Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
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Posted By: Ben Jones @ 12:24 am
if you buy a house today you are a looser
And exactly how much will you loose?
You’ll never know, because if you buy a house today your losses will be incalculable.
Almost everything I own is worth more to me than to anyone else.
This fact does not let me enjoy owning things any less.
I gain utility and pleasure from owning things now, not in waiting for some theoritical time in the market cycle. I set my own value on things, houses included. I could care less what anyone else values them at.
Besides, Janet has my back.
Want a cookie?
“Besides, Janet has my back.”
Besides, Janet has my back.
If Janet has everyone’s back, why are people whining about growing income disparity and some $hit like that?
Janet doesn’t have everyone’s back, just us chosen few.
You need to become anointed. You need to become TBTF.
Is Kidbuck a banker, too?
The funniest part is the people who think they are part of the chosen few but actually aren’t.
Carl Morris: The funniest part is the people who think they are part of the chosen few but actually aren’t.
The end buyer, speculating in real estate, is not the chosen few. The infrastructure - which is comprised of big donors - are the chosen few.
In the casino, the high spending gambler is treated like a king, given the full white glove treatment. As long as he funnels money to the casino. But the reasons casinos are so lucrative is not because they give out lots of money, but because they take in lots of money from people who think they are #winning #CharlieSheen.
That’s all well and good. How would you like to buy a beanie baby? C’mon, it’s cute.
realtors are liars
As are govt number pushers who claim 288,000 new jobs and a 6.3 percent unemployment rate. Does anyone even believe those numbers anymore?
Biggest whopper since some dyed in the wool LIEb the other day claimed he just happened to be “listening to Rush Limbaugh for a few minutes.” Hhahaha, as if they wouldn’t change the station quicker than a Brazilian waif running from a staggering mango fondler.
Actually, the libs can manage about 10 minutes. At least I can. I used to listen a lot a few years ago.
His 3-hour show only has about 45 minutes of material. He repeats the material to catch people driving at different times. Funny that he berates teachers for being “part time” jobs when he doesn’t even work a half day himself. (yeah, snark)
The cycle of “conservative” talking points is Drudge in the morning, Rush in the afternoon, and Fox at night.
FYI Drudge is the 96th most popular website in the U.S. per Alexa.
And Rush’s $400 million contract for ten years is nothing to sneeze at.
That was me. Here in the Phoenix area he’s on, I think, from 10 to 1. So, if I happen to be in the car during my lunch hour, I listen to him. Since I’m either driving to a local restaurant or running an errand, I’m not in the car for more than few minutes.
The reason that it would be difficult to listen to him for a longer period of time is that he really struggles to fill those three hours. He bangs on about the same topics day after day. He also needs to maintain a large galaxy of liberal villains that he can rant about.
Better watch out! Before you know it you’ll be spouting conservative ideas like all those other wackos.
Do you honestly believe Limbaugh sells conservatism?
it’s all relative my friend. For MM he’s way right.
Better watch out! Before you know it you’ll be spouting conservative ideas like all those other wackos.
It’s unlikely. I’ve always been unimpressed by angry people. The fact that a rather significant portion of the population consumes news for the purpose of getting themselves angry is amazing and disheartening.
Liberals seem a lot more angry IMO.
Puuuhhleeez. You weren’t listening to Rush Limbaugh. Why would you? Was NPR off the air? You claim, it’s drivel.
I wrote that I listened to him for a few minutes. Why would I make that up?
Wall Street Journal piece illustrates how the Permanent Democrat Supermajority is bankrupting this country, with graph showing how “share of past or projected federal revenues remaining for other purposes after paying benefits and interest” will fall below 10% in the next decade.
Quoting economist C. Eugene Steuerle: “Dead and retired policymakers put America on a budget path in which spending will grow faster than any conceivable growth in revenues — even if the president and Congress never create any other spending program. Yesterday’s policymakers have robbed their successors of fiscal freedom.”
Good, let it keep going until it crashes. Then the FSA will march themselves right into the ocean.
I am convinced the only way out of this is with a tremendous amount of pain eventually because no one will choose the small amount of pain now.
Two if the biggest programs involved in this phenomenon are Social Security and Medicare, which are used by pretty much every American who lives to reach the age when they become eligible. So it would be more accurate to say that it’s a Permanent Something or Other SuperDuperMajority that’s bankrupting the country.
Wall Street Journal - Obama Administration Says 28% of Health-Law Enrollees Are 18 to 34 Years Old
“Just more than a quarter of the eight million people who signed up for health plans under the Affordable Care Act are in the prized demographic of 18 to 34 years old, falling short of the figure considered ideal to keep down policy prices … it is significantly below the 40% level that some analysts consider important for holding down rates by balancing the greater medical spending generated by older enrollees.”
I’m waiting for the numbers that show how many signed up “and paid” for their new policy.
You know they’d be spouting that number if it served their purposes. I bet it’s less than 4 mil.
Two drivers, one high and the other drunk, crash into each other.
Probably the best metaphor for our 2 political parties.
“2 political parties.”
The joke of the day.
I thought they were the joks of the day.
That’s an interesting comparison and equivalency. Who was going to be giving Clive Bundy a lifetime achievement award?
Ya think they let Bundy into Bushwood Country Club with all those other billionaires?
At least they died happy.
Liberace is AWOL!
Photo gallery of massive, gaping, goatse CRATER in Baltimore:
This should warm Mr. Banker’s cold, withered, little heart
“But now that equity holdings in homes are surging again, cash-out refinancings are coming back into vogue.”
“This should warm Mr. Banker’s cold, withered, little heart.”
You’ve got me all wrong. I’m a wonderful, benevolent soul sent from heaven to earth to carry out God’s plan, to do God’s work.
Equity that is trapped in one’s house is equity that is enslaved by the house. It is only right and proper that this equity be freed up so as to be allowed to bring fulfillment to one’s dreams and aspirations, and only I can make this happen.
You should be eternally grateful that I have chosen to descend.
Part that Red Sea, Mr. Banker, and lead that equity out of Egypt.
Love your schtick. It wouldn’t be funny if it wasn’t so true.
I thought this was interesting.
Everybody wants to leave Illinois, and nobody wants to leave Texas.
Welcome to Obama’s America 2014.
Those who leave are like evangelists. They will evangelize their new places to $hithole they came from.
Why Texas Sucks, (Chapter ?)
Client of mine just got a new (to him) airplane. Decided to take it to a shop in the DFW area for paint, interior work, and to install a wifi system.
He went to Texas because they lowballed the bid, and said they could start right away.
(A cynic might ask why they have open maintenance slots, when every legit shop in the country has a 3-6 month lead time/waiting list, but that’s just me…..)
It’s been a giant Charlie-Foxtrot, for a number of reasons. Capped off by the call I got on Saturday. The employees didn’t get paid on Friday, so they all walked. With his airplane still partially disassembled, no log sign offs, and the guys needed to complete and/or sign off the work walking out the door.
He’s screwed in about 20 different ways. The lawyers are now involved, of course. Now they are asking him to pay in advance for work that hasn’t been done yet. Nobody is asking if the vendors who supplied the wifi stuff have been paid yet. Nobody knows if the flight controls were balanced after paint. Everybody who ever laid a wrench on the airplane, or sold a bag of screws to the shop, can file a mechanic’s lien on it.
I won’t do business with Texas businesses on general principle. Too many deals that I’ve personally observed have turned out like this. Their business mottos seem to be “Do/Bid what you have to do to get it in the door, and we’ll figure out a way to actually do the work when it gets here”, and/or “Overpromise, Underdeliver”
“Don’t mess with Texas.”
Texas, the Good Ol’ Boy State.
(A saying: “I wasn’t born here but I got here just as fast as I could”.)
“If you ain’t a Texan then you ain’t sh1t.”
These are some of the things I’ve heard Texans say over the years. And your client is from where? Some place other than Texas.
It’s a private club and your client isn’t a member.
This is from a very successful anti-pollution campaign.
Never ask a man where he’s from. If he’s from Texas he’ll tell you. If he’s not, you don’t want to embarrass him.
You can always tell a Texan, but you can’t tell them much.
“The employees didn’t get paid on Friday, so they all walked.”
Jebus, it’s just money; where’s the camaraderie?
Got called again by the pilot today……it’s getting better and better.
-Can’t test fly today, because someone killed the main batteries.
-The Feds/FAA are all over it. Now it’s a real Charlie-Foxtrot. At least the Feds are doing their job, and making sure these yahoos actually do the work (if they can) instead of pencil-whipping everything to get it out the door.
(Sung to the tune of “Ballad of the Green Berets”
Busted airplane on the ramp
My only tool, an inspection stamp…..
20 planes are due out today
But only one will depart okay……
IIRC, txchick57 had feelings for Texas, not all warm.
24% would like to leave Texas!? Why would anyone want to leave Heaven on Earth?
And 25% want to leave Colorado? But we have legal weed and skiing! Dude! What more could you want?
“What more could you want?”
An affordable house?
There’s plenty of cheap real estate in the Centennial State. What? You say that the cheap houses require clown car commuting? Last time I checked centric housing in Texas (especially in Austin) was even more expensive.
And they don’t have skiing or legalized weed. And they’re all fat too. And they talk funny.
This is unpossible, 2Brony said they’re all moving to Texas
“Led by growth in the San Francisco Bay Area, California’s population increased by nearly a full percentage point in 2013, adding 356,000 residents to bring the number of people in the nation’s most populous state to 38.3 million.”
Led by the growth of undocumented workers from south of the boarder is most likely cause.
The census says that almost every state gained population in the past year, even dying states like Michigan and Wisconsin.
Wisconsin isn’t dying. Maybe they’re just shedding their dead wood.
Last time I was in Silly Valley it was crawling with Asians armed with advanced college degrees.
As for Hispanics, Tejas is even more Mexican than California.
Hope and Change
Only two thirds of Obamacare enrollees have actually paid their premiums, because as Marc Boutin, executive vice president of the nonprofit National Health Council explains:
“You have to recognize it’s a new payment for many people, and it’s not uncommon for people to miss that first payment or be confused about when to pay it.”
Let’s bailout those that signed up for ObamaCare!
Because you know a good many people won’t be able to cough up $300-$600 monthly increase in premiums. And even if they do, they’ll discover their plan doesn’t chip in a dime until their $5000+ annual deductible is met.
Mr. Banker - where are you in all this ObamaCare mess? Can’t believe you and yours haven’t figured out a way for people to take out healthcare loans.
Why limit yourself to housing, cars and small business?
Can’t believe you and yours haven’t figured out a way for people to take out healthcare loans.
Those have been around for a long time. Next time you go to the Dr. look carefully at the pamphlet rack in the waiting room. You’ll find them there.
Great Koch commercial, lol
Oh noze! An oligarch is being teased! Someone call Dannyboy, the oligarch protector!
Funny. Reminds me of the Hitler youth movement or a Soviet propaganda commercial.
Sing along comrades and always remember, our rich guys are pure, their’s are evil and wicked.
Oh my Lord, this election season is going to be fun to watch.
Oh my Lord, this election season is going to be fun to watch
I’m soooo glad I cancelled my satellite TV.
Me too. Finally did it a month or so ago. My son is missing it a bit. But not $150/mo worth, which is what it had climbed up to over the years after starting at only $50/mo just 3.5 years ago.
150 a month?
Oh my lord, that’s alot of money!
For worthless TV it sure is.
Ours was $80, which I eventually concluded was better spent on steaks.
Thank you, Blackhawk. We can always rely on you to defend the oligarchs when Dannyboy’s off. You’re a faithful sidekick.
I can understand why you like your side’s propaganda but have you noticed, the oligarchs have gotten a lot richer the last 6 years? Your side and the Republicans have both assisted them.
I think we should throw them all out!!!
Carry on comrade.
Me defending the oligarchs? The last 6 years have been very good for them.
It’s funny that you think the Dems are so pure. Please open your eyes.
When do I defend the Dems, Blackheart? It sounds like you and I are in agreement. The Dems and Repubs are 2 sides of the same coin. Both are oligarch fluffers, as you say.
Indeed, let’s throw both parties out! And the oligarchs with them! The Koch bros can go live in Russia with their buddies. They’ll love Pootie-poot almost as much as Dannyboy does.
Danny? Uh, I mean, Blackie? Mr. Hawk? What happened? We were having a great discussion about how both parties were shills for the oligarchs, and how we should send the Koch Bros to Russia to enjoy Pootie-poot’s hospitality. But then you just turned it off, clocked out. I’ll catch up with you later, I guess.
I don’t want to get you in trouble with your boss.
Traveling. It’s hard to follow when I’m in a jet.
My Landlord yesterday stopped by with a new lease for a $200 increase in rent. I have been there over 3 years paying $2200/mo, always on time or early with a payment. I take care of the place. Whenever something breaks down, I usually pay for it myself or hire someone and take it out of the rent.
On the maintenance side, our front yard looks like the Munsters. All dirt. Our fence is falling down on one side. The garage door sucks. We needed a new screen door and my wife says he got the cheapest door you wouldn’t put on a tiny cabin that you have on the lake and there’s already problems with it.
He works for a 3 letter government agency which doesn’t allow him to return calls or respond quickly and sometimes not respond at all if he is out of town. One might say, “why don’t you move?”
The problem is that in this San Diego culdesac, I actually like it here. It’s a quiet street and has a nice view in a good location. I explained to him that a renter who pays on time and takes care of the place is like gold, worth a lot! He seemed to agree.
My wife is furious. She thinks we should get rent reduction for all the deferred maintenance not being done. His wife thinks we are paying too little.
Need advice please!!!
It’s a quiet street and has a nice view in a good location.
Is that it? To offer advice I’d need a lot more info. Kids, ages, proximity to work, how much of a hassle to move, how soon is lease up, other neighborhood availability, etc. He is doing what he is supposed to be doing, helping the market determine price, and helping you figure out if it is worth an extra 200 bucks a month not to have to deal with moving.
You had to have seen this coming right? Every renter with a cruddy landlord knows come lease time this can happen.
My youngest kid is 21 so schools are not an issue. Our friends are here in this hood. We have been on month to month for the last 26 months. I work from home so proximity is not an issue.
Moving to me is a real pain although I have done it over 10 times. Not just that, your mail gets screwed up.
Your landlord wants to increase your rent by $200 which means it will amount to a nine-or-so-percent increase. You lived there for over three years so that means your average rent increase for these three-plus years is about three percent per year.
Are you okay with that?
Or, maybe a more important question: Is your wife okay with that?
“My wife is furious. She thinks we should get rent reduction for all the deferred maintenance not being done. His wife thinks we are paying too little.”
Somehow I sense the issue boils down to what the wives think.
“Somehow I sense the issue boils down to what the wives think.”
Or, more accurately, the issue may boil down to what the issue is between the wives.
If it’s a money issue then that is one thing (and possibly easily solvable) but if it’s a women thing then …
It sure is what the wives think. It’s not only the money, it’s also that we don’t want to tied to another 1 year lease with a landlord who’s a really nice guy but cannot or will not do maintenance in a timely manner-almost no maintenance.
The other issue is that if we do move, we have to be tied to that place and landlord’s idiosyncrasies for at least a year.
A woman I have great respect for once told me (when she wasn’t telling me that all men are dogs) that all men are fools.
And what she meant by this, among other things, is there can be a lot of things going on between two women that men have not a clue about. Emotional-type of things, catty emotional-type of things.
You are a tenant hence you are subordinate to your landlord. You may not feel this way and your landlord may not feel this way but it is a strong possibility that your wives feel this way. And this, or something like this, just might be root cause of your problem.
“… a landlord who’s a really nice guy but cannot or will not do maintenance in a timely manner-almost no maintenance.”
This sounds like a problem that is fixable.
“A woman I have great respect for…”
Okay, upload a profile view.
“You are a tenant hence you are subordinate to your landlord”
18 months later and every day I am so glad not to be a renter anymore.
Yeah yeah I’m renting from the bank. But I can live with my 3.6% interest and $1600 month mortgage for the next 28 years. The bank only cares that they get my money every month, while a landlord cares about that AND whatever other thing they want to interfere with.
Average rent in San Francisco for a 1 bedroom is now 3K month.
+1 Yeah, intense and mean; that’s my type.
“Average rent in San Francisco for a 1 bedroom is now 3K month.”
Wrong. It’s barely $2k for a 1 bedroom.
“$1600 month mortgage for the next 28 years”
Still struggling with integrity I see. Get back on the calculator and do some honest math.
Start to line up a new place but don’t move unless you have to.
You are lucky you have an LL who still thinks that a tenant who pays on time is worth gold. For a commercial complex in a high demand area, good tenants are worth nothing. You have a high security deposit, which the LL invests and makes money on. Gone are the days when LL’s had to chase after dubious rent. Now they give you one notice, and then on Day 10 of being late, they hammer a court notice on your door, and evict your stuff soon after. I saw it happen. An apartment turnover company does a quick fix-up with standard materials, and a new tenant is installed within weeks. At most, the commercial LL loses a month’s rent.
This is what all of you renters face in the future if you don’t buy something now!
Seriously, why don’t you just move to a better place? Or maybe a better town. It’s only going to get worse. The owner’s expenses are going to be going up and who do you think is going to pay for that???
He really wants to stay is what I think. So stay and pay.
Yet the rent is still half the cost of buying.
What is the issue here?
“The owner’s expenses are going to be going up and who do you think is going to pay for that???”
According to Lawrence Yun, Chief Economist and Senior Vice President of Research at the NATIONAL ASSOCIATION OF REALTORS, people buy California homes for upwards of $5,000/month, and rent them for $2,500/month. But you’d better hurry because a buyer’s market like this won’t last forever!
Obviously you don’t buy if that’s reality. I’d move out of Cali ASAP.
“Obviously you don’t buy if that’s reality.”
Actually the reality is that California home buyers have been paying interest only, balloon payment loans with 10-yr grace periods, so they have been deluded into thinking that an $800k mortgage only costs $2500/month, and Lawrence Yun knows the taxpayers will, and have been, covering the principal portion. It’s a huge scam.
SD Renter, it may not be rational, but I’ve gone nuclear every time I’ve faced this proposition. The result: I am in a great situation.
So… what do you do if you’re in a great situation? That’s a tough one. If you can find something similar for cheaper or the same, I say move.
Or… try countering at $2,300/mo. and highlight the fact that you provide some maintenance that would normally be the job of the LL.
I’ve noticed at my work that some of the best leaders have to remind other leaders that they “actually do stuff” every now and then. It should be obvious, but sometimes people need reminders.
I don’t know if our prop mgr. does drive bys, but our house looks fantastic. We just did some springs flowers and whatnot.
Thanks Muggy and everyone for their feedback. I say this as I am listening to my negotiating tapes. I am ready to negotiate. The tapes say, no matter how far you appear to be, negotiate.
I don’t know how anyone keeps large homes clean without help. We have 1,350 sq. ft., and my kiddos are pretty good with cleaning up, and we still battle clutter.
A few things ad up quick:
- all of the little handouts, flyers, and sheets from school
- little trinkets they find or are given
Whoops, meant as a separate post.
I wonder how much of this is caused by the LL looking at the overblown SD market and thinking now is a good time to sell.
lol, like I said, this is all about two groups of whites who hate each other with a passion, and one group stirs up the black and brown people to use against the other group.
I can’t wait until the game called the US is over.
Yes like the use of the Scottish highlanders in braveheart. However,I still think there is hope if amnesty can be stopped.
Dan, I wish I could agree with you, but barring a miracle of some sort (which does happen on rare occasions) the only solution I see to the whole shakedown divide and conquer race racket is the breakup of the US.
Here’s why: you’re asking individuals and groups of people who benefit or think they benefit from being victims or posing as victims to give up the victim game. Individuals and groups never, ever give something up if they think, rightly or wrongly, that it aids their survival. Ever. There are entire organizations that make money because of the race hustle. It would be catastrophic for them if race ceased to exist as an issue.
I’ve used this analogy before, but that’s why doctors know they’ll never cure those patients they have that are on disability. The patient is being paid for his or her disability, no way they’re going to give it up. Doctors will “treat” the disabled, but they know the person’s back or allergies or lupus or whatever will never heal. (I’m not talking about paraplegics here).
Or to put it in the context of your profession, for a lawyer who gets paid hourly, what incentive is there to resolve a case, on either side, as long as there is more benefit from continuing to bill? Only when the money runs out, does the case end.
Lots of people make money from the race racket. The whole Donald Sterling thing is a great example. People think it’s all about race, and some certainly have made a tidy sum on it, like the media (and btw, there’s one group that doesn’t want the racket to end, they make way too much money on it).
But it’s going to get even better, because as I understand it, there’s an investor group that wants the Clippers and has for a while. Supposedly Magic Johnson fronts for the investor group and it’s interesting that V. Stiviano was posing with him in photos and hanging out with him just before this whole thing broke. Sterling is one nasty pieces of goods and I have no sympathy for him, but this whole thing is primarily among some powerful businessmen. And it would appear they used two of Sterling’s weaknesses to bring him down.
More to come.
Because the future belongs to Lucky Ducky
What those home health aides and cashiers need are $500,000 starter homes!
SEC chief to Congress: “The markets are not rigged.”
Pay no attention to what is going on behind this curtain.
Had a friend just get back from a conference in Flagstaff, and she said it was amazing and now she wants to move there.
Mortgage crisis settlement money is going to the wrong people
6 Hours Ago
It turns out you can get something for nothing. More than 25,000 homeowners will receive checks from a mortgage lender compensating them for hurt they never suffered, according to an article in the Washington Post.
EverBank Financial, a Florida-based bank, will be writing the checks—each for roughly $1,000—despite the fact that there are no errors in the foreclosure files of those receiving checks. Meanwhile, some of those who were actually left out in the cold by a mismanaged foreclosure process have received only $300.
Read More › NY state boosts aid for homeowners in distress
It results from what critics say was a haphazard and deeply flawed settlement agreement between the bank and regulators. Regulators urged banks to abandon the long and largely fruitless internal reviews meant to identify victims of mismanaged foreclosures. So, banks complied and have issued payouts to borrowers who were in any stage of foreclosure, even if they were not victims of the bank’s mismanagement.
To read the full story in the Washington Post, click here.
http://www.cnbc.com/id/101636879 - 88k -
Now most Americans agree with Ron Paul and want to stop the overseas meddling.
Yep, lucky duck has to provide the “reliable” car, fuel and insurance as well as “be available” morning, noon and night, weekends included.
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