tag:blogger.com,1999:blog-18675105.post116730434995440870..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: New home sales up! Party on! Good times are here again!bloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger51125tag:blogger.com,1999:blog-18675105.post-1167542307384738572006-12-31T05:18:00.000+00:002006-12-31T05:18:00.000+00:00I agree with you Annonymous. And yes, I was aware...I agree with you Annonymous. And yes, I was aware of how Rita did force thousands of Houstonites to flee to Dallas and Austin (most went to Dallas/Ft Worth but I imagine that was because there were more places for them to stay. Not a lot of hotels in Austin to accomodate that many people. A reason I chose Austin. Also, as Baton Rogue saw people with money snap up homes after Katrina Austin seemed a natural place to buy for the same reasons. <BR/><BR/>I also agree that it takes longer than twenty or thirty years for most power centers to die and new ones appear to take their places and I have no doubts that SF, LA, Seattle, NY City, Boston, Chicago, will remain important centers of trade and job opportunities. For many on the up those are the cities to be, just like London or Shanghai. I'm 52 so my priorities are different now. Just want a nice place to live where I feel safe, secure, and a medium size city to live that won't get too big if I live to be 75.<BR/><BR/>I do agree that some people can't afford to move at the drop of a hat but those are mostly choices. It all depends on priorities and desires. If a person isn't ready to drop out of the rat race, the consumption race, the drive to make lots of money then of course you have to go where the money is. It takes money to make money and you are not usually going to make it in some small town.<BR/><BR/>Texas is also a power house in its own right. 23.5 million people and number one in actual numbers of people moving here though Arizona and Nevada are one and two for percentage since they have smaller populations. A lot of high tech firms continue to relocate here for quality of life and cost of living reasons and Austin has four outstanding universities and colleges plus a few others within commuting distance. UT Austin is a very respected college.<BR/><BR/>West Austin in the hills is as pretty as any place. Quality of life consistently has been ranked in the top ten, and frequently number one among cities of all sizes.<BR/><BR/>I worry that in the future it may not matter where any of us live in the USA or wether homes are affordable or if we have good schools or???? Our government has been off course for a long time and our national debt, our dependance on foreign oil, and I believe that our currency will bring us down quicker than home prices can collapse.<BR/><BR/>The forces at work in the world are not friendly toward America and we are doing nothing to save ourselves. France, the jealous sister and other european nations who have resented our domination of the world since WWII ended are anxious to see us fail so they can rise again to dominate the world. I fear less those countries that outright express hatred toward us like Iran. It is our so called allies I fear most.<BR/><BR/>After sixty years of helping rebuild a war ruined continent, helping to push for a United States of Europe, to pus for a unified European currency, that lion is ready to turn on us.<BR/><BR/>I've been amazed at our history, our folly. What other nation in the world has made other nations stronger at her own expense? Rebuilt her enemies (Japan, Germany, China), quick to aid others in need or disaster, to fight other peoples wars, to drain its wealth for what? Europe wouldn't have done the same for us.<BR/><BR/>How many humans throughout the ages have learned too late that once the fame, the power, the money runs out their so-called friends vanish?<BR/><BR/>2007 will be a year of dynamic change in the world. I feel 2006 has been nothing but the calm before the storm. Next year we could see major earthquakes, more hurricanes, a continued rise in the Euro as a major reserve currency leading to a decline in our dollar and increased inflation. A government intent on printing its way out of all its obligations and us becoming another Argentina. <BR/><BR/>That being said I recognize that anything can happen. Even as we see chaos in Iraq we fail to remember that 80% of Iraq is secure and that their economy is better today than under Saddam and so too here we'll have those who win and those who loose and those of us on this site are just trying to figure out how to stay afloat.<BR/><BR/>As much as I am cautious, usually optimistic seeing the cup half full rather than half empty all the events that have transpired, all the risks in the global economy that can go wrong, it is easy for me to succomb to the biblical verse "When they say peace and safety then sudden destruction shall come upon them.' Things on the surface look good over-all but who knows when that new car's engine could throw a rod and your stuck dead on the side of the road?<BR/><BR/>I hope 2007 is prosperous and shows the world move toward peace. But who knows?foxwoodliefhttps://www.blogger.com/profile/09348399460824769686noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167536212273275902006-12-31T03:36:00.000+00:002006-12-31T03:36:00.000+00:00Foxwood,Usually you make sense but not this time.1...Foxwood,<BR/><BR/>Usually you make sense but not this time.<BR/><BR/>1. You saw what Houston went through due to Katrina so to avoid that you moved to....AUSTIN? If a Katrina hits Houston, where do you think the refugees will go? Austin is the closest city to Houston. And if you're going to think like that, no matter where you go mother nature can mess you up. Hurricanes in the SE and TX. Tornadoes in TX, OK, KS. Eartquakes on the west coast. Blizzards in the north. Mt. St Helens. Anywhere you go, something could happen.<BR/><BR/>2. Most people don't have the luxury of moving at the drop of a hat. The millions of people on the coasts are there because of jobs. Silicon Valley, Hollywood, Wall St, colleges in Boston, government jobs in DC/NoVa. <BR/><BR/>Aaple and google aren't relocating to Omaha any time soon. Harvard or the Department of Energy aren't setting up shop in Des Moines. All those employees won't give up their careers to move to Omaha or Des Moines because they can buy a cheap home. <BR/><BR/>Sure there will be branch offices and things like that. But new tech companies will sprout up in NorCal. Movies will be made in SoCal. Elite colleges will be in the Northeast etc.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167417164295269332006-12-29T18:32:00.000+00:002006-12-29T18:32:00.000+00:00Annonymous said, "If people really want affordable...Annonymous said, "If people really want affordable housing (and prices dont drop enough) they will just leave the high cost coastal area en masse. It is already happening folks. We compete globally by decreasing our operational costs (salaries) which means we become peasants or the employers relocate."<BR/><BR/>I totally agree with you. I think a lot of people on this site confuse their markets as the norm rather than the abberation. Kind of hard to feel sorry for those states that started this bubble and profited from it for the past 40 years (like California) and now complain about how expensive their homes are and that they can't afford them. Who in their right mind goes to an open house and buys a house they can't afford with interest only loans (many for some reason thinking that is zero interest) and then pays a premium over asking price and then cries when they loose money?<BR/><BR/>How many sane people would walk into Dillards and tell the sales clerk they want to pay a 20% premium on the shoes they are buying?<BR/><BR/>At some point American companies will relocate to lower cost cities. Now low cost alone won't drive say Wall Street away from New York nor will low cost cities like Detroit keep Ford Motor but at some point they move either overseas or to the interior of America. Of course government policy has a strong impack. How many have been given tax payer incentives to relocate within the USA or worse overseas?<BR/><BR/>Of course if there were a massive outflow to the interior then they just bring their bubble with them and ruin the smaller communities in America.<BR/><BR/>One reason I left Phoenix was that outflow from the midwest and California (yes, surprisingly the midwest sent more people to Arizona than California) was ruining the quality of life, increasing crime, congestion, air pollution and eroding the cost of living. The other was natural disasters. Katrina was a prime example of the disruption to other communites by the sudden arrival of displaced people. Houston took the brunt and still pays for it and Katrina isn't even close to what would happen if a 9.5 quake hit central LA. Imagine a couple hundred thousand refugees coming to Phoenix in a matter of days? And then the disruption in the supply chain? Most of our products and gas and food comes from LA. When the gas pipeline burst outside Tucson (gas from El Paso) Phoenix was plunged into a 1970s style gas shortage. Imagine that multiplied and lasting longer.<BR/><BR/>Still, there are plenty of affordable homes in at least 40 states to choose from.foxwoodliefhttps://www.blogger.com/profile/09348399460824769686noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167408404136213002006-12-29T16:06:00.000+00:002006-12-29T16:06:00.000+00:00Why do people think that because the MSM is report...Why do people think that because the MSM is reporting the bust, that it must be almost over? Housing is sticky on the way down - this is common sense! OMG !! People remove their properties from the market/ rent them rather than sell. At some point, when things shake out further, people will be forced to accept reality.<BR/><BR/>Two other comments: <BR/>When bubble sitting renters start buying this will not increase demand by much... after all, they leave the rental house empty. <BR/><BR/>If people really want affordable housing (and prices dont drop enough) they will just leave the high cost coastal area en masse. It is already happening folks. We compete globally by decreasing our operational costs (salaries) which means we become peasants or the employers relocate.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167404623994880842006-12-29T15:03:00.000+00:002006-12-29T15:03:00.000+00:00bozonian,Did you grow up in a small town all your ...bozonian,<BR/><BR/>Did you grow up in a small town all your life where everyone walked to work or something? Your comment about commutes in LA baffle me.<BR/><BR/>My father commuted 35 miles to work into the city every day for 20+ years. He'd be out the door at 7:30am and home around 7:00pm. He was a corporate lawyer, made more money than God but still put himself through te bumber to bumper traffic. Living closer to the city meant living with blacks and that was not an option. Had nothing to do with affordability.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167404089623906922006-12-29T14:54:00.000+00:002006-12-29T14:54:00.000+00:00How? The majority of the ads here are for mortgage...How? The majority of the ads here are for mortgages and other real estate related services. How does he make money from click throughs for mortgage ads when all his readers are renters who think buying a home is financial suicide?<BR/><BR/>I've posed this question to Keith before with no reply.<BR/><BR/>-------------------------------<BR/><BR/>foxwood said:<BR/>Keith stokes the issue because this blog makes money for himAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167372659618420982006-12-29T06:10:00.000+00:002006-12-29T06:10:00.000+00:00Anonymous said... foxwood,You are the lone voice o...Anonymous said... <BR/>foxwood,<BR/><BR/>You are the lone voice of reason in this wilderness of fools. Thank you sir. <BR/><BR/>Thursday, December 28, 2006 11:43:13 PM <BR/><BR/><BR/>Quit talking to yourself, foxwood.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167371979119879022006-12-29T05:59:00.000+00:002006-12-29T05:59:00.000+00:003 month tresury yield was up 0.30 bringing it to 5...3 month tresury yield was up 0.30 bringing it to 50.00<BR/><BR/>30 year up same to 48.10<BR/><BR/>Still an inverse curve.stuckinthecityhttps://www.blogger.com/profile/04103831140035179103noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167371307852911862006-12-29T05:48:00.000+00:002006-12-29T05:48:00.000+00:00House prices will only be buoyed by inflation if s...House prices will only be buoyed by inflation if salaries and wages go up to pay for them. So far, I don't see anyone making any big wage gains. The Wall Street crack pushers are walking away with all the new money so luckily most of the inflation will occur in New York City.<BR/><BR/>I heard to day that 10,000 new jobs were created in New York city by Hollywood movie studios leaving LA and doing production in New York. That's 10,000 fewer jobs in Los Angeles. Oh my. Whose going to pay for all the houses that have tripled in value over the last 6 years.<BR/><BR/>Maybe the ultra rich will keep Belair and Beverly Hills going up the rest of this place is going to crash and crash hard. It takes 3 hours now to drive 60 miles on a freeway in the afternoon. All the people who live in Victorville but work in Los Angeles are plugging up the 15 freeway permanently.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167360882458199052006-12-29T02:54:00.000+00:002006-12-29T02:54:00.000+00:00Annonymous said, "ut that is exactly what has been...Annonymous said, "ut that is exactly what has been happening here yesterday and today. It is intelectually dishonest and Keith & Co. know it."<BR/><BR/>Yes, totally agree. Does sound like your parent's and mine have showed us that eventually owning makes sense over renting. I know my friend in Phoenix who wouldn't sell his first home and twice lost a lot of equity looks smart now (not to say had he sold and reinvested he'd not had made more) that the house is five years away from a payoff and it is a rental so when he is 57 the entire rent will be income to add to his retirement.<BR/><BR/>My parent's told me three things, never divorce, never sell your first home, and never have children. Do these three things and you're guarenteed to retire young. I did two to them...no kids, no divorce! Sold my first house, and my second, third, fourth, fifth, and sixth, and seventh...no intentions to sell the current one even when I build my retirement home. I was in the AF so not much choice to sell my first home when transfered to Korea and then Germany as didn't really make enough money to take the risk of renting it out from a distance.<BR/><BR/>But agree about your comment about intellectual dishonesty and chosing numbers when they suite your agenda. I just want honest, balanced input to help guide my choices as well as honesty about local conditions and that not all markets are the same.<BR/><BR/>Sometimes from people responses you'd think I was saying home prices were going to rise 5 or 6% a year for the next ten years....in some markets and depending on inflation, maybe...but in general I think there will be markets that willl see 3-5% yearly declines for maybe five years mixed with higher inflation to offset their bubble values and other markets may appreciate at 1-2% a year and others not at all. Every market will be dictated by their current value and relationship to incomes and rents.<BR/><BR/>I'm just amazed that people talk bubble and then (now Keith) talk about buying in Tokyo? Give me a break. A 1500 sq ft house in Phoenix for $225,000 is a bubble but $250,000 for a 350 sq ft cracker box in Tokyo is a deal?<BR/><BR/>Keith stokes the issue because this blog makes money for him. He'd stoke it even if he were out flipping houses as it is just an angle for him to get a market in the blogsphere and advertisement money. If porn sells, sell it. If fear of a house meltdown sells, then sell it. If flipping houses sells, then flip houses.<BR/><BR/>I'd just expect those who come here to discuss the topic to be more honest.foxwoodliefhttps://www.blogger.com/profile/09348399460824769686noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167356149435006242006-12-29T01:35:00.000+00:002006-12-29T01:35:00.000+00:00'Youth is blind and gullible. Now I understand how...'Youth is blind and gullible. Now I understand how my parents could smile and say, "you'll get over her." or "things will always be someway." '<BR/><BR/>Well, you're one of the lucky ones with nice parents. <BR/><BR/>My parents, however, never recovered from their business losses (and property foreclosure) during the late 80s. Nothing's ever been the same and the blame game goes on indefinitely.<BR/><BR/>So the indiscretions of youth (with wise parents who've seen it all), isn't a universal truism. Sometimes, 'from the mouth of babes' holds more truth than the all knowing parents.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167355239665400682006-12-29T01:20:00.000+00:002006-12-29T01:20:00.000+00:00Foxwood,I don't pick a name because it annoys the ...Foxwood,<BR/><BR/>I don't pick a name because it annoys the wingnuts. Silly I know, but what the heck. <BR/><BR/>My take is that the housing downturn is real. I am not some moron who thinks appreciation will be 20% a year every year. The housing market went up like a bitch in the past 5 years and it has come back some what. Depending on how you measure prices (using incentives, cash backs, free payments for a year, free Hummers, etc) prices have fallen anywhere from 5 to 15% from the peak of 2005 depending on the market. But we're done I think.<BR/><BR/>I see it like this. In 2004 and 2005 every magazine had a cover story about flipping. Time, Newsweek, Money, Business Week, you name it. At that point you know the exact opposite will happen. We are at the same point now only in reverse. Every magazine is talking about the downturn. This means the exact opposite will happen.<BR/><BR/>I'm not saying 2007 wil see 20% appreciation again. I predict a 1 or 2% appreciation nationally with some markets in low single digit declines.<BR/><BR/>Despite the spin here, sales of new homes were up 3% last month and resales were up 0.6%. If these numbers are questioned, then every number including the numbers showing a derease need to be questioned. If report X says 20% decrease in July sales and then the same report says 3% increase in November, you can't dismiss November's report while embracing July's. But that is exactly what has been happening here yesterday and today. It is intelectually dishonest and Keith & Co. know it.<BR/><BR/>Your parents' situation mirrors my parents. They bought a home in 1976 for $65,000 which was a lot of money for a house back then. They still live there 30 years later. If they wanted to, they could get $850,000 tomorrow. If they waited they could probably get $1M. Sure, I suppose a year ago they could probably have sold for $1.1M. But so what? They still have an aset that is paid off and is worth somehwere in the neighborhood of $1M. You think they're glad they didn't rent? <BR/><BR/>There are a few generally accepted facts of life. One of them is that over the long run owning a home is better than renting. The wingnuts here look at 2004 prices vs 2006 prices and say AHA!! owning is a bad idea, see renting is better. OK fine, for a 2 year period they are right. But I will bet that anyone who bought in 2004 will be glad they did in 2014 and will be doing cartwheels in 2034 like my parents and like yours.<BR/><BR/>Now speaking of parents, my in-laws are in town and I need to go start drinking heavily :)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167350659087548642006-12-29T00:04:00.000+00:002006-12-29T00:04:00.000+00:00Thanks annonymous. Where you from? Why don't you ...Thanks annonymous. Where you from? Why don't you pick a name? What is your take on where we are, where we are headed?<BR/><BR/>I'm glad there are lots of reasonable posts here and discussions that seek to find the truth beyond the hype.<BR/><BR/>I'm just now getting to that age where I finally get my parent's! Youth is blind and gullible. Now I understand how my parents could smile and say, "you'll get over her." or "things will always be someway."<BR/><BR/>I was a teen during the 70s stagflation/house bubble, a young adult during the Carter bust with high interest rates and then again in my late 30s with the 1989-1992 crunch so having seen the cycles and thirty years of doom and gloom and predictions of the end of the dollar, the end of our economy, the end of the world, a 36,000 dow, a 3,000 dow, and hype after hype, you finally understand why your parent's just smiled.<BR/><BR/>And this from the kid who told my parent's in the 70s, sell your house, the bubble is going to pop and you'll loose all that equity! Thirty years later they still live in that $17,000 house bought in 1962 that is now selling for a million and they smile as I say, sell that house! As far as they are concerned prices can drop 75% and they'd not be concerned nor would it be the end of the world...for them at least...maybe their neighbor who bought last year but who knows, maybe they'll be smiling too 30 years from now.foxwoodliefhttps://www.blogger.com/profile/09348399460824769686noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167349393529897362006-12-28T23:43:00.000+00:002006-12-28T23:43:00.000+00:00foxwood,You are the lone voice of reason in this w...foxwood,<BR/><BR/>You are the lone voice of reason in this wilderness of fools. Thank you sir.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167347293345641812006-12-28T23:08:00.000+00:002006-12-28T23:08:00.000+00:00My question is: will there be forclosures availabl...My question is: will there be forclosures available to smart people, not the suckers who fall victim to discount real estate dreams, plunking down thousands of dollars to learn forclosure secrets? There are so many of these suckers -- I expect Casey Serin to turn his lemons into this kind of lemonade shortly. You heard it here first.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167341090737825032006-12-28T21:24:00.000+00:002006-12-28T21:24:00.000+00:00Keith says, "It's funny when the MSM use change vs...Keith says, "It's funny when the MSM use change vs. prior month sometimes, and change vs. prior year other times. It's called spin."<BR/><BR/>And HP is different? How many times have I asked people to look at statistics and try and put some perspective on the numbers instead of the SPIN and people refuse because it doesn't support their view?<BR/><BR/>If people won't use inflation adjustments for prices or cost to build per ft, comparing apples with apples, adjusting for population changes (eg Phoenix foreclosures numerically may be the highest since a given date but adjusted for population is still low). So everyone gives their own SPIN on what is happening because it seems most don't want meaningful discussion or search for truth but just to support their views.foxwoodliefhttps://www.blogger.com/profile/09348399460824769686noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167338318084042512006-12-28T20:38:00.000+00:002006-12-28T20:38:00.000+00:00Hmmm never thought of that. Wonder if I can buy, g...Hmmm never thought of that. Wonder if I can buy, get the free Benz then cancel. Think they'll let me keep the car? Oooh even better. I report the car stolen, get insurance money, blow it all on a 3 day Vegas weekend complete with all you can eat hookers/drugs.<BR/><BR/>NICE!!<BR/><BR/>"no downpayments, no payments for a year. Of COURSE new home sales are up. . .people probably bought for a Hawaii Vacation, and will turn the deposit back on the house next month. . .or more likely be a "first mortgage payment default"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167338100837126072006-12-28T20:35:00.000+00:002006-12-28T20:35:00.000+00:00RE: M3For those who don't already know, The Fed. s...RE: M3<BR/>For those who don't already know, The Fed. stopped publishing M3 in Nov. 05 - their excuses were that to save money ( a lousy 500,000 year) and because it could be put together from other sources. Well big guys perhaps can but average Joe? <BR/>Nov. 05 is also when the money supply started accelerating. <BR/><BR/>Luckily shadowstats.com does out the M3 together. They've backtested the proxy measure and its got 99.99x% correlation to the real historic measure. Here's the tiny url link to their M3:<BR/>http://tinyurl.com/zyey9<BR/><BR/>M3 is running at 10%. Enough said - people should draw their own conclusions.<BR/><BR/>-KAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167335698906171992006-12-28T19:54:00.000+00:002006-12-28T19:54:00.000+00:00That report (above) says nothing aboutmoney supply...That report (above) says nothing about<BR/>money supply, which IS infaltion. Anyone<BR/>here have a clue what M3 is running at??<BR/><BR/>-mcAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167334949789590202006-12-28T19:42:00.000+00:002006-12-28T19:42:00.000+00:00http://www.cepr.net/documents/publications/forecas...http://www.cepr.net/documents/publications/forecast_2006_11.pdfAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167333299023429342006-12-28T19:14:00.001+00:002006-12-28T19:14:00.001+00:00A 3% drop every month for 12 months would be a 31%...A 3% drop every month for 12 months would be a 31% drop for the year FYIbloggerhttps://www.blogger.com/profile/06585266242070350399noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167331990196146152006-12-28T18:53:00.000+00:002006-12-28T18:53:00.000+00:00Housing will not crash in nominal values.It will h...Housing will not crash in nominal values.<BR/>It will however crash relative to gold.<BR/>Massive inflation will keep housing up,<BR/>as well as the stock market rising. However,<BR/>this will really be an illusion, caused by<BR/>the falling dollar. Most will not realize<BR/>it untill it is way too late.<BR/><BR/>-mcAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167329747352496942006-12-28T18:15:00.001+00:002006-12-28T18:15:00.001+00:00For once I'll say something good about David Lerea...For once I'll say something good about David Lereah, because he's even came out and admitted this is going to be a huge problem. The press seldom mentions this:<BR/><BR/>"The slight drop in median home price was of little comfort to first-time homebuyers. The Maryland Association of Realtors’ First Time Homebuyers Affordability index rose slightly in October, the latest data available. The October Index was 44.9 percent, up from 44.5 percent in September. October’s index level means that the average homebuyer had only 44.9 percent of the income needed to buy the typical starter home."<BR/><BR/>"We welcome any improvement in affordability,” she said, ‘‘but when first-time homebuyers have less than half the income they need to become homeowners, it’s clear we are a long way from giving them the opportunity to buy.”<BR/><BR/>Until the asset returns to an affordable price, it's over, and it's gonna take a long time to go down. Or if it doesn't go down, then it's just gonna sit at its current price for the next 15-20 years. Take your pick...Bloggerhttps://www.blogger.com/profile/07698536465854883850noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167329735311980732006-12-28T18:15:00.000+00:002006-12-28T18:15:00.000+00:00Why not? In HP land math is irrelevant. a 3% drop ...Why not? In HP land math is irrelevant. a 3% drop in a month can mean a 300% yearly drop if you want it to.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1167329380318009382006-12-28T18:09:00.000+00:002006-12-28T18:09:00.000+00:003% drop month over month doesn't translate to 36% ...3% drop month over month doesn't translate to 36% per year and certainly not 48%.<BR/><BR/>doh.Anonymousnoreply@blogger.com