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they expected 19m vacancies so this is in fact "better than expected"
rally on wayne...
The equivalent of putting platform shoes on a gorilla so it won't scrape its knuckles!
Yeah, that's the ticket. Black leather boots with those spiky high heels and a whip and..................never mind, wrong blog.
Don't worry the President says today that the "recession is abating."
Now runalong and get about your business...like re-upping your unemployment bennys.
"Now if you will excuse me, there are some other Presidential golf records that need breaking now that I have blown by Bush"
Kudlow is on CNBS cheerleading the GDP number as a sign of a full recovery. One of the guest commentators had to remind him that 1.7 % of the GDP number was due to the "Cash for Clunkers" program. This reality of course did nothing to deter him from showing wood for the rest of the segment. I don't know what they serve in the employee break room but I want some!
Now now, Kudlow and coke is all in the past. What he's currently experiencing is a "natural" high. No Viagra or coke for my man, he's as natural as MCC's ........never mind, wrong blog again.
(Alice falls down the rabbit hole and her dress poofs up like a parachute)
Alice: Well, after this I should think nothing of falling down stairs.
White Rabbit: [singing] I'm late / I'm late / For a very important date. / No time to say "Hello." / Goodbye. / I'm late, I'm late, I'm late.
Alice: If I had a world of my own, everything would be nonsense. Nothing would be what it is because everything would be what it isn't. And contrary-wise; what it is it wouldn't be, and what it wouldn't be, it would. You see?
Cheshire Cat: Of course, he's mad, too.
Alice: But I don't want to go among mad people.
Cheshire Cat: Oh, you can't help that. Most everyone's mad here. [laughs maniacally; starts to disappear]
Cheshire Cat: You may have noticed that I'm not all there myself.
Regarding shadow inventory buildup. Is it possible that banks are not following up on forclosures because they can't find the paperwork?
I know it's old news, but I haven't heard a peep out of MSM on it.
This is incredible, subprime issuance back to 2006 levels.
“After plummeting in early 2008, the share of borrowers with FICO credit scores lower than 660 has returned to just higher than 20%, the same share as when subprime securitization peaked in 2006,” Krainer said.
If anyone has any doubt that we are just about to repeat the same disaster that got us here (except this time we won't have to transfer the risk to the taxpayer because it already sits squarely on them thanks to the FHA) look no further than today's mortgage market. Recently, a change in some underwriting standards for those using wholesale lines meant requiring a 630 or higher credit score...business immediately started evaporating and it was quickly changed back to 620. Subprime is the new it...
oh and don't forget they only need to put 3.5% down the majority of which could and did come from the tax credit....
All part of the plan. There's no way out so might as well get more involved to thin out the blame.
TYLER / Off-hand, quickly, do you, or anyone on ZH have the actual # of homes (not percentage %)??? 18.8 million homes vacant out of how many total physical units? Thanks.
They do such a great job of creating and posting content, please read it before asking.
130302 is the total number of units (page #3 of the report).
Thanks nhsadika, completely overlooked it when glanced through the report.
blobama can send fema, tsa, dhs, and his other gestapo agents to burn down the homes just like fdr did with agriculture during the 1930s......et voila - higher prices....
Sounds like a good plan - they can start with California maybe then sell the land to China...
Right smack in the middle of the Dust Bowl years.
...and it still failed. Not a good sign.
It's fine. It's all good. CNBC is reporting on their website on "The Best All Time Selling @dult DVDS." Classy, as always.
The streetwalking analysts of CNBC
Hey baby what you got? Depends on what you need. Good Q3s and a quick fed injection. I can do that. For fifty bucks I'll let our assets make an appearance but for $250, I'll stay up all night and help with the paperwork. Ever had two analysts at once? Sounds good, get in.
said with or without cue cards?
I live in a neighborhood of $700K homes (today's values maybe), and was out for a walk last night. Took notice of one street of about 20 homes where there's three homes that have been vacant for quite some time...at least a year. So I was curious who owns the homes/mortgages and searched the tax records this morning. All have been forclosed on, two of the three lenders were taken over by other banks, the latest one in July of 2009, the other in 2008. There hasn't been for sale signs on these properties as of yet, the yards are overgrown, and the houses are in disrepair. The mortagages are way underwater as you might expect. The highest one was for $1.4M on a house they'd be lucky to get $500K today because of the disrepair and conditions, the others were $780K & $810K with who knows where values will be for them. My point is...three different lenders here, all undeerwater, not spending $'s for upkeep, and not marketing the properties...if you extend this out to the rest of the country,it should indicate what's coming.
I remember seeing on zh that the banks have foreclosed on a large number of homes (in the millions) that they're currently sitting on and not putting up for sale. If I remember correctly, it worked out to 15 months of volume at current levels. Can anyone point me to a reference with details?
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