“There is very little, if any, good news about housing”

From Bloomberg:

Home Prices in 20 U.S. Cities Drop Most in More Than Year on Foreclosures

Residential real-estate prices dropped in the 12 months to February by the most in more than a year, putting the market on the verge of eclipsing the nadir reached during the U.S. recession.

The S&P/Case-Shiller index of property values in 20 cities fell 3.3 percent from February 2010, the biggest year-over-year decline since November 2009, the group said today in New York. At 139.27, the gauge was just shy of the six-year low of 139.26 in April 2009, two months before the economic slump ended.

Values will probably keep falling as foreclosures swell the supply of unsold homes, which means the construction industry will take time to recover. Another report showed consumer confidence climbed more than forecast this month, making it more likely that spending will keep growing as the economic expansion creates jobs and stock prices advance.

“Housing will continue to lag the recovery until foreclosures abate,” said Sal Guatieri, a senior economist at BMO Capital Markets Inc. in Toronto. At the same time, “the negative wealth effect from home price declines seems to be more than offset by stock market gains,” and “the economy is moving in the right direction.”

From the WSJ:

Home Prices Near Recession Low

A closely watched gauge of home prices fell in February for the eighth month in a row, as the real-estate market continued to sink toward a low hit during the recession.

The S&P/Case-Shiller 10-city and 20-city indexes both fell 1.1% in February from a month earlier, not adjusted for seasonality. Prices in the index following 10 major metropolitan areas were down 2.6% from a year ago, while the 20-city index was 3.3% below the level recorded in February 2010.

Home prices are now only slightly above the recession low hit in April 2009. With the price for new and occupied homes still burdened by foreclosures going for cut-rate prices and a large stock of other unsold homes, many economists expect prices to continue falling, if at a slower rate, through much of 2011.

Year-over-year prices were up in only one market: Washington, D.C. Meanwhile, 10 markets including Atlanta, Chicago and Seattle hit their lowest point of the recession and post-recession period.

“There is very little, if any, good news about housing,” said David M. Blitzer, chairman of S&P’s index committee.

This entry was posted in Economics, Housing Bubble, National Real Estate. Bookmark the permalink.

90 Responses to “There is very little, if any, good news about housing”

  1. jamil says:

    “Year-over-year prices were up in only one market: Washington, D.C. ”

    Oh, I wonder why /sarc

  2. grim says:

    From Newsday:

    Sagaponack homeowner to demolish $44M home

    Sometimes 6,165 square feet and ocean views just aren’t enough.

    The owner of an oceanfront mansion in Sagaponack that once rented for $900,000 a summer plans to tear down the property and build an 11,268-square-foot abode in its stead.

    The village last month approved the demolition of the two-story home and earlier this month approved the construction of a new home on the 6.5 acre lot that would allow views of the water from the first floor that a sand dune obstructs.

    Last year former New Jersey Gov. Jon Corzine’s ex-wife, Joanne Brown, sold the property, which includes a three-car garage, swimming pool and tennis court, to an entity called DAMA Llc for a reported $43.5 million.

    Citing a Sotheby’s International Realty agent who had handled rentals of the property, Newsday last year reported that David A. Tepper, the New Jersey billionaire hedge fund manager behind Appaloosa Management, had purchased the property. A call to Tepper was not returned Monday.

  3. grim says:

    Is 5% the magic number? Does the NAR finally stop talking about mortgage rates are “historic lows”? Or do they play the urgency card and change the message to “Quick, buy now before mortgages get too expensive!”

    From HousingWire:

    FHFA: 30-year fixed-rate mortgage passes 5%

    The average interest rate on a 30-year, fixed-rate mortgage reached 5.06% in March, an increase of 9 basis points from the previous month, according the Federal Housing Finance Agency.

    It’s the first time the rate passed 5% on the 30-year FRM since June. The low since then was 4.38% in November. The FHFA calculates the average interest rate on purchase mortgages of less than $417,000 closed during the week ended March 31.

  4. Confused In NJ says:

    I once had a 16.5%, 30 year Mortgage Rate, which didn’t bother me because the Mortgage was $70K on a $125K house in New Providence. I later refinanced it to 12% 15 year Mortgage Rate, and paid that off three years early, by adding $100 per month to the payments. My Annual Income back then was $45K, so $70K was doable, especially considering the property taxes did not become excessive until 1998, the year I paid off the house. When I sold that house in 2003, the property taxes exceeded the mortgage paid off in 1998.

  5. Pat says:

    Confused, are you my cousin Jimmy? Or maybe Tom W.?

    Naw…you must’ve just had a similar life. I have like 50 first cousins on my mother’s side alone. She was one of 14. At least several have that 70k mortgage story, plus my brothers Jim, John and T….but that was Cranford, Plainfield and Edison…so it was more real.

    Nobody under 50- except me – believes in the 70k mortgage myth anymore.

  6. Confused In NJ says:

    5.Pat says:
    April 26, 2011 at 9:29 pm
    Confused, are you my cousin Jimmy? Or maybe Tom W.?

    Naw…you must’ve just had a similar life. I have like 50 first cousins on my mother’s side alone. She was one of 14. At least several have that 70k mortgage story, plus my brothers Jim, John and T….but that was Cranford, Plainfield and Edison…so it was more real.

    Nobody under 50- except me – believes in the 70k mortgage myth anymore.

    My first mortgage in 1975 was $35K on a $52K house in New Providence NJ with an annual salary of $32K. I sold it in 1981 for $91K to buy the house mentioned in (4), also New Providence. The taxes at that time were $600 per year.

  7. Pat says:

    So, what do we do if many, many incomes haven’t changed in almost 15 years?

    Should we even care about housing?

  8. Confused In NJ says:

    7.Pat says:
    April 26, 2011 at 10:34 pm
    So, what do we do if many, many incomes haven’t changed in almost 15 years?

    Should we even care about housing?

    Good question. Unfortunately, no good answer. The Old Saw, Mortgage should never exceed 2-3 x’s Income was never repealed, just ignored. Because hidden taxes eat up so much more of ones income, I believe it’s foolish to buy a house for more then 2 x’s annual income. Examples of recent covert State Taxes are Corzine Sales Tax on Lawn or Snow Removal Services, Corzine Sales Tax on Hardwood Floors which formerly was a Capital Improvement. At the Municipal Level their are all sort of ridiculous taxes like replacing your hot water heater, or having a garage sale. I spent my whole life planning how to minimize my exposure to Government Crooks, but nothing prepared me for the likes of Alan Greenspan and his acolyte Ben Benanke who have essentially completely debased our currency. Served on Jury Duty today and they mentioned the last hanging was in 1892. If they brought back the rope, I would gladly sit on the Jury Panel, for Alan & Ben being tried for Economic Treason.

  9. Pat (7)-

    We should care about survival.

  10. confused (4)-

    You really have to stop making sense. It upsets the people who control the hamster treadmill of lifetime debt slavery.

  11. Time out to brag. My daughter scored the game winner tonight vs. Hunterdon Central (unassisted @ 0:56; final 10-9). Also had 2 assists, 7 GBs, 2 caused turnovers and 4 draw controls.

    Most proudest of the fact that when she came off the field, all she wanted to talk about was trying to convince the parents of the team’s freshman center to let her play club lacrosse.

    I am a horrible, miserable person…but my kids are OK.

  12. Confused In NJ says:

    ‘Disturbing’ revelations in probe of possible gas price manipulation
    05:13 PMPrint Share
    By Kevin Johnson, USA TODAY

    investigation into possible manipulation of gasoline prices has uncovered “disturbing” revelations, Attorney General Eric Holder said today.

    “There are a couple things that … are disturbing,” Holder said, declining to elaborate.

    He indicated the information would be reviewed by a fraud task force formed last week.

    For the week that ended Monday, the nationwide average cost of a gallon of gasoline rose 3.5 cents, to $3.879, the Energy Department reported.

  13. jamil says:

    “‘Disturbing’ revelations in probe of possible gas price manipulation”

    Given the importance to demonize somebody, anybody, and to direct blame from O, and the fact that DOJ has under Holder/O been turned into Obama’s personal Secret Police, I don’t doubt that they will go after an oil company, in way similar to what Spitzer went after companies. Probably Koch or somebody. In other words, 2 years of investigation, intrusive discovery, selective and illegal leaking of some emails to State Media and in the end nothing (or maybe the company just wants to end the harassment and pays the protection money).

    I hope the House would start investigation about how the government policies affect oil prices. At least it would have actual truth behind it.

  14. grim says:

    From the Record:

    Home prices drop 3 percent in region

    Home prices dropped 3.1 percent from February 2010 to February 2011 in the New York metropolitan area, which includes North Jersey, the Standard & Poor’s Case-Shiller index reported Tuesday.

    “Prices in the New York metropolitan region are nearing 2003 levels, with no sign of stabilizing. It appears that last year’s tax credits provided a temporary – very temporary – respite from a downtrend that still has some distance to go.”

    — Patrick O’Keefe, economist, J.H. Cohn, Roseland

  15. grim says:

    From US News:

    Why We’re Shunning the McMansion


    “Home buyers are thinking, ‘Maybe we don’t need that 7,000 square foot home like we thought we did in 2004 or 2005 when the market was approaching its top,'” says Paul Bishop, vice president of research at the National Association of Realtors

    Only 9 percent of consumers surveyed said they wanted a home 3,200 square feet or larger, according to a recent study by the NAR, while the majority of house hunters–about 55 percent–preferred homes in the 1,400 to 2,600 square-foot range. Builders also plan to scale back new home sizes as well, with 9 out of 10 builders expecting to build smaller, lower-priced homes in the coming years, according to a study by the NAHB.

    Despite the drop in desired median home square footage, Melman says it’s not so much a matter of downsizing as “right-sizing”–forgoing larger homes with unused space for smaller, more efficient and well-laid-out homes. Americans are reconsidering the notion of financially stretching themselves to the limit to purchase a large home. “The trend here is shelter value,” he says. “Affordability is driving the decisions. If you buy a home that’s a little bit smaller, that’s one way to get some control over energy costs and the overall costs of the home.”

    Another demographic consists of Americans who might have traded up for a larger house in the past, but are now deciding to stay put and make do with their existing home. A lot of that has to with the mindset many home owners had prior to the housing bust, when it seemed home prices would always increase, allowing owners to cash out on built up equity and upgrade to bigger and bigger homes. That certainty has been removed in not only home price appreciation, but in the job markets as well–a key driver in the health of the housing market, says Amy Bohutinsky, chief marketing officer at real estate website Zillow. “It became a standard notion that of course, our next home is going to be bigger and of course, we need more square footage and the new truck and boat and everything to go with it,” she says. “What’s happening now is this psychological shift where more people are staying put. There are fewer buyers on the market.”

    In lieu of upgrading to a larger home, Bohutinsky says homeowners are getting more creative in figuring out how to make their existing home work for them. “Whether it’s remodeling their own home or renting a more appropriate home, there’s less of the automatic notion that of course, we’re going to sell and go buy a bigger home,” Bohutinsky says. “The economy is forcing that psychological shift. People are getting creative and some are just making do with less.”

  16. grim says:

    Shocked!

    From Bloomberg:

    Wealthy Leaving Las Vegas Mansions as Pain of Foreclosure Crisis Spreads

    In the first quarter, 30 Clark County homes with loans exceeding $1 million were repossessed by banks or bought by third-parties in foreclosure sales, up from 20 homes a year earlier, according to ForeclosureRadar.com, a Discovery Bay, California-based company that tracks defaults. Short sales, in which the bank agrees to accept less than the loan balance, and bank-owned properties accounted for about three-quarters of all home sales, according to the Las Vegas Realtors.

    “You feel like a sucker if you’re paying a $5 million mortgage on a house that’s worth $2 million,” Zanganeh, 28, said while showing the grounds of an 11-acre Las Vegas estate built by Prince Jefri Bolkiah, brother of the Sultan of Brunei. “These days, there are no traditional sales. They’re all short sales or bank-owned.”

    In Nevada, 23 percent of delinquent borrowers said they “strategically defaulted,” or walked away from their homes by choice rather than necessity, according to a January report by the Nevada Association of Realtors.

    “It’s folks that feel the hopelessness of it all,” Rob Wigton, chief executive officer of the state association, said in a telephone interview from Reno. “They’ve rolled the dice and lost.”

    Almost 70 percent of Las Vegas-area homeowners with mortgages were underwater at the end of 2010, meaning they owed more than the value of the property, according to CoreLogic Inc. (CLGX), a Santa Ana, California-based real estate information company. Among cities with a population of more than 200,000, Las Vegas has led the nation in the pace of foreclosure actions since November 2009, with one of every 31 homes receiving a filing in the first quarter of this year, RealtyTrac Inc., an information provider in Irvine, California, reported April 14.

  17. Mike says:

    Anybody with opinions or comments on Caldwell

  18. stallan54 says:

    Of course homes declined YoY. The First Time Homebuyer Tax Credit was a temporary crutch and created the double dip. It was a fictitious remedy and if the gov’t passes another crutch for the housing market that is only temporary, you can expect temporary relief again. Then you will see a triple dip. YoY we are down. Q1 2011 is performing quite alright. Urban markets will go up by Q1 2012. Suburban submarkets, some will rise, some will fall. West Orange, sorry, you have a ways to go. Lyndhurst, going up.

  19. Outofstater says:

    Las Vegas is creepy. Like one big smiling mask that you expect to crack and break open, revealing a decaying corpse inside. Need more coffee.

  20. It’s all turning to shit, and the pace has accelerated.

    Hope the Bernank dog/pony show and its post-mortem are well over by the time Real-Barca kicks off.

  21. Will anyone ask Bergabe if he’s Jamie Dimon’s byatch?

  22. Gotta think all the questions have been shown to the Bernank in advance.

  23. freedy says:

    can the voters of many of these towns in NJ vote to increase taxes today? yes,they are that stupid.

  24. Essex says:

    17. I like Caldwell. Decent place. Not that convenient to NY but also not too far out there. Not in a flood zone as far as I know. A couple of decent bars. A Friendlys. School seem good.

  25. Gee, nobody here saw this coming:

    “GoldCore submits: “Many of our clients have taken profits on certificates in recent days. Most continue to be prudent and continue to maintain a core holding (for portfolio diversification and financial insurance purposes) but there are definitely concerns amongst some of a bubble. Others have taken profits on certificates and bought gold and silver coins and bars (in secure storage or delivered). Recently orders for coins and bars have outweighed those for certificates and there is definitely an increased preference for physical coins and bars and for taking delivery. Our ratio of sell orders to buy orders is the highest it has ever been.”

    http://www.zerohedge.com/article/gold-and-silver-bubble-some-retail-investors-taking-profits-and-etf-and-cot-data-suggest-oth

  26. 3b says:

    #15 It became a standard notion that of course, our next home is going to be bigger

    It did? No wonder why I hate standards.

  27. 3b says:

    #18 Q1 2011 is performing quite alright.

    Not in my blue ribbony town.

  28. 3b says:

    Vote no today. Too bad I can only vote once.

  29. Kettle1^2 says:

    3b 29

    you dont live in bergen county, eh?

  30. Kettle1^2 says:

    Hobo 26

    I closed out my paper holdings on Monday. those proceeds will be shifted into physical.

  31. JD says:

    Anyone else noticing the same homes coming back on whatever MLS, that were on last spring and summer, that never sold & withdrawn, or that appeared to go under contract and, as usual, the deal fell through? How about the kicker – they are listed as the SAME price.

    WTF is wrong with real estate agents in NJ? Do they not know how to price a home to get it moving? If it couldn’t sell last year when a tax credit was in place, let alone much lower interest rates and now with lending standards getting stricter, did I miss something? Did all potential buyers seem to come into big cash lately? Incomes rose? I’m lost.

  32. 3b says:

    #32 I have noticed that. I have also noticed which is really amazing houses that languished all through the Fall and Winter, with no price decreases raised their asking prices at beginning of April. Amazing to me.

  33. 3b says:

    #30 ket: I do. However I did not lnow that BC perhaps had a reputation for irregular voting.

  34. prtraders2000 says:

    Mike

    I grew up in Caldwell and now work in West Caldwell. Caldwell is a decent town. Some of my favorite features:
    * Community Center with adult basketball
    * Grover Cleveland Park has a nice playground and a pond for fishing and skating.
    * Nice town feel walking Bloomfield Ave with plenty of restaurants
    * Good Schools (not top rated, but decent)
    * Diverse in terms of incomes and backgrounds
    * Two town pools to choose from

    Taxes are a problem with no big commercial ratables. West Caldwell is better on the taxes. Note that they share Schools and Recreation.

  35. All Hype says:

    Doom (11):
    Good to hear that your daughter is a well balanced and decent kid. At least you did one thing right! : )

  36. Confused In NJ says:

    The Soccer Moms are doing a Full Court Press in my town to secure a “YES” vote. We will still vote “NO” on General Principles. I want to see the School Taxes go Negative each year, with Pension & Benefit cuts. They can use Lucent as a model. First thing Lucent did around Y2K was eliminate Retiree Spousal Benefits.

  37. sas3 says:

    #39, and it worked so well for Lucent :)

  38. sas3 says:

    confused, it was tongue-in-cheek… so, don’t respond.

    Lucent’s problems were partly with project leads running away and starting competing companies, hiring tonnes of contractors with little work to do… One ex-lucent guy was working in our startup as a consultant during the first few months of companies existence — one of the laziest, used to show up for less than 6 hours per day, doing an MBA at NYU on the side, and his pet peeve was that lucent used to be so relaxed and we were making him work too hard!

  39. 30 year realtor says:

    #32 JD – I believe that it should read “what is wrong with sellers?” Blaming agents for foolish pricing isn’t usually correct. When I did conventional real estate listing I would tell sellers what price I expected their home to sell at and where it should be listed to get that price. I would then tell them that it is their house and they decide the price. The speech continued…if you don’t take my advice on pricing please don’t call me and ask why the house is not being shown or why you have received no offers because the reason is the price! What did sellers usually say? They said what they always say, “I’M NOT GONNA GIVE MY HOUSE AWAY”!

  40. JC says:

    30 Year (42) and JD (32): This is the exact thing my sister reports, and she is in NC which is not as bad as here. Most of her houses sell for right around the listing price she suggests to sellers, but sellers have become so invested in the value of their homes that they are willing to let it sit on the market. There’s one in my area listed for only $10K less than it was listed at last year when it sat. Comps are even less.

    By the way, for Gator: I got “The Letter” from the tax assessor today. Stay tuned, we’ll see what they’re offering.

  41. 30 year realtor says:

    #43 JC – What I wrote has been the case since I started in this business in 1981. Doesn’t matter what the state of the market is, sellers tend to overprice.

  42. JJ says:

    And how will that get her to be the next Lohan, Snookie or Paris?

    Hobo With a Shotgun says:
    April 26, 2011 at 11:53 pm

    Time out to brag. My daughter scored the game winner tonight vs. Hunterdon Central (unassisted @ 0:56; final 10-9). Also had 2 assists, 7 GBs, 2 caused turnovers and 4 draw controls.

    Most proudest of the fact that when she came off the field, all she wanted to talk about was trying to convince the parents of the team’s freshman center to let her play club lacrosse.

    I am a horrible, miserable person…but my kids are OK.

  43. JJ says:

    ALU bonds are on a tear this last year!! I made 10K grand. Screw those trophy wive’s facelifts on the company dime.

    sas3 says:
    April 27, 2011 at 10:01 am

    #39, and it worked so well for Lucent :)

  44. Nicholas says:

    I mentioned yesterday that the March numbers are much much worse then the ones being reported in Case/Shiller for February. Be ready for massive news to hit about further declines in house prices in Case/Shiller when they release there march numbers for the Metro/DC MSA. I think March saw the largest drop since the bubble burst for 20715 (Bowie), something like 60k drop bringing the average/media price to 200k.

    These are stunning numbers for me as I start to feel that we are going to be close to investment opportunity time if this keeps up. Forget the news that you hear about Washington DC being the only area that has gone up. This place is still getting stepped on like all other MSAs. I think that whoever is doing that reporting must only be looking at the city itself. You know, Washington D.C. the city itself, population 600k, where most of it overlooks the Patomac or the tidal basin. The other half of it is government owned buildings which are never for sale.

  45. 3b says:

    #39 The Moms in many cases are unfortunately the worst, and in most cases they are clueless, or brainwashed. When I read the local paper this time of year, the same ones always write in, and the tone of the letters feel like either they are yelling at me or lecturing me. I love the one who over the past few years has been instructing us to vote yes, because even if you vote no, your no vote wont matter, because we will just do a symbolic cut and then have the mayor and council approve the budget.

    Sad day in America, where someone tells you your vote means nothing.

  46. 3b says:

    #42 The old folks seem to be the worst with the I am not giving my house away. Meanwhile so many have not done an ounce of upkeep or renovation/maintenance over the years. So much for pride of ownership.

  47. JJ says:

    If you have kids in the school district I really don’t care about budget. If it gets defeated I save taxes, if it passes since I got mulitple kids in public schools I get the benefit more than people in the school district with out kids.

    BTW on LI you can opt out of school taxes. Anyone can. You just have to agree to put no kids in the school district AND agree to never use the services of anyone whose job requires a HS degree or more. No lawyers, No doctors, No CPAs. Etc. Etc. No takers so far.

  48. Kettle1^2 says:

    3b

    The majority of older folks that i know count on the equity in their house to fund a large % of their retirement and are fully committed to “RE only goes up” whether they like it or not since they have been counting on home equity as their primary retirement funding source.

  49. Kettle1^2 says:

    3b,

    Older folks who took that route essentially placed a leveraged “long” trade that has now blown up in their face.

  50. Hello my dear ,Why do not you wear pants?

  51. 3b says:

    #51/52 I guess they never paid attention to the other real estate booms and busts over the years. I wonder if they ever stop and think that their own children and grandchildren would be paying these pricess.

    Oh and would it kill them to have maybe painted the dump on occassion over the years, or replace the fuse box with breakers,, or how about adding a few more outlets, you the ones with 3 prongs.

  52. marieodesgha says:

    [url=http://photobridge.info]Electronics[/url]

  53. Kettle1^2 says:

    JJ

    can you answer 53 regarding pants?

  54. JJ says:

    Cause I can’t find them with three legs

    Kettle1^2 says:
    April 27, 2011 at 11:26 am

    JJ

    can you answer 53 regarding pants?

  55. NoAr says:

    Neigbor just listed his house for $360K and bought for $430K just 5 years ago. I hope I won’t be kicking myself 5 years from now. Bought two months ago… While I expect prices to sort of just drift lower with out any notable gains within the next decade, I’ll be happy just to breakeven.

  56. 3b says:

    #60 One could I believe reasonably interpert from the FOMC statment, that although QE2 is ending in June, it will be followed by QE 3, and 4,and so on. But we already knew that here.

  57. sas3 says:

    3b, Sad day in America, where someone tells you your vote means nothing.

    Was always the case in presidential elections in non-swing states, no? Or, is it a sad day only because “things are different now” [TM]?

  58. Kettle1^2 says:

    QE to Infinity!!!!!

  59. Mikeinwaiting says:

    And Beyond!

  60. 3b says:

    #62 Let me clarify it for you, if you did not understand. A letter writer said that we should go out and vote, and vote yes. This same person than sought to convince those that might be inclined to vote no, that they should vote yes, as we will pass the budget anyhow, and therefore your vote means nothing. Somebody actually put that in print; your no vote does not matter, and means nothing.

    That has nothing to do with things being different now, whatever you mean by that statement.

  61. Comrade Nom Deplume says:

    Sitting in jammed terminal at Ft Lauderdale. Everyone heading back to NY after passover, so lines are a zoo, and whole families cutting left and right. And there’s no plane.

    I moved up my flight for this? I should’ve stayed poolside, sipping a fruity drink.

  62. 3b says:

    #64 Mr. Kudlow will be fuming this evening. I will tune in (for fun) to see what he has to say; after I vote no, even though an informed mother tells me my no vote means nothing.

    Oh by the way I wonder where IN THE KNOW is??

  63. Kettle1^2 says:

    MIW

    Can we get Bernanke to wear a buzz Lightyear costume during the press conference?!

    http://www.costumecraze.com/TOY16.html

  64. jamil says:

    sas3, pelosi proudly stated 2 weeks ago that elections shouldn’t matter so much. Yeah.

  65. nj escapee says:

    Nom, Ft Lauderdale airport is usually pretty easy going. Bet you have’re withh the snow birds heading back up north.

  66. Comrade Nom Deplume says:

    (70) escaped

    I feel like I’m on a charter flight to Kiryas Joel.

    I had a much later flight but moved it up so I could get home 5 hours earlier. I’m regretting that now.

  67. freedy says:

    gold breaks record ,, silver not far behind

  68. JJ says:

    what is best way to short silver? A above ground pool salesmen and a mortgage clerk I met this week are big bulls. The shoeshine boy is buying stocks.

  69. ricky_nu says:

    ZSL is short silver x2

  70. relo says:

    33: Flashback – had a neighbor in FL who put house on the market in 2003 for $500k. Raised it $10k every month it didn’t sell, which it finally did for @$600k. Buyer and seller are now both broke.

  71. Nation of Wussies HEHEHE says:

    Good for a laugh:

    “The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached table summarizing the economic projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the April 26-27 meeting of the Committee. ”

    http://www.federalreserve.gov/newsevents/press/monetary/20110427b.htm

  72. Lone Ranger says:

    “what is best way to short silver?”

    JJ,

    That depends on one’s definition of best?

    Go big, 1 futures contract=5,000 oz.. You will need $12,825 in initial margin and $9,500 in maintenance margin. If silver trades down to $30, you’ll make 80K per contract. If you sold yesterday you would be down $8,500 and required to wire $5,200 today to keep your position. If no wire, the margin clerk blows you out. Good Luck.

  73. chicagofinance says:

    Pay him less than owed…..

    Lone Ranger says:
    April 27, 2011 at 2:28 pm
    “what is best way to short silver?”

  74. Confused In NJ says:

    41.sas3 says:
    April 27, 2011 at 10:05 am
    confused, it was tongue-in-cheek… so, don’t respond.

    Lucent’s problems were partly with project leads running away and starting competing companies, hiring tonnes of contractors with little work to do… One ex-lucent guy was working in our startup as a consultant during the first few months of companies existence — one of the laziest, used to show up for less than 6 hours per day, doing an MBA at NYU on the side, and his pet peeve was that lucent used to be so relaxed and we were making him work too hard!

    I know exactly what you are talking about. I worked 34 years for AT&T and had my fill of High Priced Consultants who lacked the Company Specific Knowledge to be effective in their jobs. Most were very intelligent, but completely ignorant about the company they were supporting. Classic example was my finally getting a Coopers & Lybrand GAAP Accountant Auditor to understand that the FCC actually prescribed the Account Numbers & Rules under FCC Part 31 & Part 32 Regulatory Accounting. After she finally understood her comment was Gee they didn’t teach that in school, only GAAP.

  75. 3b (48)-

    It’s an even sadder day when you realize that the only things that do matter are banks.

    “Sad day in America, where someone tells you your vote means nothing.”

  76. JJ says:

    According to Redfin as of today we are at
    New York/New Jersey at -23.5% of June 06 prices which brings us back to Feb-04 pricing.

    All 2004/2005/2006/2007/2008 buyers are underwater!

  77. chicagofinance says:

    Confused…..do I know you? Did you know Grecco, Weitzner or Paulette?

    Confused In NJ says:
    April 27, 2011 at 3:18 pm
    I know exactly what you are talking about. I worked 34 years for AT&T and had my fill of High Priced Consultants who lacked the Company Specific Knowledge to be effective in their jobs. Most were very intelligent, but completely ignorant about the company they were supporting. Classic example was my finally getting a Coopers & Lybrand GAAP Accountant Auditor to understand that the FCC actually prescribed the Account Numbers & Rules under FCC Part 31 & Part 32 Regulatory Accounting. After she finally understood her comment was Gee they didn’t teach that in school, only GAAP.

  78. willwork4beer says:

    #32 JD

    Ummm… yes. Often at a higher price as well.

    “Anyone else noticing the same homes coming back on whatever MLS, that were on last spring and summer, that never sold & withdrawn, or that appeared to go under contract and, as usual, the deal fell through? How about the kicker –they are listed as the SAME price.”

  79. Confused In NJ says:

    83.chicagofinance says:
    April 27, 2011 at 4:39 pm
    Confused…..do I know you? Did you know Grecco, Weitzner or Paulette?

    I didn’t work for Western Electric or Lucent, rather was AT&T Long Lines (32 AOTA/5 WTC NYC) through AT&T Communications (Bedminster & Morristown/Basking Ridge NJ).

  80. Loved Bergabe’s comments today about the Fed wanting to be more “open and transparent”.

    I guess that only extends to talking about things that are not being done solely for the purpose of aiding and abetting the biggest daylight bank robbery in history.

  81. chicagofinance says:

    I was in Basking Ridge/Bedminster from 1997-2004 on and off…..Corporate Treasury / CFO

    Confused In NJ says:
    April 27, 2011 at 5:54 pm
    I didn’t work for Western Electric or Lucent, rather was AT&T Long Lines (32 AOTA/5 WTC NYC) through AT&T Communications (Bedminster & Morristown/Basking Ridge NJ).

  82. Confused In NJ says:

    87.chicagofinance says:
    April 27, 2011 at 6:33 pm
    I was in Basking Ridge/Bedminster from 1997-2004 on and off…..Corporate Treasury / CFO

    Confused In NJ says:
    April 27, 2011 at 5:54 pm
    I didn’t work for Western Electric or Lucent, rather was AT&T Long Lines (32 AOTA/5 WTC NYC) through AT&T Communications (Bedminster & Morristown/Basking Ridge NJ).

    I worked in Maureen Tart/Nick Cyprus organization until 1998 and last gig was International Settlements & Processes exiting in EOY 2003.

  83. Yelena says:

    Quality blog post, incredible website design and style, keep up the great work

Comments are closed.