joined 2005 Jul 4, 11:42pm
Patrick.net threatened with "Irrelevance"
on 12 Jun 2007
, latest 7 years ago Patrick.net's housing bubble blog today faced perhaps the greatest threat in its 2+ year existence when a newcomer named "Busted" posted the following: Busted Says: June 12th, 2007 at...
Are you a 'Fair-Weather' capitalist?
on 27 Aug 2007
, latest 7 years ago First came Jim Cramer's incoherent rant on the hedge fund/Wall Street meltdown, then came Bill Gross's semi-coherent plea to POTUS for a federal bailout of his struggling PIMCO bond...
Favorite Realt-whore Cliches
on 4 Mar 2006
, latest 8 years ago Itâ€™s not a house itâ€™s a home. Buy now or youâ€™ll be priced out forever. Renting is just throwing your money away. You have to live somewhere. Theyâ€™re not making...
on 26 Aug 2005
, latest 8 years ago Intense pressure is being brought to bear on honest appraisers to inflate their estimates by greedy, reckless lenders and Realtors, who just want to close the deal â€“and damn the...
Poetic Justice strikes Banksters: Judges say, "No tickee, no forclosee."
on 22 Feb 2008
, latest 10 years ago Judge Smales: "You'll get nothing and like it!" Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish Some highlights: Feb. 22 (Bloomberg) -- Joe Lents hasn't made...
Charts, Charts, Charts!
on 11 Jul 2007
, latest 11 years ago We all know that a picture is worth a thousand words, and I believe this is also true of charts and graphs. A well designed chart has a way of...
Schwarzenegger announces deal to FREEZE adjustable rates for state's "highest-risk borrowers"
on 20 Nov 2007
, latest 11 years ago Sacramento Bee: "California lenders agree to freeze rates" In an unprecedented move designed to save thousands of California homeowners from foreclosure, Gov. Arnold Schwarzenegger announced a deal Tuesday with...
Beware of the "Careful What You Wish For" crowd - The Bubble's implosion is good for working class people
on 7 Mar 2008
, latest 12 years ago Lately, The Gloom-n-Doom here seems a bit thicker than normal, even for a grizzly bear such as myself. Yes, pain from the HB implosion & MEW withdrawal is spreading...
Phase 2 of the Real Bailoutâ„¢ is here
on 27 Feb 2008
, latest 12 years ago Fannie Mae, Freddie Mac Portfolio Caps Will Be Lifted (Update2) Phase 1 : Congress raised the GSE (Fannie and Freddie) conforming loan limit from $417,000 to $729,000. Phase 2...
Rise of the Bandos!*
on 19 Feb 2008
, latest 12 years ago *pun courtesy of CalculatedRisk Intractable social problem: meet opportunity. Some homeless turn to foreclosed homes There have been several posts from yours truly contemplating this very idea, and now it...
Counterparty risk and bubble hedging
on 20 Dec 2007
, latest 12 years ago While the sheer volume of bubble/hedge fund/MBS-CDO implosion stories appearing in the news daily nowadays, it can be difficult to pick out the "pearls" among the pebbles, or the...
Lennar decides to "mothball" new O.C. development; local squatters and meth dealers jubilant
on 15 Nov 2007
, latest 12 years ago Wall Street Journal: "Home Builders Opt for Mothballing" (subscription required) Free re-post â€œAs the glut of unsold home remains stubbornly high and housing demand slides, home builders face a...
Bloomberg to WaMu: "Be careful what you wish for"
on 8 Nov 2007
, latest 12 years ago Bankruptcy Law Backfires as Foreclosures Offset Gains (Update1) Nov. 8 (Bloomberg) -- Washington Mutual Inc. got what it wanted in 2005: A revised bankruptcy code that no longer lets...
Bill Gross insists Fed charter includes propping up housing bubbles
on 5 Nov 2007
, latest 12 years ago PIMCO says housing delinquencies to rise into 2008 NEW YORK, Nov 5 (Reuters) - The Federal Reserve will have to cut its federal funds target rate to prevent a...
Grapevine Realtors haggle over who has the most Foreclosures
on 2 Nov 2007
, latest 12 years ago Mountain Enterprise: "Foreclosures May Not Impact Mountain As Badly As Bakersfield" The Mountain Enterprise. â€œKathy Flickâ€™s job is to compile all the notices of default that are recorded with...
Tan-Man pleads for more government "help" to ease lending (while still under SEC Investigation)
on 30 Oct 2007
, latest 12 years ago LA Daily News: Foreclosures, housing slump hurting California economy â€œâ€˜The problem we are seeing now is that first-time homebuyers canâ€™t get into the market,â€™ Mozilo said. â€˜This is the...
F@ck the Rich â€” Letâ€™s Tax the $hit out of them
on 19 Jul 2007
, latest 13 years ago We've often had lively debates here at Patrick.net about tax policy (flat tax vs. progressive tax, taxing wages vs. passive capital gains or consumption, what constitutes a "luxury" good...
Why some market regulation is necessary and good for the economy
on 30 Jul 2007
, latest 13 years ago We've had many posts on Laissez-Faire, anarchic capitalism vs. regulated markets here before, and I'm sure we'll have more in the future. Just saw this gem today (nod to...
Patrick.net Homebuyer Facing Starvation!
on 14 Jul 2007
, latest 13 years ago Due to privacy & security concerns, I am unable to show you an actual street-front photo of Surfer-X's used house, so a 6-year-old nephew obliged with an artist's conception:...
'Game over' for FL flippers counting on rising rents to bail them out.
on 17 Jul 2007
, latest 13 years ago Thanks to Ben Jones at the Housingbubbleblog for posting this delicious, glorious link. Life is sweet for North Port renters A massive supply of vacant homes in the city...
Bakersfield Californian eliminates 12.5% of staff due to 'decline in real estate advertising revenue'
on 27 Jun 2007
, latest 13 years ago Source "A steep but cyclical decline in real estate advertising has forced The Bakersfield Californian to eliminate 40 positions, 10 of them through layoffs, company President and CEO Richard...
Haterz™ win - Snowflake throws in the murse
on 31 May 2007
, latest 13 years ago *(Update - 06/12/2007): On June 6th, Snowflake brought the blog back (surprise, surprise!), with a vague and unspecified claim of having been "forced" to bring it back. A couple of...
So long, David!
on 15 May 2007
, latest 13 years ago A Farewell to (option-)ARMs David Lereah has officially vacated his post as chief shill, propagandist, economist for the NAR. Needless to say, we're really going to miss him here...
"Real Financial Heroes" needed in CA!
on 10 May 2007
, latest 13 years ago Housing woes to continue, expert says Economist says downturn could weaken state's financial future Contra Costa Times 05/10/2007 â€œThe malaise in California home building will hound the state for...
Spring Broke 2007!
on 24 Apr 2007
, latest 13 years ago So far, looks like SP wins the "best successor to Robert Cote's 'Silent Spring, 2006' award! (Well, technnically he has to share some of the credit with Nathaniel Welch,...
All About Wealth Disparity
on 21 Apr 2007
, latest 13 years ago One of the topics that has kept coming up over the 2 years of this blog's existence is wealth and income disparity. It's pretty obvious from a number of...
Evil Buyers Display Extreme Cruelty to Distressed Sellers
on 17 Apr 2007
, latest 13 years ago Sadistic, Greedy Buyers Toying with Sellers Like Cats with Prey* Copyright Â© 2007 UnReality TimesÂ®. All Rights Reserved. by David Lereah, Leslie Appleton-Young and John Karevoll As the alleged...
Strawberry Picker Buys $720,000 House on $15,000/year Income
on 13 Apr 2007
, latest 13 years ago This is not a joke. Strawberry Picker Buys $720,000 House on $15,000/year Income HARM P.S. Sorry about the lazy post. I didn't have time to come up with something...
New MBS Liability Law: Good or Bad Idea?
on 10 Apr 2007
, latest 13 years ago Mortgage Bondholders May Bear Subprime Loan Risk Some excerpts: The top Democrat and Republican on the House Financial Services Committee said investors in mortgage bonds should be liable for...
Refinance = Debt Forgiveness
on 6 Apr 2007
, latest 13 years ago Please help me out here, but I'm struggling with a new concept I can't quite seem to get my mind wrapped around. Apparently, at some point in the recent...
Gallery of Unlikely Bubble Victims
on 29 Mar 2007
, latest 13 years ago One of the more interesting side-effects of the housing bubble's collapse is its ability to produce victims from some rather unexpected places. For example: Lennar Corporation, one of the...
The Galindo Mystery
on 8 Mar 2007
, latest 13 years ago Most of the posts here tend to pretty much revolve around posting housing/economic news stats, debunking REIC propaganda, ranting about the NAR/Fed, sharing stories, parodying ignorant FBs, etc. This...
Ben Jones & Patrick: Psychics or Super-Geniuses?
on 6 Mar 2007
, latest 13 years ago As the rolling bubble crash gathers steam, and even formerly hostile MSM sources now reluctantly admit the bubble --and its bursting-- is undeniably real, one question remains: how did...
DavidLereahWatch almost makes DL's mom cry
on 1 Mar 2007
, latest 13 years ago CNN Money/Fortune Interview with David Lereah: "Mr. Real Estate: 'All systems go, pockets of pain'" Q: You've been accused by the blog David Lereah Watch of being too bullish....
Wells Fargo's COO: "we never get into the chain of ownership"
on 12 Feb 2007
, latest 13 years ago Over the past 18 months or so of regular posting here, I've taken a considerable amount of flack for my criticism of MBS/CDO debt instruments as being a primary...
Please help the REIC!
on 8 Feb 2007
, latest 13 years ago Please help the REIC and banksters! (for those unfamiliar with the term, please refer to the Housing Bubble Glossary). They need our help. Signs their beloved mega-global housing/credit bubble...
on 7 Feb 2007
, latest 13 years ago Inspired by Rainman18 (from Ben Jones' blog): Expect real estate prices to decline in the coming year Redlandsdailyfacts.com posted 02/06/2007 Attention everyone: "When put into perspective of a 10-year pattern,...
The limits of "Caveat Emptor"
on 25 Jan 2007
, latest 13 years ago Quite a lot of debate among us Amerika-and-success-hating Patrick.netters has focused on where to lay the responsibility for the current housing bubble crash (which doesn't exist, btw). For most...
Putting a Stake through the Heart of the "Rents are going to Shoot up" Myth
on 19 Jan 2007
, latest 13 years ago Ok, it's official. We can finally put to bed one of the perma-bull/Trolls' favorite myths: rents are not about to shoot up and correct the price-to-rent imbalance all by...
Housing Bubble Haiku
on 3 Apr 2006
, latest 13 years ago :mrgreen: Courtesy of Zen Master HARM :mrgreen: Â©2006, all rights reserved Please feel free to post your own "pearls of wisdom"... (FYI: traditional Haiku uses 3-line stanza; 5-7-5 beat...