patrick.net

Honestly, I dont' know how I know that, but I do.

Garth,
The one thing I am wondering about with the FHFB reports is something on a more broad scale in terms of housing sales nationally. I have been keeping a close eye on the BA and CA in general, but I also monitor reports coming out of a select few regions across the country mainly because I am eyeing 5-6 diffrent areas to move to since (for now) they are cheaper. In essence, it seems that the accelerated action that has been going in in CA for 5 years is starting to pick up steam in places in TX, NC, and several other smaller metropolitan regions. Last week a report came out from TX that shows a 14% increase in home values. For TX, this is SIGNIFIGANT since they are one of the few places nationally that actually had negative property increases. The word got out that TX and the entire south are" undervalued", which sounds like a repo police auction to flippers and speculators.
I've known for a few years that I would likely move to another state, but my biggest worry was that just like myself, everyone else would make the same conclusion at about the same time. The inflation in prices in TX and other alternative regions are starting to almost outpace my rate of annual savings. The plan was to save enough to buy outright, but if things get out of hand, I might have to move sooner.
Anyhow, I think that while Californians may be looking at Local prices and market slowdowns, other regions unfortunatly might just be getting started, which would explain a national report showing less than dismal news.

John M. and Skibum,

Is that the FHFB quarterly report due tomorrow? The last one came out 1/6/06. It covered sales through the end 4th Qtr '05.

Sounds like bear food.

Then again a bear will eat anything. And everything. My brother watched a bear in Yosemite break open his ice chest and drink all his soda pop. The bear bit into the cans one by one and tilted his head back to drink the pop.

I guess he found magical cans of honey.

Garth,
No, tomorrow's report is from the NAR, unfortunately. That means it must be taken with a grain of salt. The new home sales data comes out the next day (Wed 4/26), and that's put out by the Commerce Dept./Census Bureau.

NMDT2,

You might find the PMI Risk Index interesting to correlate prices to income inter alia. Other companies have similar numbers based on OFHEO data:

http://www.pmigroup.com/lenders/media_lenders/pmi_eret06v2s.pdf

As I recall any risk index over 500 means that PMI thinks that metro area will decline w/in 2 yrs.

I don’t vouch for the numbers. Just food for thought.

Mmmmmm, food.

There is no free man or true patriot whose heart harbors not the tiniest spark of treason.
GF

Mondays aren't tough enough, now this. I must admit I've watched in horror as our currency gets trampled on and trade deficits flirt with the insurmountable and irreversible but I've just now made the connection to the HB! There is intelligent life out there! And now everybody knows. We don't have a real economy anymore as we've found the "wealth through debt" model and are perfectly content just to flip houses to one another in our "new permanently high plateau"!

Garth,

Please pardon my "thick" revelation but I've simply been SO fixated on the MBS issue that apparently I've been oblivious to the balance of the planet watch us as we "air out" our dirty laundry for all the world to see. Because we've decided we are now issuing our currency based on "housing dollars" it's a little late to think about putting on our "rain coat".

DinOR,

Through thick and thin, you are THE MAN.

SFWoman,

Detroit is listening to your thoughts.

http://www.nytimes.com/2006/04/23/automobiles/autospecial/23AUTO.html?_r=1&oref=slogin

Garth,

I realize that legal advice is worth what you paid for it but I have a friend with a real problem. His realtor sent the final escrow check to his ex- wife's address for like 6K! (Yeah, she opened it of course) Not only that but it evidently also had the final settlement doc. so now she knows to the penny just how much he made while bailing out of the SoCal bubble! I've never met her (the "ex") but I know enough that she will make this man's life a LIVING HELL until she gets at least some! Should he contact the CAR or some other association to get his commission refunded? This was a really dumb error on the realtors part and can NOT be undone. I told him to have them put a stop payment on the check ASAP just in case she has a "friend" at the bank. Please people, do not flame me as a woman hater! I'm not, I just look out for my clients and if I sent an account statement to anybody's ex I know I would never hear the end of it. This is simply malfeasance of office. Btw, this was OT. I'll take your comments "off the air".

Garth,

Thanks! I mean that! It's just that when you're so close to a problem you can't seem to be able to see around it. I had, repeat HAD a lot of dollars tied up in MBS and after "nursing" the position on a daily basis I concluded that the risk just wasn't worth it. I'm much better now thank you.

Thread suggestion:

"Best of Patrick." May include exchanges/wars. Limit 1 entries per poster per category.

You only need to ID the categories. Stupidest, Foulest, Smartiest, Most Arrogant, Best X impression, Most Foreign Words, etc. Or leave the categories open.

The Simpsons run the occasional retrospective when the writers get lazy. They're still funny, right?

DinOR,

For some reason your name isn't clickable yet.

New thread for ZIRP, dollar devaluation, and related discussion:

ZIRP, Global Imbalances, and Home Prices

Please continue to discuss der Zeitgeist in this thread. It's just that the PIMCO ZIRP thing has exploded into a discussion all its own.

Hey BA,
When you say "really bad", do you mean bad as in nothing is selling and prices are going down, or that houses are going up in price? Reason being is that Austin is one possible place me and my wife might move to, but it seems that the cost of housing in the last 2 years has gone way the hell up. We figured we would wait and see if it's RE markets crashed too.

George
Thanks. I'll take a look.

Garth
I like your idea of 'Patrick,the best of" That is a must do thread idea!