From Bloomberg:
U.S. Economy: Home Resales Unexpectedly Increased in February
Sales of previously owned homes in the U.S. unexpectedly increased in February as record foreclosures pushed down prices and lured first-time buyers into the market.
Purchases rose 5.1 percent to an annual rate of 4.72 million from 4.49 million in January, the National Association of Realtors said today in Washington. The median price slumped 15.5 percent from a year ago, the second-biggest drop on record, and distressed properties accounted for 45 percent of all sales.
…
Economists forecast resales would fall to a 4.45 million annual rate, according to the median of 65 projections in a Bloomberg News survey. Estimates ranged from 4.26 million to 4.75 million. Sales were down 4.6 percent compared with a year earlier.First-time buyers accounted for about half of all sales last month, led by growing demand for lower-priced properties, said the realtors group’s chief economist Lawrence Yun. That’s contributing to the drop in values, he said.
The median price of an existing home decreased to $165,400 from $195,800 in February a year earlier, the group said.
Lower prices have drummed up enough demand in some of the most distressed areas of the country to allow values to stabilize. In California, median listing prices rose last month for the first time in three years, Yun said.
“Part of the market-clearing process is that distressed properties must be sold, so the fact that this is occurring is good,” Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc., a New York forecasting firm, said in a note to clients. “Still, it certainly depresses prices, and there are plenty more foreclosed — or soon to be foreclosed — homes in the pipeline.” He said values will therefore keep falling.
…
The number of unsold homes on the market at the end of February represented 9.7 months’ worth at the current sales pace, the same as in January. The group has said a five to six months supply is usually consistent with a balanced market.Resales of single-family homes increased 4.4 percent to an annual rate of 4.23 million. Sales of condos and co-ops climbed 11.4 percent to a 490,000 rate.
All four regions showed an increase in sales last month, led by a 15.6 percent gain in the Northeast.
From the AP:
February existing home sales rise by 5.1 percent
Sales of previously occupied homes jumped unexpectedly in February by the largest amount in nearly six years as first-time buyers took advantage of deep discounts on foreclosures and other distressed properties.
…
Prices, however, are expected to keep falling well into the year. Tens of thousands of homes reman tied up in the foreclosure process and are not yet for sale. Plus, as the recession deepens and job losses mount, many buyers are likely to stay on the sidelines.“The four-letter word in the housing market is ‘jobs,'” said Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies. “If you’re worried about having a job tomorrow, you’re not likely to buy a home now.”
The National Association of Realtors said Monday that sales of existing homes grew 5.1 percent to an annual rate of 4.72 million last month, from 4.49 million units in January.
…
The median sales price plunged to $165,400, down 15.5 percent from $195,800 a year earlier. That was the second-largest drop on record and prices are now off 28 percent from their peak in July 2006.
From the Star Ledger:
N.J. unemployment claims spike forces state to borrow to cover fund
New Jersey has joined the list of states unable to pay the escalating number of unemployment insurance claims without borrowing from the federal government, Gov. Jon S. Corzine said today.
Corzine told a group of small-business owners in south Jersey that the state’s unemployment insurance fund has temporarily run out of money. The fund expects a cash boost from businesses to begin the second quarter on April 1, but until then it must borrow from Washington. The loan is interest-free, Corzine said.
…
Corzine’s $29.8 billion budget proposal allocates another $150 million to the fund, about $120 million less than he said he would put into the fund in February. Additional help will come from the feds. However, that won’t be enough to stop an automatic payroll tax increase to businesses on July 1 of about $90 per employee.
How come we always end up reading about how sales rose in February? They always rise in February. That’s why we use YOY numbers.
45% of sales are distressed and CNBC says this is “good news”?
Good news for who?
Vultures perhaps…
From CNBC:
Existing-Home Sales Jump More Than Forecast
Sales of previously owned U.S. homes rose at their fastest pace in nearly six years in February, data showed on Monday, providing some good news for the recession hit-economy.
Sales rose 5.1 percent in February to a 4.72 million-unit annual rate, notching their largest gain since July 2003, the National Association of Realtors said, but about 45 percent of the sales were foreclosure or short-sale transactions.
“Vultures perhaps…”
Perhaps not even good news for them if RE prices keep dropping.
from last thread @205:
…ironic statement given that the Swedish don’t seem to be in the ’saving’ mood this time around:
http://www.nytimes.com/2009/03/23/world/europe/23saab.html?hpw
Mish’s coup-de-grace on Weasel Face’s toxic asset scam:
“There have been a lot of intelligent comments by Yves Smith, CalculatedRisk, and Krugman. So far no one has said what I think the plan is: a gigantic confidence game.
This is similar in nature to fraudulent schemes that promise “what’s inside the bag is worth $1 million, unless you open the bag”.
In this case there may be a few “good bags” similar in nature to salting the mine schemes, but for the most part everyone knows what’s in the bag is toxic garbage. What really makes no sense whatsoever is why the government would risk 97% with shared “upside” instead of just buying it all.
Somehow, Geithner (and Obama by implication) believes that igniting a bidding war between hedge funds and private equity over a bag of cow manure will inspire confidence that there’s gold in the bag. Such insanity cannot possibly work, which means it won’t.”
meter (5)-
Trollhattan? Is that where Frank and bi live?
Let’s get one thing straight; when you hear all this news about these drastic YOY declines and CNBC preaching about the housing crisis and panic and all this bullsh*t, please be aware that it has nothing to do with the NY/NNJ area. We are still near peak in pricing in the most popular areas.
If you want to talk about a radius greater than 30 miles from NYC, then maybe there are some bargains. Other than that, don’t get your hopes up. It ain’t happening… accept it. Areas like Northern Bergen and Western Essex have seen their price declines and will remain flat, at best, from here on out.
FXP @ $26 and change.
Can’t resist. Must buy. Must buy now.
Looks like Gary’s Xanax stash has finally run out.
It looks like the bottom of the DOW can be seen in the rear view mirror.
#4 stu:Perhaps not even good news for them if RE prices keep dropping.
And if they purchased in our area RE prices will continue to drop.
Sure, we are losing $5 bucks a pop, but we plan to make it of on volume.
Just received a flier.
Tax day tea party
Where: New Jersey State House
125 W State St Trenton, NJ
When: April 15th 11:30 am to 4pm
Tax Day Tea Party
The Tea Party protests, in their current form, began in early 2009 when Rick
Santelli, the On Air Editor for CNBC, set out on a rant to expose the bankrupt liberal agenda of the White House Administration and Congress. Specifically, the flawed “Stimulus Bill” and pork filled budget. During Rick’s rant he called for a “Chicago tea Party” where advocates of the free-
market system could join in a protest against out of control government spending. A few days later, grassroots activists and average Joe Americans began organizing what would soon become the Nationwide Chicago Tea Party effort.
On February 27th, an estimated 30,000 Americans took to the street in 40+ cities across the country in the first nationwide “Tea Party”protest. Organizers of the February 27th events pledged to continue on with an even bigger and better protest to follow the first. With April 15th being “Tax Day”, it was de-cided to schedule the second round of Tea Party protests to ride alongside the tax deadline.
And with that, the “Tax Day Tea Party”, the second round of the Nationwide Tea
Party protests, moved into reality.
http://taxdayteaparty.com
#8 gary:Areas like Northern Bergen and Western Essex have seen their price declines and will remain flat, at best, from here on out.
You are wrong!! It’s taking longer here (much greater denial), but it is happening here too.
Prices declined dramatically after the last housing bust in this area ( I ought to know, I lived through it). What possible reason do you have that it will not be the same this time around.
How exactly will prices stay up/flat? It makes no sense. Not to mention our area is at the epicenter of the financial crisis etc.
And this r is making the early 90’s look like no big deal.
3b,
We have already seen the price declines. It did happen, just not like the rest of the country. Percentage-wise, it wasn’t nor will it be as much as other places like in California, Arizona or Florida.
#10 Rich: Forget the rear view mirror. You better pay attention, that is a telephone pole you are running into.
From the Record:
Soaring rent sinks Greek eatery
Once the owner of 22 mall-based Greek fast food restaurants, Aris Sclavounos served his last gyro and souvlaki Sunday at the Acropolis in Willowbrook Mall.
Starting with the Willowbrook eatery, Sclavounos, 76, built a small empire by cooking exotic platters of sliced lamb and beef (gyros), marinated chicken kebabs (souvlaki) and spinach and feta cheese pie (spanakopita).
But since 2007, Sclavounos said, the monthly rent is up about 60 percent to about $13,000, and business is down 40 percent, making it impossible to stay open.
“It’s a big company,” he said of the mall’s owner, General Growth Properties Inc. “You can’t fight them.”
I feel bad for anyone that isnt paying attention to whats going on in this country. Never thought I would live to see such interesting times. It makes me feel like a jewish guy in 1940 Germany.
can we get some perspective, man? come on. paper losses in 401ks and foreclosures compared to human extinction?
Nice to see you, Alpine! Still talking up Bergen County, eh?
A few days later, grassroots activists and average Joe Americans began organizing
Odd description of Dick Armey.
I get his FreedomWorks emails too. Never thought to post them here.
Regarding the Acropolis eatery: It’s very competitive here and if one can’t compete in the NY/NNJ area, then one needs to look out of state. It’s becoming very exclusive to live in this area and the rest is just sour grapes. If you can’t afford to live here or can’t compete here, then move. Do I sound arrogant? Well, this is all what I’ve been told.
Good. The market is up today. “That One” and his treasury secretary had damn well better keep it that way. Look I’ve got to retire and have more stuff I want to get. We can’t have a situation where the damn stocks and real estate stay down. We can’t have a situation where people can’t get HELOC’s and are constantly getting their damn credit lines cut.
What?? You think I’m greedy and selfish? Guess what? Mr. Market needs to accomodate people like me. We did a hell of a job driving this economy. We deserve far better treatment than what we’ve gotten to date.
From MarketWatch:
GE’s credit loses triple-A rating at Moody’s
From MarketWatch:
GE’s credit loses triple-A rating at Moody’s
Grim,
That’s an improvment. Credit agencies seem to be on the ball these days. Normally they’d wait until their stock price was under $1.00 or bankrupt!!!
SRS taken out to the woodshed today. Ouch!!
“It’s a big company,” he said of the mall’s owner, General Growth Properties Inc. “You can’t fight them.”
(17) Grim,
Somebody needs to tell him that it’s ok not to pay rent since GGP won’t be around in a few months to collect it anyway.
Will someone please tell the community organizer to stop targeting civilian individuals in various pee-pee matches? He’s the President of The United States, it’s time to be a big boy now. And he needs to know that being a pop culture celebrity and going on late night TV shows is not a good thing when the masses are pleading for hope and change.
So Victorian, we have returned to 50 on our beloved SRS. Which comes first, 25 or 90? Has anything fundamentally changed in the commercial reit area?
I think there is even more reason to expect another rally, but today’s market action is just crazy. Pant up demand I suppose.
#21 Well, this is all what I’ve been told.
Yeah, but do not forget who told you that.
Stu (28) –
True. However, bear market rallies are no fun. They have to take out all the new born bears and convince the bulls that the bottom is in. This rally may still have a long way to go.
I am glad that I am still predominantly in cash.
#15 gary it wasn’t nor will it be as much as other places like in California, Arizona or Florida.
30-35% off peak pricing, of course it will and is happening here. Why would it not? What makes this time different than last?
What is going to prevent the price declines here, wall st, legal, pharma, print/publishing, fashion?
“If you want to talk about a radius greater than 30 miles from NYC, then maybe there are some bargains.”
I guess here in NE Monmouth we are outside of the 30 mile NYC radius, but what I am seeing is a complete standstill in the market.
We looked at a place we liked a few weeks ago and began to consider an offer. I aksed my realtor for a summary of closings in the neighborhood. The last closing was October 2008! Since October, there were about 15-20 new listings in this neighborhood, none have closed. Most were pulled, a few are still sitting, some went under contract but are now relisted at 1-5% off the OLP. This makes it tough to lowball based on comps, because there are no comps! The one that sold in October did so for about 13% off the OLP. I would say list prices are in general down 10-15% (I know, a meaningless number), but nothing is moving. A bunch of listing have just came on in the past week, most are way overpriced and will not sell. I really don’t get it, people are still fishing for suckers, and I guess since it only takes one so they keep trying.
One trend I keep seeing is the the new listings are coming out at 6-7% above the outstanding mortgage, epscially for homes that were sold since 2003. If they can’t get an offer in 4-6 weeks they pull it. I guess this is the only way they can sell and cover the relator/transfer fee without going short, they have no room to reduce the price if they want to sell quickly.
BTW – we made an offer at 15% below the price paid in 2005 on the house we liked. The seller refused to counter and pulled it off the market. To our knowledge, there was no other offer.
#30 victorian: They have to take out all the new born bears and convince the bulls that the bottom is in. This rally may still have a long way to go.
Kudlow will take care of that this evening.
Can anyone here offer some tips on how to successfully renegotiate rent with a landlord (not a management company)? Other than lower comps in the area, is there anything else I can cite? I’ve never been late with the rent and have kept the apartment in top shape.
My lease is up for renewal at the end of April and I want to start talking to the landlord now so that I have time to plan a move in case he is not receptive to the idea.
Thanks in advance!
Hurray for exponential growth!!!
http://static.seekingalpha.com/uploads/2009/3/20/saupload_q1.jpg
stock market had big bounce today.
all is well, stocks and real estate “always come back” “in the long run”.
back to American Idol and eating McDonalds.
SAS
oh yeah…
can you please pass the pretzels….
SAS
“Hurray for exponential growth”
not good.
SAS
Recession is over, it seems
“so that I have time to plan a move in case he is not receptive to the idea”
If you want to negotiate out of a position of pure strength, start looking now. Negotiate hard elsewhere and once youhve the other offer approach your landlord.
Re#30
Yeah. I’ve been riding this bear up since November.
18.yikes says:
March 23, 2009 at 3:40 pm
I feel bad for anyone that isnt paying attention to whats going on in this country. Never thought I would live to see such interesting times. It makes me feel like a jewish guy in 1940 Germany.
can we get some perspective, man? come on. paper losses in 401ks and foreclosures compared to human extinction?
Don’t forget Janet Reno’s WACO. That was Human Extinction.
#34 Landlord will not lower rent. He will offer lower rent to someone new. If other tenants know he lowered yours the whole building will be on his case.
He will negotiate lower with new tenant.
New tenants always keep it hush hush.
#38 shore: Until March’s unemployment report next week, or other news in the pipeline that tells us it is not over, but rather only increasing.
This is not the time to put a heading in a negative way. If the news is positive at least let us show that way. We all know the price is down but the sales is positive which is good news. Let us bring the american economy up. We all can do this together.
grim when you get a chance sales history and taxes for njmls #2910947
“If the news is positive at least let us show that way.”
[44],
45% of sales are distressed properties, yet YOY, sales are down 4.6%. Positive?
#44 paul Let us bring the american economy up. We all can do this together.
The only way to do that is for prices to continue to fall back to where they are affordable, everywhere.
And for the government to stop manipulating markets, and destorying our country, as witnessed by today’s ill conceived plan for toxic assets. Nothing else will work.
paul,
if everyone had gathered on the deck of the titanic and sang kumbaya while thinking happy thoughts, the boat would have still sunk….
kettle [48],
LMAO.
Update on chicago’s Uncle:
4 offers in three days:
ask + $3000
ask + $1000
4% off ask
10% off ask
Top two have to come with best and final once it is evident that they are qualified offers.
(my best Frank) WHAT RECESSION?
Five Things: Rampant Ponzi-monium
http://www.minyanville.com/articles/index/a/21784
# 39 Shore Guy: Thanks for the idea – I’ll definitely plan do do that.
#42 Rich: Thanks for the response. This is the only apartment the landlord owns in my building (which is 90% owner-occupied). So there are no tenants who’d be up in arms, so to say.
hoodafa says:
March 23, 2009 at 4:16 pm
Can anyone here offer some tips on how to successfully renegotiate rent with a landlord (not a management company)? Other than lower comps in the area, is there anything else I can cite? I’ve never been late with the rent and have kept the apartment in top shape.
My lease is up for renewal at the end of April and I want to start talking to the landlord now so that I have time to plan a move in case he is not receptive to the idea.
Thanks in advance!
hoodie with the woodie: you want the coin; you have to fork over comps…..remember rents are the same as sales…..ask is not a signed rent contract. Also, an empty unit is even better.
Hey Mr. Landlord: you are charging me $2,500, but the building across the street is identical and they are asking $2,250 and the unit is still available after three months.
Do the same thing as the pros do. Say you want keep the rent the same, but sign a 13 month lease and skip the May rent payment.
Kettle1:
I feel like I am stacking chairs on the Titanic and feeling safe standing atop the chairs because I am at a higher altitude. Most of us will sink, metaphorically speaking (may be literally if the sea levels rise a few feet!).
My glass half empty view.
S
The areas I’m looking for houses, prices aren’t down nearly as much as the headlines. Basking Ridge, Warren 5/3.5 on modest lots are still asking over $1mn. Maybe down 10% total from peak.
Someone mentioned an uncle’s Mountainside home selling for more than expected, that’s in the same vicinity.
This looked like the year prices were going to drop, but honestly, if these mortgage rates stay low, and if Fannie is willing to lend, then I’m afraid it’s going to hold up home prices this yr.
Using Bankrate “How much home can I afford calculator”, a family with 200,000/yr income and a $200,000 down payment can afford a $1,069,000 home at 5%, versus $978,000 at 6% for a 30 yr mortgage. Other things equal, this would support 9% higher home prices (assuming that incomes are flat and that homebuyers continue to maximize their RE exposure based on monthly payment qualification).
It’s tempting, especially if mortgage interest stands up as a tax shield. Plus a mortgage is the cheapest way to short the dollar long term at the retail level.
The big problem is being long real estate and long NJ property tax obligation.
.22 Whew!! That was close….now re101 can get back to the business of flipping houses. Man alive! That WAS close.
#53 ChiFi: Thanks. There are several comps that I plan to bring to the landlord’s attention. Fortunately, and conveniently, these comps have been vacant for 2 months so there’s definitely room for negotiation there.
The landlord is a RE agent specializing in rentals in the area, so he’s probably aware of what he’s up against vis-a-vis competition in the neighborhood.
I wonder if we can do something similar to the people in charge of the meltdown?
http://www.reuters.com/article/newsOne/idUSTRE52E06H20090316
BEIJING (Reuters) – Only two memories brought tears to Sun Yaoting’s eyes in old age — the day his father cut off his genitals, and the day his family threw away the pickled remains that should have made him a whole man again at death.
China’s last eunuch…[snip]
http://www.reuters.com/article/newsOne/idUSTRE52M02S20090323
We must seem to the rest of the world like some guy walking a dog along the side of the road, carrying a scoop and a plastic bag with a sign on it saying, “get ’em while their hot.”
How can the world’s investors pass-up such a tempting offer.
[30] victorian
The bottom is in. The Deplumes are about 90-95% cash. That is a sure indicator that we are on the road to recovery.
Now, if we got back in, then it would turn out to be a bear trap.
[58] SG
Good one!
http://www.nytimes.com/2009/03/23/opinion/23krugman.html?_r=1&ref=opinion
Krugman’s piece, for those who have not read the whole thing.
More fun with numbers
http://static.seekingalpha.com/uploads/2009/3/20/saupload_q2.jpg
from calculated risk:
Household net worth as a percentage of GDP
http://static.seekingalpha.com/uploads/2009/3/20/saupload_q5.jpg
can we get her resignation if she’s wrong?
President Obama’s lead economist predicted Sunday that the nation’s struggling, recessionary economy will be growing by the end of the year. “I have every expectation, as do private forecasters, that we will bottom out this year,” Christina Romer, chair of the White House Council of Economic Advisers, said on CNN’s State of the Union. “And, [we’ll] actually be growing again by the end of the year.”
http://politicalticker.blogs.cnn.com/2009/03/22/obama-aide-economy-will-bottom-out-this-year/
West #55…
The asks in that area seem to be still too high. There are a few foreclosures, and some more seem to be in the pipeline in Green Brook and Warren.
I don’t know about 5/3.5’s, but came across a few 4/2.5’s and 4/3’s.
I think we are past the point where people simply look at the monthly payment calculation, so you should probably worry about 9% increased support in home prices.
S
this sounds like something john might do
http://www.kansascity.com/news/breaking_news/story/1101725.html
Graphic of where AIG bailout money has gone
http://3.bp.blogspot.com/_9ZzZquaXrR8/Sca1uejt7yI/AAAAAAAADHs/n7h8ZT2Hz_4/s1600-h/1aigbailout.jpg
The Congressional Budget Office said Friday that the national debt under the president’s budget will be $2.3 trillion deeper than the White House estimates. Now for the real bad news: Both estimates are optimistic. If the economy continues to deteriorate faster than economists project, those numbers will balloon further. Over the next decade, the CBO projects that the White House budget will run $9.3 trillion in deficits.
http://www.forbes.com/2009/03/20/federal-budget-deficit-business-washington-budget.html
ummmm wow, this wont be a problem, considering that already china has about 1 14 yr backlog of commercial real estate
500 million square feet of commercial real estate has been developed in Beijing since 2006, more than all the office space in Manhattan. And that doesn’t include huge projects developed by the government. He says 100 million square feet of office space is vacant — a 14-year supply if it filled up at the same rate as in the best years, 2004 through ’06, when about 7 million square feet a year was leased.
China to Develop Derivatives, Introduce New Products, PBOC Says
China will develop its derivatives market and introduce interest-rate options even though problems in that market triggered the global financial crisis, said Liu Shiyu, deputy governor of the People’s Bank of China. “If we don’t develop our over-the-counter market for derivatives as early as possible, we may find ourselves lagging behind once the global financial crisis bottoms out,” Liu told a forum in Beijing today. “We should shift from a government- led to a more market-oriented mechanism to encourage financial products innovation.”
Link
China to Develop Derivatives, Introduce New Products, PBOC Says
http://www.bloomberg.com/apps/news?pid=20601080&sid=a4pwcx7GFjDM&refer=asia
China calls for new reserve currency
http://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html
Does that mean they will accept devalued dollar at face value?
I have every expectation, as do my children, that we will both bottom out this year and receive many presents from Santa, Christina Romer, chair of the White House Council of Economic Advisers, said on CNNs State of the Union. And, Rudolph may actually leave me some AIG shares on my roof.
grim for presidentt. Hive fivee
This is big.
Wolf Block to Disband
Hit hard by defections of top lawyers and tight credit markets, partners at Wolf Block voted this afternoon to disband the 106-year-old law firm, a Philadelphia institution that for generations played a central role in the city’s civic, legal and governmental affairs.
The decision was made during a contentious partner meeting at the firm’s Center City offices.
Like many other firms, Wolf Block had been hit by a sharp fall-off in revenue as credit markets seized last fall and the housing market collapsed. But the firm also had been plagued with defections by top fee generators and faced further defections in the coming months.
http://www.philly.com/philly/hp/news_update/20090323_Wolf_Block_partners_meeting_today_at_1.html
Mao Red Guards
“Obama redeploys grassroots army to campaign for budget”
http://tinyurl.com/dn82xo
Fing quicken wants to charge me 2.3 points on a refi house with great equity, low mortgage and I have a score of over 800. Loads of fees too. Nearly 7,000 in all. WTF Obama?
[76] Barbara,
That’s robbery. Wells is giving me (trying to lock it down now) 4.625, no points on a 30yr fixed conforming. Fees are competitive, about half of what you were quoted. Metlife is also there with 4.75, no points, same fees.
comrade,
she was all hard sell too,creep. I’m going to check out Wells and Met, thanks!
Barbara,
I have some history with both lenders, so that probably is helping. Since they know me, and know I can see right thru a b.s. offer, they don’t b.s. me too much (but they do try).
Why is Wolf Block a big deal? There are lots of big firms. Wolf Block wasn’t even that big, what, like 300 lawyers nationally?
It’s a big deal in one dumpy little town…
In any case, the earners had already left and the top support staff probably followed. It’s called capitalism and it ain’t pretty in times like these.
com, yeah I’m not sure if I should got o WaMu, the current holder, and try there since they did 3 of my previous mortgages. Its all a waste of my time and I hate the games but I may call Wells tomorrow and ask for a quick truth in lending
or good faith est, rather
3b (#45),
grim when you get a chance sales history and taxes for njmls #2910947
Sold: $205,000 12/4/1992
ACT: $310,000 6/17/1999
PCH: $299,000 6/29/1999
SOLD: $294,500 8/16/1999
2910947
ACT: $449,900 3/11/2009
Taxes: $9,759.62
Rich
The truth is that nobody gives a crap about Lawyers. They are lower than bankers on the hated food chain of bottom feeders.
“www.philly.com/philly/hp/news_update/41669172.html”
Let it all hang out for $300,000 cash.
Essex,
Until one REALLY needs one and then perceptions change, at least of one’s own lawyer.
All the crowing over the home sales increase strikes me as analogous to a going out of business sale. The sales volume might be up, and the revenue might even be up, nevertheless, it still ends up leading to a liquidation.
tard (22)-
You’ve really refined your act into an art form. :)
vic (26)-
No way. Just a spectacular chance to average down.
Stu (29)-
crazy = opportunity
paul (45)-
Welcome. Always nice to see a new moron here.
kettle (49)-
No. I first would’ve tossed Paul overboard and tried to use him as a personal flotation device.
“if everyone had gathered on the deck of the titanic and sang kumbaya while thinking happy thoughts, the boat would have still sunk….”
Chi (51)-
I guess those two buyers are vying for that $8,000 tax credit.
On nobody giving a crap about lawyers… Lawyers have it pretty good – if they get laid off, they have a skillset that can be transferred to a counter-cyclical, or at least recession-resistant, specialty. Even if their prior experience shuffling paper for securitizations is deemed worthless, the worst case scenario is what, making 6 figures nevertheless?
A West (56)-
Your premises are all false/flawed.
Mortgage rates went up again yet today. Guys on the mortgage side in my office saw the repricings at midday and went out to drink beer.
The rates aren’t there. They never will be. Foreign investors are running away from agency paper (as they are will all our debt), and the Fed cannot hold the breach.
vodka (69)-
Here’s my quick quant thought of the day:
When US deficit = GDP,
then US = Fuct.
vodka (70)-
We have taught our pupils well.
87….I was joking. My uncle is a circuit court judge…my first cousin Harvard Law. I loves me some lawyers. Uh Huh.
plume (78)-
I bet you a drink at the next GTG that Wells’ and MetLife’s offers are both BS.
When you try to lock, they will change the deal on you.
“Heres my quick quant thought of the day:
When US deficit = GDP,
then US = Fuct”
C’mon Clot, you know the old mortgage rule of 3X income? I think that may be for what B.O. is shooting.
Clot (97) – US Defecit is just over seventy five percent of GDP, twenty five to go. Good times.
Wag,
Debt, no? Not current-year shortfall.
IMF says clean up banks to tackle dire world crisis
The world is in a dire economic crisis, but no recovery is possible until the financial sector is cleaned up, the head of the International Monetary Fund said on Monday. The crisis will push millions into poverty and unemployment, risking social unrest and even war, and urgent action is required, IMF Managing Director Dominique Strauss-Kahn said. “Bluntly the situation is dire,” he told a meeting on the crisis at the International Labour Organisation, a United Nations agency representing unions, employers and governments that studies labour issues. Strauss-Kahn was talking less than two weeks before a summit of the G20 leading nations on April 2 to tackle the crisis.
http://www.reuters.com/article/wtUSInvestingNews/idUSLN31921620090323?sp=true
Defaulting Commercial Properties Hit Banks as Lost Jobs Increase Vacancies
U.S. banks, battered by record losses from the worst housing slump since the Great Depression, now must weather increasing loan delinquencies from owners of skyscrapers and shopping malls.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aR72TKlxCQ7A&refer=exclusive
#84 rich: Thanks always.
“This is a historic moment — the start of debasement of the world’s reserve currency,” wrote Alan Ruskin, head of international currency strategy in North America at RBS Greenwich Capital Markets Inc. in Greenwich, Connecticut. “It feels to many participants that in the grand sweep of history we are witnessing the end of ‘Rome’ on the Potomac.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=a4Zfif6M0o44&refer=worldwide
Shore (103) – Correct. Current year shortfall, can not even guess. Begins to get messy, when unfunded obligations are added to the mix.
http://dallasfed.org/news/speeches/fisher/2008/fs080528.cfm
vodka (105)-
I say the IMF should STFU and do a better job running Pakistan.
Here’s a little ray of sunshine we missed today:
The forint nearly bought the farm.
Fun stuff coming. Weasel Face thinks he’s saved the world, and Hungary could blast a hole the size of Jupiter in all his grand plans.
kettle1,
conspiracy theory. not true.
go get your tinfoil hat.
back to watching House on Fox
I love french fries.
SAS
Sweden Says No to Saving Saab
http://www.nytimes.com/2009/03/23/world/europe/23saab.html?em
SAS 111
in regards to what post?
“in regards to what post?”
i was just kidding, I am so punch drunk on so much work & constant bad news from my sources that I can even type a serious post.
SAS
Cuomo what job is he going for now?
US employees received about 47 per cent of the $165m, and Mr Cuomo said he is intending to recoup that amount.
http://www.ft.com/cms/s/0/01500150-1801-11de-8c9d-0000779fd2ac.html?nclick_check=1
speaking of Cuomo…
“Andrew Cuomo and Fannie and Freddie
How the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis”
http://www.villagevoice.com/content/printVersion/541234?ref=patrick.net
speaking of Cuomo…
“Andrew Cuomo’s $2 Million Man
How the Attorney General wannabe turned an accused slumlord into a sugar daddy”
http://www.villagevoice.com/2006-08-29/news/andrew-cuomo-s-2-million-man/
“Playboy Enterprises Closing NYC Offices, 100 Laid-Off”
http://www.1010wins.com/Playboy-Enterprises-Closing-NYC-Offices–100-Laid-/4068984
Up!
I’ve had it with the damn Chinese. You know, they just partially arrived at a market economy while clinging to their damn communism and they have the damn nerve to suggest a new damn reserve currency. These punks want to say they’re worried about their damn money.
Let me give you a direct newsflash, Wen Jiabao. DON’T YOU DARE THREATEN AMERICA. You want to talk some shlt huh? Guess what, we ain’t hearing it. Your damn money is safe and we just need to use it for a bit. You weren’t doing a damn thing with it anyway, so I don’t know what the hell you’re worried about any damn way. What the hell were you gonna do with it? Invest in your commie buddy’s damn ruble?
STFU and be happy you have some dollar based stuff to invest in. If you commies keep this shlt up, we’ll see to it that Taiwan is free.
yome says:
March 23, 2009 at 6:12 pm
China calls for new reserve currency
http://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html
Does that mean they will accept devalued dollar at face value?