Bits Bucket for April 19, 2013
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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If anyone wants to follow the situation at MIT in realtime, here’s a link, http://www.reddit.com/r/news/comments/1cnwms/mods_removed_thread_live_updates_of_boston/
And the radio feed from the police scanners: http://www.broadcastify.com/listen/feed/6254/web
Attorney general Petros Clerides said the assembly must have a say on the accord, which will inflict huge losses on depositors at Laika and Bank of Cyprus. The Orthodox Church of Cyprus expects to lose €100m, crippling its charities.
It is unclear whether the government can muster a majority as popular fury erupts. The Communists and Socialists have been vehement critics of the deal.
Green MP George Perdikis told the Cyprus Mail that he would vote against it to uphold the “freedom” of his country. “It is a crime to deliver Cyprus into the hands of the troika and allow it to become a colony.”
http://www.telegraph.co.uk/finance/financialcrisis/10004726/Cyprus-bail-out-vote-stirs-fresh-jitters-as-slump-fears-grow-in-Europe.html
Turns out the whole austerity argument is based on an Excel error. From the Telegraph article:
Europe’s policy elites are increasingly on the back foot after furious controversy this week over a Harvard paper widely cited as the intellectual justification for austerity.
The 2010 study by professors Carmen Reinhart and Kenneth Rogoff purported to show a cliff-edge fall in growth rates to -0.1pc once public debt reaches 90pc of GDP in rich countries.
An expose by the University of Massaschusetts found that there had been a basic Excel error and other slips. In fact growth falls slightly to 2.2pc. The effect is less serious on states that have their own currency and monetary instruments.
Excel errors actually account for a *staggering* amount of errors in government and banking sector. People start using all the power functions and get lost. I believe a routine Excel error also once caused a very expensive NASA satellite to crash, someone can probably look that up.
True. Got an email from a friend at JPL last night noting the article while he was in the midst of trying to ferret out a coding error in the Mars rovers’ (Excel) spread sheet.
Hey frankie, what is the general sentiment about Margaret Thatcher in the North?
How will she be remembered in the North, what is her legacy?
Are we still expecting a “V-shaped” recovery?
Does it count if you turn your laptop upside down?
Turns out Boston bombers were tea billies from russia.
Chechnyan Muslims
both trained overseas
Both here legally
Keyword here is : Islam
Now lets defeat the immigration bill
On “Hardball” tonight, the host openly questioned whether at least a portion of the horror was an intentional attack against the Democratic Party. Matthews made his controversial comments when he assumed that a purported explosion at the JFK Library was associated with the bombings.
“I was just thinking, again, it’s early; it’s an early situation, but going after the Kennedy Library, not something at Bunker Hill, not something from the freedom trail or anything that kind of historic, but a modern political figure of the Democratic Party,” he said “Does that tell you anything?”
“Let me ask you about domestic terrorism as a category. Normally, domestic terrorists, people tend to be on the far right, well that’s not a good category, just extremists, let’s call them that. Do they advertise after they do something like this? Do they try to get credit as a group or do they just hate America so much or its politics or its government that they just want to do the damage, they don’t care if they get public credit, if you will?”
This guy has been sniffing his jock for so long his brains have become completely addled. Jeebus.
it’s the booz.
“Now lets defeat the immigration bill”
We have to do a whole lot more than that. We have to somehow shut the door on any legislation of this sort EVER being introduced in the future. The Gang of Hate is a bunch of traitors.
And this insane policy of “invade the world, invite the world” has got to stop.
When I wuz a pup, my dad used to say that the pendulum swings in one direction, then swings back in the other. Can’t come soon enuf for me as regards “immigration”. Not to mention foreign “involvement”.
And they were taught by the same Imam that taught Obama.
taught by the same Imam that taught Obama.
I bet Obama forced them into a gay marriage, under sharia law. Now it all makes sense.
Obama was married to both of them in a gay marriage. Get the facts right.
Aha! A gay polygamist sharia law marriage. You just know they were on SNAP, too.
Obama or Osama?
is there a difference between the two?
Osama was taller.
uncle-of-supected-boston-bombers-says-exactly-the-right-thing-at-exactly-the-right-moment
http://www.dallasnews.com/opinion/columnists/tod-robberson/20130419-uncle-of-supected-boston-bombers-says-exactly-the-right-thing-at-exactly-the-right-moment.ece
I feel sorry for the uncle and his immediate family. His passion says it all. Teaches us all to not jump to conclusions, and wait for the facts to settle.
Keyword here is : Islam
You peeps are staring to get it…..Its in the mosques that teaches this evil
No the key word is Chechnyan.
Big time.
Wait 5 minutes and the story changes.
One of his HS classmates from Cambridge was just interviewed on GMA. He was a talented athlete, funny, popular. He lived here since he was 7 years old. She does not remember him being out of school ever to go visit anyone in Russia. He was one of them, she said. Did not stand out as a foreigner.
Did not stand out as a foreigner
Of course not, the brothers are WHITE.
Sirota from Salon is lighting candles and praying even as we blog.
Unfortunately, this is not the Great White Hope-He-Did-It he was praying for.
They’re kinda sorta white, but not the right kind of white.
That Salon piece wishing the bomber(s) was white is a perfect example of what a coastal elitist libtard bedwetter is.
They’re kinda sorta white
They are 100% white IMO. It’s just that they don’t appear to be white Tea Billies or white Ron Paul anarchists from what we know so far. A big loss for MSM.
The bedwetter media had a viagra overdose woodie for the prospect of the bomber(s) being Teabillies and/or 2A supporters. Finding out they were from former USSR and possibly muslim just tossed a bucket of ice water on their collective woodie…
Again, I thought it was good if everyone was “light brown”.
I guess. Well, at least I guess.
Let’s stay tuned y’all until we hear the official word on what is “good” and what is “not good” in regards to skin color. We know it’s not good to be White-Hispanic; perhaps we’ll get a decision of whether White-Russian is officially good.
Never fear, once the politically correct crowd issues their edict, the media will report it. Meanwhile, stay tuned, stay safe and stay away from people who might appear to be partially white.
Unless your real goal is for Obama to stop by your house to inform you that you are racist. Especially if you are a cop living in New England.
White is a pretty blunt term, within whites there are many subgroups based on nationality, socioeconomic status, religious beliefs, political ideology etc. The whole discussion of hoping the bombers are one race or religion or another is juvenile. Obviously the bombers are (were) tremendous a**holes, regardless of the fact that they are both white and muslim. I would not expect most ‘murkans or news people to be able to handle the gray areas involved. Tea people and news people aren’t that different — they both want a black/white, emotion-laden story where things add up and where they can rally their political allies. Stupid.
Did you read all of Sirota’s article. There was a valid point in there. For example, here in Arizona a turban-wearing Indian convenience store owner was murdered in a driveby shooting. He was actually a Sikh, not a Muslim. On the other hand, after Timothy McVeigh blew up that building in Oklahoma City, nobody had the notion that it would be a good idea to start shooting at pale white Army veterans from the Buffalo area.
Joe, I guess most people simply are not as nuanced and highly intelligent as you.
Ah…The Land Of Nuance…must be idyllic. Where relativism reigns supreme, I can play screw thy neighbor, make lots of dough and brag about how enlightened and nuanced I am.
How typically Washingtonian.
I agree there were valid points, the tea billies have some valid points as well. But the truth is that neither complete tolerance nor racial/religious discrimination are the answers. This seems obvious to me, it has to be obvious to others. But to the media or teabillies, not so much.
What do you mean by complete tolerance and why is it a bad thing?
‘complete tolerance’ as defined by the cultural relativists is just sick.
Complete tolerance would be if a bunch of gangbangers invaded the home of a white lib bedwetter, someone along the lines of oh, say, Chris Matthews, and they demanded, in addition to handing over money and electronics and such, that he hand over his wife and kids for a little fun’n'games, and the guy did so, while urging the wife and kids to cooperate, wringing his hands while he watched.
And then, went on national TV afterwards (assuming the cops finally got there and he was spared) and said, with great nobility, that he forgave the gangbangers and wouldn’t allow the incident to change his mind about immigration, gun control and diversity.
That’d be complete tolerance, aka tolerating the intolerable. Maybe you could explain why that would be a good thing.
Completely tolerance to me would mean allowing groups into the country with no expectation of integration, no checks on their political affiliations or affiliations with radical religious sects, etc. In other words, the idea that diversity is good in and of itself, without regard to its effect on the functioning of our country.
I agree with you on the desirability of integration. On the other hand, it may not be so easy to make it happen. I also think it’s pretty clear that diversity is big mixed bag of good and bad stuff, though I don’t know what sort of public policy could be implemented based on that knowledge. Regarding radical religious sects, wouldn’t it be unconstitutional to exclude immigrants on the basis of their religious beliefs?
Jose, I think that you’re inventing a new definition of tolerance and it’s a complete straw man.
“In other words, the idea that diversity is good in and of itself, without regard to its effect on the functioning of our country.”
General Casey famously said, of the Nidal Hasan debacle,
“diversity shouldn’t become casualty after Fort Hood” massacre.
Forkit. I’ve had enuf of these dickbags. I don’t want immigration reform. I want major government reform. As in rooting out every one of these traitors.
“Jose, I think that you’re inventing a new definition of tolerance and it’s a complete straw man.”
What’s the dif between that and the totally depraved statement by General Casey, really? There it is. Of course, he wasn’t there urging his charges to be sitting ducks, I’ll give you that. But it’s close enuf for rock and roll.
Straw man this.
Cultural relativists ignore things like female circumcision and honor killings but can’t stop their incessant blather about the evils of imperialist whitey.
I am against male circumcision, too. I am sure I will get a dirty look from many.
Islam, Judaism and America are the only know entities that routinely circumcise their boys.
I think that the use of the word “diversity” should be sharply reduced. It’s not as useful as something people think. However, if General Casey was resisting the notion that all Ayrabs should be thrown out of the Army because of the crimes of one officer, I wouldn’t call that depraved at all.
Lefties were hoping for white homegrown terrorists.
righties were hoping for Muslim terrorists.
we get white Muslim terrorists.
I guess for the partisan hacks…it’s a push?
Semi-homegrown white foreign muslim terrorists.
It’s a push.
What if they voted for Obama and also NRA members?
Stay home guys, the little one is on the loose….
Doesn’t it sound ridiculous for a city over 1 million populaton?
man…sometimes having other people thinking for you gets complicated.
wonder what they thought about black people?
Doesn’t it sound ridiculous
The message from the statists is: challenge the statists, and we will crush you. Remember Christopher Dorner?
The statists and the Obama regime know the wheels are falling off of the bus, and these examples of local lockdowns in Boston, Southern CA, are a weak attempt to quash dissent, to intimidate.
When “go time” happens, it won’t be a single time or a single place. It will be assymetrical warfare against the statists. Imagine a few hundred Chris Dorners operating independently from each other, whether as lone wolves or in small teams.
That will be the tipping point…
drudge linked one of theirs facebook pages and there was a picture of him with a smiling asian dude…there was also a bottle of ranch dressing on the table.
choosing between 69 virgins and ranch dressing would be tuff…i have one wife and she can sometimes be a pain in the ass…but without ranch dressing? what would i dip my buffalo wings in?
Obama and Eric Holder HATE ranch dressing because it’s white.
‘Tis a shame our homegrown terrorists aren’t 100% black AND tea billies all in one.
(NOTE: I don’t mean that the black that is in them is 100% black. I mean the terrorists would be 100% black. Otherwise they might be White-Black and give the PC crowd an out. Then again, I thought “light brown” was a good thing. I guess. Well, at least I guess). Good gravy! What is one to do?
Imagine, too…a government and a media unable to declare it “a crisis”.
Guess they’d have to trot out Dr. Phil and other arm chair psychologists at such point to explain “the inexplicable”. With lots of concerned women in ther audience looking well, concerned.
Thank God all terrorists are men. At least there’s that!
It is hardly a push. They are Islamic terrorists, their race was not an issue except for the fact that terrorists will use operatives that will most fit in. If they had access to a Timothy McVeigh they would have used him. The problem would still have been Islamic terrorism.
It seems that Obama and Cantor still have the High-Yella and Blue-Black blues…
Amazing how many blacks still look down on each other for that very reason. “He’s too white, he’s too black”.
Who gives a shit who they are. Domestic and foreign all have the same beef.
Why is that? <—– Start here.
You guys are aware that Muslims from Chechnya could be angry at the US for NOT interfering on behalf of the Chechens against the Russians, right? It might have nothing to do with getting out of Iraq/Afghanistan, being on the side of Israel, not wanting Iran to have nukes, or any of the other things that we assume are the agenda of Muslim extremists.
I read a book written by a journalist who was at the fall of Grozny. It was a bloodbath.
Islam demands that everyone in the world submit to Islam or be killed. So that is the beef and how do you suggest we address that beef? It is not just Christian countries that are dealing with this problem, goggle India and Islamic terrorists and or Thailand and the same.
Islam demands that everyone in the world submit to Islam or be killed.
Extremist, fundamentalist Muslims believe this, not all Muslims.
Christians believe that if you don’t get baptized you are going to hell.
Almost ALL religions have beliefs that, if taken to their logical extremes, are ridiculous at best and deadly at worst. Crusades anyone?
“Christians believe that if you don’t get baptized you are going to hell.”
Catholics believe that, but not all Christians do.
In my experience, 20-ish men around the planet are squirrelish hormone factories, easily moved to outrage and prone to vast overreaction. Their “religion”, upbringing, phenotype, even income level ultimately has nothing to do with their inclination to embrace their own assholery.
Lanza was a rich twit.
Arizona guy was a rich twit.
VA guy was Asian Evang
DC shooters were hood rats
The US military is diverse, (if not particularly tolerant)
Get it?
“Islam demands that everyone in the world submit to Islam or be killed.”
“Christians believe that if you don’t get baptized you are going to hell.”
“where is the god of tits and wine?” - Tyrion Lannister
I wouldn’t reccommend goggling Indian OR Thai islamic terrorists if I were you….
No goggling for you!
I typed in goggle (dot) com once by mistake. It was a porn site that infected my computer. I have been very careful ever since.
Doesn’t it sound ridiculous
I live a few miles from the Watertown shootout. No problem getting around today, less traffic than a blizzard ban.
Peace and Islam do not go hand in hand. Period
America will learn the hard way as this lesson has been learned by many societies over centuries. But carry on your delusional naivety.
“Christians believe that if you don’t get baptized you are going to hell.”
I assume you mean Catholics, but nevertheless can you point me to the priests issuing fatwas calling for the death of non-believers? Due to the extreme violence perpetrated in the name of Allah, Muslims have lost a great deal of credibility.
Muslims have lost a great deal of credibility.
Actually they are very credible. History speaks for itself. It is the credulous and politically-correct who trouble me.
“…priests issuing fatwas calling for the death of non-believers….”
Talked to any abortion providers lately?
Of course not, the brothers are WHITE.
(as per her account) No accent.
Unlike my immigrant great grandmother who never even bothered to learn English and stayed in a Polish enclave her entire life from 17 to 86, he was out mixing with people and living a life very similar to his American born peers.
Comment by goon squad
2013-04-19 07:56:22
Obama and Eric Holder HATE ranch dressing because it’s white.
————–
Which is funny because Obama and Holder are both 50% white and are, socioeconomically speaking, both of them are whiter than any poster on HBB.
Islam demands that everyone in the world submit to Islam or be killed.
The religion teaches that. If individual Muslims do not believe it does not matter. We are not talking about 1 at of million that may be a problem, it is the religion. You have a majority of people in countries such as Egypt that believe that anyone that converts from Islam should be killed. Put your head in the sand if you want to but the progressives among Muslims would allow you just to submit pay extra taxes etc. and you can be a practicing Jew or Christian, the hillbillies would kill you unless you convert. Goggle what is going on in Thailand or India. If the best you can do is attack a spelling mistake but not deal with the point you are devoid of an answer.
Islam demands that everyone in the world submit to Islam or be killed.
I’m pretty sure that’s in the Bible too. Old Testament for sure, Paul probably says it too.
No it is not in the bible alpha. You convert people by preaching to them in the bible not by holding a sword over their head. This reaching by the PC crowd on this board is just amazing. A religion that teaches you need to kill someone if they do not convert in this life cannot reasonably compared to the religious belief that after you die if you have not been baptized you would go to hell. One impacts you here and now and one will only impact you if the religious belief is correct. BTW, the Catholic Church’s teaching is much more complicated then is being stated.
than
Peace and Islam do not go hand in hand.
What is so difficult about this to understand Amerika
Exactly SUV. BTW, this is from Wikipedia:
A 2010 Pew Research Center poll showed that 84% of Egyptian Muslims believe those who leave Islam should be punished by death
PC crowd show me a major Christian county that has a similar views. Comparing a few nuts like David Koresh to a majority view shows an amazing lack of analytical skills.
‘What is so difficult about this to understand’
Of the major wars in the last two centuries, how many were started by Islamic people? Pick the wars that resulted in huge numbers of deaths, and who killed who? On the day of the Boston bombing, 75 people were killed, mostly by bombs, in Iraq. 300 were wounded. This is a civil war created because the US invaded and destabilized that country. Yet I’d guess fewer than 1% of the people in the US know this kind of killing is a daily event there.
Let’s say you just don’t care. Fine. Then there is this; what are you going to do about this religion? Are you going to invade, say, Afghanistan? You see, we just lost a war there and spent a lotta borrowed money doing it. Invade Iran? That would make Iraq (we lost there too, BTW) look like a bake sale. The thing is, we’re broke. We don’t have millions of men we are willing to have killed here and there. Shoot, we can’t even keep people from walking into this country and having families on welfare.
I don’t care about all these far off places I’ll never see. I do care about what my government does with my money and how it obligates me, and represents me. We should be a trading nation, not a global cop. One makes you rich, the other puts you in debt and gets targets drawn on your back. Notice that while we’re droning and bombing, China is setting up trade deals all over the world, even with Iran.
Ben I agree with you completely. America is killing innocent people and gaining hatred among the Muslim world. This hatred towards American people will gather momentum and continue on simmering for more than a generation. People will be emotionally, mentally, economically devastated their entire lives of what we are doing in the Muslim world. Having said all this please look at the religion of Islam and what is has done for centuries. The religion of Islam is anything but peaceful. I agree two wrongs do not make a right. Both America and Islam is wrong about peace.
We should have a live and let live policy without inviting long term terrorism on our shores. Easy said than done.
Peace
But Polly stated that it was our failure to intervene to protect Muslims from Russia that caused the attack on us. We will ignore the Muslim attacks against civilians in Russia that lead to the ruthless response by Russia. Islam has always been a religion that was spread by the sword. When we had a foreign policy that was complete isolation, Islamic countries attacked us. Thus the line about from the shores of Tripoli.We should avoid any attempt to nation build in that area but we should not be naïve enough to believe that if we totally disengage they will not attack. Disengaging from Afghanistan completely did not prevent an attack on us, it made it easier.
Ron Paul calls it blowback. RP is correct.
No it is not in the bible alpha.
Seek, and ye shall find:
“If your brother, your mother’s son, or your son or daughter, or the wife you cherish, or your friend who is as your own soul, entice you secretly, saying, ‘Let us go and serve other gods’ (whom neither you nor your fathers have known, of the gods of the peoples who are around you, near you or far from you, from one end of the earth to the other end), you shall not yield to him or listen to him; and your eye shall not pity him, nor shall you spare or conceal him. “But you shall surely kill him; your hand shall be first against him to put him to death, and afterwards the hand of all the people“.
Deuteronomy 13:6-8
Show me where Paul says it. The New testament says that when people reject the preaching, you shake the dust from your shoes and move on, not kill the people. Islam is old testament religion.
My gawds better than your gawd..nah nah nah nah!
Just Childish behavior….
The Old Testament is part of the Bible. You said it wasn’t in the Bible, I showed it was.
No. The point is it is not how the Jewish religion was practiced over 2000 years ago or how Christianity was practice 500 years ago really matters. What matters is how they are presently practiced. The only religion that is practiced in a matter that is completely incompatible with democracy and in fact civilization today is Islam. It is a destructive ideology just like communism and Nazism is destructive. Communism an atheist based ideology killed more people than all the religious wars combined and did it within about 100 years as opposed to the thousands of years of religion. Nazism rejected of Christianity and Jewish based religion and the SS troops believed in what we would call the occult. Christianity altered the Roman empire in a positive fashion and advanced civilization. It was no accident that democracy reestablished itself in Christian countries.
I agree I did misspeak. I should have said the new testament.
The Old Testament is part of the Bible.
What about this part: “Behold, I will bring evil upon thee, and will take away thy posterity, and will cut off from Ahab him that pisseth against the wall”
The discussion on this has so far been juvenile, another stupid internet p-g contest.
This is a civil war created because the US invaded and destabilized that country.
This is not remotely credible. That part of the world has been at war for millennia. Civil wars, brutal dictatorships, and pyramids of severed human heads are the dominant pattern there, but now and then peace breaks out. Stability in that part of the world never seems to last long.
Of the major wars in the last two centuries This is cherry-picking history. So what?
We should be a trading nation, not a global cop You have pre-supposed that there is no connection between the two. I think there is, but that must just be a delusion on my part.
‘Civil wars, brutal dictatorships, and pyramids of severed human heads are the dominant pattern there’
I don’t think you know much of Iraq history. There were no suicide bombers in Iraq before the US invaded. Now there are several every day. Iraq is a place drawn up by western powers decades ago. There never were Iraqi people until the French and British told them that’s what they were. And since then, like many of the colonial “states”, they were ruled by western supported dictators, installed, like Hussein, by the west. Whatever the history of this area is the past 100 years, is mostly a western creation.
Jeebus, these people were building great cities when Europe lived in caves and grass huts. It wasn’t that long ago that great numbers of Jews lived in Iraq. The women in Iraq could be professionals, the dress was modern. Education had always been at a high level. Saddam was a bad dude, but he kept order, which is why the CIA put him there. Then, like one general said, the Pottery Barn rule applied to invading Iraq; you break it, you own it. Well the US broke it, with over 10 years of sanctions, carving out the Kurdish territory to get at the oil, and killing half a million children. Then Bush makes up a phony reason to invade and kills another half million or more. So the west sets up brutal dictators (do I need to list them?), incites civil wars (are you unaware of the Sunni vs Shiite strategy of the state dept?), but you wage your finger at these people when they have been the victims of heinous war crimes?
‘This is cherry-picking history.’
You may not like it, but the question was the lack of peace due to Islamic countries. Here’s another chance; name a modern war Islamic people have started against Christians.
‘You have pre-supposed that there is no connection between the two. I think there is, but that must just be a delusion on my part.’
I don’t know what you’re saying, but how about the comparison I made about China and the USA. You can’t pick up a paper without seeing a story of new trade agreements with China and some part of the world. You suppose their more neutral stance doesn’t have something to do with that?
Anyway, it doesn’t matter. Hold whatever idea you want. We’re broke largely because we bomb and kill when we please. We can’t defeat goat herders in Afghanistan and can’t keep millions of people from walking into our country and staying here. I’m not going to waste any more time arguing about some John Wayne version of world history that never existed.
Best HBB comment, ever?
And it wasn’t even about housing…
Tell us again what part of “complete isolationist” America Tripoli is located in?
name a modern war Islamic people have started against Christians.
Yet another example of cherry-picking history.
To “jump to” important parts of the video, select “SHOW MORE” below.
01:16 - Comments on the meeting by the Public
05:31 - Erica Wood - Silicon Valley Community Foundation
06:14 - Federal Glover - Metropolitan Transportation Commission
ONE BAY AREA: “AGENDA 21″, the UN’s diabolical plan comes to …
http://www.youtube.com/watch?v=kH5KYGV8314 - 229k -
Typical teabilly talking about Agenda 21. Hilarious clip:
http://www.youtube.com/watch?v=0ICejyckIQ4
You’ve had your week, ICLEI, and no one’s biting. Maybe it’s time to recalibrate the antennae on your hat? Most people think long-term planning for earth’s sustainability is a good thing, not a commie plot.
PS. The Greenhouse Effect is real.
Yes and it is 14% of what James Hansen claimed and probably not enough to keep us out of an ice age.
Does The New ‘White House Rural Council’ = UN’s Agenda 21?
Jun. 21, 2011 2:34 pm
Mike Opelka
On June 9, 2011, President Obama signed his 86th Executive Order, and almost nobody noticed.
(For the record, Obama is on par to match President Bush’s 291 orders executed during his two terms in office. The National Archives defines an Executive Order this way; Executive orders are official documents, numbered consecutively, through which the President of the United States manages the operations of the Federal Government.)
President Obama’s E.O. 13575 is designed to begin taking control over almost all aspects of the lives of 16% of the American people. Why didn’t we notice it? Weinergate. In the middle of the Anthony Weiner scandal, as the press and most of the American people were distracted, President Obama created something called “The White House Rural Council” (WHRC).
Section One of 13575 states the following:
Section 1. Policy. Sixteen percent of the American population lives in rural counties. Strong, sustainable rural communities are essential to winning the future and ensuring American competitiveness in the years ahead. These communities supply our food, fiber, and energy, safeguard our natural resources, and are essential in the development of science and innovation. Though rural communities face numerous challenges, they also present enormous economic potential. The Federal Government has an important role to play in order to expand access to the capital necessary for economic growth, promote innovation, improve access to health care and education, and expand outdoor recreational activities on public lands.
Warning bells should have been sounding all across rural America when the phrase “sustainable rural communities” came up. As we know from researching the UN plan for Sustainable Development known as Agenda 21, these are code words for the true fundamental transformation America.
http://www.theblaze.com/stories/2011/06/21/does-the-new-white-house-rural-council-uns-agenda-21/ - 372k -
Happy Birthday, Jiroeman Kimura!
What, you say?
As the world’s oldest person, he turns 116 today. He is the first male ever to attain that age. Fully authenticated, via the Gerontology Research Group.
That’s a lot living
Wikepedia say he’s health conscious. But nothing about his diet.
Bet it didn’t include many high fructose corn syrup products.
But nothing about his diet.
They always talk about what they eat now. I want to know what they ate when they were 30 or 40.
Exactly.
And I bet they ate everything but in moderation.
There’s one deceased supercentenarian (I forget who - I think maybe Jeanne Clement herself, who lived to age 122) who smoked like a chimney until age 113 or so.
Two things count mostly when you’re really aged: good genes and not falling down.
If you live to 122, you could work till 80 and still have 42 years in retirement.
If you look at people that live a long time they usually have these things in common
1. good genes
2. worked hard or exercised
3. Ate in moderation
4. drank alcohol in moderation but did drink.
The only thing the really elderly have in common is that they haven’t died yet.
Behind the Green Mask
Executive Order 13575 - Establishment of the White House Rural Council
By the authority vested in me as President by the Constitution and the laws of the United States of America and in order to enhance Federal engagement with rural communities, it is hereby ordered as follows:
Section 1. Policy. Sixteen percent of the American population lives in rural counties. Strong, sustainable rural communities are essential to winning the future and ensuring American competitiveness in the years ahead. These communities supply our food, fiber, and energy, safeguard our natural resources, and are essential in the development of science and innovation. Though rural communities face numerous challenges, they also present enormous economic potential. The Federal Government has an important role to play in order to expand access to the capital necessary for economic growth, promote innovation, improve access to health care and education, and expand outdoor recreational activities on public lands.
(b) coordinate and increase the effectiveness of Federal engagement with rural stakeholders, including agricultural organizations, small businesses, education and training institutions, health-care providers, telecommunications services providers, research and land grant institutions, law enforcement, State, local, and tribal governments, and nongovernmental organizations regarding the needs of rural America;
(c) coordinate Federal efforts directed toward the growth and development of geographic regions that encompass both urban and rural areas; and
(d) identify and facilitate rural economic opportunities associated with energy development, outdoor recreation, and other conservation related activities.
Establishment of the White House Rural Council
http://www.whitehouse.gov/the-press-office/2011/06/09/executive-order-establishment-white-house-rural-council - 57k
Housing Demand is at 1997 levels and falling.
home prices in s cal at 5 year highs?
http://www.utsandiego.com/news/2013/apr/17/san-diego-home-prices-up-increase/
How can that be when prices are falling in LA and SF?
not sure just reporting the news. we have people saying prices are rising and some say prices are falling.
There is only one way to read the data. And the data shows prices are falling across California.
Here’s the data charted so it is easier to understand.
http://picpaste.com/pics/9e7e2809883a65941f8d5cd17f1e6593.1365876498.png
Did you really think that current massively inflated asking prices is realistic?
Ya wanna zoom that out so you can see the seasonality?
Up 9.9% year on year is not “falling”.
Liar,
Prices are lower today than they were in 2010. That’s called a decline. And pointing to a trend reversal and calling it seasonal speaks to your level of mendacity.
Prices are lower today than they were in 2010. Once again, you’re misrepresenting a change in TREND with seasonality.
Let’s put some numbers to this, shall we?
Info is from Zillow’s chart data…they let you get all the information.
February 1997 - $161,000
February 1998 - $174,000 (Up)
February 1999 - $179,300 (Up)
February 2000 - $189,300 (Up)
February 2001 - $205,000 (Up)
February 2002 - $237,300 (Up)
February 2003 - $281,700 (Up)
February 2004 - $351,800 (Up)
February 2005 - $421,100 (Up)
February 2006 - $492,500 (Up)
February 2007 - $528,300 (Up)
February 2008 - $506,200 (Down)
February 2009 - $408,400 (Down)
February 2010 - $378,700 (Down)
February 2011 - $358,800 (Down)
February 2012 - $336,300 (Down)
February 2013 - $369,700 (Up)
This is a change in trend, after taking into consideration seasonality.
And QoQ and MoM is down.
That’s called a change in trend.
Why do you continue to misrepresent that to the public?
“And QoQ and MoM is down.”
Come now. Every time an economist called the bottom on housing prices because of a quarterly uptick in price, we’d call BS.
And that’s precisely what you did. There was a QoQ upturn in prices and you NAR PR clowns called the bottom. Now it’s headed back down again.
There are plenty of other outlets you corrupt bastards dominate. You’re not going to dominate this one.
Here’s you in a nutshell pimp. You make lots of grand pronouncements, but rarely even attemp to back them up. And you do it over and over and over and over. When you do try to back them up, it very poor quality work. It’s emBEARassing. I can see why some might think you’re a Realtor trying to discredit the bear case.
So here’s some free advice.
1. If you want to look at trends, look long term not short. When you throw out the QoQ you look like a NAR economist calling a bottom.
2. Try to be more forward looking. Why will these trends continue? What factors are looming. Spend more time on research and thought and less on blog and screen name jumping.
3. Don’t be so absolutist. ALWAYS and ALOT. It discredits your message. There are enough cases of people making money in housing, even currently, that your ALWAYS statements prove you wrong. The majority of people will lose money if they buy now, but it might not be that much and it might not cripple their finances.
4. Ease off the repetitive posts.
5. Remember that many people found this blog because they were wanting to buy a house and knew something was wrong. Some of the people buying recently held off for half a decade, and bought for a lot less than they would have without the HBB. Sure they’ll probably spend more for shelter than they would have if they continued renting, but the majority of HBBers seem smart enough to be able to figure out if they can truly afford their shelter. They’re treating housing as consumption, instead of falling into the Realtor trap of seeing it as an investment.
Seeing as you’re advising the public to buy housing at massively inflated prices, I have a bulletin for you;
Irrespective of how long you’ve gotten away with your lies here on this blog, irrespective of the wishes of your clients, you can expect us to continue to expose your misrepresentations here… day after day. We’re not going anywhere.
Nice post, Al. Well said. It’s a shame that the target is utterly incapable of the self examination and critical thinking necessary to take any of it to heart.
If you look at the QoQ and MoM data, you will be calling a change in trend at the same time every year, and in the same directions. It’s called seasonality.
If you step back, you can see the longer term picture, which generally supports the view that housing trends take a long time to develop, and don’t change directions frequently.
Once again… you’re attributing a change in trend to seasonality.
Prices are falling and they’re falling for good reason. They’re grossly inflated.
So here’s a challenge Pimp. Go back and find any post I’ve made suggesting that people should buy. Find one. I’ve always posted as Al since 2007. And I haven’t posted all that much.
I’ve given you tips on how to be a better housing bear. Step up.
I’m starting to think you want to wreck Ben’s blog. Make it unhospitable to discussion and thought. Are you sure don’t work for the NAR?
Thank MC.
Don’t take it personal. It’s not all about you. Prices are falling and they’ll continue falling until they reach pre-bubble levels.
“Seeing as you’re advising the public to buy housing at massively inflated prices…”
“Don’t take it personal.”
That’s why you fail so much. With bouncing from blog to blog, and handle to handle, you can’t keep your shtuff straight. Go back to my suggestions.
“Prices are falling and they’ll continue falling until they reach pre-bubble levels.”
As I said, you make lots of grand pronouncements, but rarely attemp to back them up. Show your work. What do you consider pre-bubble levels? When do you think we’ll get there? Step up.
“Once again… you’re attributing a change in trend to seasonality.”
I’ll offer you some help on how thought and research could help you stop emBEARassing yourself. Seasons are divided into QUARTERS. Spring, Summer, Fall and Winter. There are four seasons, and a quarter is one fourth of a whole. When you use QoQ data, all you are showing is what happens with the seasons. You can’t prove a change in trend using QoQ. When you post without understanding this kind of stuff, you don’t even look like an amateur because normally amateurs have a basic understanding. Learn more, then post.
And once again…. prices are falling and they’ll continue to fall to pre-bubble levels. Refute it. You won’t because you can’t. You can’t because it’s the truth.
And attributing a change in trend to “seasonality” merely demonstrates your inability to be honest about housing.
Carry on.
You’re hopelessly stupid. I won’t refute that prices will fall because I believe they will. But you don’t even know what you’re talking about. You can’t define anything. You don’t even understand seasons like like an average 4th grader. Quit emBEARassing yourself and learn what it takes to be a real bear like so many on this blog.
Carry on, looking like an idiot who won’t accept some much needed help.
And when a mendacious liar can’t refute the truth, they toss insults. That’s all you can do.
But I’m thrilled you come back for more schooling. Are you enjoy it??
I toss insults out of frustration. I’ve never encountered someone who can’t understand. You’re offensive to long term posters, treating them like crap even though they’ve contributed for years. You post links that don’t support your statements, and when it’s pointed out, you simply dismiss the info and attack the poster. You act like someone who has decided to buy has inflicted a personal injury on you, even though it’s their own choice to accept the cost for personal reasons. You switch names constantly and steal them from others. You attack people who are trying to have a rational conversation.
I value this blog. I hate what you’re doing to it. You suppress discussion. You chase away posters. It’s becoming a political blog instead of a housing blog because any attempt to discuss housing is met with personal attacks and intimidation. Echo chambers are for Realtor blogs, not the HBB.
Good night.
Al,
You’re arguing with an avitar. Appreciate it for the humor.
Stating the truth that housing prices are grossly inflated and falling isn’t offensive to anyone except you liars who want to keep your ruse going.
Housing Demand is at 1997 levels and falling.
I’m sure it’s the cold spring and wild weather we’re having.
I have seen very few sold signs this April. Last year it seemed like new listings were everywhere and disappearing w/in weeks of being listed. I’m not even seeing that much inventory that isn’t just a recycle of things that have been listed off and on over the last few years. Some have had SOLD signs hanging in front not long ago but here we are again on the MLS. I did notice a home I’ve long been interested in that has never been on the market this whole time finally for sale. Somehow I’m not too interested these days wondering what the future will bring. Why did I know it was going to end up this way? In the end, more important concerns than a deal on housing.
The minor uptick in prices and multiple offers last fall is of no surprise because it wasn’t really based on any market realities. The concept of supply and demand is founded on a basis of getting to a Market Equilibrium, a situation in a market when the price is such that the quantity that consumers wish to demand is correctly balanced by the quantity that firms wish to supply.
Market Equilibrium does not exist. The supply side has been manipulated in several ways. First, the zombie inventory, those HomeDebtors who are locked into their massive mortgage payment because they owe more than it is worth and continue to pay [majority] or those homeowners who have some sort of loan modification are completely out of the market. Therefore, that inventory does not feed into the supply side in a normal market. Second, foreclosures are way down not because of loans performing but because servicers are just not foreclosing, This is based on several of my clients who want to walk and are over 4 years delinquent on their loans and the lenders will not foreclose. Finally, the demand side was heavily fueled by speculators posing as investors who were paying cash for almost anything in the 50k-125k range thereby driving prices up in those ranges competing against itself.
The real boogey man in the room is vacancy factor for apartment owners. Those are rising rapidly as investors buying houses attract apartment dwellers to houses. This is the battle that is playing out right now and it’s going to get bloody. Apartment owners are countering this by lowering rents putting a squeeze on investors… paying too much and watch their rents go down. You can call it a dead cat bounce or whatever you want… in the end, this is all a fools journey because public is not paying attention to the fundamentals of a market.
…. look out below. It’s still a very long way down to the bottom for resale housing.
I believe I found suspect #2’s facebook equivalent:
http://vk.com/id160300242
If it’s not him, the name, face & date of birth are the same.
MA Governor has shut down the MBTA & Amtrak has also had to close its line through Boston.
Entire city of Boston has been advised to shelter in place.
Terrorists are winning!
Yeah, I just got a notice from a Bahston auction house that they’re shut down until further notice. They won’t be flogging any crap today.
Hmm…Shreve, Crump and Low sent out an email saying they would donate 10% of the price of any of their “cod” items (water pitchers were pictured) to the fund for the victims.
paying mortgage interest to a bank is slavery.
Those who suffer the real consequences are those who pay inflated prices, borrow and repay 2x the transaction costs and continue paying for decades. In the end? They might recover 15% of what they have in it. Losses like that are stupendous.
At one point on this blog we knew house prices in our given areas were out of wack. And just what was that price point? Don’t spout off that year thing, it was no about a certain year as areas expanded or contracted separately, and guess what “no one cared whether someone bought or rented. Now we have useless rants backed by hot blowing air, yes we all no the game isn’t over but the game goes on and at some point in time pragmatic decisions will be made by those like Bill LA who has a plan and is willing to go forth with it. Prudence yes but waiting forever if buying is your choice just means your money will in the end go to cover medical costs, zero sum game here so name your poison.
There’s no reason to “wait” when rental rates are half the monthly losses of buying at current grossly inflated asking prices of resale housing.
You didn’t have the mental fortitude to say no. Just like millions of others who are stuck making massively inflated payments on a depreciating loss.
“rental rates are half the monthly losses of buying at current grossly inflated asking prices of resale housing”
Is this true in every area of the country?
EVERY
Worker bees can leave
Even drones can fly away
The queen is their slave
Nice, Sean.
At what point between 0% and 100% taxation do you become a slave?
Don’t know about the slave part. But any tax above 10% is too much. If 10% is good enough for the churches it should be good enough for uncle Sam.
If it’s voluntary it’s not slavery.
Try not paying and see how voulentary it is.
You can find yourself a lower tax place to live. Slaves can’t shop for new masters.
Wesley Snipes said he volunteered to go to prison.
The bulk of our tax burden is federal, so you can really only escape a small percentage of it.
“If it’s voluntary it’s not slavery.”
What?
I guess if you find out later that the debt you volunteered to take on was bundled and securitized it changes things, right?
It’s a big world, full of all sorts of monkey packs. If you can find a better/cheaper one that suits you, and that will have you, then give it a go.
You’re a free man, no one’s stopping you.
“If it’s voluntary it’s not slavery.”
Just seems like a 180 degree turn from your stance on the Robo signed victims.
Just seems like a 180 degree turn from your stance on the Robo signed victims.
How so? I wanted the banks to follow the law, still do. If it meant a bunch of saps stayed in their houses a little longer, so be it.
And as we now see, it wasn’t the robo-signing issue holding the banks back from foreclosing en masse, anyway. The banks don’t want to take all the properties back on their books at once, so they are still stalling right now, well after the robo-signing problems have (supposedly) been cleared up. Blaming the delay on robo-signing problems has turned out to be a convenient smokescreen, as I said at the time.
And none of that has to anything to do with my point that it isn’t slavery if you can walk away.
At the point that you begin to borrow to live beyond your means.
“At the point that you begin to borrow to live beyond your means.”
And once this threshold is traversed, there is no going back. It’s losses and a major reduction in standard of living for the rest of your life.
At what point between 0% and 100% taxation do you become a slave?
100%, you numbskull.
So 99% is cool?
Even when there was actual slavery in this country, many slaves were allowed to earn some income on the side and some slaves actually bought their freedom.
Interesting read: http://www.straightdope.com/columns/read/2821/before-the-civil-war-were-some-slave-owners-black
“paying mortgage interest to a bank is slavery.”
No one is forced to obligate for a mortgage. Do you think asking someone to actually PAY for something that they want is slavery?Go rent and be free!
Mortgage = slavery
Rent= slavery
So maybe the only way to be free is to be born rich enough to pay all cash for your shelter.
No wait. Property taxes = slavery.
Oh never mind, I’m gonna head back to my hovel under the bridge.
paying mortgage interest to a bank is slavery.
So it’s not slavery if you are paying your landlord’s mortgage interest?
It’s called half the cost of buying. Yet you went ahead anyways and signed up for triple the cost of rent.
Why did you do that?
The propagandists are out thick trying to convince anyone that will listen that “NOW” is a great time to buy. They cite historic low interest rates and lack of inventory as evidence that housing is back.
Our own research indicates the opposite, and a simple backcheck against inventory for sale confirms this. Set your parameters bdrms/bath/lot size/sq ft & a $600K price(max). (Northern CA). The result will be just a handful of listings. which is odd for this time of year. Now reverse the price, setting it for “minimum” and the map EXPLODES. Housing for $800K+ is abundant but the wages and loan products in the bubble years are not there to afford these houses at those prices. I haven’t check what the historic ratio is for million$ houses v. median$ houses on the market would be but logic would suggest that they are only a fraction of the fat middle instead of outnumbering the lower tiers.
If we establish the historic norm where organic sales make up 70% of the market it is easy to see housing prices slide ever lower for a decade or more.
To The Reading Public:
The paid PR thugs and hired hands are busy posting here today. And we’ve noticed that some of them who pose as long term posters have recently had difficulty keeping their predilections and intent hidden from all of us. They know who they are and you should too. They can’t be missed. They are easily recognized as they are the same people who plant the seeds of doubt through lofty platitudes and carefully crafted responses. They imply “housing has turned around” and sometimes come right out and say it. They’ll invoke tall tales of “we bought” to disarm you and clear you a personal path to financial hell. These literary illusions are flat out myths and when you read them, your BS radar should be screaming. Beware.
Make no mistake about it…. have no doubt in your minds. Housing today is twice the mess it was in 2008. The personal financial risks of buying housing at current inflated asking prices is tremendous.
They really are “paid PR thugs and hired hands”. The one posting under the handle ‘Mo Money’ dropped several Realtor turds of propaganda in yesterday’s bits, each of which were resoundly flushed.
Apparently I missed it. I wish I could have seen the lying turd get the royal flush.
Mo Money is fluffing the NAR on the other HBB threads today.
Funny how the paid hucksters pretend to be Joe6Pack.
Are you a pimp for builders?
Because I’m in the heavy and highway construction biz? Seriously?
If I were a hoarder looking for a large warehouse would I be better off renting or buying?
Go ask SalinasRon.
Does your company do highways for $55/sq ft?
$3 a square foot for my driveway. Therefore, that’s what a highway would cost, anywhere. Just like houses- right, Mr. Builder?
Driveway? As in asphalt? You paid for a black paint job but you’re too stupid to understand it.
Cheapest possible cost is the cost,just as you incessantly preach, Mr. Builder.
ODDS & ENDS
I read that the Boston photo opp yesterday for Obama was more like a campaign or pep rally. Did not watch it but happened to pass a TV just as he was finishing. People applauded. Did they think a solemn religious service (guessing that was what it was) was entertainment????? Of course I am old fashioned about some things and think it unseemly when people clap at weddings in church. I remember people clapped for the speakers at Reagan’s service - the part in California. But he was actor so who knows who attended. Guess there are bigger problems in life.
APPL has fallen $10 yesterday and about $20 day before is below $400. About couple months ago a very smart friend who never makes predictions called to tell me to sell. I did but wish I had not waited so long after he called me - though I did make money. He said he thought it was worth $250 per share. He called me yesterday about something else asked if I had sold. He looked more closely and thinks it’s worth $150 per share. I asked about all the billions in cash they have. They do but much of it is overseas and would require taxes to repatriate. MORE IMPORTANT THE CASH PER SHARE IS ABOUT $50. The smart phones have become very commoditized. Even if they introduce a low end model it will kill margins. Still a fine product and company just not worth anywhere near $400 per share
FINALLY TO REAL ESTATE
Some of the delight RE offers here in suburban Boston. Realtor.com now gives listing history.
This place is really nice looking but is on a very busy corner. A traffic median would be more bucolic. Been for sell for almost 1. 5 years. Price recently increased.
http://www.realtor.com/realestateandhomes-detail/116-Forest-St_Winchester_MA_01890_M42739-71499?row=56
This place sold in September for $372K. A new kitchen and viola it can now be yours for $589K. It’s on busy corner and across the street from a parking lot for historical sites nearby.
http://www.realtor.com/realestateandhomes-detail/21-Hawthorne-Ln_Concord_MA_01742_M39426-97905?row=74
This has been for sale a year and half. It’s on a busy highway. Nice price of property. But house is 200 year old frame. Lots of old house can be sturdy. But talk to people with old houses. They always seen to need stuff. No picture of the kitchen and bathrooms. Wonder why?
http://www.realtor.com/realestateandhomes-detail/63-Cambridge-Tpke_Lincoln_MA_01773_M45769-78767?row=20
Nice price of property = nice piece of property
PS. AAPL is Apple the iphone maker.
Dead kidz, dead marathon spectators and runners, they’re all just props in Obama’s movie.
Amazingly - NONE of the houses list their property taxes.
Must be because they are so LOW that no even thinks about them in Massachusetts…
Believe it not property taxes here are not outrageous - when compared to NJ or NY.
For most jurisdictions figure about 1% of assessment. It looks like assessments are 90% / 95% of market value. Realtor.com used to list the taxes and sales history. The site I used is a beta so maybe it changed.
MA has had a law liminting property taxes for decades. Called prop 2 1/2.
2 1/2 has largely been ineffective keeping rates down. Most towns max the 2 1/2 each year and many simply override it all together.
Hamilton, MA is $17.17 per $1000
Wenham, Ma is 18.50 per $1000
Sherborn, Ma is 19.72 per $1000
Tax Rates:
Winchester = 1.28
Concord = 1.35
Lincoln = 1.38
Try Redfin it offers more detail.
“21 Hawthorne Ln Concord, MA 01742″
Not even 1,000-sqft for $589,000 and property taxes of $5,900/yr for place that likely has a septic system and water well?
joe smith supports raytheon
raytheon supports our troops
therefore, joe smith supports our troops
thank you joe smith
http://www.picpaste.com/IMG_20130419_063704_702-eCLnnGAb.jpg
I am supporting L3 Vertex and Booz Allen Hamilton today. And, I should note, both procurements are for jobs that used to be done by government employees or active duty military. There were no profits to be had in that antiquated arrangement where the government and military actually did the work one would expect of the government or military.
All the federal contractor world seems to be revolving around Dallas/Ft Worth today. Big convention there for DHS and DoD contractors and their entourage of lawyers and consultants. I never get to go to anything cool like that
but we did send 2 people.
Raytheon doesn’t have a building here, they have a campus.
That sign is ridiculous. I’m continually amazed that the average American can’t see what’s going on with these Defense contractors growing larger and more embedded into the system. We need to make the government smaller and leaner. OK, let’s downsize the military and also lay off midlevel government employees. Then we can bid the jobs out to contractors who will charge much more money, litigate every little detail about the RFP, and then tie us up in court if we ever try to revise the contract or withold payment because a job wasn’t done right. The “government” technically gets smaller (less government employees) but the bills are significantly higher and the continuity of the work is less. There is less control over the workers because they are no longer active duty mil or DoD employees. Things “get lost” in far off countries, money goes missing, and then the contractors hire attorneys billing @ $300-800/hr to make it go away. Meanwhile federal attorneys aren’t provided with office supplies and share 1 paralegal per 10-20 lawyers. But hey, at least we’ve technically “cut” the size of gov’t.
I can’t recall Grover Norquist ever commenting on any of this.
Norquist discovered it was easy to get politicians to sign onto a no-tax-increase pledge. After all, most politicians dislike taxes.
However, politicians live to spend money. It is the source of their power. When they discovered they couldn’t get tax revenue, they simply decided they would continue spending through borrowing and printing money.
There is less control over the workers because they are no longer active duty mil or DoD employees. Things “get lost” in far off countries, money goes missing, and then the contractors hire attorneys billing @ $300-800/hr to make it go away.
This never gets mentioned in the MSM,either.
A = B and B = C
Hence A = C
More like joe smith supports bill in los angeles.
“While more than a quarter of all homes were bought without any downpayment in 2006, almost half today are paid for in cash.”
I don’t buy it.
What I see here is evidence of a large number of fly-by-night investors who can pull the plug at the moment they believe their capital gains have peaked. The 30-year-FHA-mortgage-financed homeowners will be left holding the bag when the all-cash investors exit en masse.
ft dot com
April 18, 2013 3:46 pm
US house price rises accelerate
By Anjli Raval in New York
An Exit Realty Consultants ‘for sale’ sign is displayed in front of a house in Stockton California, US
©David Paul Morris/Bloomberg
The housing crisis in America may finally be over, but the bill has yet to be paid
James Jeddeloh, a 61-year-old consultant from Oregon, loves to play golf in Scottsdale, Arizona. So much so that last month the soon-to-be retiree decided to buy a house in the state that boasts 300 days of sunshine a year and turn his holiday destination into a home. But he is not the only one.
Since house prices bottomed out in 2012, homebuyers have rushed to snap up properties at depressed prices in one of the states hit hardest by the housing bust.
“I had been waiting for prices to reach rock bottom and stabilise. The market finally gained some sanity so it was time to get back in the game,” said Mr Jeddeloh.
In the past year, newly confident Americans – particularly families and retired people – bought homes after years of holding off, while investors, large and small, came in their droves looking to turn properties into rental housing.
Spurred by record low mortgage rates and an improving jobs market, homebuyers sopped up existing inventories. Price rises accelerated as homebuilders struggled to meet demand and banks sold fewer foreclosed properties. The question now being asked is this: is the US witnessing the creation of a new housing bubble?
Property research provider CoreLogic said its national home price index rose 10.2 per cent in February, the biggest year-on-year gain since March 2006, with Arizona among the states seeing the largest home price appreciation, up 18.6 per cent.
“Prices were up significantly, with a lot of the subprime properties off the market, so we had to strike while the iron was hot,” Mr Jeddeloh added. “We asked a friend to see the place for us and we put in an offer within 48 hours of the house going on the market.”
In order to get the best deals, homebuyers are participating in bidding wars, property agents are holding flash sales, investors are making all-cash offers and sellers are marking up homes week after week.
“If a house is priced well and in good shape it is not uncommon for buyers to bid 5 per cent over the asking price. We have to be aggressive,” said Jeff Sibbach, a property agent in Scottsdale. “Five out of seven of my clients are doing this.”
Even as thousands of homeowners are still trapped in negative equity, evidence of homebuyer exuberance for existing and new homes in pockets across the US has prompted concern among some industry watchers. These tactics, they caution, hark back to the frothiest months of the housing bubble in 2004-05.
Others are less worried. While more than a quarter of all homes were bought without any downpayment in 2006, almost half today are paid for in cash.
…
“Current affordability is almost entirely dependent on low interest rates, and there’s no doubt that rates will begin to rise in the next few years”
- Stan Humphries, chief economist, Zillow
This is exactly what is wrong with Scottsdale. Agents price a home low, expecting a bidding war. Nothing is transparent, not even the three or four For rent signs on each block. Last year this signs were what the will be again next year “for sale”. queue the “what the hell happened?” posts.
“I don’t buy it.”
That is in reference to a discussion from yesterday when one of our resident housing boosters argued that all-cash transactions are less risky than purchases with borrowed money.
Doesn’t it depend on the reason the home was bought, in the case of all-cash investments, and the loan underwriting, in the case of a mortgage-financed purchase?
its different this time, rates are lower right?
“Doesn’t it depend on the reason the home was bought”
Motive is the fundamental.
that all-cash transactions are less risky than purchases with borrowed money.
Isn’t that standard economic theory? Leverage works both ways, and all that?
all-cash transactions are less risky than purchases with borrowed money.
How can an all cash transaction be less risky?
We bought our house with less cash than it takes to buy a new car. 3.5% interest, with monthly PITI payments cheaper than our previous rent.
Had we bought with all cash, I’d be worried. If our monthly was 65% more than typical rent, I’d be worried.
That said, friends who have asked me about buying have gotten this advice: “don’t buy now, it’s another bubble”.
We bought our house with less cash than it takes to buy a new car.
My God you really are a Debt-Junkie.
So as the Fed buys the mortgage-backed securities, the central bankers will now own all those properties which were bundled and securitized?
Isn’t hope and change great?
Forward
Yes we can
Executive Order 13575 - Establishment of the White House Rural Council
By the authority vested in me as President by the Constitution and the laws of the United States of America and in order to enhance Federal engagement with rural communities, it is hereby ordered as follows:
Section 1. Policy. Sixteen percent of the American population lives in rural counties. Strong, sustainable rural communities are essential to winning the future and ensuring American competitiveness in the years ahead. These communities supply our food, fiber, and energy, safeguard our natural resources, and are essential in the development of science and innovation. Though rural communities face numerous challenges, they also present enormous economic potential. The Federal Government has an important role to play in order to expand access to the capital necessary for economic growth, promote innovation, improve access to health care and education, and expand outdoor recreational activities on public lands.
(b) coordinate and increase the effectiveness of Federal engagement with rural stakeholders, including agricultural organizations, small businesses, education and training institutions, health-care providers, telecommunications services providers, research and land grant institutions, law enforcement, State, local, and tribal governments, and nongovernmental organizations regarding the needs of rural America;
(c) coordinate Federal efforts directed toward the growth and development of geographic regions that encompass both urban and rural areas; and
(d) identify and facilitate rural economic opportunities associated with energy development, outdoor recreation, and other conservation related activities.
I’ll have to make a note to read executive orders like this when I have trouble falling asleep.
“I’ll have to make a note to read executive orders like this when I have trouble falling asleep.”
Hold on to it because you may have trouble falling asleep when they move you into your smart growth high density mixed-use housing.
when they move you into your smart growth high density mixed-use housing.
Will I have access to a swimming pool?
One of the greatest things about The Housing Bubble Blog is this;
http://bit.ly/10yMxfA
which leads the interested party to some truth like this;
http://bit.ly/11IRhCE
Is that not the coolest thing ever?
That’s awesome! How’d you do it?
With housing prices falling like this in Los Angeles, you’d have to have rocks in your head to pay the grossly inflated asking prices.
http://picpaste.com/pics/9e7e2809883a65941f8d5cd17f1e6593.1365876498.png
Comment by “Uncle Fed, why won’t you love ME?”
2013-04-18 13:35:59
Yeah, I’ve been getting those again too. Why pay interest anymore? Just borrow and transfer every 15-18 months. I’m sure someone is making a mint off of that, right? Works for me, though.
So… did you not notice that even if you get 0%, and make every payment on time (which many people won’t), the transfer fees give the CC company an adequate return for the year?
We regularly get those 0% offers for our Chase Visa. The balance transfer fee has increased from 2% to 3% sometime in the last few years.
I think some are even 4-5%. discover keeps sending me stuff. greedy folks.
In the early 90’s, if I transferred a balance, there was lower interest, no fees, AND they would raise my credit limit by a fixed sum. I admit, I took advantage of it a few times to raise my limit and to push off paying for a month. I never got close to the limit, I just wanted the capacity in case of emergencies.
KEEEEEEEEEEEEEYRAAAAAAAAAAAAAAAAAAAAAAAASH!!!
What was that?!
You know that house you made the mistake of buying? Well the value of it just fell through the floor leaving a smoldering moon-crater.
Beware reading public. Beware.
UN/NWO AGENDA 21 IN NEWTOWN - YouTube
http://www.youtube.com/watch?v=ksnWrkiaAUs - 245k -
I am home today and I am watching the coverage for last 2 hours.
The Boston cops are amateurs period. Get in the house, get out the house. They are just expanding the parameter every hour….they have no clue where the kid is.
Cmon now. It took tens years, 100,000 people and national resources to find some dude in the desert.
It’s all for show. It’s pathetic when it is viewed for what it is. Pathetic.
Amen, brothah!
The bedwetters are having a collective nervous breakdown.
Puh thetic.
So the plan is to kill the kid in dark hours?
Killing in day lights might raise too many questions…..
Can I add this to the tab of the Iraq/Afghanistan wars? This is just another case of blow back from our war on Islam right?
Let’s see;
paralyze a major metropolitan city for a week.
deploy 10,000 government goons complete with full armor and air support.
provide 24/7 media coverage with BREAKING NEWS alerts every 10 min..
Brazil 1985
“It took tens years, 100,000 people and national resources to find some dude in the desert. “
And several trillion to NOT find those WMDs.
Do you find it a bit odd that they worry about Syria using WMDs (implying that they are convinced they have them) but they couldn’t find ANY WMDs in Iraq. Suddam was the bad ass -strong man in the region but he didn’t have ANY WMDs…..not ANY????
Things that make you go Hmmnnnnn.
There were plenty of reports that all of Saddam’s WMD were transferred to Syria just prior to the war. Syria and Iraq almost merged and shared a common political philosophy so it is very possible.
Tidbit from classmate: Real estate market in pasadena:
Rosey Bell
15 hours ago near Pasadena, CA
It is a brutal real estate market out there (if you’re working with buyers) My friend Claudia just wrote an offer on a home in San Gabriel…offered $105,000 over asking, $300,000 down. Thirty offers and she didn’t even get a counter. Just read a house on Oak Knoll closed today at $300,000 over asking. I read in the California Association of Realtors newsletter that was published today that there is a 2.9 month supply of available homes..a six-to-seven month supply is considered normal. The statewide median single family home climbed 13.7 % since February. The month-to-month increase was the highest since CAR began tracking this stastic since 1979. The March price was up 28.2 % since March 2012, makeing it the 13th consecutive month of increases and the ninth consecutive month of double-digit annual gains. Seriously is you are thinking about selling now is the time…you have no competition from other sellers…only huge competition from buyers…Call me if you would like more information about the price you might get for selling your home…
Given the downward trajectory in prices, she’s probably right.
http://picpaste.com/pics/0f2fc705eec8faaf7c135011903cedb6.1366384625.png
“Get what you can get for your house today because prices are falling and what you get later is going to be much much less.”
I just googled Rosey Bell. Stay away from her….she’s a terririst.
She’s actually the only one of my pasadena friends who doesn’t worship
socialism!
She worships Housing-Debt Slavery instead.
Real Estate Agents are lowest of the low since all that matters is that contract! I wish they would streamline contracts so we could buy a house online without all the legwork and math!
Does the Stock market and commodity crash fortell a RE crash ahead ?
With housing demand at 17 year lows, millions of excess empty and defaulted houses and prices still massively inflated and falling, what do you think?
Another photo from this morning’s commute. For those of you who have lived your entire lives on the I-95 corridor or have never been off of the SF peninsula, this is sometimes seen on the roads of Flyover:
http://www.picpaste.com/IMG_20130419_062700_377-gcoiLE6s.jpg
Does the SF peninsula have a male version thereof?
I have seen some weird bumper stickers but never seen truck nutz in the wild. At first I thought people were joking on here.
I also hear that in the south, it’s a point of pride to have childrens’ names stenciled on the back of your SUV, along with whatever sports or activities they do. For example, apparently in TX there are a lot that say things like:
Kayleigh
[birthdate]
Soccer & Gymnastics
Kaiden
[birthdate]
Baseball & Football
etc.
I have seen some weird bumper stickers but never seen truck nutz in the wild.
They are as common in flyover as “Coexist” stickers are in Boulder.
Started out with two tennis balls in a nylon stocking….then went down hill when the plastic ones became commercially available.
Hey Joe…..the dj has a song:
http://www.youtube.com/watch?v=1KfBWbLigug
What the h is it with Kayleigh and Kaiden? It seems like every redneck I know has kids or grandkids named Kayleigh and Kaiden. Waiting for the ShaKaidens and TreJ’Kayleighs to start coming around.
btw goon, you should get one of these window stickers
http://www.etsy.com/listing/84248620/no-kidsjust-money-family-car-sticker
Nice truck GoonSquad. Didn’t know you were a Chevy fan.
nice sac
Funny how everyone can afford 30-40k dodge trucks
I got another make-me-move offer on my Zillow listing. That makes two. Both offers were in the $150k range.
The house cost $187,000 in 2011. So here I am, 2 years later, underwater, not including transaction costs.
thats too bad. maybe you should have taken your own advice?
Good point Roberto.
the bubble is all in your mind.
And the lies are for cash in your pocket.
u out pimping your doom and gloom on other blogs today?
How long are you going to keep missing the boat?
Are you out lying to the public on other media outlets? Lemme check… yep. you are.
How long are you going to continue lying to the public about housing for NAR and MBA cash?
I know your a disgruntled realtor who couldnt sell anything.
answer the question Roberto Ribas….
How long are you going to continue lying to the public about housing for NAR and MBA cash?
Check out this really cool bumper sticker
http://picpaste.com/pics/a8221ac5c910380cfcd4eddf978be2a6.1366385983.png
Oh dear…
Quick - order some more COEXIST bumper stickers…
——————-
Boston Jihadi Bombers members of Wahhabi cell funded by Saudi Al Qaeda
Atlas Shrugs | Arpil 19, 2013 | Pamela Geller
Two Chechen brothers from Dagestan, members of a Wahhabi cell funded by Saudi al Qaeda, were identified as the terrorists who detonated two bombs at the Boston Marathon last Monday and carried out a bombing-shooting spree at the MIT campus in Waterton outside Boston, Friday, April 19, in which a police officer was killed in a fiery firefight.
The media is criminally silent on this. Instead they are talking about what a “good, sweet boy” he is. Abominable.
Many, many COEXIST bumper stickers will be needed…
———–
Suspects’ father warns ‘all hell will break loose’ if son killed
The Washington Times | 4/19/2013 | Cheryl K. Chumley
Anzor Tsarnaev, the father of the two suspects in the Boston bombings, called on his 19-year-old son, Dzhokhar Tsarnaev, to give up peacefully.
He also said, in an ABC report, that “all heal will break loose” in the United States if police kill him. He did not specify further in the ABC report.
The father made the statements from his home in the Russian city of Makhachkala.
“He also said, in an ABC report, that “all heal will break loose” in the United States if police kill him.”
If you’re Janet Napolitano, howya doin’ right about now?
Nothing. She’s working overtime to connect these guys to Tea Billies or Ron Paul supporters.
Today is the Waco 20th anniversary.
Janet’s busy looking for a compound full of kidz so she can gas them and then burn them alive, in order to save them, of course.
Jeebus, must be something about the name “Janet”.
Actually, I’ll be she’s breathing a sigh of relief (or, as LaRaza calls it, “brown relief”, really, google “collective sigh of brown relief” if you want a good laugh) that it wasn’t a Southern Border related incident.
Ewwwwww. Sounds like a consensual adult pastime on urban dictionary.
“He also said, in an ABC report, that “all heal will break loose” in the United States if police kill him.”
He’ll be dining on Water Moccasin until he kills himself.
Why is it okay for the older 26-year-old son to be killed, but “all hell will break loose” if the younger 19-year-old son is killed? OH maybe all hell is breaking loose already?
Meanwhile, I’m praying for the families of those people killed in the explosion of the fertilizer plant in Texas. That tragedy has already killed 5x the number of people that these joker bombers did, and it was forgotten awfully darn fast.
Our illustrious mass media can only focus on one thing at a time, and they of course have chosen the manhunt because it’s scarier and has a potential terrorist connection. Way more fun to cover a crime with shadowy perpetrators than a perp-less tragedy.
Also, it is a heck of a lot easier to find a hotel room in Boston.
LOL, Polly. More and better restaurants too!
+1, Polly.
It was much safer in the middle class Bahston burbs when the Mafia controlled things.
True….. but you had to step over the junkies lying on the sidewalk to get anywhere.
Maybe Allston and Brighton a little bit, but Medfahd was clean as a whistle. Used to visit my buddy when he was studying engineering at Tufts. His gf wanted to get a pack of smokes one time at the convenience store near his apartment around 11:00pm and was all nervous about it. He laughed and said she could walk the neighborhood alone until the wee hours of the AM and no one would bother her, especially since the local hoods didn’t bother women for fear they might be family or friends of someone they didn’t want to mess with.
This was back in the late 1970s, though. When Boston was somewhat cool.
This was back in the late 1970s, though. When Boston was somewhat cool.
Really? I thought it was Affleck, Damon and Marky Mark made Boston cool in the late 90’s.
Jonathan Richman and the Modern Lovers made Boston cool.
When I took a college tour of the Tufts campus there was a sign in the library that said something along the lines of this: Don’t be a statistic. Buddy up to walk home after dark.
Jonathan Richman and the Modern Lovers made Boston cool.
+10
Mission of Burma
I used to play pool at some pretty low rent bars back in the day. One day in Brighton a fellow in a shiny suit with two thugs at his side removed my opponent, legs first and stuffed him in the trunk. Discretion being the better part of valor…
But that’s what the media do. Paint some horrible insane killer as a good, kind, sweet boy who wouldn’t hurt a fly. All apparently based on one comment by an acquaintance, in this case. Of course the father thinks his sons were angels. Even though he hasn’t seen them in years. That’s also part of the script. “My boy couldn’t possibly do this thing”. Until, you know, he does it.
It’s all designed to make us feel uneasy and unsafe. Why, if this ‘nice kid’ could do something so heinous, my next door neighbor’s kid might be a terrorist too! Bar the doors and be very afraid!
I like what the uncle has been saying about his nephews. Basically “I knew those two were up to no good. Tried to warn them but they wouldn’t listen”.
It is all done to stop profiling of certain high risk individuals so we all can put COEXIST bumper stickers on our cars…
What did all the people on who attacked the WTC on 9/11 have in common?
What did all the people who bombed the WTC the first time have in common?
What did all the people who took over the school in Beslan have in common?
What did all the people who tried to bomb Times Square have in common
What did all the people involved with the shoe bomber have in common?
Etc.
Hint: They were not Amish.
“What did all the people on who attacked the WTC on 9/11 have in common?”
They were all well connected Saudi Arabians?
Or is this a trick question?
Religion kills.
How many Amish suicide bombers do you know?
Try again…
you didn’t know hitler and stalin were adherent pacifist christians?
Buddhism doesn’t.
Buddhism doesn’t.
True. And the Amish, as well. The atheists seem to be a pretty peaceful crowd, too.
The atheists seem to be a pretty peaceful crowd, too.
Mao? Stalin?
Pol Pot, Uncle Ho, etc.
Thomas Edison, Warren Buffet, Richard Branson
What did Timothy McVeigh have in common?
What did Terry Randall have in common?
What did George Metesky have in common?
What did Ted Kaczinsky have in common?
What did Bernadette Dorhn have in common?
What did….
It’s weird, isn’t it?
After someone does something like this, many people including family members come out and say they had no idea. Then again, it’s also impossible for someone to decide to act in such a way in a very short period, right?
I mean if you can’t hurt a cat, you can’t hurt a human being either, right? May be these are statistical anomalies and we have to accept that some people are like this. But it’s getting tiring listening to “oh, he was a quite and sweet boy/man/whatever.”
Unless you’ve seen it person, it’s hard believe, but yes, people can be fooled all the time.
Many psychos are very good at fooling people.
“The media is criminally silent on this. Instead they are talking about what a “good, sweet boy” he is. Abominable.”
The media has reported on what their friends thought of these two men up until now. The media isn’t telling us that they’re “good, sweet boys”. The media is reporting that this is how their friends perceived them. As for being criminally silent, I listened to ‘mainstream media’ (ABC news) all morning and that’s how I found out that the suspect had posted stuff on facebook that some were calling “appreciative of radical Islam”. I hope you aren’t saying that the media should hone in on this and editorialize.
Does the TV people earn extra in nonstop coverage like this?
Are they exempt?
Depends on their contract.
they get prevailing wages.
Realtor.com, trulia.com ….. Home to the Housing Hucksters And Fraudsters.
the economy simply does not function unless home prices rise over time.
Actually, the price of everything needs to rise for the economy to work (at least that is what the Fed sez…).
How this squares with rational expectations theory is a big mystery.
Except wages.
How this works in a 75% retail based is an even bigger mystery.
Oh wait, it doesn’t. Unless of course, you use voodoo economics.
This now allows you show it works with any fantasy. “Show” being different from “real”.
But if you drink the kool-aid long enough…
Uh oh, someone made money selling a house:
http://www.baltimoresun.com/business/baltimore-sports-blog/bal-orioles-star-adams-jones-buys-former-ravens-assistant-cam-camerons-house-20130419,0,5632266.story
**pops popcorn and waits for RAL to arrive**
Orioles center fielder Adam Jones has purchased a five-bedroom home along Falls Road in Lutherville for the price of $1.75 million.
The seller is one Malcolm Cameron according to state records. He’s better known as Cam Cameron, the offensive coordinator fired by the Ravens toward the end the most recent season, which ended in a Super Bowl victory. He bought the home for $1.5 million in July 2011, three years after joining the Ravens following a one-year stint as head coach of the Miami Dolphins. He’s now the offensive coordinator for Louisiana State.
Here’s a listing that appeared on several real estate sites for the home:
“Tastefully and substantially expanded 5BR, 4/2Ba traditional home on 3.47 glorious acres. Beautiful formal rooms and informal gathering spaces. 3 MBR suites including 1st floor, 43×21 gourmet Kit/FamRm addition w/2nd MBR ste above, mahogany Study, state-of-the-art systems, 3FPs. 3-car garage, bluestone patios, pool, gorgeous grounds and sweeping lawns.”
“Uh oh, someone made money selling a house:”
Joe, I don’t know how long you’ve been bellied up to the HBB bar, but back in the day we frequently referred to fence-sitters just waiting to get down and become knife-catchers… this was, maybe, 2007-8? We did not see Bubble 2.0, but we knew a fresh flock would gravitate toward the shears before this whole thing let out. Bzzzzzz. This is their year.
Now, the natural cynic in me asks this: if the fed can do it twice, what is to stop them from doing it in perpetuity?
Question two: why are hedgies overpaying? Perhaps there is some collusion here?
Perhaps I am about to be priced out.
All four abandoned homes in my immediate vicinity are now occupied at price points beyond my means.
Solar landscape light hunt:
Looking for a solar landscape kit
where the cell is remote in the sun, from lights
in a shade area. 15′ max distance or less
Does anyone have any idea who might sell these,
or where a diy can find a kit? (remember heath kits)
1.2 lumen or higher.
What did you pay for your debt-dump?
Was this Boston event really terrorism?
or did somebody refuse to buy insurance?
Those two guys did some goofy things.
I just got a postcard from a house in my neighborhood asking me to come look or tell a friend! It’s says, “I just got listed, I’m the house at 1314 partridge” 1060 sqft- 339.900
Yet the reality is it can be built for a mere $60k.
The two happiest days of a boat owner’s life is the day he buys a boat and the day he sells it on eBay for a million bucks after they get a terrorist out of it.