Bits Bucket for October 31, 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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“Realtors are liars.”
Like you don’t know.
Bay Area Housing Demand Collapses 11% In A Single Month
http://picpaste.com/pics/5c9690bad089397c788781a87b62e00b.1383148008.png
Housing Collapse in Sanford Floorriaddah…..time to move out….all hellll is going to break loose
http://www.breitbart.com/system/wire/upiUPI-20131031-091532-9217
“Coastal California Housing List Prices Fall a Whopping 23%”
http://www.movoto.com/statistics/ca/pebble-beach.htm#city=&time=1Y&metric=Median%20%24%2Fsqft&type=0
Realtors are liars, thieves, swindlers, rapists, child molesters, murderers, etc …
Is there anything Realtors won’t do?
“Is there anything Realtors won’t do?
Tell the truth?
Is there anything Realtors won’t do?
Windows.
A realtor once bit my sister.
Dracula? He was a realtor.
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®
Shiller: “Home Equity Isn’t A Place To Put Your Money”
http://www.bloomberg.com/news/2013-10-16/shiller-s-lesson-housing-was-never-a-great-investment.html
Why?
Because houses are depreciating assets that result in loss every.single.time.
Remember…. “equity” is a fallacy. It doesn’t exist.
California Housing Demand Collapses; Falls Every Year since 2009
http://picpaste.com/pics/7fd31796b699806f95d1a54295e70f7b.1383229752.png
Collapsing demand, massively inflated prices, a moribund economy.
Get what you can get for your house in CA…. because it’s going to be less later for years to come.
So the net profit we made on our former 2 homes was a Halloween illusion compliments of Harry Houdini?
I think you should market poo pourri or just one drop, or at least use it. lol
Donkey……
What makes you think a depreciating asset is profitable?
My wife and I enjoyed our vacation in SW Florida a couple of weeks ago. Great people, lots of fun places to visit….so many sea shells..so little time!
We met many snowbirds w two houses along the eastern seaboard. Ultimately we came to ask this question:
Would it not be cheaper, simpler, and better to just live in one house where the year around climate is excellent?
“Would it not be cheaper, simpler, and better to just live in one house where the year around climate is excellent?”
I’m heading over to Tampa to visit my parents this evening in their snowbird nest over there. And my parents own quite a bit of RE, so I feel that perhaps I can provide some color here.
The house in Tampa they bought about 2 years ago for ~70K. It’s 1,300 sq/ft, and they probably put 10K or so into it. They spend about half the year down here. Property tax and insurance is about 3-4K. So, for them, given the amount of time they spend here, it’s probably cheaper (on an actual basis) to own rather than rent something similar (assuming no property appreciation or depreciation). However, there’s one thing missing from that equation; they changed their primary residence from NJ to FL when they bought that house, escaping NJ income tax. So, with that modifier in there; it’s dramatically cheaper to rent, the savings in income tax more than pay for the operating costs of the house. And people say taxes don’t drive behavior! There’s also some other incidental savings (no more NJ car insurance, probably work 1K or so a year, no more heating a big house in NJ in the winter with oil, probably another few thousand there). All in all, that house purchase is probably paying them pretty handsomely to live there through the winter.
Now, their other house, that’s a different story. They own a house in the Adirondacks that they bought 30+ years ago for very, very little. They spend about 3-4 months a year there; but, in that house, the operating costs are through the roof. The house is valued so high that property taxes are ridiculous. It needs people to come and look after it throughout the periods of time that they aren’t there. There’s a ton of maintenance that needs to be done every year because of the hard freeze.
For that house, they could probably stay in the Ausable Club (the Ritz of the Adirondacks) for the time they want to be up there less expensively. Their cost per night in that house has to be “several hundred” for every day they spend there. Now, the thing about that property is that they bought it so long ago (before the Adirondacks were “cool”) and it’s worth so much now that, factoring in appreciation, it’s probably worked out for them (or will if/when they sell it). But that was dumb luck, that house reminds me of a boat, costs a fortune, very rarely used. And, a few years ago, they spent a ton of money rehabbing it; pushing them further into the hole (monthly) on that property.
So, long winded way to say; “it depends”! Sometimes it’s clearly cheaper to rent, other times (especially when you can alter your tax rates) it’s much cheaper to own. The typical break points are the amount of time you spend at the 2nd home, the longer you’re there, the lower your cost per night falls. And then all the secondary benefits (tax rates, insurance, no need to heat/cool in the wrong season, etc). If you put it on a spreadsheet, one of my parents houses makes perfect sense and the other looks like buying a Gulfstream to make a yearly jaunt from FL to the Bahamas.
The most expensive anything you can buy is something that doesn’t get much use; housing is no different. And, of course, throw depreciation/appreciation into the equation and everything changes; you can have a house stand empty (or use it all year) and have it make sense (or not).
Fascinating analysis, Overtaxed.
We moved my wife’s parents from NJ to CA last year. Their health insurance (Medicare Supplement) went from $750/mon (for two), down to $168/mon (with all copays and prescriptions waived, as SS was their only income).
Additionally, they no longer paid the 5.35% property tax on their house, which they sold and now have the cash. They live in a nice apartment project with tax credit subsidized rents.
Bottom Line: Moving from NJ to CA was a net gain for them by over $500/mon, and they no longer shovel snow.
Now they shovel excrement from the front yardand heave over the fence onto the yard of the hovel next door.
Gotta love California.
“5.35% property tax on their house”
Great jumpin jeebus! That’s insane!
Not so fast Mr Overtaxed. When the snowbirds leave Florida and shut their air conditioning off for the summer season mold grows in those homes. Air conditioning leaks are very common in the ceilings and causes mold quite frequently. Our franchises are doing quite a bit of work for thousands of dollars. It’s not uncommon to get bills in the range of 10K to 20K for this type of work. The contractors gouge people in South Florida.
So I think it is better to rent in FL for a few months than own the house if you are a snowbird. Second homes rarely pencil out.
“So I think it is better to rent in FL for a few months than own the house if you are a snowbird. Second homes rarely pencil out.”
Their 2nd home doesn’t pencil out (the one in the Adirondacks). The one in FL, however, in my opinion, probably does. They spend about 6 months down here (long enough to claim FL as their primary residence for tax purposes); renting a house for that long would be pricey. And yes, you have to leave the AC on at some level when you leave, but, what are you talking there for a 1500 sq/ft house; 100 dollars a month in electric (probably not even)?
Trust me, I’m with you on the “not penciling out”, but in some very narrow situations having a 2nd (or 3rd) house can make sense. It all comes down to how much you use it and how many fringe benefits there are with that property. FL has couple of significant fringe benefits compared to NJ, the biggest, of course, being no NJ income tax.
“Houses depreciate rapidly”
Correct. No differently than cars.
You are a liar. You were never in Florida. To prove that you were really in Florida, you have to send me 5 different samples of manatee DNA analyzed by a specialty marine life lab confirming the manatees you sampled are related to manatees found in Florida. If you don’t do this within 3 minutes (and send me your name, address, social security number, and facebook page you will be proved to be a horrible liar.
Also, there is no such thing as a snowbird. Nobody in the world ever owns more than one house. All those houses are excess empty houses. The houses (both the winter ones and the other ones) will be sold for less than $35 per square foot within the next two months. Then they will be sold again because the people who buy them are baby boomers and all baby boomers are going to die within two years and none of them have any children.
In addition, all houses that are ever empty for even a few minutes a day are excess empty houses. Anyone who leaves their house to go to work will try to sell that house because they are leaving it empty. This will happen tomorrow and they will have to sell it for $0.35 per square foot because demand for houses has never been this low in the history of the United States, except for those months when Laura Ingals Wilder’s family lived in a hole in the ground near a creek.
Confess, liar and debt donkey. Anyone who says that people can own houses is a debt donkey. That is what a debt donkey is.
Also, Suzie Orman is my hero (because I don’t even know that she recently told her listeners that the housing market had bottomed out and that it was OK to take out mortgages for 90% of the purchase price).
(Can you guess what my Halloween costume is this year?)
…..except for those months when Laura Ingals Wilder’s family lived in a hole in the ground near a creek…..
LOL
Rio, if you promise never to respond to HA again, I will post $500 to Ben tomorrow morning! I don’t need a photo. I am just tired of the Burdbrain ® and his antics!
And Ben deserves the support!
I will look for your reply in the morning. I am off to work and them to play a mad professor at a haunted house (not that much of a stretch for me!) It is going to be a full day.
He’s still waiting on the last $500 you welched on.
Deadbeat coward.
HA, you are too funny. Your post says:
________________________________________
Comment by Housing Analyst
2013-10-30 02:42:52
Day 7 of Rio frantically backpedalling.
________________________________________
How can Rio be backpedalling and I be welshing at the same time?
________________________________________
Another Burdbrain ® comment.
and now _______________________________
Comment by Housing Analyst
2013-10-31 07:04:28
And I can guess who’s living in the empty skull of yours.
Now post a photo RioTard.
________________________________________
HA, yet another Burdbrain ® comment.
Rio, if you promise never to respond to HA again, I will post $500 to Ben tomorrow morning
I think you missed it Jingle. I was told you’d donate $500 to Ben’s blog if I proved I lived in Brazil. Posting a pic don’t mean squat so I told the Blog on Monday I’d stand in front of a Rio live webcam at 2:30 pm. I’d wear a green Stones shirt with the big red lip logo. I’d have on a white, wide brim Panama hat and I’d be pulling a black carry-on. I did it. I stood there for about 5 min and waved to the cam about 3 times. Ben J. confirmed it . Case closed for any rational person.
So I did it. I think you missed it. Now about not responding to HA, if you send the original $500 (not an extra one) I’ll even not respond to HA until Jan 1. (unless he refers or mentions me). After Jan 1, I will make an effort to respond to him much less. (unless he refers or mentions me)
OK? Thanks for your support of this blog! You rock!
Where and how did Ben Jones confirm this? Just curious. Also, are you a woman?
Where and how did Ben Jones confirm this? Just curious.
It’s on Monday’s blog.
Also, are you a woman?
I can’t see why my gender is pertinent to any of my ideas. But I was live in Rio. On cam.
Your gender is actually not important. It’s just that some thought you were a man, others a woman, and I was curious as to the verdict. No worries, I’ll just go with transgender.
I’ll just go with transgender.
It’s not my thing but I don’t judge other people. Brazil has a lot of that that I’ve seen. I heard Thailand does too. Have fun.
I’m sure you have.
(unless he refers or mentions me)
Correction:
unless he refers TO or mentions me
He’s still waiting on the last $500 you welched on.
HA……HA
If you say Jingle welched, than you know you were very wrong spouting that I didn’t live in Brazil.
And you know I proved it. (Or why would you say he welched?)
And then you lied about me proving it. Pathetic.
Think about it. Be careful who you call a liar, especially when, you lie.
Post a photo then. It’s quite easy.
Post a photo then. It’s quite easy.
Admit you’re a liar and a fool. (It’s not quite so easy for you is it.)
Lying Clown.
And I can guess who’s living in the empty skull of yours.
Now post a photo RioTard.
Now post a photo
There are a bunch of mango pics here. And Dude, it turns out that there is a mango season and it’s in the Spring-Summer. And it’s Spring now. Mango Season! I will pay attention and let you know if mango prices CRAAATTTTTEEEEEERRRRRR!
Check it out:
Mango fruit nutrition facts
http://www.nutrition-and-you.com/mango-fruit.html
“The king of the fruits,” mango fruit is one of the most popular, nutritionally rich fruits with unique flavor, fragrance, taste, and heath promoting qualities making it a common ingredient in new functional foods often labeled “super fruits.”
Mango is one of the delicious seasonal fruits grow in the tropics. The tree is believed to be originating in the sub-Himalayan plains of Indian subcontinent. Botanically, this exotic fruit belongs within the family of Anacardiaceae, a family that also includes numerous species of tropical-fruiting trees in the flowering plants such as cashew, pistachio,…etc.
+1 LOL. I didn’t know you could let your hair down and unbutton your blouse a bit; thought you were strictly “east coast.” That was great Polly!
that was pretty funny right there…i don’t care who you are.
i’m still a fan of HA though.
You have to admire HA for the consistency of his message.
You have to admire HA for the consistency of his message.
I don’t agree. HA’s message is overshadowed by rudeness, crudeness and hatefulness imo.
i agree…you can’t really ever say his message is off topic.
one of the first things i think of when i consider becoming a debt slave is how disappointed HA from the housing bubble blog is going to be in me.
You know how not to get ripped off. You’re no sucker.
You know how not to get ripped off. You’re no sucker (because HA likes your politics.)
Good grief.
No… he’s got a nose for BS…… he knows a liar when it runs it’s mouth.
Go naked. Then you could be the Messiah. The emperor who has no clothes.
Nice try Polly. Jingle is a Liar, but he doesn’t care if you call him on it. Lalalala….. You won’t be able to reduce him to a drooling blubbering dolt with just a post or two.
“Jingle is a Liar”
A proven liar many times over.
But do carry on Poly(no pun intended). Stand with the liars.
Nice try Polly. Jingle is a Liar, but he doesn’t care if you call him on it. Lalalala….. You won’t be able to reduce him to a drooling blubbering dolt with just a post or two.
Dang. Either you have a lousy sense of humor or you are lousy at making up a joke.
(Wait, that’s the same thing right?)
Nice of you to turn up on cue.
+100 to Polly.
I was laughing so hard my tummy hurts.
Thanks, Jingle. I had an idea to do a “this is my Halloween costume” post, and I though that a satire of HA would be the easiest to make funny, but I wasn’t sure he was going to be the target until I saw your post right near the top first thing this morning. Then it was just obvious. Thanks for putting in both a location and a mention of people with two houses. That helped a lot.
And I’m glad you enjoyed it.
I really enjoyed your bit Polly. HA is such an great target it is almost impossible not to take aim and fire at him from time to time.
He is getting too stale and rude for me though, so I will probably move on to something other than the HBB until he goes away.
Life ebbs and flows. Ben and the HBB has done so much for me over the last 7 years, I will miss it, but the vitriol is to much these days.
What’s the explanation for you lying about donating $500 to Ben?
The explanation for Jingle’s lies is narcissism.
Rio is a child. He once knew someone whose Dad bought them a gun. He hears a lot about other places. His comments make clear he has never held any kind of real job. His outlook on the world is that of a person who has never experienced anything substantive of his own making.
I think he lives in his parent’s basement sponging off them and posting nonsensical comments that show a lack of understanding how anything really works.
He has a nice fantasy world though.
Rio is a child.
LOL. Dude…..I saw monkeys teasing dogs yesterday. Think about it.
OK, so which one do you identify with in this miracle of nature? The Mango or the Monkey?
The Mango or the Monkey
What a song title!
“Tummy?” What kind of grown man says “tummy?”
About zero, but you knew that. She just got carried away.
How many women parading as men do we have around here?
There’s a few of them.
“(Can you guess what my Halloween costume is this year?)”
Scary!
Ha, HA,HA!!! +++
“send me 5 different samples of manatee DNA analyzed by a specialty marine life lab confirming the manatees you sampled are related to manatees found in Florida. ”
Manatees? Psh, I can get you manatees, no problem. Go to manateesbymail.com.
‘(Can you guess what my Halloween costume is this year?)’
Suzanne, the bad witch?
OMG, that is funny. Thanks for the laugh!
As in Southern California, somewhere near the coast?
The Pacific Ocean, the Great Temperture Moderator, gives to the land warmth in the winter months and coolness in the summer months.
The best, most consistent weather I’ve ever experienced was in the area along the coast from Santa Monica on down to San Diego. Inland from there, not so much.
Although I’ve not experienced it as yet, I understand the year round climate (as opposed to weather) in parts of Western North Carolina is tolerable, although different from coastal Southern Cali.
“The best, most consistent weather I’ve ever experienced was in the area along the coast from Santa Monica on down to San Diego.”
That area pretty much has the most consistent and “best” (for outdoor activities) weather in the country. Unfortunately, it’s very expensive to live there and if you go where it’s cheaper (inland) you start to lose some of the advantages that the coastal areas enjoy.
I live in S. FL on the coast and the weather here is totally different than 50+ miles inland. Warmer in the winter, colder in the summer. I’ve seen snow in Orlando (well, freezing/sleeting/horrible rain) which is about 150 miles from me, but is dead smack in the middle of the state. And I almost died one summer when work too me to Gainesville , it was so hot I thought my head might explode.
Being close to the ocean in most areas is a big positive; it’s nice to look at, but just being close enough for the temp moderation really changes your local climate.
“I live in S. FL on the coast and the weather here is totally different than 50+ miles inland. Warmer in the winter, colder in the summer. I’ve seen snow in Orlando (well, freezing/sleeting/horrible rain) which is about 150 miles from me, but is dead smack in the middle of the state. And I almost died one summer when work too me to Gainesville , it was so hot I thought my head might explode.”
Agree with you about Gainesville in the summer, and that pretty much covers all of Central Florida in the summer, including Orlando. So hot, still and humid, you feel as if you’re trying to breathe water. The coastal parts of Florida are definitely preferable to inland during the summer, but it’s still hot and humid, IMO. Never have seen snow in the state, although one time on the news they showed footage of flakes falling in Lakeland.
I wouldn’t say there’s any part of Florida where you don’t need AC in the summer, although I do know one guy who lives in a Florida cracker house with no AC. It’s OK, but I wouldn’t want to do it myself.
I wouldn’t use the word “colder” to describe any part of the summer anywhere in this state. It might be a couple of degrees cooler by the ocean or Gulf, with a sea breeze in the afternoon. That’s it. It’s still going to be suffocatingly hot and humid, everywhere, all the time. There’s a real good reason why the peninsular part of this state was a thinly-populated backwater for so long.
I have heard of people not using the air conditioner in summer. The only way that would be possible, in my view, is if you lived in a house the pre-dated air conditioning, with opposing windows, a wrap-around porch, elevation off the ground, shade trees, and other natural cooling techniques. The houses that we build now, needless to say, could not be more poorly suited for this.
It would be interesting to pinpoint those areas of the US that have a decent, year round climate that excluded extended harsh weather conditions, by which I mean, the six months of cold in the Northeast and Midwest, or the 4-6 months of heat and/or humidity in the South and Southwest. In other words, a more or less temperate climate, with limited dependence on HVAC.
The Best Places to Live
http://www.bestplaces.net/
There are some interesting rankings. Enjoy!
It’s pretty hard to pinpoint a decent climate as everyone has their own idea of a decent climate. Lots of friends and family in Michigan love the winter and the fall. I can’t stand it. Don’t even like it when it gets into the upper 40’s/ low 50’s at night here.
For me, the perfect climate is in South Florida along the coast. Nice breeze keeps it from getting too hot in the summer, same breeze keeps it from getting too cold in the winter. Others think upper 80’s and low 90’s all summer long is too hot to enjoy. To each their own.
i keep my temperture moderator hanging in the closet.
“Would it not be cheaper, simpler, and better to just live in one house where the year around climate is excellent?”
I’m heading over to Tampa to visit my parents this evening in their snowbird nest over there. And my parents own quite a bit of RE, so I feel that perhaps I can provide some color here.
The house in Tampa they bought about 2 years ago for ~70K. It’s 1,300 sq/ft, and they probably put 10K or so into it. They spend about half the year down here. Property tax and insurance is about 3-4K. So, for them, given the amount of time they spend here, it’s probably cheaper (on an actual basis) to own rather than rent something similar (assuming no property appreciation or depreciation). However, there’s one thing missing from that equation; they changed their primary residence from NJ to FL when they bought that house, escaping NJ income tax. So, with that modifier in there; it’s dramatically cheaper to rent, the savings in income tax more than pay for the operating costs of the house. And people say taxes don’t drive behavior! There’s also some other incidental savings (no more NJ car insurance, probably work 1K or so a year, no more heating a big house in NJ in the winter with oil, probably another few thousand there). All in all, that house purchase is probably paying them pretty handsomely to live there through the winter.
Now, their other house, that’s a different story. They own a house in the Adirondacks that they bought 30+ years ago for very, very little. They spend about 3-4 months a year there; but, in that house, the operating costs are through the roof. The house is valued so high that property taxes are ridiculous. It needs people to come and look after it throughout the periods of time that they aren’t there. There’s a ton of maintenance that needs to be done every year because of the hard freeze.
For that house, they could probably stay in the Ausable Club (the Ritz of the Adirondacks) for the time they want to be up there less expensively. Their cost per night in that house has to be “several hundred” for every day they spend there. Now, the thing about that property is that they bought it so long ago (before the Adirondacks were “cool”) and it’s worth so much now that, factoring in appreciation, it’s probably worked out for them (or will if/when they sell it). But that was dumb luck, that house reminds me of a boat, costs a fortune, very rarely used. And, a few years ago, they spent a ton of money rehabbing it; pushing them further into the hole (monthly) on that property.
So, long winded way to say; “it depends”! Sometimes it’s clearly cheaper to rent, other times (especially when you can alter your tax rates) it’s much cheaper to own. The typical break points are the amount of time you spend at the 2nd home, the longer you’re there, the lower your cost per night falls. And then all the secondary benefits (tax rates, insurance, no need to heat/cool in the wrong season, etc). If you put it on a spreadsheet, one of my parents houses makes perfect sense and the other looks like buying a Gulfstream to make a yearly jaunt from FL to the Bahamas.
The most expensive anything you can buy is something that doesn’t get much use; housing is no different. And, of course, throw depreciation/appreciation into the equation and everything changes; you can have a house stand empty (or use it all year) and have it make sense (or not).
No offense but your parents don’t appear to be very shrewd.
Cheaper’s got nothin to do with it.
“How many millions of excess empty houses are on Fannies And Freddy’s books?”
Good question.
realtors are liars
25 MILLION excess, empty and defaulted houses CHECK
Housing demand at 14 year lows and falling CHECK
Housing prices inflated by 250% CHECK
Household formation at multi decade lows CHECK
Rampant housing fraud CHECK
Public denial formed and supported by a corrupt media CHECK
Population growth the lowest in US history CHECK
Immigration flat to slightly negative CHECK
Oh my word
Immigration flat to slightly negative CHECK…..CHECK….CHECK…CHECK…
Rio on HA the past week on this blog.
CHECKMATE
People saw me on a live rio webcam Monday. Then you floundered, you LIED saying you saw “the same guy” the next day. And you only lied about it 12 hours after you said you “saw” the same guy the next day… You’re pathetic.
CHECKMATE…..your “credibility” is shot to hell. Clown.
‘People saw me on a live rio webcam Monday’
One of my favorite stories from auditing class was about an audit of a rancher. The rancher drove the auditor to a field and showed him some cows. Then they would drive around and end up at another field, where he would be shown more cows. Except what was happening was the ranchers employees were moving the cows from field to field while the rancher was driving the auditor around. The auditor just saw the same cows over and over, and validated the inflated number.
You could live in Brazil; I have no reason to doubt it. But you might just know someone who lives there. In auditing we call it professional skepticism.
In auditing we call it professional skepticism.
In this case….I call it weak sauce.
Who gives a F where I live. Clowns?
I live in Rio. And yea I heard monkeys yesterday and ate mangos. Big fn deal.
If that were true, posting a photo wouldn’t be the end of the world for you.
Fraud.
‘Who gives a F where I live’
I don’t think any body really does. I know I don’t. I never hear much about Brazil from you that I couldn’t discover from wiki. So where you are posting from doesn’t mean anything to me.
Here’s the thing; this blog exists to chronicle an important economic event. I didn’t used to have the comments turned on, and I only leave them on as a courtesy to the long time readers. And while people spend time and bandwidth talking about mangos, etc, something really big is happening in the housing market. If I’m right, in 6 months or a year, nobody will be talking about mangos. It’s gonna be greed turning to panic. Jobs going down the drain. Foreclosures through the roof.
And cheaper houses! Some here will get rolled like last time. Some of us are planning to pick up a few bucks. Carry on how you like, but all this stuff is noise compared to what this blog is in the process of capturing.
If that were true, posting a photo wouldn’t be the end of the world for you.
Let’s think about it. Really. You are losing this battle big. Look at today’s blog. Get real.
I stood in front of a live webcam. If I “faked” that because I “knew someone here”, a photo would be 10 times easier to do. Really. Are you really such clowns?
I’ve given you the rope to hang yourself. It worked. Don’t mess with Rio.
Carry on how you like, but all this stuff is noise compared to what this blog is in the process of capturing.
IMO, you have bias too. You are a cool blog owner but you are tilted to the right and you’ve tacidly watched a lot of BS being thrown towards towards those on the “left”. Including me.
Here’s the thing; this blog exists to chronicle an important economic event.
And I’ve done that more than anyone on this blog about Brazil - the largest country in The America’s after the USA. I live here.
And I’ve “chronicled” more stuff about the USA than A LOT here.
That you allow such a mean, sad liar as HA to dominate your blog with “ALL HATE, ALL THE TIME” is a wonder to me.
I could just go back to deleting a couple hundred comments a day. Or turn off the comments entirely. I’m pretty sure everyone here is an adult. And one person even went to the trouble of creating software to hide comments from posters you don’t like. Its free. Yet posters complain all day long. The only person here that is forced to read all the comments, like it or not, is me. The only person that can’t take a vacation from this blog is me. So the complaint box is on top of a trash can.
One of these days, this thing is going to be over. The bubble will be resolved and I’m hanging it up for good. In the meantime, I’m allowing people to comment here. Take advantage of it, leave, it makes no difference to me, because that’s not why this blog exists. But for gods sake, stop whining.
stop whining.
No one objective would call me a whiner. They’d call me a fighter.
And thanks for your important blog on an important subject.
Complaining about what other people are posting on a blog is absolutely pathetic. As Ben has pointed out, a poster even created an extension so that whiners could filter out people they did not want to read. If this isn’t good enough, I don’t know what is. Grow a spine, and get over it.
Grow a spine,
My spine is like iron. That’s why I take on bullies like HA and others. I’m fearless of you clowns and it pisses u off. You grow a spine, and get over it.
“The Housing Bubble is deflating once again.This is going to be the big one.”
You better believe it.
Get what you can get for your house while the getting is good.
I was reading the penalty for not having insurance will start off at 1% of your income and rise to a maximum of 2.5% in 2015?
Anyone heard any different?
I dunno, but it’s one helluva clusterfark, from what I’ve been reading. They need to euthanize ACA, and fast. Best way to do this is just delay it for a year and then let it fade out into history.
We need to implement it to find out what’s in it.
Well, they’re finding out, all right. 59 year old women being forced into policies that cover maternity care and prostate exams. You can’t make this stuff up.
Isn’t that the truth? Talk about the worst communications failure in the history of communication…
I meant that as a joke.
Every bit of humor contains at least a grain of truth, and some times more than a grain.
Communication failure = deliberate lie.
Obama: “If you like your plan, you can keep it.”
Congress: “Affordable Care Act”.
Why are so many in the middle class having their health insurance plans dropped?
Why are so many in the middle class unable to afford the new plans?
More importantly, why is Congress desperately trying to exempt Congressional staff from the ACA? Why is Congress exempt from the ACA?
Why is Congress exempt from the ACA?
The real story behind all those Obamacare waivers
http://www.latimes.com/opinion/opinion-la/la-ol-obamacare-waivers-exemptions-hyperbole-20131002,0,6344095.story#axzz2jJTgWXVD
……some critics of the law have claimed that Congress hypocritically enjoys an exemption from the healthcare law it foisted on the rest of us. That would be egregious if it were true, but reality is somewhat different, as I explained in a post two months ago.
The Affordable Care Act treats lawmakers and their staff in a unique way, forcing them out of the federal government’s group health plan and into the state insurance exchanges. The problem is that the exchanges aren’t prepared to sell coverage to large employers, such as Congress. So without some kind of intervention, congressional employees would have to buy policies directly and pay the full price, rather than having the government cover part of the cost as it does today.
That unintended consequence would have cut congressional employees’ pay significantly, and lawmakers on both sides of the aisle pushed for a fix. The Office of Personnel Management provided it in August by ruling that the government could continue to pay part of the cost of those workers’ coverage.
This approach mimics what a growing number of large employers are doing with private insurance exchanges. Still, it would have been better had Congress changed the Affordable Care Act to explicitly allow the government to cover part of those employees’ premiums, rather than having the administration do it by regulatory fiat.
The Affordable Care Act treats lawmakers and their staff in a unique way, forcing them out of the federal government’s group health plan and into the state insurance exchanges.
The problem is that the exchanges aren’t prepared to sell coverage to large employers, such as Congress.
I call BS. Which state exchanges is Congress being forced into? The state from which they were elected? So the state of CA exchange can’t handle 53 additional state reps and their staff? And talking about pay cuts, it’s all right for the middle class to lose their insurance plans and then pay higher premiums with the new plans, as is happening currently in the millions… no different than a “pay cut”, but when that happens for Congress and their staff, it’s not right?
Some animals are more equal than others, Rio?
Some animals are more equal than others, Rio?
Yesterday I saw monkeys in a manga (Portuguese word) tree that looked like they were teasing dogs and having fun.
I re-read it. You make a good point about that part of the LA times article. The guy misunderstood that exchange issue imo. Read this whole article including the background to my snippet below. It’s complicated. That’s why the far-right can exploit it to the masses. But their assertion is wrong.
Is Congress exempted from Obamacare?
http://blogs.rgj.com/factchecker/2013/09/28/is-congress-exempted-from-obamacare/
As mentioned, the federal government already offers health insurance to its workers. Like most employers, it covers part of workers’ health insurance costs. Because Congress and its staff are being treated differently than all other employers in order to force it to use the Obamacare marketplace, there was no language stating that the government could cover part of the premiums for Congress as it currently does.
Last month, the U.S. Office of Personnel Management issued a rule saying that, yes, this was OK to do, as long as the premium coverage wasn’t more than it is for other federal workers.
In response, Rep. Jim Jordan (R-Ohio) issued a carefully phrased statement that Obama somehow had exempted Congress and its staff from “the full effect of the law.”
Does the new rule mean Congress won’t have to get health insurance through the Obamacare marketplaces? No, they still have to.
Does this mean Congress is getting special treatment? No, members and their staffs still get no benefit they don’t currently get.
The verdict
While there are legitimate concerns about President Obama’s health care law — much of which kicks into gear Oct. 1 — this isn’t one.
Critics of Obamacare want it both ways. When Congress and its staff were treated like workers for any other large employer, the president’s health care plan was deemed faulty because Congress didn’t have to use the plan. So then after a Republican amendment forced Congress to participate, critics still want to call it faulty because … well, because of a flat-out falsehood that Congress really is still exempt.
This is the type of claim that merits the lowest truthmeter rating, signifying willful or malicious disregard for the truth.
Read this whole article including the background to my snippet below. It’s complicated. That’s why the far-right can exploit it to the masses. But their assertion is wrong.
Nothing Northeastener? Because it debunks your “Congress was exempted from Obamacare” theory?
http://blogs.rgj.com/factchecker/2013/09/28/is-congress-exempted-from-obamacare/
“Best way to do this is just delay it for a year and then let it fade out into history.”
But fat chance of that happening. It’s Obama’s “signature” legislation, his “legacy”, so to speak. And it’s about ALL he’s got, so they’re gonna hold so tight to that pig it won’t even be able to squeal.
After all, what else is there? Drone bombing, spying, massive turd world immigration, fraud, Benghazi, urban bankruptcy, aborted Syria invasion, etc., etc.
The emperor has no clothes. Who will tell him?
At least he’ll have that legacy of the tremendous help to the black community, oh wait …
euthanize ACA
Euthanasia goes against God’s will.
It’s a website failure. I don’t think I ever bought insurance or changed coverage on the internet.
After I read that comment about “my friend’s dad had a gun …” yesterday, I realized we are dealing with a child, whatever his age.
After I read that comment about “my friend’s dad had a gun …”
If you mean me, you might have read it, but you sure don’t comprehend well. Try Ginkgo biloba.
“One of my friends down here has a Walther PP that she said her cop dad bought in Miami”
So someone you know owned a gun? Ooh. And their Daddy bought it also? Who says stuff like this other than a child?
So someone you know owned a gun? Ooh. And their Daddy bought it also? Who says stuff like this other than a child?
Here’s who say it:
A gringo who knows a friend in Brazil who has a Walther PP that she said her cop dad bought in Miami.
Are you 12? I live abroad, it’s different here. How many peeps (let alone a gringo) in Brazil know someone with a Walther PP? One in 10 million maybe. You wouldn’t even begin to know. Because…
You’re insulated from the world and…..you’re boring.
So someone you know owned a gun?
Strawberrypicker……..Damn…
You wrote “Owned”? You’ve read it twice now and commented twice, and you still can’t comprehend that I wrote twice that she OWNS a gun.
“she has a”
She “has a” not had…..Not “owned”….she owns. You can’t even comprehend simple sentences that you’ve read twice. Twice. But you think you have the capacity to comment on sentences you can’t even comprehend?
“Strawberrypicker”……if you’re going to “pick’ up something, then pick up you game.
“One of my friends down here has a Walther PP that she said her cop dad bought in Miami”
It’s a website failure. I don’t think I ever bought insurance or changed coverage on the internet.
Funny, I’ve bought life insurance over the internet before, and it was significantly cheaper than what a local insurance rep quoted me. I also just saved myself $2,000 on a Mopar Lifetime Extended Warranty for my Jeep by purchasing it online instead of from my local Jeep dealer. Imagine that… products offered online for less. It’s almost like market competition and price discovery works when you let it.
Only the government could screw that up as badly has it has: Hey, the website is completely broken and can’t scale and your insurance product purchased online costs more than it did when you bought it in person…
I’ve bought life insurance over the internet before, and it was significantly cheaper than what a local insurance rep quoted me.
What are you talking about - your point? Like if you could buy Obamacare over the internet it will be cheaper than the phone? Are you serious?
the website is completely broken and can’t scale and your insurance product purchased online costs more than it did when you bought it in person…
ACA will cost the same if you buy it online or by phone. And it is a much superior product to the junk insurance people are “losing”. You have no valid point.
Ha ha ha. It is a huge failure. And your Messiah owns it!
I think all politicians are crooks, but after the 60 Minutes piece showing Messiah and Company clearly lied on Benghazi and the Messiahcare failure that also shows he clearly lied, you still worship at the altar.
It is first a technological failure, next it will be an economic failure, then it will be a delivery of care failure.
No matter how many new cooks you bring in you can’t fix a turd baked into a pumpkin pie. Just removing the turd doesn’t work.
Still waiting for Guantanamo to close?
it will be a delivery of care failure.
We don’t need to talk about your birthday.
(that was funny)
“(that was funny)”
Yes, it was.
It’s hard to tell if the Administration is this inept or this diabolical. It’s obvious Obamacare is demolishing the best healthcare system in the world.
It’s hard to tell if the Administration is this inept or this diabolical. It’s obvious Obamacare is demolishing the best healthcare system in the world.
“Demolishing”? and “best healthcare system in the world”? You need to get out more.
It’s hard to tell if your propaganda is inept or is diabolical.
I think he means that we have the best doctors. But out system is a disaster. We spend twice per capita than other industrialized nations, have millions of uninsured or underinsured who don’t get preventive care.
Small wonder no one else has tried to emulate our system. Heck, even the go getter Asian tigers have socialized health care.
I think he means that we have the best doctors.
We hear this a lot, but how do we know it’s true? I’ve seen a lot of international comparisons that show that we have the most wasteful health care financing in the developed world, but I’ve never seen anything that compares the quality of doctors in various countries. What method could be used if one wanted to determine which country had the best doctors?
Mr Rio,
Now I know why everyone loves you so much!
BH
1% of taxable income for 2014, 2% for 2015, 2.5% for 2016, then indexed to inflation after that.
Most of this “penalty” (if you call it a tax, you are racis) will be collected from withheld tax refunds. But if you bump up your exemptions so no refund is due, the IRS can’t collect it.
“The IRS can’t collect it”……famous last words.
“IRS can’t collect it”
Says the guy who’s never owed the IRS money. Not only “can” they collect it, the “WILL” collect it, one way or the other. The only unpaid debts at the IRS are those who die destitute. All others will pay, one way or another.
As discussed last week on “hate” talk radio:
http://www.rushlimbaugh.com/daily/2013/10/24/opt_out_obamacare_penalty_can_t_be_enforced_unless_you_get_a_tax_refund
Correct. They might set up a “friendly” installment plan for you, but they will get it, with penalties and interest too.
Then how come we constantly hear that this many federeal employees or that many IRS employees/contractors haven’t paid taxes?
Some are for years I believe…
Contractors perhaps, but not IRS employees. The IRS audits new hires (field level agents/officers/chief counsel’s office) as a condition of employment. The IRS also routinely audits existing employees.
indexing a percentage to inflation? beautiful.
indexing a percentage to inflation?
beautiful.
The penalty is set up as a minimum amount $x or y%, whichever is larger. Obviously, the indexing would be on the minimum amount, not the percentage.
obviously.
And the y% is applied to household income over the filing requirements, so for 2012, filing requirement is $9750 ($5950 stndrd deduction + $3800 pers exemp).
that’s what i read…but what was the original SS tax rate? i am sure that rate will increase well over time.
Subject to minimums, yes. So, I think the first year is the greater of 1% or $95, and there is a similar structure for other years. So, if you make $5k per year, you will still be fined $95, not $50, but at that level of income, your policy is probably paid for…
Wall Street Journal - Retailers Brace for Reduction in Food Stamps:
“Retailers and grocers are bracing for another drain on consumer spending when a temporary boost in food-stamp benefits expires Friday.
The change will leave 48 million Americans with an estimated $16 billion less to spend over the next three years and comes just months after the expiration of a payroll tax cut knocked 2% off consumers’ monthly paychecks.
Wal-Mart estimates it rakes in about 18% of total U.S. outlays on food stamps. That would mean it pulled in $14 billion of the $80 billion the USDA says was appropriated for food stamps in the year ended September 2012.”
I look to see this reversed.
I wonder what the amount of food stamps that Wal-Mart employees on food stamps spend at Wal-Mart is.
Another article I posted recently noted that the employees of one Wal-Mart Supercenter receive approximately $900,000 of various benefits annually.
I was in walmart the other day getting some cat food. all the employees were in a circle chanting the letters out to walmart.
Started off with w and through t then then clapped and screamed.
Everyone was all smiles and acted happy.
It seemed a little like a cult.
I understand that’s (the chanting) been going on for decades.
Did you see this 4 yrs ago?
In a widely viewed 2009 YouTube video, America’s best and brightest celebrities bravely pledged to serve the most powerful man in the world, Barack Obama.
“I pledge to be a servant to Barack Obama - and to all mankind,” announced Ashton Kutcher and Demi Moore, the video’s producers,” and dozens of stars joined them in a chant to “become the change that we seek.”
Ashton Kutcher and Demi Moore
And then they drove their Benz back to their oceanfront home.
And then they drove their Benz back to their oceanfront home.
Or was it the one in Idaho?
i wonder how much of their revenue is from food stamps…talk about a wealth transfer to .01%…using “poor” people as the middleman.
I look to see this reversed.
I don’t know about that … the social security tax holiday died without a whimper.
Just months after the payroll tax cut expired? What kind of moronic reporting is this?
fl has 3 zones, useless, tropical and inland = toothless
my MIL will take a 2003 offer for her villa in Tampa area- any takers?
If it doesn’t come with an armored tank and lots of ammo, I’ll wait ’till next year and offer 1997 prices. (Currently renting 90 miles north of Tampa.
Of the 1%, by the 1%, for the 1%
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/10/30/rich-people-think-the-economy-is-doing-just-fine-heres-why-that-matters/
Drudge links:
National Review Online - Soros & Fellow Billionaires for Open Borders Lobby GOP on Amnesty
Some of the names: Michael Bloomberg, Steve Ballmer, Rupert Murdoch, Mark Zuckerberg, Bill Gates, Eric Schmidt
Mother Jones - WATCH: Ted Cruz’s Dad calls US a “Christian Nation,” Says Obama Should Go “Back to Kenya”
“Says Obama Should Go “Back to Kenya”
Kenya?
Hook
I’m going back to Kenya, Kenya, Kenya
I’m going back to Kenya.. hmm, I don’t think so
I’m going back to Kenya, Kenya, Kenya
I’m going back to Kenya.. I don’t think so
I’m going back to Kenya, shakin ‘em, bakin ‘em
Takin ‘em to spots they never before hung
?? the place, DC it’s a trip
Where current health insurance plans get stripped
The website skip, but Sebelius kept dancin
Prancin, grindin, grinnin, romancin
I asked her to the barn, so I could hear her say
Everyone should have Healthcare, but they don’t wanna pay
Hook
LL Cool J- Going Back To Cali (lyrics) - YouTube
http://www.youtube.com/watch?v=iXU_SHx8dpY - 146k
Noice!
cool
cali
Let’s send Obama to Kenya and Cruz to Canada.
Who’s for it?
To make it symmetric, you’d have to send Cruz to Canada and Obama to Hawaii. People talk about Hawaii like it’s some sort of paradise on earth, so you’d probably only want to do this if you think he deserves a reward for his work as president. Given modern communications, he can the country from anywhere.
“Given modern communications, he can the country from anywhere.”
I’m a believer.
Given modern communications, he can run the country from anywhere
Looks like the 1%ers don’t want teabagger government
Bloomberg - Romney Donors Back Democrat Over Tea Party in Georgia
http://mobile.bloomberg.com/news/2013-10-31/romney-donors-back-democrat-over-tea-party-in-georgia.html
Permanent Democrat Supermajority
So your saying the 1% are joining the 99% so that the 47% can get their free stuff?
It is rather confusing, isn’t it?
The only thing the 1% and especially the 0.1% give a sh*t about is their continued enrichment at the expense of the destruction of the middle class.
Yup. It’s part of a deal brokered by the bipartisan Gang of Six (or was it 14).
What effect will eventual Fed tapering have on asset prices? Here is one man’s opinion:
The problem with the opinion is that it seems to ignore the Fed’s option to either never taper, or to backpedal on tapering if Wall Street freaks out.
WARNING: these are not on Dianne Feinstein’s approved list of “real journalists”
http://www.infowars.com/riot-control-dhs-spends-500000-on-fully-automatic-pepper-spray-launchers/
http://www.infowars.com/dhs-buys-more-weapons-to-use-against-americans/
And here’s a preview of how it will go down after Obama and his thug army DHS intentionally crash the EBT food stamp system:
http://westernrifleshooters.wordpress.com/2012/09/03/bracken-when-the-music-stops-how-americas-cities-may-explode-in-violence/
Is the Plunge Protection Team in the market today buying stocks? It looked like a post FOMC meeting Wall Street selloff was underway, when suddenly all the headline indexes mysteriously shot back up to the flat line.
I guess when Facebook’s ticker symbol, FB, starts to remind us of F-d Buyers, it makes sense to bring in some plunge protection.
Apparently I was wrong, as it appears the Chicago PMI accounted for a temporary blip against the backdrop of today’s selling pressure. But not to worry, as all those recent record highs have provided plenty of room for a little bloodletting today on Wall Street.
the ppt has been buying stocks for 5 years.
This is why QE-happy central banks aren’t scared of asset bubbles
October 31, 2013, 11:08 AM
The Fed’s benign policy statement Wednesday is the latest sign that major central banks remain content to keep pushing up asset prices without fear that they are blowing new bubbles that could come back to haunt the global economy in a few years.
Steven Barrow, currency and fixed-income strategist at Standard Bank in London, has a compelling note out Thursday morning that breaks down what central bankers seem to be thinking, even as some economists and investors fear that big trouble is brewing.
…
If gold was actually “worth” $1500+, why wouldn’t traders bid it up to that level right now?
Oct. 31, 2013, 2:42 p.m. EDT
Gold futures drop 2% on Fed taper worries
Silver prices decline nearly 5% on day; coin sales climb
By Myra P. Saefong and Shawn Langlois, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures fell by more than $20 an ounce on Thursday, as traders mulled the timing of a scale back in the Federal Reserve’s bond-buying program.
The Fed on Wednesday maintained the pace of bond-buying, but kept tapering plans on the table.
Gold for December delivery (GCZ3 -1.85%) lost $25.60, or 1.9%, to settle at $1,323.70 an ounce on the Comex division of the New York Mercantile Exchange. December silver (SIZ3 -4.60%), meanwhile, was hit even harder, giving up $1.12, or 4.9%, to end at $21.87 an ounce.
Tracking the most-active futures contracts, gold prices marked their lowest settlement since Oct. 21 and silver prices saw their lowest close since Oct. 16, according to FactSet data.
For the month, the metals showed a mixed performance. Gold futures saw a roughly 0.3% loss following September’s 4.9% decline, while silver tacked on 0.7% after a 7.7% drop in September.
Jonathan Citrin, founder and executive chairman at CitrinGroup, said “it will be interesting to watch upcoming tapering expectations impact gold’s price, and also to see if inflation worries ever return to investors’ minds.”
“Traders are currently blind to any inflation implications of continued Fed loose monetary policy, eyeing capital appreciation much more than preservation,” he said in emailed comments.
When’s the taper?
The Fed said Wednesday the economy was still too weak to pull back from its bond-buying program.
Some analysts, however, said a closer read of the Fed statement showed that the slowing of bond purchases at the December meeting hasn’t been ruled out.
The statement said the U.S. economy has made improvements in recent months — “this somewhat more ‘hawkish’ tone of the Fed has led to fresh speculation in the market place that the tapering’ of the Fed’s monthly bond-buying program could some sooner — possibly as soon as the December [Federal Open Market Committee] meeting,” said Jim Wyckoff, senior analyst at Kitco.com, in a daily note. “However, this view is certainly not pervasive in the market place.”
Against this backdrop, the dollar rose Thursday, contributing to pressure on dollar-denominated commodity prices.
On a technical basis, strategist MacNeil Curry at Bank of America Merrill Lynch said he remains bullish on gold and that the gold pullback is a “dip to buy” at $1,310 an ounce. He’s looking for an “ultimate break of the $1,433 highs of Aug. 28, with a potential for a push to $1,500/$1,533 long-term resistance,” according to a research note dated Thursday.
…
DJIA = 15,600 OR BUST!
Here is yet another reason to doubt the Fed will ever taper QE3.
Oct. 30, 2013, 11:32 a.m. EDT
Asian crisis looms and Fed is to blame
Commentary: Flashbacks to debt and currency ‘death spiral’
By Michael Casey
Don’t look now, but another Asian crisis may be brewing — courtesy of the U.S. Federal Reserve.
A paper recently published by the Bank of International Settlements — a multilateral club of monetary authorities that includes the Fed as a member — noted that central bank bond-buying, or “quantitative easing,” has made dollar-based loans so cheap that Asian companies are ramping up their borrowing in greenbacks. The paper’s authors fear that once the Fed and the Bank of Japan eventually turn off their liquidity taps, rising dollar interest rates will leave these Asian debtors unable to pay back the money.
That should trigger uncomfortable memories of the debt and currency “death spiral” of 1997-98, when plunging local currencies fueled a crisis in Asia that spread financial contagion around the world.
…
Could anyone who understands how Zillow’s “Make Me Move” feature works kindly explain?
For instance, there are a plethora of current “Make Me Move” listings commingled with Zillow’s foreclosure listings for La Jolla, CA. What’s the difference between “Make Me Move” and “I’ve Been Foreclosed”?
Check out the Make Me Move / I’ve Been Foreclosed picture for Richmond, CA. Small wonder they are pursuing that eminent domain remedy!
I thought everyone wanted to live in the bay area? looks like a ghetto to me.
Wrong side of the bay area.
“…looks like a ghetto to me.”
It’s racis’ to label affordable housing as a “ghetto.”
Here is the real question that is eating at me: It seems like a bevy of new California foreclosure listings suddenly sprang out of the woodwork. Is that the case, or is it just that I haven’t been paying close enough attention?
San Diego Foreclosures 2,030 results
I had thought they weren’t making foreclosures anymore in California?
Worth noting that approximately 1,800 of those are “pre-foreclosure” (in the process, not actually foreclosed).
You’ve got to put the 2k into context.
What really matters is the level of distress relative to the size of the market. There are approximately 14MM homes in the state, of which, approximately 7MM are owner-occupied. A 1% serious delinquency and foreclosure rate (ie. pre-foreclosure and foreclosure) would be a total of 70,000 housing units in the whole state.
SD represents about 3.4% of the population of the state (and let’s extrapolate to number of housing units…probably not a stretch). 3.4% of 70,000 homes in distress (at a 1% rate) is about 2,400 homes.
For fun, let’s look at Jacksonville (about 800k people, but in FL, which is much more disastrous in terms of distress)…there Zillow notes foreclosure and pre-foreclosure of 8,600. 60% of the size of San Diego, but 4x the distress.
How about a city that isn’t in the press as much in a state with a strong economy…San Antonio TX, with about the same population as San Diego: 1,200 homes in foreclosure/pre-foreclosure.
How about Indianapolis, IN, about the same size as Jacksonville…5,500 pre-foreclosure and foreclosure.
My point is this, 2,000 may seem like a lot, and is probably still above “normal”. However, San Diego’s level of distress is far below other parts of the country.
BTW, LA County PLUS SD County represent a total of about 13 million people…about a third of the entire state.
In that context, 28,000 foreclosures and pre-foreclosures isn’t shocking.
“You’ve got to put the 2k into context.”
Sure.
1) End-user demand = nonexistent.
2) Flipper and all-cash investor demand = transient.
3) Current buyers = future bagholders.
Does that about nail it?
“In that context, 28,000 foreclosures and pre-foreclosures isn’t shocking.”
Those are just the ones the bean counters can see. The number would look far more horrifying if the invisible zombie and vampire foreclosures were included.
Los Angeles County Foreclosures 21,728 results. 6 unmapped.
San Diego County Foreclosures 5,842 results. 1 unmapped.
By the way, CoreLogic has come out with their National Foreclosure Report for September. A few things of note:
1. CA is still in the top 2 with respect to the number of completed foreclosures over the prior 12 months (second only to Florida);
2. CA is one of two states called out for rapid (over 50%) decline in foreclosure inventory over the prior 12 months;
3. In aggregate, 2/3 of all distress left in the country is currently in judicial states;
4. CA’s percentage of homes in foreclosure is less than 1%, 12th lowest in the country.
In other words, CA is rapidly moving through their distress, and is close to done, certainly when you compare what is happening there compared to judicial states.
With over 5000 foreclosures currently on the market in San Diego, that’s a lotsa distress to get rid of.
With 4.4 MILLION excess empty and defaulted houses in the state of California alone, there really is no bottom in sight.
make me move is a hope or wish price. basically says we don’t really want to sell but if your dumb enough to pay us our wish price we will sell. its like an overpriced listing. waiting for somebody to come along.
First Person: Another Housing Bubble Pop Could Spell Disaster for Our Family
http://finance.yahoo.com/news/first-person-another-housing-bubble-pop-could-spell-191600367–finance.html
Our family is still picking up the pieces from the last real estate market collapse. Now a recent CNBC article notes that, “On Monday, we got the fourth month of home affordability data coming in below trend, which is a strong confirmation that the housing market is once again in a bubble.”
It goes on to say that, “The index has been dropping rapidly since peaking in January at 210.7. We’re now down to 157.8, according to the preliminary numbers released for July on Monday. Home prices have been rising and interest rates climbing, while wages haven’t kept up. That’s how we got to the lowest level of affordability seen since July of 2009.”
If this is indeed an indication of a new housing bubble being created, it could prove disastrous for our family.
Still trying to recover from last time
Our last home’s value dropped dramatically over the short duration we lived there. Having purchased in 2008, we hit the prime of the housing market collapse in the Chicagoland area. We ended up selling our home for nearly $65,000 (about 22 percent) below the price we’d paid just several years earlier; but in turn, we escaped a neighborhood whose home values remain in decline.
Therefore, to better protect ourselves with our next home purchase, we attempted to do several things. First off, we chose a location where home values were higher yet more insulated from housing market dips. We also decreased the size and price of this next home so that we could scrape up enough funds to purchase the place outright and free from the burdens of a mortgage and the associated interest, thereby lowering our overall living costs substantially. Home related costs fell from about $2,300 a month to close to $800.
So, they would have a lot less trouble if they rented.
No they would rather feel “richer” by participating in the ponzi.
Sheesh, so he can see he’s in a mess but does zero analysis of what kind of bad assumptions might have put him in this situation in the first place. How bad does it have to get for these people to question their assumptions as well as the intentions of the people trying to reinforce those assumptions to them? They are growing wool as fast as they can but it’s just dawning on them that the next shearing might draw blood…and yet so far I still think they think it’s just a timing problem and if they get it right next time it will still make them rich.
I’m trying to figure out a good timeline for a “retirement” goal. I don’t mean retirement in the sense laying around all day and watching TV, I mean being able to do whatever I want and yet still be satisfied with the lifestyle/confident of never even wanting to “work” again. From reading MMM and EER I think setting a goal is all I need to do. I’m thinking age 40, trying to see if the numbers will work.
Bill in Los Angeles = WIN
I want to be Bill in Los Angeles when I grow up, travel and work maybe 20-30 weeks a year
Does he travel? The only travels I ever hear about are between his real home in CA and his tax haven place in AZ. Not to mention he programs missiles for a military contractor which contradicts his libertarian beliefs. BiLA is also ~60 and didn’t start living like that until he was ~50 and divorced. MMM’s life pwns BiLA hard.
I think Bill is much closer to age 50 than age 60 and as far as I can remember from reading HBB has never been married.
MMM is too restrictive for me, especially his hatred of clown-car driving (spoken as a single-occupant, two-vehicle household). Owning and maintaining two used Hondas is a lot (alot) less expensive than two blinged-out new vehicle leases, but the koolaid drinking haterz on the MMM forum still consider me a heretic …
BiLA was definitely married and had a house. Same with Blue Skye I think. BiLA has no kids, though. I think Skye has a kid.
I only sort of follow MMM on the clown car thing. We have 1 car for 2 people (I only drive on weekends). It was raining yesterday; I still biked to the train. Where I diverge from MMM is I don’t have a bike trailer yet and probably never will. I also bought a new car instead of a 5 yr old car. Still plan to keep the new car 10 years.
The toughest part of MMM for me is the thermostat extremism. There is no way I’m letting the house temp drop into the 50s.
I’m totally with MMM on saving well over 50% of post tax income. It’s just a question of what “luxuries” I want to allow myself when figuring out how long I need to work a real job.
“what “luxuries” I want to allow myself”
4 days skiing at Loveland = $129
4 days skiing at Arapahoe Basin = $129
Add in gas (carpooling) and that’s 8 days of lift-served skiing for an average of less than $40 per day. Compare that with Vail or Aspen who now charge about $115 for single-day lift tickets.
“figuring out how long I need to work a real job”
My life is Form SF30 (Amendment of Solicitation / Modification of Contract), pursuant to the Authority of FAR (48 CFR) 53.243, don’t think I could take more than another decade of this …
Skye raised a small herd of rug rats. Now he has grandkids.
It’s all about not needing much. If you need a lot, there is never enough money.
until he was ~50 and divorced
I don’t think Bill was ever married and he’s like 54 (a few years older than me. I’m not sure but I think he said he backed out of getting married.
I’m sure I travel more than Bill, had/have decades and years of a steady mate, walk my walk, live an interesting-independent life and I work shorter hours nowadays.
Just sayin’.
Early 50s and I design embedded software for medical equipment. My areas are Linux and Trusted Platform Module. Some of my colleagues are working with a major US auto company with embedded software. Before I joined this company I did not know there was a hardware product, but yes they do have a product, a server.
For now I only travel back home to Arizona every two or three weekends. I plan on staying in the OC area a few years. Not many, as I will be antsy to realize capital gains and that’s when I’m permanently out of Taxifornia.
I wear white socks and black shoes. I tie my shoes only after both feet are in the shoes.
I don’t like to travel. It’s not mucking fuch. Brag all you want. Here, use up some of my unwanted travel so you can travel double. I will have nothing of it. I’ve done enough over the last 13 years. Two hour airline flights are my limit (unless I go to my time share in Hawaii). Lived in all kinds of climates. Was able to see how people in other regions live (yawn). The geography of California is the best, IMO. Why stay far away from it?
Marriage is way over rated. Very dangerous situation for an American man in a no fault divorce and common property state. I was fortunate to get away from it without losing much. Can’t say that for many men I knew over the years.
The geography of California is the best,
Agreed. I went there as soon as I got my degrees and was there for over 22 years. (8 in West LA and then 14 in the best NorCal beachtown I ever saw)
See dude, we’re like brothers.
33 for me. Sometime you just get lucky.
I still work but not bacause I have to. It’s more like why not accumulate more if people are throwing money at you? I am the antithesis of our economy…I earn and I save…I hardly spend. I just need to figure out how to stop paying taxes and starve the beast.
Same here.
Today we are starting liquidate the summer house and adjoining lot guest house and move to the winter place.
All are paid for and have been ways. One bought for pocket change, one bought at top of the market…and a premium paid (we knew we would lose $100k…We knew we could afford the loss) the third bought from an investor…for half what they paid(which was half of 2006 foreclosure…paid the magic $35 sqft in immaculate condition)..
so I have all three scenarios going on.
Saved all through the crisis thanks to this site, some insight, and the old housing doom site.
Friends lived in $900,000 2004 houses, we lived modestly.
Except for people still throwing money at me I’m essentially retired and work maybe 5hours a week…at 50 this started.
Wage is down 90% from 2006, but it’s still a small fortune instead of the large fortune yearly that it was.
Thanks to all of you.
Long long term lurker, first time(more or less) poster.
Thanks Ben and all.
Our winter place, now he, is right near Flagstaff.
“which was half of 2006 foreclosure…paid the magic $35 sqft in immaculate condition)
Imagine that!
Well done.
I don’t need to work now, but I would not be happy with the lifestyle, I’d have to be pretty cheap and simple. As far as how much more I’d need, I’m not sure, that’s the tough part to figure out. I think if I could replicate current income with passive income that would be OK. If passive income is not in top 1-2%, might as well keep working. What makes matters worse is my parents are both really healthy so the odds are good at least one of them lives until I’m old. If either of them make it to 90, I’ll be 65 when I hit the motherlode. Too late to be fully enjoyed.
“What makes matters worse is my parents are both really healthy”
You sound like such a grateful, loving son. And besides that, wasn’t there a recent MMM thread discussing how you should never count on an inheritance / windfall in your financial planning?
The squad has only one sibling. Our Aunt Goon is widowed and 85, our deceased Uncle Goon came from real money (Princeton class of ‘42, Social Register, Onwentsia Golf Club, et cetera), and she has assured the squad and sibling that we are considered in the will along with her kidz and grandkidz. That’s as close to a “windfall” as we could expect within the next few decades …
I don’t think the MMM post about inheritances was recent, but I don’t really read his blog in chron order. I search by topics and look at related posts. He has 5+ years of posts and I’ve only been paying attention for about a year, when I think that WaPo article came out.
The thread about inheritances was in the forum, not one of MMM’s blog posts.
Relax and pray for the heat wave.
What makes matters worse is my parents are both really healthy
You must hope that they don’t follow this blog.
I’m in accumulation/growth mode at the moment (ie. mainly growth investments). At some point, I’ll need to shift my thinking to be investing for cash flow. I currently think that by about 45-50 or so I’ll be able to replace 100% of my and my wife’s income…that’s my current goal. That said, since we are saving so much of that income right now (ie. not spending anywhere close to all of it), we could probably retire much sooner…frankly though, I’m not sure what I would do if I retired.
I will not retire, but take my work with me as I travel to avoid bad climate (too cold or too hot). Tax free states tend to be too cold or too hot/humid or…in Nevada’s case too dry. Arizona’s 3.4% (in 2016) is much better than California’s 10%.
My asssets outside retirement are somewhere above $900,000. If I had that in the S&P 500 I could expect an average annual $90,000 gain a year to realize. Why give California $9,000 per year when I can have $6,600 more per year to spend on? Actually a bit over half of that $900,000 is in government securities.
Four months of the year is a good time to escape very cold weather or very hot weather.
Amazing what you can do with open source software and remote reset switches and IP addresses!
Little Sign of Housing Bubble in Land Prices
http://www.businessweek.com/articles/2013-10-28/little-sign-of-housing-bubble-in-land-prices
For anyone wanting to know if the U.S. housing market is turning into a new, speculative bubble, a good and overlooked way to tell is the price of land. A real estate professor at the University of Wisconsin has done just that—and concluded that there is no evidence of a bubble on a national level. Not yet, anyway.
…..Twice a year, Davis looks at prices that houses are selling for and then strips out the cost of the structures, leaving the value of the land they are built on as “residual.” Land prices fluctuate much more than overall sales prices because the cost of structures doesn’t change much from year to year.
“Land is telling you what’s going on with demand,” Davis says.
Phoenix is one metro area whose prices have rebounded sharply, and bidding wars are back in the headlines……
…..Phoenix doesn’t look so scary by Davis’s metric. Land’s share of house value was 65 percent in 2006 and then plummeted to 5 percent in 2011. It has climbed steeply since, but it was still just 26 percent in the first quarter of 2013, according to Davis’s calculations. He won’t have his figures for the third quarter of 2013 until next February or so.
A complete set of data for 46 metro areas and all 50 states is posted on the website of the Lincoln Institute of Land Policy, which helps cover the cost of updating the data…..
…..Land is the right thing to pay attention to when sniffing for speculation. “There’s only one difference between a car and a house, and that’s the land,” says Wisconsin’s Davis. “We all know how cars work. Eventually they depreciate and they’re worthless. Housing is the same way. It depreciates, and eventually it’s worthless and it needs to be torn down. Only hope is that the land appreciates in value. It’s really the only piece of a house that can appreciates.”
If you’re counting on home prices to rise, then—consciously or not—you’re betting on land.
“Considering there is a globe full of land and 95% of it goes undeveloped, there is no shortage of land and it’s worthless for the most part.”
You can say that again. If you’re paying much more than $500-1000/acre, you’re getting ripped off.
“Considering there is a globe full of land and 95% of it goes undeveloped, there is no shortage of land
I know, Like Rio de Janeiro had a water shortage this week. People got thirsty. I call BS. Rio is by the ocean. So there is no “water shortage”.
Brazil: Water Shortage Dries Rio De Janeiro Taps
RIO DE JANEIRO October 29, 2013 (AP)
All third world countries have water shortages.
All third world countries have water shortages.
It went right over your head. Figures.
You wanted it, you got it.
Carry on RioTard.
Even the village idiot considers himself clever.
http://www.nationalreview.com/corner/362637/hillary-clintons-lucrative-goldman-sachs-speaking-gigs-alec-torres#!
we are so screwed.
First of many to come….
It’s fun to watch donkeys and liars flail away with excuses for massively inflated prices of housing.
“It’s the land!”
….bzzzzt. WRONG
“Materials costs are up!”
….bzzzzt. WRONG
“Labor costs!”
….bzzzzt. WRONG
….bzzzzt.
….bzzzzt.….bzzzzt.….bzzzzt.
The sound of your treatments?
Yep. Learn to enjoy them as you’ll continue to receive them daily.
Learn to enjoy them as you’ll continue to receive them daily.
Lame. Mine was original. Yours was just a “yea, and your momma too”.
Count on it.
Count on it.
Do they hurt?
its the printing?
The HBB post count trended upwards dramatically in the last 30 days.
Frightened debt donkeys, mortgage flunky salesemen and lying realtors running from the reality of the housing collapse.
The HBB post count has been a fairly reliable contemporaneous short-term asset price correction indicator.
Check out the housing graph in today’s Lew Rockwell article…
http://www.lewrockwell.com/2013/10/charles-hugh-smith/what-real-estate-bubble/
Eyeballing that chart gave me a Halloween case of the heebie-jeebies.
If the housing market were a roller coaster, it would be at the top of the hill.
But not to worry; so long as QE3-to-infinity keeps a lid on interest rates forever more, housing can remain on a permanently high plateau for an indefinite period of time.
Holy Sh*t!
That chart indicates that RE is overpriced….. drum roll please… 225%…
Imagine that.
Thanks for that chart BTW Mike.
So post up some personal info on Mike if you’ve got it. I’d like to see who the poor guy is :-).
Jeeez…. you yahoo..
I got so spooked I pulled out all the money I had parked in a REIT mutual fund. It’s better to leave some potential bubble gains on the table than to be the last guy left dancing after the music stops and everyone else has sat in a chair.
I just ordered some shares of VTIP. It has a 0.1 expense ratio. funds from vmmxx, which has a .16 ratio. Good deal. VTIP is short term TIPs ETF.
I thought about going to TIPs, but my gut tells me it is early. The inflation fuse may be lit, but the bomb has yet to explode.
Of course, you are wise to get in before the explosion…
The system has been corrupted to the point that I don’t believe TIPS will be allowed to reflect actual inflation…maybe it’s better than nothing for those not connected, though.
‘High debt levels and weak job prospects have made it hard for many young, educated Americans to buy homes, and that could be a drag on the housing market for years to come. Missed payments on student loan debt damage credit scores, making it harder and more expensive to get mortgages .’
‘Debt also counts against Millennials when lenders calculate how much money they’ll lend: Every dollar of student debt payments means less available for housing. In addition, more grads are moving home to live with their parents — 36%, according to a recent Pew survey.’
‘The New York Federal Reserve reported recently that, for the first time, the homeownership rate among college graduates was less than non-grads.’
‘Danielle DeBacker, 24, is originally from Houston and works as a clinical research coordinator at Georgetown University Medical Center, a position that took a lot of expensive schooling, including a Masters degree from Case Western Reserve University School of Medicine in Cleveland.’
‘She owes $80,000 in school loans and homeownership is a distant dream. She shares a house in Alexandria, Va., with three others and can’t even afford a car.’
http://finance.yahoo.com/news/young-smart-millennials-face-homebuying-111700247.html
I work with a lot (alot) of people with kidz in their 20s to 30s. And alot of those kidz are broke, broke, broke. No “pent-up demand” there, despite what NAR-fluffers like Amy Hoak say.
The 20-to-30 somethings I know are all still wondering when or whether they will get their first real job and settle down with a life partner someday. Buying a home is a distant and nebulous prospect.
The future belongs to Lucky Ducky.
In Europe they have the same problem: college grads living with mom and dad and working at a menial “1000 Euro” jobs.
Do you agree that so long as the hedge funds and deep-pocket foreign investors are buying and selling houses like beanie babies, there is no problem?
Europe = The land of 30 year old students and 50 year old retirees.
‘menial 1000 euro jobs’
recent nytimes article about italy discusses this, and that many of them are emigrating
recent nytimes article about italy discusses this, and that many of them are emigrating
Interestingly enough Italians had one of the highest median net worth in OECD countries. Germans and Americans were at the bottom.
So long as the hedge funds and all-cash foreign investors are driving purchase demand, the absence of young households from the housing market should pose no problem.
When will the US government do something to stimulate employment?
Cheap interest is not working. Nor is higher payroll taxes, more compliances, less help to distressed persons, declaring a return of capital as a dividend (F&F), complicated healthcare, profits residing offshore, banks deleveraging (finally), speculative housing prices, reduced manufacturing incentives, reduced R&D support, gouging realty taxes, encouraging penalties as a source of income - -
Without more jobs there will be no advancement in the economy.
Although I do not believe Ben (and roomie Goldman) are doing it right, at least Ben is doing something.
Where am I going for Halloween?
Speaking as an old “boomer” - “Maybe that hole in the ground near a creek” - -
You must be new around here……
Anybody who’s been paying attention for the past 30 years knows that, worldwide, “Capital” is King, and “Labor” is being turned into “Piss Boys”.
Of course, nobody in government who lobbied/advocated for this ran things out to their logical conclusions. One of those being what happens to tax revenues when your tax system is set up to soak the Wretched Refuse, when the W.R. paychecks start shrinking.
Or that cash is a lot more portable than people.
There are probably more jobs in this world today than ever before but at .25 cents an hour instead of 25 dollars.
And those 25 centers can use today’s CNC equipment just as well as us.
The real capital problem are inverted profit systems and the lack of control to shift those profits by governments both internally and externally.
Jetfixer:
We are looking at a twin equipped with avionics as below about 15 years old. Any comments?
•Rockwell Collins Proline 21 System:◦Dual VHF-4000 Comm systems
◦Dual Nav-4000 VOR/ILS/MKR/ADF systems
◦Dual DME-4000 systems
◦Dual RTU-4220 Radio Tuning units
◦Dual AHS-3000S Attitude Heading Reference systems
◦3 tube IDS-3000 Integrated Display System (AFD-3010E displays)
◦IFIS-5000 Integrated Flight Information System
◦TCAS-4000 Traffic Alert Collision Avoidance System
•Dual TDR-94D Mode S Transponder systems
•RTA-852 Weather Radar
•Universal Class A Terrain Awareness Warning System
•Universal UNS-1Fw Flight Management System (WAAS) and LPV monitor
•L-3 GH-3100 Electronic Standby Instrument System
•Honeywell AZ-252 ADC
•Thommen AC32 ADC
•Honeywell SPZ 500 Integrated Flight Control System with dual FZ-500 Flight Directors and single SP-200 autopilot computer
•WX-1000E Stormscope
•L-3 FA2100 CVR
•Alt-55B Radio Altimeter
•Artex 406 MHz ELT
Memo to:
Comment by Biggvs Richardvs
Your reply to my comments yesterday reeked of internet anonymous courage. Do you use such words in an in-person discussion? I do not think you would have used such words to me face-to-face, at least not for long.
http://finance.yahoo.com/news/bill-erbey-made-2-3b-110000607.html
interesting about Ocwen’s debt collection business on delinquent mortgages mostly outsourced to Indian Call centers as big Banks are too lame to handle it themselves.
I have talked to them.. it is highly annoying trying to communicate.. Hubzu’s customer service is horrible.. Ocwen is a bunch of scheisters .. check out the ripoff reports and the harrassing http://www.ripoffreport.com/reports/directory/ocwen
so what does this mean ? homes go down in value, corporations own all the homes and they stay up, none of the above ?
A Grim Future for Homeownership
Erbey is one of many experts on housing and the economy who expects homeownership to decline in the U.S. in the years to come. Part of the reason as he sees it is that many Americans lack the education to qualify for middle class jobs in the post-industrial economy.
Making things more difficult, he believes, will be an aspect of the 2010 Dodd-Frank legislation that will make it harder for many Americans to qualify for a mortgage.
Erbey cites a February study by a consultant called CoreLogic which found that only half of the mortgage loans being originated today will qualify under new rules structured around something called a Qualifying Mortgage that go into effect at the start of 2014.
Why would anyone want to be responsible for 25 MILLION excess empty houses?
You can’t dump them because there are no buyers. You can’t hold them because they’ll bleed you dry.
There is only one answer.
Proceed.
The Shamnesty will keep rental rates for SFH high.
12 million will be “legalized”, but thanks to chain-migration, family-reunification immigration policies (authored by sh*tbag Ted Kennedy), another 50 million will follow. All of whom will vote Democrat for life.
another 50 million will follow
Maybe not. Mexico’s population boom is grinding to a halt. Before you can have “Nuevos Americanos” you will first need “Nuevos Mexicanos”. The Mexodus has pretty much ground to a halt.
The reason the “Mexodus” happened, was because they took the jobs that (mostly) Republicans didn’t care about.
Meatcutters…….union construction workers……Teamsters
As noted before, if Mexican doctors, lawyers, Tech and Venture Cap types were undercutting the income of their US-American counterparts, we’d have minefields and machine guns from the Pacific to the Gulf of Mexico.
Now they are bitching about poor, working-stiff Mexicans voting for Democrats. At least they have figured it out.
Part of the reason as he sees it is that many Americans lack the education to qualify for middle class jobs in the post-industrial economy.
Hmmm …. plenty are graduating from college with non underwater basket weaving majors, and can’t find non menial work. I’ve heard that Nursing grads are having a hard time finding work.
Check this out hahahaha
Google Inc. (GOOG), Red Hat Inc. (RHT), Oracle Corp. (ORCL) and other companies are contributing dozens of computer engineers and programmers to help the Obama administration fix the U.S. health-insurance exchange website.
The help is arriving as the government’s main site to offer health insurance remains plagued by repeated outages a month after its Oct. 1 debut. Among those assisting are Michael Dickerson, a site reliability engineer on leave from Mountain View, California-based Google, and Greg Gershman, the innovation director for smartphone application maker Mobomo, according to a government official who asked not to be identified because the moves haven’t been made public.
LOLZ. Is this a testament to free-market principles over the centrally-planned economy or what?
Where’s Rio? I’m sure he can come up with some witty rejoinder about governments being better at everything than private enterprise and free markets…
Where’s Rio? I’m sure he can come up with some witty rejoinder about governments being better at everything than private enterprise and free markets…
Everything? Everything? That dumb blanket strawman proves you are not witty.
Mine did.
Is this a testament to free-market principles over the centrally-planned economy or what?
Is that why our free market health care is by far the most expensive one in the world, and when Taiwan reformed its healthcare system they made a point that ours is a disaster and not to be emulated?
LOLZ. Is this a testament to free-market principles over the centrally-planned economy or what?
It couldn’t represent that. Google and Red Hat, etc. are the products of our centrally planned economy.
How much are they charging?
plenty are graduating from college with non underwater basket weaving majors, and can’t find non menial work. I’ve heard that Nursing grads are having a hard time finding work.
The economy only needs so many marketing degrees or business degrees. The economy definitely doesn’t need more Women’s Studies or Philosophy degrees. Have you seen the starting pay and demand for Petroleum Engineers and Computer Scientists? Have you heard of anyone with a Comp Sci degree not finding paying work at a decent starting salary? I haven’t.
I’ve heard that Nursing grads are having a hard time finding work.
Nursing grads are having a tough time because Obamacare is gutting the business of healthcare.
To me, this is like 2001 was for tech industry in the medical profession…
“Nursing grads are having a tough time because Obamacare is gutting the business of healthcare.”
Oh, please. Obamacare JUST started. Have another drink.
Comment by Prime_Is_Contained
2013-10-31 00:16:40
during the last hours they may have to live in the country they are preparing to ship out to defend? You contemptible piece of
I was with you until just before the last line, Biggvs… then you lost me somehow.
Prime - I just meant that some of them might not be coming back home alive - after all they’re going to war. As someone else pointed out, vetting the terms of a load agreement might (understandably) not be high on their priority list.
You would be really disgusted to see the “money manipulators” descend on an unsophisticated military widow who has received a soldier’s death benefit; there’s probably a mailing list. I’d bet that these are the same predators who “rattle the saber” while theirs are in college.
Opinion piece from the REAL “Big E”……
http://tinyurl.com/onm2vjb
And for those of you younger folks who aren’t familiar with the “Piss Boy” reference……
(Mel Brooks is a friggin’ genius)
http://tinyurl.com/9fnqrwl
I haven’t seen that movie in a long time but it was the first and only thing I thought of after reading “King” and “Piss Boy”
I love it when Count DeMoney tosses the tip into the bucket. A real 0.01%’er moment.
Fiction becoming fact.
Or history repeating itself.
‘The median listing price in Denver went down from October to October. There were a total of 318 price increases and 937 price decreases.’
http://www.movoto.com/statistics/co/denver.htm#city=&time=1Y&metric=Median%20%24%2Fsqft&type=0
One of my co-workers (age 30, 2 kids 1yo and 5yo) was just crowing today about how much her house value has gone up. This is in Southeast Aurora, which is very sprawly and McMansiony as compared to North and Central Aurora which are rather ghetto and give Aurora its bad reputation.
She paid (borrowed) $380K a few years ago and says that a comparable house with less “features” in her neighborhood just sold for $500K.
A few months ago I heard her all gung ho talking about Dave Ramsey and needing to save money. This while spending lots and lots (alot) of money on activities and clothes for her 5yo daughter …
I just got this:
‘Home Sellers Disappointed; 43 Percent Find Buyer Interest Waning’
‘For the latest Redfin Real-Time Seller Survey, we polled 535 homeowners in 24 major metro areas across the U.S. Survey results indicate that home-seller confidence in buyer demand and the economy has fallen sharply from the summer.’
‘These results are interesting because during the week the poll was conducted, Redfin experienced a strong year-over-year boost in buyer demand, which we attributed to renewed confidence following the U.S. government’s reopening. Perhaps sellers still base their expectations of buyer demand on the spring and summer housing frenzy. They may not recognize that the market has shifted under their feet, so even stronger-than-normal autumn demand seemed like a let-down.’
‘Home sellers surveyed this quarter were caught off guard by a perceived lack of buyer interest in their home. Among sellers who had listed their homes, 30 percent said buyer interest was “a little less than expected” and 13 percent said it was “much less than expected.”
‘Despite their concerns, most survey respondents did not change their plans to sell their homes.’
’sellers…were caught off guard’
You ain’t a seller til it’s sold.
For the person in Aurora, it doesn’t look good:
http://www.movoto.com/statistics/co/aurora.htm#city=&time=1Y&metric=Median%20%24%2Fsqft&type=0
Be sure to check out the inventory and price reduced stats.
‘The median listing price in Denver went down from October to October. There were a total of 318 price increases and 937 price decreases.’
Bob Seger - Get Out of Denver - YouTube
http://www.youtube.com/watch?v=p3NOpWXJjUY - 124k -
Last Kiss - Pearl Jam ( with lyrics! ) - YouTube
http://www.youtube.com/watch?v=9hUq1zV2NfQ - 97k -
Oh where, oh where, can my healthcare be?
Obama took it away from me.
I lost my coverage so I’ve got to be good.
So I can get some stitches for’ I leave this world.
We were out on a date in my daddy’s car, we hadnt driven very far. There in the road, straight ahead. a car was stalled, the engine was dead. I couldnt stop, so I swerved to the right. I’ll never forget the sound that Night. The screamin tires, the bustin glass, the painful scream that I heard last.
Oh where, oh where, can my healthcare be?
Obama took it away from me.
I lost my coverage so Ive got to be good.
So I can get some stitches for’ I leave this world.
When I woke up the rain was pourin down.
There were people standin all around.
Something warm flowing through my eyes.
But somehow I found my finger that night.
I lifted my head, she looked at me and said, hold it darling, just a little While. I held it up, she gave me my last stitch. I found the thumb that i knew I’d missed.
Well now it’s gone, but my fingers alright. I couldn’t afford healthcare that night.
Oh where, oh where, can my healthcare be?
Obama took it away from me.
I lost my coverage so Ive got to be good.
So I can get some stitches for’ I leave this world.
Published: 31/10/13 6:33pm in Forbes
Obama Officials In 2010: 93 Million Americans Will Be Unable To Keep Their Health Plans Under Obamacare
On Wednesday, Secretary of Health and Human Services Kathleen Sebelius testified before Congress about the continuing issues with the rollout of Obamacare’s health insurance exchanges. “Hold me accountable for the debacle,” said Sebelius. “I’m responsible.” I attended the hearing, and I was struck by the scope, scale, and depth of the health law’s problems, problems that far exceed any one political appointee. But Obamacare’s disruption of the existing health insurance market—a disruption codified in law, and known to the administration—is only just beginning. And it’s far broader than recent media coverage has implied. [Category: NYSE:AET, NYSE:HUM, NYSE:CI, NYSE:MOH, NYSE:WLP]…. Published: 31/10/13 6:33pm in Forbes
“93 Million Americans Will Be Unable To Keep Their Health Plans Under Obamacare:
It’s somewhere in page 34,538
[Federal Register Volume 75, Number 116 (Thursday, June 17, 2010)]
[Rules and Regulations]
[Pages 34537-34570]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-14488]
[[Page 34537]]
———————————————————————–
Part II
Department of the Treasury
Internal Revenue Service
26 CFR Parts 54 and 602
———————————————————————–
Department of Labor
Employee Benefits Security Administration
29 CFR Part 2590
———————————————————————–
Department of Health and Human Services
45 CFR Part 147
———————————————————————–
Group Health Plans and Health Insurance Coverage Relating to Status as
a Grandfathered Health Plan Under the Patient Protection and Affordable
Care Act; Interim Final Rule and Proposed Rule
Federal Register / Vol. 75 , No. 116 / Thursday, June 17, 2010 /
Rules and Regulations
[[Page 34538]]
http://www.gpo.gov/fdsys/pkg/FR-2010-06-17/html/2010-14488.htm - 258k - Cached - Similar pages
Jun 17, 2010 … [[Page 34542]] D. Applicability of Part A of Title XXVII of the PHS Act to ….. or health insurance coverage relinquishing its grandfather status so …
Oh where, oh where, can my healthcare be?
Obama took it away from me.
I lost my coverage so I’ve got to be good.
So I can get a transplant for’ I leave this world.
Judge Orders Sebelius To Put Girl Who Needs Lung On Transplant List
PrintShareTopics: Delivery of Care, Public Health
Jun 06, 2013
A federal judge intervened in the case of a 10-year-old girl with cystic fibrosis who needs a lung transplant, ordering HHS Secretary Kathleen Sebelius to provide an exception and place the girl on the adult lung transplant list.
USA Today: Judge Orders Dying Pa. Girl Put On Transplant List
The national organ-transplant network is to hold an emergency review Monday, U.S. Sen. Pat Toomey, R-Pa., said in a statement. U.S. Health and Human Services Secretary Kathleen Sebelius on Tuesday refused to intervene in the lawsuit brought by Sarah’s parents, saying that medical experts should make transplant decisions. She noted that three other children in Children’s Hospital of Philadelphia are also gravely ill (Winter, 6/5).
Politico: Sarah Murnaghan Lung Transplant Case: Sebelius Ordered To Make Exception On Transplant
A federal judge on Wednesday ordered HHS Secretary Kathleen Sebelius to allow 10-year-old Sarah Murnaghan to be moved to the adult lung transplant list, giving her a better chance of receiving a potentially life-saving transplant. The quick and unusual ruling, made after a hastily scheduled emergency hearing, follows a campaign by the family and some members of Congress to pressure the Obama administration to change a federal policy that puts children under age 12 at the bottom of the list of those who can receive donated adult lungs (Norman and Millman, 6/5).
Reuters: Pennsylvania Girl Eligible For Adult Organ Transplant After Ruling
A 10-year-old girl with cystic fibrosis who had been kept off an adult organ transplant list due to an age restriction will now be eligible for an adult lung transplant, a federal judge in Pennsylvania ruled on Wednesday. The family of Sarah Murnaghan, a patient at the Children’s Hospital of Philadelphia, sued to prevent the U.S. Department of Health and Human Services (HHS) from enforcing a policy that prevents children under age 12 from getting adult lung transplants regardless of how ill they are (Honan, 6/5).
Bloomberg: Sebelius Sued By Dying Girl’s Family Over Transplant Rule
The family of a 10-year-old Pennsylvania girl who needs a lung transplant to survive won a temporary court order making her eligible to seek an organ from an adult donor after U.S. Health and Human Services Secretary Kathleen Sebelius denied her family’s request. Janet and Francis Murnaghan, whose daughter Sarah suffers from cystic fibrosis, filed a lawsuit yesterday in federal court in Philadelphia seeking to bar Sebelius from enforcing a department rule giving adults and adolescents priority over children younger than 12 for adult lungs (Wayne and Edney, 6/6).
http://www.kaiserhealthnews.org/Daily-Reports/2013/June/06/transplant-list.aspx - 25k -
On Yahoo Finance:
Do you fear a market bubble right now?
Yes, in large-cap stocks (16782)
23%
Yes, in small-cap stocks (7995)
11%
Yes, in tech stocks (9857)
13%
Yes, in real estate (7738) - your vote
11%
I have no fear (30704)
42%
‘Talk of the housing bubble has hit levels not seen since 2003, when house price growth was running at more than 15 per cent a year in the heady days before the GFC. That’s according to a new index compiled by CommSec, which tracks mentions of the phrase “housing bubble” in articles in Australian newspapers, wire services and ABC radio transcripts, using the Dow Jones Factiva service.’
‘The index, which tracks data starting from January 2003, hits a peak in the September of that year when there were 201 mentions of the housing bubble. CommSec’s chief economist Craig James points out the latest peak in bubble hype comes despite house prices only starting to strengthen after a long period in the mire. “Certainly home prices have lifted markedly in recent months but overall Australian home prices have recorded positive annual growth for just the past nine months after 20 months of declines. The home price gains are a relatively new phenomenon and strength is largely limited to a few capital cities, but the term ‘bubble’ has been sighted more regularly in the media.”
“If you take the view that a ‘housing bubble’ is an unsustainable lift in home prices, the jury is out – it is too early to say. At some point the housing market drivers will be less positive, such as housing affordability, and prices will rise at a slower pace.”
‘Commonwealth Securities has confirmed a housing bubble or, rather, a bubble in media references to a housing bubble. In a decade-long analysis, the broker says there were 194 mentions in September 2013, compared with a low of one mention in April 2007 and a peak of 201 in September 2003. The September 2013 mentions compare with 18, 32 and 50 in June, July and August respectively.’
‘Not surprisingly, the bubble talk tends to peak around the time that actual house prices peak, but the subsequent decline have been “orderly events” rather than a violent popping of a boom. In the case of September 2003, the bubble talk peaked just before the housing market peaked at 17.8 per cent annual growth, in October-November of that year.’
‘In October 2010, “bubble” mentions peaked at 107, but at the time housing growth had already declined to 8.2 per cent from a peak of 14 per cent. This proved the start of a long downward cycle bottoming at a 5 per cent reduction by early 2012. In the previous cycle, house prices had peaked at 13 per cent in December 2007. But at that time there was very little housing bubble because folk were more worried — and rightly so — about melting share markets.’
Google search |”housing bubble”|
About 2,970,000 results (0.20 seconds)
We Gather To Restore Our Freedom! Reclaim The Constitution! Repeal The Patriot Act & Abolish The NSA
http://www.youtube.com/watch?v=CkVJqDNkq7Q
Best ever bubble-whacking idea! Yo George!!!
If this works well to restore housing affordability in London, maybe it would also work in California?
Osborne to consider new property tax on oligarchs: Chancellor plans to add capital gains on UK homes with foreign owners
* Foreign buyers currently pay no capital gains tax on sale of UK property
* Booming demand has sent London house prices soaring 10 per cent
* Experts say imposing CGT on foreign buyers is better than a ‘mansion tax’
By Hugo Duncan
PUBLISHED: 19:19 EST, 31 October 2013 | UPDATED: 19:33 EST, 31 October 2013
Wealthy foreigners who buy and sell British property could face a new tax under plans being considered by George Osborne.
The Chancellor is looking at putting capital gains tax on the UK homes of foreign owners in his Autumn Statement next month.
Such a move could help curb the housing bubble in London and the South East, where demand for homes from Russian oligarchs and Middle Eastern investors has helped spark a price boom.
It is unclear how much the tax would raise but the Treasury is thought to have costed the measure.
British homeowners have to pay capital gains tax (CGT) – typically 28 per cent – if they make a profit when they sell a property that is not deemed to be their main residence.
But foreign investors are exempt from tax on all properties – making London homes in particular an attractive option.
The booming demand has sent property values across the capital soaring by an average of 10 per cent in the past year, pricing many locals out.
Estate agents Knight Frank believe 70 per cent of new-build properties in prime areas of Central London go to foreign buyers.
Experts say imposing CGT on foreign owners would do less damage to the UK housing market than the ‘mansion tax’ on homes worth more than £2million proposed by the Liberal Democrats.
Lucien Cook, a director at estate agent Savills, said: ‘Proposals to tax the capital gains of non-UK resident property investors are a much more targeted and much less controversial solution to the perceived inequalities in the taxation of high value properties than a blanket mansion tax. This could significantly reduce the case for a mansion tax.‘
He said ‘it is very difficult to argue that high value property is under-taxed‘ in Britain.
…
These people are super happy about obahmacare……weird….
http://chicksontheright.com/posts/item/24908-well-at-least-the-chick-from-the-whorecast-has-insurance-now