patrick.net

RayAmerica I have nothing to hide. I purchased my first piece of investment RE when I was 24 second when I was 26, so I too have been at it for a while. This market has been very different than any market before. What do I hope to gain???? Insight into a market that I am having trouble making sense of. Anything I have posted here is true, I have no reason to lie and I'm not going to benefit by concealing any info. I'm trying to understand if other people are experiencing the same unethical behavior that I'm experiencing. Why are mountains of shadow inventory being held back? The second wave of foreclosures is starting to happen so why hasn't this glut of property been released. It seems the banks are trying to control the market prices by holding back inventory which is affecting demand. This is not rocket science Maybe the realtors are just opportunistic and they are going to hold out for the same price points that people who are upside down are holding out for. The banks are the predators and the RE agents are basically acting as plankton, along for the ride. They know the price points are accurate, they know they are overinflated but as long as the banks control the market they are going to follow suit and hope to gain a bigger slice of the pie. I know this because I look at the market, the numbers the comps and they do not add up. A lot of people just take their realtors word as the Gospel, which at this point could be financial suicide if you are with the wrong realtor.

meant to say They know the price points AREN'T accurate. If they were actually using comps they could show them to me. But since the comps don't support their price point, there is nothing to show.

thunderlips11 says

Take a step back for a minute and think about the timing

I do that on every single story that has come down the pike from Washington, Wall Street and abroad.
I mean we do still have Press in this country with integrity right?

But in the meantime, this guy isn't denying anything, he'd PO'd that he had to do the Perp walk and was already at the Airport until he realized he left something back at the Hotel and called to have it delivered.
That was how he got popped. Had he just left his phone behind, he would have fled back to France, where the whole brouhaha would no doubt catapulted his popularity and won him the election.
"The man who stuck it to the Americans and got away."

They should buddy him up with Madoff, they could be cell mates. Think Bernie has been in there long enough to know he'd have to turn Kahn out the first night or lose cell block cred?

Obligatory:

Wells is a Buffet stock this year. But the deals Buffet gets are not the same as mom and pop investors get.

Citi was announcing that they were splitting their shares recently, so I don't know what happened since.

The CBO want's to tax people by the mile they drive.
Do you know who works the farthest from home?
The Poor!

Article is useless without pics:

This poor woman must have been feeling a lttle down but at least she didn't get stuck with the bill.
However, did she recieve a grope discount at the park?
And when exactly did she finger Donald?
And what were Chip and Dale doing at the time? Twiddling their nuts?
Well, I guess I'm glad they busted this Daffy boob before he racked up another feel.
Tough titty, Donald. You should 've gone down town.
Be careful out there, gals, and always travel in pairs.

What a downer. And this is such a quackerjack topic. I'm even getting goose pimples.
Pheasant dreams.

PS: I know ducks can be lame but that's no reason to cry fowl.

Kirk always get the last word:

Interesting idea. Don't forget to factor in for a massive government bailout when the Canadian housing market falls apart.

Another possibility is that it fell more along the lines of a "prank", that someone told him they were sending him a woman who'd be dressed in housekeeping uniform so as not to attract attention; a woman who would agreeable to "playing rough"; maybe he thought resistance was part of the "package".
A rough encounter with a prostitute is still a crime, though.

When reached for comment, Donald Duck said, "Oh boy, oh boy, oh boy!"

Anytime you go to Disney World/Land you're getting screwed.
At least she got foreplay.
The first time I took my kids there, I was looking around for a big stapling Mickey that could pick me up by my ankles, and shake money out of my pockets. To pose for a photo with.

But then I would have been happy to find any Disney "A" lister.
We looked the park high and low, and all we could find were secondary characters.

No Donald, Mickey, Mini, Goofy, Pluto, ect...

Good question... Philly Fed down again today... Japan deep in contraction... oil and gas tanking... housing double dip... federal and (many) state spending cuts imminent, etc. etc. etc.

But don't forget who is driving the printing press. Well... at least until he is fired as a scapegoat this fall/next spring for precipitating a recession during an election year.

The negative financial news today (excluding Linkedin) would lead you to believe further intervention from the Federal Reserve is even more likely.

Would anyone else agree - we live in very different circumstances than 1980. The US economy is overly dependent on Financial and Real Estate for employment - any attempt to tighten will have negative impact for Home Values/Real Estate and negatively impact employment.

Who knows what will happen in the next 6 months - but, its hard to believe the Ben Bernanke won't attempt to rescue the economy with intervention over a slightly longer term.

Why so Grumpy, Tenounce? You don't sound too Happy. Are you Sleepy? What's up, Doc? Come on now, don't be Bashful. (sorry if I sound a little Dopey)

Banks are offering me money to open an account with them. This is scary.
Bear trap indeed.
Get a camera because this is truly a Kodiak moment.
It's the polar opposite of what people expect.
Rhetorically speaking, why are they panda-ing to the public? Koala you think of this grizzly development? Does it give you paws?
Why are they playing Santa Claws, trying to get you into their den with a little free honey?
Seems like Pooh Pooh to me and a no Winnie situation.

Foreign investors, higher down payments, and in the cities with the biggest run ups (like Vancouver), there is semi-limited land.

On the flip side, the government might not be as bullish about getting money out there should a crash occur.

Banks always seem a lot more conservative in Canada, same with businesses. So they might do pretty well, even if a crash occurs.

They want you to open up an account with them, so they can loan out your money out at ever increasing profit levels.

shrekgrinch says

So what does that have to do with this? Simple: Slippery Slope, that’s what. Give the Feds an inch on this..and even the Reps will go along with forced ‘retirement savings’ with treasuries whose only destiny is to be more worthless than a sheet of toilet paper.

One man's "slippery slope" is another's "reductio ad absurdum".

I could similarly argue that tax cuts and subsidies without end can only end in Somalia-style warlord anarchy. You'd say I was being ridiculous. Back at ya.

I'm surprised Egypt, Syria and others aren't FUMING over these remarks, they have FAR more land to lose than Egypt does.

Considering how much land they annexed for themselves from the Palestinians during those wars.

Why didn't she just... duck? Donald wears no pants

Disney runs a Mickey Mouse operation - what can you expect? Snow White acts as pure as the driven snow but she hangs out with a bunch of midgets in the middle of the forest for months.

I never will understand how a bunch of right wing Christians think they know what is best for Israel. People who know nothing about Israeli politics and have no stake in the outcome other than how it affects US politics. If being in favor of a two-state solution based roughly on the pre-1967 border (and with an independent but demilitarized Palestine) makes one anti-Israel than a majority of Jews are anti-Israel. The alternative is war for ever. FYI I an Jewish and have several relatives living in Israel.

bdrasin says

I never will understand how a bunch of right wing Christians think they know what is best for Israel. People who know nothing about Israeli politics and have no stake in the outcome other than how it affects US politics. If being in favor of a two-state solution based roughly on the pre-1967 border (and with an independent but demilitarized Palestine) makes one anti-Israel than a majority of Jews are anti-Israel. The alternative is war for ever. FYI I an Jewish and have several relatives living in Israel.

Oh, and here is the ADL's statement of support for Obama's intelligent and reasonable position outlined in his speech:
http://www.adl.org/PresRele/IslME_62/6045_62.htm

I guess the ADL are just more Jew-haters, eh? Only Sarah Palin and Rick Santorum are qualified to represent Israel's interests.

bdrasin says

I never will understand how a bunch of right wing Christians think they know what is best for Israel.

Christians can't take over the planet until there's WW3 in the Holy Land, so they're just trying to help that along.

pkennedy says

On the flip side, the government might not be as bullish about getting money out there should a crash occur.

You can bet there will be a huge bailout when the time comes, even with Harper at the helm. A very, very strong possibility.

pkennedy says

Banks always seem a lot more conservative in Canada, same with businesses. So they might do pretty well, even if a crash occurs.

Seem, yes... but are they?

http://www.rbcroyalbank.com/products/mortgages/down-payment-options.html

http://calumross.com/articles/mortgage-articles/low-and-no-downpayment/

http://www.mymortgagebc.com/have-questions/low-or-no-down-payment

From the last one:

No Down Payment Mortgage or 100% Financing

If you don't have perfect credit it's not a big deal. There are alternate lenders who will consider providing you with 100% financing.

Troy says

bdrasin says

I never will understand how a bunch of right wing Christians think they know what is best for Israel.

Christians can’t take over the planet until there’s WW3 in the Holy Land, so they’re just trying to help that along.
“Nessuna soluzione . . . nessun problema!„

And many Jews and Israelis seem to misunderstand why bible thumping christian fundamentalist bigots "support" Israel.

The fundie wackos only want to hasten "Armaggedon" and the rapture. Basically they want to see the Temple rebuilt destroying the mosques that exist there today to create WW III. Once that is under way and Israel gets destroyed they believe that Jesus will come back to build a "New Jerusalem" filled with bible thumping christian fundamentalist bigots once all the Jews are killed and sent to Hell.

With friends like that who needs enemies?

Still, I wouldn't realistically count on a real estate crash in Canada.

It's all together possible though, and it would probably benefit me if it did happen. But I really wouldn't count on it.

The government bailing out home owners? Not too likely either. If it does happen, the they will bawk at interfering like the US government did, and it will be just enough time for the damage to be done. That is my guess.

Hooboy. Tough to say what's going to happen with Canada.

I'm only dimly aware of the Vancouver property market, it seems a lot like Sydney's, perhaps for similar reasons.

But my sum total of knowledge doesn't really exceed having read a handful of popular press articles on these markets.

For 1Q11 imports from Canada exceeded exports by $10B (15%). Given the http://en.wikipedia.org/wiki/Triffin_dilemma that doesn't seem too out of line, especially compared with China's and KSA's 200% imbalance.

So I don't see any currency changes coming that make Canada look less affordable.

What made the US housing market unsustainable was simply the suicide lending, loans that could not be paid without appreciation, and millions of jobs that would not exist without the hundreds of billions of cash-out refis and sheer transaction volume that was going on 2003-2007.

Real estate is not a productive sector of the economy so any reliance on it for jobs will in fact prove very bad in the not-so-long run.

My general impression is that prices in BC are sustainable, but I haven't been to Vancouver in 26 years so I don't know anything.

The Yahoo article that Shrek posted was wrong. Or, at least, committed an omission so serious as to render it functionally wrong. W.r.t. 1967 borders as a basis, nothing has changed.

Obama said this: "The United States believes that negotiations should result in two states, with permanent Palestinian borders with Israel, Jordan, and Egypt, and permanent Israeli borders with Palestine. The borders of Israel and Palestine should be based on the 1967 lines with mutually agreed swaps, so that secure and recognized borders are established for both states. The Palestinian people must have the right to govern themselves, and reach their potential, in a sovereign and contiguous state."

There might be interesting differences in foreign policy there, but for the most part, the media and the Republican Presidential circus ring has missed them, and mistook the sameness for a difference.

Same: 1967 borders as the basis for negotiated swaps. Been policy for a while. Possibly as long as a decade. First time a President has said it this clearly. Anyone who's reporting on the "1967 borders" bit without the "negotiated swaps" part is lying.

Possibly different: "contiguous."

Interestingly, for all Netanyahu's complaining, "contiguous" was not what made him lose his shit. He either wasn't listening closely, or else it might be understood that granting the Palestinians a corridor as part of the bundle is the kind of concession that could allow Israel to keep East Jerusalem, and some key settlements. If a corridor had crossing rights, and was too narrow for an army to mass within, it might not be a significant security risk, and thus acceptable to Israel.

I suspect this among the "generous concessions" Netanyahu says Israel is prepared to make.

I should add: I think the reason Netanyahu complained at all is the same reason Obama refused to remove the 1967 borders reference from the speech when Netanyahu asked. The two heads of state hate each other. They probably each think that creating the appearance of discord undermines the chances of the other getting elected.

Vancouver housing is pretty unaffordable to many at this point. People that have homes can pay their mortgages though, so only those that lose that ability to pay would be in trouble there.

What others don't understand, is Vancouver doesn't really have high ways, it's basically all city streets. Think driving from Sanjose to SF is bad, trying doing it only going up El Camino. All of a sudden living in Morgan hill and commuting to SF isn't even remotely practical.

Vancouver has mountain ranges that block it in, water that blocks it in, and then by the time you get up the valley, just sheer distances. So people, like in the Bay Area have to face facts and buy what they can afford, and not go for the white picket fence dream, but apartment/condo, small sfh.

Troy says

bdrasin says

I never will understand how a bunch of right wing Christians think they know what is best for Israel.

Christians can’t take over the planet until there’s WW3 in the Holy Land, so they’re just trying to help that along.
“Nessuna soluzione . . . nessun problema!„

You know, I really don't think that many people actually believe this. But a lot of Americans do (and way too many Israelis do) see Israel as an outpost of the west in a hostile part of the world and have no interest in actual peace between Israel and the rest of the middle east. I on the other hand really think its important for Israel to be a viable, stable democratic Jewish state, and the rest just follows from that. Israel can be a democracy and a Jewish state only by giving up the West Bank and Gaza Strip. Rabin realized this, Ehud Barak realized this, and even Ariel Sharon eventually realized this.

It's an interesting little post. Almost artful. It seems to think that pedantry can show ignorance at all --let alone "profound" ignorance-- while being wrong in both the pedrantry itself, and the attribution of the quoted text. Of course, one can only think Obama was talking about a past Palestinian state if one truncates his previous sentence.

It is impressive, in its way. I'm inspired. An homage:

grinch offers mind bile,
brief wrongful perfection, like
haiku of failure

Israel is sold out? I was gonna buy me one. I'll wait until they restock.

The phrase "1967 lines" was a mistake. Either it was intentional, in which case Obama is very mixed up, or an unintentional harmless slip of the teleprompter. Whichever it was, it means nothing will improve over there for the time being. This is why they have diplomats, but Obama is bored in DC with nasty budgets and the economy.
The rule of thumb in international diplomacy is not to confuse your friends and kowtow to your adversaries. It muddies the waters and helps no one, but in the worst case it leads to surprises and misunderstandings.
The fact of the matter is that Israel is 1. militarily stronger 2. smarter 3. more resolved 4. more advanced than its neighbors who are agressive towards it.
At least the situation was clarified by Netanyahu for those who care.
Even Israel has taken the measure of our leader, and they are not intimidated to defy him. They like other world leaders have taken the measure of the man.
It's not overly important, but Netanyahu was a commando who with 15 other guys liberated a hijaked jet, he's like a SEAL however also a genius who was educated at MIT and Harvard, no affirmative action for him either. He is not impressed with a man the world has seen bowing down to 1. Saudi Kings 2. Chinese 3. Japanese Emperor.
If you don't think the whole world has not seen these images and been somewhat surprised, guess again.
It's all a tempest in a teapot. We all want Obama to encourage business to thrive in the USA so we have a growing economy.
The idea of giving billions of money we must borrow to Egypt was almost as bad an idea as cash for clunkers.

clambo says

The phrase “1967 lines” was a mistake.

"We believe the borders of Israel and Palestine should be based on the 1967 lines with mutually agreed swaps, so that secure and recognized borders are established for both states."

He is not impressed with a man the world has seen bowing down to 1. Saudi Kings 2. Chinese 3. Japanese Emperor.
If you don’t think the whole world has not seen these images and been somewhat surprised, guess again.

LOL. Pinheaded trolling.

I wouldn't short Canadian real estate. There are 2 factors.

The Chinese is buying, with cash, no mortgage, unlike so many SoCal buyers. Canada is friendly to the Chinese and it has lots of resources, oil and minerals, which Chinese wants, long term.

The Canadian lending practices are very conservatives. You don't heard much about nothing down deals.

It's easier to blame everything on Obama, if that's your mindset. I blame him for my dog shitting on the neighbor's lawn.