Market Surges After Existing Home Sales Drop, Print At 4.81MM On Expectations Of 4.80MM

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Tue, 06/21/2011 - 10:13 | 1388800 bankrupt JPM bu...
bankrupt JPM buy silver's picture

Average foreclosed home in US that sells hasnt made a payment in 2 years now.

Change?  YES WE CAN!

Tue, 06/21/2011 - 10:41 | 1388895 trillion_dollar...
trillion_dollar_deficit's picture

My landlord is in the process of being foreclosed on. I havent paid rent going on three months now. Stories like this excite me since I could theoretically live rent free for the next two yrs.

Tue, 06/21/2011 - 10:45 | 1388922 Jeff Lebowski
Jeff Lebowski's picture

I havent paid rent going on three months now.


My landlord is in the process of being foreclosed on.

Any correlation?

Tue, 06/21/2011 - 10:57 | 1388958 trillion_dollar...
trillion_dollar_deficit's picture


He wasnt paying the mortgage with my rent money, so it went into foreclosure process. I then stopped paying rent. Waiting for an auction date now.

Tue, 06/21/2011 - 11:12 | 1389013 MachoMan
MachoMan's picture

Heh...  if the landlord can't pay the bank, he can't pay you for breach of your lease...  even after the auction, they'll still have to oust you in accordance with local law...  here, it's like trying to pry off a seed tick.

In the end, can't get blood from a turnip...

Hopefully you don't get third party'd in to the foreclosure lawsuit...  worst case scenario, you'd probably have to pay back rent into the registry of the court...  (remember, you are getting something of value in exchange for nothing)...  might get hit with attorneys fees, but I'd hope not if you cooperated...  might even be able to settle/vacate, which would save them a shit ton of work/fees and could give possession to whoever buys at auction...  just a thought.

The neat part is, you can probably find a place down the road that's abandoned and can be rented on the cheap...  rinse, repeat...

Tue, 06/21/2011 - 11:23 | 1389050 trillion_dollar...
trillion_dollar_deficit's picture

The wife's an attorney, so she's up on all legalities. My state gives tennants 90 days after the auction date to vacate the premises. Its a new law passed in 2008 to protect people in my situation from getting forced out overnight. We have to pay the new owner rent for those 90 days though. So, the longer the auction date held off, the more free rent.   

Tue, 06/21/2011 - 12:08 | 1389206 DOT
DOT's picture

How's her tax law ? 

If your current landlord forebears, you will probably be asked( required  )to pay tax on the imputed income.

Tue, 06/21/2011 - 10:56 | 1388954 kalasend
kalasend's picture

mofo's got no shame

Tue, 06/21/2011 - 12:13 | 1389221 Roger O. Thornhill
Roger O. Thornhill's picture

Lawrence Yun - the NAR's hack economist - is literally wrong, everytime. Why anyone even listen to this hack's fairy tales is the real story here.

His predecessor David Lereah wrote a book about not missing the housing boom is 2005 - just amazing.

For some good laughs go and watch Yun's predecessor getting mocked.

Tue, 06/21/2011 - 10:17 | 1388801 etrader
etrader's picture

Its just the usual HFT game on the ES when they flush the depth.

Nanex (via ftalpha) had a note on the silly game.

"At lower depth levels, it becomes much easier for someone to move the eMini price suddenly — at the reduced level you only need to buy or sell about 1,000 contracts to run through 3 to 4 levels of the book immediately.

That causes an explosion of quotes and trades on the related ETFs, equities and options — the level of data nearly always causes saturation and delays — from cqs to direct feeds."

Tue, 06/21/2011 - 10:11 | 1388808 Xibalba
Xibalba's picture

Barak Bush

Tue, 06/21/2011 - 10:34 | 1388872 BlackholeDivestment
BlackholeDivestment's picture are out of order.

                           Bush Hussein

                          King of Babylon             

            that's contempt.

Tue, 06/21/2011 - 10:12 | 1388811 Caviar Emptor
Caviar Emptor's picture

We're celebrating bailouts today! 

In just the last 2 days Greece receives it's tranche and the US bails itself with positive news on raising the debt ceiling. 

It's a win-win-win-win-win!! !!

Tue, 06/21/2011 - 10:12 | 1388814 gwar5
gwar5's picture

The stock market better surge, or there will be no hopium left at all. Ben is a one trick pony.

Tue, 06/21/2011 - 10:16 | 1388829 Caviar Emptor
Caviar Emptor's picture

Always was. Always will be. It's good to have an old faithful

Tue, 06/21/2011 - 10:14 | 1388818 alien-IQ
alien-IQ's picture

Due to the high gas prices many would be home buyers were unable to afford the fuel for their cars therefore were unable to make it out to the closing of their new 500k McMansion....However...we do have this lovely bridge you can buy from the comfort of your own living room...

Tue, 06/21/2011 - 10:18 | 1388820 lizzy36
lizzy36's picture

second derivative shoots.......LEH2.0......bailout #12......QE6......AND JUST BTFD.

Tue, 06/21/2011 - 10:18 | 1388836 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Algo Zombies from Hell part 6!

Tue, 06/21/2011 - 10:18 | 1388825 monopoly
monopoly's picture

And many are just beginning to not pay their mortgage. Owner of a small business who is a friend is stopping payments on his house in July. Paid $270,000 for his house, took out a second, recent apprasial at $120.000. Time to give it back to AIG, the honest banker. Rigghhtt.

Tue, 06/21/2011 - 10:18 | 1388837 snowball777
snowball777's picture

Sore loser who still has a house; how long is he planning to squat there for free?

Tue, 06/21/2011 - 11:14 | 1389018 MachoMan
MachoMan's picture

Pretty much...  although, at least he leveraged up to try and produce rather than simply to consume...  (giving him the benefit of the doubt on his business startup).

Tue, 06/21/2011 - 10:19 | 1388830 snowball777
snowball777's picture

Mr. Yun, the weather has been fine here...and so has the Case/Shiller report. The price of gas will have more effect on the ability of those on the edge to continue making their payments. Best of luck with that!

Tue, 06/21/2011 - 10:16 | 1388832 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

It's bullish because Obamarang has more suckers to throw fresh hot sticky cash at!

Tue, 06/21/2011 - 10:17 | 1388833 AbandonShip
AbandonShip's picture

damn those numbers are highly suspicious.   They juuuuuust beat the expectations by -->this<-- much.  Yun should be removed from his post.  Weather and gas? Did he borrow Bernocchio's field manual?

Tue, 06/21/2011 - 10:17 | 1388834 Caviar Emptor
Caviar Emptor's picture

Shopping Macht Frei 

Tue, 06/21/2011 - 10:21 | 1388835 monopoly
monopoly's picture

Question all. Are we paying for Mrs. Obama's trip for her daughters, nicece, nephew and her mother. What the hell is that all about? We are freaking broke and are paying for her trip.

Tue, 06/21/2011 - 11:56 | 1389163 ebworthen
ebworthen's picture

But of course we are.  Don't they deserve a Safari?  Just think of the stories they can tell at the inner-city elementary schools and the pictures, oh, the pictures. 

Tue, 06/21/2011 - 10:22 | 1388842 Hedgetard55
Hedgetard55's picture

This is just the second half of yesterday's double POMO hitting the markets.  :~)

Tue, 06/21/2011 - 10:23 | 1388843 Paralympic Equity
Paralympic Equity's picture

I don't even try to understand this market anymore, It's the worst feeling for a trader, when you know you are right, but the market thinks different.

Now the market jumped on ISDA saying that AIB in fact defaulted.

Tue, 06/21/2011 - 11:49 | 1389125 LongBalls
LongBalls's picture

Agreed. I pulled my money off the table for now. Up is down and down is up. Tomorrow up will be up and down will be down. Frustrating! BTFD in PM's I will go!

Tue, 06/21/2011 - 10:23 | 1388844 JohnnieWalker
JohnnieWalker's picture

As long as the middle class get squeezed on all sides, the savings period for a home purchase in the US will probably mirror that of Beijing, China where it now takes 57 years of saving for the average resident to cover the cost of an apartment purchase.

Tue, 06/21/2011 - 10:23 | 1388846 JohnnieWalker
JohnnieWalker's picture

As long as the middle class get squeezed on all sides, the savings period for a home purchase in the US will probably mirror that of Beijing, China where it now takes 57 years of saving for the average resident to cover the cost of an apartment purchase.

Tue, 06/21/2011 - 10:22 | 1388852 SheepDog-One
SheepDog-One's picture

'House shopping'...AHH HA HA HAAAA! Hey honey what do you want to do today? Well, we could go 'shopping' for a new house, but gasoline is SO expensive I dont think we can afford to drive!

Tue, 06/21/2011 - 10:54 | 1388940 Josh Randall
Josh Randall's picture

Exactly - these kind of BS explanations only play to the LIESMAN's of the world

Tue, 06/21/2011 - 10:26 | 1388853 ATM
ATM's picture

High gas prices are his excuse? The average driver uses about 750 gallons per year. $4 gas v $3 gas is the reason this fuck think people are not buying homes?

If $750/yr is the difference between owning and renting than of course lending requirements have swung too far!

Holy Mother of God.....this is what it's come to I guess. Pure, unadulterated stupidity is what passes for reason.

Perhaps this nob should think for a second. Why would anyone buy a house right now when prices are dropping every day? Why would anyone buy as prices drop? Why would anyone with half a brain buy now with a shadow inventory sitting there waiting to hit the market at any time?

This shithead passes off flodds as a reason? Hey dipshit didn't those floods reduce the volume of vacant houses while also increasing demand for new homes in those areas?

He should use the socialist economic that destruction of property is good for the economy! Think of all the new jobs building all those new homes that aren't necessary. who cares about destroyed wealth, we've got new houses to build with someone elses money!

Tue, 06/21/2011 - 10:42 | 1388900 smithcreek
smithcreek's picture

I don't have the energy anymore to rant, so I'll just say ditto.

Tue, 06/21/2011 - 10:44 | 1388906 Libertarian777
Libertarian777's picture

Hey if I take out a 2/2000 year arm and can get a $3million McMansion for that $750!

Tue, 06/21/2011 - 11:13 | 1389030 r101958
r101958's picture

'Pure, unadulterated skullduggery' is probably a better term.

Tue, 06/21/2011 - 10:22 | 1388854 digalert
digalert's picture

"weakness was due to Spiking gasoline prices" ?

Someone struggling with gas prices probably shouldn't be looking at buying a home.

Tue, 06/21/2011 - 10:28 | 1388860 snowball777
snowball777's picture

Precisely, "Honey, it looks great and we wouldn't even have to replace the counters because they're already granite,'s more than a gallon away...oh, well".

Tue, 06/21/2011 - 10:29 | 1388874 alien-IQ
alien-IQ's picture

they now have such little regard for the intelligence of the average investor that they don't even bother to carefully craft the lies. they just throw any bullshit out there assuming it will all stick....It's insulting really.

Tue, 06/21/2011 - 11:20 | 1389040 MachoMan
MachoMan's picture

I saw a house hunters or first house or one of those shows the other day...  the couple was contemplating purchasing a house for $210k.  They offered $195k and asked the seller to pay for $7k of closing costs...  the seller countered with $211k and would pay $7k in closing costs...  they refused because they "could not afford it."  Really?  If you can't afford that price difference, then your default risk should be at maximum level given you literally have no margin for error...  crazy...

crap like this all the time...  buyers trying to renegotiate right before closing...  you name it...  crazy...

Tue, 06/21/2011 - 10:23 | 1388856 RobotTrader
RobotTrader's picture

Looks like the market has turned today, I'm going long.

Short sellers must take their bacon right away, its like pulling teeth out of a crocodile.  Wait too long and you will get your hand bitten off.

Even the crappy gold stocks are moving up after getting utterly brutalized by 30% - 50%.

Tue, 06/21/2011 - 10:25 | 1388862 snowball777
snowball777's picture

You're a day late.

Fuck your buy-side jedi mind-trick...the force is weak with you.

Tue, 06/21/2011 - 10:31 | 1388867 etrader
etrader's picture

Is that the Robo compression ES short signal  now they had the Gap orders ;-)

Tue, 06/21/2011 - 10:27 | 1388868 alien-IQ
alien-IQ's picture

you will be reversing that position before the day is over.

/ES gaped up 7 points at the open, then spiked on bad housing numbers.

This isn't a reversal, it's a trap.

Tue, 06/21/2011 - 10:31 | 1388880 statlawyer
statlawyer's picture

nasdaq leading the market higher... bullish lol

Tue, 06/21/2011 - 10:31 | 1388883 Cdad
Cdad's picture

So you are chasing two consecutive, low volume, engineered gap up days...after weeks worth of brutal economic data...ahead of Truth arriving on the continent of Europe.  Really? should probably have a chat with your risk manager.

Tue, 06/21/2011 - 10:46 | 1388912 buzzsaw99
buzzsaw99's picture

this market is like a willow. the branches bend in the wind but the rot runs deep and will not stand the test of time.

Tue, 06/21/2011 - 11:01 | 1388984 The Axe
The Axe's picture

i agree Robot  you post is late....shorting aapl using a july vert. spread....320/115 puts.... stocks are parabolic also short 1000 CRM

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