Bits Bucket for May 3, 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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Pimpy, the best you could do if offer me swampland in a sh@thole at 5x your price of $5K lot. Let’s try again… look at these areas…
Hey Pimpy . Do you have any 5k lots or $50 / sf houses redone in the past 10 years on a quiet street in
Rye-Harrison NY
Concord Lincoln Sudbury MA
Pemberton Enfield Austin TX
Morningside Va Highlands Atlanta GA
?????
Then you declared $60 / sf *anywhere* on the West Coast. Palo Alto, Redmond WA, Beverly Hills, Malibu, etc are part of *anywhere*… Please find something.
NOTE: I am not selling anything. I want to buy at *your* prices! Cash…
RAL DM’d me on Twitter and said he’s found lots for 5k in Cleveland Park DC. We’re meeting up on Saturday afternoon to go have a look, I’ll probably buy a half dozen, you should come too if you are interested.
Pimp’s listing yesterday on Broadway road in Haverhill was kinda strange. $25K for 7 acres… on a road which boasts $500K estate-type houses.
Hey pimpy, if the land is so cheap and you can build for $50/sq foot, why don’t you go to Haverhill, buy this 7- acre lot, and build 30 1000 sq ft cottages for $55K each? I’m sure you could attract some retired potential Oil Citiers who don’t want to overpay for used housing, and make a handsome profit. Can you get a bulk discount on materials for 30 houses?
What is it zoned for?
Zoning: single family. Utilies are at the street.
Based on the other houses on Broadway road, it’s probably meant to be the site for another custom built country estate.
OK, Pimp, let’s try again. Let’s say you can only build one house on these 7 acres. Surely you can buy this piece of land for $25K, do up the utilities for $10K, build a nice 4000 sq ft country house for $200K, add $50K of sod, pansies, and Bradford Pear trees, and sell for $500K? That’s a tidy profit….
Why would we Junkie?
What did you pay for your 40 year old debt-dump?
Why would we Junkie?
Ah, the multiple personalities are now referring to themselves in the first person plural. The disintegration continues.
And in walks the coward in another failed attempt to cover for the DebtJunkie.
Exactly, if I could find a deal like that I’d buy the land in a second. Then sit on it for a couple years while I figure out exactly what to do to make the most profit out of it.
Why would we DebtJunkie?
What did you pay to your debt-dump?
Then send your drawings.like you’ve been asked.
90% of Foreclosed Properties Held Off the Market
http://realestate.aol.com/blog/2012/07/13/shadow-reo-as-much-as-90-percent-of-foreclosed-properties-are-h/
They’re still there. 20-30 MILLION of them. Disposition: Excess empty inventory.
pssst…… If you think a 20 year old ranch is worth more than $50/sq ft, you’ve been lied to.
… and if you’re paying more than $60/square foot for a resale housing, you’re getting ripped off. Especially anyhere on the west coast.
But here’s the problem…….it doesn’t matter what you or I think something is “worth”, because the market doesnt really care what we think.
Example: I dont think a nice 1969 Plymouth Road Runner is worth more than $8k….. but Ive been waiting 20 years for the market to align with what I think.. And 20 milllion of them sitting warehouses isnt going to affect the market, isnt going to change the market, if the Fedss and the banks plan to keep them off the market.
Wont be the first time that government destroyed/scrapped real assets,to prevent a market collapse.
Its a moronic policy, but it is what it is.
‘.it doesn’t matter what you or I think something is “worth”, ‘
Correct.
What matters is the cost to replace it with profit. Considering that amount is 40% less than current asking prices of resale housing, prices have a very long way to fall.
Buyer beware.
They aren’t making any more 1969 Plymouth Road Runners.
“Wont be the first time that government destroyed/scrapped real assets,to prevent a market collapse”
Just like FDR destroy crops to prop up crop backed securities during great depression, while tons of people were starving.
This time, the gov policy will lead to bulldoze empty houses, while homeless people are rising.
I doubt it can prvent collaspe. it may collaps in a different way.
simple gov employees will never allow homeless people to live in them because they are not “up to” Section 8 standards ….and no money will be allocated for rehabbing them…so it gets bulldozed.
This time, the gov policy will lead to bulldoze empty houses, while homeless people are rising.
Just like FDR destroy crops to prop up crop backed securities during great depression, while tons of people were starving.
This time, the gov policy will lead to bulldoze empty houses, while homeless people are rising.
I’ve thought a bit about the parallels between the two policies before, but it just occurred to me that *most* people were still on the farm back then so in a way maybe you could say most of the wealth of the country was farm related for the average person. And therefore must be artificially supported to get votes even if it starves some people. And now the “wealth” is in our houses, of course. It’s all making sense.
“And now the “wealth” is in our houses, of course. It’s all making sense.”
I see people cut back on their spending in my area bc they paid too much for housing (either buying or renting) and have little left for anything else. As result, several retail stores close their doors and others lay people off. Even the big retail guys, such as walmart, bestbuy, JCPenny are not doing great. Housing industry is stealing wealth from other industry.
Housing industry is stealing wealth from other industry.
There’s only so much wealth being produced. Housing, healthcare, and education are fighting tooth and nail over that pile, assuming it’s all theirs to divvy up eventually. Each tries to get in ahead of the others to get the best cuts. Anybody trying to hold something back from all three of them is the enemy.
“Each tries to get in ahead of the others to get the best cuts. ”
No matter which of Housing, healthcare, and education wins, private sectors lose, bc all of them need take wealth from the private sectors.
US Manufacturing Growth Slow
shttp://www.cnbc.com/id/100694720
Gotta love a nationalized housing industry.
obama housing bubble v2.4 report.
My underwater neighbor…
Just got a refinance…
3.5% for 30 Y
NO DOC Loan.
He was laughing about it.
The insanity is back.
1. Raytheon supports our troops.
2. The coffee is for Lockheed employees only.
3. Feds drool, contractors rule.
Thank you.
Contractors are generally better than feds, since contractors are private sector and feds are public sector. Everyone with a political bone in his head knows the private sector does it better, under all circumstances.
We are hiring junior analysts. Must be USA citizen with Public Trust security clearance. Five years direct Federal procurement experience, or two years direct Federal procurement experience plus degree required.
and he had to bring nothing to the table?
Nothing.
No money.
Not even a bank statement.
Rolled in all his closing costs too.
Nothing.
fog a mirror ? that was the old requirement
fog a mirror
My EXACT words to him (in jest).
We joked about it because he has his own business and does OK. He is pretty responsible and the bank will get ALL their money back. How about the other folks with NO DOC loans?
We are back in scary and silly times.
Welcome to the obama housing bubble v3.0
Hope and change are back!
That’s such crap. I had to show friggin’ divorce papers. Unreal.
I’m not sure the hangup here. He already mortgaged the property and was doing a refi, I don’t see the point of bringing a bunch of documents for something you already own.
If the ‘numbers’ based on the documentation don’t pencil out, then everyone just waisted their time and his payment as is will continue. It’s not like anything is gained or lost minus maybe a couple of percentage points of interest and a few more years on the loan.
And bringing nothing to the table is no surprise either; we’ve talked about how car dealerships don’t want your cash, they want your loan. An extra $3k for closing costs rolled into the loan for 30 years is exactly what a loan servicer wants. Recurring revenue streams are where it’s at.
if i lend you 100K at 5% and you want to refi that 100K at 2% you better damn well bring something to the table besides closing cost.
unless the u.s. taxpayer is going to bankroll my loss that is.
unless the u.s. taxpayer is going to bankroll my loss that is.
I would assume the point of the refi would be to lessen the chance of a loss by default. The taxpayer is probably on the hook either way, might as well lessen the chance of default.
if i lend you 100K at 5% and you want to refi that 100K at 2% you better damn well bring something
Not if the re-fi was offered by a different bank. The originating bank would gladly unload their loan to a second bank in exchange for some fees. If the loan is good enough — and 2% makes for a favorable % DTI — the refi bank might be able to unload to fannie.
Some of you are confused. Banks don’t really care what the rate is. They make money on the spread, and lowering rates is just like lowered prices in a store. They realize as well as anyone that you can just go somewhere else if they don’t match rates.
More can kicking.
Why are you surprised?
When the can kicking ceases, hold onto your butt.
Your neighbor has adapted to the new normal. Question is why haven’t you?
Your neighbor has adapted to the new normal. Question is why haven’t you?
Because I know how the obama housing bubble v3.1 is going to end…?
Honestly I don’t know how it will end ether. Technology has distorted the normal distribution of wealth and power PERMANENTLY.
I think the only relevant historical reference might be John Henry - the Steel Drivin’ Man.
Technology = steam powered hammer.
John Henry = me, you, us.
The captain said to John Henry
“Gonna bring that steam drill ’round.
Gonna bring that steam drill out on the job.
Gonna whop that steel on down. Down, Down.
Whop that steel on down.”
John Henry told his captain,
“A man ain’t nothin’ but a man,
But before I let your steam drill beat me down,
I’d die with a hammer in my hand. Lord, Lord.
I’d dies with a hammer in my hand.”
Absolutely. The nation’s largest credit union offers interest only and zero-down mortgages right on their main mortgage page. Looks like they’re taking Bernanke’s and Obama’s admonitions about “lending standards being too stringent” to heart.
Discovering how they make money on these will reveal some interesting details.
Auto loan bubble too.
Just saw offers for 100% auto loans.
We worked for TARP bank in indirect auto finance back in 2005-2006.
No money down? Underwater on the trade-in? 84 month term? No problem!
Our job was to move metal off the lot, not to ask what’s wrong with the picture…
At the height of the last bubble…
GMAC was giving auto loans at 120% LTV. Also rolling over loans when your purchased a new car with money stilled owed on your last car.
They went bankrupt and obama bailed them out.
Are we there yet?
County clears a net of just 2,705 foreclosures in nine months as new cases mount
by Kim Miller
New numbers on pending foreclosure cases in Florida’s courts are out this morning just as the Senate is scheduled to debate a bill meant to hasten the judicial process and reduce the stubborn backlog of 352,890 files statewide.
In the nine months beginning June 30, Florida’s judges moved 168,589 foreclosure cases out of the system. But with 143,772 new filings during the same time period, the net of closed cases as of March 31 was 24,817, according to the Office of the State Courts Administrator.
Palm Beach County’s backlog of foreclosure cases stood at 30,272 at the end of March, down a net of just 2,705 from June even though judges cleared 13,054 cases during that time period.
Broward County has the highest backlog of cases with 42,992. Miami-Dade is second with 41,681.
Senate bill 1666, which is on the special order calendar for debate today, would allow banks to ask for an expedited foreclosure in some cases. While homeowners would be able to file almost any defense to stop the fast-track foreclosure, proponents say cases on abandoned and vacant homes would move more quickly.
Bill opponents fear the proposal will infringe on the due process rights of homeowners and go against time-honored land laws by barring a homeowner who is victim of a fraudulent foreclosure from regaining their home. The homeowner would only be able to recoup monetary damages in such a case.
The data from the state courts administrator also looks at how many foreclosures were cleared each month when additional funding from the state was awarded to increase judge hours and case managers.
About 16,500 cases were cleared statewide in July when $4 million was first awarded to help clear the backlog. That increased to 21,764 in February. It dipped to 20,356 in March.
This entry was posted on Thursday, May 2nd, 2013 at 7:24 am and is filed under Foreclosures, Housing affordability. 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.
Osama is dead and GM is alive…
——————-
Al Qaeda on march across the globe - Two years after SEALs got bin Laden
NY Post | 050213 | Peter Brookes
Two years ago today, SEAL Team Six sent Osama bin Laden on his way to Davy Jones’ Locker — but his Islamist terror machine is anything but sinking to the depths. It remains a vicious, global threat.
Indeed, one current estimate concludes that al Qaeda affiliates and associates (i.e., groups, cells or operatives) are active in more than 30 countries (of some 190) on four continents.
Including our continent. While we don’t yet know the whole story behind the Boston bombing, just last week in Chicago the feds arraigned an American teen, who wanted to join an al Qaeda-linked group in Syria. Oh, and the Canadians busted up a plot to bomb a Toronto-New York train, supported by al Qaeda operatives in Iran.
In Syria, the most effective fighting force against the Bashar al Assad regime is al Qaeda & Co. The main group, Jabhat al-Nusra, has conducted suicide attacks and seeks an Islamist state under sharia law. (The feds have also charged a former American GI for fighting alongside al Nusrah.)
Islamist militant threat = need for bigger government.
You are defeating your own argument when you pimp the fear! And you know who the real winners are? Government contractors, that’s who. The feds in our office have a hiring freeze right now, but a couple fed employees are retiring soon. And guess who is replacing them? More government contractors!
A couple of pimply faced losers playing Xbox and pizzed off at the USA does NOT count as a “terrorist cell” in my book……
Even if they “hate us for our freedoms”. Whatever those are nowadays…..
“Even if they “hate us for our freedoms”. Whatever those are nowadays….”
They likely hate what remains of your disposable income.
They likely hate what remains of your disposable income.
That would be Obama and Bernanke.
Are you suggesting……….
rms +1. They hate/want our American lifestyle. It’s not all about fast cars and big houses. I’m thinking potable water, flush toilets, comparatively stable electrical grids, and comparatively non-corrupt law enforcement.
Notice the planted stories about how the Boston Bombers wherein their way to NYC to blow up the city?
We must spend more money defending NYC.
Right on, goon!
-_-
I heard that AQ was decimated.
They will bring it back from the dead if it serves any purpose.
To vote in Chicago and Philly?
The new “cool” war.
Great comments.
“What does it hurt to have somebody knock on a door and ask, ‘Hey, is everything OK?’ ”
Posted: 7:23 p.m. Monday, April 29, 2013
By Dara Kam and Stacey Singer - Palm Beach Post Staff Writers
Bradshaw plans to use the extra $1 million to launch “prevention intervention” units featuring specially trained deputies, mental health professionals and caseworkers. The teams will respond to citizen phone calls to a 24-hour hotline with a knock on the door and a referral to services, if needed.
“We want people to call us if the guy down the street says he hates the government, hates the mayor and he’s gonna shoot him,” Bradshaw said. “What does it hurt to have somebody knock on a door and ask, ‘Hey, is everything OK?’ ”
http://www.mypalmbeachpost.com/news/news/state-regional-govt-politics/bradshaw-gets-1-million-for-violence-prevention-un/nXbs4/ - 62k
How Stasi of them!
Beat me to it.
And they will be used to get even with your a hole neighbor next door.
“and he’s gonna shoot him”
that’s a pretty key point there i think.
“that’s a pretty key point there i think.”
What if if the guy down the street says he hates clowns or plumbers and he’s gonna shoot them? Do you call the Nazi line or do you just go to the police and let them know like a normal person would without any need at all for a $1 million “prevention intervention” unit?
“that’s a pretty key point there i think.”
My folks lived down the street from a lady like that. One of her other neighbors called the local Catholic parish, thinking that they might help her.
Wrong-o. They didn’t get involved in such things.
So, on her crazy way she went. She threatened to shoot people, including VW drivers like my father, and she also hollered at my mother for doing nothing more than walking the dogs past her house. Believe me, Mom would have cleaned up after the dogs.
Then came New Year’s Eve 2001. Big cop-fest down at her place. I went down to check things out, and the fire department had just removed her body. One of the fire fighters was vomiting in the driveway.
She’d been dead for about two weeks. Since she’d driven so many people away, nobody in the neighborhood bothered to check on her.
To this day, I think that something could have been done to help her deal with her inner demons. Before she went ’round the bend, she was a very nice lady and one of my best adult friends in the nabe.
do you just go to the police and let them know like a normal person would
This is the sheriff who would be supplying the deputies. That’s pretty local, isn’t it?
“This is the sheriff who would be supplying the deputies”
He already has more than enough resources to handle this kind of thing. Getting way out of control.
Palm Beach County sheriff proposes budget increase
By Andy Reid, Sun Sentinel
8:05 p.m. EDT, May 1, 2013
Palm Beach County Sheriff Ric Bradshaw proposes a nearly $40 million boost in his half billion-dollar budget, including raises for employees and equipment upgrades, according to his spending plan released Wednesday.
Paying for the Sheriff’s Office already accounts for more than half of the county’s taxpayer-backed operating expenses. As a result, Bradshaw’s budget can be a big factor in whether county property tax rates go up or down.
On Wednesday, Bradshaw proposed an 8 percent budget increase, which he says is needed to “maintain operational minimums” while also including employee raises and upgrading vehicles and equipment.
“Without adequate funding, this year might be the transition year wherein the quality of life in the county is noticeably impacted,” Bradshaw wrote in his budget proposal.
http://www.sun-sentinel.com/news/palm-beach/fl-sheriff-budget-palm-20130501,0,3319404.story - 212k -
I’ve been going through some pretty rough times during the past few years. It’s been so bad that people have been calling me to ask if I am okay.
I’ve also had people tell me that they’re going to pray for me. Other people have insisted that I attend events with them, and sometimes, they’ve paid for my ticket.
So, call it the Stasi if you’d like. For me, such concern has been a real lifeline.
It’s good to have caring friends and family members. So NOT Stasi.
I think, though, that giving out grants to set up hotlines for your neighbors to call because they might (or might not) have heard you make hotheaded remarks in the heat of the moment is a bit different.
Exactly. There is a huge difference, Slim.
Friends good.
Social workers, not so good, but better than nothing.
Nothing = postal or suicide.
Not good at all.
$7 Trillion in NEW defect spending under obama
46 cents out of every government dollar spent is borrowed under obama
The Fed nows buys $40 billion of junk assets a month under QE3. Forever. Under obama. After trillions spent in QE1 and QE2.
And all we get is an employment participation rate at 1979 levels.
——————————-
April Payrolls +165,000, 7.5% Unemployment Rate, Participation Rate Flat At 1979 Levels
Zero hedge - 5/3/2013
Following the March NFP disappointment, it was only reasonable to expect a modest beat in this month’s data which came at +165,000, on expectations of +140,000, and also following a revision to the March number from 88K to 138K. The unemployment rate declined from 7.6% to 7.5% beating, expectations of an unchanged print. The flipside, as always, is that the labor participation rate remained flat, at 63.3%, once again the lowest since 1979.
Bush = more government contractors
Obama = more government contractors
McCain = more government contractors
Romney = more government contractors
H. Clinton = more government contractors
Noticing a pattern there? Keep telling yourself that you’re voting for “smaller government” when what you’re really voting for is more government contractors.
Actually there would be more government contractors under R presidency.
Private sector, yo!
But, but , but…
When Republicans are in power (in the White House): They are truly evil. All the bad, evil and rot in the world can be traced to the administration. They must be voted out of office immediately. Everything is their fault. They are solely responsible. In fact, they caused so much damage that we can blame them for the last five years for all the issues that never got fixed or were made even worse.
When Democrats are in power (in the White House): Well, gosh, this all started 30 years ago anyways. You really can’t blame them. There is not much difference between the parties anyways so we might as well keep what we got. There would have been no difference no matter who won the election. Big corporations and the banks control everything so what difference does it make who sits in the Oval Office anyways.
It is your great logic in your own echo chamber. And you can call people wacko partisan for disagreeing with you as a bonus.
That’s alpha-sloth’s game, not ours. We just want to personally thank you for voting for candidates and policies that let us, Bill in Los Angeles, and joe smith suck up even more taxpayer dollars.
thank you for voting for candidates and policies that let us, Bill in Los Angeles, and joe smith suck up even more taxpayer dollars.
And we see the sincerity of your views. But it’s all good- you vote libertarian, or independent, or whatever, which makes you Without Sin, and able to work for big gov, but not be a part of big gov. In your head.
Funny coincidence- our biggest libertarians here all work for Big Gov. Little ol’ liberal me- I’ve never worked for any government in my life.
Time for a misunderstood Jim Morrison line.
Thank you hateful Alpha Slob for voting for big government. It keeps the green going into my pockets. I know you don’t want any happiness to come my way but…money goes my way. You socialists are the big reason for now (until I go commercial).
If the slob really wanted to hurt me in the pocketbook, he’d vote for Ron Paul or Gary Johnson or become a voluntaryist. Instead he votes for more and more government spending politicians to expand the state.
Instead he votes for more and more government spending politicians to expand the state.
‘Stop me before I work for Big Gov again!’, says the voluntaryist libertarian.
You’re like a self-proclaimed abolitionist in the Old South, who just works as a runaway slave catcher because ‘Hey- someone’s gonna do it! I might as well make a buck!’
Thank you hateful Alpha Slob
You’re most welcome, my friend.
Both parties have been awful in the WH for the last ~50 yrs. Eisenhower and Kennedy were the last Presidents where you could make an argument that the policies actually were intended to foster the long-term health of the country.
Out of curiosity - why Kennedy?
At the time, he had the largest tax cuts in American history. According to the progressives on this board - that is worse than forcing the folks at GITMO to eat BLT’s for lunch.
Kennedy cut taxes from 90% to 70%.
Are you saying that you want to make top-rate taxes 70% again? You have my vote.
Why Kennedy?
Ever heard of the Space Race?
I’m not even sure Kennedy should make the list, he started us on the path to hell that was Vietnam
He started it with advisers because of treaty obligations.
It was Johnson that committed combat troops and escalated it. That war took everyone’s mind off the assassinations.
Civil Rights.
Civil Rights.
LBJ
‘denver ranked among the 25 most profitable markets last year for people flipping single-family homes, according to a report thursday from realtytrac.’
http://www.denverpost.com/breakingnews/ci_23157681/denver-still-profitable-market-property-flippers
Of the 1%, by the 1%, for the 1%:
http://www.counterpunch.org/2013/05/02/the-tyranny-of-the-one-percent/
Both the right and the left rely on the same tricks, namely:
“de facto dictatorship can count on the mainstream media to come up with diverting subjects to delay, and then misdirect, collective revolt, and to personalise and thereby depoliticise the most shocking scandals. Illuminating the real workings of what happens, the mechanisms through which wealth and power have been captured by a minority who control both markets and states, requires a constant effort to educate the public. It would remind people that any government ceases to be legitimate when it allows social inequalities to grow, ratifies the crumbling of political democracy, and accepts the subordination of national sovereignty.”
We have at least one partisan shill here (2Brony) who reminds me of the facts in that paragraph ^^^ every day.
“We have at least one partisan shill ”
many more than that.
This partisan shill supports Dennis Kucinich *AND* Ron Paul.
Who else? I guess maybe alpha and that Rio guy for the Dems vs NorthTeastener and NostraDan for the GOP? Most others seem to distrust both parties and have a mix of likes/dislikes regarding both agendas.
Most others seem to distrust both parties and have a mix of likes/dislikes regarding both agendas.
I distrust both parties and have a mix of likes/dislikes regarding both agendas. I have actively supported, fund-raised, and campaigned for independent candidates in my life, and I’m sure I will again- when I find one that adequately represents my interests.
I would vote GOP if they ran a sane person who represented my interests, but I’ve only been voting since the mid 80s, so I’ve never had the opportunity to do so.
At this point in history, I find the Dems to have the more rational economic and geopolitical policies, and far more respect for the average person’s civil rights. I hold my nose and vote for them- usually, but not always. If that makes me a zealot, so be it.
Of the 1%, by the 1%, for the 1% ??
From the MillKin conference;
93% of the wealth creation since 2008 has gone to the top 1%…I think its something like 12 Trillion…I assume mainly due to the stock market…
so basically we have more debt slaves and corporate serfs for the rest of us?
Keep on voting Obama and Bernanke, you will get a different result.
Keep on voting Obama and Bernanke, you will get a different result.
Someone run as a third party candidate who better represents my views, and I’ll vote for him/her.
Stock market, and other assets.
If all you have is a little amount of cash, you’re getting nothing but decline in purchasing power.
Let’s keep printing money, and NOT solve our deficit problems, and that decline in purchasing power will continue.
The fixr is at a conference in “Big D”……just when I was beginning to think this town could not be more screwed up, leave it to boot strapping Texans tocreate new and unique ways.
The plan seems to be:
- Start construction of a new highway system 50 feet in the air, then
- When approx 30% completed, tear out all of the existing highways
- Compound the problems by letting the second shift road repair crews start setting out their barrels at 3:30pm
Most Texas Interstate systems are designed and built by morons.
Really odd thing though, their state highways are usually models of 4-5 lane blacktop often in near perfect repair and well marked.
The interstates? God help you.
Visit Texas again. All the new highways are toll roads owned by Foriegn companies.
Most Texas Interstate systems are designed and built by morons.
I always found the secondary roads that ran right next to the highways in Texas to be perhaps the most disconcerting thing about driving there. At night, as a car approaches you on your right, you have to decide if they are going the wrong way on the highway (and are about to kill you), or if they are just driving along the nearby, parallel two-way secondary road. It’s a game that keeps you on your toes.
“An unexpectedly strong U.S. jobs report pushed stock markets higher on Friday as investors welcomed signs that the world’s largest economy is not slowing down as quickly as some had feared.”
DOW 15K. WTF. What fundamentals are supporting this? Do there even have to be fundamentals anymore?
anything to suck the last sheep in?
What fundamentals are supporting this?
It’s a Bubbly World After All! (sung to that annoying Disney tune)
Fundamentals? You mean like job growth? Income growth? Economic recovery of the real kind?
What are these fundamentals of which you speak?
Fundamentals = low interest rates. Nothing else matters.
“Do there even have to be fundamentals anymore?”
There’s only one fundamental that matters any more: no banker/corporation/1%er left behind.
I think the biggest deal was the revisions upward from prior jobs reports.
I frankly don’t get it. Job creation of <200k per month is abysmal.
The latest jobs “triumph” works out to just a hair over 3,000 jobs created per state.
That’s all.
Kind of sad when the best we can do is console ourselves that we aren’t hemorrhaging jobs.
And this is a global problem. The world economy just can’t produce enough jobs for everyone.
The world economy just can’t produce enough jobs for everyone.
I’m not sure if “can’t” is the correct word. I can agree that it doesn’t.
Took the words right out of my mouth.
Except they’re not evenly spread. Some states are creating relatively more jobs than others.
Payrolls up from Bloomberg
but
The workweek shrank to 34.4 hours for all U.S. employees on average from 34.6 hours in March. Part of the reason may be reflected in an increase in part-time employment.
The number of employees not working a full week rose to 27.5 million from 27.4 million. Some 278,000 more employees were working part-time for economic reasons.
The Obama care mandate is likely moving more people to 30 hour work weeks thus increasing employment. I’d like to know what the total monthly paycheck is for the average worker.
They did note
Today’s employment report also showed average hourly earnings rose 1.9 percent from a year earlier to $23.87.
So work week shrank by .66% in one month and hourly earnings rose by 1.9% for the year.
Contractors make more but shoulder health care costs etc.
Energy is likely increasing employment, and I think technology and falling employment costs are likely bringing some jobs back. Total employment though is still pretty low.
Oslo, Norway, Needs Your Trash
Garbage incineration is Oslo’s main power source
http://finance.yahoo.com/news/oslo–norway–needs-your-trash-122853209.html
The Biggest Retirement Myth Ever Told
Motley Fool | 05/03/2013 | Jeffrey Snider
One of the darkest risks facing America is that so few of us are prepared for retirement.
It’s shocking, really. According to ConvergEx Group, “Only 58% of us are even saving for retirement in the first place. Of that group, 60% have less than $25,000 put away … a full 30% have less than $1,000.” According to Nielsen Claritas, Americans age 55 to 64 have a median net worth of $180,000 — less than they’ll likely need for health care spending alone during retirement.
The notion that these challenges are new — that there was some golden era when Americans were prepared to kick up their feet and enjoy retirement in financial security — is a myth. By some measures, retirees are in a better position today than at any other time in modern history.
Let’s start with something simple. The entire concept of retirement is unique to the late-20th century. Before World War II, most Americans worked until they died.
The truth is, that 20th century was brutal for most elderly. As Frederick Lewis Allen writes in his 1950 book The Big Change: “One out of every four families dependent on elderly people and two out of every three single elderly men and women had to get along in 1948 on less than $20 per week [$193 in today's dollars].”
There are a couple of reasons for this. First, those retiring in the 1940s, 1950s and 1960s, were in their prime earning years during the Great Depression. Not exactly fertile ground for saving.
More importantly, Social Security used to pay out much smaller benefits, even adjusted for inflation.
When Ida Mae Fuller cashed the first Social Security check in 1940, it was for $22.54, or $374 in current dollars. Today, the average monthly benefit in real (inflation-adjusted) terms is more than three times larger. Since payouts are set with a calculation based on wage growth, not just price inflation, real Social Security benefits have risen consistently over the last half-century:
Mr. Adams continues: “In other words, even in the ‘good old days’ when ‘everybody’ supposedly had a pension, the reality is that most workers in the private sector did not.”
While there has been tremendous progress in life expectancy over the last century, most of the gains have come to the young.
Let me clearly state what these statistics do not show. They do not show that Americans are prepared for retirement, or that there is no retirement crisis.
There is a retirement crisis.
But there always has been one.
The lack of savings is a grim problem that will affect millions of Americans for decades to come.
Most retirees will have to cut back on their standard of living.
But they always have.
Many will be reliant on Social Security.
But that’s been the case for decades.
Retirement itself is the big myth now.
“In other words, even in the ‘good old days’ when ‘everybody’ supposedly had a pension, the reality is that most workers in the private sector did not.”
The reality is that a LOT more did than today.
Millions more.
And it’s not a “lack of savings” but a lack of decent paying jobs and steady employment.
Hard to save when you get laid off every ten years and get no raises for about the same amount of time or raises that are only half of inflation.
And Social Security isn’t broke. Remove the (regressive) income cap on the payroll tax, and it’s fine.
When Ida Mae Fuller cashed the first Social Security check in 1940, it was for $22.54, or $374 in current dollars
How long had she been paying in?
this must be obama’s fault too.
‘the suicide rate among middle-aged americans climbed a startling 28 percent in a decade … the trend was most pronounced among white men and women in that age group. their suicide rate jumped 40 percent between 1999 and 2010.’
http://m.washingtonpost.com/business/study-suicide-rate-for-middle-aged-americans-up-28-percent-over-decade-40-pct-for-whites/2013/05/02/cb339740-b341-11e2-9fb1-62de9581c946_story.html
Good catch goon. I wonder if this is happening in the developed economies of Asia and Europe too?
We must fix this - Quick, ban something and raise taxes!
File this under: how uniquely American
“More than 60 percent of all U.S. personal bankruptcies are linked to illness and unpaid medical bills … even though 78 percent of those filing for bankruptcy have some form of health insurance. So hiring a medical billing advocate can be an essential part of the cure to financial ills.”
It’s not enough that 18% of USA GDP is health care. That number should be at least 30%. That’ll show all those socialists who’s number one.
USA! USA! USA!
http://mobile.bloomberg.com/news/2013-04-29/hiring-a-guide-to-the-medical-bill-maze.html
Raise tax and expand government even more.
That will surely fix it this time.
And surely obamacare will fix it. Obama promised!
“The other thing we’ve done is to say, what are the critical needs of small business? A lot of time, one of the biggest challenges is to make sure that you, as a sole proprietor, that you can get health insurance for you and your family. So when you hear about the Affordable Care Act — Obamacare — and I don’t mind the name because I really do care. That’s why we passed it. You should know that once we have fully implemented, you’re going to be able to buy insurance through a pool so that you can get the same good rates as a group that if you’re an employee at a big company you can get right now — which means your premiums will go down.”
— President Obama, campaign speech in Cincinnati, July 16, 2012
All Obamacare did was take the worst aspects of the current evil hybrid Private/For-Profit/Government system and make them worster.
Single payer is the solution. We voted for (and donated money to) Dennis Kucinich when we lived in his district, because he supports single payer.
+1
And yet every advanced country with a national health system spends far less per capita than we do, and with better outcomes. So let’s continue with our for profit, private system that has consistently delivered skyrocketing costs while leaving millions without coverage.
What will eventually happen is that no one in the US (other than the very wealthy) will have access to healthcare. Then we will make a painful and chaotic switch to a national health system. It’s like Churchill said, eventually the Americans will do the right thing, after they’ve tried everything else.
And yet every advanced country with a national health system spends far less per capita than we do, and with better outcomes.
Most advanced countries spend far less per capita on education, too.
US has the most unhealthy population compared to advanced countries.
US spends the most educating its doctors and nurses.
The second and third facts alone are enough to tell you that health care in US will be expensive than anywhere.
Collapse of the the status-quo and hopefully an educated and responsible citizenry is the only answer in US.
You can’t expect the meal to be cheaper if you used the costliest ingredients.
A better way to say that is if you bought regular ingredients but paid premium luxury prices for them.
We spend about as much as most comparably advanced nations do on primary and secondary education. No where near the difference in health care costs:
“a national health system spends far less per capita than we do”
Do they NOT count the private insurance costs that often run in parallel to the national health systems? Or do they include all medical expenditures?
The reason I ask is that my business partner is from the UK, and when we spoke about nationalizing healthcare, he noted that it’s not a panacea…and that the care is cheap, but not as accessible (long waits for appointments, etc.), so many people also have private insurance to go along with the government system.
So, there is a question in my mind as to whether the better outcomes are related to the uninsured/uncared-for finally getting some treatment, or overall a more efficient healthcare system.
Oh, and there’s that whole “end of life” decision making issue, which dramatically lowers costs if the decisions are kept out of the hands of the family. ISTR listening to a healthcare expert who noted that a big part of the difference in cost between the US and other countries was the EOL costs.
and when we spoke about nationalizing healthcare, he noted that it’s not a panacea
I don’t think that anyone is saying that it is. But our current system, with it’s annual double digit premium increases is unsustainable.
.
I’m sure that’s part of the problem, but I have also seen studies that compare costs on a per procedure basis, and we are FAR expensive.
Do you people really just show up and see a doctor with no waiting?
“costs on a per procedure basis”
Is this what the bill says? Or what is actually paid by insurance companies and Medicare?
All the headline prices are artificially inflated in a big way, and then the discounting occurs.
Do they NOT count the private insurance costs that often run in parallel to the national health systems? Or do they include all medical expenditures?
When you see lists of health spending per capita or as a percentage of GDP, it usually includes all spending, both public and private. You should be able to Google this pretty easily. For example, here’s a link to data from the OECD:
http://www.oecd.org/els/health-systems/OECDHealthData2012FrequentlyRequestedData_Updated_October.xls
In the case of the UK, we spend almost twice as much on health care as they do. If you look at the dollars spent per capita, we spend more than twice as much as the UK.
Here’s a page with 21 graphs from the Washington Post that explains much of the disparity. We simply pay a lot more for various procedures and drugs than other countries do.
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/03/26/21-graphs-that-show-americas-health-care-prices-are-ludicrous/
Isn’t the whole point of bankruptcy that it is a good thing? You had a problem that got you into debt you can’t deal with.. soo… no debtor jail.. get out of debt free card = bankruptcy. Why is this bad? You can take some big risks, like not buying insurance, and hope for a clean run of good luck. And if you make it, you made it! If you get a streak of bad luck, BK and start over. If you are in the middle, you pay a little more in higher prices due to companies worried that some customers won’t pay up.. in other words, de-facto free market insurance/social welfare.
New York Times headline: Obama Tells Mexicans a ‘New Mexico’ Is Emerging
The first thing we thought of after reading that is that yes, a ‘new Mexico’ is emerging, except that it isn’t emerging in Mexico, it’s emerging inside the U.S.
On a related note, we drove north up Federal Blvd to get to the Highlands yesterday, and the traffic signs warned of heavy traffic on Federal on May 3-5. This is because the Mexicans and USA citizens of Mexican descent like to celebrate their non-integration into USA culture on Cinco de Mayo weekend by slowly driving up and down Federal in pimped out low-riders and big-a$$ trucks playing very loud Mexican music and waving Mexican flags.
This country is like a homestead. Built by the sacrifice and efforts of previous generations. And by our actions. Good fortune and good action have led it to be relatively peaceful and prosperous. And we’re willing to share our abundance. BUT - only with people we decide to allow into the house. Not with people barging in against our will and rules.
And if the term “Illegal immigrant” is too harsh, how about “uninvited guest”?
Sounds good…except the weren’t *exactly* uninvited. There was an understanding amongst those whose opinions mattered.
Those who overstayed their visas were once invited.
Technically it should be “not invited and not welcome anymore” crowd.
I would still say give them path to legalization not path to citizenship.
Who invited us to live here?
This is because the Mexicans and USA citizens of Mexican descent like to celebrate their non-integration into USA culture on Cinco de Mayo
I never understood this. When I lived in Mexico City, Cinco de Mayo was a minor holiday, it’s not even a paid holiday. Heck, my dad’s place of business was open. Why Chicanos make such a big deal out of this day I’ll never understand. I would be like if American expats went wild celebrating the battle of Bunker Hill.
There are many holidays that are bigger than Cinco:
Independence day (Sept 16)
Revolution Day (Nov 20)
Juarez’s birthday (March 21)
Lady Of Guadalupe day (Dec 12)
And more.
It’s been a long time since the last good drinking holiday. At some point you just pick a day and go with it.
Like St. Patrick’s Day.
I dont think chicanos do. It’s the beer company, Taco bell and mexican eateries.
I’ve actually asked them, and they tell me that it’s the #1 holiday in Mexico. FWFW, Mexicans (in Mexico) have a great deal of disdain for Chicanos. As far as they are concerned, Chicanos are Americans and not Mexicans.
If they are sending money back home they are Mexican.
This is because the Mexicans and USA citizens of Mexican descent like to celebrate their non-integration into USA culture on Cinco de Mayo weekend …
In New York City they have holidays that wreak havoc on traffic probably twenty times a year. The most famous is St. Patrick’s Day, but the Italian-Americans also celebrate Columbus Day, German-Americans have Steuben Day, and so on and so forth. A lot of Manhattanites hate all of these parades because they make it difficult to travel around the island, but they’re not generally criticized as celebrations of non-integration.
Next week brings us the Colbert vs. Mark Sanford special congressional election in SC. Keep in mind that the seat is open because a tea party congressman took over the empty Senate seat because vacated when DeMint went to Cato. In other words, this is a race the GOP should win 99 out of 100 times. I haven’t seen a lot of polling in this race and don’t know what Rasmussen’s official poll says (*paging NostraDan*) but it looks like it really might go to Colbert. http://www.realclearpolitics.com/epolls/2013/house/sc/south_carolina_1st_district_special_election_sanford_vs_busch-3812.html
If so, lollies.
(The only Rasmussen poll I’ve seen lately is one that has a generic congressional ballot and shows Dems +2 which is funny because, duh, it’s a Rasmussen poll )
Tough race.
Idiot republican (how the heck did he win the primary anyways?) vs idiot democrat who see NO spending problem in DC and NO issues giving amnesty to illegals.
I would probably vote for Colbert when I die and live in Philly. She is at least on the record against banning guns.
Q. How do you know if your city is run by public union goons?
A.
Miami cop fired 8 times could make it 9
http://news.yahoo.com | 05/03/2013 | By Claudine Zap |
This time around, Sgt. German Bosque—who has been fired eight times from three different police departments—has been charged with leaving his assault weapon with his girlfriend’s father, a trained security guard, while on an eight-day leave, according to CBS4 Miami.
That’s a no-no, says the Opa-locka Police Department, which presented its case to dismiss him in front of an arbitration officer on Wednesday.
The Birth of the New Real Estate Market in the USA
Financial Sense Online | 5/2/2013 | Ramsey Su
Who is Ed DeMarco? What is the FHFA?
Even though it did not come entirely unexpected, the day has finally arrived. President Obama has decided to nominate Mel Watt instead of Ed DeMarco as the Director of the FHFA (Federal Housing Finance Administration).
Most people have never heard of the FHFA, nor Mr. DeMarco. Who cares? Why should one care? You should actually all care. The real estate market has officially entered a new chapter. Analysts, economists, investors and homeowners, throw away everything you thought you knew about real estate and start all over. I would like to get right to the point so if you do not know what the FHFA is, you can read about the agency here yourself. Ed DeMarco has been the acting director of the agency since 2009.
At issue is the write down of principal, which DeMarco refused to support. That is really not the point though. It is the role of government in housing. It is the writing down of principles.
The government has always had a hand in the real estate market, be it through Section 8, the FHA, mortgage interest deductions, renters tax credit, capital gains, etc. Up until September 2008, real estate financing has been supported by the two quasi government agencies – Freddie Mac and Fannie Mae.
The termination of DeMarco’s acting directorship is a formal declaration that real estate in the United States is now officially nationalized and socialized.
From this point forward:
- All real estate financing will be done through Freddie, Fannie, Ginnie or a new government bureaucracy to be created and named later.
- All interest rates will be determined by the Federal Reserve, which will be purchasing all loans.
- The government will determine what percentage of their income households should pay on their mortgages.
- Regarding point 3 above, the government can retroactively re-determine what households should pay, based on the direction of political wind.
- In the event home prices go down, debt will be forgiven.
- If the private sector wishes to compete with the government, there is the CFPB (consumer finance protection bureau) which will demonize you if anything goes wrong, and what “wrong” means will be defined at some future date.
- Housing, and more importantly, a mortgage, is now an entitlement, just like healthcare. How the country is going to pay for it will be, you guessed it, determined at some future date.
- Regarding point 3 above, the government can retroactively re-determine what households should pay, based on the direction of political wind.”
and if you’re loyal all this complaining might subject you bloggers to a cement apartment on a reservation in oil city
but if you’re loyal view of the beach in Malibu. today its a view of a fire but usually its the beach
On the road near Ardmore, OK. Car radio jammed with Christian, Spanish-language and Limbaugh wanna be types. And is it some kind of law in Texas that all the blue hairs and slow people get to camp in the left lane?
If you have Internet access in the car, try getting KNON-FM from Dallas. Best community radio station on the planet. That’s KNON-dot-org or 89.3 FM.
No Internet. No Sat radio in the rental car. By accident or design, the wildflowers by the highway are really blooming. The yellow ones were all over near Ardmore, but the reddish-orange, white and purple-white ones are predominant near Pauls Valley. Oklahoma dirt is still red.
No Internet or Sirius. Tons of wildflowers in Oklahome
KNON was my first internet broadcast gig. We did live blues shows with Don O. way back in 98′.
http://www.knon.org/blogs/don-o
” And is it some kind of law in Texas that all the blue hairs and slow people get to camp in the left lane?”</I.
You noticed that too, huh?
They do it because cops won’t enforce the get the hell over law.
But it’s not just Texas. It seems to be a southern thing in general.
Relax, it lets you speed in the right lane and not get caught.
The right lane is the most dangerous lane.
What’s all this trash talking about vinyl siding? Is it non-functional or considered ugly or is it just beneath the average forum dweller?
It’s very functional. It’s been considered cheap and ugly for a very long time. Especially if the front of the house is brick or stone and the back and sides are vinyl. It reeks of fakeness and wealth only for show - sort of like a drop out convenience store clerk with a Coach bag and an Iphone.
I honestly consider it cheap and ugly since cement board siding is relatively inexpensive and equally functional.
It’s pretty rare in the Centennial State. Builders tell me that the wind can blow it off, even though they use a pretty heave gauge vinyl out here. I once saw a house where they were installing it. The workers used a circular saw to cut it. My brother in North Carolina tells me that over there they just scissors to cut it.
I installed for two years while in college. Saw is much faster. It expands quite a bit in the sun, so it cannot be nailed very tight.
“Especially if the front of the house is brick or stone and the back and sides are vinyl.”
Sounds like my place. But I don’t really care, it’s just shelter.
How much did you pay for that rapidly depreciating debt-dump?
Listing #13004307
$460,000 (LP)
$460,000 (SP)
Price/SqFt: 217.80
SP % LP: 100.00 11872 Alderbrook St, Moorpark, CA 93021 Sold
Beds: 3* Baths: 3 (3 0 0 0) (FTHQ) Sq Ft: 2112* Lot Sz: 8102sqft*
Area: SMP Yr: 1987
‘Inventory shortage plague greater Minnesota’
http://www.startribune.com/blogs/204166651.html
Comment:
‘The short supply in housing is artificial. The Fed and the banks are holding on to millions of foreclosures trying to constrict the supply in order to boost prices. How many empty homes have all of you been seeing in your neighborhoods lately? They are everywhere in my town. Just sitting there waiting for the next housing bubble to take hold.’
Funny how the press never thinks to ask how come there’s a “shortage” of houses in every corner of the country at the same time.
“18,700,000 vacant units across the country”
Given the rampant lies and deceptions endemic to the U.S. real estate industry, is it safe to assume that 18.7 million is an undercount? Especially given the new wave of construction underway in the wake of the Fed’s QE3-fueled housing market stimulus?
9 Worst Recession Ghost Towns in America
Ghost Towns, Demolition, Kittens
By BLAIRE BRIODY, The Fiscal Times
America has a new kind of ghost town, haunted by the spirits of the recession. Developers caught up in the runaway housing boom overbuilt and oversold lots, houses and condos, leaving neighborhoods barren with uninhabited model homes, eerily desolate luxury condos, and abandoned McMansions in the aftermath of the collapse.
Most of these recession ghost towns lie in heavily-hit regions of the housing crisis: South Florida, Arizona, California and Nevada. Some in metropolitan areas like Phoenix and Miami, have a better chance of surviving after the housing market recovers, but others are in remote desert developments where municipal services have long since left. “We saw a lot of overbuilding in areas where there isn’t going to be much buying activity,” says Rick Sharga of RealityTrac. “Those areas are going to take a long time to come back, if they ever do.”
There are currently 18,700,000 vacant units across the country, according to Census data, and vacancies rates in the homeowner market have grown 12 percent since the recession started. Vacancies are the highest in the southern and western regions of the country.
With tens of millions of excess empty houses and many millions more houses currently coming on the market as boomers die off, housing prices have a long way to fall. A very long way to fall.
The historical Excel data:
http://www.census.gov/housing/hvs/data/histtab8.xls
And the state-by-state data:
http://www.census.gov/housing/hvs/data/rates/tab1_state05_2013_rvr.xls
http://www.census.gov/housing/hvs/data/rates/tab2_state05_2013_hvr.xls
The historical truth data:
25 MILLION excess empty houses are still there… still empty. still inventory.
It’s been 25 mil for almost a year now. Update your ass-extracted-data. Keep in mind that there should be about 15 million depreciated dust piles by now.
“It’s been 25 mil for almost a year now.”
And rising.
And the truth is that an additional 35 MILLION excess empty houses are just starting to hit the market as boomers begin to pass on.
Imagine how low prices are going to go with that kind of excess empty inventory weighing on prices.
Can the chiwawa give a link? Or just woof woof?
That’s what I thought. Even though houses DEPRECIATE they don’t leave inventory. BARK BARK DOGGY. Just so you know, we all know the house is burning and we don’t need your noise.
Poor Al…. underwater and sinking.
Enjoy your losses on that rapidly depreciating debt-dump.
So you’re admitting you don’t have a link? Just making numbers up? Woof woof?
You’re admitting you paid an massively inflated price for what is always a depreciating asset?
Cheer up. You’re not the only sucker.
You said 35 mil. Back it up Chiwawa. Just a gues, but you will FAIL. Bark Bark.
35 mil huh. Did you have some rectal pain getting that number? Why do I ask? Everyone knows the answer. Maybe a bogus link will make you feel better. Who should you invoke this time? Maybe a desperate plea to PB for help?
I understand your anger Alp. I’d be pissed too if I were suckered into paying a massively inflated price for what is ALWAYS a depreciating asset like a house.
The Homestead Acts were several United States federal laws that gave an applicant ownership of land, typically called a “homestead”, at little or no cost. In the United States, this originally consisted of grants totaling 160 acres (65 hectares, or one-fourth of a section) of unappropriated federal land within the boundaries of the public land states. ”
The government knew back then farmed land was worth more than empty land ( wealth of the crops ). Government now thinks homes with mortgages are worth more than rentals? Or empty homes falling apart it owns in FNMA.
They are not giving away anything really valuable with cheap mortgages, not then not now.
After all its just money and they don’t seem to have any problem borrowing as much of it as they need.
And again two fruit packs the column with Repub talking points. Hes degenerated to just boring.
Riddle me this, Fruit boy. Is there any policy advocated by Repubs or Tea bags that is TOO right wing/conservative?
Just install the Joshua Tree Extension and block him. You know he isn’t going to stop spreading his canards. He’s a zealot and and no amount of reason or logic will make him change his mind.
“He’s a zealot and and no amount of reason or logic will make him change his mind.”
Well, maybe he will be brought to his knees when they shut down Wal Mart so he can’t buy any food like you suggested. Or, maybe he will be in one of those Teabilly neighborhoods that could be taken out in an air strike like you fantasised about.
Jetfixr
How is your daughter doing that had to deal with the dirt bag you warned her about?
Riddle me this, Fruit boy. Is there any policy advocated by Repubs or Tea bags that is TOO right wing/conservative?
Riddle me this, Plain boy. Is there any policy advocated by Demos or Libtards that is TOO left wing/liberal?
http://www.naplesnews.com/news/2013/may/03/florida-court-reform-foreclosure-law-legislature/
This is a BIG deal…FL’s non-current loan rate is still about 18.5%, with a full 11.2 of the 18.5 points stuck in the foreclosure process.
Watch this space.
It will be very telling if there are a lot more foreclosures that flow to the market once the law is signed. If there are NOT, then I think it is safe to assume that the banks are withholding. If there IS, then I think it is safe to assume that the process was holding back distress from clearing the market.
Have at it.
Rep. Steve Stockman @ReElectStockman
Democrats on health care: 15-year-olds who want birth control are adults. 26-year-olds who want health insurance are children.
8:12 PM - 2 May 2013
Does anyone else remember when Homegrown was “a good thing” and not a terrorist?
Neil Young - Homegrown - YouTube
http://www.youtube.com/watch?v=bCIzMCrYoUw - 180k -
Bay Area And Alemeda County Housing Price Correction Resumed And Trending Down Again
http://picpaste.com/pics/3a0bf912e42e8c06bccff308694ece29.1366303165.png
Demand is cratering too.
Note to the reading public:
Prices are falling. Now is a horrible time to buy a house. You WILL lose ALOT of money if you buy now. Rental rates are falling too. Rent for half the price of buying at these horribly inflated prices. Buy later, after prices crater for 65% less.
Update your graph.
http://www.zillow.com/local-info/CA-Alameda-County-home-value/r_1510/#metric=mt%3D19%26dt%3D1%26tp%3D5%26rt%3D6%26r%3D1510%26el%3D0
And it’s “Alameda”.
With demand collapsing in Alemeda County, it doesn’t much matter what fantasy price you ask. Nobody will pay it. Much like asking $20k for your 10 year old Honda civic.
Bay Area Housing Demand Collapsing
http://www.zillow.com/local-info/CA-Alameda-County-home-value/r_1510/#metric=mt%3D30%26dt%3D1%26tp%3D4%26rt%3D6%26r%3D1510%26el%3D0
Case Shiller Shows Housing Prices Still Massively Overinflated
http://www.ritholtz.com/blog/wp-content/uploads/2011/04/2011-Case-SHiller-updated.png
That’s from January 2011.
The inflation adjusted Case Shiller hit 113 in 2012 (even before dialing back the changes made to CPI calcs).
MASSIVELY over inflated.
line.http://img802.imageshack.us/img802/7812/caseshiller.jpg
If you’re paying > 30-$40/sq foot for a used up house, you’re paying too much considering we’re profitable building at $55/sq ft.
But you’ve been schooled on that already.
Sadly, we have a broad, highly paid group pushing hard for a housing “recovery” which simply doesn’t exist.”
The facts are;
-Housing Prices Are falling
-Housing Demand is at 15 year lows
-Housing inventory is massive in the tens of millions of excess empty houses
-Housing prices are grossly inflated… and falling
If you buy a house at current inflated asking prices of resale housing, you’re going to lose ALOT of money.
And never trust realtards. EVER.
Mike Whitney nails it yet again. The money quote:
“Everything about the US housing market is fake”
http://www.counterpunch.org/2013/02/11/housing-hijinx/
From the article;
“There remain over 10 million vacant housing units” and that does not include the “shadow supply”.
Again….. if you bought a house 1998-2013, you’re going to lose a lot of money. ALOT of money.