patrick.net

Now, I'm going to have to make a cake tomorrow, you've got me craving a moist yellow cake now.

Sheez, I was the one who proposed Bubblepalooza. That would be awesome.

you’ve got me craving a moist yellow cake now

I did bring a moist yellow cake (with cream outside) for the last blog party. :)

I bought it from a Danish bakery though.

Peter are you up in San Francisco? Where do you all meet?

who gives a shit.

Good question! You should ask yourself.

Did someone mention blog party? When? Where?

Probably my place - maybe next month - Pasadena area.

Cool, I'm in San Diego.

Peter are you up in San Francisco? Where do you all meet?

Last blog party was down in Santa Barbara. It was a good labor day (?) trip.

San Diego is lovely. Which part are you in?

We can use "Reality" as the Piñata.
(kidding, of course)

North County. City of San Marcos.

Good night everyone.

Reality bites.

Good night folks....keep me posted on the party.

Reality bites

Well, Patrick set this up as a "reality parser." :)

Who is Malcom?

In the middle.

har har har har

A Black Forest cake is a multilayered (though not necessarily multi-tiered cake made with a dark chocolate batter, filled with sour cherries, kirsch syrup, and whip cream, then topped with dark chocolate shavings.

Valerie Plame,

Val,

No hard feelings? :)

Scooter

Scooter Libby was not convicted of outing Valerie Plame. He was convicted of obstruction of justice.

Why isn't Robert Novak in prison?

So, no hard feelings?

PAR,

LOVE the "top 10" list!

I realize you intended it primarily in jest but #9 isn't an entirely bad idea. I met our local District 18 Rep (really by accident) and afterwards left a msg. with his asst. If we're not talking about, who will?

Don't get me wrong I'm a free market guy but why is it that we continue to have bubbles that won't quit until AFTER they've hit the wall?

I have client appts. all day so please do keep up the good fight! :)

Valerie,

All the love! Don't forget to write!

Scooter

astrid,

Why isn't Robert Novak in prison? Must be that famous liberal media protecting him.

Instead of reporting on sob cases like Mr. Galindo (there must be tens of thousands of these in California alone) I would like to see some actual investigative reporting going on. I'd like to see some solid investigative stories about Doug Feith, about Avigdor Lieberman, about CEO pay/board relations, about the actual facts around the housing bubble, about Hillary Clintons voting record up to and after the war in Iraq (she just seems like a pro-choice neocon, IMO), about Halliburton's sales of nuclear technology (from their office in Tehran)in Iran into 2002.

But no, the 'liberal' media has given us such great, investigative reporting on the death of Anna Nicole Smith and Brittany Spears haircuts. The NYT reports on the Libby trial, but ignores real investigative reporting and has stories by Judith Miller that are basically just propoganda pieces for the VP's office.

Democracy can't survive without a functioning free press.

I got my latest issue of SFO magazine (Stocks, Futures, and Options). Guess who is "SFO's 2007 American Hero" ?

Eat ramen with caviar

Huh?

Cold udon with salmon "caviar" is pretty good though.

PAR,

The Realtor(TM) I used to buy my condo basically did your #7. We would go through a place and she'd comment 'Ugh, what a dump. You'd expect my client to pay for your clients' bad taste and remodel? Ugh' Or she'd say to the seller's agent 'Pacific Heights? You've advertised and priced like Pacific Heights but we're practically in the projects (Pine Street, in 1994).' Or my favorite 'I wouldn't let you buy this dump. Leased parking- hmph. I'll call your mother and talk to her if you try to buy this place. Your parking lease could expire and you'd be stuck parking and walking the streets at night. I won't let you buy this dump.' Right in front of the selling agent.

She probably wasn't too popular with other agents, but her clients loved her.

Unfortunately she died of breast cancer. She was a hoot.

SFWoman,

She sounds hilarious! I bet the other agents tried to hide their open houses from her. :D

Unfortunately she died of breast cancer. She was a hoot.

Sad. We need more funding in breast cancer research.

Anyone hear about a show called hidden potential? So this is the kind of crap that people are watching on TV? They take a POS house and turn it into something liveable. Such BS propaganda!!! Is this show funded by the NAR?

Did anyone else get this sent to them? Guiliani is toast, there's no way the Christian right will back this man.

http://tinyurl.com/yptrpt

I'm sure many of you have heard this already, but the #2 Subprime lender stopped issuing loans as of last night. They are expected to likely file for bankruptcy soon:

http://money.cnn.com/2007/03/09/news/companies/bc.newcentury.shares.reut/index.htm?postversion=2007030912

PAR:

Personally, I like item # 4 from your list

Pay your bills (since most of you actually can).

If jbrs are going to do well in a downturn, of course we can't be in debt on VISA and Mastercards when the time to buy comes!

OT can I mention I am starting my own cheaprealty website? It is nothing in the league of Patrick.net, but I can try.

No this is not spam, I have been posting here for several years, but if the moderators don't want me to say I have a web-site, delete my post!

No this is not spam, I have been posting here for several years, but if the moderators don’t want me to say I have a web-site, delete my post!

Huh? :) Congrats.

tsusiat, I love the Victoria area.

I believe that any RE correction up there is not going to happen for a while though. BC is now a highly international market.

Did you see that NEW announced last night it's not originating any more loans as nobody will give them extend them a thin dime. They're the institutional equivilant of a FB now. The subprimes going bad are much like an ARM reset to them. And they can't get any more credit much like the FBs can't refi their no-longer appreciating homes.

From the CNN story on New Century. The have arranged to refinance $710 million of loans. I am assuming this is to get the FBs more favorable terms so they don't default... oh, and to get them out of purchase money, non-recourse loans. (Here Mr. FB, let me handcuff you to your front door.)

So I guess October 2007 may be the start date of the bubble burst.

They're pretty much guarenteed to go bankrupt at this point. Good job to the shorters who caught the wave! :D

The question is how far will the subprime storm go.

I read that wall street firms are buying up subprime loans. I guess they are making friendly announcements before doing anything now. :)

Peter P

I hope you are wrong, but there are several factors pointing both ways -
in favour of a deflation or slow bursting

increasing inventory, I will post a chart about that later today.

unaffordability relative to local incomes

log run up in prices

strengthened Canadian versus US dollar

not in favour

baby boomer retirees selling up and moving to Victoria from Vancouver, Calgary, Toronto etc

Conservative lending practices that have not seen a proliferation of ARMS etc

Relatively strong local economy etc.

I still think HELOCs and other economic motors for the local economy may start grinding to a halt, but we will see what that means for local prices.

The last significant local price bust happened in around 1995-1996, a few years after it started in California.

We will see if the same pattern repeats itself this time.

tsusist, I do hope that sanity will return soon.

However, I laugh whenever someone says everybody wants to live in the Bay Area, but I am less rude when someone says everybody loves British Columbia.