New thread for random chat. Post articles, tell me what I missed out there, pontificate and have a good chat
December 18, 2006
BUBBLETALK: December thread #2 to talk about the epic housing ponzi scheme
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366 comments:
«Oldest ‹Older 201 – 366 of 366Hey Chaunch
welcome to the debate.
Start here for my primary source:
www.dieoff.org
after you have read all the articles posted on this site (as I have and many twice or three times.) Come back and talk to me.
Otherwise keep your drive by posts outta my face.
Got it ?
good.
So when do you think it will get to the point where people will say fuck you to the bankers and not pay a dime for anything they have.
Chauncy said...
Hal Turner is your source?
What is wrong with Hal Turner. Is he a liar? Seriously. Is he another Jerry Springer or more like Rush?
Is the article an opinion or fact,
I have never heard of the guy.
Otherwise keep your drive by posts outta my face
--------
tell him rich the guy is obviously a repub cheerleader and if you try and make an example of something he counter acts with party lines..IE 120k libral Demo/
Where is Buzz et all?
"So when do you think it will get to the point where people will say fuck you to the bankers and not pay a dime for anything they have."
I think this has already started at a national and individual level.
At a national level the prez is writing checks to build basis in Iraq and the greater middle east he knows damn well are gonna bounce to the moon. As one SMALL example.
At an individual level - folk are leaving keys on the kitchen table and walking.
Once people see that 80% (at a minimum) will die in the next 2 to 4 decades...paying bills means nothing...retirement plans evaporate...college loans....having another child...etc all go away.
I think Buzz got freaked by the McCain story.
Keefer will be the next to bug...you just know he's gonna fold at the first sign of a hand drill.
Keep my email handy. A clan of 30 will work just fine to weather this out.
Well, Richard.
At least we have a tribe of sorts, and front row seats here at Hp. Glad your plans are going so well. Are you going to have a wireless computer and the internet?
Chicago RE is in full hibernation. The Zips and conditions I'm looking for last month filled 8 pages on Realtor.com. Now only 2. Good night sweetpea. C U when the snow melts....
I was writing to you at the same time that you were writing the above post.
Too funny.
Anyway, Kieth is in the UK and un touchable and I think un afraid because of his high self image. tehe
I think buzz will return, but we will not know him by name.
I just went to 'our thread' and you have some traffic.
gtg to a xmas party. ltr
I'm not having anything both ways, you just don't understand what is currently happening in the housing market.
I understand that there is no panic selling and prices have barely dropped after 18 months of a supposed housing crash.
Many people who need to sell can't sell because they are underwater in their mortgages and can't afford to come up with the difference to close out the loan. Hence, they have to wait for the market to recover. Unfortunately, that can take many years. Many of these same people have adjustable rate mortgages and won't be able to make their monthly payments.
For the 4th time you are not making sense. How can they take months to sell while not making their payments? Do you not see the inconsistency in your thinking? You say they can't afford not to sell, then say they are waiting for months to sell. Obviously they can afford to make the payment while waiting. And an ARM ajdustment is not a recipe of disaster. Why do you assume it is? Do you have any data to suggest it is? Sure some ARMs are adsting up $200, $300 a month. You assume that no home owner can afford an extra $300 a month, which is actually $200 after taxes. For crying out loud man, $200 a month is not the end of the world, it's eating out less and not getting that $5 latte every morning on the way to work, it does not mean foreclosure.
Are homes going to fall to zero? No, they aren't and I don't expect a depression either. A recession? You bet.
We've been hearing this for 18 months. When will it be here already? I'm getting kind of tired of waiting to be quite honest.
chancy and kilobar, you are both wrong. It will be Weimar USA according to Richard Daugherty, Mogambo.
"U.S. Mint officials said Wednesday they were putting into place rules prohibiting the melting down of 1-cent and 5-cent coins. The rules also limit the number of coins that can be shipped out of the country." Click Here
Am I the only one that to note of this historic development? Oh well. I would shy away from American Gold and Silver coins from now on.
Sure some ARMs are adsting up $200, $300 a month. You assume that no home owner can afford an extra $300 a month, which is actually $200 after taxes. For crying out loud man, $200 a month is not the end of the world, it's eating out less and not getting that $5 latte every morning on the way to work, it does not mean foreclosure.
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If it's not so biggie, then why didn't they do the fixed right away? The answer is they couln't. Subprime, TOO GODAMN EXPENSIVE, whatever. So if they couldn't get the 30y then, now sure as hell aint going to be much better.
Your assumption is that home buyers took ARMs because they are fun, hip, or the new cool thing to do, and it really didn't matter one way or the other to applicant.
While that may rep a small percentage, most of us in the real world know that ARMs are taken for far different reasons.
The below article is a good example:
They're owning homes on borrowed time
With 'pay option' loans, borrowers sink into debt
While not the most scientific experiment I compared all the sales closed on 12/15/06 with 12/16/05 and 12/17/04 in Clark County. Las Vegas makes up about 95% of the population of the county. I used 12/15 , 12/16 and 12/17 so all 3 days would be Fridays. This comparison includes new and resale.
Does this look like a housing market that is crashing? Not to me it doesn't.
Number of Sales
2004: 103
2005: 127
2006: 86
Median Selling Price
2004: $270K
2005: $334K
2006: $331K
Average Selling Price
2004: $433K
2005: $360K
2006: $372K
source?
No my assumption is that if someone took a 3/1 in 2003 and has a payment of $1200, by 2006 his income has increased enough to cover a $200 a month extra payment.
OR
I assume that people realize that if they get a 4% ARM for 3 years and it adjusts to 6% afterwards, they will still come out ahead if they only plan on staying in the home for less than 7 years which is the average a home is owned for in the USA...nobody lives in the same home for 30 years
OR
I assume that not every single home owner who took out an ARM is a simpleton rube like this board assumes.
OR
I assume that even if all of the above are not true, $200 a month is not that big a deal to MOST (not all) people. I don't care if you own or rent. Remember when gas went to $3.20 and the end of the world was coming because people paid an extra $100 a month in gas and were going to eat cat food? Never happened, in fact driving inreased this summer compared to last. For MOST (not all) an extra $100 or $200 is not going out to dinner a couple of days. It is not buying the kids those $300 pair of running shoes. It is quite easily managed.
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Your assumption is that home buyers took ARMs because they are fun, hip, or the new cool thing to do, and it really didn't matter one way or the other to applicant.
Clark County Recorder's office.
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Anonymous said...
source?
Saturday, December 16, 2006 11:43:09 PM
Average Selling Price
2004: $433K <---------------
2005: $360K
2006: $372K
Did the bubble busrt then or is this a typo? Dumbass.
by 2006 his income has increased enough to cover a $200 a month extra payment.
----------
Thats a big IF.....
from the US census
Nevada still claims the highest divorce rate,
***** Your Clark County will see more foclosures
From 2000 to 2005, the number of manufacturing jobs declined nearly 18 percent. Virtually every job category registered decreases except pharmaceuticals. Employment in textile mills fell by 42 percent. The job projected to grow the fastest by 2014 is home health aide.
****** How can we afford these expensive houses if there are no jobs here? Are we going to export houses to China, also??? Sleep in a Walmart acrdboard box?
if they only plan on staying in the home for less than 7 years
---------------
There is that IF again......
FWM
1) wireless
2) shortwave
3) smoke signals
4) cave etchings
Are you for real? You don't know the difference between Median vs. Average? The reason for the high ***** AVERAGE ****** in '04 was due to a $5.4 mil and a $4.3 mil sale that skewed things way up.
You don't average in statistics for exactly for this reason; a couple of outliers can really mess with data. That is why when discussing selling price, you use *****MEDIAN******. Look at any discussion on selling prices and it is always *****MEDIAN******.
Get it now dumbass?
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Anonymous said...
Average Selling Price
2004: $433K <---------------
2005: $360K
2006: $372K
Did the bubble busrt then or is this a typo? Dumbass.
Chauncy = idiot!
Why this fascination with manufacturing or textile jobs? We are the most technologcially advanced country in the world, and you are worried about textile jobs here that require no skills and no education being done in China? Why? Is that what you aspire to, a $7 a hour sewing job? Is that what you wish for your kids?
I personally would like my kids to be an enginner, lawyer, architect...you know those awful service sector jobs.
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Anonymous said...
From 2000 to 2005, the number of manufacturing jobs declined nearly 18 percent. Virtually every job category registered decreases except pharmaceuticals. Employment in textile mills fell by 42 percent. The job projected to grow the fastest by 2014 is home health aide.
****** How can we afford these expensive houses if there are no jobs here? Are we going to export houses to China, also??? Sleep in a Walmart acrdboard box?
Excellent debating technique...not too surprising from someone who can't distinguish between median and mean. How's life in the 1 bedroom 450 sq ft apartment these days?
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Anonymous said...
Chauncy = idiot!
Sunday, December 17, 2006 2:09:39 AM
"How's life in the 1 bedroom 450 sq ft apartment these days?"
ummmm...what does square footage have to do with ANYTHING?
For Christ sakes!!! They are underwater and can't sell to cover their loans. If they can't afford their payments because of an ARM reset or a job loss, they can't get out and end up in foreclosure!!! How many times do I have to repeat this to you?
------------
Excuse my french ....fucking right!...this is what i was trying to say the other day when i was loosing it...if it is not affordable, and it most definitely is not going to work why offer it!!!
yes we all have choices..great! and i aplaued it...but why the toxic end of all ends what is the point ...misery..or profit??? Enlighten me please...non libral non democrat ...just a fucking human being trying to gain a little Logic of it all.
I have your source. Fujian and Guangdong are giant manufacturing centers in China.
iw
Exporters diversify away from U.S. dollar
Latest Updated by 2006-06-30 14:57:44
Domestic exporters are increasingly seeking to settle their trade in currencies other than the U.S. dollar to hedge against fluctuations in the yuan, the International Business Daily reported Thursday.
Citing a survey by the central bank, the paper said a growing number of businesses in key manufacturing provinces, including Fujian and Guangdong, were using non-dollar currencies to make settlements.
The paper cited a number of managers with exporting companies as saying that because they were used to using dollars and because of the smaller trading band for the dollar as compared with other currencies, they would continue to rely mainly on it, while experimenting with other currencies.
The paper cited Mei Xinyu, a researcher at the Commerce Ministry, as saying that exporters needed to start using more currencies other than the dollar to carry out pricing and payment, to cope with the uncertainties further yuan flexibility brought with it.
Mei suggested that companies expand their procurement of materials abroad, and even transfer some of their operations to other countries to minimize the impact of currency fluctuations.
Editor: Yan
http://www.newsgd.com/business/prospective/200606300052.htm
NEWSGD.COM
About us -- Newsgd.com
Newsgd.com is the premier online source of Guangdong news and information, fully displaying Guangdong through 10 channels including News, Business, Cities and Towns, Culture and Education and so on, and has gradually grown into an influential online source of Guangdong information for expats in and outside Guangdong.
Newsgd.com provides viewers with an online experience to browse up-to-the-date news as well as authoritative insight and opinion. For many Guangdong archive and information, we are the ONLY online provider.
At present, Newsgd.com plans to expand its offering to better its coverage on local news and information, especially Pearl River Delta, in an effort to boost the economic, cultural and social exchange between the region and the outside world.
I checked the US Embassy in China's web page and the news on the Fed Bank conference was vague. I am surprised they are not more forth coming. (NOT)
This Looks Pretty credible to me.
iw
The current GSP with China is set to expire in December 2006
The Generalized System of Preferences (GSP) extends duty-free treatment to many products imported from developing countries into the United States. GSP is an important way American companies keep costs down. Large corporations, as well as small businesses utilize the program. The current program is set to expire on December 31, 2006. A separate, more expansive program applies to imports from countries in Sub-Saharan Africa through 2015.
www.tradepartnership.com
China Concerns
Many members of Congress contend that China’s policy of pegging its currency (the yuan) to the U.S. dollar is a form of “currency manipulation” and that the current peg artificially lowers the price of Chinese exports to the U.S. and increases the price of U.S. exports to China. Those arguing for China to float its currency contend that doing so will increase the value of the yuan relative to the dollar and close the U.S. current account deficit with China. The Treasury Department has yet to accuse China of manipulation, and instead continues to express mere disappointment that trading in the yuan is "highly constricted" and that Treasury would "intensely scrutinize" its practices in future reports.
After a recent trip to China, Senators Charles Schumer (D-NY) and Lindsey Graham (R-SC) have subdued their threats to seek legislation that would impose tariffs of 27.5 percent on Chinese imports if the yuan was not allowed to float more freely. China had allowed the yuan to rise by 2 percent earlier in 2005, the first change in more than 10 years, primarily due to pressure from Congress, but it has not budged since. Another bill has been introduced by Senators Charles Grassley (R-IA) and Max Baucus (D-MT), the Chairman and Ranking Member of the Senate Finance Committee that would penalize China – though not to the extent of the Schumer-Graham bill – if it does not meet its WTO obligations. The value of China’s currency and the debate regarding what the U.S. should do in response remains a hot topic in 2006, with U.S. businesses concerned about China’s currency policy, but equally concerned about efforts to combat it with policies that would hurt U.S. importers.
Trade Deficit Concerns
As U.S. current account deficits (a broad accounting of the net difference between the goods and services the nation exports and imports annually) continue to grow, concerns over the level of foreign capital being used to finance the deficit has been increasing. Foreign investors hold approx. 45% of publicly traded U.S. Treasury securities. If countries such as China and Japan become uncomfortable with their large share of U.S. assets in their holdings and reduce their purchases of U.S. assets, interest rates could rise and the value of the dollar could drop further, which could have a profound negative effect on the U.S. economy, and lead to spirited debate in Congress.
Generalized System of Preferences
Despite the fact that Congress has nearly 8 months to renew the program, it is possible that Congress may intentionally allow it to lapse this time.
http://www.conect.org/whats_new.html
Some older "forshadowing" credible news.
I think that by the time this happens it will already be over before we know anything.
iw
washingtonpost.com
China Set To Reduce Exposure To Dollar
Move Would Probably Push Currency Down
By Peter S. Goodman
Washington Post Foreign Service
Tuesday, January 10, 2006; D01
The comments on SAFE's Web site reinforced earlier public warnings from Yu Yongding, an economist on the monetary policy committee of China's central bank, that the country's reserves are now vulnerable to a drop in the value of the dollar.
"The general trend for the U.S. dollar is continuously weakening," Yu said, speaking to reporters at a conference in Beijing last month. "Countries with huge foreign-exchange reserves will have their assets shrunken."
Last week, Hu Xiaolian, director of the foreign exchange administration, said China plans to "optimize the structure" of its reserves. Analysts took that to mean China would pursue a higher return than it can get from holding dollars by by diversifying its reserves.
Even if a Chinese shift away from the dollar weakened the currency, that would probably not soothe tensions with those in Washington calling for an increase in the value of the yuan to help U.S. manufacturers.
Unless China severs the link between the value of its currency and the dollar -- a move Beijing says could destabilize its economy -- then a weaker dollar would simply mean a weaker yuan as well, leaving in place the current debate over whether China's export earnings are being netted unfairly.
Sorry to be a thread hog. I am done.
1 billion cherys lined up at the border, going across the continental, for a weekly holiday, could drive up london real estate, what the hell do they need military for, what a mess, still rememder popular mechanics nuke powered auto, circa 1950!! think bernanke swung a peice of the action
keep pointing at taiwan, brilliant!!! maybe at those real estate prices?
just pay the tax on a 20 mill nyc townhouse, that will not sell at 3 times the tax, for 5 years
top end dont go troubled without kickbacks
drug money?
If you won't address actual numbers but instead inists of throwing out pet theories, fine. I will keep providing actual data.
I showed you that in Las Vegas if you take a snapshot of a day (I chose Friday) and compare it to the same day in 2004 and 2005, the ***MEDIAN*** selling price in 2006 is 99.1% of what it was in 2005, $331K vs $334K and still 125% of what it was in 2004 $331K vs. $270K Sales volume is down 32% but prices are essentially the same. This data includes all sales including
**** FORECLUSURE**** sales.
I believe that even with ARM adusjtments ****MOST**** people (NOT ALL) can handle an extra $200 a month. But even assuming as you do that everyone will have to foreclose the second the ARM adjusts, so far, 18 months into the housing downturn, there has been almost no impact on prices in the 2nd or 3rd most bubbleicious markets. If LV YOY prices are down 0.9%, how can you, with a straight face say a 40-50% crash is under way?
Sales volume is down 32% but prices are essentially the same. This data includes all sales including
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Sales data is your leading indicator. Like the guy before explained, you cannot panic sell RE like a stock. Things take time. First sales will stall out, for whatever reason: prices too high, everyone that bought did, clamping of lending practices, etc.
Following the sales drop people will start to get nervous and those who need to sell will compete with each other. People have been conditioned to believe that housing prices never goes down. Once buyers realize that houses have become a commodity, and that commodities can go down, things will change. Then you will see prices drop.
Ofcourse you will have some rubes out there that will buy at whatever price their realtor can sell them on. So the savies and the rubes will negate each other on the "average" price, but you are not selling an "average" house are you? No, you are selling YOUR house. Hey, if you are so rich, then don't accept ANY lowball offer next spring, ok? The guy down the block might not be so well off as you, and he will take it. Leaving you -1 sale.
You must have some $$$ property, otherwise you would not be so hostile. You are expecting an immediate correction to get the suspense over. You won't get what you want. This will be a slow and aggonizing death for you and your ilk. Immagine 400,000 needles being driven under your nails one at a time.
I saw a chart on housing prices here before going back to the 30s. The 2 bubble blips in the 70s & 80s peaked and went right back down to were they started. It took just as long to go up as it did to go down.
Foreclosures spiked in August
Rising payments on adjustable-rate mortgages contribute to 53% jump in foreclosures.
By Les Christie, CNNMoney.com staff writer
September 15 2006: 8:17 AM EDT
NEW YORK (CNNMoney.com) -- With real estate markets slowing and mortgage rates well above levels of recent years, times are getting tougher for homeowners - the number of homes entering into some stage of foreclosure is surging, according to a survey released Wednesday.
In August, 115,292 properties entered into foreclosure, according to RealtyTrac, an online marketplace for foreclosure sales. That was 24 percent above the level in July and 53 percent higher than a year earlier.
...
Nevada market recorded a spike of 24 percent compared with July and a whopping 255 percent increase from August 2005.
DENY DENY DENY DENY DENY DENY DENY
I believe that even with ARM adusjtments ****MOST**** people (NOT ALL) can handle an extra $200 a month.
AS WE CAN SEE, WHAT THIS GUY WANTS TO BELIEVE AND WHAT IS REALITY ARE 2 DIFFERENT THINGS.
again, none of it matters if we have weimar usa.
I thought we weren't suppoed to believe anything the MSM says. Oh wait unless the MSM tells you what you want to hear.
http://tinyurl.com/yyf8ya
Keith, your site appears to have been dropped by the MSN search engine. Normally it's the first thing that comes up when I enter the search term "housing panic." Now, it doesn't come up at all, or least not on the first three pages of potential matches I've looked at. It still comes up on Google.
I have posted several times that I owned 3 homes in LV. Sold 2 of the 3 last summer since. I still own the home I live in which I have no plan to sell. I have a mortgage payment of $1200 on a 3000 sq ft home with a pool in a guard gated community in one of the best zip codes in town. If i were to rent it, $2500 would be a steal. Yeah, 400,000 needles indeed, I'm on the brink of suicide life is so awful.
I am not being hostile. I am trying to point out that you people are hysterical and your apocalyptic scenarios simply are not happening.
I show you data and you respond by calling me an idiot in denial, yet I'm the hostile one. OK.
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You must have some $$$ property, otherwise you would not be so hostile. You are expecting an immediate correction to get the suspense over. You won't get what you want. This will be a slow and aggonizing death for you and your ilk. Immagine 400,000 needles being driven under your nails one at a time.
Very interesting in the context of the goings on. And do not forget that China has leased the right to drill for oil 25 miles off of Key West from Cuba. (source Orlando Sentinel) Florida law limits oil drilling to 250 miles off of our pristine shores.
iw
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China, at energy summit, urges oil consumers to unite
By Emma Graham-Harrison Sat Dec 16, 11:33 AM ET
BEIJING (Reuters) - China, hosting its first major energy summit on Saturday, urged top oil consumers to join together in the face of resurgent producer power and sought to paper over differences on how best to achieve energy security.
The call to action may reflect a growing desire by China to engage with other key energy users, some of whom have criticized its secretive approach, price controls and a strategy favoring Chinese ownership of resources over spot buying of oil.
Beijing's caps on fuel costs and its rush to buy up oil and gas fields worldwide have been top of the agenda in previous bilateral meetings between the two countries.
U.S. Energy Secretary Sam Bodman,
"I believe our mutual long-term economic goals will be best served by relying on global markets to set prices" It seems as though there is a growing trend to equate energy security with ownership of energy reserves, rather than broad access to reserves," he said, according to a copy of his remarks.
"Even under the best circumstances, in my view, only a fraction of any nation's projected needs can be met through direct ownership of reserves," he added.
full yahoo news story;
http://tinyurl.com/yh5lg8
Sunday, December 17, 2006 9:45:59 PM
Annonymous I assume you are Keith's arch enemy by your links, but I did bite and read. I liked the part on Trolls, "We speak of trolls casually, but the Norse idea of the troll is a much more serious thing. A troll seeks chaos, another fine word ruined by overuse. I wrote once that a troll is “a spark of hell’s fire seeking ready tinder on the earth.”
Many use it here toward those who try and see a balance or the good in everything and everyone.
Others call trolls devils, and I guess we can associate both with evil and we can associate evil with those who hate, those who wish harm on others. The word "agape", divine love, is expressed as "to wish only the highest good" toward another, the fulfillment of the commandment to "Love your neighbor as thyself."
For those who only wish a house collapses to punish or inflict pain on their fellow citizens is a sign of one's lack of love and compasion and the Apostle John said, "If a man says he loves God but hates his neighbor the truth isn't in him."
Just in case you did not think the source credible. I wonder where that one trillion may go?
iw
Shouldn't We Drill U.S. Oil Before China Does?
Wednesday, April 26, 2006
By John Gibson
This is how stupid our oil situation is getting.
China is going to be pumping oil out of the Gulf of Mexico — at the same time the United States cannot.
What? How's that again?
Here's how it works, information courtesy Sen. Larry Craig of Idaho who made a speech on the House floor about this Wednesday.
China is bidding on, and will win, rights to explore oil leases in the Gulf of Mexico, which are offered for development by Cuba.
By the way, Mexico just hit a huge offshore oil find in the Gulf of Mexico and expects to be frolicking in oil cash as a result.
The United States will not be participating in these hot, new finds because offshore of Florida is off limits to oil exploration.
Why is that?
Because enviros have managed to put such a stranglehold on Florida that even Gov. Jeb Bush is calling his brother, President George Bush, to say, "Just say no to oil off Florida."
So, the end result? We're paying through the nose for gas. Oil hit through the roof. Cuba is exploiting the situation. China is cashing in. Mexico is singing, "Happy days are here again." And the U.S. will be buying oil from those guys while forsaking its own untapped Florida oil fields.
http://tinyurl.com/yauuef
Sunday, December 17, 2006 9:58:54 PM
I see you all hve been dazzled by the headline 255% increase in foreclosures. Whoa!!!! 255% that's huge!!! Right? Uhmm maybe, maybe not. This is classic MSM sensational manipulation of numbers. It is done all the time to scare people with regards to health risks.
Suppose I told you you've got a 1 in 100,000 chance of getting disease xyz. Then a study comes out that says if you drink coffee your chance goes to 5 in 100,000. The next day the media headline is "COFFEE INCREASES RISK OF DISEASE XYZ BY 500%!". Well sure that is a true statement technically, but in reality your chances went from an incredibly small number to an incredibly small number. Are you going to stop drinking coffee because of it? I wouldn't.
Here is a snip from a story in the Las Vegas Sun dated 10/16/06:
Nevada recorded 1,919 foreclosures in September, according to the latest available statistics from RealtyTrac.com, a real estate research firm. That's a 237 percent increase over the number of foreclosures recorded in August 2005, and a rate of one new foreclosure filing for every 452 households. The state's foreclosure rate is the second highest in the country, ranking behind Colorado.
WHOA!!! 237% increase!!! 2ND highest in the country!!! HOLY SHIT!! Well what's the context of that increase? Just like your odds of dying from xyz because you drink coffee went up by 500%, it doesn't mean all that much.
Foreclosures went from from 845 to 1919. The article does not mention how many homes were built between 2005 and 2006, just the increase in foreclosures...another MSM technique of data manipulation. But let's assume for the sake of argument there were no new homes built at all. Using the 1 in 452 ratio it means there are 867,388 homes in Nevada. Foreclosures went from 845 to 1919. The foreclosure rate went from 0.097% to 0.221%. Or another way of putting is last year 99.903% of people DIDN'T FORECLOSE. This year 99.779% DIDN'T FORECLOSE. Doesn't quite has the same punch does it?
And what's this now? Some states are showing a ***** DECLINE ***** in foreclosures from Q3 '05 to Q3 '06? That can't be in a crashing market can it? Connecticut, DC, Hawaii, Kansas, South Carolina, Vermont, Oregon, Washington, Wyoming, New York and New Mexico can't all be showing fewer foreclosures can they? That's impossible when the housing market is crashing, this must just be more REIC data that is to be ignored.
http://www.realtytrac.com/news/press/pressRelease.asp?PressReleaseID=99
Anonymous said...
Keith, your site appears to have been dropped by the MSN search engine.
On a friends PC. Searched for this great site on Yahoo. #1 to come up.
WHOA!!! 237% increase!!! 2ND highest in the country!!! HOLY SHIT!!
Whether you BELIEVE it or not, that is a big number. If my boss told me that my salary would increase by 237%, I'd consider it big even if you did not, regardless of where it started at.
I have a mortgage payment of $1200 on a 3000 sq ft home with a pool in a guard gated community in one of the best zip codes in town.
If you are so well off, than why are you here? Go away. watch your 80 inch plasma in your mega theatre room with a built in hot tub with the Dallas Cowgirls or whatever is your fantasy and enjoy it.
You still seem WAY to aggitated over this "theory" of declining housing prices to possible affect YOU.
Opps...read the wrong column, the states I mentioed showed a Q2 '06 to Q3 '06 decline.
Q3 '05 to Q3 '05 declines were in:
Alaska, Arkansas, DC, Hawaii, Mississippi, Maryland, Montana, New Hampshire, New Mexico, South Carolina, Tennesee, Vermont and W. Virgina
Q3 to Q3?
Chauncy, do some more data mining for us. It's fun watching you produce one arbitrary statistic in a vain attempt to prove your point.
Chauncy said...
I thought we weren't suppoed to believe anything the MSM says. Oh wait unless the MSM tells you what you want to hear.
Sunday, December 17, 2006 8:55:35 PM
I'm sure you were quite happy when they were BUY BUY BUY on LV.
I am not well off. I got lucky and bought a home very cheaply with a very low mortgage rate. That home is worth a ton now. Just plain dumb luck of being at the right place and at the right time and buying in the right community.
I am not aggitated as I have said before. I am merely presenting facts and figures. You are the ones who are calling me names and getting excited. I just like a good debate, that's all.
There is no theory I am proving. It is hard numbers that show there is barely - less than 1% - any decline in prices. Why are you so hard pressed to ignore numbers? There are not manipulated in any way, just raw data showing prices are not falling.
Oh an FWIW, I grew up in Texas but always hated the cowboys. I have a 43" LCD, 80" is too big. I have no media room, I think those are as ridiculous as the notion of a 40% housing crash. And it's only about 40 degrees and way too cold to be outside...hence why I am entertaining myself reading your brilliant analysis of the housing market.
===================================
If you are so well off, than why are you here? Go away. watch your 80 inch plasma in your mega theatre room with a built in hot tub with the Dallas Cowgirls or whatever is your fantasy and enjoy it.
You still seem WAY to aggitated over this "theory" of declining housing prices to possible affect YOU.
Q3 '05 to Q3 '06 smart ass. You knew that of course but it's easier to make a snide comment than rebut what the numbers say.
Chauncy said...
Clark County Recorder's office.
----------------------------
Anonymous said...
source?
Saturday, December 16, 2006 11:43:09 PM
Saturday, December 16, 2006 11:48:05 PM
Ya, cause county govt's NEVER lie. Esp if they are hyping their come here and give us your tax money stats. I would not trust my County G to wipe their own ass!
1 arbitrary statistic? Right. You write some nonesense about the Chinese secretly dumping a trillion dollars that you heard on some loon's radio show....that is gospel. I point out that 10+ states are showing a decline in foreclosures and that's an arbitrary stat. OK
WOW, now the recorder's office is lying too now? Oh I see. Hal Turner tells the truth but county recorders lie. So the NAR is lying, county recorders are lying, ben Bernake is lying...everyone is lying except hal Turner.
I am hurting from laughing so hard. Please keep it coming, this is better than watching Comedy Central
Chauncy, I love your posts. Nice to see rational debate with facts presented without a conspiracy theory.
The market is all over the place and I think another year will shed light on where we are headed. Here in Austin I see boom and bust similtaneously. One house going for $300 a sq ft sold in a day another for less than $100 a sq ft (just as nice or nicer) and sits on the market for six months with price reduction after price reduction.
I'm starting to see some bargains in Phoenix but not what I expected at this stage and people are still moving there! We actually may return if our trip out shows us that it would be financially beneficial. My wife's old boss wants here back and will restore her senority and benefits to the level of what they were when she left and she is attracted to being near her friends again and having her five weeks vacation back instantly!
I don't really care what others think about Phoenix, it has its nice attributes and neighborhoods, just like any city including El Paso. I guess having lived in Asia, Europe, Canada, and across the USA I have learned that we create our own mini-universes where we live no matter how large or small the place may be and I really like Central Phoenix and the Biltmore Corridor. Could care less about the rest of the valley.
Here in Austin yesterday an article on London and how prime properties are fetching $8,000 a sq ft! Imagine, I'd say even NY city is probably on $2400 a sq ft tops and most places in California that are top of the market may run $1000 a sq ft and a lot of people say that is bubblicious and then worry about luxery places in Phoenix going for $300 a sq ft? Or here in Austin for $120 a sq ft?
And if our dollar is off 30% in value it makes our goods even cheaper to other countries. Makes China's good cheaper too, for Europe and Japan so we continue to help them not only dominate our market but soon Europe's.
300,000 Pound sterling would buy some pretty large and top of the line homes in good areas of the USA compared to the studio they might get in London.
I like our posts Chauncy because you always give facts to chew on. Thanks.
foxwood,
Yeah likewise, nice to see you too can have some perspective and not knee jerk "end of the world" reactions because an article that profiles a foreclosure victim.
I like Phoenix and any city where it's 70 degrees in January. What a lot of conspiracy theorists refuse to see is just like LV, Phoenix is attracting tons of retirees. The 2004 hurricane season scared a lot of oldies from Florida. Nevada has no income tax. AZ's is very low. Golf courses as far as the eye can see. No rain, no snow, no cold. Both are airport hubs for US Air and Southwest with cheap direct flights everyhwere in the country. Hmmm ya thik that kind of environment would appeal to reitrees? How about retirees who can sell their Long Island home for $900,000 that they bought in 1982 for $175,000? You think it may appeal to them to buy a $450,000 home in Phoenix or LV and put $450,000 in the bank? Nahhh, that's just conspiracy REIC talk.
And you are 100% correct regarding price per sq ft. The US is a freaking bargain compared to the rest of the world. I get the feeling that a lot of posters here have never been outside the country. If they had they'd know that the average US 4 bedroom /3 bath home with 2 or 3 car garage and a backyard unheard of outside of N. America except for the very rich.
Where in Austin are you? I grew up around there in Round Rock and Lakeline. My parents live in Lakeline still.
I live on the border of Bee Caves and Austin off Hwy 71. I guess technically the area is still Oak Hill. I live in a small, new community. They've been building for five years (about 300 homes I think), on a ridge with views NW toward Hwy 71 and SW Parkway. The homes range between $300-1,000,000. Not sure why someone would pay the upper end, but there are six homes in that range, the rest are more in the mid-300-mid 400 range and average about 3200 sq ft.
Really like the area, not congested, in between 71 and 290 (can exit either way from the neighborhood) so close to Lakeway (9 miles) and the new Galleria, Lake Travis, about 10 miles to Bergstrom AP, about 9 miles to Downtown, good access to San Antonio (headed out toward 290 toward Blanco) or Wimberley or Fredericksburg, easy access to Bastrop and east, close to nice shopping in Circle C (botiques and resturants and supermarkets) prefer that over the older shops at the Y (intersection of 71/2900).
There is a house in the neighborhood build three years ago I think, out of Austin Limestone, 4680 sqft overlooking a greenbelt area, a five acre parcel owned by a rancher behind the house, wood floors in three rooms, tile floors, two decks (one on the second floor and one off the kitchen), lot I think is like 120X300, and it has been for sale for five months and they've lowered it to $449,000. I'm sure they bought it new for maybe 4380,000 as it is basic, surprised it had formica counters in the kitchen, but they did a nice job and put their upgrades where they were most visible (like rod iron staircase and rosewood floors tile floors, tile backsplashes etc) so the counters are an easy fit.
Compared to a stucco home in Phoenix this house is pretty nice, not all the upgrades I am use to, though my upgrades are less visible to most buyers but I've always prefered quality to quantity, still, at $95 a sq ft for a house you really have nothing to do to, landscaped, decks, pretty nice floor plan, and solid rock on four sides, isn't a bad buy compared to most markets these days.
It never ceases to amaze me that the quality of homes here for $400,000 I can't seem to find even in the discounted markets (like Sacramento where prices have droped 15%) or even in Phoenix for less than 2 1/2 to 3 times the price and I think $400,000 is a lot for a house.
Still, inflation numbs the mind. I always marveled that Californians seemed numb to paying $400,000 for a 2/1 shack as if that were normal. But then price inflation does that and distorts the real cost or value. Gas at $2 may sound expensive compared to the turn of the century when you paid $0.16 but adjusted for inflation isn't out of line. Same with houses. I just remind myself that my parent's paid $170 a sq ft in 1962 in Los Gatos California for a starter home, 1000 sq ft, very basic house, it just sounds cheap today when they paid $17 a sq ft but the house was a lot to them and took 1/3 of their income and they had to borrow the $500 down payment from an Aunt.
So it is with that I get annoyed with some people here who don't understand that certain things do cost less today (like TVs) due to technology advances or production in China) and other costs are still in historical ranges.
I just wish people would show statistics in a meaningful light (as you do showing a 500% increase means nothing if it is going from 1 to 5 out of 100). I can see that my parent's house is overvalued because it is $800 a sq ft instead of $170 a sq ft but that also doesn't help completely due to the fact that prop 13 limits land developement in California and regulations increases cost as well as most people are not buying the basic starter my parent's bought so maybe in Los Gatos $280 a sq ft might be more realistic today.
Other areas are less expensive today. I'd say a house in San Angelo for $65,000 maybe be worth less than fifty years ago. Hard to believe that homes in San Angelo that area selling for as low as $19 a sq ft with the average older home going for about $50 a sq ft wouldn't sound very cheap, inflation adjusted, if it were selling for $5 a sq ft in 1962 and my parent's were paying $17.
I just like perspective,not hype, not deception (because we know people can distort statistics to their ends...I know, I worked in a hospital where we could play with numbers from a management position to come up with the numbers we wanted to make us look good).
So I always appreciate our voice of reason. Keep it up.
Chauncy, do some more data mining for us. It's fun watching you produce one arbitrary statistic in a vain attempt to prove your point.
--------
Right Chauncy the 120k a year man who love's Ajustable rate mortgages and is the cheerleader of the MBS!
The only thing he has produced is a pathetic attempt to sway the truth.
decline in foreclosures and that's an arbitrary stat,
------
One month of refi's to help the pre-forclosed does not mean that life for them will be any easier in 2 years...it is a ticking time bomb and you no it.
Any stat is arbitrary on its own. I have posted several stats which when taken together show no apocalypse. You refuse to adress any of these numbers. Instead you call me names. If you have counter stats, please post. If you have a different interpretation, please post. But is "chauncy smells like dookie" really the best you can do to refute my argument?
1. Median home prices in las vegas have declined 0.9% from 12/05 to 12/06. This does not indicate a crash.
2. Median home prices are still 25% higher in 12/06 than in 12/04. Gains from the '02-'04 run up are holding.
3. The foreclosure rate has gone up from .097% to .221% from '05 to '06 in Nevada. That means that last year 99.903% did not foreclose. This also means 99.979% did not foreclose this year. When 99.979% of homes are not foreclosing, the market is not crashing nor is it about to.
4. 14 states had declines in foreclosure rates between Q2 '06 and Q3 '06. In a crashing market this is not the case.
5. 12 states had declines in foreclosures between Q3'05 and Q3 '06. In a crashing market this is not the case.
6. Applications for NEW (not refi) mortgages has been steadily increasing. This does not happen in a crashing market.
7. Applications for refis is at the highest level since 10/05. If people are refinancing, they are not a) desperate to sell at any price as HP assumes and b) not about to foreclose.
8. Mortgage rates for a fixed 30 year is below 6% again. On its own this doesn't mean much but it is obviously having an effect on refis and new mortgage applications.
As for my income, I really don't see how it is relevant either way.
I don't "love" ARMs but I think they are useful in some circumstances, especially for those who have no intention of living in their home for more than a few years.
I am a cheerleader for nobody. I am quite neutral in this debate. I bought and sold 2 investment homes and did very well. I bought in early 2002 when everyone thought Las Vegas was finished immediately 9/11. I sold in mid '05 when everyone was sure 20% appreciation was a sure thing for the next 10 years. I didn't follow the herd then and I'm not about to start following the herd now. You people call yourselves contrarians, but you're kidding yourselves. The CW today says housing crash, housing crash. You guys are the NAR from 18 months ago and you don't even realize it.
I own a home but even if the value dropped 50% tomorrow I'd walk away with a healthy profit on it. If anything I should hope for a crash since it would validate me selling when I did. If the market goes back up I'll feel pretty stupid for selling when I did. However I am being objective in this debate and not letting personal emotions cloud my judgement.
This is a lot more I can say for all of you renters hoping and praying for a crash. This will validate you and make you look like a financial genius after all. No more hearing from your idiot brother in law who made $270K on his home while you are renting the same apartment you were renting 5 years ago. No sir, it's payback time!! You'll show him and everyone else who was right all along, huh? Kinda like a revenge of the nerds thing in the housing market.
While you wait for the crash (it's been 18 months already and nothing so far) you justify your actions by convincing yourselves that paying $850 a month in rent is a good move. Ha! Your bro-in-law pay $1500 for his "overpriced" home....sucker!!
And when someone like me points out that maybe you may be wrong, what do you do? You call me names and say I smell like dookie. Kinda patehtic really.
While you wait for the crash (it's been 18 months already and nothing so far) you justify your actions by convincing yourselves that paying $850 a month in rent is a good move. Ha! Your bro-in-law pay $1500 for his "overpriced" home....sucker!!******
You just validated our argument for us. $850.00 vs $1500.00. The $650.00 difference can be invested in something that will yield much more over the long term than a house will. But this is still not a real comparison, because you forgot to add maintenance, taxes and depreciation to the brother in law’s monthly expense. Yes, you heard me right, because right now most homes on the market will lose value. The market will stay flat for some time to come.
Uhm you forgot the $270K that the brother in law made already in my example. If the market is flat as you say, that $270K is locked in.
Personally I'd rather have made $270K profit (all tax free if married or $250K tax free if single) and "lose" $650 a month by owning vs. renting for a few years, wouldn't you?
And of course that $650 is really $400 after the tax deduction and it's really $100 or even $0 after taking into account the principle paid back every month on the mortgage.
But even taking that out of the equation, say you earn 8% a year on your $650, which is 5% after taxes. And let's also assume that incredibly your rent will stay the same for the next 5 years while the market stays as you say "flat". Your investment will be worth $44,200. OK you say the market will stay flat for 10 years. OK after 10 years - again assuming that incredibly your rent does not increase during those 10 years - your investment is worth $100,700.
Assuming that incredibly your rent never goes up, it will take you 34 years to break even by renting. And all the while you are renting an apartment while the bro-in-law lives in a house.
http://www.rense.com
/general74/report.htm
Some info on Hal Turner the source of all this "news" about China.
http://www.youtube.com/
watch?v=GdybTQetNO4
http://www.ratbags.com/rsoles/
comment/halturner.htm
http://www.adl.org/
main_Extremism/turner_051117.htm
http://www.geocities.com/
theturnerdiaries/who.html
Bill Gates, World's Richest Man, Bets Against Dollar
Jan. 29 (Bloomberg) -- Bill Gates, the world's richest person with a net worth of $46.6 billion, is betting against the U.S. dollar.
``I'm short the dollar,'' Gates, chairman of Microsoft Corp., told Charlie Rose in an interview at the World Economic Forum in Davos, Switzerland. ``The ol' dollar, it's gonna go down.''
found on goldprice . org
Making more silly assumptions?
Silly assumptions like I am a realtor, I am a mortgage broker, I smell like dookie because I don't agree with you...silly like that?.
It's just that many of us work in finance and understand that this market is overpriced, fueled by rediculously easy credit, and mortgage derivatives.
I have a BSc with a double major in economics and finance as well as an MBA in Mgmt Strategy concentration, both from top tier schools. I don't work in finance but I think I can understand what's happening as well an anyone else.
Now I know I will be called a liar and accused of only having a GED but oh well, that is the nature of a blog I guess.
This shake-out in the market is only beginning.
No it isn't. The peak was reached in '05.
It has alarmed most economists and nobody knows what the end result will be from this correction.
Of course nobody knows. Nobody knew when the bull would end either. What does this prove? As for alarming economists, please! When't the last time you heard an economist get anything right?
I don't think I've heard one analyst/economist (except from the NAR) say that this market isn't correcting.
You haven't heard me say that either. I have said numerous times I see a 5% national drop with a 5-10% drop in areas like Miami, Las Vegas, San Diego and Phoenix. But not the 40-50% drops I read about here. A 5-10% drop after 100% rise will not hurt the vast, vast majority of home owners. As I have also said at least 20 times, only those who bought in 2005 are at risk...IF and this is key IF they need to sell now. That is a very small % of home owners. But reading this blog you'd think every homeowner is on the verge of bankruptcy due to losing their shirt on their house.
People on this site are making predictions as to how severe it will be.
Yes the predictions range from doom and gloom to merely doom
One thing that is almost certain is that the correction will take a good amount of time. They always had in the past. But you can't deny that it isn't happening.
Why is it almost certain? The last correction in the early 90s lasted 2 years nationally with some pockets that took longer. As a trained expert in finance you should know that nothing is certain, ever.
I own and many of us own.
Why? If you are all so sure that the market will correct significantly, why do you own? If you owned gold and were sure a 15% correction was coming, would you own gold? None of you on this board should own a home. If you do own you are either not so convinced in your predictions or your're lettinga golden opportunity slip away.
Oh well I've spent too much time here today, it's been fun though. I enjoy a good debate, just wish some of you anons would stick to debating the issue and keep the 4th grade insults out of it.
California nails dubious distinction: No. 1 in subprime home loans
The number of higher-cost loans in the state more than doubled, to 573,492, while the total amount of dollars lent tripled from 2004 to 2005.
Some smaller subprime lenders are folding, including OwnIt Mortgage Solutions, the 12th-largest high-cost lender in California, while several big subprime lenders are selling out to even bigger Wall Street investment banks.
http://milwaukee.
bizjournals.com/losangeles/
stories/2006/12/11/daily35.
html
Charlotte-based BofA is an investor in CIVC Partners, a Chicago-based investment firm that has stakes in many companies, including Ownit, according to published reports.
Ownit ran out of cash needed to repurchase loans it had sold in the secondary market because the original borrowers had defaulted, sources in the mortgage industry told Dow Jones Newswires. Investment and commercial banks often buy mortgages from originators and securitize them, BUT THEY HAVE THE RIGHT TO MAKE THE ORIGINAL LENDER REPURCHASE LOANS THAT GO BAD.
BofA executives, including Chief Executive Ken Lewis in a meeting with investors in New York on Wednesday, have repeatedly said the bank isn't involved in subprime lending. But BofA had a small exposure through its connection with CIVC Partners.
A BofA spokesman was unavailable for comment.
http://phoenix.bizjournals
.com/charlotte/stories/
2006/12/11/daily25.html
Tough Subprime Outlook
Poor loan performance, payment shock among adjustable rate mortgage borrowers and a growing weakness in the West Coast job market are fueling what could turn out to be a potentially rough 2007 for subprime lenders, according to a mortgage industry analyst.
http://www.mortgagedaily.
com/Subprime.asp?spcode=pr
None of you on this board should own a home.
===========
u are an elitist and i agreed w/u till u said this
I own here in Mass, and i can see it first hand we have already seen a 20% haircut in prices this year...07 will be interesting to say the least, for all the IO-ARM resets...kind of hard to Refi something that has lost 20% of it's value..but then again Appraisal fraud is still the norm.
I wish someone could explain to me how a family of 4 vietnamese, just moved into this country (USA) speaks little if no english at all, drives a brand new Lexus SUV and plop's $225,000 in cash on the house next door to me. I run into him the other day, and i say "no work today"? his reply.."oh no I dont work" (in broken english) "Oh i say the wife works?. "No she is in school to become a citizen".
Ok umm well sure my dad fought in vietnam, and he is still waiting for his share of $225,000 in cash...care to elaborate, cause I sure in hell cant figure it out.
The Realtor whore did mention one time that he owned a video store in vietnam but this is suspect at best..How do you run a video bussiness thousands of miles away ...free goverment hand out..WTF!
organized crime?
Yes, free government handouts, but only to non-white savages. Our treasonous government imports THOUSANDS of hmong gooks a year, a few years back, one of these little savages mass-murdered four of five deer hunters in the woods somewhere here in the U.S. Why does our treasonous government insist on importing murderous savages like this?
Anyone catch The Simpsons last night? I know the last few minutes would have been appreciated by the crowd here....if you missed it, The Simpsons went to Scotssdale and ended up buying an overpriced home
Is it illegal in any way to buy a home with cash? Shouldn't this guy be praised by y'all? You rant all day about people buying more than they can afford using ARMs and how they will all foreclose tomorrow.
Well here comes a guy, pays in cash, no overextending, no risk of foreclosure and you bash him too. For crying out loud people, can ANYONE do ANYTHING right in your books?
Kilobar,
You do know that about a year ago BW was saying the exact opposite right? And isn't BW part of the MSM that should never be trustd since they are all in the pocket of the NAR? Wasn't this the same MSM that fueled the fire? But now they are to be taken seriously? Hmmm. OK if BW is the new bible this is what they said 6 weeks ago.
While national downturns in home prices are rare, we have plenty of experience with busts in local markets. Remember, many regions that have been strong in recent years, such as New York, Boston, and Los Angeles, were mired in slumps in the early or mid-1990s. People who bailed out of them at the bottom are still kicking themselves or blaming their ill-informed spouses.
Chauncy is a troll
I am a troll, a realtor, a mortgage broker, an idiot...all cuz I disagree with your paraoid view of the world.....ok so be it
A typical house in SF costs about $800,000. In Arizona the same cardboard box will cost about $300,000. I will personally not pay more than $150,000 for that same box today, where ever it might be - California, Arizona, the moon for that matter I dont care. The rule to buying a house is that one should be able to fully own the house singly with ones salary in about 1.5 years, or jointly with spouse in about 1 year with the 1 years salary. This is becuase the value of an average home should be priced based on prevailing salaries..period. Otherwise it is fraud. If one cannot out right own his/her own house with ones given salary within a 2 year max. then things will certainly get out of control and spiral downwards towards foreclosure, triggered by personal loss (of job etc) or externally by the economy (inflation etc). Based on the above rule, home prices in the US are totally fraudulant and I would personally rather live in a tent in the Sierra Nevada or tent in the open Sonoran desert than by a cardboard box in the USA that they lovably like to call your HOME!
Home >> Opinion
UPDATED: 15:01,
December 15, 2006
Dollar will continue to depreciate
Ge Huayong said that from a micro-economic point of view, the main reason for the depreciation of the dollar was market speculation on forex reserves. It was anticipated that some countries with large foreign exchange reserves in US dollars would be looking to reduce their US dollar reserves. The European Central Bank increased the interest rate again to encourage investors to sell their dollars and buy Euro. The US real estate market has slowed leading to a significant downturn in consumer confidence.
Another reason for the depreciation of the dollar is that the US government has not yet intervened. Analysts say the US government has been compliant in the depreciation of the dollar. The depreciation of the dollar promotes the export of US products and reduces trade imbalances. In the long run, the stimulus of demand and an increase in savings will help reduce the double deficit to a point where it is sustainable. In the meantime, the depreciation will substantially reduce the US' foreign debts. The advantages of the depreciation outweigh the disadvantages, so the government is unlikely to intervene. It is interesting to see that the US government supports the depreciation, but that both US Treasury Secretary Henry Paulson and his predecessor John W. Snow believe that a strong dollar is in the interest of America.
Some American researchers believe that the policy of a strong US dollar has died. The US hopes the dollar will depreciate in an orderly fashion, but are not willing to announce this openly. If they did so, the rate of depreciation would accelerate and the country is unwilling to let the dollar fall so quickly.
http://english.people.com.cn/200612/15/eng20061215_332934.html
So Chauncy,
You're saying that it makes perfect sense for the housing market to double in five years, while incomes remain stagnant? As much as you think this is perfectly sound from a finance/economics sense, you also think that it is nonsense to think that prices would fall more than 5-10%? Blind optimism, I'm sure was not taught at your fancy "top tier" school, that is just human nauture. Aka... delusion. I just don't get how people "believe" that prices can rise to astronomical levels, but never would they fall to any vast degree. I don't think too many people were taught common sense in this country...and we all know that's why the mania happened in the first place.
and the plot thickens....
By DEB RIECHMANN, Associated Press Writer
20 minutes ago
WASHINGTON - President Bush on Monday signed a civilian nuclear deal with India, allowing fuel and know-how to be shipped to the world's largest democracy even though it has not submitted to full international inspections.
"The bill will help keep America safe by paving the way for India to join the global effort to stop the spread of nuclear weapons," Bush said.
The bill carves out an exemption in U.S. law to allow civilian nuclear trade with India in exchange for Indian safeguards and inspections at its 14 civilian nuclear plants. Eight military plants, however, would remain off-limits.
Well, I found another source besides Mr. Turner "Moonbat", as you called him. It is Reuters. Is that credible enough for you Mr. Chauncy, so smart man? Look for the sell off of USD by China (into Oil?)to begin very quietly in Feb of 07.
Oh, yea, you have me on ignore.
iw
Jiang Dingzhi, vice chairman of the China Banking Regulatory Commission, estimated that China needs no more than $700 billion in foreign currency reserves and, with the country facing losses on its dollar bond holdings, proposed exploring alternative channels for investing its $1 trillion stockpile.
http://tinyurl.com/yk9r47
GTG to the salt mines.
bye.
Connecticut, DC, Hawaii, Kansas, South Carolina, Vermont, Oregon, Washington, Wyoming, New York and New Mexico can't all be showing fewer foreclosures can they?
why isn't your Nevada in that list??
because forclosures are thru the roof.
Chauncy is a troll
-------------
agreed, no one ever said the guy could not buy with cash..man you are impossible Chauncy! The question was how can a family of 4 just get off the boat and have $225,000 in cash...that is the question? Not weather or not he can pay cash or not...where did the F'en money come from????????/
Chauncy said...
I smell like dookie
Ya, we knew that already......
kilobar said...
Here you go Chauncy....from the cover of Business Week.
No no no everything is fine. my house will not depreciate!
borkafatty said...
I wish someone could explain to me how a family of 4 vietnamese, just moved into this country (USA) speaks little if no english at all, drives a brand new Lexus SUV and plop's $225,000 in cash on the house next door to me.
The V-C are big into org crime on the west coast.
The Simpsons went to Scotssdale and ended up buying an overpriced home
IT'S NOT OVERPRICED!!!! BUY BUY BUY
Chauncy said...
Kilobar,
You do know that about a year ago BW was saying the exact opposite right?
Listen, dumbdumb, ofcourse they were. They make $$$$ off RE ads. The MSM is the cigarette and the b.s. overpriced housing ads are the nicotine.
Once this go so far the other way it's only a matter of time before the truth will come forward. These stories should have come to light LAST year, but they didn't. RE industry kept the pressure on to keep the bubble rolling for aslong as possible.
The lid has since blown off.
Lemme axe all you a qestion:
If you are so convinced of the impending doom, how are you taking advantage of it? Are you shorting real estate stocks? Are you buying eruros? Are you buying gold? Are you all heavily invested on the CME betting all the housing markets will crash? Are you all on hedgestreet betting San Diego will tank and the dollar will be worthless?
OK most of you are renting, fine. But come one on this is like having a crystal ball in front of you. there is a 40% crash coming, if you all play your cards right you should all be muli-millionaires in a couple of years just from these investments.
Have I not made myself clear in the 4 or 5 posts when I said a 5% drop nationally and up to 10% in San Diego, Las Vefas, Miami and Phoenix? I have been saying this all along yet you numbskulls make it sound like I'm predicting a 20% gain.
San Diego has already dropped 6.9%!!! Los Angeles, San Diego, Orange County...they will all drop much more than your predicted 10%...you must live in a small town to think that it will only drop by a little in these and other large metro areas where prices are so far out of proportion for the average earner that it's just insane, madness, mania to think they won't drop more than a "little". That's why you're pissing people off with your predictions. You must live in the hills somewhere...where yes, it will only drop by a few percentage points because nobody bought there in the first place.
numbskull is a term of endearment for you guys
That is shocking rich to say the least, but consider this:
Enough is Enough
When someone has the audacity to tell you that taxing 100% of wages, salaries, and corporate income won't eliminate the federal deficit, it's time to sit up and take notice.
The real 2006 federal budget deficit was $4.6 trillion, not a previously reported $248.2 billion, according to the 2006 Financial Report of the United States Government as released by the Treasury Department Friday.
"The 2006 federal budget deficit of $4.6 trillion is $1.1 trillion more than the 2005 federal budget deficit," econometrician John Williams, who publishes the website Shadow Government Statistics, told WND. "The Bush administration is in an untenable situation with a budget deficit this dramatic. Taxing 100 percent of all wages, salaries, and corporate profits would not eliminate a deficit of this magnitude, and cutting Social Security and Medicare spending is politically impossible."
In his subscription newsletter, Williams comments that the GAAP accounting numbers reported in the 2006 Treasury report show that, "the actual deficit number was nearly 19-times the size of the gimmicked 'official' deficit for 2006 of $248 billion. Total obligations were 4.2-times annual U.S. gross domestic product (GDP)."
The difference between the $248 billion "official" budget deficit numbers and the $4.6 trillion budget deficit reported in the 2006 Financial Report of the United States Government is that the official budget deficit is calculated on a cash basis, where all tax receipts, including Social Security tax receipts, are used to pay government liabilities as they occur.
The calculations in the 2006 Financial Report of the United States Government are calculated on a GAAP basis ("Generally Accepted Accounting Practices") [Generally accepted by WHO??? BANKERS???] that includes year-for-year changes in the net present value of unfunded liabilities in social insurance programs such as Social Security and Medicare.
In other words - a SCAM.
I could come up with a third way to calculate our accounts that would leave US even further indebted to MONEYLENDERS.
Or, conversely, come up with a way to calculate our accounts such that we are once again a nation of FREE PEOPLE - by writing off all ill-gotten interest-based debt!
Under cash accounting, the government makes no provision for future Social Security and Medicare benefits in the year in which those benefits accrue.
"Truthfully," Williams points out, "there is no Social Security 'lock-box.' There are no funds held in reserve today for Social Security and Medicare obligations that are earned each year.
I'll admit - that much is true.
It's only a matter of time until the public realizes that the government is truly bankrupt and no taxes are being held in reserve to pay in the future the Social Security and Medicare benefits taxpayers are earning today."
Of course not! What's the use of parking dollars on a shelf, when you can use it to inflate asset values and extort billions from working people around the world?
Calculations from the 2006 Financial Report of the United States Government also show that the GAAP negative net worth of the federal government has increased to $53.1 trillion, while the total federal obligations under GAAP accounting now total $54.6 trillion.
"The Treasury is right in that Social Security and Medicare must be shown as liabilities on the federal balance sheet in the year they accrue," Williams argues. "To do otherwise is irresponsible, nothing more than an attempt to hide the painful truth from the American public. The public has a right to know just how bad off the federal government budget deficit situation really is, especially since the situation is rapidly spinning out of control."
Bullshit. This is a CLASSIC problem-reaction-solution trap.
"The federal government is bankrupt," Williams explained to WND. "In a post-Enron world, if the federal government were a corporation such as General Motors, the president and senior Treasury officers would be in federal penitentiary."
That I won't argue with.
In a letter included in the 2006 Financial Report of the United States Government, David M. Walker, the comptroller general of the United States, commented on the $53 trillion federal government GAAP accounted negative net worth by noting, "This translates to a current burden of about $170,000 per American or approximately $440,000 per American household."
Remarkably, the U.S. Government Accountability Office refused to certify or render an opinion on the consolidated financial statements contained in the 2006 Financial Report of the United States Government, noting serious financial management problems at the Department of Defense, the federal government's inability to adequately account for and reconcile intragovernmental activity and balances between federal agencies, and the federal government's ineffective process for preparing the consolidated financial statements.
This too, I believe.
In his letter, David Walker commented that until these financial reporting problems were resolved within the federal government, the problems outlined in the audit report "will continue to have adverse implications for the federal government and American taxpayers."
"That's an understatement," Williams told WND.
"What the comptroller of the United States is telling us is that as bad as a $4.6 trillion federal budget deficit and a $53.1 trillion GAAP negative net worth are today, the situation with the Bush administration federal budget deficit might even be worse yet if the government’s overall bad accounting procedures could be fixed.
With truly accurate GAAP reporting by the various administrative agencies, the 2006 financial report of the federal government would have shown even larger deficits and a larger negative net worth, hard as that may be to imagine."
This is the biggest load of bullsh*t I've read in some time.
These people are hucksters, charlatans, banking agents paid to sell the people on this accountant's wet-dream in a bid to convince us to tighten our belts (more than we already are!) and 'live within our means' which, by their accounting, is ABJECT POVERTY.
BULLSHIT.
These fascist bankers are plotting the final coup.
Enough is enough - Americans shouldn't be renouncing their US citizenship - we should be REVOKING it from BANKERS!
so nobody has answered my previous question....
How will you profit from this 40% crash? Anyone?
Chauncy...
How do you profit during a US economic recession?
Los Angeles, San Diego, Orange County...they will all drop much more than your predicted 10%
Such confidence in this must mean you are surely taking steps to profit from it, right? You are surely investing in futures markets correct? You will make a killing with this absolute certainty.
Chauncy said...
Have I not made myself clear in the 4 or 5 posts when I said a 5% drop nationally and up to 10% in San Diego, Las Vefas, Miami and Phoenix? I have been saying this all along yet you numbskulls make it sound like I'm predicting a 20% gain.
Monday, December 18, 2006 6:37:58 PM
-------------
Chicago, which is a bubble city, has dropped more than that already. I was going to buy a very nice townhome Mar 06. Phase 1 was going for $440,000. I didn't even try, and got a Phase 2 down to $396,000. I passed becasue that was still out of my budget.
I'd like to c 40% off! But I'll take 20%. I'm stuck here for the long haul, so I want a decent HOME for a decent price. I'll have a pension (god willing), so I want a HOME not an investment vehicle.
Are you kidding me? You can profit during a recession as easily as during a boom. You can profit in real estate during a crash as easily as during a boom. You can profit during a stock market bull as easily as in a bear.
For such financial experts you guys sure don't have a clue.
======================================
nonsense said...
Chauncy...
How do you profit during a US economic recession?
For such financial experts you guys sure don't have a clue.
-----------
Has to be from all those Degree's he spoke of.
I have a degree in human relations...should I be doing Porn?
Yes...of course. As you know, smartass...there is a lot more to it, than just the housing market. Things are very different this time around...and if you know anything about finance and economics, you know this already. I'm not about to teach you all of this on this blog. I'm also not about to help you make any money...you just keep thinking that everything is fine...housing never falls, etc. etc. My question was asked to get you to spill what you think, since you obviously think things will continue at their current pace.
When I have said everything is fine and housing never falls? If you think the market will crash 40% there are many ways to make money from that. If you think the dollar will tank there are many ways to make money. If you think there will be a recessions/depression there are many ways to make money from that too.
My point is you people rant and rant about the dollar, the housing market, the economy, the euro, gold, silver, interest rates, oil, etc but I haven't heard any of you say how you plan on taking advantage of your brilliant predictions.
My question is simple? How are you going to profit from this housing crash and general economic depression you are all so convinced is coming?
We talk about it all the time, you just obviously showed up here...with an attitude, no less.
Now...have a nice time reading as we ignore you.
I should buy gold since a "secret" source said China will dump $1 trillion dollars....Nobody else in the media is reporting this because they are all part of the CFR/NAR/MBS/MSM cabal that keeps the truth hidden. Ben Bernake is part of it. Bush is part of it too and so was Clinton. Anyone who doesn't see this is a fool.
Hal Turner is the only person who tells the truth from his studio (read basement) in New Jersey. He
is to be trusted at all times and never questioned.
http://wnd.com/news/article.asp?
ARTICLE_ID=53413
Real deficit for 2006 is $4.6 trillion. We are so fucked.
The UN wants your guns
http://shop.wnd.com/store/
item.asp?ITEM_ID=1869
The NAU is just around the corner. We're doomed
http://www.augustreview.com/
index.php?option=
com_content&task=
view&id=1&Itemid=4
Bush is part of it...he wants the NAU big time. BUY GOLD NOW!!
http://www.rense.com/
general71/nau.htm
The NEW WORLD ORDER is upon us. BUY GOLD NOW!!!
http://www.carpenoctem.tv/
cons/nwo.html
My prediction is this week, just like the day before thanksgiving while you are all enjoying your quite holiday..just like thanksgiving, the dollar is going to be sold in a major way...while you all enjoy your holiday..just...like...thanksgiving.
...me I am into silver and silver mining stock...that is how i am going to profit...shit hold a penny in your hand..sure it is a penny, but the metal in it is more of value than your green script..
I haven’t heard one single case of human being saying: “I am moving to America because I am trying to enhance my spiritual well being”.
Anyway, I am optimistic about Americans. Maybe after 230+ years of materialistic überconsumer ways of doing things, they will eventually learn something else. Maybe even lead the world for something better. Never know never.
9/11 was an inside job. Part of the Bush plan for the NAU. BUY GOLD NOW!!
http://www.communitycurrency.org/
joycelynn.html
BUY GOLD NOW!!! YOU ARE CRAZY IF YOU DON'T.
http://goldprice.org/buying-gold/2006/02/
should-i-buy-gold.html
Everyone says buy gold. It is the only way to protect us from the NAU that Bush is imposing on us.
BUY GOLD NOW!!!
Honey !!!!
Git my gun!!!
9-11 got out agin!!!!!
GOLD IS A SCREAMING BUY.
BUY GOLD NOW OR BE LEFT OUT IN THE NAU COLD.
BUY GOLD NOW!!!!
http://www.gold-eagle.com/editorials_04/
hommelberg120404.html
China is dumping dollars. BUY GOLD NOW!!!
http://www.halturnershow.com/
ChinaToDumpUSDollars.html
Hmm, well, speaking of Hal Turner. Here's a link to some dude saying that the Christ-murdering jews at the federal reserve are pulling the plug on the dollar.
http://www.marketoracle.co.uk/Article170.html
"My question is simple? How are you going to profit from this housing crash and general economic depression you are all so convinced is coming?"
Have you noticed every 3rd post screams buy gold or silver? Short the stock market?
Fucktard
God you people are fucking pathetic. I posted all those BUY GOLD posts to prove a point. These lnks are all from yahoo, fringe, paranoid right wing neo-nazi nutjobs like Hal Turner. Yet you all take them seriously? LMAO!
A $4.6 trillion dollar deficit....suuuuure why not, hell why only 4.6, why not 40.6 or 400.6? Each number is as ridiculous.
Is it so unheard of that someone could move to the US with some money? Is it so hard to believe that outside the US of A there may just may be some well to do folks and those well to do folks emigrate to the US of A? There is even a visa category for immigrants to intend to invest $500,000 in the US called the EB-5. If they qualify for this they get a green card.
But the "organized crime" or "my dad fought in 'nam so fuck those gooks" angle is more fun right boys?
=====================================
agreed, no one ever said the guy could not buy with cash..man you are impossible Chauncy! The question was how can a family of 4 just get off the boat and have $225,000 in cash...that is the question? Not weather or not he can pay cash or not...where did the F'en money come from????????/
Does this f'in stoner have a point?
point is that a Vietnamese man with $225K in hand is not automatically a criminal
Agreed, many Asians have cash when they come here from family savings, investments, businesses, families who pool resources. A lot of American families could do the same if they lived like asians, three generations under one roof, willing to sacrifice so all can get ahead.
Headed to Phoenix to see first hand how the economy is and how housing is fairing. Will visit a few subdivisions to see what kind of bargains are out there, if any, and let you know the pulse instead of the hype.
http://www.worldnet daily.com/ news/article. asp?ARTICLE_ ID=53311
"The Bush administration wants to get China's cooperation in
preventing a dollar collapse. That's the conclusion of John Williams,
an experienced professional econometrician, who writes the "Shadow
Government Statistics" blog."
and
Iran to replace dollar with euro in foreign deals
http://www.breitbar t.com/news/ 2006/12/18/ 061218095123. sn4s0vlu. html
Age of Oil
http://www.soundcli ck.com/pro/ view/01/default. cfm?BandID= 111310&content=lyrics&SongID=2706382
It was as if there was a contest
To see how many holes could be dug
To see how much of it could be sucked from the ground
To kill off every beetle and bug
To kill off every woman and child
To kill off every man
And they put it all in barrels
Then they put the barrels into cans
That’s how it was at the end of the age of oil
It was like a competition
To see how big everything could get
From the highways to the strip malls
To the giant TV sets
From the MOABs to the draglines
Monster trucks and SUVs
And the massive roaring chainsaws
That cut down all the trees
That’s...
It was like they were trying to see
How many garbage dumps they could fill
How many flagpoles they could squeeze
Onto a single windowsill
How many countries could be bombed
How much black gold they could drill
How much coal could they extract
If they just blew up the hills
That’s...
It was as if there was some kind of test
And the only way to pass
Was to turn the planet’s atmosphere
Into a cloud of poison gas
It was like the only thing that mattered
Was the death of life on Earth
That seemed to be the proof
That you had made your money’s worth
That’s...
And now here we are
Rotting in this bubble
And I’m looking at my grandchildren
Framed in by the rubble
Wondering what I coulda done
To avert this fate
But I was too busy playing concerts
Saying fuck isn’t life great
That’s...
John Williams eh? This is the "company" the "experienced professional econometrician" works for.
http://www.wtrg.com/
Looks like a very legit establishment indeed....from A-R-K-A-N-S-A-S.
Are you fuckin kidding me? An oil analyst whose mailing address is a PO BOX in Arkansas?
And look for only $69 you can sign up for his newsletter. Imagine that!!
NAU is just a "crisis" away
http://prisonplanet.com/articles/
december2006/151206merger.htm
Christmas stolen by ACLU
http://www.thesourcedaily.com/
world-and-domestic-news/christmas-with-the-aclu-eliminating-
freedom-to-protect-liberty/
Forget what the menu at McDonald's says, the "real" cost of a Big Mac is $67.
I used the same methods to calculate the price of a Bic Mac as I used to calculate the $4.6 trillion "real" deficit.
Go to my website, I have a $69 newesletter to sell you...and not this is not a scam, I guarantee you 100% return on your money.
Thank you,
JW
I have amajor announcement:
Today Hal Turner and I have announced a joint newsletter. The cost? Only $99 a year. Yes that is correct, you read it right. For only $99 a year Hal and I will offer you the latest "real" economic news and the "real" scoop on what's going on in the world.
Sincerely,
John Williams
Econometrician
Paulson, Bernanke Strike Out In China
I guess the pleading in China last week, did not go so well. It will be interesting to see how this pans out.
http://www.safehaven.com/article-6522.htm
Somewhere in the middle is the truth.
I am ready. 30 year fixed, 60% LTV No other debt, very simple life style (read tight), new car paid for, 40 mpg. Plan to just hunker down and watch the fall out. It will not be pretty, I reckon.
I am no finance genius, but I have common sense. Chauncy is toying with HP, imo.
iw
Last Warning! Three-Pronged Collapse ... Stocks, Bonds and Real Estate /
http://tinyurl.com/yygln6
Screw you and your Yahoo news, please, they are just as bad as the MSM!
The Truth is somewhere in the middle.
=======
The one trillion USD may not be sold today by China, or all at once, for that matter. But Reuters is not Mr. Turner and the story is the same. One trillion USD will be sold and the dollar is going down, I reckon.
It will be done in a steath manor so as not to cause a panic and then China is the first one out.
iw
If I was rich, but I am not, I would put my cash (not US) into Gernsey. Just sayin.
ok seriously people you cannot possibly believe what you hear on Hal Turner's radio show or read on worldnetdaily.com, can you?
You have some valid points about the housing market, the dollar, etc - I disagree with a lot of them, but that's what a debate is about, differing points of view.
But you just lose all credibility when you use a nazi's website/radio show as your source.
"ok seriously people you cannot possibly believe what you hear on Hal Turner's radio show or read on worldnetdaily.com, can you?"
Bring it ANON - through up some "credible" posts...or are u one of those who realizes we are in hyperinfaltion when at the store the clerk says, "ok ...that will be $5000 for the gum".
Bring it ANON.
Venezuela, UAE, Syria, Russia, North Korea and South, Iran, Bolivia are all currently dumping the dollar...
Bring it ANON
Last April the USD Index was around 85 and Gold was $740...today at around 85 and gold $615...think the markets being played.
Bring it ANON
Today Gold is 15% up for the year and silver 40% up...while the NYSE went from 11,500 to 12, 400 do the math ANON...you think the market is being played.
Post up ANON or wait for your $5000 loaf of bread...I sure as shit will be the first one to tell you so.
The Simpsons episode last night consisted of a moocher moving into the Simpson home until he got his call from Jackpot Realty in Scottsdale to come back to work. Gil finally got his call and left the Simpsons. Marge felt cheated of the opportunity to finally throw him out, so she set out with the clan for Scottsdale to let Gil have it. Once there, they were shocked to see how Gil had made it to the top of the realtor market, with his name and face advertised on buses, benches, billboards, etc. When they found Gil, he was delivering a motivational speech to a bunch of realtors a la Alec Baldwin... Marge proceeds to go off and Gil tries to turn her anger into a purchase of an overpriced Scottsdale home... realtors took it on the chin in that episode...
My problem is not with the idea that the equity, currency and metal markets are being gamed, not by private individuals but by the Fed. and US treasury no less; its with using Hal Turner as a source. He's just not credible; I've googled him - to put it at its mildest, he's a white nationalist blowhard. Why use him ?
There are lots of other sources for the market gaming thesis try http://www.financialsense.com/fsu/editorials/kirby/2006/1218.html
for the precious metal gaming thesis. The buying of no-news-related S&P futures at 6pm and sometimes around 1 pm Eastern is another one that people keep in mind.
As regards hyperinflation or even high inflation - most Austrian /von Mises -economics students are bound to believe to one or more variants of that - for myself, I think too much capital is at stake for $5000 / loaf of bread type of ruin but we WILL get 20% inflation before they give up on the easy money and allow a severe slump and the attendant liquidation of debt to occur. But we'll see whether they are going to see sense well before they actually act.
But no weight is added to arguments by Hal Turner. It merely invites a quick dismissal of the ideas on the basis of "Consider the Source".
-K
Boy, they will try to sneek anyting by....
AP
U.S. Charges Ex-Fannie Mae Chief Raines
Monday December 18, 7:24 pm ET
By Marcy Gordon, AP Business Writer
Government Files Civil Charges Against Ex-Fannie Mae Chief Raines, Two Other Executives
Another source for the market manipulatin thesis is one of the contributors to minyanville.
-K
Here's an example of what happens when currency controls are put in place and something to keep in mind about markets here, one of these days:
{ BTW, after the report came out, stocks kept dropping to 10%, the exchange activated their speed-breaker and suspended trading for 30 minutes.
Also, Thailand's problem was an APPRECIATING currency.. The USofA of course is unlikely to have that problem :-)
From www.bloomberg.com
------------------------------
Thai Stocks, Baht Slide as Investors Withdraw on Currency Curbs
By Margo Towie
Dec. 19 (Bloomberg) -- Thai stocks plunged after regulators yesterday told banks to lock up 30 percent of new foreign- currency deposits for a year to curb speculation. The baht dropped the most in three years.
The benchmark Stock Exchange of Thailand index slid as much as 8.9 percent, the heaviest in more than three years, and the baht almost doubled yesterday's 0.8 percent drop after central bank Governor Tarisa Watanagase said she was ``confident'' the measures will reduce inflows. The currency, Asia-Pacific's best performer, had surged 16 percent this year before yesterday as overseas investors bought the nation's stocks.
``Foreign investors will rush to take money out as they're afraid the baht may weaken further,'' said Visit Tantisuthorn, Secretary General of the Government Pension Fund, the country' biggest fund with more than $7.8 billion in assets. ``It'll help exporters and the country's trade balance.''
-------------------
-K
shut up troll
$500 gum? Hal Turner? $4.6 trillion deficits?
No really, am I on candid camera? Is Ashton Kutcher hiding in my back yard?
paranoid? divorced and living in a studio rental? haven't been laid in years? 40 lbs overweight? bald? afraid of immigrants and foreigners in general? regular listener of Hal Turner? reader of wnd.com?
then you too can be a regular contributor to the HP blog
remember this?
TOP-LEVEL INSIDERS SELLING THEIR STOCK
By PAUL THARP
December 7, 2006 -- America's corporate chiefs are unloading their own stocks at one of the boldest paces in 20 years.
You people are SO weird. There is no housing crash. Prices are down in a few peak markets, and that is it.
Seattle is still rising, and inventories all over have been falling a lot the past 3 or 4 months as people are buying again.
It's only the losers like you people who are sitting on the sidelines who are losing $$$.
Seattle is still rising, and inventories all over have been falling a lot the past 3 or 4 months as people are buying again.
------------
What isn't there like 5 homes in seattle per town?...who the hell would want to live there?
Just propaganda from the NAR right?
NEW YORK (CNNMoney.com) -- Home building activity rebounded from a six-year low in November, according to a government report that showed a pickup in housing starts and building permits.
Builders started work on homes at an annual pace of 1.59 million in November, up from the 1.49 million rate in October, which had been the lowest reading since July 2000. Economists surveyed by Briefing.com had forecast that starts would climb back to an annual rate of 1.55
Building permits, which are seen as a measure of builders' confidence in the market, fell to an annual rate of 1.51 million from a 1.55 million pace in October, which had been a nine-year low in that reading. Economists had forecast that permits would slip slightly to a 1.54 million rate.
Start over, type slowly and the second time around your post may be readable.
"What isn't there like 5 homes in seattle per town?...who the hell would want to live there?"
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