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And off to the races in equities we a going.
This is a fantastic time to buy. Rates are low and housing prices are down. Mr Yun and I discussed this over lunch yesterday.
No, this is a fantastic time to buy or sell a home.
Mr. Lereah told me so over his Venti Cinnamon Dolce Latte...
Hmmm...the buzz appears to be wearing off quickly.
What good news? Prices down since last year. The blip up in prices is being hyped.
That was enough for a 5 point ES jump. Wow!
Look at this story on the Greece situation - http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_28/06/2011_396229
Quote - "government may be forced to call out tanks to prevent a run on the banks"
Tanks protecting the banks - says it all really.
Superior firepower, bitchez!
Call in helicopter gunships to protect the banks from people getting their own money. Says it all right there. They like the illusion that people own things, until they try to take possession of those things. Silly peasants, you want your money in your hands? How about a nice 155mm tank round thru your skull instead! WE are the bankers, WE own YOU!
Wait. Last year, Case-Schiller said that you couldn't believe the Seasonally Adjusted numbers in this environment. So when did they announce that the SA were suddenly valid again? This sounds like just spin here.
Green shoots everywhere.
Let's issue a mission accomplished statement Ben.
Good news will be when we finally hit bottom at what looks like 1997 levels.
LOL, I need a more powerful electron micriscope to view this 'good news'.
For those inclined to look at trends, every April back to 2001 has shown a month-over-month improvement in the Composite 20. If the March before any given April was positive the following April was more positive; if the March before any given April was negative the following April was less negative. In short we are looking at seasonal fluctuations which should already be expected given the trend but the media will act as if this is a first time occurence.
Does it get more obvious than that, if names mean anything at all?
Case Shiller..... One who shills for the case.
Of a home being a good investment in any economic environment.
Home ownership is actually a huge joke, you never actually own the house.
I own all of mine.
Really? You think. Try not paying the property taxes and see who REALLY owns all of yours.
Yes, the Federal government can steal my homes and all my other wealth under a variety of guises but I'm still the owner of my homes. That's why its called theft.
If the Federal government REALLY owned my homes, it wouldn't be theft.
Indeed SD 1
One needs to know the law if ownership means anything to you, eh? Anyoen ever wonder about all the ships in our lives?
Like owner-ship? Steward-ship? Champion-ship?
Hmmmmmmmm, somewhere, in a rather obscure corner of the interwebs, loony silver-foilers are claiming that Admirality Law is in effect in the Justice Systems around the world and that the fringed flag tells a tale.
by the way, it's the same here in India, just different guises due to a different social structure and Damn British Hand Me Down laws.
The only real choices now are total ignorance, vaporized on the sofa, bud boiling over, cheese too well cooked or Eyes wide open and present in the mement.....yes, mement.
We live life from mement to mement.
I know people here trying to sell a house for 2 years, have lopped 30% off asking price and still no bites. All just BS tempest in a tea pot to perpetuate the Ponzi 1 more day.
And Neal Cas'ncarryon said on CNBS that there is no real reason to fear default from the perspective of the debt ceiling... which is true. Interest thereupon is a portion, albeit large, of government receipts.But went on to say that the arguments (er, intellectual debates, civil discourse) surrounding the event as are taking place will permanently damage Washington's credibility.
Ergo, get that ceiling raise and sell that paper.
First prize on the new game show "Talkin' Our Book, Boss"
I've been intellectually enriched so many ways I cannot count already this morning so maybe ought just go golf. The only logical response to everything's A-OK overload.
AS Always people sell the bottoms and buying tops..
That nice house was good to buy for $400k in 2005,
now all of the sudden turn into no good
for $200k? Of course, wait till inflation picks up and buy'
in 5 years same house for $600k. Home prices won't stay
this low forever, if you not buying, then Europeans surely
scooping up Florida properties for pocket change with 1.43/dollar
Euro exchange rate.. Till Americans wake up, there will be no
properties left near the Ocean. Keep sleeping in the trailers.
There is no wage inflation to help support home prices or your argument, for that matter.
Until wages begin increasing house prices will continue falling.
Why? Real inflation experienced by the middle class is north of 6% (when you include the things the fed intentionally omits, like health insurance costs, gas prices, etc which middle class families must still pay for).
Wages have been stagnant for decades. Once the housing bubble popped all of this "fake wealth" disappeared in an instant and house prices immediately shifted to where they should have been all along had the government not artificially inflated the market. There is absolutely zero reason to think they will begin increasing in value before the economy turns around.
Inflation, which is likely, also will not increase house prices. Instead inflation will increase the cost to buy a home.... these are not the same thing. People will need to take out loans with higher interest rates, which means the "value" of homes will be prevented from rising. People will have to pay more for homes, but that additional money will go towards the bank in the form of much higher interest, not to the home seller.
2 million AltA liar loan mortgages ready to reset in 5, 4, 3, 2.........!!!!
Nanny, nanny, boo, boo Grecians! Try to get your money back....we dare you!
IN the end violence is the easy answer..who is better at it? kill the protests kill the mind of the serfs with plentiful drugs both legal and illegal..why do you think drug war never won?
today our society in USA is medicated with anti depressants, anti psychotics, anti anxiety drugs each at all time highs in volume sold.
high fat diets plenty of TV and sports to watch all dulling the senses and mind.
that is why there are no greek or mid east style riots here..throw away the drugs and wake up..
(ps banning of alcohol in ME society allows the populace to be more reactive)
good luck to free men everywhere. the mind is what they want to control.
academic manipulated report done at the behest of the street (of course) and in hopes of avoiding the greatest collapse in municipal debt in American history. in the parlance of "nuclear" we're dealing with "city busters" as the Russians like to call theres. Get out of the way unless you either 1. totally clueless or 2. believe you really are the Muhammed Ali of investing.
Why don't you shoot the messenger, guys?
If you have followed Case-Shiller on a regular basis, their reports have been decidedly negative on house price trends for the last 2 years.
They are simply saying that there is some evidence of price stability in the housing market. House prices are not going to decrease by large percentages forever. New housing starts have been at extremely low levels for the last few years. NOD's, foreclosures, and REO's although still substantial are decreasing. Certain market segements have already stabilized and prices have increased slightly.
I currently reside in one of the worse housing markets in the US (NV). Prices are down 50% from the July 2005 peak leaving prices at about the 99-2000 level. The bottom market segement (130K or less homes) has already stabilized. These homes are bought immediately, mostly for cash. There is still some downside in mid and higher end properties which is dragging down the mean. However, if you are an entry level buyer (in many cases buying is now cheaper than renting) in the NV market, it is unlikely that the combination of home prices and interest rates will be much more favorable in the future.
I think the Case-Shiller report is beginning to reflect that those markets that have been slammed the worse (CA, AZ, NV, FL) are beginning to stabilize. If the economy and employment improves, US housing may put in a bottom sometime in 2012.
There is a lot of negativity on ZH posts. Those who suggest that perhaps the world is not ending tend to get rude rebuttals. However, those who think housing is going to end in some type of collapse may need re-adjust their thinking hats.
Food - Shelter - Water Get It!
Seasonally adjusted numbers are inaccurate with a high proportion of distressed sales. Further, prices should be adjusted for inflation. Factoring these out, today's news was bad, not good. The market needed any excuse to rise, however.
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