patrick.net

"He is actually a very hard-headed, calculating sort of bloke - the only reason he trusted me was that he knew me very well. "

Hehe. Are you suggesting that your colleague is just a tinge weasly? (Unfortuately, I do not have your colleague's pleasing ability to flatter - my original statement was supposed to imply that you work at a nice place where people trust each other and I was not implying that you work in a place full of trusting rubes - though I guess working in the latter setting can also have its advantages.)

Bap33,

Yeah, those are pretty funny numbers. Maybe they discovered a layer of asbestos 2 feet below the surface or maybe somebody strip mined the land didn't bother to restore it.

(My best guess is that somebody along the way probably mischaracterized some transactional data.)

Astrid wrote:

> The majority of renters are people who want a
> decent place to live, affordable rent and on time
> repairs.

True

> But there is a small minority who are financial or
> emotionally unable to make good tenants.

It's not a "small" minority since the majority (well over half) of all renters are not "good tenants" and even with good screening I have problems with at least 20% of my tenants...

A 15 minute conversation can reveal much more than any screening.

Very true. Actually, one eye contact is telling enough.

It’s not a “small” minority since the majority (well over half) of all renters are not “good tenants” and even with good screening I have problems with at least 20% of my tenants…

hmm, all the more reason more affordable housing should be available for ownership, rather than exploiting people for rent, possibly for their whole lives... maybe if they had a chance at owning their own place they would look after it better...

poor landlords, always losing money :cry:

SQT,

LOL! I couldn't believe they didn't pull that one almost immediately! Very funny. Had the post been toned down in the least it could have passed for a "legitimate" post.

I'm sure we've all seen the pathetic "mercy posts" that pop up from time to time in virtually every market C/L covers. The only thing I would have added is that the vacation should have been some place wreckless (like Vegas) or exotic (like Fiji). We need to get that one across the board on C/L!

Mr. Harm

Thanks for info October would work. Would make good christmas gifts don't ya think? Keep me posted..

i understand option ARMs better now. people in oz take out 'ARMs' as a matter of course, but not with neg am or deferred interest payments -- it's just not common to fix, and you can only fix for 3-5 years before the banks review it anyhow, never for 30 years...

He said that the company that his brother works for has just put in place some tough rules for accepting sellers - basically the seller must be prepared to ‘work with them’, i.e. not be unrealistic in price expectation - or else they don’t list the property.

About time. :)

Refinancings. Anyone who can is getting out of ARMs/IOs/Options

firebolt,

Somone over at Ben's Blog did a great job sharing that exact same sentiment by following Andrew LePage. He now writes for the "Sac Bee" but wrote for the LA Times during the last down turn. I'm sure for journalists the reason they got into that field in the first place is to cover "ground breaking" stories! (For Andrew this had to feel like being told to "re-copy your homework").

Especially funny to note all of the cheerleaders comments were a mirror image of what's being fed to us today. Hang in there Andrew.

Check out www.foxnews.com for some real abuse! Click on the video links in the lower left hand of the home page under "Brutal Beating".

Someone over at Ben's brought it up and it is a glimpse into what a bursting RE bubble will look like. (Not for younger members of patrick's viewing audience).

"Historically, consumption led expansions do not have staying power"*

Steve Lehman, Federated Funds*

Gosh, do you think we could consider at least the last 5 years a "consumption led expansion"? Thanks for sharing that Steve.

"Spending your way out" of a recession has been tried before with dismal results.

In retrospect FB's should be grateful! They were shown their way into neighborhoods they otherwise may not even have driven through. Permitted to vacation at spots they'd seen on Robin Leach's Lifestyles of the Rich and Famous and drove some really neat cars/SUV's (for awhile).

“Spending your way out” of a recession has been tried before with dismal results.

So the only tried-and-true way is a world war?

Wars and World Wars have a pretty dismal record of stemming recession and overpopulation. WWII was a truly exceptional outcome that required exceptional leadership by Allied leaders. I can't think of any current politicians, of any nationality, who is capable of pulling off a similar accomplishment.

Robert Coté Says:

I notice this in even my modest neighborhood. People seem reluctant to form relationships with those suspected of swimming naked.

Oops. I guess I'll have to start wearing clothes.

SFWoman Says:

Why would someone put that in instead of wood or bamboo?

It's cheaper and easier to clean. It's the American way. Actually, the American way is to get wall-to-wall carpeting and just replace the whole thing every few years.

I just thought Steve Lehman's comment was funny b/c we've evidently beat on the "consumer driven" expansion like a "rented mule". I mean, when life has put you in the position of having to rent a mule do you really care what condition you return it in? How would it be possible for us as nation to get one last iota out of this "growth vehicle"?

Someone made the comment that granite countertops will become the lime green formica of the future! (At least w/formica you could cover over it quite inexpensively). Perhaps in the near future we will be able to reuse the repo'd granite counter tops for FB tombstones? Hell! There's enough to make a whole tomb!

"Does anybody actually use that Pergo stuff?"

Oh come on! (You can sh@t in front of us!)

My luxury rented condo has it and it is worthless! Even the slightest scuff becomes permanent and it "spots" terribly. As long as you never have company or wear shoes it should do just fine.

Unlike real wood floors (or classic guitars) the wear and tear look more like parking lot door dingers than a contribution to character. Worthless I tell you.

Pergo is not too bad per se. It's an easy and cheap alternative to wood flooring. It's much better than most carpeting and more aesthetically pleasing than linoleum. The problem is that it's so easy to install that lots of people DIY it and then goof it up.

“Spending your way out” of a recession has been tried before with dismal results.

Consumption led recoveries have been quite common 1950-present. G = C + S + I - T. All the terms are related. There cannot be a recovery without C.

Randy H,

Well, agreed but you can't have a meaningful recovery with just C?

Well, agreed but you can’t have a meaningful recovery with just C?

A smaller T would help.

Since its so slow today, here's an interesting link to read:

The High Cost of Free Parking
http://www.thisplaceis.com/archives/26#respond

Peter P,

True! LOL!

The High Cost of Free Parking

Robert, this is your area.

Pergo is the stuff they sell at Costco right?

http://www.costco.com/Browse/Product.aspx?Prodid=11122539&whse=&topnav=&browse=&s=1

Being a person used to carpets (I love noise dampening) - how does one do hardwood floors normally?

C is fine, unless it cannibalizes S and I and decrease future C. The current American economy is consuming at the expense of saving and investing.

"Being a person used to carpets (I love noise dampening) - how does one do hardwood floors normally?"

Train your kids in qing gong so that they may move swiftly and silently. Also, so they can fly through air and/or walk on wire.

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

eburbed Says:

Being a person used to carpets (I love noise dampening) - how does one do hardwood floors normally?

Your link looks like real hardwood (bamboo), just pre-treated by heat to give the color shown, rather than staining hardwood the old fashioned way. I'm not certain, but this implies it's color finish is as-is. Traditional hardwood needs to be stained, then finished with wax. On the other hand, when it looks worn, it can always be refinished. Pergo uses wood laminate, so there is less actual wood, but it therefore doesn't last as long. Sorta like the laminate fake wood look on most Ikea furniture.

Maybe mr. newsfreak can chime in?

This is a really stupid question, but... uh... let's say I enter a house that has carpetting.

What's under the carpet/carpet pad?

Would it be a hard wood floor that then needs to be stained and finished?

Why don't people like carpetting anymore?

This is OT but has been discussed much of late. Local CPA just got back from Vegas where they had the IRS Seminar and it IS as we suspected!

Outsourced collection agents will not be going after Tyco and GE! (duh)

They however will not be calling on you b/c you miscalculated your add'l child care tax credit either! So let's all take a chill pill here, o.k?

So what are these thugs going after? SCHEDULE C!

The obvious stuff. Guy claims 36K in income (after expenses) and his mortgage is 35K!? Oh, and 5 dependents? Toast.

Primarily it's folks that have already been hauled out on the carpet and are simply no longer responding to correspondence in any form. This could actually be fun.

Why don’t people like carpetting anymore?

Too difficult to clean and maintain. Hardwood can be used with a sound-absorbing layer to reduce noise.

I do like berber carpet for bedrooms. Carpet does feel warmer.

eburbed Says:

Why don’t people like carpetting anymore?

Not necessarily stupid...What lies beneath depends. You can usually lift up the corner of the carpet to see what's underneath. Some homes (often older ones) will have old hardwood underneath, while some will reveal that the owners cheaped out and just laid carpet over concrete or wood (stairs, for example). The hardwood underneath would then need to be stained and finished.

Carpeting wears out, is hard to clean, and with everyone's allergy concerns these days, it's just a vat for germs and allergens. May be some issue of fads of the times, too. I personally much prefer hardwood.

astrid,

That's my point. We're cannabalizing everything we can get our hands on. When a stockbroker blows up your account and you have no more money, you're broke, but that's it.

After realt-whores and mortgage brokers are done with the American consumer he's tapped out for life. And all these "industry professionals" are wondering where all the buyers went? Same with Lowe's and HD. Gosh, and things were going so well.

Robert Coté Says:

Don’t get me started.

Too late! Hit a raw nerve, did we?

Free parking is evil and must be stopped.

I am not against being charged for parking. However, I would prefer not having to wait in line to pay. How about an integrated electronic tracking system that monitors speeding, road usage, and parking?

Just like they have in London.

Robert,

I just love your anti-NURB/TODler rants, but it's a whole lot more readable when you use paragraph breaks (see reformatted rant above for example). Otherwise, keep up the good work and give those FOAMers hell!

DinOR,

I certainly do agree with you about the state of consumption today. I wrote that comment as a response to Randy H's equation.