- On 20 May 2013
in
The housing bears are rightfully frustrated,
Oil Can said:
this is how I want to spend my days, when I am an old guy: cleaning somebody's kitchen for $20 an hour!
How many people do you employ on a non-commission basis?
- On 16 May 2013
in
New report may kill the house mortgage interest deduction,
Oil Can said:
Let's hope......
- On 14 May 2013
in
62% of delinquent loans are more than 90 days past due,
Oil Can said:
The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
Did you see that small banks and credit unions might be blocked from the secondary market. Who does that benefit?
- On 10 May 2013
in
The housing bears are rightfully frustrated,
Oil Can said:
I had to put 30% down on my investment properties, and jump through countless hoops to get loans.
That sounds like a bubble.
- On 10 May 2013
in
The housing bears are rightfully frustrated,
Oil Can said:
It's getting bad in OC.
I've seen 1,300 sqft 1970s shacks in Laguna Niguel go for $650,000+. What is this? Cupertino?
Saw a 750 sq ft Condo 1 Bed and 1 bath go for $245,000 in Diamond Bar! It's no longer even Orange County. HOA $299 a month. It's spreading to the areas just around it.
They can keep it.
- On 22 Apr 2013
in
Did stopping HELOC abuse kill the economy?,
Oil Can said:
I think stopping the abuse will save the economy...in the long term.
- On 15 Apr 2013
in
Can the Fed reflate the housing bubble without negative side effects?,
Oil Can said:
Will be inflation once banks balances have been cleared. Then watch out.
- On 8 Apr 2013
in
Obama urges lenders to make bad loans to irresponsible borrowers at taxpayer exp,
Oil Can said:
APOCALYPSEFUCK is Shostakovich says
Is Obama a Realtor?
Or how much of Washington is getting money from NAr and TBTF banks? But your comment was funny.
- On 3 Apr 2013
in
Now is the time to reform the house mortgage interest deduction,
Oil Can said:
There is should be no tax deduction for owning a home period. We need to encourage retirement savings not spending on consumption items.
- On 21 Mar 2013
in
Honest info, Phoenix market...,
Oil Can said:
Last year, institutional investors made up 19% of all sales in Las Vegas, 21% in Charlotte, 23% in Phoenix, and 30% in Miami. It had an impact. In the latest Case-Shiller report—a three-month moving average for October, November, and December—home values soared 9.9% in Atlanta, a bigger jump than even during the peak of the housing bubble. Las Vegas popped 12.9%, and Phoenix 23%. It’s getting hotter. In February, compared to prior year, asking prices jumped 14% in Atlanta, 18% in Las Vegas, and 25% Phoenix. Seen from another point of view: in January, the median price of a single-family home in Phoenix skyrocketed 35%.
“We recognized that prices were moving faster than people expected,” explained Devin Peterson, a Blackstone real estate associate, to Bloomberg. Despite that, they’re still “finding opportunities to buy.” They might not be able to rent them out very quickly, but they’d rather not be “missing out on a few points in home price appreciation.” The race to buy is on. The next housing bubble is inflating.
And that’s great. Money—which the Fed hands to its cronies at the frenetic pace of $85 billion a month—magically finds places to go and drives up values, and transactions take place, and paper gets shuffled around, and homes change hands as banks get out from under them, and fees and commissions change hands too. It inflates GDP, which is what everyone wants. And Chairman Bernanke can contort his arm slapping himself on the back.
Trying to rent these places is another story. Housing is zero-sum: when you move into a new place, you move out of the old place at the same time. So it becomes available. And someone else goes through the same process. Only household formation solves the problem of vacant homes—but that takes years or decades.
Best of all, these formerly foreclosed homes have now been pulled off the for-sale inventory list. Hence the “tight” inventory. And they’ve been transferred to the for-rent inventory list where they don’t bother anyone. Except the owners. Colony Capital, for example, with its 7,000 homes, has an occupancy rate of 53%.
Suddenly, the market for single-family rental homes—unlike apartments, which cater to different people—has turned into an elbow-to-elbow affair. The pressure on rents is huge. Year-over-year, rents edged up only 0.5% in Atlanta and dropped 1.7% in Las Vegas. For Phoenix, Bloomberg cited Fletcher Wilcox, a real estate analyst at Grand Canyon Title Agency: median rent per square foot rose 3% year-over-year in February 2011, and 1.5% in February 2012. But in February 2013, it fell 3%.
This tendency was confirmed by others. On the west side of Phoenix, where investors have concentrated their purchases of single-family homes, rents dropped by $100 a month last year—a stunning 10%!—according to James Breitenstein, CEO of Landsmith which has dumped most of its Phoenix properties. He is seeing similar pressures in Las Vegas and Atlanta. “There’s a whole bunch of rental supply that’s coming on that used to be sitting empty in bank portfolios,” he said.
- On 14 Mar 2013
in
Eliminating government housing market subsidies will be painful,
Oil Can said:
The housing industry and borrowers are like drug addicts. And it's going to take a gradual withdrawal of subsidies over many years to get off this drug.
- On 6 Mar 2013
in
Banks are still exposed to $1 trillion in unsecured mortgage debt,
Oil Can said:
Only 1 trillion? Pfft you should see my balance sheet,,,,pussies
- the american taxpayer
It would be funny if it wasn't so true.
- On 5 Feb 2013
in
Will the reflating housing bubble also burst?,
Oil Can said:
Reminds me of those "end of the world" cults... when the world doesn't end, they claim "god changed/manipulated the end" and they are still right!!!
What is up Mr. 2.9?
- On 4 Feb 2013
in
FHA insurance premium hikes will impact high wage earners most,
Oil Can said:
The changes by HUD reflect the real cost of low down payment programs.
- On 31 Jan 2013
in
Rising prices stoke fears of kool aid intoxication,
Oil Can said:
Mortgage rates are barely up .2% and it's already slowing mortgage activity. See what happens with 30-year mortgage rates hit the 3.75% to 4.00% range. It will completely cool the market.
- On 29 Jan 2013
in
The move-up market will suffer for another decade,
Oil Can said:
If the Fed limits deductions, then I think much longer.
- On 28 Jan 2013
in
Think you want consumer debt? Think again...,
Oil Can said:
Consumer, auto, and student have been growing. They will eat into your affordability when you get a home loan.
- On 24 Jan 2013
in
Lenders will target near-equity squatters for future foreclosures,
Oil Can said:
Mega underside will be able to squat for a few more years
- On 21 Jan 2013
in
Delinquent jumbo loans in Coastal California pollute bank balance sheets,
Oil Can said:
You wonder how long will this go on? We are talking 5 years now.
- On 20 Jan 2013
in
Sappy letters to sellers return in tight supply market,
Oil Can said:
Ha, I could see writing some ridiculous letters just to mess with the sellers.
The upper decking reference was classic.
- On 18 Jan 2013
in
Sappy letters to sellers return in tight supply market,
Oil Can said:
Maybe you can get the letter endorsed by CAR.
Seriously, this is a bubble sign.
- On 17 Jan 2013
in
California records its one millionth foreclosure,
Oil Can said:
There are a few homes that have been foreclosed twice.
- On 16 Jan 2013
in
The housing recovery may stall in 2013,
Oil Can said:
With the qualified mortgage rules and new possible caps on deductions 2014 will be the year of big changes.
- On 14 Jan 2013
in
Lenders Are More Culpable than Borrowers,
Oil Can said:
The weird thing is we are bailing out both.
- On 10 Jan 2013
in
Government house loan guarantees ensure the misallocation of credit,
Oil Can said:
I think won't see the privatization of the mortgage industry for the next 30 years. The banksters own the federal government.