patrick.net

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.

egads101 says

and again, you don't answer them!

and again, you have nothing to say. It's the same as all the other threads you clog up.

If you really wanted to engage anyone, you would need to have a point.

Your example of your condo, or is that Roberto's condo? is the prime example of this thread. A speculator bought, and rents out what could have been an asset to a home owner, instead it's just more over priced rental fodder.

egads101 says

so that rich can pay even less of their share...

Hi Roberto, I did not initially read the article in the thread. I saw the numbers in the title indicating more people are poor, from the census bureau in the article as it turns out, and remembered 'Call it Crazy's signature phrase 'Recovery! Forward!' as, I believe that in a recovery, people are pulled out of poverty not pushed into it.

Although I did not intially see the article in political terms, how could I? I didnt' read it at first. If you want my opinion, one aspect of 'solving the problem' would be to reinstate the banking aspects of Glass-Steagall.

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/07/12/elizabeth-warren-and-john-mccain-want-glass-steagall-back-should-you/

Analyzer says

I don't like picking individual stocks. I am thinking of maybe investing in a medical mutual fund instead.

Make sure it's a low-cost passively-managed index fund. Most fund managers perform worse than the market, and you pay them high fees for the service.

Here's one more bullet from the Fed driven monetary stimulus that has been spent. Let's hope the economy keeps chugging along to pick up the slack.
Number of the day
1,800
That's how many jobs Wells Fargo is eliminating in its home-loan business as rising mortgage rates reduce demand for refinancing. The cuts are on top of 3,000 announced this quarter by the San Francisco bank.
http://www.sfgate.com/business/article/Wells-Fargo-will-lay-off-1-800-more-4828344.php

Sheesh the Republicans have been doing this since the mid 90's. Nothing new, just posturing/pandering to the far-right base for election day.

Its all part of the "recovery" process and necessary for home prices to rise- give it time

sbh says

If Ted Cruz pulled a Cleavon Little and put a gun to his own head ("Everybody stand back or I'll shoot the idiot")

Reminds me of a scene from Blazing Saddles.

egads101 says

I know you won't actually answer

Bob, I've answered you so many times, on so many threads it's ridiculous.

This is just another dead thread. There's no point in engaging you.

Move on, Bob.

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 Friday, September 20, 2013 __ Level is 98.7

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

RECOVERY!!

FORWARD!!