patrick.net

I'm sorry ducky, so you honestly think you didn't benefit from the Feds effort to inject liquidity into the market? You are "good" Casey Serin. A rational actor doing his part to help speed up price discovery and provide a floor on prices, aided by the Feds low rates (and, not by coincidence, helping to save the banks). And somewhere around homes 8,9, and 10 you helped turbo charge the market to where the prices now sit - elbowing out the cash from hedge funds or someone who simply wanted a place to live. You are that "marginal buyer" (just like Casey in the last round). Don't bet me wrong, the economy was "stimulated" by your refies. Let's just hope Ben can taper in our lifetimes...

Say hey! This was in the Wall Street Journal on March 30, 1999:

Holy cow/interesting/compelling ...!

And where is it up to date??? Right here ... see the first chart shown in this thread.
Recent Dow day is Thursday, September 19, 2013 __ Level is 99.9

WOW! It is hideous that this is hidden! Is there any such "Homes, Inflation Adjusted"? Yes indeed, go here:
http://patrick.net/?p=1219038&c=999083#comment-999083

They left out one detail.....how will prices stay the same or go up a little, if no one is buying. Some folks will "have to sell" so they will need to drop the price is there are no more buyers; the Investors with cash are gone; they have stopped. They even say that in the article that there is no more buyers....so how do you sell your house if you do not have a buyer???

It is liking asking the fox how the hen house is doing under his watch....

ducky said: This is the 1920s. Recovery and boom times on the coasts and depression in the heartland.
I've been wanting to start a Meredith Whitney thread. So you disagree with the thesis of her new book: “Forget everything you think you know about the direction of the American economy, about our grow­ing need for foreign oil, about the rise of the service economy and the decline of American manufacturing. The story of the next thirty years will not be a repeat of the last thirty.”

Remember before Ebay? You could have a garage sale, and if nobody in your immediate community came by, the item didn't sell.

But then Ebay came around, and suddenly the whole world could pick over your wares. Even the tackiest, overpriced trinket can get interest. It only takes one out of the four billion people on the planet.

Gone are the days when a house was only marketed to the immediate vicinity. Now everybody on the world can bid on it... all four billion.

It took fifteen years, but the housing market has now caught up to the garage sale market.

It's not a different world, just smaller.

That is not what they said:

"We are getting early signals from lock boxes that show a significant change in direction in August," said Lawrence Yun, chief economist for the National Association of Realtors, referring to the small key boxes that hang on the doors of for-sale homes. The number of times they were opened in August dropped dramatically, signaling a big drop in potential buyer traffic."

So again, if there are no buyers; how do prices stay high or go up???

I am planning to buy as I too think this is a good time for our retirement home purchase, but we are not 'rushing' in either....it will be interesting to watch, that is for sure.

Is the duckmobile (your truck) any different from what you drove five years ago?

And where we are looking there have been a lot of price reductions and homes staying on the market at least 60 days or more and selling less than asking. So we are working with our realtor to find the right home for the right price. A few months ago, we would barely look at a listing and it was sold....so something is going on.

Well, we shall see....I hope we find something soon!

Some more news on the former owners of the home on Ashbourne Circle in San Ramon:
Court documents show Ghoneim and his wife, Naoko Chiba, were entangled in the financial mess well before authorities arrived at their doorstep Wednesday afternoon. The two defaulted on a home loan and were currently fighting a bank over whether it had the right to evict them, and Chiba was also sued for being behind on rent for her Danville stationery and gift store, Pleasant Thoughts, court records show.

i don't know anyone who lives in phoenix asshole

the only people who live there are meth addicts and guys like roberto who rent to them

SubOink says

LOL. Did I strike a nerve there?

no, besides being an annoying dull asshole, youre a good guy

Let them shut it down because I want to see how much fun Republican businesses & voters will have if the economy tanks.

Any one have a handy & short list of effects on the economy due to a shut down? I know someone has a bookmark.
Thanks

"Like any other group of psychopaths,", including all of us on Patnet. LMAO

egads101 says

losh

Bob, you obviously are living in the vacuum of 1980s Economics 101.

Give it a rest, and move along.

David Losh says

Hey, maybe the federal government will bail them out, again, and again.

Until a guillotine is erected across the street from the NYSE.

Bob, you're the classic example.

You said in some comment that investors were buying the same auction crap you were.

Well, we all know that wasn't the case, but hey, you have a lot of opinions.

In some market places, like San Francisco, or Phoenix prices went out of control.

You're the one who wants to make everyone believe those markets are the same for the entire country.

Heraclitusstudent says

Until a guillotine is erected across the street from the NYSE.

There is no doubt that we are in deep trouble because we cater to an investor class that are the pawns of the extremely wealthy.

There are things you can do to make yourself more resilient when playing in a sand box with the bigger kids who only want to take your lunch money.

Number one you can stop playing the game they lay out for you.

EBGuy says

Is the duckmobile (your truck) any different from what you drove five years ago?

You mean the DuckTruck?

exfatguy says

Now everybody on the world can bid on it... all four billion.

All 7.1 Billion And even when the population was 4 Billion or less it was possible to work through a realtor in the local market of interest.

Zillow, Redfin, and their ilk have made the process more transparent which is a good thing.

egads101 says

investors weren't buying the homes?

You fancy yourself an investor, and were claiming the hedge fund managers were right there at the auctions with you.

They weren't. They were making deals directly with lenders to mitigate losses.

egads101 says

instead of being just a blowhard!

Seriously Bob, if you have a point to make, like about the value of money, then make a point.

Repeatedly saying nothing in your comments just clogs up the thread.

egads101 says

2. The hedge funds actually have been buying homes one at a time, off of the mls, and from the foreclosure auctions same as everyone else. There have been to date only extremely few bulk sales in the whole nation.

Now Bob we all know that would be a ridiculous assertion. Yeah, Hedge Fund Managers are combing through redfin to find houses to buy.

I do disagree that owning rental property is a good investment.

You've probably been following my blogs for years, made good money, but are now disappointed that I have changed my opinion about Real Estate.

Buying for $30K, and renting for $800 is a problem. Buying for $80K and renting for a $1000 maybe more like it.

However, since you aren't following this thread I'll catch you up.

Existing home sales are at a six year high, and home ownership is at a five year low.

How does that work out? How do we have an economic recovery if the middle class has no way of creating wealth, and many are slipping into poverty?

bgamall4 says

The shit is going to hit the fan,

LoL! .....and the Bernanke has gotta save his save his LEGACY!

Normally, it's not advisable to play a game of chicken with a crazy person. However, the Republicans are only sealing their own fate by trying to shut the federal government down.

If Obama had half a brain, he would us the Patriot Act to "save America" from the "terrorist in Congress trying to destroy the country". All he has to say is "national security", "the government cannot shut down or we would be a sitting target for terrorists" and use that as a reason to end the filibuster for good and send the entire GOP to gitmo. That would be poetic irony.

Facebooksux says

The Professor says

ChapulinColorado says

you crack me up with your cannibal anarchy mentality

Cannibal anarchy (CA) is not funny and is something to be avoided.

CA will happen when entitlement spending supports more than half of the population and the government can no longer afford to pay.

At that point the hungry people will look around and see the working class people as rich. In their entitled mentality they will see it as not fair that somebody has something and they have nothing.

That's when the anarchy starts. Cannibalism is not far behind.

That's when the gatling guns and fences come in handy. Oh, and the yam stockpiles.

CA is horrible if it came to be true. But I can not live my life preparing for something that we don't know. I do, however, find Apocalypse's comments funny as satire, and I hope his "predictions" never come to be. I don't think Sacramento is good for growing potatoes, but I do have canned goods.

freak80 says

ja says

.. how do you know the current prices don't already reflect that expectation?

That's just it. Efficient market theory says that all of the relevant information is already "priced in."

Now with instant information and online trading, markets are probably more efficient than ever before.

lol, do you really believe that? Markets can discover the truth, but by no means is the process instantaneous and by no means does it anticipate policies from politicians and central bankers.

egads101 says

Odd, I remember a balanced budget and growing economy under clinton...

Growing economy.. thanks to Reagan.. Balanced Budget... thank Newt Gingrich

http://en.wikipedia.org/wiki/Contract_with_America

Dan8267 says

Georgism leads to everyone having a good base quality of life, and some people working to increase the material quality or gain some sense of fulfillment.

However, if the 1% kills the 99%, I think they'll do it gradually, at least at first, and subtly so that the 99% doesn't notice their numbers dwindling.

a rather long way of saying.. Buy now or get priced forever..
If U default cry to the your Liberal Congress Rep.

Most Wall Street insiders know the Fed is trapped and Bernacke can end his term without consequence. Par for the course for our government...............pass it on to the next sucker.

The supply of cupertino houses is increasing ...

Realtors are stating that they will take offers two weeks after the house is open ... (vs taking offers 2 days after the house opens)

Summerhill homes in evergreen is having a harder and harder time to sell their last properties ...

Lennar homes in 1st street in los altos has had 2 2bedroom condos on the market for more than 6 months ...

San Ramon is taking longer and longer to sell townhouses ...

Will this be the 2006 time? The start of the decline in weak markets and the start of the shallow rallies in hot markets?

Or will this be the 2008 moment? The disaster and crash?

Or, will this be the moment in which a 50 year old shack in mountain view (with los altos schools) sells for 4M?

^ It's been a standard practice to use two weeks before accepting offers in SF. This has been happening all year and it is certainly not a slow market here. In fact, this only makes sense as it creates more competition IMO.

egads101 says

there have been very few bulk sales of foreclosed homes.

Bob, we have covered this and every little detail of your comment, repeatedly.

Move along Bob, you have nothing to say.

but but isnt the bay area different, and arent price going to soar in 2014?

wooooops, liars get exposed

Using the bay area is a poor example of the whole of the west. It's like using NYC back east.

It appears that a combination of Bullard speaking and the Indian rate hike may have caused this one.

Gold will have a hard time making any major advances on FED policy, especially when India's physical demand has all but dried up due the government policies of late. India counts for a lot of demand.

"RECOVERY!!

FORWARD!!"

egads101 says

a condescending attitude.

Yes, Bob, I have patiently answered all of your concerns, repeatedly, time, and time, and time again, the same as many others have.

You just clog up threads.

egads101 says

No, you actually don't.

Bob, try to calm down, yes all of your assertions have been answered on all the other threads you have clogged up, repeatedly, by myself, and many others.

It's a waste of time.

You have northing to say, move on.

The sizzling Bay Area housing market cooled in August following one of the most dramatic run-ups in recent years, according to a report released Friday.

After months of increases, single-family home sales dropped 3.2 percent from a year ago, and were down 8.8 percent from July, according to real estate information service DataQuick. While the median single-family price of $588,000 extended several months of double-digit annual gains, it was 3.9 percent lower than it was in July, the first such drop in six months, DataQuick reported.

The market is stabilizing, said Arvin Paredes of Keller Williams in Campbell.

zero chance of much higher prices in 2014, only liars and realtors think prices will zoom up next year

The (hard-right) Republicans have control of the House so the Senate filibuster is neither here nor there, outside of confirmations and treaty ratifications.