tag:blogger.com,1999:blog-7982981413278241287.post1854607475782680769..comments2023-10-28T17:54:39.467-06:00Comments on The Golden Truth: The Housing Market Continues Its PlungeDave in Denverhttp://www.blogger.com/profile/03016238915167131989noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-7982981413278241287.post-23710198232415182072010-06-30T14:18:29.973-06:002010-06-30T14:18:29.973-06:00Dave-
Thanks. We are close to Castle Rock, but I...Dave-<br /><br />Thanks. We are close to Castle Rock, but I think get lumped into CO Springs, which tends to get the military impact on housing. I like the house, but deep down don't want to be tied to a depreciating asset with a mortgage. I'd rather be free to move if things really get ugly (which you and I know they will).Jayhawkhttps://www.blogger.com/profile/06180238054191226687noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-68405579009486158022010-06-30T11:41:18.684-06:002010-06-30T11:41:18.684-06:00The BP thing speaks for itself. It is going to pr...The BP thing speaks for itself. It is going to prove out to be a completely unmanageable disaster. It's a game-changer at this point.<br /><br />Today JPM issued some equity report touting the M&A values of BP's assets. I've said all along that the world needs BP's assets, but not BP. <br /><br />The asset value of BP won't come close to paying for this disaster unless the price of oil goes to the moon.<br /><br />This stock jump is mostly technical and some short-covering in response to the bullshit equity report.<br /><br />I have been trading BP from the short side successfully all week, buying near money puts when the stock pops up and selling them when the stock fades.<br /><br />Obama's handling of this is beyond disasterous. Check this out:<br /><br />http://www.businessinsider.com/warning-to-gulf-cleanup-workers-almost-every-crew-member-from-the-1989-exxon-valdez-disaster-is-now-dead-2010-6Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-55212464296441801372010-06-30T11:29:59.235-06:002010-06-30T11:29:59.235-06:00Dave,
You have not commented on BP in a bit. Was j...Dave,<br />You have not commented on BP in a bit. Was just wondering your assesment as the stock is rallying today.<br /><br />ThanksAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-90143380512572016332010-06-30T11:10:04.076-06:002010-06-30T11:10:04.076-06:00Bix, the trend in housing as per the extensive rea...Bix, the trend in housing as per the extensive reading I do is that the mix between real sales and foreclosure/short/distressed changed from Nov - Apr due to the extension and expansion of the tax credit and the self-imposed moratorium in foreclosures by the big banks over the holidays. Right now, "organic" sales are tanking, the foreclosure pipeline and bank REO is buldging, which implies a very big drop in the future median price level of home sales.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-23193308146185412352010-06-30T11:07:57.319-06:002010-06-30T11:07:57.319-06:00LOL Sofa King
Jayhawk, owing a home is a personal...LOL Sofa King<br /><br />Jayhawk, owing a home is a personal thing. If you can afford the payment and you don't care whether it goes down in value or not but you may live there til you die, then don't worry about it. In my view, the Monument/Castle Rock area is going to experience serious future pain. Castle Rock will become the foreclosure capital of the Denver area and the price collapse will affect all the surrounding areas. <br /><br />The problem with waiting to see what happens if you do care about the value and you plan on moving evntually, is that by the time you may want to sell your home, you probably won't like the prevailing market bid and it will be thin.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-38111576441558985932010-06-30T10:56:44.425-06:002010-06-30T10:56:44.425-06:00Dave-
I'm in Monument, CO. What's you fe...Dave-<br /><br />I'm in Monument, CO. What's you feel for the CO real estate market? I think certain areas are totally screwed (CA,NV,AZ,FL,etc) but we may not see the massive downside in places like CO. My house was appraised (bought it late 2006) recently for about 5% under what I paid. I'm debating on whether or not to sell now.Jayhawkhttps://www.blogger.com/profile/06180238054191226687noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-50496394932095873802010-06-30T10:34:36.879-06:002010-06-30T10:34:36.879-06:00Sofa King thinks the only problem with running a h...Sofa King thinks the only problem with running a hot dog stand is having to go to the bathroom. <br /><br />Not a fan of the Pickle Jar.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-76479382490484348482010-06-30T10:30:46.063-06:002010-06-30T10:30:46.063-06:00the usefulness of an index is tied to consistency ...the usefulness of an index is tied to consistency of method of preparation. I mean you need to compare apples to apples.<br />You may argue with the CPI or the GDP or any other index, even the census. But it is giving you real information as long as the method of preparation remains the same. Thus a change in trend can be meaningful here.bix1951https://www.blogger.com/profile/12256493734572696478noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-91910068999586227192010-06-30T10:22:07.015-06:002010-06-30T10:22:07.015-06:00Agree w/everything you said. Actually Robert Chap...Agree w/everything you said. Actually Robert Chapman was ranting back in 2001 that eventually the Govt would be forced to impose massive taxation on real estate.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-44844775180741999162010-06-30T10:18:37.884-06:002010-06-30T10:18:37.884-06:00This is the fly in the "housing as wealth pro...This is the fly in the "housing as wealth protection" argument. State finances are in shambles. What can they do? <br /><br />Increase payroll and income taxes? People will move. <br /><br />Increase sales taxes? People can buy big ticket items out of the state in some cases, or on the internet...but it will work to some extent. <br /><br />Increase property taxes? Ding, ding, ding. You can't move your house, and remember, lots of folks have wealth in their home. If 20% of homes are underwater, than 80% store wealth for someone. That's a big, private nest egg that states just can't wait to tap into...those "greedy, evil rich" who own their houses outright should pay.<br /><br />Off topic rant...<br /><br />The Obamazation of America [from "with hard work anyone can become rich" to "the rich are evil and greedy"] was the first step in stealing private wealth. When they confiscate your IRAs (Biden is a huge supporter of nationalizing all IRAs), it will come with the message that IRAs are owned by only the "evil rich".Shawn Hnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-65717039241320830342010-06-30T08:27:56.780-06:002010-06-30T08:27:56.780-06:00Red, the price level from which housing eventually...Red, the price level from which housing eventually may bounce will be 30-50% below the general price level today.<br /><br />And it may not happen until the Chinese start populating this country en-masse.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-19581550547896747082010-06-30T07:54:54.344-06:002010-06-30T07:54:54.344-06:00The prices of food, energy, medical care, drugs, p...The prices of food, energy, medical care, drugs, precious metals, insurance, etc. just keep rising. Yet, housing prices drop. Perhaps this is a sort of 'tribute' to the huge excesses of the past decade of fog-a-mirror loans, or perhaps it's just that property taxes are rising too? <br /><br />Still, housing prices will rise in dollar terms sooner or later, barring incredible gubbermint stupidity or bankster cupidity. On second thought, the stupidity/cupidity crowd seem to be the ones running things. <br /><br />RedneckistanianAnonymousnoreply@blogger.com