July 27, 2008

BUBBLETALK - Open thread to talk about the housing crash, mortgage meltdown and other stuff

Have at it. Keep it clean. Use tinyurl. Enjoy.

305 comments:

1 – 200 of 305   Newer›   Newest»
Anonymous said...

DOW 14,000 soon.
Some crash!!!

DOPES

Anonymous said...

THere is a market bubble and knowing where to find the emerging markets is helpful today.
I found some good data on;
www.mastermarkettiming.com

this may be helpful on where to invest.

bradinsb said...

I bought a house. Some ask why? I rented for a year and now payments are what it costs me to rent and I found a nice house in a nice location so I figured it was time to buy. The Foreclosures are a joke. They all need $25,000 worth of work to make one livable. The one I bought was a For Sale By Owner also saved 6% and that was passed on to me.Not a Foreclosure Not a short sale just a nice house for sale by owner. I hope I am not blogging about my own house on my own blog. icantsellmyhouse.blogspot.com

Wayne said...
This comment has been removed by the author.
Downtown O-Town said...

As it was foretold . . . the stock markets collapse, the largest financial institutions are insolvent . . . and the housing market dissolves into gridlock . . . while prices derail . . .

Varmint said...

Single Mom selling herself and her house online. When will the florida housing bust madness ever end!
http://tinyurl.com/3q3wuu

Anonymous said...

Dow down 500 points in two days, dollar returning to all-time lows, oil at all-time highs, gold and silver still soaring...

Some crash!!!

DOPES

abb said...

Hmm, Obama's Global Poverty Tax Bill is going to the Senate next week:

http://www.americanthinker.com/blog/2008/06/obamas_global_tax_bill_coming.html

Cost: $65 billion/year for 13 years. Of course once it's installed it's easy to raise the tax rate. No one pays attention.

Yes, this is the Obama change I can believe in. The very FIRST GLOBAL TAX!!!!

One small step towards our new benevolent, all-powerful global government.

Thank you Obama for caring about the poor people. I do too... and you make me feel so good!

gwk said...

One of the most important Supreme Court decisions in the last 100 years and not a word about it so I take it that this 5-4 opinion basically upholding an Amendment To Our Constitution is not that well liked as a 5-4 giving our enemy who want to kill you and I access to American Courts. Some people may not want to have a firearm in their home and that is fine but don't tell me that I can't. The citizens of New Orleans who stayed behind for whatever reason during Katrina were able to protect themselves because most had a firearm and the ones who did not wished they did.

Anonymous said...

some people may not want access to the courts for an impartial review of the reasons for holding you without charges for years... but don't tell me I can't if I want...

Anonymous said...

$5.21 for regular unlead

Shell
1990 S El Camino Real & W 20th Ave
San Mato, California

http://www.sanfrangasprices.com/

liberal elite said...

gwk..

RE: The Second Admendment

I've always felt that the NRA was fighting a straw man. All that paranoia about people wanting to take guns away and stuff.

As a lefty, we have more important things to talk about: Health care, Civil Rights, Protecting the environment, Education, living wages, protecting social security.

Gun control, was always way, way down on any liberal's list. Even then, it was only about limits... something that the court specifically addressed when it said that the 2nd admendment is not unlimted.

I guess what I'm saying is that few people care what's in Charlton Heston's cold dead hands.

Anonymous said...

just saw something amazing on t.v. on the show "History Detectives". a lady wanted to have them investigate whether a continental congress-issued six dollar bill was authentic. then they started talking about how its value was continuously diluted until it held no value by the end of the war. an expert even read a quote from Ben Franklin, stating in essence "hey, what a great thing we got. we can get goods and services with this bill and devalue it to the point where we don't have to pay anything back" ! as the saying goes, the more things change the more they stay the same. the u.s. govt has been screwing the little guy before it even officially existed!

Macaca

Anonymous said...

Counterparty credit risk in the derivative market jumped again

http://www.marketwatch.com/news/
story/story.aspx?guid=%7BA63EBD67
%2D9011%2D49BD%2DBC05%
2D36C784A2ECBF%7D&siteid=rss

Anonymous said...

GERSH: There's no chance the housing mess will disappear any time soon. Many adjustable rate mortgages taken out in 2005 and 2006 have yet to reset to higher rates, which is why economist Mark Zandi, who is also an unpaid advisor to the McCain campaign, expects over a million foreclosures a year for the next couple of years.

MARK ZANDI, CHIEF ECONOMIST, MOODY'S ECONOMY.COM: Those are staggering numbers. In a more normal economy, we lose, homeowners lose about 500,000 homes a year. So even out in 2010 and 2011, I think the lost homes will be double what we see in a normal year.

http://www.pbs.org/nbr/
site/onair/transcripts/080627f/

Anonymous said...

Oil went as high as 142.99 today

http://quotes.ino.com/
chart/?s=NYMEX_CL.Q08.E

Anonymous said...

CDO Defaults Reach $220 Billion on Deerfield Failure

http://www.bloomberg.com/apps/
news?pid=20601087&sid=aU4UTsKwY9TY&
refer=home

Anonymous said...

Single Mom selling herself and her house online. When will the florida housing bust madness ever end!
http://tinyurl.com/3q3wuu


What a catch! Picture the harmony and bliss with three American cows.

Anonymous said...

Will China demand for oil go up once Chinese consumers have easy access to crude in the Persian Gulf

http://www.newkerala.com/
one.php?action=fullnews&id=77918

China keen on joining Iran-Pakistan-India pipeline project

Anonymous said...

For China these days it seems that nothing - not rising energy prices; not sanctions aimed at its more unsavory business partners, Myanmar and Sudan; not even the prospect of a nuclear Iran - can curb its thirst for oil.

http://atimes.com/
atimes/China/JF28Ad01.html

Anonymous said...

'Single Mom selling herself and her house online'

She listed the home for $340,000 on a sell-it-yourself Web site, but upped the price, adding a $500,000 shipping fee to include her companionship on eBay.

Ideally, Trabosh hopes a European man will close the deal and says she's willing to move overseas.

________________________________

She's 42 single mother of 2 and has been single for 8 years, but thinks she can sell herself for 1/2million dollars and her mortgage to a European man?

Delusional.

abb said...

Why I decided to support Obama
http://www.youtube.com/watch?v=cDPHy4D6EO0

Anonymous said...

In response...
>>>Why I decided to support Obama
http://www.youtube.com/watch?v=cDPHy4D6EO0

Shut up you dunce. I can only think of one thing that you would be good for.

-FutureShock-

Anonymous said...

BOMB BOMB BOMB, BOMB BOMB IRAN!!!

It's coming folks. Get ammo. Get food. Wait and see what happens when China starts buying oil from Iran. The powers to be are not going to let it happen. Not to mention that this would be a perfect time with the election coming up to declare a state of emergency and initiate martial law. Think I am crazy? Don't think that this can happen? Do the research for yourself. Bush took care of all the pesky paperwork to make it happen and the dems just sat back and watched. This country is toast.

-FutureShock-

Anonymous said...

housingpanic #1

http://topsites.blogflux.com/real-estate/

notice greg swann and bloodhoundblog have shit for traffic!

Anonymous said...


'Single Mom selling herself and her house online'

She listed the home for $340,000 on a sell-it-yourself Web site, but upped the price, adding a $500,000 shipping fee to include her companionship on eBay.

Ideally, Trabosh hopes a European man will close the deal and says she's willing to move overseas.


Only American women think they are so special, but they're not. This piece of waste is not even worth $5.

Anonymous said...

what up with Atlantis on paradise island? Is the market there also dead? Who was buying them when they were hot? americans? Europeans?

Anonymous said...

Why does this dude and his website have all the same posts as HP?

http://www.anthonycaruso.com/

Anonymous said...

"The Housing Crash and the Retirement Prospects of Late Baby Boomers"

Good read and excellent quotes

http://www.cepr.net/index.php/press-releases/press-releases/baby-boomers-face-massive-loss-of-retirement-wealth-due-to-housing-market-meltdown/

Mitesh Damania said...

Link to John Perkins interview on revolutionbroadcasting.com today: http://sabrael.net/users/doug/indytruth-200806282.mp3

More info at: http://www.indytruth.org/radio.html

Anonymous said...

Varmint - that's just taking "RealtWhore" to its logical conclusion. The article mentions that her 14y.o. daughter is embarrassed. I bet! Reminds me of that guy in LV who was selling his swingin' house complete with cute young female roommate.

Tav said...

I've been working on a "Casey's Greatest Hits" MP3 collection for the past few months. Basically, I've listened to 50+ hours of talkcasts and made a Cliff Notes' version condensed into about 2.5 hours with all of the most entertaining and hilarious moments:

-MSINGH, LossMittPro and Duane getting angry
-Mocha and Pink Lips
-and much more

I've scheduled a talkcast for this Friday, July 4 at 9:00 PM Eastern Time:

Casey Serin Greatest Hits MP3 release party

Before I upload the final results of my work, I will host a talkcast (for 2 hours) where I will play selected 'tracks' of the collection and then take calls from listeners to discuss and reminisce about the highs and lows of the Casey Serin saga.

You can also listen to a few samples of my work (I call them "SINGLES") from the link above.

sundry vermin said...

Isn't it disgusting to see all this Bill Gates coverage.

Note to Bill: Just leave. You won't be missed.

Anonymous said...

Dear Tav,
Did I make the cut? Casey and I had some bonding (not) moments about green pools.
Those were fun net days!
FlyimgMonkeyWarrior

Anonymous said...

Here's a quote for you-

Alan Greenspan’s soothing words on
America’s housing market in 2005 rank high
on history’s list of infamous predictions: "A
destabilizing contraction in America’s nationwide
house prices does not seem the most
probable outcome. Nominal house prices in
the aggregate have rarely fallen and certainly
not by very much." But to be fair, most
American economists shared his view that it
was highly unlikely that average nationwide
home prices would drop. That was the sort of
thing that happened only during a deep
depression, like the 1930s. Unfortunately,
new figures this week reveal that house
prices have already fallen by more over the
past 12 months than in any year during the
Great Depression.
Economist (London), 31 May 08

Ed: This chart is now at its lowest level in
90 years, lower than what we call the "First
Great Depression," albeit not a "crash" yet.

From Dines Letter, 6-27-08

Lost Cause said...

'Single Mom selling herself and her house online'

Fifteen Dollar.

Lost Cause said...

Isn't it disgusting to see all this Bill Gates coverage

It is proof that any Harvard guy, with a million dollar trust fund, and a mom on the same board as an IBM guy, and go anywhere he wants to in America.

fast actin tinactin said...

Obama to keep to teleprompted set speeches in front of enthusiastic crowds, avoiding as much as possible press conferences, off-the-cuff venting with donors, interviews with neutral correspondents, town halls, and one-on-ones with McCain.

Reading a speech off a teleprompter isn't the the most important requirement for becoming president.

Anonymous said...

Can someone clear this up for me? A friend told me that they were going to put their house up for sale AFTER the election because she said that houses always go up in value after an election. I asked her where she heard that, and she just replied it's always happenend that way. Has anyone ever heard of that in a "normal" housing cycle?

Anonymous said...

BWA HA HA HA HA HA HA

SOME CRASH

Forget dopes. You people are imbeciles.

Enjoy the 5% CDS losers.

BWA HA HA HA HA HA HA

August 06, 2007 9:43 PM


BWA HA HA HA HA

Hey losers enjoy the 4% CDs while stocks soar once again today.

Santa Claus rally continues.

Personal income up huge in November. Nobody is spending anymore. The malls are empty. The recession is here. Maybe in HP loserland, in the real world the economy is on fire.

BWA HA HA HA HA HA

December 21, 2007 1:46 PM

Anonymous said...

It's the end of the run.

Countrywide has a bad quarter but not one it can't recover from.

Housing prices set to rise again after a plateau.

Wages up, and unemployment claims down.

Record profits in technology, air transportation, and manufacturing.

SOME CRASH!

DOPES!!!

October 28, 2007 1:20 AM

W.C. Varones said...

HPers who are also Grateful Dead fans may appreciate this little song I wrote:

Touch of Black

You know is tough times when... said...

Keith,

When all else fails and you are facing the foreclosure bus its time to get creative...this lady did...She is selling the one thing that has always had value through the ages...Thats right...She is giving up the coochy.

Highest bidder gets a ride...Is that legal?






http://www.msnbc.msn.com/id/25416138/?GT1=43001

PALM BEACH GARDENS, Fla. - She's tried night clubs and online dating sites, but now a 42-year-old single mother is looking for love where everyone else's heart is breaking — the real estate market.

After a year of trying to sell her four-bedroom home and eight years of singledom, Deven Trabosh is offering her South Florida home and a shot at marrying her on the Internet.

"I figured let's combine the ad because I'm looking for love and I'm looking to sell the house," said Trabosh, who teeters around the nearly 2,000 square-foot house in patent leather heels.

Captain AntiRealtor said...

That woman selling herself along with her house turns out to have a criminal past, is the defendant on numerous civil lawsuits since 2002, and her driver license lists her age at 46, not 42.

ONE of the incidents involved a domestic violence charge issued by her daughter on her.

Just another example of a Realtorwhore, doing whatever it takes to sell a house. I wonder if she gets to keep the 6%?

Wow, what a catch!!! Where do I sign up. A lying, nutso realtorwhore with two kids and a bunch of lawsuits as baggage.

If I where the ex I'd be in court tomorrow getting custody of the 14 year old.

What a piece of garbage.

FIRE Nicholas Retsanus said...

Watch out...

Rets"anus" over at Harvard is seeing a recovery on the horizon due to immigration and single person households.

Fucking Moron.

Anonymous said...

People hold up the 1930's Great Depression as being the absolute bottom! I have news for them. Ask any German or Russian what it is to be in a "bad economy". Things can be worse than the "depression". Just wait until auntie and grandma are eating dog food or maybe even the dog and cat. I'm sending all my relatives can openers just in case they need to open up some yummy Alpo!

Anonymous said...


That woman selling herself along with her house turns out to have a criminal past, is the defendant on numerous civil lawsuits since 2002, and her driver license lists her age at 46, not 42.


Post the link for this!

Anonymous said...

OPEC's Secretary General Abdalla Salem el-Badri Welcomes Fed Hike

http://www.cattlenetwork.com/
Content.asp?ContentID=233059

Anonymous said...

With Inflation reaching an all-time-high in the Euro Zone is an ECB rate hike a done deal

http://www.forbes.com/markets/2008/06
/30/eurozone-cpi-inflation-update-
markets-equity-cx_je_0630markets26.
html?feed=rss_markets

Anonymous said...

CRB INDEX traded as high as 467.60 today.

Should the way Federal Reserve measure inflation be changed.

http://quotes.ino.com/
chart/?s=NYBOT_CR&v=dmax

Anonymous said...

Should BOJ raise rate with a stronger-than-expected Bank of Japan's tankan survey

http://www.bloomberg.com/apps/
news?pid=20601101&sid=aL4of9UzDEy4

Anonymous said...

In response to popular demand, here is the link to the tale of my local bad babe and her overpriced property:

http://www.palmbeachpost.com/localnews/content/local_news/epaper/2008/06/28/a2a_jose_0629.html

Allow me to frame this pertinent analogy:

She is like two big housing bubble illusions that will entrap you into a lifetime of Hades on earth.

Millions were duped exactly this way 5 years ago. They ignored the problems and wanted to score. Any real estate back when was a "sure thing" that would put you on top while everyone else was left in debt.

Just like this age-defying siren calling some unlucky man to the rocks of disaster.

Anonymous said...

Anon June 29, 2008 6:24 AM:

Thanks for the URL, that was an interesting, quick read. I loved this part: "Coupled with a very low personal savings rate, this means that many people will only have Social Security and Medicare to rely on in their retirement"

Poor boomers. They were so busy keeping up they forgot to think and save for themselves.

Anonymous said...

Anon July 01, 2008 5:06 AM:

I never got the Alpo comments. It costs more per can and ounce than tuna, chicken, and soup. Maybe instead of sending your relatives can openers, you should send them a calculator.

CC said...

I don't understand why some people are looking for a bottom in stocks right now.

Look at this chart of the Dow:

http://tinyurl.com/2sva9z

In 2003, the Dow was at 8,000. It blew up to 14,000+ based on earnings from all the HELOC money and free credit that was being thrown around the economy.

We all know house prices are going to reset to 2003 levels or earlier. In some areas, they already have. So why is it so absurd to suggest that the Dow will go back to its pre-boom level, too?

And no - it's not just about P/E ratios. A P/E is calculated based on CURRENT earnings. Guess what happens when those earnings go in the toilet? That's where corporate earnings are heading. The credit bubble is over. It was fun while it lasted, but we're in for a good decade or so of reality.

So let's stop talking about what % off housing prices and stock prices are from their phony peak. It doesn't matter. It's an irrelevant point of reference. Investing in some "bargain" house or stock just because it is a certain % off of some arbitrary number is stupidity.

Anonymous said...


BWA HA HA HA HA HA HA

SOME CRASH

Forget dopes. You people are imbeciles.

Enjoy the 5% CDS losers.

BWA HA HA HA HA HA HA

August 06, 2007 9:43 PM


BWA HA HA HA HA

Hey losers enjoy the 4% CDs while stocks soar once again today.

Santa Claus rally continues.

Personal income up huge in November. Nobody is spending anymore. The malls are empty. The recession is here. Maybe in HP loserland, in the real world the economy is on fire.

BWA HA HA HA HA HA

December 21, 2007 1:46 PM


BWA HA HA HA HA HA

Bailout bill is signed, sealed delivered.

So long renters. Enjoy the shithole 1 bed 1 bath

beebs said...

Did you know that Americans spend more on their pets than they do on their children? That is why alpo costs more than tuna.

Anonymous said...

My EYES!
http://tinyurl.com/6fal4a
http://tinyurl.com/54t8lv

Anonymous said...

Never mind the Property Information;

what's the coochie like?

Agent 99 said...

Starbucks closing 600 stores in the US
By JESSICA MINTZ
AP BUSINESS WRITER


SEATTLE -- Starbucks Corp. said Tuesday it will close 600 company-operated stores in the next year, up dramatically from its previous plan for 100 closures, a sign the coffee shop operator continues to struggle with the faltering U.S. economy and its own rapid expansion.

This is a story that I particularly like. Why? Starbucks coffee is the worst coffee in the world...Hot, bitter, acidic. In short, it sucks. Starbucks fans and Humvee owners need a new planet.

gwk said...

Hey did you hear the United States Government is going to seek the Death Penalty for one of those famous 5-4 detainees held for a few years down there on the coast of Cuba so what do you make of that?

Anonymous said...

Here are some of my long term bets.

Water
Food
Ammo
Power (solar, wind, batteries)

Doesn't anyone realize how far away we are from becoming a third world country? Don't think it can happen? YouTube the LA Riots, New Orleans or even the newly liberated Iraq. If there is another homebrew attack generated and our supply lines are disrupted it won't take long. Imagine millions of people fleeing an area with no supplies. Do you think these nice city folk will be civilized and friendly when they are starving to death? Do you think the local and state governments will know how to deal with the situation? Would there be martial law declared? Suspension of habeas corpus? Super fun time group camps?

Do you really think that stocks, bonds, CD's and even metals (even though I am guilty of buying some of that) will be worth anything when the irradiated oil fields are on fire?

Israel. Iran. Iraq. Mushroom clouds. Oil $500. World domination. New World Order.

Think about it.

-FutureShock-

Anonymous said...

Starbucks closing 600 stores in the US

--------

Darn. There will only be 3 Starbucks on every block instead of 4. What will I do now?

Anonymous said...

So I went to the beach for a few days. Place was packed, jam packed. Nightlife crazy with people spending money.

Then I come back home, read the news, read blogs and I'm back to doom and gloomsville.

You people need to get out a little more. Getting out of your momma's basement might do you some good.

Anonymous said...

Will the ECB force the Fed hands to raise rate

http://money.cnn.com/2008/07/01/
markets/thebuzz/index.htm?section
=money_latest

Anonymous said...

Is the Fed Funds Rate telling the Fed to raise rate by a half point.

June 30, 2008 Federal funds traded at an effective rate of 2.47% Monday and went as high as 3.70%

http://www.ny.frb.org/markets/
omo/dmm/fedfundsdata.cfm

Anonymous said...

With the US Dollar Index trading lower, Fed Funds rate trading higher, and oil price approaching $143 again what kind of smoking gun does the Fed need to raise rate by half point.

http://quotes.ino.com/

Perhaps Federal Reserve Bank of Atlanta President Dennis Lockhart will get a chance to witness wage price spiral out of control.

No one would have guessed gas price would average $4.00 Nationally just six months ago.

http://news.yahoo.com/s/nm/
20080701/bs_nm/usa_fed_
lockhart_dc_3

BMW driving sex machine said...

Breaking News.

Obama Got Discount on Home Loan

Shortly after joining the U.S. Senate and while enjoying a surge in income, Barack Obama bought a $1.65 million restored Georgian mansion in an upscale Chicago neighborhood. To finance the purchase, he secured a $1.32 million loan from Northern Trust in Illinois.

The freshman Democratic senator received a discount. He locked in an interest rate of 5.625 percent on the 30-year fixed-rate mortgage, below the average for such loans at the time in Chicago. The loan was unusually large, known in banker lingo as a "super super jumbo." Obama paid no origination fee or discount points, as some consumers do to reduce their interest rates.

Compared with the average terms offered at the time in Chicago, Obama's rate could have saved him more than $300 per month.

Read the full story here.

http://www.washingtonpost.com/wp-dyn/content/article/2008/07/01/AR2008070103008.html?hpid=topnews

I just did the math. That means Obama would save 108000 over the life of the loan by this sweetheart deal.

Anonymous said...

It's the end of the run.

Countrywide has a bad quarter but not one it can't recover from.

Housing prices set to rise again after a plateau.

Wages up, and unemployment claims down.

Record profits in technology, air transportation, and manufacturing.

SOME CRASH!

DOPES!!!
October 28, 2007 1:20 AM

Washington Post said...

Obama got a home loan discount --

http://www.washingtonpost.com/wp-dyn/content/article/2008/07/01/AR2008070103008.html?hpid=topnews

Anonymous said...

A new take on the "buy & bail" strategy that allows you to bail first and buy later while simultaneously providing a revenue stream for your parents during retirement (as long as your parents have properly saved for retirement). Go ahead & bail on your overpriced cr@pbox and take the hit on your credit. Then later when you want to buy you take a private or intra-family mortgage from your parents (or any relative) who will tap their retirement savings to fund the loan. The lender gets to set the interest rate and get a retirment income stream just as if its an annuity. The borrower gets to take the mortgage interest tax deduction, does not have to worry about the blemish the bail put on their credit history and does not have to deal with all the BS the banks are dishing out nowadays to get a loan along with all the junk fees banks pack into the transaction. In fact the parent/lender can feel more certain that the loan will be paid because you do not have an overpriced cr@pbox/debt trap draining your wallet every month.

The greatest beauty of it all is that the wealth stays in the family & does not go to all the parasites that exist in real estate transactions and mortgage debt servicing. No PMI, no junk fees, etc., etc.

The key ingredients are two relatives who implicitly trust each other and each having the necessary financial prudence to see it through. Good Luck!!

Anonymous said...

I have a confession. I really lost it with a realtor yesterday.

She told me "you're the most unpleasant person I've ever met." And "I can't wait for my son to meet up with you in court, he's going to wipe the floor with you."

Why? Because when I went to go look at a house I insisted on reading the disclosure first rather than looking around.

She said "you're not giving the house a chance." I said "there is no point in liking a house if it needs a lot of work" and continued to read.

Anyway, it really, really set me off. She kept on saying "you need to fall in LOVE." And I was all "it's a freaking house lady, not my husband."

So...then I got home and I google stalked her. I think I know why she was in such a foul mood. She and her other realtor husband bought a place in '07 for 700k, no land, high taxes because it's new, no way to pay for it.

But anyway. After looking at how much she must owe and how few homes have sold in my area in the past 6 months I realize I was wrong. I should have ignored everything she said, she was just trying to have some control over the situation.

/sign me: god takes too long

devestment said...

http://tinyurl.com/4y4ger

Anonymous said...

I gotta tell you guys, something just doesn't feel right. The DOW has been REALLY tanking lately, its july 2, and i suspect something is gonna really pop soon, an announcement on the early evening of the third, or the fourth of this month, some big co going down in flames, somethhing! I don't know exactly what, but I'm afraid something is underway...
-JDF

foa for president committee said...

Some fun with fire reporting from "it's different here Southern Maryland."

Fires in the past week.

First one, the story doesn't mention it being in foreclosure, but it is:

"The destroyed house apparently has quite a history with local law enforcement. There are reports that the house was vacant and that the owner was told not to trespass on the property. However, the house was the frequent scene of drug arrests."

"Neighbors report that vagrants would break into the house to smoke crack on a number of occasions. One neighbor stated, “Police were always there, even after they kicked out the previous owners, the deadbeats kept coming back.”

http://tinyurl.com/6h7ebb

Second one, SUV catches fire and burns up house:

Look at the pics and notice the "For Rent" sign in the front yard.

http://tinyurl.com/4c3h3r

Anonymous said...

UPDATE COMMENTS UPDATE COMMENTS

Anonymous said...

quick follow up to my last post:

Do you remember when a couple years ago n korea launched their nuke? they chose july 3rd on purpose there! I am saying somehting like that may happen again, boy I hope not! Just feels like somethign is inn the air!!!
-JDF

Agent 99 said...

"So I went to the beach for a few days. Place was packed, jam packed. Nightlife crazy with people spending money.

Then I come back home, read the news, read blogs and I'm back to doom and gloomsville."

I went to the beach, too. I've never seen so many overweight tattooed people in my life! HEY, get a tan (lay off the sunblock and get some vitamin D for heaven's sake). Party like there's no tomorrow...might as well.

DaveO said...

Well, the second half of 2008 is officially here. Yun says house prices throughout most of the US are supposed to be rising through the end of this year. Are we seeing that or at least will we be seeing that before 2008 ends?

"WASHINGTON, May 15, 2008 /PRNewswire-USNewswire via COMTEX/ -- Home sales and prices throughout most of the country are poised for improvement in the second half of 2008, and the recovery will vary by market, Lawrence Yun, chief economist for the National Association of Realtors(R) said today during NAR's Midyear Legislative Meetings & Trade Expo."

Anonymous said...

So I went to the beach for a few days. Place was packed, jam packed. Nightlife crazy with people spending money.

Then I come back home, read the news, read blogs and I'm back to doom and gloomsville.

You people need to get out a little more. Getting out of your momma's basement might do you some good.


So house prices are not dropping, and we should all go out and buy houses now?

Anonymous said...

LASAT TIME I WENT TO THE BEACH I ENCOUNTERED THE RUDEST BUNCHES OF ASSHOLES I HAD EVER MET ASIDE FROM LAS VEGAS AND THERE A LEAST ONE COULD GET A FREE DRINK

Anonymous said...

SUCH IT WAS ATLANTIC CITY

Anonymous said...

DOW down only 160 today. Where's your big market crash now housing fools?

DOPES
DOLTS
FARTS
DARTS
TARTS

vanilla ice said...

"So I went to the beach for a few days. Place was packed........

You people need to get out a little more. Getting out of your momma's basement might do you some good"

You must go to the beach a lot because I feel like I've read this before. There's nothing wrong with going to the beach. There is something wrong with the corrupt financial and real estate cartels. We should all be upset about it, and yes people are suffering.

Perspective said...

"So I went to the beach for a few days. Place was packed, jam packed. Nightlife crazy with people spending money.

Then I come back home, read the news, read blogs and I'm back to doom and gloomsville.

You people need to get out a little more. Getting out of your momma's basement might do you some good."

I think what we are seeing is people adjusting. Like everything else adverse that happens - there are people that embrace it, find ways around it, accept it and deal with it. Then there are others that simply moan and complain that everything sucks and will only get worse. Add in a pinch (more like a torrent) of media hype and it seems like the sky IS falling. Believe me, it is for some, but not for all. Like my dad used to say "It is a recession when your neighbor loses his job, it is a depression when you lose yours" It is all about perspective. Only in the year 2008 there is 80 news outlets, internet blogs, news wires etc. all sharing the worst of it with all of us. It also effects more of us since many more people have 401K's now and are more adversely affected by the movements of the stock market. During past recessions, the stock market meant very little to the average person. However there is a silver lining in all of this. How many people are going to go out and vote now, and hopefully become more engaged in how Washington has been screwing this country out of it's savings for years. When everyone is fat and happy, things are easier to slide by, and they pay attention to stupid issues like gay marriage. But when hard times hit, and the Emperors in Washington suddenly have no clothes, then change happens. No one gave a rats ass about MPG ratings on vehicles, just another number on the sticker - now it is the number 2 observed statistic next to price on a car sticker. Green buildings were for nuts in mountain communities, now they are being designed and built by mainstream architects and corporations. How much stronger do you think this country will emerge once people are again forced to think, conserve, vote for politicians that actually have platforms instead of fluff and people demand better leadership. Guarantee that a moron like GW Bush would not have been elected if people were not fat on the good times from the 90's. In the future this could end up being a turning point in our country - the days that awakened the sheep from their slumber, and forced leaders to be accountable again.

Anonymous said...

"People hold up the 1930's Great Depression as being the absolute bottom! I have news for them. Ask any German or Russian what it is to be in a "bad economy". Things can be worse than the "depression". Just wait until auntie and grandma are eating dog food or maybe even the dog and cat. I'm sending all my relatives can openers just in case they need to open up some yummy Alpo!"

Agreed, however I think that the Great Depression is the bottom that people will put up with here. I can only imagine the level of civil unrest that would come about if we had greater than a 25% unemployment rate and a greater level of poverty than the depression. Let's put it this way, Britney Spears and Paris Hilton would be begging for the photogs compared to what would happen to them if they ventured outdoors in that type of environment. Rich people would have to move out of their gated communities and relocate to Iraq style military installations. the class warfare would become real warfare. I think many of the rich would "hide out" in bad neighborhoods and drive old cars just so noone knew they were rich. TV personalities might as well just leave, cause they would be targets. I would change my career to personal security specialist and buy stock in protection companies like Blackwater.

Anonymous said...

"DOW 14,000 soon.
Some crash!!!

DOPES"

Howd that work out for ya, lets see Dow at 11215 today and continued weakness. That is only a 2785 point drop. Probably 3000+ before the moron in the Whitehouse is shown the door. Are you Republican by any chance? Can you be my financial advisor? I will do exactly opposite of what you say - I will be a millionaire in no time.

Anonymous said...

Anonymous July 02, 2008 10:39 PM,
You miss the point, We will NEVER have conditions like those of the 1930's again! Whoever gave you that 25% unemployment figure, I would bet 10$ to a hat pin that they forgot to cook those numbers! Didn't anyone ever 'give up' looking for work in the 30's?
Is output actually negative this quarter? Well, just adjust for "inflation"! Still not good enough? Well, report GDP as 1% higher than it actually is anyway, then in a couple of months when we are all done patting ourselves on the back for avoiding recession and no one is paying attention anymore, let the real numbers slip out, like on the evening of July 3rd or something...
-JDF

Anonymous said...

Please repost:

Can someone clear this up for me? A friend told me that they were going to put their house up for sale AFTER the election because she said that houses always go up in value after an election. I asked her where she heard that, and she just replied it's always happenend that way. Has anyone ever heard of that in a "normal" housing cycle?

Dixon Ticonderoga said...

Dipsh!t said-

"So I went to the beach for a few days. Place was packed, jam packed. Nightlife crazy with people spending money.

Then I come back home, read the news, read blogs and I'm back to doom and gloomsville.

You people need to get out a little more. Getting out of your momma's basement might do you some good."

So I went to work today and everybody there was working.

Then I came home and read that unemployment is up.

Yeah that is exactly how stupid your post was. Just because you go on vacation and everybody else who is on vacation is having fun does not mean that everything is great. It is this kind of disconnected "thinking" that has put this country in the state it is in. Acting like you are rich does not make you rich.

Hope you enjoyed your little holiday. If you go next year I bet the beach won't be near as crowded.

RR said...

25 Reasons to Remain Cautious:

http://tinyurl.com/5u7aex

Anonymous said...

uh oh, Keith, looks like obama is looking more and more like McLoser. this is out on the news services:
---------------------------------

"Obama opened the door Thursday to altering his plan to bring U.S. troops home from Iraq in 16 months based on what he hears from military commanders during his upcoming trip there. "

"He has said that if al-Qaida builds bases in Iraq, he would keep troops either in the country or the region to carry out "targeted strikes.""

LibVet said...

Normally, I hate news stories about something that MAY happen, but just this once,

Euro May Be Poised for `Explosive Breakout,' Citigroup Says
http://tinyurl.com/665sba

k.w. - Southern Ca. said...

Another "Friend of Mozillo", but no surprise, because most in executive positions got these types of loans.

However, the whole crap pot is about to explode, and many of them will start getting pinched as well.


Washington Post said...
Obama got a home loan discount --

http://www.washingtonpost.com/wp-dyn/content/article/2008/07/01/AR2008070103008.html?hpid=topnews

Anonymous said...

Average wage up to $18.01/hr. People who have stopped looking for work are estimated in the Bureau of Labor Statistics unemployment numbers.

http://tinyurl.com/dje47

According to posters on HP, everyone is being laid off in favor of low-paying McWalJobs, there are no manufacturing jobs in America, the BLS numbers do not count people who have stopped looking for work, etc. etc...

Someone posted in a thread here that just because you don't see it for yourself doesn't mean it isn't happening. So who are you going to believe, some reporter you don't know with an agenda, or yourself?

http://tinyurl.com/6xthyd

Anonymous said...

"Everyone was spending money"...
Did you see actual cash or more credit debt being "created"....

Anonymous said...

Hey Re post,

The answer to your your question is absolutely not. The housing market is not the stockmarket. This is the Titanic that has barely crashed into the iceberg.
An election will not save this ship no matter who is elected.

Check out the historical charts on real estate and you will notice the length of the cycles. We have already lost over 20% in Ca. in just over 6 mths. as opposed to the 90's taking 6 years.

Buy some popcorn and tune into youtube videos of MR. MORTGAGE!
I am certain you may get a couple of answers to your questions.

While your at it, click on Patriot News Hour on youtube. (great info)

ICEMAN

Anonymous said...

Wow $5.59/gallon for regular unlead in San Francisco, Ca

http://www.sanfrangasprices.com/
map_gas_prices.aspx?z=11&lat=
37.744596&long=-122.453356&sid=
-2137070&ft=A

Anonymous said...

There were over 60,000 jobs cut, but the unemployment rate stayed the same???
Did the person that wrote the news today read what they were writing?
How can a bunch of workers get laid-off and unemployment remains the same?
I know we need new jobs to be created, just to keep unemployment the same (to makeup for the expanding population).
Can there be a more bold-faced lie than this?

Anonymous said...

BOHICA

http://video.google.com/videosearch?q=peter+schiff&hl=en&sitesearch=#q=don%20harrold&hl=en&sitesearch=&so=1

keyser soze said...

I learned a new phrase today, thanks to UBS....they are reporting 'below break-even' earnings...instead of a loss.
LMFAO.
It's a beautiful world we live in...I just sometimes wish we were treated as if we weren't complete imbeciles. On second thought.....

LibVet said...

Short Pay

"Some homeowners feel they can ask a bank to take less, sell the home, then pull money out of savings and buy a bigger house"
http://tinyurl.com/6j9aj3

W.C. Varones said...

Greenspan's Body Count hits 35

Anonymous said...

Investors taking a civil action against two Bear Stearns subprime mortgage hedge funds wants damages claim of $1.5 billion.

http://www.thisislondon.co.uk/
standard-business/article-23508627
-details/Bear+Stearns+hit+by+
higher+claims/article.do

Anonymous said...

Isn't higher oil price driven by speculation, which was fueled by the weaken US Dollar.

Isn't the weaker US Dollar driven by lowering Federal Reserve interest rate Federal, which was fueled by the weaken housing market.

Isn't the weaker housing market driven by poor lending standards, which was fueled by Excess Global Liquidity.

Wouldn't Excess Global Liquidity cause to much money to chase the same goods.

Isn't this process the reason for the Inflation in the first place.

So what would happen if this process is allowed to make another pass, wouldn't Inflationary Expectation continue to grow.

Didn't the Federal Open Market Committee said "upside risks to inflation and inflation expectations have increased." last week.

So will the Federal Reserve allow this process to make another pass.

Anonymous said...

Who is the villain now.

Questions and Answer on falsified mortgage application

http://www.washingtonpost.com/
wp-dyn/content/article/2008/07/04
/AR2008070401305.html

Tyrone said...

Buck the trend, buy now!! And you'll have your bucks in row, later!!

Real Estate Market Facts

BWAHAHAHA

Anonymous said...

Given the current situation below if you were the Federal Reserve ask yourself the question is this the time to create more growth or stop inflation.

http://online.wsj.com/article/
SB121520753147729275.html

In another sign of the harsh toll being exacted by the economic downturn, the number of Americans unemployed for six months or more has risen sharply over the past year and is likely to increase even more.

The number of people unemployed for at least 26 weeks has risen to 1.6 million -- up 37% in the past year.

That is almost double the percentage increase for the overall unemployed, according to a Labor Department report released Thursday.

More than 18% of the unemployed have been looking for work for more than half a year, compared with about 11% at the start of the 2001 recession.

Anonymous said...

KLA-Tencor will close plant

Not good news for the Arizona housing market.

http://www.azstarnet.com/
allheadlines/246749

Anonymous said...

Will Lam Research layoffs 5% of workforce.

http://blogs.barrons.com/
techtraderdaily/2008/07/01/
lrcx-credit-suisse-upgrades-
sees-restructuring-story/
?mod=yahoobarrons

Americans against Dodd said...

Looks like the realtywhores can forget about stripping in Vegas...

"This year already we've seen the Minx closing, the Mensa club closing, and the Crazy Horse closing," says Dolores Eliades, owner of the OG, the second biggest "adult cabaret" venue in the world. "By another 12 months from now, I expect another two or three major venues will have gone."

http://tinyurl.com/65un4u

Oh Suzanne!!!

Anonymous said...

hey

thought this might be of interest to readers. Realtor murdered....

http://www.zimbio.com/Troy+VanderStelt/articles/6/Disgruntled+73+Year+Old+Real+Estate+Client

Gloomy Greg said...

I agree JDF--

It definitely feels like the eerie "calm before the storm"...I can't explain it either, other than no matter how hard Ben & Co. tries to keep all the plates spinning, there is SO MUCH SHYTT coming at him now, that they just can't keep manipulating the whole thing that much longer...

Have you all noticed Paulsen's big emphasis lately in speeches about the fact that big companies must be allowed to fail--??

I think they realize the tide is pulling out, the tsunami is coming--not much to do now but grab beer and head for the highest land...

k.w. - Southern Ca. said...

I suggest you do your homework and realize just how similar our economic situation is to what happened *prior* to the Great Depression of the 1930's.

If our government doesn't handle this right (and they haven't so far), that's exactly where this country is headed.

From the tone of your posting, you appear to still be doing well. Well, I can say the same as you, but that doesn't mean there isn't big trouble *already* happening for many citizens.

Venture outside of your neighborhood, just look around and keep an openmind, and you'll (hopefully) begin to see just how bad things are getting out there in many parts of our country - which is especially true here in Southern Ca.


Anonymous said...
Anonymous July 02, 2008 10:39 PM,
You miss the point, We will NEVER have conditions like those of the 1930's again! Whoever gave you that 25% unemployment figure, I would bet 10$ to a hat pin that they forgot to cook those numbers! Didn't anyone ever 'give up' looking for work in the 30's?
Is output actually negative this quarter? Well, just adjust for "inflation"! Still not good enough? Well, report GDP as 1% higher than it actually is anyway, then in a couple of months when we are all done patting ourselves on the back for avoiding recession and no one is paying attention anymore, let the real numbers slip out, like on the evening of July 3rd or something...
-JDF

July 02, 2008 11:12 PM

Anonymous said...

It's so funny reading this blog. Unemployment is at 5.5% and you tools act like it's at 25.5%. In the 90s when Clinton was in office and unemployment was in the 5-6% range, it was an economic boom. Now it's a second great depression.

Just goes to show how gullible most people are. CNN says it's doom and gloom and you sheep march lock in step baaahhing all the way.

Oh no gas is at $4 and so it must be the end of the world. Until you realize that as a % of your income gas is less than 1%. But that would require some actual thinking, which it appears that vast majority of people are incapable of doing.

Keep on believing what the Tee-Vee and internets tell you chumps.

Anonymous said...

BREAKING NEWS

Indy Mac is toast, stay tuned tommorow morning.




ICEMAN

chslaxcoach said...

Local Phoenix Lawyer Ad:

(said with a big game-show host smile)

"With gas prices soaring and the economy struggling, now is a great time to consider filing for bankruptcy."

C'mon, man. Everyone's doin' it.

Dave ...

Anonymous said...

Foreclosed homes depress prices throughout area

The median home sale price in the city of Cleveland has dropped an astonishing 75 percent compared with the first six months of last year - from $62,000 to $15,500.

Maple Heights, Garfield Heights, Euclid, Bedford Heights, Warrensville Heights, East Cleveland, Cleveland Heights and South Euclid - communities that have had large numbers of foreclosures - have seen precipitous declines in home prices this year as well.

Countywide, the glut of foreclosed homes has sent the median sales price tumbling from $120,600 to $84,000 for the first six months of the year. That is a decline of 30 percent. Excluding Cleveland, the countywide drop is 14 percent.

http://tinyurl.com/564jwx

Anonymous said...

Obama's plane had to land in St. Louis for an unscheduled maintenance problem......


HILLARY!

Anonymous said...

So, I went to the beach too, and it was packed, most likely because people can't afford to travel anymore and flood local rec places.

Anonymous said...

Rent and watch "11th Hour" by DiCaprio. A little soft, but powerful message.
There is only ONE issue that is important, and it's the condition of our environment. The way we keep dumping sh!t into it, it really won't matter how high the Dow is in a few years... if the flood won't get you, the drought will. If you survive that, the heat waves, tornadoes and hurricanes will add some needed "entertainment". Add to that various lung disorders, cancers etc and the picture is beyond bleak.

Anonymous said...

Rent and watch "11th Hour" by DiCaprio

-----

Another idiot who takes advice on how to live from Hollywood stars. Please do not ever have kids.

Anonymous said...

It's so funny reading this blog. Unemployment is at 5.5% and you tools act like it's at 25.5%. In the 90s when Clinton was in office and unemployment was in the 5-6% range,

You are a complete idiot. I love when right-wingers show again and again how stupid they are. The unemployment calculation is adjusted every couple of years since the Raygun admin started doing it. Our real unemployment figure would be closer to 15% if we calculated as the EU does, as we did before Raygun. Goggle the birth death adjustment and see if you can figure what it means and how they come by it. Stop being such an idiot or at least stop adverting it so publicly.

Anonymous said...

404 not found?

I don't know tiny url, but go to this link:
http://www.realtor.org/realtororg.nsf/pages/narcode?OpenDocument&source=realtor
click on code of ethics in the paragraph 4 from the bottom and see if it gives you a 404 not found too?

maybe they're catching on?

Anonymous said...

Remember there are three Phases in a Housing Cycle -

1) BOOM
2) SLUMP
3) RECOVERY

Each Phase has three Stages

1) Beginning
2) Middle
3) End

Have you read your local newspaper lately.

Did you noticed that their were an increase number of NOTICE of TRUSTEE SALE in the classified section of your newspaper.

If you are seeing several pages of NOTICE of TRUSTEE SALE in the classified section day after day for many months then chances are your city is in the Middle Stage of the Housing Slump.

Have you noticed that there is a corelationship between NOTICE of TRUSTEE SALE and the unemployment rate in your city in the middle phase of the housing slump.

Just remember you will not get the best deal in the middle phase of the housing slump in a public auction unless that house is in a very bad location and that house needs allot of work.

Remember the best deal are between the ending phase of the housing slump and the beginning phase of a housing recovery.

In the beginning phase of the housing recovery Housing Price Affordability are at the highest.

A good rule of thumb is if the price of a median home in the city you work in is priced in such a way that an average family earning the median income in that city can qualify for a 20 percent down conventional loan using the standard "28/36 rule" then housing price affordability is high most likely at the highest.

The first number, 28, is the maximum percentage of your gross monthly income that the lender will allow for housing expenses. The total includes payments on the mortgage loan, mortgage insurance, fire insurance, property taxes, and homeowner’s association dues. This is usually called PITI, which stands for principal, interest, taxes, and insurance.

The second number, 36, refers to the maximum percentage of your gross monthly income the lender will allow for housing expenses PLUS recurring debt. When they calculate your recurring debt, they will include credit card payments, child support, car loans, and other obligations that are not short-term.

In other words if the only way an average family earning the median income in your city can qualify for a median price home in your city using the 28% rule is to commute an hour alway for the equivalents home in your city then most likely your city is still in a housing slump.

Anonymous said...

If the Federal Reserve issued a message like "Dump A.R.M.s now", does that mean the Federal Reserve will hike rate sooner rather then later.

http://www.goerie.com/apps/pbcs.dll/
article?AID=/20080708/BUSINESS01/
807080321

Anonymous said...

Got to make you think when the president of the San Francisco Fed Janet Yellen said

With worst-case scenarios having been skirted and inflation risks on the rise, interest rate policy is tilting in a "slightly tighter" direction.

Will the Federal Reserve raise rate sooner rather then later.

http://ph.news.yahoo.com/rtrs/
20080708/tbs-business-usa-fed
-yellen-dc-7318940.html

Anonymous said...

TeleTech will layoff 532

http://www.dailypress.com/
business/dp-local_teletech_
0708jul08,0,1937514.story

Anonymous said...

uh oh, Keith, looks like obama is looking more and more like McLoser. this is out on the news services:
---------------------------------

"Obama opened the door Thursday to altering his plan to bring U.S. troops home from Iraq in 16 months based on what he hears from military commanders during his upcoming trip there. "

"He has said that if al-Qaida builds bases in Iraq, he would keep troops either in the country or the region to carry out "targeted strikes.""



Of course Obama looks like McCain. They belong to the same Israel/CFR/Corporate controlled Club. The supposed two-party system is such a transparent fraud that I am surprised someone as intelligent as Keith would buy into it. Time to unplug your mind.

http://www.youtube.com/watch?v=l31eIwZvW8M

Anonymous said...

UK home builder Persimmon Plc will layoff 1,100

http://www.bloomberg.com/apps/
news?pid=20601085&sid=aLi6lwtatlNY

Anonymous said...

AirTran Airways will layoff 480

http://biz.yahoo.com/ap/
080707/airtran_jobs.html

Anonymous said...

Frontier Airlines will layoff 456

http://www.rockymountainnews.com/
news/2008/jul/07/
frontier-united-to-cut-600-jobs/

Anonymous said...

Ha ha. You hard core leftists are being thrown under the bus these days. Osamabama is moving to the center faster than Bill Clinton moves towards a cheeseburger.

And now major Dems are saying Fox news is the most balanced network out there.

http://www.nytimes.com/2008/05/02/
business/media/02fox-1.html?_
r=1&oref=slogin

Anonymous said...


Oh no gas is at $4 and so it must be the end of the world. Until you realize that as a % of your income gas is less than 1%. But that would require some actual thinking, which it appears that vast majority of people are incapable of doing.


No, it's a lot more for most people. Get a clue, shit-for-brains!

And you're not considering the ripple effects through the economy, you brainless bastard!

Anonymous said...

Newsday.com
Calif. group proposes George W. Bush Sewage Plant
By MICHELLE LOCKE

Associated Press Writer

6:24 PM EDT, July 7, 2008

SAN FRANCISCO

A California group submitted a proposal Monday to rename a sewage treatment plant after President Bush, calling the initiative a fitting tribute to the outgoing chief executive and the "mess" he'll leave behind.

The Presidential Memorial Commission of San Francisco wants to switch the name of the Oceanside Water Pollution Control Plant to the George W. Bush Sewage Plant.

Supporters hoping to put the issue on the November ballot turned in more than 10,000 signatures to San Francisco election officials, organizer Brian McConnell said. The measure needs just over 7,000 valid names to qualify and McConnell expects to find out later this month whether they made it.

Proponents of the renaming plan see it as fitting tribute to a president they contend has plumbed the depths of incompetence.

"We think that it's important to remember our leaders in the right historical context," said McConnell, a member of the group that was formed after friends came up with the renaming idea.

"In President Bush's case, we think that we will be cleaning up a substantial mess for the next 10 or 20 years," he said. "The sewage treatment facility's job is to clean up a mess, so we think it's a fitting tribute."

The "mess," as supporters of the plan see it, includes the aftermath of the Iraq war and what they see as a neglect of domestic economic issues.

"What we're really doing is symbolizing the fact that as he leaves office, we'll begin the process of basically repairing damage and rebuilding our country's reputation," he said.

But others think the plan reeks.

The chairman of the San Francisco Republican Party has promised to fight the measure if it does make the ballot.

A call by The Associated Press to White House press officials was not returned. But Patrick Dorinson, a former spokesman for the California Republican Party now running a communications firm in Sacramento, called the measure "a horrible idea" that is "childish and it's stupid."

"This is why San Francisco is considered wacky," Dorinson said. "It makes me ashamed to be a San Franciscan if this is all they've got time to do."

San Francisco Public Utilities Commission spokesman Tony Winnicker says officials have bigger issues to deal with than the proposed initiative. He defended Oceanside as anything but a symbol of inadequacy.

"The plant that they're seeking to rename really offers extraordinary environmental benefits. Without it, raw sewage and storm water would flow into the bay and the oceans and the streets. That's not our understanding of what the authors of this initiative believe the current president has delivered," Winnicker said.

Still, he said, the commission is "trying to take it in stride and understand the humor behind it."

Glenna said...

Hey Keith, I'm sensing we are moving out of the Denial phase and into the Fear phase. How about putting the chart up again for discussion.

Anonymous said...

oil down $9

stocks up 2%

this is the time to be buying stocks and shorting oil

Anonymous said...

kind of unrelated, but i thought you all might find this amusing regarding everyone's favorite realtor connie degroot, the self-described "expert" in the real estate world...

it would appear that ms. degroot has only been selling real estate for five or so years. before that, she was a retail sales girl. before that, a failed singer/actress. she apparently employs a publicist, who lands her the news gigs.

wonder if fox or cnn are aware of exactly how "qualified"
the "expert" they choose to put on the air really is???

keith, please do a a little digging around on this woman!!!!

Anonymous said...

Not only does Obama say he won't eliminate the deficit in his first term, as McCain aims to do, he frankly says he's not sure he'd bring it down at all in four years, considering his own spending plans.

"I do not make a promise that we can reduce it by 2013 because I think it is important for us to make some critical investments right now in America's families," Obama told reporters this week when asked if he'd match McCain's pledge.

--------------------------------------


there you go. those hoping obama would bring fiscal responsibility to the white house should now realize that all obama tax increases would be spent on new programs and entitlements.

Anonymous said...

from various reports:


Lobbyists will be involved in writing the Democratic platform under Barack Obama, who has campaigned against special interest influence in Washington and bashed his rivals for accepting contributions from paid lobbyists.



The more things change the more they stay the same.

lobbyists writing the democrat platform...... WTF? I thought dems could think for themselves.

Anonymous said...

Rent and watch "11th Hour" by DiCaprio. A little soft, but powerful message.

-----------------------------------

so, is dicaprio saying we have 13 more hours left?

Anonymous said...

Lessons from the Great Depression - Jim Jubak:
"When people my age -- I'm 57 -- or younger bandy about worries of a coming recession or even a depression, and I've heard a lot of that talk lately, I think we're playing parlor games.

We never lived through the Great Depression. Most of us have never even had an emotionally honest conversation with someone who did. I don't think we've got the foggiest idea what we're talking about when we worry about a global crash or glibly recommend stockpiling food and ammo.

Like children who have grown up in secure homes, we can indulge in a love for scary stories because, in our heart of hearts, we know the monsters will never get us."

Ouch. The truth hurts.

http://tinyurl.com/6maxl7

Anonymous said...

Hey Keith,

I am now hearing reports that Wells Fargo might be in the works in acquiring Washington Mutual.

These reports are coming from both sides of management div. We shall see if it is speculation or if there will be an acquisition or merger.

I am also hearing reports of problems with accessing internet accounts for Wamu. I don't know if its related, but these reports were reported recently at Indymac Bank and you know what has happened there.

ICEMAN

Anonymous said...

http://www.nj.com/business/ledger/index.ssf?/base/business-9/121549189085860.xml&coll=1



Prices going up and packaging getting smaller.

Anonymous said...

A sewage treatment plant named for Bush?

Agent 99 said...

Jeez Barry...putting your young daughters on Access Hollywood!
Just what we need about now, poor judgement. Throwing Chelsea out there was bad, too...but at least she's an adult.

went2puke said...

Watching the maekets index for today's last hour of trade : Dow, Nasdaq, S&P, all heading SOUTH....

zombie said...

Keith,
In light of the debacle at Fannie Mae, I thought you would enjoy this quote from Chairman of the Board Franklin Raines in the Fannie Mae Annual Report to Shareholders for 2000.
"Indeed, our 14 years of steady earnings growth demonstrates that Fannie Mae defies the conventional wisdom that financial company earnings are always sensitive to changes in the economy or interest rates."
What a deal, a financial services company that's immune to the economy and interest rates!!

It's hard to believe that a company that has been run by cocky schmoes like this could collapse.

Anonymous said...

"...Oh no gas is at $4 and so it must be the end of the world...as a % of your income gas is less than 1%...chumps."

Let's check that math.

Average family income=$40+k; hell, let's be conservative and say $50,000.

1% = $500/$4/gallon = 125 gallons per year.

DOT says we're averaging about 20 MPG nowadays.

Most people drive 2500 miles/year?

seth said...

Well, if you thought the current housing bailout was bad, then you'll love Act 2.

http://tinyurl.com/63oncu

Snoopy Dog said...

We Need a Bailout: Housing Legislation 'Close to a Joke', Corcoran Says

http://tinyurl.com/6czkwa

ChuckPonzi said...

I believe the losses are greater than the result of sell price - purchase price.

That difference does not show the money invested in remodeling and landscaping. Throw in higher taxes from inflated home values. Now, what is the true loss of the flippers?

Anonymous said...

Siemens AG will layoff 17,000

http://www.volunteertv.com/
news/headlines/24080574.html

Anonymous said...

Northwest Airlines will layoff 2,500

http://www.cbsnews.com/stories/2008/
07/09/ap/business/main4245523.shtml

Anonymous said...

Seems like the UK is following the US lead as more home builders slash jobs

Even if mortgage rate becomes more favorable, is it a good time to buy a home with so much uncertainly.

http://news.yahoo.com/s/afp/
20080709/wl_uk_afp/
britainconstructionhousing
jobsbovisredrow_080709095307

Anonymous said...

Why isn't the price of gasoline even higher?

Figure 1 shows that the differential between the retail price of gasoline and the per-gallon cost of crude oil has recently dropped dramatically, leaving a much smaller margin to cover expenses and profit.

http://www.theoildrum.com/node/4255

Anonymous said...

In an advertisement, Kathy Salazar says:

"Because we are either at or near the bottom of the housing downturn in our area..."

"Call me for more info."

Please call Kathy at 360.337.1112 or 360.509.6894 and ask for more info about why she thinks we have reached the housing bottom.

Call now!

K.O. said...

Brother, can you spare a
TRILLION Dollars?

http://tiny.cc/ko

Anonymous said...

I can tell you what retail sales report will be for July. Down 10% or more.
I have a little dress shop. Have not made $30 so far this month. No more checks from W. It has NEVER been this bad, EVER. Not even after 911. Talked to others, same story.
After 9 years, am wondering wheather to cut and run.
Scared.

BondsOfSteel said...

I'm not saying we're anywhere near the bottom, but I think we might be at the begining of the end.

The 'unthinkable' things are happening:

1) Bond insurers are fatally wounded. Within 6 months, they'll be rated junk and in run off mode.
2) Banks are staring to fail. It's days untill IndyMac goes, and takes a good chunk of the FDIC's liquidity with it.
3) The GSEs are on the path to failing. The equity markets are looking closed to them... the taxpayers will need to explicity backstop them or they will fail.

Throw in the largest muni bankrupcy (Jefferson County, Al) scheduled in Sept... I think we're near a tipping point.

Anonymous said...

soon one ounce of gold will buy a house

Anonymous said...

"It has NEVER been this bad, EVER. Not even after 911. Talked to others, same story.
After 9 years..."

That's quite the historical perspective you've got! Wow - 9 years...never...ever... LOL

Anonymous said...

Don't even think about bottom calling anytime soon! These pressures will be ongoing for years to come.

Yeah we could just do bailouts like people keep saying.

Lets see...
Fannie and Freddie
FDIC
Lehman
Morgan Stanley
Indymac
Bofa
Social Security
Medicare
Homedebtors
GM
FORD
Farmers
About thirty state budgets
We can go on and on but when we put it all down it is impossible.

If we attempt to do this, the US DOLLAR IS DEAD!!!!

GLOBAL DEFLATION IS HERE PEOPLE!

ICEMAN

Anonymous said...

Anonymous said...

"...Oh no gas is at $4 and so it must be the end of the world...as a % of your income gas is less than 1%...chumps."

Let's check that math.

Average family income=$40+k; hell, let's be conservative and say $50,000.

1% = $500/$4/gallon = 125 gallons per year.

DOT says we're averaging about 20 MPG nowadays.

Most people drive 2500 miles/year?

July 09, 2008 10:24 PM

----------------------

OK fine, 4% or 5%. Point still stands, it's not the end of the world the way you think it is by listening to the news.

Anonymous said...

I've been waiting for this g-d dmn tipping point since last October.


Looks like TSHTF by September.


What are HPers doing to prepare?

Will food and cash for 3 months work. I've got beans and I need more bullets but what else?

Beignet

Anonymous said...

One of the best sights on the net.

http://codenameinsight.com/

Hobo

Anonymous said...

http://www.wftv.com/news/16842595/detail.html


Appraiser on the hot seat.

My gut says she took out a bogus loan. . . . . . .

Whaaaaahhhh!!!!!!!

vanilla ice said...

The government acknowledges its Freddie Mac and Fannie Mae could be toast. Dow Down big in the first 15 mins. Is this it? Is today the day? Where's the picture of the toast?

vanilla ice said...

Fannie and Freddie off 40%. Bwahahahah!

vanilla ice said...

Just listened to Jim Crazer again. Said "he's a Libertarian but what's up with all this laize faire government when it comes to finance and banking?"

vanilla ice said...

Ok, if the government bails out their own company, which is ultimately owned by us, I think I'm going to feel like rioting even more.

Anonymous said...

DOW 14,000 soon.
Some crash!!!

DOPES

Anonymous said...

So when is the next "terrorist event" supposed to happen?

I read something that said 10/4 and something to do with trucks.

Any suggestions?

LibVet said...

"Kevin Hassett, director of economic-policy studies at the American Enterprise Institute, is a Bloomberg News columnist. He is an adviser to Republican Senator John McCain of Arizona in his bid for the 2008 presidential nomination."
http://tinyurl.com/5jbkk7

He's also the co-author of
"Dow 36,000".
I kid you not.

If folks don't want to vote for Obama, fine, but please don't vote for McCain.

McCain has plainly stated that the economy is not his strong suit. So, he must rely on his advisers.

The "Dow 36,000" guy? Are you kidding me?

Phil Graham, who says called the current economic situation is "a mental crisis"?

No, wait, I take it back. Vote for Obama.

Anonymous said...

Please call Kathy at 360.337.1112 or 360.509.6894 and ask for more info about why she thinks we have reached the housing bottom.

Call now!



I SAID CALL NOW YOU FILTHY BASTARDS!!!

Bailouts suck said...

http://news.yahoo.com/s/rasmussen/foreclosurejuly20080710;_ylt=AvuxwpNK2lnEvBune.lY3RcDW7oF

More evidence that your vote only counts if you vote AGAINST EVERY INCUMBENT in November....Got it?

Dem..Repub...No difference...

LibVet said...

http://tinyurl.com/66lfx2

Amusing McCain/Phil Graham vid.

BMW Driving Sex Machine said...

SeattleTimes -- A former loan officer at a Bellevue mortgage company and his assistant have been indicted on a charge of conspiracy to commit wire fraud in a scheme that prosecutors say involved using straw buyers to purchase dozens of homes at inflated prices and siphoning off the extra cash for their own use.

Christopher Brooks and Amani Moss allegedly obtained more than $27 million in fraudulent loans for the purchase of at least 54 homes beginning in 2005, according to an indictment unsealed this morning.

The charges allege that they recruited straw buyers, who would allow the men to falsify loan papers for them. At the same time, Brooks and Moss would use a realtor, who is identified in the indictment by the initials "L.A.," to find home sellers who were willing to overstate the purchase price of their homes. The straw buyers were paid between $7,000 and $10,000 for each transaction, the indictment says.

Brooks, who worked for America Mortgage in Bellevue, would then prepare and submit the false loan papers to several lenders in the area, according to court papers.

The difference between the inflated price and the actual purchase price of the home ranged from $30,000 to $778,000 per home, and the charges allege that money was funneled through a business owned by Moss, Peachtree Development, and into their pockets.

Anonymous said...

OK fine, 4% or 5%. Point still stands, it's not the end of the world the way you think it is by listening to the news.

At 4 OR 5% of ones budget a 5% increase wouldn't seem like it would be such a big deal but, if gas were to go from 1$/gal to just only 2$/gal, thats a 100% increase in ones cost! Their budgets may not allow for costs to just keep increasing, especially at the frenetic rate gas prices have been going up. Now its at 4 (FOUR!) $/gal!
And what if every one were to drive only 2500 miles/year(very conservative, we know this is WAY low) at an avg of 20 mpg then if gas prices were to go up 5% then we would immediately see 3 billion$ (as 3bln$ = 120,000,000, or the number of WORKING people in America, (arent I nice, I didn't even count the unemployed), spending 4$/gallon (the major cities where the majority of workers live, have higher prices like in CA, but Im being real nice here), for 125 gallons per year (what a joke how lowball that was, its gotta be WAY more than 125 gallons/year, but still $4 x 125 x 120,000,000 = 3 bln)sucked out of the economy in direct costs alone. True this is a very small amount compared to GDP, an amount that could be spent in the desert of Iraq in a single day but thats as low ball an estimate as I could make and doesn't even start to take the indirect costs into account because then you gotta figure the margin on farmers gets squeezed (they use gas guzzling tractors), and that has a trickle down effect, restaurants cost more, taxis and public transpo goes up in price (or the subsidies must increase, which is yours & my tax dollars), and what about all those tv's you buy from china? They gotta be shipped (we don't use steam engines anymore) and THEN trucked to your local neighborhood friendly wal-mart? Think they won't go up in price? With all these price increases, people tend to figure out that their salary isn't what it used to be, even tho in nominal figures it hasn't changed. We call this effect "inflation". Can u say it with me? "Inflation". One more time, "Inflation"...
Then back to Asia, they have bought up our dollars on a MASSIVE scale. Think they want to see all the dollars they hold drop by even 1% due to inflation? Hell no. They at some point stop sucking up all those dollars. This has the effect to further inflation by driving import costs higher(remember that tv from wal-mart?) and further weakening our currency, which sort of starts a chain reaction or self feeding cylce. God forbid the heavenly kingdom shit dollar bills on us!
And what do you think the people who sell us the oil will do if what we pay them in goes down in value? They will ask for more dollars if inflation eats at the value of what they could get for a barrel of the stuff! Then they ask for more dollars, and guess what that does to inflation?
So we see that even though we do not DIRECTLY spend a whole lot on gasoline, even a small increase ends up putting alot of pressure on prices in other places. Small increases can be born by the populace fairly well, and even by other agents in the economy, but when the increases, though small come in wave after wave or increase in size, then something has gotta give, and prices go up.
Now remember we started out with the assumption that energy (or here, gas) costs were only 4-5% of our budget and that it would increase by only 5%. Now think about it that not too long ago oil traded at $35/barrel. Now its $145! Thats over a 400% increase!! Way more than the 5% in our example, however the results of this little example are amplified that much more. FOUR HUNDRED PERCENT!?!? OMG I can't even believe it myself...
-JDF

bostonobserver said...

Come on Keith, when are you going to open your eyes and see Obama for what he really is (a radical socialist). Here is his quote today pushing Bush to sign the great housing bailout:

"I call on the administration to support this bill along with a second emergency stimulus package to jumpstart the economy and build on this important start to advance more rigorous measures to protect homeowners from foreclosure,"

Not only does he want to protect "homeowners" from foreclosure but he wants the already bankrupt US government to mail out more checks.

How can you support this loser!!

Anonymous said...

So when is the next "terrorist event" supposed to happen?
-------------------------

A wise old man told me to stay clear of the big city on Monday 12-8-08.

Something to do with a key code containing multipe 3's and the alignment of the pentagon drawn in space by the orbits of Earth and Venus. Why all this mumbo jumbo? Cause the shadow powers behing the false flags belong to a cult that worships this stuff.

Cheers!

Anonymous said...

I just have to stop and thank the maestro Keith.

... and I mean it.

When I discovered this site about a year and a half ago or so, it came at a time where I was seriously looking to buy a house.

That is why I found it.

I almost bit and bought, because initially I wasn't ready to believe the doom and gloom and I wasn't that money savvy.

Thank God I found this site. I am still renting a nice home, with a big yard, near the ocean. My two kids don't know we are not rich, because they live in a house that, if I tried to buy it, would be far too expensive. So, we live in it instead.

I was poised to buy last year, and am more so able to now, but, of course wouldn't dream of putting my family in a risky, money sucking position.

Yeah, I guess the last two years I could have made some headway in paying off an expensive mortgage had I bought, but the way I figure it, Keith has single-handedly saved my family $50,000.00.

...you think I'm kidding?

When the time comes, I'll swoop down like a buzzard and snatch a nice home for my family.

...although I may have to wait 7 more years to buy, when it starts creating value.

I've seen some houses we were interested in buying go down 40K, just in the last year. We all know they will come down much, much further, so.....

Thanks Keith!

Maxwill said...

Love the site; I check at least twice a day. I am still fairly young and after reading comments, I want to invest in tangible gold, but don't have alot of money to do at once. Are American Eagle coins ok to buy? Is Blanchard a safe place to buy from? Is their "accumulation" program (much like sharebuilder) a good idea? Any advice would be much appreciated.

Max

Anonymous said...

.


July 12 08

Within the last three days I have been told if your planning on buying a home....better do it Now!

This is even before the Indymac, Fannie and Freddie news!

One woman thought I was Nutz for waiting the last 2 1/2 years!I love how they try to make you feel stupid!

She said what are you waiting for?

I said, The Bottom!

She said, "We're there"!



.

Tom said...

I remember when I moved to LA three years ago, going out and looking at the then still frothy market here. I recall specifically looking at a condo in the Valley. It was priced at about 499k. (To the agent, I was definitely not a great find, as she was hoping to sell higher priced stuff...) But she told me I should put in an offer on this two bed, one bath generic condo. I asked her why.

"Because it is gonna go up ten percent at least in the next six months."

I looked at her askance. "Do you think that this stuff only goes up?" I was genuinely curious.

"Yes" she said with confidence and annoyance, "it only goes up."

It was at that moment I decided to rent.

I have made some dumb moves in the last few years, believe me. But buying that condo -which is possibly now worth about 280k, was not one of them.

Tom

Hey, forgive me in advance. I am creating a website to post owner financed real estate. It's under construction but I am throwing the site out there.

www.ownercarryit.com

Check it out in coming weeks, willya?

Luck to all.

Tom Murtagh

Anonymous said...


Yeah, I guess the last two years I could have made some headway in paying off an expensive mortgage had I bought, but the way I figure it, Keith has single-handedly saved my family $50,000.00.


You're a hopeless dumbass if you needed this site to realize that there was a housing bubble. You're saying it never occurred to you that people making $45,000 buying homes for $600,000 was not a good idea?

Christopher said...

Throwing my hat in the ring: what if the FDIC fails?

http://www.christopherspenn.com/2008/07/13/what-if-the-fdic-fails/

Anonymous said...

Anon said to another anon: "You're a hopeless dumbass if you needed this site to realize that there was a housing bubble. You're saying it never occurred to you that people making $45,000 buying homes for $600,000 was not a good idea?"

------

Is this kind of response necessary?

Just chill out.

Anonymous said...

I noticed the WaMu death watch today. I wired seven figures out of there last Wednesday. Let's see how this unfolds :)

Anonymous said...

Is this kind of response necessary?

Just chill out.
**********************************
Not necessary, but fun.

Sam Hill said...

What is wrong with Paulson's pinky finger?

j peg here:
http://tinyurl.com/5e24z7

and here:

http://tinyurl.com/6l6377

Sam Hill said...

Seriously.

The Housing Bubble Ate My Balls said...

The PPT is at full throttle...

Funny how this comes out in the UK late on a Sunday....

Trying to head off the crash they know is coming as soon as markets open?

US Treasury rescue for Fannie Mae and Freddie Mac
Treasury secretary looks at $15 billion cash injection for crisis-hit mortgage lenders

http://tinyurl.com/66ypln

"US TREASURY secretary Hank Paulson is working on plans to inject up to $15 billion (£7.5 billion) of capital into Fannie Mae and Freddie Mac to stem the crisis at America’s biggest mortgage firms."

LET THEM FAIL!!

LibVet said...

US spells out Freddie-Fannie backstop plan

"Secretary Henry Paulson said the government is planning to expand its current line of credit to the two companies should they need to tap it and Treasury could buy equity captial in the companies — if needed. The moves will require congressional approval.

The Federal Reserve saids in a separate statement that it will lend to Fannie Mae and Freddie Mac if they need additional funds.

The plans also seek a "consultative role" for the Federal Reserve in any new regulatory framework eventually decided by Congress for Fannie and Freddie. The Fed's role would be to weigh in on setting capital requirements for the companies."
http://tinyurl.com/68aaoo

Anonymous said...

For the home buyers are you sure you want to buy when the mass lay off are just beginning.

What are the chances that you will lose that down payment you have been saving all of these years.

For the Mortgage Backed Security Investors, can the US taxpayers really bail out Freddie Mac and Fannie Mae when most are having a hard time on cost of Food and Gas.

Shouldn't you ask for a higher yield on the next Freddie Mac and Fannie Mae MBS auctions for the extra risk you will be taking.

Remember Mortgage Backed Security Investors, SEC is losing their power to the Federal Reserve

Have you ever wondered why the Treasury Secretary was advertising cover bond over MBS just before the Federal Reserve announced that Freddie Mac and Fannie Mae are insolvent.

Anonymous said...

Have you ever noticed that when a blue chip company announces layoff allot of small companies that support these blue chip companies will also do the same.

The only things is you do not here about these small no name companies.

Sun Microsystems will lay off 2,500

http://www.zdnetasia.com/news/
business/
0,39044229,62043707,00.htm

NASA contractors will lay off 2,300

http://charlotte.bizjournals.com/
orlando/stories/2008/07/07/
daily4.html

IndyMac will lay off 3,400

http://online.wsj.com/article/
SB121546429018933625.html

Anonymous said...

Federal Deposit Insurance Corp said your bank is save, yet IndyMac was not even on the list of 90 banks that was suppose to fail.

In other word IndyMac was not suppose to fail.

http://www.guardian.co.uk/business/
feedarticle/7649271

As of March 31, the FDIC had put 90 banking institutions with $26.3 billion of assets on its "problem list." This excluded IndyMac, which alone had about $32 billion of assets, and close to $19 billion of deposits.

Anonymous said...

Condo conversions gone bad;

"High-profile condos are falling apart, some say

The project received much attention when it was restored and remodeled as a swanky, retro-cool apartment building for urban dwellers in 2004. It went condo in 2005.

But some who bought units in the Landmark say they were fooled into thinking the building's guts also had been replaced - and now they are paying for that mistake.

The original central-cooling unit from 1963 is still in place and has been failing lately, she added.

Of the towers' 238 units, 34 are in foreclosure, most of them owned by out-of-state investors

Meanwhile, amenities originally promised to prospective buyers, such as valet parking, have disappeared."

http://tinyurl.com/6nlqas

Anonymous said...

"Anonymous
July 08, 2008 7:47 AM"

Good advice

Anonymous said...

"...Is this kind of response necessary?

Just chill out.
**********************
Not necessary, but fun.

July 13, 2008 6:14 PM"


I see this EVERYWHERE; swaggering lowbrows (unintentionally) confess what really lies inside.

New avatar for him.

He'll rub a narcissistic one out to that, but is actually a lot closer to one of these.

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