99.9999% think he'll keep 'em where they are. I personally think he's paralyzed, and it's not his fault - it's Greenspan's mess.
Raise and debt dries up faster, housing keeps falling, and the markets crash.
Lower and he loses street cred, inflation roars, bond rates go up as do mortgage rates, and the markets crash.
Stay the same and housing continues its freefall, consumer spending and confidence plummet, and the markets crash.
Hmmm.. at least there is one thing consistent with all three scenarios...
October 23, 2006
What's Bernanke gonna do?
HousingPanic Stupid Question of the Day
Aren't you glad you didn't go along with the crowd (real estate only goes up! it's a slam dunk!), run out and buy a house, second home, condo or 'condotel' in 2005 during the height of stupidity and mass hysteria?
Whew. Dodged a bullet there.
Everyone else - "baaaaaa"
Phoenix home price collapse, as reported by the lazy 'rolodex of realtors' Catherine Reagor
We've called her out on this realtor quote issue so many times on HP. We've sent her countless notes on how to improve her reporting. We've also sent her leads on what's really happening out there, versus what the realtors are saying.
Here's the latest from the housing crash epicenter Phoenix Arizona from the REIC mouthpiece, Catherine Reagor, with their new talking points from the corrupt David Lereah on talking prices down.. Realtors gotta eat - and that means prices have to crash.
They do have one thing right - prices are falling and will fall much, much more. What the lazy Ms. Reagor failed to note is that Phoenix is in the beginnings of the biggest real estate crash this nation has ever seen.
Huge supply of houses keeps prices down
Catherine Reagor and Ryan Konig - The Arizona Republic
Home prices are a touchy subject in the Valley. People aren't bragging about how much their home appreciated in a single month. There are no bidding wars for homes. No one is talking about how they're going to spend their equity.
No, homeowners today are watching every sale in their neighborhood, cringing if they see "For Sale" signs lingering too long and losing their tempers when neighbors drop prices
"The housing market hasn't cooled as much in central Valley neighborhoods," said P.J. Dean, a real estate agent with Dean-Maldonado. "But if you are trying to sell a home in Surprise now, good luck, because that's where speculators snatched up homes, and builders are offering the best deals."
"Most people who bought on the fringes last year are likely going to have to hold on for at least three years or sell for a loss," said real estate agent Margie O'Campo de Castillo of Phoenix-based Arizona Dream Realty.
"The Valley's housing market is going through a definite and obvious correction," said O'Campo de Castillo. "Homes are selling, but they have to be priced right. No one is paying last year's inflated prices."
"When the supply/demand scenario is corrected, home prices will start climbing again," said John Foltz, president of Phoenix-based Realty Executives.
"More sellers are starting to see last year's market is not today's market and are offering buyers concessions," said Jay Luber, vice president of First Horizon Home Loans of Phoenix. "There are sellers now who are now giving buyers time to sell their other house."
"I have political capital. I intend to spend it"
Guess not, George.
Get ready HP'ers for the messiest two years in DC that we've seen since Watergate.
All in the context of an ongoing and historic housing crash.
October 22, 2006
Hope
Like RFK in '68, this changes everything. Hopefully he has really good security - the fox news crowd won't like this very much, but the rest of the world, and America, sure will
What a mess he'll have on his hands though. What a mess. But it's a start. Americans need hope again, after the disastrous administration we're currently suffering through.
Sen. Obama says he's weighing 2008 run
We need to steer clear of this poverty of ambition, where people want to drive
fancy cars and wear nice clothes and live in nice apartments but don't want to
work hard to accomplish these things. Everyone should try to realize their full
potential. - Barack Obama
DR Horton has Dallas golf course destroyed to make way for condos - then backs out of deal, leaving "war zone"
There's gonna be so many half-finished condo white elephants around the country, making downtowns look like war zones as construction tarps and steel skeletons serve as a reminder for years and years of the folly of man.
Then there's this hilarious (and sad) case from Dallas - just read it to believe. Thanks to an HP'er for the link
Sale of golf ranch suddenly called off - D.R. Horton was site's buyer
Nearly a year ago, Hank Haney, the man who helped revamp Tiger Woods' golf swing, thought he had scored an agreement to sell his golf ranch in McKinney for $5.6 million.
He was selling the 56-acre property, which used to be a ranch that belonged to the late World War II hero and actor Audie Murphy, to the country's largest homebuilder, Fort Worth-based D.R. Horton Inc.
Though the sale's March closing had been delayed to mid-October, Mr. Haney was so sure it would happen that last week he sold and removed the property's 240 trees and its sod. His employees unloaded the golf course's $300,000 in maintenance equipment at fire-sale prices and $150,000 worth of lights on its driving range.
"The place looks like a war zone," he said. "It's destroyed."
But Monday came and went. On Tuesday, Mr. Haney learned that there would be no closing.
"This is a mess," he said. "If they had let us know a week before, we would still have our business. Now we're stuck."
What happened to Mr. Haney illustrates the pitfalls a growing number of property owners face. The housing market is getting weaker, and homebuilders are pulling out of projects.
Horton's cancellation rate for new homes for its fourth quarter, which ended Sept. 30, climbed to 40 percent
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