inability of Realtors™ to earn a living, has been the only cost I can discern for limiting “q” to prop up “p.”
But as many posters here note on a daily basis, it all seems to be working, as “p” and “q” are both on the increase in recent months. What convinces you the trend isn’t sustainable?
And as to this issue, “Debt that can’t be paid won’t be paid. No salaries, no payment,” since the overwhelming majority of recent mortgage loans are federally guaranteed, won’t all U.S. taxpayers be paying off the lenders’ guaranteed principles on any loans made by the three F’s which go into default? It’s
turtlestaxpayers all the way down.Debt that can’t be paid won’t be paid.
Applies to the taxpayer too. Witness Greece!
“Applies to the taxpayer too. Witness Greece!”
Let me try again:
(sarcasm)It’s
turtlestaxpayers all the way down.(/sarcasm)Sarcasm? NO. Truth.
“Stick with Truth no matter how isolated.”
It’s easier to remember the truth.
The HBB echo mania meter has been pegging lately.
Patience grows thin. Our whole lives have been an experience of expansion, with each minor setback giving way to higher growth, more jobs, bigger houses, higher prices and more debt. Any other model is only in the abstract.
“Our whole lives have been an experience of expansion, with each minor setback giving way to higher growth, more jobs, bigger houses, higher prices and more debt.”
This legacy is a form of capital that is being drawn down by the PTB.
“Busted out” may be a more fitting term.
“…drawn down by the PTB.”
Drawn down, or outsourced and offshored?
Time for Mitt Romney to come clean on his taxes
By Colbert I. King, Published: August 24
Mitt and Ann Romney are deluding themselves if they believe that calls for the presumptive Republican presidential nominee to release more of his income tax returns are simply a campaign instigated by Barack Obama’s supporters. Would that partisanship is sparking the demands for additional disclosure. The Romneys must know in their hearts that there is more to it.
Most Americans don’t begrudge Mitt Romney his wealth, estimated in the neighborhood of $250 million. His entrepreneurship is an American success story.
But voters also want to know why this fantastically rich seeker of the presidency is being so secretive about his tax payments and how he made his money.
Does he have something to hide?
…
Romney has offshore accounts. Voters are within their rights to ask why this man who wants to be president would divert income from U.S. financial institutions to foreign tax havens.
These are not questions raised solely by the Obama camp.
…
…
Why not just get to the heart of the matter. He is one of the financial elites. That is exactly what we do not need.
Where are the Republican trolls these days? Usually the slightest question about their coronated candidate triggers an endless barrage of strawman attacks. Hopefully they are down in Tampa, preoccupied with battening down the hatches for an approaching hurricane.
That’s where I am, too. I don’t see too much difference between the candidates in terms of Wall Street backing or fealty, but Romney is a Wall Street insider, as evidenced by his choice of economic adviser, Inside Job star Glenn Hubbard.
So, you are trolling for trolls?
So, you are trolling for trolls?</i.
** SNORT **
“Hopefully they are down in Tampa, preoccupied with battening down the hatches for an approaching hurricane.”
Don’t worry PBear, there will be more ‘wind’ inside the convention than outside.
And those who’ve been duped to follow him will rise to his defense and bring charges of a political witch hunt.
“So, you are trolling for trolls?”
How else am I supposed to find entertainment value in this grim campaign season.
“Most Americans don’t begrudge Mitt Romney his wealth, estimated in the neighborhood of $250 million. His entrepreneurship is an American success story.”
I do, but not of just anyone that made $250 million. It matters how you made it. But he made his money on the backs of others, putting them out of work, and sending their jobs offshore, just like where he prefers to stash his loot to avoid taxes. That is not success, that is treason.
“Mitt and Ann Romney are deluding themselves if they believe that calls for the presumptive Republican presidential nominee to release more of his income tax returns are simply a campaign instigated by Barack Obama’s supporters.”
Some talk radio host a few days back (I can’t remember who as I flip through all of them) was talking about releasing tax returns and how everyone thinks it is normal to release many years of them. Apparently Carter, HW Bush and Clinton only released one or two years of tax returns if I recall correctly.
“Apparently Carter, HW Bush and Clinton only released one or two years of tax returns if I recall correctly.”
Off topic.
What would George Romney have done?
Posted at 10:32 AM ET, 07/11/2012
On tax returns, Mitt won’t follow the leader — his dad
By Jonathan Capehart
“I’ve always been proud of my late grandfather’s legacy as a governor and a presidential candidate,” Tagg Romney wrote in an e-mail yesterday addressed to “Friends.” “And I’m prouder still to see my dad follow in his footsteps.” The eldest son of Mitt Romney was hawking T-shirts with a vintage design from his grandfather’s campaign. Pity Tagg’s father refuses to follow George Romney’s lasting legacy of the presidential campaign: the voluntary release of years of tax returns.
The tradition used to be that candidates gave out general information on their income and financial assets via a statement. That all changed in 1967 when George Romney released his actual tax returns for the previous 12 years. “One year could be a fluke, perhaps done for show,” the elder Romney said then. His son, the presumptive Republican nominee in 2012, prefers to show almost nothing. Mitt Romney has only released his tax returns for 2010 and an estimate for 2011. That’s not good enough.
…
Mitt is hiding things. I do not trust people who hide things. I do not trust Mitt Romney. I will not vote for Mitt Romney.
It appears to me that Romney is counting on his base to carry him into the White House. He has not reached toward the center, but continues to pander to the far right. His base doesn’t care about the tax returns. Will they care that he has thrown Akin under the bus?
Rumor around Akin country, where my parents live, is that God may send a hurricane to Tampa to unleash his wrath on the RNC for failing to support Akin in his moment of need.
Will Akin, Hurricane Isaac Rain on the RNC Parade?
Aug. 23 (Bloomberg) — Bloomberg Political Analyst Matthew Dowd reports on the Akin controversy and his outlook for the Republican National Convention being held in Tampa, Florida. He speaks on Bloomberg Television’s “Market Makers.” (Source: Bloomberg)
Mitt is hiding things. I do not trust people who hide things. I do not trust Mitt Romney. I will not vote for Mitt Romney.
Same here. I keep waiting to see Obama’s grades and thesis paper, etc. I wonder what he’s hiding.
I keep waiting to see Obama’s birth certificate.
Oh wait…
I keep waiting to see Obama’s birth certificate.
Nice redirection! Way to ignore what I said. Funny how you rail against that technique when people you don’t agree with use it.
You’re such a sick party hack. Take the plank out of your eye.
“Our whole lives have been an experience of expansion,”
Speak for yourself. My whole life has see nothing but contraction with expansion for only an ever shrinking fortunate few…. and the numbers prove it.
If the available inventory is reduced and there are more people who want to buy a house, then demand exceeds supply.
I don’t partake in any bidding. No way.
I’m only looking cuz I have a sickness, I miss doing the landscaping and the gardening.
Not a sickness, Lipster; for some, full-contact gardening is bedded in our DNA. Totally sympathize. I was so bonded to one gnarly old tea rose bush (that had belonged to my grandmother) that I moved it in its heavy duty container to six different rentals over fifteen years until it finally found a home in the ground up here. Thing must be pushing fifty by now. Hang in there.
lmao @ Blip……
“Active RE shopper”……. Choosy mothers choose Jiff right Blip?
“As an active RE shopper, I can attest to the fact that demand exceeds inventory in NW Phoenix.”
Well sheeeeeeeeit, get out there and buy ya one! Don’t wait! Hurry on down, ya heard?
Mugz,
Do you think our “Active Shopper” carries a pink purse?
I absolutely hate trying to buy a home with multiple offers on it. Can real complicate the deal.
“I absolutely hate trying to buy a home with multiple offers on it.”
Try dropping a few dead rats aroung the place. That usually cuts down on the offers.
Unleash some cockroaches too.
And maybe pay the neighbors to blast out some ghetto rap.
Sellers stage houses and condos, maybe buyers should do the same.
Why work so hard?
Sit back, have some tomatoes, and a martini.
In the 50’s, they used to have parties on very tall Las Vegas hotel building roof-tops where you could see the nuclear test detonations which were relatively closeby. They were all-night affairs since the testing was often early in the morning.
This is the 21st century version!
“Why work so hard?”
Work? It ain’t work; It’s playing the game.
They decide on a move, you decide on a counter-move.
Ping-pong, Yin-Yang, tit-for-tat, etc.
Sounds like work.
“Without playas, there ain’t no game.”
How would that stop a lying Realtor™ from telling a gullible prospective buyer there were multiple offers?
“I absolutely hate trying to buy a home with multiple offers on it. Can real complicate the deal.”
LMAO….
Jonesy…. like I said in my email, this just gets better all the time.
Buyers are getting played like fiddles these days. I tried to talk some sense into a friend who is grotesquely overpaying for a house due to “low inventory.” He heard nothing, and upped his offer. I’ll check in on him in a few years- when he’s $200k underwater.
I had an appointment with my mutual of Omaha rep in Arcadia on Camelback this morning. I am in Ahwatukee for the weekend. My navigator took me up 143, which made sense. But it skipped 44th street and put me up 36th from McDowell to Camelback. A three mile span. You can see a spectrum of economic classes in that three mile span. Meth zone at the southern end and then lower middle class, then to established old money neighborhoods. It was a 30 mph speed limit. 44th has a higher speed limit. Got to my appointment right on time though. The old money upper class hood features expansive green lawns and trees, well kept. I do like the are north of Cambell though.
I see price levels in Ahwatukee at wish-I-can-take-advantage-of-the-specuvestor-RE-trend-and-recover-from -my-dumb-gamble-in-this-house-in-the-bubble stage. Next year at this time prices here will be below 2011 levels.
Yeah, not a very good time to buy in the tukee. One bright spot is the low amount of transactions during the wish fest, most of the comps next year will be homes that sold before this dead cat bounce.
Arizona Slim’s Radio Update
Uh-oh! The Rock -n- Roll Women are back!
They’ll be crashing the airwave party this Sunday, August 26 at 5 p.m MST/8 p.m EDT. It’s KXCI’s Broad Perspectives Radio like you’ve never heard it before.
Tune in to 91.3 FM on your Tucson radio dial, or check out the live stream at KXCI.org.
If you’ll be playing Grace Slick, I’ll lissen.
Now THERE was a rocker. Wotta gal!
Feed your head.
We are forces of chaos and anarchy
Everything they say we are, we are
And we are very proud of ourselves
I love that song.
I don’t dig chaos ,but a little anarchy is good for the soul every once and a while .
It’s a song about a revolution of the freaks and radicals and the expropriation of the 1%, right?
Those days will return. The 1%, as usual, have brought it upon themselves again. They really do need adult supervision.
There are societies for you who dislike private property still. One is North Korea.
BTW you must give away all your possessions now to be consistent.
BTW you must give away all your possessions now to be consistent.
BTW, we know what you need to do now to be consistent.
“Those days will return. The 1%, as usual, have brought it upon themselves again. They really do need adult supervision.”
You basement revolutionaries crack me up. You really really do not want a communist revolution in this country, trust me. Check your history books (written by historians not progressives), read about the re-education camps, the starvation and the mass killings (over 100 million world wide!!).
Do you really want to live like the savages we all witnessed camping out during the occupy protests? I mean…do you really? I certainly do not.
You basement revolutionaries crack me up. You really really do not want a communist revolution in this country, trust me.
Heh! It’s funny, because I really am in my basement/den of iniquity (pool table and beer fridge nearby). BUT, I’m not longing for a communist revolution. I’m trying to ‘head’ one off, by getting the rich to pay their historical tax rates.
They still get to be rich, in my scenario. They loose their heads, in the historical alternative, which they seem determined to try.
I guess they think they’re invincible, with Faux News and the kochtopus at their backs. We’ll see. History says otherwise…
Do you really want to live like the savages we all witnessed camping out during the occupy protests? I mean…do you really? I certainly do not.
Spoken like a Valley Forge veteran.
Palmetto I agree. I started listening to JA in the early 80s. Grace was hot in the 60s. The rock n roll Barbarella! I was too young to enjoy the 60s in the 60s though.
BTW to cut off the collectivists before they get here, the liberarian individualists also claim they were the result of the 60s. I heard Ron Paul is anti-interventionist and on the left relative to Obamao on the issue of foreign policy, war, and individual right to piracy. Yet Bammy can now legally order the assassination any American citizen.
Melanie “Lay Down (candles in the Rain)” is a staunch libertarian.
“individual right to piracy”
Interesting typo.
Individual right to piracy?
Ron Paul is a Somali? -
Clearly these types of free enterprises need less regulation.
“Along with fretting over whether Isaac’s winds and flooding will wreck homes and businesses and roads, here’s another worry for Tampa Bay residents: toxic waste overflowing from a long-abandoned fertilizer plant.
Near the southern end of the Sunshine Skyway Bridge sits Piney Point, which in 2003 was dubbed by a state official “one of the biggest environmental threats in Florida history.
The Piney Point plant, built in 1966, has been a headache for years, as it leaked pollution into the ground and released toxic clouds that sickened workers. In 2003, the owner declared bankruptcy and walked away, abandoning towering gypsum stacks topped with reservoirs containing hundreds of millions of gallons of highly acidic wastewater.”
http://www.tampabay.com/news/environment/water/ahead-of-isaacs-rainfall-dep-tries-to-halt-potential-toxic-spill-from/1247695
I have nothing against Tampa, but I will be enjoying some serious Schadenfreude for the GOP convention.
Thanks for the update!
Let’s hope to see the GOPsters swimming in their own unregulated toxic waste!
Talk about poetic justice. It’s so perfect it almost boggles the mind.
They’ll helicopter out while the serfs drown in the sludge.
Makes a good news visual.
Collectivists here coming down to roost and crow.
Collectivists here coming down to roost and crow.
To crow about poetic justice. Do you fear it?
Who Inherits Your iTunes Library?
“Someone who owned 10,000 hardcover books and the same number of vinyl records could bequeath them to descendants, but legal experts say passing on iTunes and Kindle libraries would be much more complicated.
Part of the problem is that with digital content, one doesn’t have the same rights as with print books and CDs. Customers own a license to use the digital files—but they don’t actually own them.”
http://www.marketwatch.com/story/who-inherits-your-itunes-library-2012-08-23
So tell your heirs your ID and Password in your will?
Scroooo iTunes. Download as MP3 from elsewhere and store on your hard drive (with backups), not the cloud. Not sure about books though.
The cloud sounds great, until you can’t access it.
And here is another thought. You can buy used books and CDs for cheap, often pennies on the dollar. But you can’t do that with Kindle books or iTunes material. You’re only option is to pay top dollar.
“…until you can’t access it.”
Or worse yet, until Goog has the whole world as hooked on their free shit as everyone currently is hooked on Microsoft, at which point they start charging everyone through the nose.
That is the whole point of the “cloud”, its a means to get you to pay a pricey subscription for something you could have just bought before. I still have a copy of Office 97. Works great.
I kind of think of the cloud as automobile leasing. You get stuck with never ending payments.
I kind of think of the cloud as automobile leasing. You get stuck with never ending payments.
Next thing you know, you will have to make a credit card payment to practice the piano.
CDs have better sound quality (more info) than mp3. Save the classics on good-quality CDs.
Alpha
The bitrate of audio CD is calculated by muliplying the sampling rate by the resolution by the number of channels:
44.1 kHz X 16 bit X 2 chan. = 1411 kbps
so a mp3 at 256Kbs is 18.1% of the original file….
so why do we pay FULL price for a sample of the file???
“so why do we pay FULL price for a sample of the file???”
Because MP3s are just good enough. What kind of question is this? Are you RCA circa 1995?
so why do we pay FULL price for a sample of the file???
I don’t. I buy CDs. Even to my unprofessional ear, they have a richness that mp3 doesn’t.
I seem to recall that at the time of CDs’ introduction, one of the industry bigwigs complained that they (the studios) were ‘giving away the keys to the kingdom’, by selling perfect copies of the master recordings to everybody.
I think by weaning us to mp3, they’re hoping to cure that ‘problem’.
Yes i always buy cd’s Ive bought very few mp3s and only if i needed it for a gig this week….never bought a full album yet…
I just realized I have never bought an mp3. I don’t even own an mp3 player. I really am an old fogie.
Me neither. But I ripped all my CDs and put them on my phone…and I still buy a CD on occasion.
Nearly 44 percent of South Florida mortgages underwater
by Kim Miller
The percent of South Florida homeowners who owe more on their mortgage than their home is worth decreased to 43.7 percent in the second quarter of the year from 46.4 percent earlier in 2012.
Nationwide, the percent of homeowners with underwater mortgages was 31 percent, down slightly from 31.4 percent during the first quarter of the year, according to a report from Seattle-based real estate analysis firm Zillow.
Total amounts of negative equity nationally declined by $42 billion in the second quarter to $1.15 trillion.
“Rising home values in the second quarter caused a decline in the number of underwater borrowers, but young homeowners continue to be disproportionately affected by negative equity,” said Zillow Chief Economist Stan Humphries.
According to Zillow’s research, 51 percent of homeowners with mortgages between the ages of 30 and 34 are underwater. That’s compared with 18 percent of homeowners between the ages of 65 to 74.
Of the 30 largest markets tracked by Zillow, negative equity fell the most from the first to second quarter in Phoenix. South Florida, which includes Palm Beach, Broward and Miami-Dade counties, had the second highest decrease.
Las Vegas continues to have the highest percentage of underwater mortgages at 68.5 percent.
This entry was posted on Thursday, August 23rd, 2012 at 9:48 am and is filed under Florida economy, Foreclosures, Housing boom, Mortgage fraud, Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
5 Responses to “Nearly 44 percent of South Florida mortgages underwater”
1
DTown Says:
August 23rd, 2012 at 11:21 am
the government needs to pay down all these mortgages to the value of the house. I’m tired of paying a mortgage this is way underwater. if I don’t get some money from the government, I’m walking on this mortgage–the bank can have my condo, which is overpriced.
2
just one thought Says:
August 23rd, 2012 at 11:38 am
I would have to agree with @DTown the only way to cure this issue is to have mortgage companys modify principal balances to match apprasied values! I am 32 years old I owe $148K on my home and the appraised value is $75K i would be better off to walk away and make a straw purchase under relatives name and purchase aproperty for what it’s actually worth.
3
muck Says:
August 23rd, 2012 at 12:12 pm
I am agree DT and just one I am 53 my house value is 100K and I owe 179K and I pay my mortgage every month and my bank is not work with me so I think the only way is walk away the only reason I do not have a relatives to purchase my house again or another for way less money.
4
1952tat2 Says:
August 23rd, 2012 at 12:55 pm
No sympathy, here. All you fools who live your lives “on credit”, the chickens have come home to roost. If you can’t pay cash, don’t effing buy it! (and you sellers: If they don’t have cash, don’t effing sell it to ‘em!)
If you want “sympathy”, you’ll find it in the dictionary… beween “sh*t” and “syphilis”.
Me? I have ZERO consumer debt, and paid for my condo with CA$H. You can all do it, too.
“Just say ‘No!’ to credit”
5
Shish Says:
August 24th, 2012 at 4:20 pm
I agree with you 1952tat2.
“the government needs to pay down all these mortgages to the value of the house. I’m tired of paying a mortgage this is way underwater.”
(Note: “I’m tired of paying a mortgage” implys that he is still paying it)
“if I don’t get some money from the government I’m walking on this mortgage …”
Keep this guy’s hopes alive. Promise this guy some sort of miracle - any kind of miracle will do - and he will keep staying AND he will keep paying.
The free sh*t army is a force that has multiplied greatly under obama…
Do you have any numbers or data to support that? Or just wishful thinking? ; )
“Do you have any numbers or data to support that? Or just wishful thinking?”
Do my eyes count?
That’s called “anecdote” and no, it doesn’t.
As for that Free $hit Army, they will NEVER equal the entitlement greed of Wall St.
So if it’s good for the goose… hell yeah people want their share. Duh. That’s what happens when one side gets special favors and the other doesn’t.
Marie Antoinette didn’t get it either.
I don’t have the figures are hand be I’ve read many times in NYT and other places that ~50 milllion get food stamps a record high. About 20% of the population.
Massive food stamp increase and Zero money for any new job training…..whadda country
No point in training for jobs that don’t exist or don’t pay enough to pay for the even the basics, is there?
Besides, many of the those receiving food stamps… already have jobs and STILL qualify.
The other day I shared the $500/week median weekly wage with a retired old timer. He had no idea and was utterly shocked that it was so low.
I don’t have the figures are hand be I’ve read many times in NYT and other places that ~50 milllion get food stamps a record high. About 20% of the population.
And I read that as many as 80,000,000 qualify but don’t apply for them out of either shame or pride.
If the job creators stopped parking so much of their income in offshore tax havens and plowed more of it into employing Americans, perhaps the free-shit army would shrink in numbers?
Gawker publishes audits of Mitt Romney’s offshore financial accounts
950 pages of documents contain internal audits and financial involving Bain Capital and Romney’s personal fortune
Dominic Rushe in New York
guardian.co.uk, Thursday 23 August 2012 13.52 EDT
Abolish the corporate tax, income tax, capital gains tax, and dividend tax and replace with tariffs. Then our jobs will come back.
“Nearly 44 percent of South Florida mortgages underwater”
Just figuratively for now; soon to be literally.
August 25, 2012 7:30 AM
Isaac expected to become hurricane as it nears Florida
Tropical Storm Isaac is pictured August 24, 2012, as it passes over Haiti and the Dominican Republic. Isaac has opportunities to strengthen into a Category 1 hurricane. (GOES/NOAA)
Last Updated 11:06 a.m. ET
(CBS/AP) MIAMI - Tropical Storm Isaac swept across Haiti’s southern peninsula early Saturday, bringing flooding and at least three deaths while adding to the misery of a poor nation still trying to recover from the terrible 2010 earthquake. At least three people were reported dead.
Forecasters expect the storm, which is packing heavy rain and 60-mph winds, to move over Cuba today and become a hurricane tomorrow.
…
http://www.accuweather.com/en/hurricane/atlantic/isaac-2012
Effect models.
Love how each of these commenters is admitting publicly the reason for their purchase.
negative equity fell the most from the first to second quarter in Phoenix.
I’m not even sure what that means. Does that mean people are becoming less underwater? And this is happening the most in Phoenix?
Posted: 5:29 p.m. Friday, Aug. 24, 2012
Federal bulk sales deal under scrutiny as regular homebuyers scramble
By Kimberly Miller
Palm Beach Post Staff Writer
With less than a five-month supply of homes for sale in Palm Beach County, the Florida Realtors group is questioning a federal plan that sells foreclosed homes in bulk to big investors.
The program, which targets areas hit hard by the real estate slump such as South Florida, was developed as a way to get distressed properties off the market and cut down on the so-called shadow inventory of homes people fear could cause another pricing crash.
But regular homebuyers and even some cash investors are racing to find houses in today’s tight conditions where multiple bid sales are again the norm, some Realtors said.
“People under the $200,000 price point are getting into situations where they are just scrambling to find something,” said Sherry Lee, of Lee Property Sales in West Palm Beach. “A lot of stuff comes on and it’s junk and needs a lot of work. Then you have the finished house ready for financing, and there just aren’t enough of them.”
Florida Realtors confirmed Friday it is discussing the federal bulk sale program with the National Association of Realtors, which said earlier this year that strong sales to individual investors lessened the need for the program.
“Investors are already absorbing much of the nation’s housing inventory, and Realtors are concerned that a bulk sale or rental program in areas where such a program is unnecessary could delay or impede local market recoveries,” said National Association of Realtors President Moe Veissi in late March.
The Federal Housing Finance Agency, which oversees federal mortgage backers Fannie Mae and Freddie Mac, announced in July that response to the bulk sale deal was “robust” with the first transactions expected to close before the end of September.
Tim Kinzler, past president of the Realtors Association of the Palm Beaches and a Realtor with Keller Williams in Boca Raton, isn’t against allowing the bulk investor sales. He said big investors are in a better situation to buy distressed properties, fix them up and sell them to individual buyers.
“They are more capable of managing the properties, getting them in the right condition and putting them on the market for rent or sale,” he said. “It’s about finding a balance.”
“They are more capable of managing the properties, getting them in the right condition and putting them on the market for rent or sale,” he said.
And keeping them off the market for a while if we need them to.
Florida Realtors confirmed Friday it is discussing the federal bulk sale program with the National Association of Realtors, which said earlier this year that strong sales to individual investors lessened the need for the program.
lol I’ve suggested before that realtors, too, may end up calling for the release of the shadow inventory. They don’t want it sold en masse to Big Investors, thus cutting the realtors out of any commissions on the properties, not only now but for years to come, due to the requirements of the large purchases.
“With less than a five-month supply of homes for sale in Palm Beach County, the Florida Realtors group is questioning a federal plan that sells foreclosed homes in bulk to big investors.”
I think I have to agree with the lying realtors on this issue. All of these homes should hit the market.
“He said big investors are in a better situation to buy distressed properties, fix them up and sell them to individual buyers.”
The more I see this sort of casual propaganda, the angrier I get.
“Better”? WTF does that mean? Selling houses through investors is adding an unnecessary middleman, and he takes his cut. So prices are either supported artificially, or inflated artificially. The investor has to make something or he doesn’t even bother.
Why is it I can buy a totally broken car in the USA, but I can’t buy a broken house? Why do houses need to be “fixed up” so they can be sold? I can buy a car needing a head gasket, replace the HG myself and then the car runs fine.
As a culture we’re just nodding along with the propagandists who are doing everything they can, all the time, to keep housing prices high. that rich guy in Michigan who was allowed to buy up 650 foreclosed homes at once, for an average price of $7400 each… that’s part of the effin’ con game being played here. Housing is being directly manipulated to keep it expensive for the end user.
Tomato-Fest chez FPSS tonight!
http://www.flickr.com/photos/vnoel/27239382/ - 210k -
Lechon!!!
“Don’t use a big word where a diminutive word will suffice.”
But that’s what it is!
I would have gone with roasted pig but hey that`s just me.
Lechon
From Wikipedia, the free encyclopedia
Lechón is a pork dish in several regions of the world, most specifically Spain and its former colonial possessions throughout the world. The word lechón originated from the Spanish term lechón; that refers to a suckling pig that is roasted.
Although your Tomato-Fest list gives Bubba a run for his money.
“Shrimp is the fruit of the sea. You can barbecue it, boil it, broil it, bake it, sauté it. There’s, um, shrimp kabobs, shrimp creole, shrimp gumbo, pan fried, deep fried, stir fried. There’s pineapple shrimp and lemon shrimp, coconut shrimp, pepper shrimp, shrimp soup, shrimp stew, shrimp salad, shrimp in potatoes, shrimp burger, shrimp sandwich. That’s, that’s about it.”
Roasted pig (large)
The entire pig ! Wooohooo !
(disclaimer : this is not at my house, I didn’t even eat any of it, I really feel bad for the pig, etc, etc)
Comments and faves
Now you’ll get flooded with PETA wacko comments…
★stu_spivack added this photo to his favorites. (86 months ago)
vnoel (86 months ago | reply)
thanks for the suggestion, I’ve added a disclaimer
*
Isik * (86 months ago | reply)
Damn how did I miss this!?!
mic888 (85 months ago | reply)
Great, I love roasted pig. I salute all pigs in the world for giving delicious meat.
Did you know, that the organs of pigs are very similar to human organs (size, etc.) When they solve the problem with rejection one can use the pigs heart etc. for transplants.
reginaldppuppy (85 months ago | reply)
I’m just a tiny bit freaked out that you said you love roasted pig and that they are delicious and then you compared them to human organs. But I’m sure it’s just me…….shudder…………..backs away slowly…..
We’re having sliced no-name local tomatoes with colby jack cheese in a grilled sandwich for lunch.
“We’re having sliced no-name local tomatoes with colby jack cheese in a grilled sandwich for lunch.”
Just in case things get ugly and you guys run out of Tomatoes.
August 18, 2012
Animals You Didn’t Know You Could Eat
what kinds of animals are good to consume in a pinch? The answers might surprise you!
Squirrels
They are plentiful, not terribly bright, easy to hunt, and most of all they taste good. If you can hit a soda can at 50 feet with a .22 LR, you can hunt squirrel. I’ve eaten this particular animal on many occasions, usually pan-fried.
Raccoons
A major blog out of Kansas City recently posted about Raccoon and touted it as the other dark meat. A local trapper in their area sells out of his entire stock in minutes as hungry customers meet him at his roadside market. A full-sized raccoon sells for $3 to $7 each—not per pound, and one of these furry creatures can feed five adults. Eating varmints is even in vogue these days, at least in Britain. The New York Times reported that Brits are eating a variety of varmints with enthusiasm.
Rats
For me, this one is both literally and figuratively hard to swallow. However, a fully cooked rat, as long as it isn’t carrying any diseases transferable to humans, is perfectly edible. In some parts of Asia, rat is a staple of the human diet. When you think about it, a rat is similar to a squirrel, but less cute, so eating them should be easier, right?
Dogs
I would have to be one hungry dude. I love my pet dog, and the thought of turning Fido into dinner makes me more than a little queasy. However, in Asia and the South Pacific, dogs are a source of protein that would otherwise be lacking. A dog is far larger than a rat, so it can feed more people. According to some who have tried it, it tastes very similar to beef. If you find yourself in a Korean restaurant and don’t feel brave enough to try canine, make sure you don’t order the Gaegogi. Otherwise, you may not be able to look at Fido with a straight face when you get home.
Horses
A good horse would no doubt come in handy in a post apocalyptic situation. However, they may be worth more than four-legged transportation. Horse meat is more popular than you might think, and it is not just for dogs. Moreover, you may be surprised to know that it is very popular in many Western countries. France, for example, has special butchers who sell nothing but horse meat. The French word for a horse meat butcher is boucherie chevaline. In the top eight horse-eating nations in the world, humans consume over four million horses each year. I guess horses should take care not to break a leg when SHTF.
Insects
If you are traveling through Asia, you might find street vendors selling cricket skewers or roasted giant water bugs. In the United States, most would consider eating bugs as an absolute last resort. The trick to eating any insect is to cook it. Even if a bug has harmful toxins or venom, a good boiling will usually negate the effect. Insects with hard shells like beetles can contain parasites, but if cooked are safe to eat.
http://cheaperthandirt.com/blog/?p=24951 - 48k
Looks great, but why is everyone all over the sea salt lately?
Rat-Fest chez UNKNOWN TENANT tonight!
Rat with Olive Oil & Morton-Salt
♦
Rat Skewers with Blue Cheese
♦
Roasted Rat and Eggplant Soup
♦
Rat with Tomato Sauce
♦
Ice cream sandwiches and toothpicks
Tomorrow we will do Raccoon-Fest
lol
Looks great, but why is everyone all over the sea salt lately?
Firstly, salt is not soluble in oil (specifically olive oil.)
If you have a flaked kinda sea salt (fleur de sel, for example) when you add flakes to tomatoes which have some oil on top, they will not dissolve.
When eaten they give a sudden, sharp pop of flavor along with a crunchy textural thing. It breaks up the eating and gives a textural and flavor surprise.
Also, salt amplifies the glutamates in tomatoes. That’s what gives tomatoes their ripe intense taste. (It’s called umami and we have specialized receptors on our tongue for it.)
The umami from the tomatoes will suddenly amplify itself because the salt ions split when touching water (on the tongue.) You get a pop of intense flavor.
As to why do you see it everywhere now, I couldn’t tell you. I know why I use it (read above.)
Freakin’ yummers, Puss. Try ‘em grilled with fresh peaches and brushed with balsamic vinegar.
I got into a pretty horrible argument with my brother about housing. It all started because he’s bought into the propaganda that right now is the best time to buy a home given the low interest rates. Otherwise, home prices will keep going up and he’ll be priced out.. There’s no way prices can go down any more!
I tried to explain him in many different way why I thought he was wrong, but he still does not buy my arguments about the goverment artifically proping up prices and demand by manipulating interest rates and banks withholding foreclosures.
Are there any ‘educational’ videos/movies out there that he could watch? He is a smart guy, and I am hoping he will open his eyes if presented with more information from a different source.
“… I am hoping he will open his eyes if presented with more information from a different source.”
If you are the one who is going to present him with more information than you are the same source that presented him with previous information.
“I got into a pretty horrible argument with my brother about housing.”
What you are asking from your brother is for him to somehow realize - and admit - that he is wrong and you are right. This is tough because this life-long sibling thingy goes beyond right and wrong and instead it becomes and ego thing. If you can find a way around this then you might have a chance to persuade him.
Did you try some simple math as when interest rates go up - the prices of housing comes down?
Banana,
In theory and reality, this is true. However, the BankingMoneyChangers will do *everything* to continue expanding the credit bubble to maintain power.
That is true if other things are equal.
A sufficiently strong future labor market recovery might offset the eventual effect of rising interest rates on housing prices. If interest rates increase as slowly this time as they did during their ascent during the 1960-1982 period, from levels near where they currently stand to 14% or so by 1982, perhaps the labor market effect will outweigh the interest rate increase effect.
Or at least the PTB hope so…
“Did you try some simple math as when interest rates go up - the prices of housing comes down?”
That would be a tough sell. His brother has seen both housing prices and interest rates dropping at the same time since 2007.
Calm down. It’s only ones and zeros.
Giving unwanted advice to a family member….
Which is why we decided to bite the bullet and sell our renovated rental (bought in 2005 of course). We closed Thursday. Before you guys lay into me, I found your blog 2 investment houses too late. Don’t have any college debt ’cause I didn’t go, but have paid dearly for my education! Here’s where I first heard the saying of fools and the dear school of experience, which is the one I attended. Anyway, said house was to be our retirement house, but turns out it was still too much in expenses to carry, so when a cash buyer offered substantially more than the neighborhood comps, we took it, even though we’re out the reno costs - OUCH! From reading your blog and the news, we really felt that it would take years (and more carrying costs) to be in the position to get any money back at all. Now we live in a VERY modest little house, with VERY low taxes and money in the bank. I’m breathing easier now (since being involutary retired in May). We were “lucky”, since we put 20% down and put our own money into it. We were “happy” to come away with cash, unlike many people who came out of this with nothing, except ruined credit (which is only good to go into debt with!) The posters on this blog have GREATLY influenced my decisions since 2006. But ultimately, every person’s decision has unique circumstances and obviously a young person will be in a different boat than me (a semi-retired person). I advised my own son, who’s returning from Okinawa in March to RENT for a few years (at least) before COMMITTING to a particular area by buying something. I really do value the opinions on this blog and feel I know some of you, so please be gentle if you’re going to scold me
And Brett, I really was responding to your post, I hope you can understand the real pain I felt in selling my “dream” home that I lived in a few years and enjoyed with grandkids and had many hopes and dreams for future enjoyment with my family. All because I foolishly bought at the height of the market and sunk ALOT of money into it. The financial decision I made had a lot of emotional pain attached and MAYBE your brother can be spared that same pain (& not to mention, money), but you know the saying about fools and experience, which we all are at some point.
Make the best of what you have! You can only go forward.
BTW, the grandkids do not need you to have a big house. My grandmother’s was tiny, and I never noticed.
Heck my LL has his basement all set up as another apartment in case anyone has martial problems, or just wants to crash out ….
in case someone can’t master the martial arts and needs to suppress the noised from a punching bag or human dummy?
Or if the spouse beat the heck out of said temporary renter? -
+1 on this
Great nick, BTW!
If you can laugh at yourself, you’re well along on the path to recovery!
Lemming with an innertube,
You’re very fortunate that your losses weren’t greater.
As a good friend of mine said in 2011, “Get what you can get for your house today because it’s going to be much much less tomorrow for many many years to come”.
….. and he’s right.
Honestly, thanks and I feel like I just got Justin Beiber’s autograph!!
got Justin Beiber’s autograph!!
That’s lady gaga not to be confused with Biebster.
“You’re very fortunate that your losses weren’t greater.”
I cried because I had no shoes until I saw a man who bought in 2005.
Nice!
Live below your means and you will always sleep well…
“Live below your means…”
It helps to avoid going into debt to buy overpriced, underwater real estate money pits.
2banana & Cantakerous it’s so true and took a long time for these two simple truths to sink in.
Looks like you have adapted and ajusted your life style to reality. Sometimes it’s difficult to make those choices - however if you don’t make them for yourself someone will make them for you. I would rather pick my own standard for ajusting to financial disasters.
thanks for the kind words.
Lemming (love the moniker, btw), you’re two steps ahead of all the FB’s who didn’t have the good sense to get out when they could and are now stuck in the misery you’ve already overcome. Plus you’ve the huge advantage of being satisfied with what you have as you head into retirement. And Skye is right; your grandkids won’t care one whit.
Congrats!
thanks and the moniker came from the Far Side cartoon oxide posted the other day. It inspired me!
“There’s no way prices can go down any more!”
How can that be when:
-Prices Are Falling
-New construction cost is less than resale housing prices
????????
Google. All the informaiton you need is right at your fingertips.
I think it’s always a good idea to make major financial decisions right before a big election, when the economy is obviously pumped full of all sorts of steroids/cold medicine.
What could go wrong!
Obama asks eurozone to keep Greece in until after election day
The Obama administration will pressure European governments not to let Greece fall out of the eurozone before November’s Presidential elections, British Government sources have suggested.
American officials are understood to be worried that if they decide Greece has not done enough to meet its deficit targets and withhold the money, it would automatically trigger Greece’s exit from the eurozone weeks before the Presidential election on 6 November.
http://www.independent.co.uk/news/world/europe/obama-asks-eurozone-to-keep-greece-in-until-after-election-day-8076852.html
Beautiful point! Exactly why I am currently assuming the crash position, even as many HBB regulars crow about their recent real estate acquisitions…
Part of the crash position can be buying a smaller house with PITI far lower than rent, lowering utilitiy expenses,ditching cable TV.
“…buying a smaller house with PITI far lower than rent…”
We could rent a smaller house for a lot lower than rent, and put the difference between our current rent and the lower rent into an asset class which is less likely to be a money loser than real estate.
In fact, now that I said that, I am going to explore options…
Our PITI is about 1/2 of rent, about 2/3rds with HOA included. Saving about $200. mo. Utility savings about $300. per month.
Downsizing for retirement. No longer needed the big SFR with just the two of us.
“Downsizing for retirement. No longer needed the big SFR with just the two of us.”
Good for you for getting out in front of the trend. With millions in your situation to follow over the next two decades, it is hard to overstate how badly family-sized housing will get pounded.
I was in Walmart last night (hadn’t ben there for a while).
There was a realtor’s office there and they had a big chart showing how much house you could buy at three rental price points. They included, P&I. PMI and taxes in the examples.
Anywho, this matches what is happening here locally, that after about 5 years of dead sales and resales, in my little burg the lower end of the market is showing signs of life. They’re on track to build about 400 houses this year (almost all 200K or less). The low was about 80 new houses right after the market crashed, and was about 1000 per year during the bubble’s frothier days. How long this will sustain, I have no idea.
I also took a look on Realtor.com. The number of houses for sale here is about 1/3 of what it was at the peak. I was getting the car’s oil changed today and I overheard one of the grease monkeys talking about buying a house.
I don’t see anyone crowing about a 2011/2012 purchase on the basis of economics. Not everyone can wait/wants to wait/needs to wait. It could take 5 or 10 years for the government to stop its actions to keep housing prices inflated. And by that time, with inflation, are we really sure that nominal prices will be lower?
There also seem to be big differences between the low/middle/high end markets. It seems to me that the McMansion-y stuff that was selling for 400k+ is going to be the hardest hit. Especially the houses that are above whatever the federal government guarantees (750k+, IIRC).
I love my fall 2011 purchase of 2200 sq ft at ~$70/sq ft (doesn’t include detached 2 car garage). I still don’t think it gets me on some absurd “property ladder” or even that it will “save money compared to renting”. I will note that there is no way I could rent this size and quality of place in our area for our PITI ($1290).
The 10 Best Central Bankers In The World (Guess who’s not on the list…)
Business Insider | 08/25/2012 | Max Nisen
Global Finance magazine is out with its annual report cards for the world’s most influential central bankers. The grades, which range from A to F, are based on banker’s success in controlling inflation, fostering economic growth, and managing interest rates.
Other factors include the banker’s ability to stand up to political pressure and influence government in a positive way.
In what’s been an incredibly difficult economic environment, here are the central bankers who have had a steady hand on the wheel.
Central Bankers scoring an “A” in the report published in the October issue of Global Finance include:
Australia Glenn Stevens A
Canada Mark Carney A
Israel Stanley Fischer A
Malaysia Zeti Akhtar Aziz A
Philippines Amando Tetangco Jr. A
Taiwan Fai-Nan Perng A
United States Ben Bernanke B (Grade 2012) C (Grade 2011)
best central banker.
Oxymoron of the day.
Right?
“Canada Mark Carney A”
Too early…check again, next year, this time.
No doubt. What grades were they giving Greenspan during the boom years?
Maestro.
Letter grades would have been an injustice to Greenspan.
R&R show a nice pre-convention bounce in their IEM WTA election futures prices:
Pres12_WTA
2012 US Presidential Election Winner Takes All Market
Still Obama 2 to 5, Romney 15 to 8, in casino-land.
Heh….. the Mrs and I shutdown two housing transactions in the last week. In fact Mrs went right after the lying realtor too. Her at work and me at the grocery store.
Starve the Lying Realtors.
Are you also Realtors Are Liars? When we were going through the ordeal of selling the house, I kept thinking of you (really) because the buyer’s realtor kept acting like he was so clever and it really nauseated me to no end. By the way, I enjoy your posts.
That dude uses the ™ symbol.
Hey Ral… you out there?
With millions in your situation to follow over the next two decades, it is hard to overstate how badly family-sized housing will get pounded.
Probably true. And the younger gen are not having kids, or very many kids. The only thing that may change it, is the very oldsters moving in with the adult kids. I see some of that now, with the boomers bringing in an aged parent. Still cuts out the multistory houses for the most part.
There will probably be boomer communes in a few years. Not really share-the-wealth communism but a return to college-like sharing the utilities of luxury homes and renting rooms in said homes. The oldsters will also help each other in non-tangible ways by companionship, moral support, making sure everyone takes their mess, and so on.
It would be like how my sister lived in Santa Barbara for years when she was young. House-sharing…
Mess = meds… But yeah, old people should not have to clean up each others mess!
Seen elderly siblings home share. Works out very well, until one or more become to ill to live at home. Then the whole thing seems to fall apart very quickly.
None of the younger ( 40 yr old )family members could / would move in, having kids of their own to care for at the time - as well as a full time job. The elders were in no condition to care for small kids, so an exchange of services wouldn’t work.
One elderly parent cared for by boomers with teens, or adult kids, seems to work out ok.
“…and the younger gen are not having kids, or very many kids.”
It’s really far worse than that. Jobless and strapped with student loan debt, they aren’t even forming households.
Fewer Americans form households after recession, hampering economic recovery
View Photo Gallery — Home prices hit new post-crisis lows in nine cities, according to Case-Shiller report: Home prices fell in January in 16 of the 19 metropolitan areas measured by the Case-Shiller Home Price Index. See how your city fared.
By Michael A. Fletcher, Published: April 30, 2012
It had been a long road, but when Sabrina Torres received her master’s degree in 2010, she was sure it would eventually pay off in a good job that would allow her to afford an apartment.
She is still waiting. The American University graduate’s financial struggles have prevented her from living on her own, making her part of a dramatic slowdown in household formation that is both a consequence of the economic downturn and a continued obstacle to overcoming it.
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At least the college educated ones are not forming households. Welfare types are growing their families and their bellies though.
A couple of yrs ago, nytimes had a story about hedge fund wives and why they are breading like rabbits.
And those are the most vocal against having an abortion..even if its free.
Having relatives move in with me is about the only thing I can think of that would make me want a McMansion. The more levels, the better.
A few acres, with trailers at far ends would work ok.
Even as a kid I wondered how the frick the Iroquois could all cram into Longhouses.
Neil Armstrong. First man on the moon dead at 82.
“Neil Armstrong.”
Be interesting to know how he lived the rest of his life following the moon walk. A book deal or two and a NASA pension don’t add up to the lifestyles of the rich and famous, or did he discover leverage along life’s journey?
“One small step for A man [the 'a' was lost in radio static- otherwise it makes no sense, really] one giant leap for mankind!”
Good work, Neal.
Sorry I spelled your name wrong, dude.
God bless you, Neil Aimstrong! You ’slipped the surly bonds of earth’ (whatever that means)!
I have to wonder whether people thought JFK to be as crazy back in the day as some of us believed Newt Gingrich was this year when he yammered on about a 51st state on the moon?
Neil Armstrong 1930-2012
Made ‘Giant Leap’ as First Man to Step on Moon
Neil Armstrong, photographed inside the lander after the moonwalk on July 20, 1969. More Photos »
By JOHN NOBLE WILFORD
Published: August 25, 2012 510 Comments
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A quiet, private man, at heart an engineer and crack test pilot, Mr. Armstrong made history on July 20, 1969, as the commander of the Apollo 11 spacecraft on the mission that culminated the Soviet-American space race in the 1960s. President John F. Kennedy had committed the nation “to achieving the goal, before the decade is out, of landing a man on the Moon and returning him safely to Earth.” It was done with more than five months to spare.
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OT-
If you’re a connoisseur of beef and steaks, you gotta try this dry brine/sear-in-the rear method. Because the method is counter intuitive, the directions are hard to follow.
http://www.amazingribs.com/recipes/beef/steakhouse_steaks.html
Thanks, Falling. Guess I know what I’m going to be doing after I open up a big cab tomorrow afternoon. A neighbor just dropped off a hindquarter of Brangus steer for the deep freeze, so I sense a par-tay coming on….
Got my sandbags ready to go… I’ll probably head down to get more tomorrow with my neighbor.
Does this make you want a house on stilts? What’s better- a house on stilts or a concrete block ‘Florida house’?
Good question. I’d ask a native with knowledge of Florida and materials, like Diogenes.
But… I will say from a flooding perspective, stilted is the obvious choice, but then you’re most likely all wood and have all of the Florida wood issues. (Coincidentally my neighbors tree is being annihilated by FL carpenter ants.)
From a “dude with a family” perspective, stilted is great. The bottom floor functions like a basement and having a second floor porch is awesome.
Wait, are your SURE you’re not thinking of moving here?
Wait, are your SURE you’re not thinking of moving here?
Have you got a spare room? I just need space for my sleeping bag and drum kit. And my ferrets.
A CMU structure on wood piles.
A CMU structure on wood piles.
Dude, you’re so money. Why aren’t you developing RE in FL?
I’m all in.
Take care me mugster. And stay in touch.
heh….. Suze Ormon announced that “housing has hit bottom”. She even misrepresented the truth about rents as she stated they were going up in Denver and Chicago when in fact rental rates are falling in those two cities.
So apparently she got the same memo from the Fed that all the other housing pimps got.
Everyone in the media seems to have their heads up their behinds when it comes to real estate. Right now, anyone that owns a home is bullish on housing, but those on TV have more power to pimp.
The Queen of Versailles
About The Film
With the epic dimensions of a Shakespearean tragedy, The Queen of Versailles follows billionaires Jackie and David’s rags-to-riches story to uncover the innate virtues and flaws of the American dream. We open on the triumphant construction of the biggest house in America, a sprawling, 90,000-square-foot mansion inspired by Versailles. Since a booming time-share business built on the real-estate bubble is financing it, the economic crisis brings progress to a halt and seals the fate of its owners. We witness the impact of this turn of fortune over the next two years in a riveting film fraught with delusion, denial, and self-effacing humor.
New documentary: “The Queen of Versailles”
All fall down
A riches-to-rags story in America
Aug 25th 2012 | from the print edition
Expensive upkeep
IN 2007 Lauren Greenfield, a photographer and film-maker, found the perfect subject for a documentary. David Siegel, a self-made billionaire in his 70s, together with his trophy wife Jackie, a former model more than 30 years his junior, were in the process of building the largest private residence in America: a 90,000 square-foot (8,400 square-metre) monstrosity in Orlando, Florida. Modelled on the palace of Versailles, it would feature 30 bathrooms, ten kitchens and an ice rink, among other luxuries. This was the American dream writ large and ridiculous, with protagonists who were deliciously ripe for satire.
But Ms Greenfield’s timing was awkwardly opportune, as a year later the credit crunch hit David’s timeshare empire, Westgate Resorts. Construction on the house screeched to a halt, 19 domestic staff were whittled to four, and the Siegels faced foreclosure. The story was suddenly, as David observes on screen, a “riches to rags” tale. Meanwhile, the cameras kept rolling.
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Without staff, the Siegel household descends into chaos. Pets die, dog excrement litters the kitchen floor, and David recedes into his office, emerging only to grumble about the electric bill. “Do you get strength from your marriage?” Ms Greenfield asks. “No,” he snorts with characteristic dismissiveness. “It’s like having another child.” He is now suing the film-maker for defamation.
But Ms Greenfield seems as generous as she is appalled, and her affection for Jackie is clear. This cheery Botoxed queen has an engineering degree, but she learned early on that beauty was more lucrative than brains. She may be absurd, boasting in passing that she owns a pair of $17,000 Gucci crocodile boots. But she is also tough, and fun to watch.
The film’s great achievement is that it invites both compassion and Schadenfreude. What could have been merely a silly send-up manages to be a meditation on marriage and a metaphor for the fragility of fortunes, big and small.
“The Queen of Versailles” is in cinemas in America and will open in Britain on September 7th
WSJ Blogs
Developments
Real estate news and analysis from The Wall Street Journal
June 22, 2010, 3:29 PM
David Siegel’s Unfinished Mansion Raises the Bar on Excess
By Sushil Cheema
The housing boom in Florida certainly fueled it share of excess. Our new favorite: David Siegel’s Versailles, an unfinished 90,000-square-foot home in the Orlando area that boasts 13 bedrooms, 23 full bathrooms, a 6,000-square-foot master suite (with plans in place for a bed on a rotating platform), a banquet kitchen plus 10 satellite kitchens, a 20-car garage, three pools, a two-story wine cellar and a grand hall with a 30-foot stained glass dome. (See photos of the unfinished home and renderings.)
Mr. Siegel, the chief executive officer of Orlando-based Westgate Resorts, began building the sprawling, resort-like mega mansion for himself and his family in the town of Windermere a few years ago. “Construction was halted last year to save money in a recession that proved particularly hard on Mr. Siegel’s once-booming industry,” according to the AP. The unfinished home is now listed for $75 million. If you want the building completed, tack on another $25 million.
Mr. Siegel could not be reached for comment.
Of course, a home doesn’t get named after a French palace without a few more gilded extras. There’s also a boat house, formal gardens, a baseball field, two tennis courts and a rock grotto with a waterfall, a fitness center, a two-lane bowling alley, a roller rink, a video arcade and a theater.
“Instead of putting [his extra money] into this home, he’s putting it back into the company to save the employees,” says listing agent of Lorraine Barrett of Coldwell Banker, noting that Mr. Siegel has had to cut some of his 12,000 employees at Orlando-based Westgate Resorts. Ms. Barrett says Mr. Siegel currently lives in a 26,000-square-foot home in the nearby Isleworth community, which Tiger Woods also calls home. (It’s no Versailles, but we suppose it’ll do.)
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Price History
Date Description Price Change $/sqft Source
08/18/2012 Listed for sale $65,000,000 -35.0% $973 NO COMPANY PROVIDED
10/10/2011 Listing removed $100,000,000 – $1,497 Coldwell Banker Residential Real Estate - Southwest Orlando
05/01/2010 Listed for sale $100,000,000 1,999% $1,497 NRT Florida
01/02/2003 Sold $4,765,000 – $71 Public Record
Tax History
Find assessor information on the county website What’s this?
Year Property taxes Change Tax assessment Change
2009 $66,278 – $3,807,500 –
2008 $66,278 – $3,807,500 –
Dio and Muggy and every other HBB’er in FL - I’m using Weather Channel as background noise, and Isaac is looking very scary to me. Best to all of you, hope your lives are not disrupted. Not to mention your belongings, etc. Will send good vibes. I am told they work, since everything is connected and all.