August 2, 2013

Bits Bucket for August 2, 2013

Post off-topic ideas, links, and Craigslist finds here.




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131 Comments »

Comment by Housing Analyst
2013-08-02 02:39:42

If you take on mortgage debt at current massively inflated housing prices, you’ll enslave yourself for the rest of your life.

“Debt is bondage.”~ Suze Orman, May 11, 2013

Don’t Be A Debt Donkey®

Comment by Beer and Cigar Guy
2013-08-02 04:26:24

Are you trying to tell me, “Don’t Buy Stuff You Cannot Afford”?
“…So where would you get this, ’saved money’?”
http://vimeo.com/60345640

Comment by goon squad
2013-08-02 06:49:19

don’t buy stuff you can’t afford?

you can’t afford to NOT buy in today’s real estate market. my rental properties in cape coral, florida and queen creek, arizona are worth more than the land value of manhattan island.

 
Comment by Biggvs Richardvs
2013-08-02 13:28:56

“Well lets say I don’t have enough money to buy something. Should I buy it anyway?”

 
 
Comment by goon squad
2013-08-02 05:33:53

By the time you finish reading this sentence, the value of my house in Atlanta has gone up $25,000.

Comment by Housing Analyst
2013-08-02 05:36:45

I’m sure that has something to do with the full parking lot at Applebee’s.

Comment by goon squad
2013-08-02 06:16:53

I got tired of waiting for a table at Applebees, so I had my own Applebees built in the guest house of my estate just outside Orlando.

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Comment by Housing Analyst
2013-08-02 07:42:17

Mandy,

You’re just rolling in equity!

 
Comment by In Colorado
2013-08-02 11:57:46

I got tired of waiting for a table at Applebees, so I had my own Applebees built in the guest house of my estate just outside Orlando.

While you work at Disneyworld for $10/hr

It’s all good in OTown.

 
 
 
Comment by goon squad
2013-08-02 05:56:28

I just sold some FB for twice what I paid for it and bought another cashflowing rental in the Sacramento foothills.

 
Comment by Beer and Cigar Guy
2013-08-02 06:03:41

By the time I finish typing this, the value of your Kudzu ALONE has increased by $10,000. And don’t even get me started about the soaring values if you live in Hapeville. Because, they’re not making any more Hapeville you know and everyone wants to live there.

Comment by goon squad
2013-08-02 06:10:22

By the time you finish reading this sentence, you’ll be valet parking my car at Buckhead’s hottest new restaurant.

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Comment by Beer and Cigar Guy
2013-08-02 06:29:36

By the time I finish typing this, Gwinnett County will have been paved over and turned into the worlds single largest McMansion. Its pending sale will precipitate running street battles in Midtown as frantic mobs of rich Brazilians and hordes of disgustingly wealthy Chinese investors pummel each other mercilessly with huge sacks of money. It will sell for a bazillion dollars and the new owners will turn Stone Mountain into their own private luge run. They will then flip it the following day and quadruple their investment, for such are the ways of the infinitely wise investor. Because it ALWAYS goes up and ONLY up, forever.

 
Comment by Blue Skye
2013-08-02 06:54:25

Cigar Guy, you really know how to time this market!

Are you going to put on a seminar in this area soon? I am not afraid to be you!

 
Comment by goon squad
2013-08-02 07:02:55

I learned from the best, the master of the art of the deal, Tom Vu:

http://www.youtube.com/watch?v=K853GykeGH0

 
Comment by Beer and Cigar Guy
2013-08-02 07:36:03

Periodically, the spirit of David Lereah inhabits my body and I am a recipient of these terrible visions. I REALLY strive to be like this guy, a true RE/Developer mogul who lived not far from me at the time- the epitome of success. When he shot his wife between the eyes with a .357 magnum, it came to light that he was bankrupt, had been essentially stealing company funds and had not made a mortgage payment on his $5 million mansion in over a year. Ah, how chasing wealth builds character…

“Bob Ward: Millionaire found guilty of 2nd-degree murder
Developer convicted in 2009 shooting death of his wife

James Robert “Bob” Ward, left, and Mallory, his daughter, wait as the jury in Ward’s murder case returns to court the morning of Saturday, Sept. 24, 2011.

James Robert “Bob” Ward, left, and Mallory, his… (Red Huber, Orlando Sentinel )
September 24, 2011|By Anika Myers Palm, Orlando Sentinel

James Robert “Bob” Ward was just found guilty of fatally shooting his wife inside their Isleworth mansion two years ago.

After deliberating for more than 13 hours over two days, a six-member Orange County jury found 63-year-old Ward guilty of second-degree murder.

Sentencing is set for Nov. 8.

Prosecutors said Ward, a wealthy developer whose company was in bankruptcy and his sprawling home in foreclosure, shot Diane Ward in the face Sept. 21, 2009.”

 
Comment by Housing Analyst
2013-08-02 07:47:33

And this is what happens when you play the game of massively inflated housing prices. Murder, death, bankruptcy, divorce, addiction……

It’s all right there for the asking. Go ahead….. take a little piece. It won’t hurt you.

 
Comment by perkonkrusts
2013-08-02 08:09:14

“And this is what happens when you play the game of massively inflated housing prices. Murder, death, bankruptcy, divorce, addiction……”

Exactly. There are never any murders, deaths, bankruptcies, divorces, or addictions in apartment complexes.

 
Comment by Blue Skye
2013-08-02 08:24:41

“…apartment complexes”

Those are largely due to untreated DDES (Debt Donkey Envy Syndrome).

 
 
 
 
 
Comment by Whac-A-Bubble™
2013-08-02 06:00:00

U.S. Adds 162,000 Jobs as Growth Remains Sluggish
Justin Sullivan/Getty Images
Job applicants at a career fair in Emeryville, Calif., last month.
By CATHERINE RAMPELL
Published: August 2, 2013

America’s employers added 162,000 jobs in July, less than expected, as the unemployment rate ticked down to 7.4 percent.

The job gains reported by the Labor Department on Friday, were concentrated in retail, food services, financial activities and wholesale trade. The manufacturing sector gained 6,000 jobs; government employment stayed basically flat.

While July represented the 34th straight month of job creation, the relatively strong employment gains were still not on track to absorb the backlog of unemployed workers anytime soon. At the recent pace of job growth, it would take about seven years to close the so-called jobs gap left by the recession, according to the Hamilton Project at the Brookings Institution.

Comment by azdude
2013-08-02 06:38:19

77% of the jobs created in 2013 are part time jobs.

instead of helping business succeed and bring in tax revenue, it appears much easier to print money to support deficit spending.

Comment by ecofeco
2013-08-02 06:45:00

Helping Main St succeed directly threatens Wall St.

Comment by azdude
2013-08-02 06:48:21

july NFP showed a loss of 6000 construction jobs while adding 47000 jobs in retail.

Nice recovery. Get use to slepping at walmart and mcdonalds!!!

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Comment by Strawberry picker
2013-08-02 07:16:41

Construction jobs lost? Ooh that’s not good.

 
 
 
Comment by 2banana
2013-08-02 08:38:18

Bigger and bigger can only help.

Forward.

obamacare for everyone

 
Comment by In Colorado
2013-08-02 11:55:12

77% of the jobs created in 2013 are part time jobs.

Look at the bright side … once it gets to 100% it can’t get any worse.

On second thought it can … all the part time jobs could be for less than 10 hours a week, so your average lucky ducky would need several jobs:

Monday - Make sandwiches at Subway
Tuesday - Stock shelves at Walmart
Wednesday - Flip burgers at Wendy’s
Thursday - Punch a cash register at Old Navy.
Friday - Stock shelves at Sam’s Club
Saturday - Punch a cash register at a convenience store
Sunday - Bus tables at Applebee’s

 
 
Comment by My failure to respect is unacceptable
2013-08-02 08:09:04

I guess moar printing then……

 
 
Comment by goon squad
2013-08-02 06:05:16

Dire Straits - I Want My Realtor®TV

“Propelled by reality-TV shows, some brokers are becoming celebrities in their own right. They say it’s good business; critics say this brand of realty is a far cry from reality.”

http://online.wsj.com/article/SB10001424127887323610704578629770009586196.html

Comment by ecofeco
2013-08-02 06:46:21

It’s just more bullcrap TV.

 
 
Comment by azdude
2013-08-02 06:15:03

Ben bernake’s job as a central banker is to stabilize home prices so banks can make an honest profit on their REOs.

Taxpayers are along for the ride and should be thankful of this PHD mastermind.

Comment by Combotechie
2013-08-02 06:22:48

As long as high home prices are deemed to be in the national interest then this is what you should expect to see.

There are really few people that have a stake in lower prices but there are many who have a stake in higher prices. In fact some of the people who have a stake in higher prices are the buyers.

A bit ironic if you stop to think about it.

Comment by Combotechie
2013-08-02 06:27:24

If you are a renter then you will most likely think of the cost of housing as an expense item and hence you would root for lowering rental costs.

But if you are a buyer then you would most like think of the cost of housing as an investment item and would root for a rise in ownership costs.

Comment by Combotechie
2013-08-02 06:53:27

And since most voters are homebuyers and not renters most of the votes end up going toward those who will promise to keep home prices up.

Homebuyers are often relegated to the status of debt slaves because the cost of the home they commit themselves to buying is so high that they cannot buy it without diving deep into debt. Affordable could mean lower prices but it isn’t; Instead affordable is put in terms of how-much-a-month - which is debt-slave thinking.

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Comment by In Colorado
2013-08-02 11:59:11

And since most voters are homebuyers and not renters most of the votes end up going toward those who will promise to keep home prices up.

Yup. It’s all good.

 
 
 
Comment by Blue Skye
2013-08-02 06:56:09

The ones with a stake in higher prices are the bagholders.

Comment by Combotechie
2013-08-02 06:59:18

Which means it is most of us.

Pogo was right.

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Comment by Housing Analyst
2013-08-02 07:37:11

I suppose.

But given the fact that housing demand is at 1997 levels and falling, it appears nobody is interest at current asking prices.

 
 
 
Comment by In Colorado
2013-08-02 09:18:30

There are really few people that have a stake in lower prices but there are many who have a stake in higher prices.

Winner, winner, chicken dinner!

 
 
 
Comment by goon squad
2013-08-02 06:24:26

“As the Federal Reserve considers weaning the nation from financial life support, a new study released Thursday by Pew Research Center shows that the number of young adults living with their parents in 2012 rose to a record 36%.

Last year, 21.6 million millenials lived in their parents’ homes, Pew found, up from 18.5 million in 2007″

http://www.latimes.com/business/la-fi-living-with-parents-20130802,0,6203049.story

Comment by ecofeco
2013-08-02 06:49:49

US growth rate is considered great if it hits 3%.

Chinese growth rate is considered a failure if it can’t sustain 7%.

Therefore, millennial are just lazy.

(this is snark on cognitive dissonance)

Comment by Blue Skye
2013-08-02 08:00:31

Debt donkeys cannot spare the time for laziness.

 
 
Comment by In Colorado
2013-08-02 11:49:17

Well, when you see what rents are like in SoCal it’s not surprising that the kids are staying home. You need a real income, not a lucky ducky paycheck, to be able to rent an apartment, and real incomes are hard to come by these days. And young people will do strange things to get their foot in the door. For instance, the local fire dept. has no shortage of volunteer firefighters, who bide their time, waiting to grab the brass ring and get on the payroll.

 
Comment by Biggvs Richardvs
2013-08-02 13:42:46

How the Federal Reserve decides the nation’s fiscal policy.

Every day I’m becoming more and more convinced that this is in fact how it is actually done.

 
 
Comment by Overtaxed
2013-08-02 06:38:28

http://www.marketwatch.com/story/is-this-the-end-of-the-debit-card-2013-08-01?dist=beforebell

Interesting discussion about a change in the rules surrounding debit cards. Even more interesting are the comments. I’d figure on Marketwatch that nobody would use their debit cards for purchases; seems I was wrong.

IMHO, using a debit card like a credit card (buying something at a POS terminal with it) is a sure sign of lack of financial sophistication. Debit cards are for getting cash out of (and into) your bank account, not for purchases. Far too many risks, if the number is compromised, your balance can be wiped out and, unlike a credit card, you get to beg to return your money (rather than fight while you still have all your money). No debit card has rewards like a real CC; especially if you’re a big user. I fly FC 1-2 times a year for free because of my CC spend. That’s a 3-10K ticket per year for using one card. And I probably get another 2-3K in value out of my CC spend on a hotel branded CC. Yes, I spend a lot compared to most people…

I never use my debit card for anything. I pay my CCs off every month, and except for annual fees (which, for me, are worth it because of my spend) I never send them a dollar more than my monthly payoff amount. They float me the money for 30+ days, and then give me a few thousand bucks in rewards per year for the privilege of extending that interest free loan. Not a bad deal.

But, even for people who have very little spend, you should make it all on a CC and try to maximize whatever is important to you (cash back, points, etc). Using a debit card is dangerous and has almost no payback/upside.

Comment by ecofeco
2013-08-02 06:55:47

Finding a free ATM when you need it is not that easy. It really isn’t.

Where I live, Chase is the dominant ATM. Seems like there is literally one on every corner. But one that isn’t Chase that’s in your free of charge network? Good luck.

So do you pay the ATM charge or just use the debit card? No brainer.

Of course cash is the best option, but it does run out. Usually at an inconvenient time.

Comment by Amanda Bynes' Bong
2013-08-02 08:03:17

Of course cash is the best option, but it does run out. Usually at an inconvenient time.

Also the annoying change hiding all over your car, sofa, apartment, etc.

 
 
Comment by Bluestar
2013-08-02 08:09:22

Most banks have a transaction limit built into debit checking accounts. If it’s too high for your safety you can request they lower the limit. I have mine set at $200. Anything above that I have to call the bank and get them to approve the transaction.

 
Comment by 2banana
2013-08-02 08:41:22

If you use a debit card like (back in the old days) people wrote checks.

If you didn’t have the money you can buy stuff you can’t afford.

At the end of the month - no insane credit card bill to deal with.

It does require fiscal discipline.

And in the age of obama - that is a quaint old fashion term.

Comment by Wackford Squeers
2013-08-02 08:54:56

Who needs debit cards when you get $2,000 a month of EBT?

Comment by In Colorado
2013-08-02 09:21:23

How many kids would you need to get that much? 15? 20?

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Comment by Beer and Cigar Guy
2013-08-02 09:48:59
 
 
 
Comment by Overtaxed
2013-08-02 10:17:25

“It does require fiscal discipline.”

Fiscal discipline is having a card with a 100K limit and only spending what you need on it, not running it right up to the limit.

What you’re describing is more “forced fiscal sanity”. It’s kind of like the difference between being on a diet and keeping no food in your house (debit card) and being on a diet and working at an all you can eat buffet (credit card). Both diets can be successful, however, the guy at the buffet needs more self control than the guy with nothing to eat in his house.

There are, in fact, those of us out there with huge credit limits that never actually use these cards for “credit”. If I can’t pay it off every month, I’m not going to buy it. The credit aspect for me is the free float for a month, the points/miles/etc and the fact that I don’t have to worry about my card number getting compromised (as it was last week, AGAIN).

Comment by Housing Analyst
2013-08-02 10:50:29

Our wise and friendly blog contributor Beer and Cigar Guy provided this handy link today.

http://vimeo.com/60345640

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Comment by aNYCdj
2013-08-02 07:03:20

Itz ahh coming to your hood soon…..

Reporting on latest Chicago rampage now under fire

http://www.wnd.com/2013/04/media-label-black-mob-violence-mischievous-teens/

Comment by Wackford Squeers
2013-08-02 07:14:39

“If I had a son, he’d look like Trayvon” - President Barack Obama

Comment by spook
2013-08-02 08:04:28

“If I had a son, he’d look like Lance” - Neil Armstrong

 
 
Comment by jose canusi
2013-08-02 07:30:47

Yeah, those mischievous bobby-soxers. What will they do next?

“Teens”.

Comment by goon squad
2013-08-02 07:43:00

one of the article comments states that chicago police are instructed not to state the race of the perpetrators to reporters. why is that?

this is what the ‘long hot summer’ i predicted looks like, except you can’t see it, because in corporate media it is invisible.

Comment by jose canusi
2013-08-02 09:14:26

“corporate media”

And there you have it. When groups become heavily invested in various memes and mythologies, these become fixed ideas that cannot and must not be examined. This is not so different, really, from all the mythology surrounding “too big to fail” and housing and the economy and the surveillance state. “Snowden is a traitor”. I’m sure we’d be hearing a lot more of that if the media itself hadn’t been caught up in the surveillance state. “Free press” and all that.

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Comment by In Colorado
2013-08-02 12:03:31

Yeah, those mischievous bobby-soxers.

LOL! You’re dating yourself. I once used that word around some young pups and all I got was blank stares. I might as well been talking about a corn pipe or a jaw harp.

Comment by jose canusi
2013-08-02 12:38:02

Lol, bobby soxers and beatniks were just a little bit before my time, even hippies were to some degree, although I liked the duds back in the day. Nothing like an expensive pair of cheap bell bottoms and a leather fringed vest. But I did know what a bobby soxer was.

Weird, I used to hate all that 50s stuff when I wuz a pup. It was pretty “square” and not cool and groovy. And yet lately I’ve been enjoying Jay & the Americans. What a voice that guy has.

But that’s when “teens” more or less started to be recognized as a demographic with some disposable income, either via allowance or working at the malt shop or drive-in.

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Comment by aNYCdj
2013-08-02 13:11:28
 
Comment by spook
2013-08-02 15:50:06

Yeah this is kinda overthetop; but don’t most people get stabbed at least a once before their 18th birthday?

 
 
 
 
 
Comment by Joe S
2013-08-02 07:46:15

RAL…. thoughts?

http://theeklundgomesteam.elliman.com/new-york-city/trump-soho-hotel-246-spring-street-unit-1803-manhattan-arjhvma

Basically a million dollar closet with huge monthly building fees for questionable “amenities”.

Comment by Overtaxed
2013-08-02 08:11:05

ROFL. This is a great find..

A million dollars and, before you touch the mortgage, 3,500 or so in fixed costs? A little over 100 dollars a day for “amenities”? That better be a masseuse that can be sent to my room once a day. That’s 36,000 dollars a year for maintenance fees for a 400 sq/ft box in the sky? My 4K sq/ft house in a community with amenities, a yard, a pool and people to take care of all of it is less than 1/5th that amount to take care of. I don’t think I’ve spent that much in an entire year, including big changes (floor installations, major appliances, AC, etc). That number is just pulled out of the air “How much do you think we can get these suckers; err, I mean “homeowners” to pay??”.

TRUMP SOHO HOTEL, 246 Spring Street, 1803
Price: $973,500
Monthly Maintenance/CC: $2,944
Monthly Real Estate Tax: $695

Comment by Amanda Bynes' Bong
2013-08-02 09:11:08

That better be a masseuse with a happy ending.

 
Comment by Joe S
2013-08-02 09:19:12

They sell these as condotels. They’re probably mostly purchased by international types who aren’t in NYC 90% of the time. When you’re away, they box up your personal items and rent the room as a hotel room. The owner gets a cut. I’m sure these are also paid for largely in cash as a way for citizens of less desirable countries to have a place to crash if SHTF. Pay cash = launder money and no mortgage to worry about if your other currency becomes worthless or your cash is frozen in a bank run or gov’t crackdown on transfers. If you’re a rich foreigner and going to be stuck somewhere, might as well be the #1 city. London, Tokyo, and Paris are sh*t by comparison. Not everyone can get into Monaco and you really can’t do your business in Monaco effectively anyway.

I’m not saying it is a good price to pay, just explaining what the thought process might be for these debt monkeys.

Comment by aNYCdj
2013-08-02 09:48:45

If you look at the floorplan there is a owners secure closet right behind the front door….

http://theeklundgomesteam.elliman.com/new-york-city/trump-soho-hotel-246-spring-street-unit-1803-manhattan-arjhvma

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Comment by Joe S
2013-08-02 13:15:56

Exactly, I guess that’s where you put your valuables and a couple sets of sheets/towels/clothing when you are abroad so you’ll have something to go back to.

Most people who live in places like this (there are some in DC as well) can afford to have packers put their things in boxes and hold them until they’re back. Or they work for an employer that has such an arrangement.

 
Comment by ahansen
2013-08-02 22:30:18

Same concept as ski condos. Owner’s closet, rent the rest out for all but the two weeks per year the owners are allowed to use it without tax penalties.

 
 
 
 
 
Comment by Amanda Bynes' Bong
2013-08-02 07:51:21

Payrolls Miss 162K vs 185K Expected, June Revised Lower To 188K; Unemployment Rate 7.4%

Comment by Housing Analyst
2013-08-02 07:54:56

“Amanda Bynes’ Bong”

LOLZ

 
 
Comment by Housing Analyst
2013-08-02 07:56:37

“It’s quite apparent by now that CA and FL face a housing price collapse that will dwarf the previous crash.”

You better believe mister.

Comment by azdude
2013-08-02 08:07:09

time to pull some more equity?

Comment by Housing Analyst
2013-08-02 08:09:28

Get out while the gettins’ good. The window is closing fast.

Comment by azdude
2013-08-02 08:11:45

as long as QE continues and the ten year yield is suppressed I think the party continues.

I’m going on a wine run n a bit.

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Comment by Housing Analyst
2013-08-02 08:21:36

You go for it $hitHouse Poet.

 
Comment by In Colorado
2013-08-02 09:52:36

as long as QE continues and the ten year yield is suppressed I think the party continues.

Consumer price inflation be damned!

 
Comment by Housing Analyst
2013-08-02 09:59:18

That’s not inflation. That’s price fixing.

 
Comment by azdude
2013-08-02 10:01:54

u missed the boat again, so sad for your pathetic self. cry for years about the next crash.

 
Comment by Housing Analyst
2013-08-02 10:09:41

Youre drunk on cheap wine $hitHouse Poet.

 
 
Comment by phony scandals
2013-08-02 12:36:48

“Get out while the gettins’ good. The window is closing fast.”

At first glance I thought that said…..

Get out while the ghettos’ good. The window is closing fast.

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Comment by goon squad
2013-08-02 08:11:27

My condo building in Fort Lauderdale has an ATM in the lobby directly tied to the condo owners’ HELOCs. Bank of America can’t keep it stocked with cash, our condo values are going up faster than they can refill it.

 
Comment by aNYCdj
2013-08-02 08:23:00

I wonder how many will pull out equity this time and pay off their student loans, instead of buying the usual $70K SUV’s?

Comment by Happy2bHeard
2013-08-02 19:33:07

“I wonder how many will pull out equity this time and pay off their student loans, instead of buying the usual $70K SUV’s?”

That would be a smart move. At least a failed mortgage can be discharged in bankruptcy.

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Comment by rms
2013-08-02 20:26:49

“That would be a smart move. At least a failed mortgage can be discharged in bankruptcy.”

+1 Sometimes ‘ya gotta phuck the phuckers!

 
 
 
 
Comment by Rental Watch
2013-08-02 09:06:48

“If you can’t get someone to agree with you, you might as well put your own B.S. statement in quotes and then agree with it.”

Absolutely.

Comment by Housing Analyst
2013-08-02 09:23:10

But Liar…….. There is only one problem……. Nobody agrees with you as your reputation as a liar was established long ago.

Catching on yet?

 
Comment by Beer and Cigar Guy
2013-08-02 09:56:38

And now, will you all rise for the FB-RE Investors anthem:

http://www.sadtrombone.com/?play=true

 
 
Comment by whirlyite
2013-08-02 10:44:12

Is that why I see so many CA and FL license plates where I live?

 
Comment by Tarara Boomdea
2013-08-02 15:27:24

Not Nevada?

Comment by Tarara Boomdea
2013-08-02 15:30:17

Comment by Housing Analyst
2013-08-02 07:56:37

“It’s quite apparent by now that CA and FL face a housing price collapse that will dwarf the previous crash.”

You better believe mister.

Not Nevada (or Arizona?)

Comment by Housing Analyst
2013-08-02 20:21:30

Of course AZ and NV. It applies there automatically.

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Comment by Housing Analyst
2013-08-02 07:58:58

“With 25 million excess, empty and defaulted houses and another 35 million houses to be vacated as boomers die off, what do you think is going to happen to housing prices?”

Comment by Blue Skye
2013-08-02 08:19:39

Everyone whose name is not Snowden wants to live here.

 
 
Comment by michael
2013-08-02 08:19:46

by the pricking in my thumb…something wicked this way comes.

anecdotes:

- but lost a bid on a house; went for 40K over asking.

- 1

 
Comment by michael
2013-08-02 08:24:19

by the pricking in my thumb…something wicked this way comes.

- buddy lost a bid on a house; went for 40k over asking.

- 1 acre lot in vienna va sold for $ 1.275M.

- half acre lot in vienna va sold for $ 900k+

in the height of the bubble in 2007ish…the 1 acre would have sold for around 900K and the half acre for around 700K.

severe inflation is on the horizon…cash is trash…i can see it around me in the DC metro area…and i think big money equity firms know it.

the bernanke is going to get alot more than he bargained for methinks.

Comment by Blue Skye
2013-08-02 08:42:59

That’s pricking the dumb.

The inflation you see on the horizon is the past. We have and are facing something much more terrible.

 
Comment by Housing Analyst
2013-08-02 09:26:02

And the deflationary spiral and painful deleveraging rages on.

 
Comment by Joe S
2013-08-02 09:26:50

^^ This is why I’m an equity locust, hauling bags of cash out of DC back to Camden Yards each day. (I don’t really haul the cash physically, but I might try it sometime to experience the rush.)

 
 
Comment by Bubbabear
2013-08-02 09:18:04

Analysis: Mortgage bond sell-offs hit U.S. banks with big losses

Reuters) - U.S. banks, who had little choice in recent years but to use deposits to buy super safe mortgage bonds, are now getting an unpleasant taste of the risks.

http://ca.finance.yahoo.com/news/analysis-mortgage-bond-sell-offs-hit-u-banks-040621806.html

 
Comment by Bubbabear
2013-08-02 09:20:36

Why QE Can Never End

Even if we accept all the fluff in today’s numbers, a chart of recent GDP growth shows a hard stall, not a take-off. The Fed knows all this and has now completely walked back its talk of lowering its asset purchases. QE will go on until the market, not government, puts a stop to it.

http://dollarcollapse.com/the-economy/heres-why-qe-can-never-end/

Comment by In Colorado
2013-08-02 09:48:33

But since everyone else is playing the same game, printing and racing to the bottom, I fear Mr. Market won’t do much set things straight.

The thing is, the world needs our currency to be strong. If they stop accepting Uncle Buck, who will buy their wares?

 
 
Comment by Bubbabear
2013-08-02 09:22:49

SAN DIEGO - A television reporter investigating a suspected real estate scam was attacked by a woman and her husband,

https://www.youtube.com/watch?v=lycoEk3m6Zs

Comment by ecofeco
2013-08-02 20:53:11

Naw, they aren’t guilty. *snerk*

 
 
Comment by Joe S
2013-08-02 09:23:59

Things looking up for me career-wise. I knew my intern’s aunt was an in house counsel for a big defense contractor but I looked her up on linkedin and she’s not just a random asst. gen. counsel, she is _the_ general counsel and also the corporate secretary on the Bd of Directors. A stroke of luck beyond what I’d known. I’m going to pretend I am blissfully unaware of this and find him some good projects. I’m also taking him to lunch today. He already said offhand his aunt could get me a job at her company. I initially just thought that was something a naive college kid would say anyway, I remember guys always BS’ing each other in college.

Comment by Housing Analyst
2013-08-02 09:28:59

You go Liberace! Just don’t quit your harpsichording. Do you think you’d earn more gigging in Vegas than in DC for all those freaky queens in gov?

Comment by In Colorado
2013-08-02 09:51:25

Need you ask? The real gravy is in DC.

Comment by Housing Analyst
2013-08-02 09:57:09

Yeah but I thought there were more queens in Vegas. Can u confirm Liberace?

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Comment by Amanda Bynes' Dog Is On Fire
2013-08-02 09:53:51

NYC craigslist has an opening for a bouncer at Paddles.

Comment by Joe S
2013-08-02 13:18:13

I prefer The Eagle when I’m in NYC.

They tend to respect “bears” and “baby bears” more there. (I think they even have a Bear Calendar for sale on their website.)

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Comment by jose canusi
2013-08-02 11:14:31

“You go Liberace! Just don’t quit your harpsichording. Do you think you’d earn more gigging in Vegas than in DC for all those freaky queens in gov?”

Laughing so hard I can barely breathe…must…gasp…stop….Aw, gawd, where did that Liberace/harpsichord thing come from?

Freaky queens in gov, ain’t it da trute? DeeCee is Fellini Satyricon, Rome before the fall. Nero fiddlin’ while Rome burns? Heck, hundreds of Neros fiddlin’ with themselves and others while the whole house of cards collapses around us.

Comment by Housing Analyst
2013-08-02 11:23:38

Liberace,

I’m thinking you could earn far more doing volume pricing gigs in Vegas. And you’d have a larger variety of new down-low friends too.

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Comment by jose canusi
2013-08-02 11:37:03

Except in Vegas they’re not on the down-low.

 
Comment by Housing Analyst
2013-08-02 11:55:56

Meaning they’re not corrupt lying thieves running for re election.

 
Comment by jose canusi
2013-08-02 12:40:28

Is that guy for real, or is he just putting us on?

 
 
Comment by Joe S
2013-08-02 13:21:22

He calls me Liberace because I once wrote some screed about how kids these days grow up with crap music and how much I like classical. Combined with my support for marriage equality, gay rights, this apparently makes me Liberace.

I’m mildly flattered by it because, whatever his personal flaws, Liberace was a music genius.

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Comment by Housing Analyst
2013-08-02 20:14:49

Yo…. listen up. You’re a friggin’ snob. That’s right. A SNOB.

 
 
 
 
Comment by ahansen
2013-08-02 22:42:10

Joe,

One doesn’t get to be in-house counsel for a major without being extremely canny. She’ll see though you in a gnat’s eye if you try to co-opt her nephew. Stay sincere and learn something; maybe it will work out for you a decade or so down the road. But if you try to play her, she’ll eat you for breakfast.

Just sayin’.

 
 
Comment by Arizona Slim
2013-08-02 09:46:23

This was an abandoned house a few blocks away. Fix -n- flippers bought it and they finally found someone who’s willing to overpay for a property on a block full of run-down rentals and a student party complex at the end of the street. Link:

http://www.zillow.com/homedetails/635-E-Waverly-St-Tucson-AZ-85705/8475354_zpid/

Comment by aNYCdj
2013-08-02 13:42:41

i love the nice GREEN yard….that must have cost them a fortune.

Comment by Arizona Slim
2013-08-02 15:29:44

The yard has since been filled with crushed rock. I expect to see the weeds sprouting through any day now.

 
 
Comment by Blue Skye
2013-08-02 14:47:42

Amazed that they showed a picture of that roof.

Comment by Arizona Slim
2013-08-02 15:30:44

The exterior of the house didn’t look any better.

 
 
 
Comment by phony scandals
2013-08-02 12:59:22

Did somebody make another youtube video? I guess i will find out Sunday. Personally, I don’t think al-Qaeda is happy with their new U.S. Army contracts. Maybe if we threw in some food stamps and free health care? Probably not a real threat anyway. This threat is probably being used to cover up the real threat that we’re not supposed to know about. I would ask my CIA friend Frank from Florida, but he was in Benghazi so his name is now Dave and he lives in Kansas.

7 minutes ago

U.S. issues global travel alert over al-Qaeda threat

U.S. embassies to close on Sunday over threat

A terror threat that appears to come from al Qaeda has prompted several U.S. embassies and consulates that would normally be open this Sunday to close that day.

The United States has issued a global travel alert because of an al-Qaeda terrorist threat.

The State Department says the potential for terrorism is particularly strong in the Middle East and North Africa. It says an attack could occur or come from the Arabian Peninsula.

The alert reads: “Current information suggests that al-Qa’ida and affiliated organizations continue to plan terrorist attacks both in the region and beyond, and that they may focus efforts to conduct attacks in the period between now and the end of August.”

The travel alert expires on Aug. 31.

“Terrorists may elect to use a variety of means and weapons and target both official and private interests. U.S. citizens are reminded of the potential for terrorists to attack public transportation systems and other tourist infrastructure. Terrorists have targeted and attacked subway and rail systems, as well as aviation and maritime services. U.S. citizens should take every precaution to be aware of their surroundings and to adopt appropriate safety measures to protect themselves when traveling,” the alert reads.

It is recommended that U.S. citizens register their travel plans with the Consular Section of the U.S. Embassy through the State Department’s travel registration website.

“We strongly recommend that U.S. citizens traveling abroad enroll in the Department of State’s Smart Traveler Enrollment Program (STEP). STEP enrollment gives you the latest security updates, and makes it easier for the U.S. embassy or nearest U.S. consulate to contact you in an emergency. If you don’t have Internet access, enroll directly with the nearest U.S. embassy or consulate,” the alert reads.

http://www.usatoday.com/story/news/world/2013/08/02/us-issues-global-travel-alert-over-al-qaida-threat/2611999/ - -
7 minutes ago

Comment by Happy2bHeard
2013-08-02 15:41:00

” I would ask my CIA friend Frank from Florida, but he was in Benghazi so his name is now Dave and he lives in Kansas.”

LOLZ!

 
 
Comment by Rental Watch
2013-08-02 13:29:33

http://www.businessweek.com/articles/2013-08-01/the-adjustable-rate-mortgage-gamble-is-back

Here we go again…flashing yellow light…ARMs for affordability. If the “ability to repay” rule actually works, we will start to see people get denied the ability to borrow, and demand will taper off at higher and higher price points…slowing down price increases.

That is all good stuff.

 
Comment by phony scandals
2013-08-02 16:43:45

New Obamacare plan: Porta-john ads are gonna get this thing right back on track

posted at 8:41 pm on July 10, 2013
by Mary Katharine Ham

Well, the nanny state wants to do everything else for us, why shouldn’t it write the jokes for us, too? Obamacare will be advertised on porta-potties. In an attempt to reach young adults without insurance, that’s just one of the ideas being tossed around by supporters. And, yes, you’re paying for all of this:

In Connecticut, selling Obamacare involves renting an airplane. Oregon might try to reel in hipsters with branded coffee cups for their lattes. And in neighboring Washington, the effort could get quite intimate: The state is interested in sponsoring portable toilets at concerts in an effort to reach uninsured young adults.

With 83 days left until the health law’s insurance marketplaces open for business, public awareness remains low. Most polling data suggest that few Americans are aware of how the Affordable Care Act works – or that it even exists.

A recent poll from the Kaiser Family Foundation showed 42 percent of Americans to be uncertain about whether the health-care law still stands. Gallup found last month that 43 percent of the uninsured were not aware of the law’s requirement to buy health insurance coverage.

States are spending millions to change that, using everything from television ads to free grocery bags to bus tours to sell President Obama’s signature legislative achievement. They are relying near-exclusively on federal grants to run the campaigns.

http://hotair.com/archives/2013/07/10/new-obamacare-plan-porta-john-ads-are-gonna-get-this-thing-right-back-on-track/ - 97k -

Well I’d like to help. You Obama supporters feel free to use this jingle to raise public awareness about Obama’s signature legislative achievement. You’ll have to clear it with Neil Young though, he won’t return my calls.

Part Times’ all right with me.
Part Time is the way it should be.
Part Time is a good thing.
Half paychecks is what it bring.

The sun comes up in the morning,
Shines that light around.
One day, without no warning,
Hours get cut into the ground.

Well, Part Times’ all right with me.
Part Time is the way it should be.
Part Time is a good thing.
Half paychecks is what it bring.

Comment by phony scandals
2013-08-02 17:16:03

If you don’t like that version of Homegrown you could always use this to promote Obama’s signature legislative achievement.

Dead skunk in the middle of the road (lyrics) - YouTube
http://www.youtube.com/watch?v=EaN7xuAIjXI - 138k -

 
Comment by Blue Skye
2013-08-02 18:20:04

Lot of folks in the land of the free
not paying attention to drama in DC.

This Bama guy’s got nothing to give,
He’s gonna ask us don’t we know who he is.

We don’t understand.
We don’t want to pay.

There’s nothing you say
that is going our way.

Don’t stand on our necks Sir,
we’re not all surrendered.

>> I am reading Theodore Roosevelt’s history of the Naval battles of the War of 1812. He states that some consider the revelation of the truth to be unpatriotic, and he mocks that idea.<<

 
 
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