August 20, 2008

Where are we?

Depends on who you are I guess...

* Where are realtors and REIC?

* Where are upside-down homedebtors and failed flippers?

* Where is America? Where is the UK? Where is Spain? Where is Ireland?


NME said...

Where is Australia? Still in Denial.

Anonymous said...

Mostly still in denial

Anonymous said...

Denial. Most people seem to be under the illusion that "stability" in the housing market means that they will get their WTF asking prices.

Anonymous said...

I think the real bloodbath will occur after the holiday retail season. When that falls flat, a lot of retailers who are hoping against hope that the holidays will bail them out will fold. There will be a new surge of business bankruptcies, commercial defaults and lay-offs. We're not close to being out of this yet.

sunny yunny said...

Where are we?

Well if you're in Phoenix and your name is Swann, then you're fat, nearly broke, and trying to sell the American nightmare to pay the dues you owe us.

I guess he broke the old age rule and outlived his money.


Anonymous said...

Here in Los Angeles, when gas prices dropped below $4.19/gallon for 87 Octane, traffic began to return to normal. Below $4.00/gallon, traffic flows look normal as they did 2 years ago.

Many people out driving, shopping, buying gas, on freeways.

This puts us in the 'return to normal' phase.

Anonymous said...

Denial I hear factual stories that buyers and, yes, realtors(mostly realty company owners) are buying bargains to flip after the market comes back. I suspect in 2009 they will have a continuing loss and the changes in the fed tax law will keep them from flipping for 24-48 months.

The Housing Bubble Ate My Balls. said...

Housing is still in denial and while the stock market and financials are at Escape into Imagination.

Actually, when looking at quarterlies it is more like "Escape into Fiction".

We are nowhere near done yet, commodities have another big run up in them and the markets a big drop before the winter.

I agree on the holiday retail season. retailers will try with big black Friday discounts, that'll look good for about 2 days but, when it is all over, the gloves are off.

Nothing will rebound in 09.

jump you pussy said...

your graph omitted 'broke and destitute, contemplating suicide'


Anonymous said...

We are past bottom, things will start back up now. Wow, That was long enough of a recession, I'm buying a new car to celebrate!

Anonymous said...


Where's Waldo?


Veronica Lodge said...

RE: Where is America?

America is completely bankrupt and on the brink of total financial collapse.

The US continues to borrow trillions of dollars and add this new debt to previously-borrowed trillions of dollars. It is becoming nearly impossible just to pay the interest on this huge obligation. The situation is hopeless and this debt will never be repaid.

America must import 75% of its energy needs, mostly from its enemies. An economic recovery is impossible now that most manufacturing has been moved offshore. America no longer has anything to sell, so it can only continue to amass more and more debt until the world no longer wants to finance its debt. That cutoff date is very near. After the cutoff date, America will begin selling off even more of its homeland to foreigners.

All entitlements, such as Social Security, Medicare and government pension funds will soon become insolvent. Banks will continue to fail at an alarming rate and the country will become more lawless. The US will begin waging war on countries that have loaned it money, in an attempt to cancel some its debt. Other lending countries will be repaid with worthless dollars after hyperinflation has totally destroyed US currency.

In the meantime, the US is currently provoking a war with Russia, while still engaged in wars with Iraq and Afghanistan. The so-called "war on terror" will be turned against US citizens and many will find themselves living in prison camps.

Once a country reaches the top, it has nowhere to go but down. This is an historical fact. The United States -- once an undisputed superpower and the envy of the world -- is now on life support.


Anonymous said...

All financial institutes and governments will crash and burn and take all of us with them, there will be chaos and people will have to resort to eating other people in order to survive, we can start with the realtors and politicians and work our way up from there. Soon the planet will be a desolate ball of dirt flying thru space and only then will pessimistic a-holes be satisfied and they could climb to the highest mountain top to proclaim " I was right in 2008, I told you so!" too bad they were cooked and eaten in 2009. They spent too much time in front of a computer and couldn't outrun the mob. This is ridiculous.... The Greedy, Unethical and Stupid will be punished and life will go on as it always has. Since the beginning of time there has always been some jerkoff crying that the world will end, Veronica Lodge please hold your breath till that day. Until then I'll focus on finding a way thru the problem rather than exacerbating the issue with stupidity and insanity...... We are in for a rough ride, no doubt, but it's not the end of civilization just the end of some rather uncivilized behavior.

Lady Di said...

It's a mixed bag here in So Cal:

denial, fear, anxiety would sum it up nicely.

hmmmm said...

There is reality and ones perception of reality.
seems like a lot of people cannot grasp this, so they are left with just their perceptions while something is starting to feel a little strange..hmmmm

i think we are at hmmmmm stage..

lawrence yun said...

Hey guys, I'm a realtor and I'm in the acceptance stage. I'm pretty sure the wort is behind us.

You should buy a house now before it's too late. Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.

See guys and gals, realtors know our stuff. You're still calling economics the dismal science. Well I'm calling it the sunny science, where down is up and foreclosure is a golden ticket. I've got to ride off now on my unicorn to my house made of cotton candy.

Anonymous said...

Just look at the Stock Market today.

DENIAL it is.

Anonymous said...

According to the genius Bitterrenter, everything will be tip-top once O. Hussein and his Democratic Congress start running things in Jan 09.

So we should all celebrate now with cupcakes and house music or go to Maddona's concert.


Anonymous said...

I've got to ride off now on my unicorn to my house made of cotton candy.

When you get there, say hi to Obama for us.

Anonymous said...

Somewhere between Depression and Hope.

If McCain wins it will be a hellish descent into a full blown nightmarish depression which would make Hoover look like a financial genius. I'm a sort of pessimistic narcissist like Bill Maher so would enjoy watching this in a demented sort of way.

If Obama wins there will be Hope for rebuilding a productive economy. He would continue spending as much as Bush and probably more which would increase inflation but the alternative is obviously much worse for most people.

Until November SELL Gold, SELL stocks, SELL you house and go all dollars.

Mr. Permabear

Anonymous said...

Sorry, I can't stand the word exceptional.
It defines nothing but creates a feeling of superiority that the insecure, self absorbed lemmings crave, while trying to separate themselves from their lemming brothers and sisters.

les said...

If you have half a brain, it should be "fear". The worst is yet to come and there is no consensus on how bad it will become.

Miss Goldbug said...

Like the new graph Keith.

We are clearly here in the bay area at seperation/loss and denial.

Will reach fear by Dec. 08.

The rest of the world is probably already feeling the fear...