Bits Bucket for August 14, 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.
About Me
Name:Ben Jones
Location:Northern Arizona, United States
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“…Although only a few observers have noted the vested interest in error that accompanies speculative euphoria, it is, nonetheless, an extremely plausible phenomenon. Those involved with the speculation are experiencing an increase in wealth–getting rich or being further enriched. No one wishes to believe that this is fortuitous or undeserved; all wish to think that it is the result of their own superior insight or intuition. The very increase in values thus captures the thoughts and minds of those being rewarded. Speculation buys up, in a very practical way, the intelligence of those involved.
This is particularly true of the first group noted above–those who are convinced that values are going up permanently and indefinitely. But the errors of vanity of those who think they will beat the speculative game are also thus reinforced. As long as they are in, they have a strong pecuniary commitment to belief in the unique personal intelligence that tells them there will be yet more…Strongly reinforcing the vested interest in euphoria is the condemnation that the reputable public and financial opinion directs at those who express doubt or dissent. It is said that they are unable, because of defective imagination or other mental inadequacy, to grasp the new and rewarding circumstances that sustain and secure the increase in values…”
-John Kenneth Galbraith
A Short History of Financial Euphoria
My collection of Pokemon Cards and Beanie Babies are worth more than all of the land of the entire state of California.
If only we’d had the Internet and rich foreign buyers back then. We’d have had beanie babies to the sky now!
And been paid in Flooze!
“Strongly reinforcing the vested interest in euphoria is the condemnation that the reputable public and financial opinion directs at those who express doubt or dissent. It is said that they are unable, because of defective imagination or other mental inadequacy, to grasp the new and rewarding circumstances that sustain and secure the increase in values…”
What was true in 1994, when he wrote this book, and previous years, remains true as of 2013.
In particular, the economists at the top of the financial pyramid scheme never, ever seem to notice when prices and rates of price increase have reached mania proportions. No wonder most main-stream economists hated Galbraith!
Hump Dayeee Yeeeeah!
http://www.youtube.com/watch?v=kWBhP0EQ1lA - 190k -
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®
every mortgage payment you make builds equity
when you rent youre just throwing money away
unless the market goes up you really don’t start buliding equity till you are @ least 10 years into a 30 yr loan.
Most of your payment on a 30 yr loan initially goes to the bank as interest for the privilege of borrowing that money.
most speculators are simply banking on a rising market to make money if they are using leverage with a 30 yr loan.
So if your going to move on avg every 7 yrs u will never build any equity based on paying down your loan. The only shot you have in the casino is rising prices. caveat emptor!!!!!!!!!!!!!!!!!!!!
How are you supposed to buy lobster and fine wine with equity that you won’t begin to have for TEN YEARS?
u didnt read that very well did you? prices have been rising for years while you sit back and whine about the bad economy.
Prices have been falling since 2007.
Not paying attention again?
you know that’s pure bs sad u missed the boat again?
Every year, falling. And still falling.
You don’t like that do you?
i know your full of bs thats why your broke, my bank account is growing!!
And your losses continue to grow. Just like millions of other suckers who bought a rapidly depreciating house at an inflated price.
Spending equity makes me richer.
Prices have been falling since 2007.
According to S&P Dow Jones, Corelogic and Case Shiller, home prices have been trending up since 2009.
CHART OF THE DAY: Home Prices Soar, And Have Their Best Month In The History Of The Case-Shiller Index
This basically needs no explanation. Home prices are soaring.
http://www.businessinsider.com/chart-of-the-day-may-case-shiller-2013-6
Of course they are…. Only because they exclude REO.
How many times do I need to school you on this?
According to S&P Dow Jones, Corelogic and Case Shiller, home prices have been trending up since 2009.
Since when does “declining at a slower rate” translate to “trending up”???
Rio, you dramatically misstate the case. Look at the chart. When the line is below zero, house prices were declining; the upward-slope only meant that they were declining at a slower rate.
Since 2009, Case-Shiller has only been above zero for a small portion of that time.
Of course they are…. Only because they exclude REO.
I think not.
The rising median home prices would include the effects of the REOs. Because, would not the REOs affect the prices of the non-REOs?
It’s supply and demand IMO. If the supply of the REOs were high enough to affect median home prices, then they would have and/or they already have. How would they not?
Think whatever you prefer with that corrupt little mind of yours.
Rio, you dramatically misstate the case. Look at the chart.
Maybe but I don’t think so. Is this not a “trend” when looking at a long term view of housing? Or is it a “jump” mainly in the last 2 years?
Median home price 4th quarter 2008: $180,000
Median home prices 2nd quarter 2013 $204,000
Chart of median prices last 2 years:
http://ycharts.com/indicators/sales_price_of_existing_homes
And look at this Case Shiller nominal seasonally adjusted Composite 10 and Composite 20 indices chart. Look from 2009 to 2013. Technical analysis drawing a line from the peaks (or even between the peaks and troughs) would point to an upward trend from 2009-2013. If the trend continues upward through 2014, this would show a definite upward trend since around between 2008-2010. As you know, trends are not straight lines up or down but general trends.
http://www.calculatedriskblog.com/2013/06/case-shiller-comp-20-house-prices.html
Think whatever you prefer
I think to ask again:
Would not the REOs affect the prices of the non-REOs?
If not, how would they not?
The calculation excludes REO. Nice try though.
The calculation excludes REO. Nice try though.
You’ve been totally stumped and befuddled by the questions.
How could “excluded” REOs not affect median home prices in an economic system of supply and demand?
The REOs are not part of the supply? The REO’s do not affect total housing demand?
Or there is a demand for REOs that does not affect the demand for non REOs?
How?
‘Would not the REOs affect the prices of the non-REOs? If not, how would they not?’
Again…
‘As many as 90 percent of REOs are withheld from sale, according to estimates recently provided to AOL Real Estate by two analytics firms.’
http://realestate.aol.com/blog/2012/07/13/shadow-reo-as-much-as-90-percent-of-foreclosed-properties-are-h/
Is it so unimaginable that giant lenders and the government would work together to screw the little guy?
>Is it so unimaginable that giant lenders and the government would work together to screw the little guy?
Who has to imagine?
http://www.truth-out.org/buzzflash/commentary/item/18143-us-government-threatens-california-city-trying-to-save-homeowners-from-foreclosure
In a move that is hard to fathom considering how many banks too big to fail are being fined for subprime mortgage fraud, the nation’s top house financing regulator, the Federal Housing Finance Agency, is threatening that if the City of Richmond, California, uses eminent domain to save homes for families, mortgages will be cut off for the city.
As many as 90 percent of REOs are withheld from sale
Then, by definition, they are not part of the supply portion of “supply and demand”. Yet. However the REOs on the market are part of the supply and demand and therefore are affecting the median home sale price whether they are “included” in the median home sale price or not.
Is it so unimaginable that giant lenders and the government would work together to screw the little guy?
No it’s not. And it sucks.
Wrong again. CS excludes REO transactions.
Carry on apologist.
CS excludes REO transactions
But how when available REOs are part of the supply of “supply and demand”?
It is hard to argue with someone who thinks that data below the origin of a graph is positive. Really hard.
It is hard to argue with someone who is correct. Really hard.
Negate the facts Blue Sky.
Median home price 4th quarter 2008: $180,000
Median home prices 2nd quarter 2013 $204,000
Or even better, show me (by technical analysis) using this Case-Shiller: Comp 20 House Prices chart (or any chart) how home prices have not trended up since about 2009.
http://4.bp.blogspot.com/-PrqSpEixXDQ/UcmWsBiyhHI/AAAAAAAAazY/d5BPuBs3qmg/s1600/CSApril2013.jpg
It will be hard. Really hard
And look at this Case Shiller nominal seasonally adjusted Composite 10 and Composite 20 indices chart. Look from 2009 to 2013.
Did _you_ look at it?
The Jan 2012 level is slightly below the Jan 2009 level.
That shows an upward trend in your mind??
…someone who thinks that the data below the origin of a graph is positive…
This might tax your CPU, but the data below and above the origin of that graph both portended negatives and forcasted positives, no matter which side of the origin they were on.
Example: From 2005-2009 the declining percentage rate of yOy price increases remained above the origin of the graph yet portended a housing crash.
Example: From about 2009-2010 the declining percentage rate of house price declines was still below the origin line, however it predicted a change in the trend of declining home prices. This change of trend has led to a higher median home price. (even though the beginning of the trend took place below the origin of the graph)
We are talking about the trends of the changes in the percentages of y0y price increases and decreases and how they affect the general trends of the direction of home prices.
http://www.businessinsider.com/chart-of-the-day-may-case-shiller-2013-6
The Jan 2012 level is slightly below the Jan 2009 level.
Why stop at 2012? This is 2013 with a much higher high and trending strongly upward.
That shows an upward trend in your mind??
Yes. As of Aug 14, 2013
Trend:
Noun
A general direction in which something is developing or changing. Dictionary.com
And it excludes defaulted property transactions.
Carry on liar.
Correction:
Example: From 2005-
20092007 the declining percentage rate of yOy price increases remained above the origin of the graph yet portended a housing crash.This date correction does not affect my premise.
For every one who is curious about the bubble anatomy but is not a bubblehead:
http://www.blytic.com/Player.aspx?key=20263
It has cost us trillions to hold this line for the last few years. This look like a sustainable recovery to anybody?
it excludes defaulted property transactions.
How could “excluded” defaulted property transactions not affect median home prices? They don’t take demand off the market? How not?
It defies simple logic.
You can’t have it both ways. If they dumped the “90% of REOs withheld from the market” would they not affect median home prices even if they were not “included” in the median home price figures? Then why do people keep saying when ALL the REOs come to market the market will crash. You can’t have it both ways.
How the dumped REOs not affect “counted” home prices in the world of supply and demand?
Am I arguing with a pissed-off 16 year old kid?
You are, as they say, “all tied up in your undies”.
It has cost us trillions to hold this line for the last few years.
Trillions of what? Dollars backed in gold? Trillions of something of value that we produced that someone is going to take back? Who’s going to take it back?
So we’re doomed because we “owe” trillions of something that someone at the Fed conjured up on his laptop at Starbucks?
Yawn. Half of it is jive. Brazil’s currency “collapsed” 4 times in 15 years but my A/C is running, they still have cold beer and I’m going out to eat some fancy pizza tonight.
You are, as they say, “all tied up in your undies”.
You are, as they say, apparently “outclassed” but even too lazy to even try to defend your faulted “premise”.
Don’t change the subject to currency collapse. Can you read the graph I posted or not? You couldn’t read the one you posted yourself and you couldn’t understand the explanations offered by others. I can’t make it much simpler for you.
And yes, it has cost the US trillions of dollars to maintain this charade. This means the real “market” is in freefall. Enjoy your pizza.
Rio, I don’t have time to read the whole thread, but I don’t think that REO counts in Case Shiller as a regular sale.
But for the practical purposes of Joe 6 Pack, it doesn’t matter. Yes, if you included all the REO’s in the median, house prices could have decreased. But the price of housing available to the little guy has increased. For him, the REOs don’t exist.
Some time ago, I predicted that the house curve would turn bi-modal: a peak of good quality houses would increase in price, and a peak of fixer uppers that families didn’t have time to fix up. I appears I was partially right. The peak of good quality houses is increasing in price, which affect Case-Shiller, while the fixer upper peak is invible to everybody except Blackstone et al. And let’s not forget that the fixer uppers get fixed up and throw into the high-price peak.
As for Richmond, what grounds does FHFA have to redline Richmond, if Richmond invokes the perfectly legal Kelo precedent? What’s to stop Richmond from citing Kelo and then slamming FHFA with a discrimination lawsuit?
If nothing else, Richmond could become a case study of the “government getting out of housing.” Will any private bank give a mortgage out in Richmond if they can’t sell the paper up the food chain to the gov?
CS methodology excludes defaulted property transactions.
Are you deaf, dumb or just blind?
“As for Richmond, what grounds does FHFA have to redline Richmond, if Richmond invokes the perfectly legal Kelo precedent?”
Redlining is normally against the law, but apparently not when a government agency does it.
“Redlining is normally against the law, but apparently not when a government agency does it.”
The banks definitely employ redlining techniques. Even voluntary repossessions are sub-contracted whenever the account is within specific zip codes. They simply can’t afford the risks with their deep pockets and flaky legal system.
Works well in an expanding economy, not so well in a contracting one.
the only thing I see expanding is the FED balance sheet.
And that’s pretty much all you need to know.
yep the low interest rate environment has forced folks to chase yield in stocks and re-inflated the housing boom.
Sometimes I wonder who’s side the policy makers are on? I think I know that answer, do you?
DOW 36,000 baby!
By the end of this year my FB will be trading at $100+ per share.
http://money.msn.com/investing/the-return-of-dow-36000-1
Troubled and don’t know what to do?
Turn to the Facebook Oracle
In debt and need help?
Turn to the Facebook Oracle?
Laid off and need a job?
Turn to the Facebook Oracle?
“Why would pay more than new construction cost ($60 per square foot) for a depreciating 20+ year old resale house?”
Let me guess…… Because realtors tell you that the cost of a house cannot be evaluated using math?
Because the land under the house is worth $2.5 million?
Nope. It’s not “the land!”.
location, location, location!!!!!!!!!!!!!!!!!!!!!!!
Nope. It’s not the “location”. As you know, labor and material costs dont differ more than a few percent irrespective of location.
labor and material costs dont differ more than a few percent irrespective of location
On what planet?
http://www.home-cost.com/construction-cost-per-sf.html#form
Average cost per sq foot:
Tennessee: $76 per sq foot
California: $130 per sq foot
* Excludes land cost, site development costs such as drives, utilities, clearing, decks, patios, landscape or any fees or permitting costs.
Excludes excavation
Excludes basement costs
Excludes quality differences in materials, finishes, and appliances
Excludes total constructed square feet (size of garage, bonus space, basement, crawlspace, porches)
Cost per square foot is based on finished (livable) square feet only
Cost per square foot ignores local or regional variations in market costs (unless you use our interactive cost per square foot selector below)
Your Google construction experience speaks for itself.
Now develop and post up a bid estimate for a 1500sq ft SFR.
Waiting…..
Hey Ben,
What was that bid you solicited recently? $48/sq ft?
Explain that one away with your Google construction expertise “Rio”.
What was that bid you solicited recently? $48/sq ft?
So what? Whatever number stated is irrelevant to the point that material and labor costs widely vary depending on location - commercial and residential.
Cost per Square Foot of Commercial Construction by Region
http://evstudio.info/cost-per-square-foot-of-commercial-construction-by-region/
the cost of construction per square foot varies significantly with location.
Your google links aren’t helping you.
Now develop and post up a bid estimate for a 1500sq ft SFR.
Waiting.
Ben must be pulling everyone’s leg. It’s impossible to build for $48 per square foot. The number is $60, everywhere at any time.
Now develop and post up a bid estimate for a 1500sq ft SFR. Waiting.
Are you dumb?
How would me not posting your (straw man) requested bid estimate disprove the fact that construction costs vary widely by region?
Poor Al. Just can’t accept it can you?
I can accept $48, but can you? Either Ben is joking around, or you are incorrrect about $60 per square foot across the country. To make it very explicit, $48 does not equal $60.
No you can’t. You paid 100$+/sq for some run down shack.
Thanks Ben and Rio for proving that costs do vary by location, as most of us knew anyways.
Of course they do…. By 5%.
You’re catching on quick!
You’re catching on slowly. Ben and Rio’s examples are well outside of a 5% variance of the $60 you keep repeating. It’s almost as if you just made up that number.
Just because you got ripped off on a run down house doesn’t mean everyone else should.
Seeing as you and your friend know CM so well, go ahead and post a simple SOV demonstrating your knowledge.
I see you’re back to insults since you can’t rationalize your lie about $60 per square foot and Ben and Rio’s info.
And with Barry Ritholtz refuting the 25 million vancancies, that makes 2 you’ve been caught on.
Post an SOV demonstrating your understanding expertise of construction management.
Waiting.
Rio - I think you are spot on!
Where I live, prices have gone up sine 2011. SO if you bought in 2011, you are up 10% at the least. And that is in one for the best places to live in CA. Perfect weather, smart residents, lots to do, univ town.
Still waiting for you to take me up on my $60,000 bet to build a house in Mammoth Lakes for $60/sq’, HA.
The silence is deafening.
Deaf you are but I’ll set you straighten you out once again. M&L costs are the same for in your fantasy land as they are anywhere else.
Tell that to code compliance.
Because the bank won’t loan you anything to buy a used boat?
Does make used boats cheap?
If I were to decide to buy a boat wouldn’t it make sense to shop for a used one?
BTW, about ten years ago I was at the beach and a guy came along and offered me a boat for free. I wasn’t interested but another guy seemed to be and the two of them left to apparently work out a deal of some sort.
Banks will not lend on used boat purchases right now I’m told. You only get a good deal if you have actual cash to spend.
I’ve seen 20 year dealer financing on boats and RVs. Absolutely crazy, both that it’s offered and accepted.
“Just for the record; there is no shortage of housing. Not in California, not in Tokyo, not anywhere. And there will come a day (again) when the media will tell us, ‘there’s a glut of houses for sale in….’, and regale us with sob stories, ‘I was doing great until the economy went south and my income went away and I can’t get rid of this damned house!’”
~Ben Jones, August 8, 2013
You’re not kidding. I recently checked out Zillow’s rental houses in this part of Florida. Whew! Is that ever revealing! Page after page of faux finish cookie cutter crap. It’s soooo bad! And there’s so much of it. All under management by various realtors, clutching their precious rental listings to their chests. And the rental rates, what a complete joke. No wonder they’re all just sitting there, waiting for the owner to either go into foreclosure or sell and take the hit.
The rent’s too dang high!
I think many have their homes up for rent waiting for the “market to come back”. I’ve gotta hand it to them for sheer bravado.
“I’ve gotta hand it to them for sheer bravado.”
Maybe they are spawned from the “one-a-minute” crowd.
Maybe the guys doing the asking for high rents are doing the asking on behalf of the guys who are putting up the money - the OPM guys.
If you use a spreadsheet that works when rents are high then to suck in the one-a-minute folks in you need to ask for high rents.
Askin’ ain’t the same as gettin’, but this will be something the OPM guys will discover somewhere down the line. In the meantime the two-and-twenty gets extracted by the guys running the show.
I also noted a number of homes listed under “American Homes 4 Rent”. Why do I think that company has some trouble ahead?
They will become the Countrywide Mortgage of the residential rental industry. And yes, there will be bailouts.
arent they doing an ipo?
How about doing a CRO (collateralized rent obligation)?
Set it up and suck ‘em in.
How about doing a CRO (collateralized rent obligation)?
+1 And get the government to guarantee the securities as part of a policy to help the poor.
All this doom talk makes me all the more glad that I did buy a house. If the government is going to start mass subsidizing of rent, then rents will surely increase high enough to where Blackstone and American Homes 4 Rent can afford to pay the current prices for housing — likely for cash and therefore regardless of mortgage rates.
In short, if houses can cash flow without a price crash, then there will be no price crash.
I foresee a lot of elderly people renting on the dole in Blackstone-run disrepaired slums, while investors smoke cigars made of rolled up collateralized rent obligations. You can all joke as you please, but debt donkeyhood is temporary, slum rent is forever.
You can all joke as you please, but debt donkeyhood is temporary, slum rent is forever.
But your definition of temporary is a LONG time, AND you don’t HAVE to stay in the slum if you don’t want to. When you compare yourself to others you might want to aim higher than those who willingly pay slum rent forever.
Just submitted a resume’ package to American Homes 4 Rent. Thanks for the
info, all of you.
Nice building in Agoura Hills, So Ca. No receptionist and no people activity in the building. Felt like a ghost town in sprawling sq ft.
LOLZ!!!
And if you didn’t overpay 200% for that rapidly depreciating shack you wouldn’t need a job at 65 years old.
Aside from the point of wasting your saved wealth, why would you be wanting to work for an outfit whose office is a ghost town, or worse a façade?
HA
I’m not 65. Got dementia, baby cakes.
Blue,
Didn’t know American Homes 4 Rent ghost town situation until I did a meet and greet. I’m really in the mall biz, but no jobs. I use to be an Asst. Controller and jump shipped to work for a mall client. It’s a hard career but has some great moments. I think medical bldgs are my best bet. 78 Baby Boomers.
My husband has eyeball issues. I need to be the Alpha wife.
Imagine that…. fetching coffee for the boss at 65 years old.
Still thinking about paying current massively inflated prices for a house people? Well here’s the end result. Run down, old and working for peanuts because you couldn’t say no to a realtor for a few years.
Good luck on the lead, inch. They’d be lucky to get you.
“Housing’s Dead Cat Bounce”
Now that it’s self-evident that housing is in dead cat bounce mode, you can now observe the losses of those who were foolish enough to believe the tripe and paid a grossly inflated price for a house even though a house is always a depreciating asset.
Metro Denver rents are going up, up, up and there are NO vacancies.
Buy now or be priced out forever!
I thought you were in AZ?
My real estate empire spans the globe.
You should stop being such a Debbie Downer and go attend some Tom Vu seminars and learn how to become rich rich rich with real estate.
My real estate empire spans the globe.
+1 The sun never sets on the empire!
tom vu should take over as FED chairman?
Classic
“A lot of your friends will tell you, ‘Don’t come to the seminar. It’s a get-rich-quick plan.’ Well, tell them, it is a get-rich-quick plan because life is too short to get rich slow.”
“Don’t listen to your friends. They’re losers!”
“Today I’m gonna show you how to drive a sports car. First, you need a lot of money!”
….. I was just sayin’…. you’re a funny guy…. what?….
Doesn’t a dead cat bounce mean that prices are currently rising despite fundamentals?
Mike…. jingleballs… it’s all the same.
just answer the question
what is the meaning of this dead cat bounce you are referring to?
Falling or rising prices?
Clue; a dead cat bounce means that prices are rising even though they are set to fall hard.
Prices have been rising while you say they have been falling.
I sold early into this bounce and am glad I did.
Thanks
Now berate me, call me a liar, I don’t expect less.
In your case it doesn’t matter.
Carry on with your ruse jingleballs.
A dead cat bounce was the little bump we saw around 2010 when the FedGov was handing out bonus money for house buyers. Then we continued the downtrend. So the Case Shiller numbers are poking up in the very short term above zero. I think this is very light volume and I think that means only a few of the maniacs are still believing. It will be shown a dead cat bounce should the march downward continue shortly. The fundamentals just continue to get worse, so the continued march down is likely.
If one would like some perspective on the global situation, refer again to the Baltic index. There was a head and shoulders top and now pretty much a flatline. The global economic expansion is long over.
Delusion runs deep; I give up. That means you win the internet!
I am a dude who lives in bend and I own no residential real estate. Ho Ho HA
How many times are you going cry uncle and come back for another smack down?
The global economic expansion is long over.
Robert Prechter, 1993
Obviously I get your goat which I find amusing. As I got what I could for my shack earlier this year, took the proceeds, and moved on.
At least I am my own boss and the time I waste here is mine and mine only. Only since you are so fussy, argumentative and cantankerous does it even interest me to jibe you. You work for the man and that must be frustrating for you.
Betcha belch-tel(where is it you work again?) would like to know what vast amounts of the man’s time you waste here. Or do they pay you to be here as you assert any dissenters to your drivel are paid? You know what they say; a rat smells his own hole first!
Your internet smackdowns and schoolings are as harmless as your “anal”ysis is flawed HA. I don’t have a dog in the housing fight anymore and I am much too busy(creating jobs, feeding people and stuff; 6 employees and counting thus far) to post as much as you. You must have an important agenda here.
Housing is overpriced. Got it. I have tried to thank you because I got your message loud and clear; I dumped my house this past April. But you even feel the need to alienate your disciples which I don’t get at all.
Riddle me this: Should I dump my kids’ etrade accounts for cash?(or keep letting it ride) as they made 10% last month alone. Time to grab those profits or what?
You confuse or equate me with many other posters apparently; but you are still RAL. Ask the mirror if you have you seen him lately.
You got nothing but a corrupt lying character.
Carry on jingleballs.
I do not like you douchebag. Which is giving douchebags too much credit ill admit. Piss off
You’re a liar JingleBalls.
HA has a tendency to confuse multiple posters, and think that he is arguing with only one. It makes me a little concerned.
It’s the same old lies, just a different donkey.
FOAD
“…Although only a few observers have noted the vested interest in error that accompanies speculative euphoria, it is, nonetheless, an extremely plausible phenomenon. Those involved with the speculation are experiencing an increase in wealth–getting rich or being further enriched. No one wishes to believe that this is fortuitous or undeserved; all wish to think that it is the result of their own superior insight or intuition. The very increase in values thus captures the thoughts and minds of those being rewarded. Speculation buys up, in a very practical way, the intelligence of those involved.
This is particularly true of the first group noted above–those who are convinced that values are going up permanently and indefinitely. But the errors of vanity of those who think they will beat the speculative game are also thus reinforced. As long as they are in, they have a strong pecuniary commitment to belief in the unique personal intelligence that tells them there will be yet more. ..Strongly reinforcing the vested interest in euphoria is the condemnation that the reputable public and financial opinion directs at those who express doubt or dissent. It is said that they are unable, because of defective imagination or other mental inadequacy, to grasp the new and rewarding circumstances that sustain and secure the increase in values…”
-John Kenneth Galbraith
A Short History of Financial Euphoria
This euphoria, the expectation of ever greater returns, is built into us to guarantee the perpetuation of the species.
By the time delusion fades, and the possession has grown older rather than younger, dulled rather than become more vibrant and beautiful, contentious rather than more and more compliant, the nest is already full.
It is little wonder that the words “house” and “spouse” not only sound the same, they get the same idiotic primal instinct response.
+1 LOL!
With all the free equity I spend on cosmetic surgery my girlfriend looks younger and younger every year.
You should drop anchor, get off the boat, buy a house, and get rich.
If you drop anchor and then get off the boat, won’t you drown? I was just wondering. Thanks.
If you drop anchor and then get off the boat, won’t you drown?
That depends on where your boat happens to be when you get off it. Location, location, location!
Once locked into an investment, the mark feels there is no benefit in addressing unpleasant realities of probable future losses. By indulging in feelings of adequacy, the mark experiences what seems like security or safety. If the mark allows himself to question that feeling of security, then it is very quickly replaced by feelings of insecurity.
While uncomfortable, the feeling of insecurity is compelling, as it may induce the mark to re-allocate his investment dollar. It is the rare bird who can withstand such feelings of insecurity long enough to act on it. Hence, the common bird stands still.
From Yesterday;
Comment by Rental Watch
2013-08-13 20:30:23
scdave, you need to read the small print: The 50% occupancy is purely a byproduct of rapid acquisition of homes that have yet to be made available to be rented ??
First, the 90% occupancy you state and assume will continue as acquisitions roll out after re-hab assumes the absorption rate will continue…You also are assuming that the current and future tenants are long term if your going to try and sell the 90% occupancy…If were to have to make a bet on this, I would say the ROI is going to be quite low…If you couple that with potentially higher interest rates going forward it could end up being abysmally low…With that said, I don’t think the ROI with the Net Cash Flow is the end game…I think buying in bulk, far under replacement cost is the bet they are making…The real ROI bet they are making would come when they exit the REIT through selling the assets…At least thats what they are going to try and sell to the sheep that buy into their ultimate IPO…We shall see…
Secoundly, To some degree I agree with Goon….”Today’s “investment” = tomorrow’s Section 8 ghetto”…..The tenants from hell, in a “SFR” can cause so much grief….
I didn’t mean specifically Section 8 vouchers, but that the “investors” will be forced to lower their rents if they want to keep the glut of properties rented. And also to lower their standards on credit, criminal background checks, allowing pets, limits of number of residents per unit.
I don’t assume tenant are long term. Just like apartments, tenants come, and tenants go. There will be a structural vacancy. The bet is simply that the inclusion of these new rentals won’t swamp the rental market-given the rental market is 10+ million single family homes strong, it is hard to see how the inclusion of these REITS will dramatically alter the rental landscape.
If these REIT’s bets were short term (get the lift from buying at discounts and then sell), they wouldn’t have gone public (WAAAY too expensive and limiting). The best corollary to this strategy is an apartment strategy where the yields/ROI are also what you would say are very low–and I would agree. It doesn’t change the fact that public markets are willing to value apartment REITs at very low dividend yields.
BTW- full disclosure, while I own REITs, I don’t own any of these. I wonder when they are going to reduce the related party fees, and until then their dividends will suffer. If there is a long-term business here, there will be time to invest once they prove that they can manage the portfolio without this significant overhead.
Full Disclosure - You have a stake in the direction of housing prices.
And to be crystal clear, I have much more of a stake in the direction of land prices.
Don’t worry… I’ll be here to remind you.
RW:
We know that the instituional investors have had enough influence to cause a rebubble in house prices. Hence, when they place their houses on the rental market, they will have enough influence to cause a decrease in rent prices.
If the acquisitions were vacant before being bought, and the new owners intend to occupy them with renters, then the buyers will be ADDING available inventory to the rental market.
Besides, a 90% occupancy rate is a 10% vacancy rate, which is a renter’s market.
“Tampa mortgage broker pleads guilty to fraud charges”
http://www.tampabay.com/news/courts/criminal/tampa-mortgage-broker-pleads-guilty-to-fraud-charges/2128754
These people are just as sleazy as realtards.
Good find.
And yes, yes they are.
Take America Back!
“Among the 254 counties where food stamp recipients doubled between 2007 and 2011, Republican Mitt Romney won 213 of them in last year’s presidential election, according to U.S. Department of Agriculture data compiled by Bloomberg.”
http://www.bloomberg.com/news/2013-08-14/food-stamp-cut-backed-by-republicans-with-voters-on-rolls.html
irrelevant…what is relevenat is how those that receive the food stamps voted.
Good point Michael. Disregard my comment below!!!
Whites - Voted for Romney or didn’t vote.
Minorities - Voted for Obama.
Hmmmm…so you are saying there are more minorities than whites?
We’re you Romney’s campaign manager???
Some people’s idiocy never cease to amaze me.
In some counties, there are more blacks than whites.
“Some people’s idiocy never cease to amaze me.”
The correct version of that sentence would have the word “ceases”.
Fascinating. I thought Obama obtained votes by giving away government subsidies……doesn’t seem to be true with food stamps.
“Among the 254 counties where food stamp recipients doubled between 2007 and 2011, Republican Mitt Romney won 213 of them in last year’s presidential election, according to U.S. Department of Agriculture data compiled by Bloomberg.”
It’s only “welfare” when someone else gets it. If you get it, its well deserved, because you’re different from all those welfare queens.
http://mobile.bloomberg.com/news/2012-03-12/mississippi-whites-not-used-to-help-back-republican-aid-cutters.html
Poor means Black in Mississippi. I thought everyone knew that?
“Poor means Black in Mississippi.”
Not anymore. Two “must read(s)” here:
Dear Hunting with Jesus - by Joe Bageant
http://www.amazon.com/Deer-Hunting-Jesus-Dispatches-Americas/dp/0307339378
Coming Apart - by Charles A. Murray
http://www.amazon.com/Coming-Apart-State-America-1960-2010/dp/030745343X
At least read the reviews and comments. Good stuff!
“Mortgage apps defy rate dip, hit lowest in more than a month”
http://www.cnbc.com/id/100961613
“The gauge of loan requests for home purchases, a leading indicator of home sales, fell 5.4 percent,
Cratering housing demand continues to slide to pre-1997 levels.
Yup, and that miraculous housing ‘recovery’ is right on track:
http://www.zerohedge.com/news/2013-08-14/mortgage-activity-plunges-50-april-2011-levels
“Mortgage Activity Plunges 50% To April 2011 Levels
08/14/2013 10:09 -0400
For the 12th week of the last 14, mortgage applications in the US fell this week. Despite the ongoing (though quietening) exclamation that the housing ‘recovery’ will continue, it is hard for even the most ardent ‘believer’ to still think that a rise in interest rates will have no effect on housing when mortgage actvity has collapsed by ove 50% in the last 3 months. At the lowest level since April 2011, back well below the lowest levels of the 2000s boom with home purchase and refis plunging, we suspect a few ‘investors’ will be rethining their theses (or finding another pillar to base their ‘buys’ on).
Nope, no relatiopnship between rates and applications..”
Oh, didn’t you read the blog yesterday? The solution will occur when all the ho-moaners see that prices are no longer rising, so they pull all their houses off the market, causing the mythical speculative plateau to actually occur for the first time ever in the history of woman kind. Apparently, the extra houses on the market are NOT speculative second homes or foreclosures or new construction. They are the houses of people who want to move to different houses, meaning it’s possible for them to just change their minds about selling. But here’s the rub:
If an owner-occupant decides not to sell their house, then they decide by default not to buy another one. If these individuals decide to “pull” their underwater houses off the market, and continue paying their bloated mortgages, then they will have no net effect on the available inventory. In other words, the housing cheerleaders phale again. Oops.
“A single family residence always results in a net loss.
Especially when you double the loss by financing.
Facebook Realtor® has a new listing in my neighborhood.
http://yourcastle.org/
I haven’t found this to be the case. It’s just rarely the case in today’s market, unless you are paying cash for a REO or estate sale house.
CNN Money has a front-page article touting DOW 20,000. This portends a crash, IMO.
This portends a crash, IMO.”
yea huh
I built a portend on my Roove.
Still all butthurt over getting schooled?
Are you outing yourself?
Not that there’s anything wrong with it.
Yyou another that got a smack down?
Yyou another that got a smack down?
You think and wright real good.
He’s an “anal”yst after all, and got nothing good to say ever.
Really got his fingers confused with that one.
Poor liars….. can’t keep your lies straight.
HA is a proven liar and an evident douchebag.
How much did you pay for that run down dump? $90/sq ft?
Mike, the correct derivative is “anal yeast”. Please get your nomenclature right — it’s important to him.
Can’t resist demonstrating your lack of knowledge now can you drama queen …..
Inflation could do it. The DOW went from 7k to 15k without general wage inflation. Also if employers could dump their healthcare coverage you could see the market go up 30%.
1) We don’t have inflation, and we are not going to have inflation any time soon.
2) Employers can’t dump their health insurance. There isn’t even any talk of that. Even if the political environment began to reverse on the matter, it would take many years to actually happen.
The Dow Jones Industrial Average is falling up again today: Off 100 points but barely under its all-time record closing level of 15,658. The market can only go up from here!
Why are traders so glum these days? Don’t they realize this is a temporary lull in the action and the headline U.S. indexes are set to attain new all-time highs in the very near future (e.g. DJIA =36,000).
The Fed’s Confession: We Can Avoid A Crash At The End Of QE If Everybody Believes That Everybody Believes In A Mirage….
Earlier this year, with bubbles too big to ignore, the Fed began to worry that they might take down the financial system again, which even the Fed didn’t want to do. Highly leveraged mortgage REITs were going haywire. Private equity funds were plowing tens of billions into vacant single-family homes to rent them out, though half remain vacant. Risks in even the worst junk bonds became practically invisible, and these time bombs are now sitting on the shelves of financial institutions and bond funds ready to blow up … without compensating their hapless owners for that risk. And people are once more creating toxic securities of the type that brought on the financial crisis – only worse [my take... Wall Street Engineers Newest Frankenstein’s Monster For Housing].
http://www.testosteronepit.com/home/2013/8/13/the-feds-confession-we-can-avoid-a-crash-at-the-end-of-qe-if.html
We Can Avoid A Crash At The End Of QE If Everybody Believes
Is this like bringing Tinkerbell back?
All we need is Carl Icahn to tweet “USA #1″ and everything will better than our wildest dreams.
Carl Icahn for President!
I would say Icahn for King!
Carl Icahn! Its whats for dinner!
Carl Icahn! Its whats for dinner!
Ewww….
When interest rates are going down it is so easy for the bond merchants to look like wizards.
Seasons of the Bubble from the hit Broadway musical, “Rent.”
Seasons Of The Bubble keep progressing. Even the modest regulations forcing lenders to keep marginal skin in the game are expected to be pared back. Bernanke had been complaining about lending standards being too tight for some time.
Softer U.S. Mortgage Rule Said to Be Proposed at End of August
By Clea Benson - Aug 14, 2013 12:01 AM ET
Bloomberg
A new version of a rule requiring lenders to keep a stake in risky mortgages that they securitize will be proposed by U.S. regulators in the last week of August, according to two people familiar with the matter.
The plan will require banks to retain a slice of mortgages when borrowers are spending more than 43 percent of their monthly income on all of their debt. The earlier version would have required banks to keep a stake in loans when borrowers were spending more than 36 percent of their income on all loan payments and in loans with a down payment of less than 20 percent.
http://www.bloomberg.com/news/2013-08-13/softer-u-s-mortgage-rule-said-to-be-proposed-at-end-of-august.html
And these are loans which will be sold to the government. Like I say, the concept of Qualified Mortgage (QM) was a brilliant Trojan Horse, engineered by people who understand politics on an instinctive level.
And this time, when the system blows up, Wall Street won’t take ANY losses as they dumped the toxic mortgages on the government, fair and square, at the outset. I don’t know what the hourly rate was of those FIRE lobbyists, but they were worth every penny.
I know a person who says he qualifies for a mortgage with 3% down, for a payment that will be more than one of his biweekly paychecks. It’s for an old house in a far-out neighborhood that is overpriced when compared to rents and incomes.
Closing in on the old 2006 high..
I rented one of these almost next door to this one for 2 years before owners wanted it back. This one looks detached not a duplex most are duplexs in this area. Crappy asphalt shingle roof.
Listing #13006265
$524,900 (LP)
$475,000 (SP)
Price/SqFt: 283.41
SP % LP: 90.49 6847 Chapman Pl, Moorpark, CA 93021 Sold
Beds: 4* Baths: 3 (2 0 1 0) (FTHQ) Sq Ft: 1676* Lot Sz: 6534sqft*
Area: NMP Yr: 1987
Imagine the losses for the fool that got suckered on that one.
Doe you think the fool was informed?..
And the gains that the seller reaped. Two sides to every coin.
You know….
Bend O’er
Speaking of corrupt fools….
Now JingleBalls……. you’re flailing.
“Crappy asphalt shingle roof”
cactus
Asked the roofer if we should go tile. He looked at HDS (Hazard Disclosure Stmt) and said it would be too heavy for the soil conditions of our area (EQ), and said go asphalt 50 yr/very dimensional. Sometimes you don’t “see” everything.
Do you always take the advice of someone who wants to separate you from your money?
HA
The tile roof was lots more dough. The roofer was an A+ human being. He gave us a HUGE cash deal discount.
Uh huh… I’m sure “he was a nice guy!”….. and he robbed you blind too.
“He gave us a HUGE cash deal discount.”
Of course, he was able to avoid reporting the income.
Candidly: good for you, good for him, bad for me (as a taxpayer who reports ALL of his income). It’s no better than the local business who underreports cash receipts.
RW
I hear ya, but this guy’s son was in a horrible accident, is now blind and lost limbs. They lost everything paying for his medical bills. Usually I would agree, but we helped a deserving person out.
Interesting that these tales of woe are a common theme with you and everyone you associate with.
we helped a deserving person out.
And how much a square foot did your help cost you? Do you really think a 50-year warranty on crappy asphalt shingles is really worth anything?
Regarding warranties on shingles, has anyone ever heard of someone using such a warranty?
We figure if a 50 yr shingle (much thicker) lasts 35, we’re still OK. Roofs are never for ever, and in EQ country, a heavy roof is bad news. We understand our soil conditions. We actually read the report.
HA
You’re such an unhappy grumpy troll.
Life is short, HA. Get some help, sweetie.
Now you’re a geotech?
I’ve never heard so much pandering and BS from one person in my life.
HA
Ben should put a leash on you. You’ve taken this blog down a few notches. Your attacks on posters is getting old.
What’s far too old is you housing trolls.
tALKING tO yOU Is like a bridge to nowhere.
What you build today besides animosity?
at “the” HDS
oops=hurry
Have a great day everyone.
Should have hired a roover instead.
Listing #13009154
$499,000 (LP)
Price/SqFt: 374.06
7184 Pecan Ave, Moorpark, CA 93021 Pending
Beds: 3* Baths: 2 (2 0 0 0) (FTHQ) Sq Ft: 1334* Lot Sz: 5793sqft*
Imagine the losses for the sucker who got ripped off on that place.
And the seller’s gains….
There is never a “gain”. It’s a loss ALWAYS
Capital “gains” foo
Try reasoning that one with the IRS.
“But there was never a gain, therefore I will not pay these here bogus “gains” taxes.
You are naive
They’re all losses for you.
Tell us another Tale of Woe.
Go buy yourself some new kneepads phreek
Whats that you listenin to? Anal Fissure Factor?
J-Balls
California Housing Demand Craters 9% And Continues To Slide
http://picpaste.com/pics/c0c78ebfb9140133a29dea3eb9c1bd2b.1376498833.png
“Buying a house at current massively inflated prices is a weapon of financial self-destruction.”
Exactly. Don’t do it.
But you get to paint the walls any color you want.
Renters can’t do that.
I know. The underwater landlord performs all those tasks…. after he’s done cleaning the pool.
When I get MY overpriced McMansion, I’m going to drop trou and scoot like a dog across my granite countertops. I can’t do that as a lowly renter. Boo-hoo.
When I pull into the driveway of the new home I bought, it really feels like coming home.
When I drove into the parking lot of my rental apartment, it didn’t feel like a home.
Nobody can put a price on that feeling of coming home.
“Nobody can put a price on that feeling of coming home.”
Sure they can. In today’s overpriced market, a realtor will tell you that feeling should cost about 4.5x your annual income. ‘There has never been a better time than right now to overpay for a used McMansion in a deteriorating neighborhood. Ask your local realtor how!’
I’d guess that it feels better than Preparation-H. Just do it on a cool morning.
Your visual cracked me up, BACG. Thanks for the laff.
Bay Area Housing Demand Collapses A Whopping 32% YoY
http://picpaste.com/pics/e8cea4626f00e76bf4b20ef426f0adae.1376499796.png
nobody cares
LA County, California Housing Demand Crumbles To 5 Year Lows
http://picpaste.com/pics/c2625adee89fe28f63e694131a66c420.1376500169.png
Housing is becoming a winter wonderland for years to come…
…and the Fed can no longer fight it!
http://www.safehaven.com/article/29715/the-kondratieff-winter-of-discontent
We have been in the market for the last several months, haven’t been able to buy a reasonably priced home yet, we had more choices earlier in the year but we couldn’t compete with cash offers.
Things are slowing down lately though, but all we see in our area (Fontana+rancho) are overpriced homes. Most of them sold recently and back in the market with a 100k increase!
No thanks, we just signed another 6 month lease, Ican pay 1300/month on a rental, or 3000/month on a mortgage? LOL easy choice for me, how much of that $3000 payment would go to the principle anyway? I’m dept free right now with a nice chunk of cash in the bank, being stress free is a great feeling
Paying bubble prices in Fontana … ugh!
Sit tight, when the bubble pops, Fontana, along with all of the Inland Empire, will crater.
No it’s not going to crater. It’s SoCal, baby!
LOL
The California cratering hasn’t begun……yet.
But demand is at 17 yr lows and falling….
And everyone who says they sold you tell them they lost money.
You telling inchbyinch she has already lost 250k on her CA shack does not jibe well with this contradiction.
You coming around or just caught(lying) with your pants down?
Bendhouse Poet
jingle balls you corrupt little character.
Im not the one telling one CA resident they have already lost 250k but another that the CA crash has not started yet. You can’t have both or else you are pointing your finger( and all your other digits are pointing at yourself)
Liar
It’s time you get schooled in reality JingleBalls.
Housing is a loss, ALWAYS.
your disparaging remarks are disgusting a$$hat.
Troll.
I made some reverse losses on my houses.
House next door just sold for 160k; last sale 2009 at 130k.
Gimme some them losses
Lighten up jingleballs….. You’re losses are only for a lifetime.
Great grammar, loser!
Isn’t it funny how quickly everyone down there has forgotten just how hard the Inland Empire cratered that last time the bubble popped? Fontana isn’t Newport Beach or Mission Viejo.
The difference between the rent and the mortgage payment is irrelevant when you consider the emotional and psychological wealth of owning your own home. When you buy a home, you achieve the American Dream. And you can paint the walls any color you like!
And you can also register to vote.
Good for you. Cash cannot compete with loose credit.
Nothing can.
Correction….. cash can’t compete with DUMB BORROWED MONEY.
But dumb borrowed money evaporates as quickly as a fart in the wind. CRATER.
“…how much of that $3000 payment would go to the principle anyway?”
With rent at $1300 and mortgage at $3000 (not including other costs) it really doesn’t matter how much of the payment goes to principle. The rent wins out.
Waterway report:
Back on the wall in Seneca Falls. This is one of those unfortunate post industrial towns with the century old brick buildings lining a two block long main street and half the storefronts are empty. The town is too poor to save a beautiful quarried stone thread mill on the river, the last one standing. Yet two of the three story mammoths are undergoing massive renovation. Luxury apartments! There are no jobs in places like this.
Tied up nearly under the famous bridge from the movie “Its a wonderful life”.
When Seneca Falls, will the USA follow?
Heh…. reminds me of Thread City USA (Willimantic, CT)….. 100 year old quarry stone thread mills converted to “luxury apartments”…….
…. They’re still empty. No buyers.
“Tied up nearly under the famous bridge from the movie “Its a wonderful life”
Did not know that… thanks for the info
Treasury Ran $98 Billion Deficit in July–But Debt Stayed Exactly $16,699,396,000,000
August 14, 2013 - 4:15 AM
By Terence P. Jeffrey
(CNSNews.com) - The Treasury Department’s Financial Management Service (FMS), which publishes both the federal government’s official Daily Treasury Statement and its official Monthly Treasury Statement, is reporting that in July the federal government ran a deficit of $98 billion but that the federal government’s debt remained exactly $16,699,396,000,000 for the entire month.
The FMS said that the deficit went up $98 billion ($97,594,000,000) in the Monthly Treasury Statment for July, which it released on Monday.
At the same time, the FMS said the debt stayed at exactly $16,699,396,000,000 in its Daily Treasury Statements, which are published every business day. The Daily Treasury Statements show the daily value of the federal government debt that is subject to a legal limit set by Congress.
At the static $16,699,396,000,000 level that the Treasury reported for every day of July, the debt was just $25 million below the legal limit of $16,699,421,000,000 that was set in a law passed by Congress and signed by President Barack Obama.
If Treasury’s daily statements were to declare that the government had borrowed an additional net $98 billion to cover the $98 billion deficit the Treasury declared in its monthly statement for July, the Treasury would be conceding that the government had already surpassed the legal limit on the debt–and has been violating the law by continuing to borrowing additional money.
Instead, even as the Treasury was running up the $98-billion deficit it reported in the July Monthly Treasury Statement, every one of the 22 Daily Treasury Statements published for July said the Treasury had closed out the previous business day with exactly $16,699,396,000,000 in debt.
The Daily Treasury Statement for Aug. 12, released Tuesday afternoon, says the debt remained stuck at exactly $16,699,396,000,000 during the first 12 days of this month, too.
On May 17, the first day the Treasury reported that the debt had hit exactly $16,699,396,000,000–and was thus just $25 million below the legal limit–Treasury Secretary Lew sent a letter to House Speaker John Boehner saying he was beginning to implement what he called “the standard set of extraordinary measures” to prevent the Treasury from exceeding the legal limit on the federal debt.
Since Lew sent that letter–announcing that he would use “extraordinary measures”–the debt has remained stuck at exactly $16,699,396,000,000 for 87 straight days.
That includes all 31 days in July when Lew’s Treasury says it was running a $98 billion deficit.
When Lew stops using “extraordinary measures” to keep the debt at exactly $16,699,396,000,000, the government will have another debt-limit crisis.
http://cnsnews.com/news/article/treasury-ran-98-billion-deficit-july-debt-stayed-exactly-16699396000000 - - Cached - Similar pages
12 hours ago …
Wisdom from the movies:
“Money’s most powerful ability is to allow bad people to continue doing bad things at the expense of those who don’t have it. “
NY Times: “Germany fights population drop”
After digging a 12 foot long ditch in my front yard, I feel more interested in minimize bending and lifting than ever before.
Higher taxes will solve everything.
An individual or a country bent on suicide is hard to stop.
Ben Bernanke has a far better way of forcing the old to keep working.
Plenty possible workers in Egypt, poorly educated and likely to hate much about modern Germany.
They should have stopped enforcing their immigration laws and invited in 10+ million from Mexico… like we did.
We too had a plunging birth rate (the USA that is), but we still have a steadily climbing population.
Illegal immigration, the key to maintaining positive population growth with a sub-ZPG birth rate.
I think HA is driving good honest posters off the blog. I guess that’s fine as there are other things to read out there;
Who wants to read the same thing every day? Or be attacked for sharing personal anecdotes. Or just generally being called a liar or morally corrupt FFS! It’s not just me that gets attacked,
Its everyone who tries to converse with he/she/it.
SF homowner is one voice I have not read lately for example. Maybe she has changed her moniker as I cant follow the name changes either.
Just my two cents.
I didn’t just drop a thou in Ben’s paypal so I don’t expect much as you do get what you pay for.
Don’t pimp and lie and you won’t get called out.
You know I just post here to F with you don’t you
Take the bait….stupid carp sheephead loser
Post some more tales of woe. You’re good for another one.
Your job must require much attention to detail and intense concentration seeing as you spend so much time spitballing (well frothing anyways) here….
HA HA HA
I know you don’t like me; you must believe my tales of woe were at least true to fuel that vitriol. Or I am just a liar? No reason to waste time on a liar; you must actually believe me deep down and are just ashamed deep about some unshared tale of your own.
Personally I have turned some things around for myself so don’t have any current tales of woe as the bank account is growing and I am going to get to pay taxes for once this year.
I’m indifferent to your tales of woe. But they’re entertaining for us.
Post another one.
your mother would not appreciate it
We all enjoy your belaboring and bemoaning.
Go ahead. Let’s hear another.
Don’t pimp and lie and you won’t get called out.
Anyone who disagrees with you seems to be called a liar. I, for one, would prefer to see more civil discourse.
It’s not a matter of “disagreement”. Housing depreciates, ALWAYS. Housing is an expense, ALWAYS. Housing is double the cost of renting in the current environment, ALWAYS. We’re profitable 365 days a year at $60/sq ft, ALWAYS.
Those are simple truths. There is no disagreement.
Does your time here add or subtract to the bottom line at your place of employment?????
Do your tales of woe and housing BS have some sort of meaning here?
Just entertainment for you as you thrive on other’s tales of woe. Go make your company more profitable I know your boss would be most unhappy with your chatty Kathy tendencies. You are hurtful to the bottom line ALWAYS in the current environment. You could build profitably for $40 if you didn’t waste your company’s time prattling on here.
or is that what corporate management does; waste incredible amounts of time on the internet?
He just likes negative attention. Most likely he has a domineering mother who happens to be a realtor. I doubt he’s an architect that makes commercial RE, bridges or houses anywhere across the US. His next personality will probably be a wallstreet stock trader with a perfect track record.
Don’t worry about my end. You have enough problems to worry about Donkey.
just not debt as I carry none
Hee Haw
Nobody would be stupid enough to lend you anything.
Then don’t call me a Debt Donkey, u dig
Agree with mikeinbend. So many, like Az.Slim and ahansen have been silent lately. And the beloved Prof. in SD. And many, many others.
Ben, it is under your control.
If it’s a ruse, it has lasted too long…. I’m gone!
‘If it’s a ruse, it has lasted too long…. I’m gone!’
I don’t know what you are talking about but if you want to leave, please do so. I maintain this blog at a loss, so no skin off my back. I don’t understand why some of you are so thin skinned, but if you can’t hack it, quit spending my money using my bandwidth.
Why do you waste your money sponsoring insulting people, obnoxious trolls, and immature crap… like this entire thread here? What happened to all the adults that used to post decent info? Going to the dogs.. You’re going to loose all the lurkers too, if you continue to let dummies run amok like this. Sure, its your blog, and I dont really care what you do.. But I really miss the good rapport you used to run here.. up to you. Just sayin..
And having ‘thick skin’ don’t mean nothing, if their ain’t nothing here worth reading anymore.. sheesh.
I guess a lot of you guys are still stuck in the ‘anger phase’ of the housing bubble blowout. No shortage of anger here.. lulzz
We see that. Why so angry when we post the truth about housing?
Does it get in the way of your wallet?
“The rodeo incident has grabbed national headlines. And the fallout so far has included the resignation of the head of Missouri’s rodeo-clown organization, and the announcement of Missouri State Fair officials that all rodeo clowns will now have to take sensitivity training as a condition of their employment.”
NAACP calls on Justice Dept., Secret Service to investigate rodeo clown flap
By Cheryl K. Chumley
The Washington Times
Wednesday, August 14, 2013
The Missouri chapter of the NAACP appealed for the U.S. Department of Justice and the Secret Service to launch an investigation and open a federal case against the rodeo clown who donned a mask of President Obama’s face and mocked with the crowd: Do you want to see a bull run down Mr. Obama?
The NAACP says the clown was guilty of inciting violence against the president.
SEE ALSO: That’s a clown question, bro: Rodeo clowns asked to take ‘sensitivity training’
In a statement reported by Breitbart, the NAACP’s state president, Mary Ratliff, wrote: “The activities at the Missouri State Fair targeting and inciting violence against our president are serious and warrant a full review by both the Secret Service and the Justice Department. Incidents involving individuals acting out with extreme violent behavior in movie theaters, schools, churches, political appearances, and outdoor events in general speaks volume to the irresponsible behavior of all the parties involved with the incendiary events at the Missouri State Fair.”
Meanwhile, the clown who actually performed the skit — donned a mask of the president and mocked as an announcer asked the crowd if they wanted to see a bull run him down — has been banned for life from state rodeo performances.
Now the call is for the federal government to get involved
Ms. Ratliff also said, in her statement, that the state is to blame for providing funding for the fair, an annual popular event.
“Our legislature has failed to support Medicare Expansion in Missouri, has consistently attempted to dismantle our Human Rights Commission, fail to adequately fund urban schools — [which] are predominantly African American — yet they are subsidizing the Missouri State Fair to the tune of $400,000. We are calling for the subsidy to stop.”
She went on, Breitbart reported, to say that Governor Nixon’s “planned Pancake Breakfast for Thursday should be his ‘Last Supper’ at the Missouri State Fair in response to the racially intolerant attacks on his Commander in Chief.”
http://www.washingtontimes.com/news/2013/aug/14/naacp-calls-doj-secret-service-investigate-rodeo-c/ - 97k -
I think that rodeo clown might be on to something. I might grab myself an Obama mask and head on down to Okeechobee and Military Trail this weekend with a sign that reads…..
NEED MONEY TO FLY MY DOG
TO MARTHA’S VINEYARD
and see how I do.
Dogs go on top of the roof, Romney style.