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... I can put all my cash into gold, which should, at least, double by then.
Putting ALL your money into one asset class seems like a very poor strategy....
Kinda like paying 3K per month to rent in San Jose.
1. Because it would cost 15 million dollars for a professional audit of 700,000 gold bars.
$15M is nothing. Ron Paul will gladly pay for this out of his own pocket, if only they let him do it.
1. Because it would cost 15 million dollars for a professional audit of 700,000 gold bars.
$15M is nothing. Ron Paul will gladly pay for this out of his own pocket, if only they let him do it.
Okay, but how would this audit benefit the country in any way? Also, Ron Paul does not have 15 million dollars. His net worth is closer to 5 million.
Okay, but how would this audit benefit the country in any way?
"My Administration is committed to creating an unprecedented level of openness in Government. We will work together to ensure the public trust and establish a system of transparency, public participation, and collaboration. Openness will strengthen our democracy and promote efficiency and effectiveness in Government." - Barack Obama
SO ,,,, Now we equate "SHADOW INVENTORY WITH GOLD"
http://www.inman.com/news/2012/01/20/real-estate-sales-end-2011-positive-note-chart
note: 1/3 of the sales are distressed.dunnross says
"My Administration is committed to creating an unprecedented level of openness in Government. We will work together to ensure the public trust and establish a system of transparency, public participation, and collaboration. Openness will strengthen our democracy and promote efficiency and effectiveness in Government." - Barack Obama
In the 1960s and 1970s, most of my aunts and uncles in my huge family lived in 3 bedroom/1 bath houses built in the '50s. These were all-white neighborhoods that would have been considered "middle class" or at least "working class" as late as the mid 1970s. Now, however, almost all of the aunts and uncles have moved from their original neighborhoods (in various parts of the Midwest and Mid-South) because the old neighborhood is now all or mostly minority, with bad schools and lots of crime.
The Case-Shiller index is interesting because it compares the same house at different points in time, but it does have some problems, because the demographics of the neighborhoods have changed so much. Middle class people don't want to live in a scary neighborhood in a house that only has one bathroom, even if the lots are large and the landscaping is mature.
There are areas of California where the 1950s houses have done well price-wise, but in Midwestern and Southern cities that I am familiar with, they have NOT fared well at all.
And Buffalo, NY had a top-tier higher education system that produced industry titans.
Now look at it.
Weather may play a bit of a factor too.
I don't think California's current educational system is much to brag about. I guess the U of C system is still very highly regarded. The K-12 system is badly broken. My children attended Newport Beach public schools in the early 90s. They were overcrowded and the curriculum was nothing but trendy nonsense.
I think the reason that 50s houses have held up better in California is that the 50s houses were often built in the more desirable areas closer to the beaches, keeping at least some of the neighborhoods from becoming slum areas. In midland cities, the geography surrounding the urban core generally doesn't vary dramatically. There is typically a good side of town and a bad side of town, with the center of town generally having high crime and bad schools. Land is cheap, and people don't have any reason to stay in an older neighborhood once the neighborhood starts having big problems. Consequently, many well-constructed brick 50s houses in the area north of St. Louis can be had for less than $20,000, while 50s houses west of St. Louis may have become very valuable if they are still in a good school district with low crime.
The median house price and the Case Schiller index are interesting in terms of general trends, but you shouldn't base a decision to buy or sell on any sort of regional average.
Maybe a bit off the subject, but a few comments mentioned demographics. I see this as a possible problem also.
Where I live there are TONS of anchor babies who are barely literate high school slackers with no ambition or skills. Their parents are high school dropouts from Oaxaca, etc. who are therefore barely literate.
The other various and sundry slack-jawed punks are frequently from single parent homes and these ne'er-do-wells also are pretty useless.
The lack of housing at UCSC means there is a healthy rental market here, and of course, almost all of the other apartments are illegals and their families.
There are TONS of sec. 8 people, and people on SSI getting monthly checks because they convinced the govt. that they were 1. bipolar 2. depressed 3. etc. and therefore have a "disability".
Downtown is of course infested also with hordes of skells shuffling up and down Pacific ave begging or doing whatever they do.
I suppose someone inclined to be a landlord here could pick up a place that was foreclosed and become a cop wondering when his tenants were going to destroy, burn down, break the toilet, etc. etc.
No thanks. Vanguard High Yield Corporate Bond fund, High Yield Tax-Free, Total Bond Market Index.
Want capital appreciation? That's another asset class.
In my sub-neighborhood of a about 25 houses currently, about 4 are built and SOLD. But nobody has moved into them. Maybe 4 other sold starts and a few other specs. But, has anyone else seen SOLD with no occupancy? Its been a few months for two of them....
You kidding, right? Many of those did not have 5%, 10%, or 20% when during the bubble, but be sure, they do have 20-30% for a downpayment now when the prices have fallen!
CBETA. I think you need to go back to school and take your math class again. If somebody didn't have 5% during the bubble, prices would have to fall more than 75% from the peak, for them to afford 20% or 83% to afford 30%. Where do you know of a place where prices have fallen this much?
The reason they may not have had that money during the bubble. For example, could be, that they just entered the workforce and had no significant savings yet.
Also 5% from 600K is 30K, where is in the same area houses are now closer(Grimmer) to 400K and 20% is 80K. In 5 years, those with a degree and a goal are capable of saving $80K... I personally know a few.
Hence it is not just math. It is time that worked for them and goal that they worked on.
One example; http://www.redfin.com/CA/Fremont/4726-Victoria-Ave-94538/home/1110471
Note not every house in this neighborhood is like that, varies street by street.
Is everyone was able to achieve same - of course not.
Reminds me of this
Колхозное Ñобрание. ОтчитываетÑÑ Ð³Ð»Ð°Ð²Ð½Ñ‹Ð¹ зоотехник: (All hands at a Farm. Key technician is providing status)
– ...в Ñреднем от каждой коровы мы надоили 7 тонн молока. (.. on average from each cow we got 7 tonn of milk)
Ð’Ñтает из зала бабка, Ñпрашивает: (An older woman gets up and asks:)
– Милок, что такое в Ñреднем? (Dear, what is 'on average'?)
– Ивановна, взÑÑ‚ÑŒ к примеру корову Зорьку, она дает 3 тонны, а Звездочка – 13, а в Ñреднем они дают 8. ПонÑтно? (Well, if you for example take cow 1, she gives 3 tonns, whereas cow 2 - 13, but on average they give 8. Understand?)
– Люди, так шо Ñта деетÑÑ... ЕÑли Ñекретарша предÑÐµÐ´Ð°Ñ‚ÐµÐ»Ñ Ð›ÐµÐ½ÐºÐ° даёт ему и главному инженеру, а доÑрка Машка – каждому механизатору, то в Ñреднем по колхозу и Ñ Ð±Ð»Ñдь получаюÑÑŒ?! (People, what is this... If director's secretary Lenka f* him and principle engineer, milkmaid Mashka f* each mechanic, then on average for our farm, I am a whore????)
they just entered the workforce and had no significant savings yet
Hi SBETA,
With the "real" unemployment or underemployment rate above 20%, and prices of everything (except housing) going up every year, unfortunately reality is not on the side of those who are trying to save money for a down payment. Yes, there will be exceptions (outliers), but those outliers will not prevent prices to continue falling to their "fair value", and, even lower, because, when we are talking about real estate prices or trends, we are talking about the law of large numbers:
http://en.wikipedia.org/wiki/Law_of_large_numbers
And, also, your joke is funny, but it's not true. Even though your babushka may say that she is not a whore, odds are greatly against her, so, most likely, she probably is.
Foreclosures are a matter of public record. There is no secret shadow inventory.
Shadow inventory is not just the foreclosure inventory. It also includes delinquent loans. Foreclosures represent less than 1/3 of the total shadow inventory, akin to the top of an iceberg, where the bulk of it is "under water" - pun intended.
ПоиÑÐºÐ¾Ð²Ð°Ñ ÑƒÑ‡ÐµÐ½Ð¸Ðµ мира
ВерÑии ПС доÑтупны практичеÑки на вÑех извеÑтных Ñзыках.
ÐайдётÑÑ Ð²ÑÑ‘!
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"On Wednesday, Dec. 21st, 2011, HousingWire reports that CoreLogic projected shadow inventory to be 1.6 million homes throughout the entire United States. If Stern relayed the information correctly, and Fannie relayed it to him correctly, that figure looks more like it could be the shadow inventory of South Florida alone. "
http://www.nakedcapitalism.com/2012/01/michael-olenick-is-shadow-housing-inventory-vastly-larger-than-widely-believed.html?source=patrick.net#post-23586
#housing