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New Bankruptcy law


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2005 Aug 23, 4:55pm   23,399 views  171 comments

by Peter P   ➕follow (2)   💰tip   ignore  

Per Shmend Rick's request...

After October 17, the new bankruptcy law will come into effect. It will become more difficult for anyone to erase debt. How will this affect the credit market, the housing market, and the economy as a whole? Will this law change be the catalyst that pops the housing bubble?

#housing

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132   HARM   2005 Aug 25, 9:07am  

@AntiTroll,

Any other handy around the home uses for cash.
Are they any good for cleaning ovens? or maybe mulching in the garden?

Intriguing suggestions. Not sure about oven cleaning, but I bet you can use it to grow cabbage & lettuce.

133   gabby   2005 Aug 25, 9:16am  

The Sydney Olympic stadium was built on landfill, it had sunk enough before the start of the 2000 games where the top seats in the stadium had the view blocked from the stadium roof overhang. Fun stuff.

One thing I did notice after being away from looking at RE for 4 weeks was that the prices had dropped in the areas we had been tracking - the peninsula to the Sth Bay.

Also - MP has to be a realtor, the way he talks about the market is way too realtor like...

134   AntiTroll from Oz   2005 Aug 25, 9:20am  

Intriguing suggestions. Not sure about oven cleaning, but I bet you can use it to grow cabbage & lettuce.

I actually sleep better at night, when I snuggle under my dooner full of $100 bills.

135   gabby   2005 Aug 25, 9:23am  

Nice quote on people living in the Marina from this article:
http://tinyurl.com/7sxlz

Reality suggests that the only people qualified to live in the Marina are Olympic swimmers -- those capable of treading back to shore after the geologic forces turn the faux neighborhood to its original watery state.

136   HARM   2005 Aug 25, 9:24am  

Also - MP has to be a realtor, the way he talks about the market is way too realtor like…

Poser is more like it. Uh, oh --did I just violate my own standard about not getting personal? 8-O Me SO sorry....

137   KurtS   2005 Aug 25, 9:24am  

I could never live in an area that had little or no relationship to the outdoors. I need a tree at LEAST once in awhile! Other than the houses with bay views on the main drag across from the water, the place is wall to wall cement. Quite generic and character-less.

Jack-
Sounds like you're in a Primeâ„¢ location--at least for the likes of you and me.

138   gabby   2005 Aug 25, 9:28am  

Interesting historical trivia - at least I'd not heard this:

A couple of miles northwest along the city’s shore, the Marina District is also partly built on landfill—of a somewhat different kind. After the massive 1906 earthquake destroyed most of the city, developers needed someplace to dump all the rubble from the downtown area. They used the crumbled remains of buildings to extend yet another portion of the city out into the water, helping to create the site of the Panama-Pacific International Exposition to celebrate the opening of the Panama Canal in 1915.

139   AntiTroll from Oz   2005 Aug 25, 9:38am  

The truth of the matter is people just don't care,'' said Aldo Congi, vice president of McGuire Real Estate. ``Those that want to live in the Marina are willing to take the chance. There is so much confidence among consumers now that nothing seems to matter -- and that includes earthquakes.''

MP,
It would appear that consumers of RE in Marina appear to have high confidence and tend not to care about risks?
Could it be they have been a little too easy with their spending?
Just like everybody else I bet.

140   Peter P   2005 Aug 25, 9:38am  

I actually sleep better at night, when I snuggle under my dooner full of $100 bills.

The aroma of a fresh $100 stack is one of the most wonderful, almost as wonderful as the smell of BBQ lobster.

141   AntiTroll from Oz   2005 Aug 25, 9:39am  

The aroma of a fresh $100 stack is one of the most wonderful, almost as wonderful as the smell of BBQ lobster.

Haven't tried sleeping with BBQ lobster.

142   Peter P   2005 Aug 25, 9:51am  

How about barbequed 100 dollar bills you sick-o’s….

But... but you can neither eat them nor spend them...

143   SQT15   2005 Aug 25, 9:55am  

But… but you can neither eat them nor spend them…

But you can sleep with them apparently. :mrgreen:

144   AntiTroll from Oz   2005 Aug 25, 9:55am  

How about barbequed 100 dollar bills you sick-o’s….

But… but you can neither eat them nor spend them…

Ahhhhhhhhh!

Got a love those intangibles.

145   Peter P   2005 Aug 25, 9:55am  

BTW, AntiTroll, do you call them spiny lobsters or crayfishes down there?

146   KurtS   2005 Aug 25, 9:56am  

It sounds weird to some people probably, but I actually care more about having outside space (tree cover, yard, decks, views, greenbelt, etc) than I do about inside space. I would not give away too much of my yard for more square footage

Jack-
That's what's so Primeâ„¢ about our nabes. Even if our places are on the small side, our backyards are awesome! It's very cool to feel part of nature, vs. living in some gated, Orwellian community that strives to subdue it.

Just as an example:
http://tinyurl.com/9tnrz

Nature is Primeâ„¢

147   SQT15   2005 Aug 25, 9:58am  

As Farrah Fawcett so eloquently said in Cannonball run "I love tree's!"

Trees are Prime.

148   AntiTroll from Oz   2005 Aug 25, 9:59am  

Peter P,

Generally, (in my humble experience) we have:-
Lobsters,
Balmain Bugs,
Yabbies,
Prawns,

Man, now i'm feeling hungry and it's only 10 in the morning.

149   AntiTroll from Oz   2005 Aug 25, 10:00am  

As Farrah Fawcett so eloquently said in Cannonball run “I love tree’s!”

Back then, I would have liked to been a tree.

150   Peter P   2005 Aug 25, 10:01am  

Man, now i’m feeling hungry and it’s only 10 in the morning.

Time for a cold lobster. ;)

151   Peter P   2005 Aug 25, 10:05am  

Kurt S, that is a nice view. Perhaps I should move to the Marin county.

152   gabby   2005 Aug 25, 10:06am  

People from New Zealand call them crayfish.

153   timiacono   2005 Aug 25, 10:08am  

On today's subject ... I wrote about the bankruptcy bill a bit today - figured it was one of many factors that may conspire to shake people up later this year, the others are:

Derivatives
Rising Home Inventory and Stalling Home Prices
Rising Oil and Gas Prices
Politics and War
Higher Short Term Rates
Greenspan Retirement

The excerpt:

The recent rise in bankruptcy filings and the potential for a mad rush to file for bankruptcy in October could have a chilling effect on the confidence that many people have in managing their debt. Many of the provisions of the new law take effect on October 17th and in the coming months there will be a stepped up campaign by bankruptcy professionals on afternoon television and radio to compel individuals to take advantage of this last opportunity to clean up their balance sheet without the pain that will be involved after October 17th.

The post:
When Confidence Fails

Cheers!

154   AntiTroll from Oz   2005 Aug 25, 10:08am  

OT: Toll’s great earnings did not help their stock much. When people sell on good news, they are expecting worse news.

Interesting how contrary the movements can be.
Maybe people are selling because they bought expecting the news.

Buy on rumour sell on fact.

155   KurtS   2005 Aug 25, 10:14am  

NICE view...That is your dock and or view, right? Now THAT’s prime!

Yeah--the views are incredible. Tam, clouds, sunsets--dramatic changes over a few minutes!
Nope, that's the neighbor's dock, which they never use. The birds love it though!
Ours dock is half the size of that, but I use it almost every day! For the record, our home is quite modest (2 BR condo). But, we love it here--and that's what matters.

"“Some gated, Orwellian community”. I would love to live THERE someday! "

Just you wait: courtesy of "Homeland Security"

156   Peter P   2005 Aug 25, 10:20am  

““Some gated, Orwellian community”. I would love to live THERE someday! ”

Just you wait: courtesy of “Homeland Security”

Is the community built in 1984?

157   HARM   2005 Aug 25, 10:25am  

Jack Says:

MAYWW…
naaaahh ….. for a minute there HARM, I thought we had a new acronym!

Sorry for the delay, but this one took a little time:
PAWNS (Pale Attractive Wayward Newsworthy Sweethearts)

158   HARM   2005 Aug 25, 10:44am  

Np - always happy to supply helpful new acronyms :mrgreen:

159   Jamie   2005 Aug 25, 1:01pm  

I tried searching for houses on realtor.com and then checking prices on ditech.com. It took me about 40 minutes (with interruptions) to check about 6 houses, so I give up. I didn't discover anything earthshattering--was checking SF and San Mateo/Foster City, and all I discovered was that for $700K+, I can be the proud owner of a remodeled 2 br 1 bath house with triple digit square footage. Yeehaa.

BayQT is right about ditech.com's calculator having its limits. Can't check condos or places with unit #s, and some houses, like she said, come up with 0$ as previous sale value.

160   HARM   2005 Aug 25, 1:09pm  

New thread per GreenCanopy's request: "Land Prices & the Property Bubble"

161   sfbayqt   2005 Aug 25, 1:35pm  

Hey Harm ( SactoQT, Peter),

How do I get a topic to one of you (or whomever) to start a new thread? I think I missed the process somewhere along the line.

BayQT~

162   HARM   2005 Aug 25, 1:42pm  

BayQT, you can:

(1) Post your idea under "Lurker's Turn", which is meant to be a meta-thread where anyone can post ideas for new threads (didn't work out that way 100%, but oh well...), or

(2) Register for a WordPress user ID (see link on main page under "Meta" section) and then email it to Patrick (p@patrick.net) asking permission to become a threadmaster yourself.

163   sfbayqt   2005 Aug 25, 2:01pm  

Oh, cool! I registered earlier today and then emailed Patrick for instructions. :-) I guess I kinda half-way figured it out myself, huh. I *do* remember that you mentioned Lurker's Turn thread but didn't know that it was where I could actually post an idea....I think I thought it was for *looking* for ideas.

I believe I've got it now. :-D Thanks much!

BayQT~

164   HARM   2005 Aug 25, 2:11pm  

NP --and welcome to the club of Patrick.net thread moderators.
"You've taken your first step into a larger world" ;-)

165   sfbayqt   2005 Aug 25, 2:14pm  

:-) 8-)

BayQT~

166   KurtS   2005 Aug 25, 2:30pm  

I tried searching for houses on realtor.com and then checking prices on ditech.com. It took me about 40 minutes (with interruptions) to check about 6 houses, so I give up.

Jamie--
I think I found a quick/easy way to pull it off: I go to realtor.com, print up a bunch of property listings, then go to ditech and get the sales history. I managed to price out 20 homes during lunch today.

167   SQT15   2005 Aug 25, 2:38pm  

BayQt

If you go to the site admin page and click on the write tab, you should be able to write a post. I don't know if I'm lucky or what, but the first day I registered I got an email from Patrick saying I could post and that was that. I thought everyone who registered could post. Am I wrong?

168   Jamie   2005 Aug 25, 3:39pm  

Thanks, KurtS. Will try the printed listings method tomorrow!

169   sfbayqt   2005 Aug 25, 4:18pm  

If you go to the site admin page and click on the write tab, you should be able to write a post. I don’t know if I’m lucky or what, but the first day I registered I got an email from Patrick saying I could post and that was that. I thought everyone who registered could post. Am I wrong?

You're absolutely right. But after I registered I wasn't aware that I would receive email from Patrick. So not knowing what to do ( as I mentioned to Harm) I emailed Patrick regarding the procedure. I did, however, receive an email and all is well. :-D Thanks so much for your help.

BayQT~

170   Peter P   2005 Aug 26, 4:24am  

Homeland Security has you on tape sniffing 100’s. Better get those granite windows Peter.

What's wrong with that? Have they declared them controlled substances?

171   HARM   2005 Aug 28, 3:43am  

Just noticed that this thread is 1 post shy of 300. Is that significant? Not really, but what the hell --why not put it over the top...

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