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The Quadruple Dip: Housing Starts, Permits Drop, Miss Expectations; Houses Under Construction At New Record Low

Tyler Durden's picture




 

Since the triple dip in housing was recently circumvented courtesy of QE2, and was "transitory" in theory today's subpar housing starts and permits data is the beginning of the quadruple dip. And subpar it was: starts came at 523K on expectations of 569K, down from revised 585K previously. Permits were also ugly, missing expectations by a comparable account, printing at 551K, with consensus of 590K(and the previous revised this time lower from 594K to 574K). In starts, annualized single-family units dropped from 415k to 394k, with declines in Northeast and South, and increases in the Midwest and West. The actual, non-annualized number of starts was 46.8k, with 36.2k in single family units. Completions increased modestly from 532k to 554k. And the most interesting number was the number of houses under construction, which hit a fresh all time low on an annual, seasonally adjusted basis, or 418k. At this point it is probably passe to bring up the Cramer clip calling the housing bottom back in 2008.

full report

 

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Tue, 05/17/2011 - 08:47 | 1282435 GOSPLAN HERO
GOSPLAN HERO's picture

Total collapse, comrades.

Tue, 05/17/2011 - 08:50 | 1282445 SheepDog-One
SheepDog-One's picture

I wonder how they spin this as bullish at CNBC, oh yea I remember 'housing is irrelevant in new no-constitution US'....FEMA forced labor camps, bitchez.

Tue, 05/17/2011 - 09:25 | 1282575 Overflow-admin
Overflow-admin's picture

LMAO! Now I understand what these little bastards were preparing.

Tue, 05/17/2011 - 09:24 | 1282580 Bodhi
Bodhi's picture

All your base are negative equity.

Tue, 05/17/2011 - 15:31 | 1284246 Lee Marvin
Lee Marvin's picture

+1k LOLL

Tue, 05/17/2011 - 09:25 | 1282584 carbonmutant
carbonmutant's picture

Wassamatta, You from Indiana?

Tue, 05/17/2011 - 10:04 | 1282706 oogs66
oogs66's picture

Last month's starts were revised up, so clearly these numbers will be revised up!  So all is good.

Tue, 05/17/2011 - 09:12 | 1282520 AUD
AUD's picture

Ha! & gold down! If that's not the bond speculators pumping for some central bank 'relief' I'm the monkey's uncle.

Tue, 05/17/2011 - 09:09 | 1282521 oh_bama
oh_bama's picture

Are you an AMERICAN?

Housing below HIGHLY HYPED UP EXPECTATIONS DUE TO

  • JAPAN
  • GREECE
  • WEATHER
  • RADIATION
  • OBAMA BEN LADEN!!

 

Tue, 05/17/2011 - 09:15 | 1282527 MisterMousePotato
MisterMousePotato's picture

If the number was one-half, I wouldn't get it. I mean, I can understand the rationale for, right this moment, buying gold. Equally, I can understand the rationale for, right this moment, selling gold. Ditto silver and a lot of other things. I mean, who knows? (At least short-term.)

But build a house? When there's a glut of them? Read yesterday that 1 out of 12 houses (8%) in California are vacant. But someone's gonna build another? Why? What are they thinking? Who is doing this?

Tue, 05/17/2011 - 09:22 | 1282573 John Bigboote
John Bigboote's picture

Must...have...growth...or you are fired.

Tue, 05/17/2011 - 10:05 | 1282713 SwingForce
SwingForce's picture

Right, and trust a home builder with your deposit while you wait another 6 months while the economy shrivels further? Wake up one day and the builder left town and nobody at the sales trailer? NFW.

Tue, 05/17/2011 - 10:36 | 1282903 DeadFred
DeadFred's picture

I'm guessing you're looking at the upscale private builder market. If you work for Goldman and just got your $2 million dollar bonus for shearing sheep are you going to buy someone's hand-me-down repo? The best deal is not what you're after, you want talking points at the office party and ooohs and aaahs from the trophy wife. Building your own will get you those. I haven't seen a big track development go up in years, but those at the top of the food chain are doing quite well. If you do build your dream house now you can top notch craftmen for decent rates.

Tue, 05/17/2011 - 11:52 | 1283216 writingsonthewall
writingsonthewall's picture

It's true - a picture tells a thousand words - just look at that graph - looks like the 'edge of the rockies'

Tue, 05/17/2011 - 08:52 | 1282440 TheTmfreak
TheTmfreak's picture

BTFD!!!!!! And then rent them out...

Tue, 05/17/2011 - 08:54 | 1282450 Terminus C
Terminus C's picture

I wouldn't touch housing with a ten foot pole...  You don't even know if you won the house you bought.

That and total collaps is coming.

Tue, 05/17/2011 - 08:57 | 1282460 Conrad Murray
Conrad Murray's picture

4 days til the rapture. 6PM bitches!

Tue, 05/17/2011 - 09:01 | 1282494 Lieutenant Dan
Lieutenant Dan's picture

Did you spend your life savings to spread the word?

Tue, 05/17/2011 - 09:15 | 1282550 ParaZite
ParaZite's picture

We and my godless friends are having a party 4 days from now, to celebrate all the assholes who will leave this Earth and populate Heaven. I can only hope that "god" in his infintile wisdom will take the Muslims and Jews with the Christians... then all the crazyies will be gone! Drunken pagan orgy to follow the party. Hell if it really happens, I might even stick my d*ck in the mashed potatoes!

Tue, 05/17/2011 - 09:28 | 1282591 Dr. Richard Head
Dr. Richard Head's picture

Our evening began in ParaZite's comfortable study in his New York townhouse where the candle light was just right, the HiFi was in the background, and the wine was delicious...

What's the secret ParaZite?

Naturally I'll say it's the wine.

Mmm, it does go well with the chicken.
Delicious again ParaZite!

Tue, 05/17/2011 - 09:18 | 1282553 ParaZite
ParaZite's picture

We and my godless friends are having a party 4 days from now, to celebrate all the assholes who will leave this Earth and populate Heaven. I can only hope that "god" in his infintile wisdom will take the Muslims and Jews with the Christians... then all the crazyies will be gone! Drunken pagan orgy to follow the party. Hell if it really happens, I might even stick my d*ck in the mashed potatoes!

Tue, 05/17/2011 - 11:02 | 1282990 redarrow
redarrow's picture

Save your breath. No sense talking to people who think their god is the true god and have been waiting for him like 2011 years. I would say good riddance, let all the believers and their strict inerpretation of religion go. I would rather not pray and yet live a peaceful life.

Tue, 05/17/2011 - 11:31 | 1283121 mayhem_korner
mayhem_korner's picture

 I would rather not pray and yet live a peaceful life.

Can't be done.

The Bible stands as the document most persecuted by those who haven't read it.

Tue, 05/17/2011 - 11:49 | 1283195 redarrow
redarrow's picture

Read up Hindu and Buddist history. In the history of the world more wars have been fought by Christians and Muslims than other religions combined. Like to still pray much at the Church?

Tue, 05/17/2011 - 11:54 | 1283244 mayhem_korner
mayhem_korner's picture

What's your point?

Tell me what is meant in the Scriptures by the phrase "Peace be with you."  Hint: it has nothing to do with an absence of violence.  Jesus spoke those same words to a group he also told would be persecuted and martyred (which they were).

So divorce yourself from the secular notion of peace being the antithesis of violence.

You criticize what you don't know.

Tue, 05/17/2011 - 13:01 | 1283486 Bananamerican
Bananamerican's picture

" I would rather not pray and yet live a peaceful life."

the last words out of your mouth in this life will be a prayer....

Tue, 05/17/2011 - 09:30 | 1282595 ElvisDog
ElvisDog's picture

Did I miss a memo or something?

Tue, 05/17/2011 - 10:47 | 1282935 DeadFred
DeadFred's picture

Google Harold Camping. There may be others. We can talk about it more on the 22nd since I think we'll all still be here (anyone know a good hedging strategy?). I think the true end of the world is scheduled for October 15th. We'll talk more about that on the 16th.

Tue, 05/17/2011 - 09:02 | 1282485 TheTmfreak
TheTmfreak's picture

Well we'll see about a "total collapse" I don't believe it won't go down so "quickly." And if you believe it is going down why wouldn't you own property then? If it goes down its not like you're losing anything, and if it doesn't... well...

If nobody will touch housing, who is going to provide housing? The government, the banksters, and the "super rich"? I don't want housing from any of those. I'm sure others wouldn't either.

With every long there is a short. For every renter there is an owner. Everyone doesn't want to own, everyone wants to rent. That means you gotta have owners. You can easily buy a house nowadays (that was foreclosed) and charge 3 or 4 times the mortgage payment in rent (that is of course if you didn't buy it with cash).

Tue, 05/17/2011 - 09:22 | 1282570 Ahwooga
Ahwooga's picture

For every renter there is an owner, but for every owner is there a renter?

Tue, 05/17/2011 - 09:26 | 1282578 TheTmfreak
TheTmfreak's picture

Nope.

However I have been renting long enough to realize how many people are trying to rent.

One thing against owning homes, that goes towards what you're saying, because of such high renting prices alot more people are doing the unspeakable.. *gasp* having roommates!

Tue, 05/17/2011 - 09:40 | 1282626 Ahwooga
Ahwooga's picture

In Australia they were having open houses for new rentals with up to 40 people showing up for each listing. Obviously its a bit different to the situation in the US but the property market still struggles to shift sales. I think it says more about the overinflated rents optimistic (read: desperate) homeowners expect to receive than the number of tenants out there. It all points to the same thing though, res prop is screwed almost the world over.

Tue, 05/17/2011 - 11:55 | 1283252 writingsonthewall
writingsonthewall's picture

Classic mistake - imposing your own narrow experiences on the wider economy.

There will only be renters while there are jobs to allow them to rent - no job, no rent, no house.

Even rich landlords can only sustain a short period of 'no rent' - and you might find that all of a sudden, Americans start living like 'immigrants' and start shacking up 10 to a 2 bed semi - to save money.

Then you have a glut of supply - price crash again.....very, very slow to recover. In addition you have house builders who must build (they have nothing else to do) - alternatively they shut down, create more unemployment and even less renters.

 

It's Marxist overproduction - it's not changed and the 'solution' is asset devaluation. Pumping money into the system merely delays and prolongs the depreciation which is due.

 

Sorry this is news to you - but it's being going on for over 100 years. Surely you got 'the memo' about it?

Tue, 05/17/2011 - 12:09 | 1283305 TheTmfreak
TheTmfreak's picture

You don't think I already know this? Also my experiences are unique because the housing market isn't proped up by the "wider economy" as you put it. (at least not as directly). Again, I live in Northern Virginia. Have you not seen the news reports about the only place to have high wages and increased housing costs? As long as the federal government exists the way it does (I'm sorry this isn't going away anytime soon) this will continue to be the case. At least in the case that there will be plenty of people to rent around here.

However this assumption of mass unemployment I think is unfounded. Not to mention this belief that government safety nets are going to disappear over night is unfounded. (At least in the near term)

I already said that people are shacking up with other people, I'm an example of that. However, 10 to a 2 bed is quite a bit away from now, won't happen over night, but even then I still think it is reasonable to suggest that gouging prices for rent will continue for some while, before those prices begin to come down. (at least unless the US government allows the financial systems to collapse, which we know isn't going to happen at least while they have the power to prevent it).

I'm not even implying it is a sure thing, however, unless you own the housing, you pay rent to someone. More people want to rent than own than ever before. Until "everyone loses their jobs" which you guys are way over the top bullish on, that will be the environment we live in. The only thing that can bring "landlords" down is taxes and government costs. While I think they'll go up in the near term, I think that will peak out and drop before "everyone loses their jobs" happens. Now if you're talking about owning houses by a mortgage and renting, thats a different story as well. If i did own a house to rent, I'd only do it if i could pay it off with cash.

Tue, 05/17/2011 - 12:48 | 1283456 Ned Zeppelin
Ned Zeppelin's picture

There continues to be a market for new homes for the simple reason that you can't move the unsold house in Las Vegas to New Jersey.  And if the homebuilders are willing to price new to match existing home prices there is competition for the sale.  Bigger issue now is availability of mortgages to quaified buyers, and to a lesser but very real extent, AD&C loans to fund new home construction.  Rents surging actually help the imbalance by helping support prices.

 

But for now the outlook remains pretty bleak.

Tue, 05/17/2011 - 12:49 | 1283459 Ned Zeppelin
Ned Zeppelin's picture

There continues to be a market for new homes for the simple reason that you can't move the unsold house in Las Vegas to New Jersey.  And if the homebuilders are willing to price new to match existing home prices there is competition for the sale.  Bigger issue now is availability of mortgages to quaified buyers, and to a lesser but very real extent, AD&C loans to fund new home construction.  Rents surging actually help the imbalance by helping support prices.

 

But for now the outlook remains pretty bleak.

Tue, 05/17/2011 - 10:14 | 1282750 bronzie
bronzie's picture

"for every owner there is a renter"

this statement is true but incomplete

the complete statement is this:

"for every owner there is a renter AT THE RIGHT PRICE (monthly rent)"

with 22% national unemployment on average and the average masking the fact that the young generations (typical renters leaving the parent's house, getting married, etc) are suffering from unemployment that is far higher than 22%, who exactly is going to rent these housing units at the current rental rate?

no paycheck - no rent payment

Tue, 05/17/2011 - 12:18 | 1283345 TheTmfreak
TheTmfreak's picture

There will be light at the end of the tunnel. I'd rather own land than not.

Whats the worst case scenario? You can't pay mortgage payments, or taxes? Take the fucking land. Oh wait I torched it, go fuck yourself. (to the bank/local gov).

I don't have nearly as pessimistic view of owning property apparently. At least on a VERY small level, comparitively. I'd rather have something when shit hits the fan, than nothing.

Tue, 05/17/2011 - 09:34 | 1282620 Terminus C
Terminus C's picture

My comment was more a reference to robo signing and MERS.  Why would you buy if you can't guarantee that you actually own?  This is where the total collapse is coming from... imo.

 

Tue, 05/17/2011 - 09:45 | 1282643 TheTmfreak
TheTmfreak's picture

Now, I own no properties or houses (yet), so excuse my ignorance of the situation, but does this still apply to those who pay with cash rather than having a mortgage? I understand that those who have a mortgage on their house (they don't even close to owning the house) can't find out who owns it, but those who pay with cash (fiat) money?

Tue, 05/17/2011 - 09:59 | 1282695 traderjoe
traderjoe's picture

It has to do with the title to the house - not the method of payment for purchase.

Tue, 05/17/2011 - 10:12 | 1282745 TheTmfreak
TheTmfreak's picture

Well yeah I got that, but are you telling me that when you go "buy" the house, with cash, that they don't give you the title/deed to the home? I'd assume that if you owed money on it to the bank they keep the title until its payed off, much like a car. Or is that not right?

Tue, 05/17/2011 - 10:28 | 1282862 Jendrzejczyk
Jendrzejczyk's picture

It has more to do with the bank/previous owners' ability to transfer clean title to you.

If their documents are screwed up or lost, or nobody knows who really owns the property because it had been securitized into a thousand little pieces, then how could you possibly be sure you are getting a clean title.

Tue, 05/17/2011 - 10:56 | 1282979 DeadFred
DeadFred's picture

Like buying something off Craigslist, if it turns out to be stolen property and the real owner claims it you're screwed. Still who here thinks the bank-owned government won't come up with a way to fix this? It only take one law and the problem is solved. Avoid the issue completely by going for a property owned by a little old lady who has had clean title for years. Her house has a pretty low price tag as well.

Tue, 05/17/2011 - 12:13 | 1283337 TheTmfreak
TheTmfreak's picture

Well the only thing I'm looking at it, is perhaps in about 5 years buying a plot of land and building my own house, so I might be fine.

 

I think what you say about the "snapping of the fingers" fixing the problem. And i think it is more likely that they'll snap the fingers in the benefit of those buying the homes rather than "people coming out of the woodwork to claim it." But then again thats REALLY optimistic. Those coming out of the woodwork could be the big banks...

Tue, 05/17/2011 - 09:55 | 1282684 smlbizman
smlbizman's picture

i live in baltimore county....i have 4 new home developments in the process....1 is by st. johns property with a 1,000 condos and senior apts this is located on the new road RT. 43...the others 2 on wampler rd 1 of these is 2 yrs old with 4 homes up, 1 started but stopped,  the other devolp. has poured the walls, all in 21220..the other is on red line road{21162} the red line road is over a yr. old with 2-3 houses up , not sure if sold or models...in the rt. 43 area this was done at the peak with millions of feet of warehouse with millions of vacant feet. there is not one sign on these projects of who is providing the financing....i remember reading about a federal grant program expiring this past jan, that allowed a very wide use of this money to improve areas as locals seem proper.

 

i feel like i am living in the china ghost town...i know there can not be one private investor that would think this is a great time to stick millions in the ground for housing at this time, however if the good ol' usa is backing well... 

Tue, 05/17/2011 - 08:50 | 1282443 omi
omi's picture

But who would disagree that this is an actual improvement, as we all know, there were way too many houses built in the first place. This is what should happen anyways to even start talking about possibility of recovery.

Tue, 05/17/2011 - 09:03 | 1282500 assumptionblindness
assumptionblindness's picture

I would disagree.  New home construction would have to CEASE for 2-years or longer in order for the market to clear a significant enough amount of the inventory (shadow included) that is out there.

Also, the word 'recovery' should never be mentioned with respect to the current or future (10-20 years) real estate market.  For those who speak of 'recovery' I would ask, "are you talking about recovery to the 2007 levels or recovery to the 1980 levels?  The only thing that we can hope for is stabilization, not recovery, in the real estate markets.   

Tue, 05/17/2011 - 10:12 | 1282743 earnyermoney
earnyermoney's picture

Reggie has posted many times on this topic. He estimates we are 6 - 7 years away from clearing current inventory.

Tue, 05/17/2011 - 09:39 | 1282628 Dr. Richard Head
Dr. Richard Head's picture

The conundrum is this - in order for a recovery to take hold, housing prices would have to revert to the mean and would have to lower in price still quite a bit more.  The problem is that these "assets" sitting on the banks liability side of the sheet (even thouh they are being claimed as assets) would have to be marked down regardless of "mark to myth" rules.  This would be a burden on many balance sheets and would reveal insolvency. 

The Fed does not want to happen which is why housing prices are being artificially supported.  The Fed/Congress will not let this adjustment take place as indicated through the various quantitative pleasing going on for the banks. 

Yes, no more new houses are needed, but the stalling of new construction is because of the excess inventory sitting there due to banks not wanting to mark their loses and those in the know are squatting.  This inventory has not yet been cleared and again the Fed/Banksters are standing in the way.

The collapse in this market will unwind orderly until it doesn't.  I think Peter Schiff's talk of another 20-30% drop in pricing will be swift wen it takes hold.

Then again, what do I know.  i am just a Dick Head.  

Tue, 05/17/2011 - 10:01 | 1282704 Josh Randall
Josh Randall's picture

Yes but you are a Dr.

Keep up the good work Doc, we love your fight the power struggle updates

Tue, 05/17/2011 - 11:04 | 1283007 redarrow
redarrow's picture

I would greatly welcome another 30-50% haircut in housing. Living has become expensive as it is and only then will housing make sense. I think that even after that 30% drop in housing it will not get up and walk. It will wobble along and stay stagnant for another decade plus.

Tue, 05/17/2011 - 11:32 | 1283111 j0nx
j0nx's picture

Sheeeit. House prices have dropped 70% from peak here in Manassas Park, Va. FED aint supporting shit around these here parts.

Tue, 05/17/2011 - 11:42 | 1283162 Dr. Richard Head
Dr. Richard Head's picture

25% drop in Northeastern Ohio, so far. 

Tue, 05/17/2011 - 12:29 | 1283394 mayhem_korner
mayhem_korner's picture

How much of that is general malaise in the housing market, and how much is the fact that Manassas has been overrun by illegal aliens?

Tue, 05/17/2011 - 08:53 | 1282444 swissaustrian
swissaustrian's picture

My keynesian suggestion to the FED for QE3:

1.) Buy all vacant houses in the us.

2.) Break them down.

Tighten supply, bitchez.

Tue, 05/17/2011 - 09:00 | 1282489 TheTmfreak
TheTmfreak's picture

To raise prices of homes?

I would be interested in buying open land...

Tue, 05/17/2011 - 09:08 | 1282516 swissaustrian
swissaustrian's picture

Yep, to raise prices, stimulate the homebuilder industry and (most important) give more cash to the banks, as they are the biggest real estate owners in the us. The prices paid to banks should at least be 100% of the prices paid when the mortgages were negotiated.

By the way: Farmland seems to be in the early stages of a bubble.

 

Tue, 05/17/2011 - 09:25 | 1282574 TheTmfreak
TheTmfreak's picture

I'm not looking to buy at the moment. I'm a firm believer that prices are going to fall alot more. People here (in the DC area) think I'm retarded. We'll see who gets the last laugh. DC impossible to actually lose home prices? We'll see... .we'll see..

Tue, 05/17/2011 - 09:34 | 1282611 chistletoe
chistletoe's picture

would you be interested in some good southern Louisiana farmland?

I'm a bit underwater and I gotta sell ....

Tue, 05/17/2011 - 09:47 | 1282649 TheTmfreak
TheTmfreak's picture

Of all the places I've looked Louisiana had the highest prices on land. What the hell for? That entire state is completely worthless. Until all of the cities and infrastructure sinks under the ocean (which its doing steadily) I see land there is absolutely worthless.

Hell we can see for our very eyes how much that land is worth. Yet, the prices for land there are out of this world.

Tue, 05/17/2011 - 10:52 | 1282958 Cognitive Dissonance
Cognitive Dissonance's picture

Of all the places I've looked Louisiana had the highest prices on land.

A very broad statement. References please. Farm land? Raw land to subdivide? Building lots? Commercial property?

Tue, 05/17/2011 - 12:46 | 1283432 TheTmfreak
TheTmfreak's picture

I was looking at a few places online that were selling just regular land. 10-100 acres. Just by hip-pocket comparison to other places in the country I could buy the least acreage there, and the land that I could buy didn't look particularly special.  I looked in Texas, Idaho, colorado, utah, and north carolina, and it was more expensive. Most of the land I was looking at was in the central west part of the state.

Some of it was timber worthy lands. One website I looked at was landsinlouisana.com

It just sparked me as surprising at just what I couldn't find there that I was seeing in nearly every other state I looked at.

Edit: While I'm not denying it was a broad statement, I didn't really intend it to be something to be taken on "the truest of facts." Just from what I've seen, it was much much more expensive than everything else. Haven't looked back. I have plenty of family in Louisana and there is no way I'd live there.

Tue, 05/17/2011 - 09:13 | 1282540 AboutAverage
AboutAverage's picture

Swissaustrian:

The Banks are already doing what your saying.   They offload garbage loans to the Fed who prints the cash in trade of the bad paper and instead of recognizing any loses associated with loans, the banks let the houses sit vacant until the walls collapse in on the house.   The Banks don't give a sh*t because as long as they never sell the house, then the company does not have to recognize the loses.  

Tue, 05/17/2011 - 09:25 | 1282571 swissaustrian
swissaustrian's picture

But would´nt it be an additional profit for the banks if they could sell the worthless houses they already foreclosed on for 100c on the $ to the FED?

I mean: These house are already foreclosed and have no mortgages anymore. Therefore they should´nt be part of the mortgage purchases.

correct me if i´m wrong...

Tue, 05/17/2011 - 10:07 | 1282726 earnyermoney
earnyermoney's picture

They still owe taxes to the local and state governments on the property.

Tue, 05/17/2011 - 09:28 | 1282586 mayhem_korner
mayhem_korner's picture

Nice flashback to FDR's milk-dumping days.

New breed Keynesians won't buy vacant houses - they'll seize occupied ones.

Tue, 05/17/2011 - 08:54 | 1282452 bigwavedave
bigwavedave's picture

There is no recovery. Except in diluted Dollars.

Face it. The USA 'middle class' and 'seniors' have missed the message of globalization and continue to do so. Until "you" live like "us". Your fucked.

Tue, 05/17/2011 - 09:17 | 1282546 1100-TACTICAL-12
1100-TACTICAL-12's picture

This is as good as it's going get, under our current system. Thanks to NAFTA & GAT. Those job's are gone & we are left with service sector jobs, & food stamps. The good 'ol USofA is in denial...

Tue, 05/17/2011 - 08:55 | 1282453 Conrad Murray
Conrad Murray's picture

Unrelated, but everyone should read this. NSA, espionage, spying on Americans, whistleblower, all the good stuff

http://www.newyorker.com/reporting/2011/05/23/110523fa_fact_mayer?curren...

Tue, 05/17/2011 - 09:16 | 1282541 curbyourrisk
curbyourrisk's picture

Fuck the Government!

 

Come get me Bitchez!

Tue, 05/17/2011 - 09:13 | 1282544 curbyourrisk
curbyourrisk's picture

Fuck the Government!

 

Come get me Bitchez!

Tue, 05/17/2011 - 08:55 | 1282454 Shocker
Shocker's picture

You have to ask yourself are you really surprised at all? I mean you can't have a boom in housing with out at least some stabilization in the job market. Unfortunately, you got to have some money to pay back theses mortgages. My opinion is housing will continue to fall until, jobs are created or until a house price is affordable for the "new" current job wage.

http://www.dailyjobcuts.com

Tue, 05/17/2011 - 08:56 | 1282457 swissaustrian
swissaustrian's picture

Something is wrong with the chart:

Hint:

shaded areas indicate US recessions

Tue, 05/17/2011 - 08:56 | 1282458 jkruffin
jkruffin's picture

When the idiot dip buyers realize there is no more dip to buy, the big collapse ensues, and we are very close. Late last week I said we were days away, and we are ever so close. The big money has been selling all morning pre-market the past two days, then give a fake bounce, then sell off hard again. 

When there are no more sheep to sell to, they will cut each others throats.  Then the complete collapse of the ponzi is fully underway.  We are only a few days away.

Tue, 05/17/2011 - 09:05 | 1282498 TheTmfreak
TheTmfreak's picture

Now i know that the word "few" often has many definitions. What does yours mean? It isn't a floating meaning that could be weeks, months, or years is it?

Tue, 05/17/2011 - 11:37 | 1283155 j0nx
j0nx's picture

Like the rapture, the collapse of the US ponzi is also not to be predicted. When the ponzi doesn't collapse by Friday then what do you plan to do to apologize to the rest of us for reading your bullshit predictions?

Tue, 05/17/2011 - 12:47 | 1283446 TheTmfreak
TheTmfreak's picture

I assume say "its just a few more days away"

 

 

Tue, 05/17/2011 - 09:00 | 1282459 Oh regional Indian
Oh regional Indian's picture

The American Nightmare continues.

And you don't even have clear title to the property, gubbermint owns it all.

Lie upon lie. Alice is in Disneyland and all's well with the world.

How smoothly the robo-signing story hit the back-burners. Pretty clear who will be left holding the bag here.

From the did-it-happen-did-it nto speech by James Trafficant:

"

Prior to 1913, most Americans owned clear, allodial title to property, free


and clear of any liens or mortgages until the Federal Reserve Act (1913)
“Hypothecated” all property within the federal United States to the Board of
Governors of the Federal Reserve, -in which the Trustees (stockholders) held
legal title. The U.S. citizen (tenant, franchisee) was registered as a
“beneficiary” of the trust via his/her birth certificate. In 1933, the
federal United States hypothecated all of the present and future properties,
assets and labor of their “subjects,” the 14th Amendment U.S. citizen, to
the Federal Reserve System.

In return, the Federal Reserve System agreed to extend the federal United
States corporation all the credit “money substitute” it needed. Like any
other debtor, the federal United States government had to assign collateral
and security to their creditors as a condition of the loan. Since the
federal United States didn’t have any assets, they assigned the private
property of their “economic slaves”, the U.S. citizens as collateral against
the un-payable federal debt. They also pledged the unincorporated federal
territories, national parks forests, birth certificates, and nonprofit
organizations, as collateral against the federal debt. All has already been
transferred as payment to the international bankers."

ORI

http://aadivaahan.wordpress.com/2010/11/18/enchanted-mesmerized-en-chained/

Tue, 05/17/2011 - 09:00 | 1282477 High Plains Drifter
High Plains Drifter's picture

that's right ORI , like our cars, we never own our homes even if they are paid off. all houses have a state lien against them for government debt. of course most americans don't understand this, but whatever. if anyone thinks they own their houses, then have them stop paying their property taxes and see what happens.  actually, we just rent. real home ownership in this country died a long time ago , somewhere in the marxist fog of american politics and the perfidy of elected officials not doing things in our best interest.

Tue, 05/17/2011 - 09:07 | 1282504 Oh regional Indian
Oh regional Indian's picture

So true HDP. It has been a chimera state for over a century and a bit now for sure. Ever since they let the bankers back in 1860 something and then declared bankruptcy in 1933 and the bankers took over.

1913 was just the sound of the gate clanging shut.

ORI

Tue, 05/17/2011 - 09:15 | 1282539 LawsofPhysics
LawsofPhysics's picture

Exactly.  Of course, when is all goes to shit and the dollar is worthless.  All bets are off, the second amendment remains largely intact, but sorely misunderstood.

 

Just think of all those people living rent free right now.  Possession remains 9/10ths of the law.  When it all collapses, possession will be the law.

Tue, 05/17/2011 - 09:24 | 1282579 pazmaker
pazmaker's picture

+10000  correct HPD .....an in many places try putting up a shed or a small building on "your" property without getting big brother's(local government) permission and see what happens.

Tue, 05/17/2011 - 09:27 | 1282593 LawsofPhysics
LawsofPhysics's picture

Just did it.  No law enforcement to police the suburbs much less my 80 acre track.  Down to a skeleton crew in the "burbs" already.

Tue, 05/17/2011 - 10:01 | 1282674 Dr. Richard Head
Dr. Richard Head's picture

I am finding this out myself.  The local government write these "codes" but usually lack the resources to oversee compliance and the enforce accordingly.  Withdrawal of consent has been a nice theme of mine over the last few years and it has been suprising to me that the "officials" seem to not notice - that is until they do.  I still wait for that day to happen and will deal with it when it comes.

Tis better to ask for forgiveness then to beg for permission. 

I used to be a conspiracy guy until I realized that the government is not all knowing and all seeing.  Most people get in trouble over these codes because they piss off their neighbors and the neighbors turn that person in for some arbitrary bullshit.  I am not saying that there aren't cases of government breathing down our necks, as there are indeed situations and examples that can be cited.  What I am saying is at the end of the day enforcement of these "codes" is usually the exception and not the rule.

Fuck them and their code enforcement.  I play with the police over this issue on traffic enforcement quite regularly as well - http://www.youtube.com/user/ShakedownR3volution?feature=mhee#p/a/u/1/443LDl7sy9s

Tue, 05/17/2011 - 10:35 | 1282879 FreeNewEnergy
FreeNewEnergy's picture

better to ask for forgiveness then to beg for permission.

+1000

Had my assessment lowered from $124,000 to $82,000 for current year. The assessor actually called to explain that the assessment will be reviewed in the fall to see if I have made repairs, the implied but unspoken message was that when repairs are actuated, the assessment will proceed higher.

I wanted to tell her I planned on taking down part of the structure to reduce the assessment even more, but held my tongue. She's a fat, aging bureaucrat who's probably more concerned with her paycheck and pension than she is with the fiscal realities of our little suburban enclave.

I mean, the whole nature of assessments is backwards. Making improvements to your home leads to permanent tax increases on the property, a true disincentive to progress, economics and an overall higher standard of living. Property tax laws must be reconfigured to assess land only and allow for the unfettered improvement by land owners that does not result in increased taxes.

Besides, Dr. Head is correct. These tin-horn bureaucrats don't have the manpower to effectively enforce their regulations. Taxes in the USA have become a burden to most and a massive disincentive to prosperity.

Want to build? Pay. Want to improve? Pay. Start a business? Pay.

Fuck them all.

Tue, 05/17/2011 - 10:44 | 1282924 Dr. Richard Head
Dr. Richard Head's picture

I wish I could find the story, but was unable to.  Long story short, the assessment cannot take place when certain things are going on in the house - aka drywall torn down.  I can't remember all ofthe details, damnit, but this guy basically tore down sections of drywall when he knew the assessments were coming. It had a two-fold effect of the auditor not being able to assess the home and the assessment that was sitting on the house was downgraded or something since the house was "in repair".  If I find it the story I will launch it up here.

Joke them if they can't take a fuck - Robin Williams.

Tue, 05/17/2011 - 11:20 | 1283070 Abiotic Oil
Abiotic Oil's picture

I finished a major addition to my property over the summer.  About $8000 in permitting fees to build something on my deeded property I own free and clear.  Obviously though I do not hold allodial title.

My neighbor added a retaining wall on a river bank without a permit and is now over $50k fighting the county on it.

Speaking relatively I did great at $8k and no gunfire.

Tue, 05/17/2011 - 10:50 | 1282952 pazmaker
pazmaker's picture

I agree L of P   but sometimes they look at satelite images for any new structures...they found a chicken house I put up that way!

Tue, 05/17/2011 - 11:43 | 1283167 DeadFred
DeadFred's picture

Yes but in the perfect police state all things are illegal. That way if they want to get YOU they always can. They don't really care if you have a new building, but they do care that they have the ability to control you if they choose. That skeleton crew is enough to take out one at a time. The game is lost to them only when they have to deal with many more than one at a time. That time is not here yet. If they reform their ways it will never get here. We can hope but don't hold your breath.

Tue, 05/17/2011 - 09:21 | 1282569 pazmaker
pazmaker's picture

ahhh good ole James Trafficant....The man was right!!!  thats why they railroaded him out!

Tue, 05/17/2011 - 09:32 | 1282605 Oh regional Indian
Oh regional Indian's picture

Too true. It's the fate of all truth-tellers. Keel-hauling.

ORI

Tue, 05/17/2011 - 10:30 | 1282875 High Plains Drifter
High Plains Drifter's picture

you can always tell when a man is a man. one way is when he refuses to compromise on his defense against silly charges made against him and therefore he is sent to prison for 7 years because of it. what was the charge?  using his congressional aids on his ranch even though they liked working on his ranch and got all the free food and beer they wanted. the charges were bullshit. this man was a embarrassment to them and they wanted him punished. so any man that has spent time in the klink and has refused to bow the knee, can, in my humble opinion be trusted. now then, has ron paul ever been to prison? 

Tue, 05/17/2011 - 12:27 | 1283381 Oh regional Indian
Oh regional Indian's picture

Good Question HPD.

ORI

 

Tue, 05/17/2011 - 08:54 | 1282461 High Plains Drifter
High Plains Drifter's picture

This is all noise, noise NOISE! I do not believe we are heading into the abyss or that a looming US debt crisis is upon us.

Leo Kolivakis

Tue, 05/17/2011 - 08:58 | 1282463 Cassandra Syndrome
Cassandra Syndrome's picture

Quadruple Bitchez

Tue, 05/17/2011 - 09:04 | 1282465 firstdivision
firstdivision's picture

I fail to even see where the first dip ended, and the second one began.

 

"An EBT card in every wallet, and a bulldozer for every forclosed home" - Ben Bernanke

Tue, 05/17/2011 - 08:55 | 1282466 lizzy36
lizzy36's picture

So Balls to the Walls was what 5-6 yrs early on the Home Builder. Averaging down is a very strong investment thesis. 2/20 indeed.

Paging "Math Man"........

Tue, 05/17/2011 - 09:32 | 1282607 Cognitive Dissonance
Cognitive Dissonance's picture

For some reason he responds to Meth Man. It must be the drugs.

Tue, 05/17/2011 - 10:26 | 1282852 Texas Gunslinger
Texas Gunslinger's picture

Such a disappointment, CD and lizzy, to see you two join the sour grapes party. 

Why is everyone so critical of MathMan when he was the only one on this forum who correctly called the silver collapse? To see more credible participants of ZH like lizzy and CD join in the harassment, makes me think the willful ignorance at ZH runs deeper than the carnival barking, redneck metal-bugs who vitiate the comments section on a daily basis. 

When silver was in the upper $40s, NO ONE on this forum believed it would fall to the lower $30s within a week - NO ONE!, except MathMan.  That was an incredibly ballsy call and he should be given his credit due, rather than continually berated for being the only one right.

There seems to be such an emphasis on keeping the obsessive groupthink at ZH intact, rather than exposing the truth if it conflicts with the sensitivities of the ZH goons.  In my humble opinion, pandering to the doomer, conspiracy-obsessed wingnuts subtracts from the credibility and potential of this once great site.

 

 

 

Tue, 05/17/2011 - 10:37 | 1282910 mayhem_korner
mayhem_korner's picture

Silver was $18 last fall.  It's now $33 on Comex.  Online dealers are selling lots for ~$35 with 3-5 weeks delivery.  Instantaneous delivery is something different.  The paper market was manipulated down.  But physical holders are not giving up their goods:

http://www.caseyresearch.com/cdd/silver-market-defined-lack-supply

The market did not collapse.  DXY was 88 a year ago and now has come up for air at 76.  Is that a bull run?

Go back to your sister's closet Texas ChimpSpanker.

Tue, 05/17/2011 - 11:54 | 1283245 Texas Gunslinger
Texas Gunslinger's picture

Your post is, once again, utterly idiotic.

physical holders are not giving up their goods.....  3-5 weeks for delivery......

So you're part of the silver shortage cult?  Just because a few silver goons in isolated one-horse towns can't get enough maple leafs from their favorite coin dealers, doesn't mean there's a silver shortage.  Retail supply from specific online stores is absolutely meaningless, when measured against the true silver market as a whole. 

You want silver supply?  Nearly 8 billion ounces of silver exchanged hands the week of April 25th, which is 7.5 years of supply.  That's almost $400 billion worth. You can convert as much paper into physical silver as you want, and so can Sprott despite his claims to the contrary. 

The coin selection at Wilbur's Armageddon Coin Store means less than nothing. 

And yes, a 30% decline in a few days is a collapse - a total washout.   

Tue, 05/17/2011 - 12:27 | 1283380 mayhem_korner
mayhem_korner's picture

Nearly 8 billion ounces of silver exchanged hands the week of April 25th, which is 7.5 years of supply.  That's almost $400 billion worth.

Gee Mr. two plus two equals five.  What price per oz would make 8 billion oz equate to $400 billion? 

...and why do you go to the pre-"collapse" (your words, not mine) period to try to make a point?

Take your time...it may require more than two synapses firing at once to become coherent.

And I'm still waiting for your answer on the DXY.

Clown.

Tue, 05/17/2011 - 12:54 | 1283465 Texas Gunslinger
Texas Gunslinger's picture

$46 (average price near April 25th) X 8B ounces = $368B, which is nearly $400B as I stated. 

Is that simple enough for you?

...and why do you go to the pre-"collapse" (your words, not mine) period to try to make a point?

If you believe all the silver shortage bullshit (which you seemingly do), then this period would be even more relevant/credible because that's when the "silver shortage" propaganda was the thickest.  

I have no idea what sort of point you're trying to make with the DXY. I never mentioned anything about a dollar bull run. 


Tue, 05/17/2011 - 13:15 | 1283559 mayhem_korner
mayhem_korner's picture

So why support an argument about silver in the $30s with a reference to when it was in the $40s?

I'm just pointing out some of your endless inconsistencies, that's all.  The DXY being in a bull run is just as silly as the notion that silver has collapsed.  That's why I brought it up.

Anyway, Einstein, if you ever have an original perspective to share, I'm all ears.

 

Tue, 05/17/2011 - 16:24 | 1284507 RockyRacoon
RockyRacoon's picture

If you believe all the silver shortage bullshit...

You will burn in hell for such trash talking.   Coming from a man of The Word!  This is unacceptable.

Tue, 05/17/2011 - 11:00 | 1282982 Cognitive Dissonance
Cognitive Dissonance's picture

First off for someone who has been here for 3 weeks, to comment about my past is silly. You can claim prior existence here on ZH all you want, but from a length of time on ZH credibility point of view, only your time registered means anything. I have been calling him Meth Man since the first day he showed up here. But of course you weren't around for that.

And my essays have consistently discussed avoiding herd mentality and the dangers of not seeing all sides. So wag your finger elsewhere or stick it where the sun don't shine.

Finally Meth Math is a troll. No more, no less. And a one message troll at that. If you mean Meth Man called the 'top' in Silver because he said the same thing for months on end then yup, that blind squirrel did finally find the nuts. His nuts....which were repeatedly handed to MethMan by many here on ZH.

Only in hind sight will we see if Silver has "topped". Considering that the money printing has not stopped, any correction in the PMs are simply the pit stop to higher prices. I'm not a believer in PMs as much as I'm a believer in the destruction of fiat currency by exponential printing.  

Tue, 05/17/2011 - 11:35 | 1283141 Texas Gunslinger
Texas Gunslinger's picture

I have been calling him Meth Man since the first day he showed up here.

Exactly!  And therein lies your guilt - berating him from "day one" because he arrived on the scene with a message different than everyone else.  If you admit to slinging arrows at him from day one, what does that say about your various warnings of herd mentality?  WIth regard to sheep mentality, you seem just as guilty as everyone else, which is strangely ironic for someone who writes essays on "the dangers of not seeing all sides."

Personally, I find MathMan's opinions to be a refreshing balance to all the perma-bullish PM lunacy that is spewed around here - much of it distorted and/or dishonest. If MathMan was a tad early, who cares? I find his posts completely necessary if this site desires to have any balance whatsoever.  You, by your own admission, berated him from "day one", and that doesn't do much for your warnings of herd mentality, nor does it do anything to encourage balance.

If you want to be a credible contributor, don't be part of the goons, goofballs and gunslingers.    

Tue, 05/17/2011 - 12:14 | 1283332 Loose-Tools
Loose-Tools's picture

For a person, such as yourself, preaching "balance", you certainly come off sounding very biased. I think your only motive is to attack.

Tue, 05/17/2011 - 13:26 | 1283593 mayhem_korner
mayhem_korner's picture

+1

BUT...Most horrific avatar ever.  Nearly put my eye out.

Tue, 05/17/2011 - 11:48 | 1283208 j0nx
j0nx's picture

What? Silver is in a bubble and everyone here knows it. Bubbles pop and when they pop they usually pop hard and fast. Of course we all knew it would. Mathman is no savant. He said nothing that I haven't been saying for months to friends and family, etc. I'll pick up 100oz when it hits the mid 20's but until then my money is better spent on other things that will provide REAL value when SHTF.

Tue, 05/17/2011 - 08:55 | 1282467 AGORACOM
AGORACOM's picture

Though I criticize American masses for their ignorance of the financial markets and potential impact on their lives, I do admit they are very in tune with the real estate market and refuse to get sucked into its manipulated prices.  They understand shadow inventory very well and have decided to sit on the sidelines until the charade ends.

Banks now have very little choice but to let real estate take its natural course.  Otherwise, they risk sitting on this stuff for years.

It's about time.  Distressed assets are meant to move from weak hands (fiscally stupid people) to strong hands (fiscally responsible people).

George ... The Greek ... From Canada

Tue, 05/17/2011 - 09:08 | 1282513 Conrad Murray
Conrad Murray's picture

Don't want to be a downer, but the average American's eyes would glaze over and drool would ooze down at least two of his or her chins if you mentioned shadow inventory. We are broke, in debt up to our eyeballs for shit that is dropping in value, and being fucked every which way by the political puppets and their banker masters. We bail out the Wall Street terrorists and support the MIC on never-ending crusades abroad while ~43 million people are on food stamps.

The average American isn't avoiding buying because he or she knows anything, or even because there is a general suspicion prices will continue to fall. The average American isn't buying because a job that used to pay $20/hr now pays $12/hr. That $20 that used to fill the tank, now only gets it a quarter of the way. The $100 for groceries...well, you get the idea.

Tue, 05/17/2011 - 09:21 | 1282564 LawsofPhysics
LawsofPhysics's picture

So what.  Possession remains nine tenths of the law.  Think of all those morons living "rent free".  Perhaps ignorance is bliss.  When it all goes to shit and there are NO taxes to collect, possession will be the law.

Tue, 05/17/2011 - 10:44 | 1282921 FreeNewEnergy
FreeNewEnergy's picture

Hey, I'm one of those "morons" jerkwad, and living in a foreclosed upon property isn't exactly "rent free." There are taxes, maintenance, repairs, utility bills, court appearances, lawyer fees (for some), and you have no equity, period, none.

So it isn't exactly a bed of roses, though I will be the first to admit, acting like the house is free and clear does have its advantages. The neighbors think I'm upstanding as I keep the lawn mowed and the shrubs trimmed. I am a benefit to the community because otherwise, this house would have been empty for nearly two years and likely would have become an eyesore and a blight on the community, in addition to lowering RE values for adjacent properties.

Be careful who you call names. Some of us might be smarter than you think.

Tue, 05/17/2011 - 12:02 | 1283275 j0nx
j0nx's picture

WTF are you paying taxes and maintenance fees on a FC home?? If/when I dump my house the only thing I'm paying is my condo dues so I can continue to park in front of my townhouse without getting my car towed away and any repairs that absolutely need to be repaired. Everything else can suck it particularly taxes since they are not bound to the owner, only the home. Most taxes are escrowed into your mortgage payment anyway so if you're paying them then you must be writing a personal check to your municipality for them and I can only boggle my mind trying to figure that one out. It will be many years before I break even on the house that's shackled to my feet if I decide to stay. If the market doesn't pick up soon then I need to act next year before the debt forgiveness act of 2007 expires.

Tue, 05/17/2011 - 13:52 | 1283706 AGORACOM
AGORACOM's picture

I agree that lower paying jobs, higher fuel, etc. are also playing a big role ... no dobut.

On the other hand, though they may very well not be aware of the term "shadow inventory", they know full well the real estate market is a fairy tale and they aren't buying into any Kool-Aid to the contrary ... no matter how low the Fed keeps interest rates.

Either way, I'm looking forward to reality setting in with the banks and finally getting an opportunity to buy real estate at depressed prices.  It will reward fiscally responsible people, end the farce and get real estate back on the road to recovery.

Let's hope it happens sooner than later.

George ... The Greek ... From Canada

 

 

Tue, 05/17/2011 - 09:01 | 1282480 Sherman McCoy
Sherman McCoy's picture

So, I guess if your a high school drop out whose only skill is swinging a hammer, your screwed. Why should anybody else care? I'd venture a guess that France can only dream about having 500,000 housing starts, so it looks like we're still doing better than the EYE-ro-pee-ons. Last time I checked, the market was up. How up? UP! Nice academic post though. I'lll use it at the next cocktail party i go to.

Tue, 05/17/2011 - 09:17 | 1282558 hack3434
hack3434's picture

Why should anybody else care? 

 

Uhhh...because banks own a crapload or real state. Never forget that YOU and YOUR children will pay for any recurred losses.  

Tue, 05/17/2011 - 09:23 | 1282567 LawsofPhysics
LawsofPhysics's picture

So what.  possession remains nine tenths of the law.  When it all goes to shit and there are NO taxes to collect, possession will be the law.  Think of all the idiots living rent free already.  Yeah, come get us all you jew bank mother fuckers.  Now things get interesting.

Tue, 05/17/2011 - 10:45 | 1282943 FreeNewEnergy
FreeNewEnergy's picture

OK, Laws, maybe we agree, but calling people who are doing what they need in order to survive the calamity created and furthered by the banks idiots and morons is not constructive.

Hell, call them squatters or survivors, because those terms are fitting and possibly even flattering.

Tue, 05/17/2011 - 09:18 | 1282561 Josh Randall
Josh Randall's picture

Hey Sherm - it's "you're" NOT "your" - maybe YOU'RE the Dropout Mr. Grammar

Have a heart, some of these folks are in dire straights and need help

Tue, 05/17/2011 - 09:29 | 1282603 Clinteastwood
Clinteastwood's picture

dire straits

Tue, 05/17/2011 - 09:57 | 1282678 ZakuKommander
ZakuKommander's picture

Money for Nothing:

Now look at them yo-yo's that's the way you do it 
You play the guitar on the MTV 
That ain't workin' that's the way you do it 
Money for nothin' and chicks for free 
Now that ain't workin' that's the way you do it 
Lemme tell ya them guys ain't dumb 
Maybe get a blister on your little finger 
Maybe get a blister on your thumb 

We gotta install microwave ovens 
Custom kitchen deliveries 
We gotta move these refrigerators 
We gotta move these colour TV's

Tue, 05/17/2011 - 09:41 | 1282637 ElvisDog
ElvisDog's picture

You know what are great jobs these days and are accessible to high school dropouts? auto mechanic, plumber, electrician. Those "hammer swinging" type jobs will serve someone better in the future then that B.S. in International Business.

Tue, 05/17/2011 - 10:50 | 1282955 FreeNewEnergy
FreeNewEnergy's picture

+1 ElvisDog, 100% agree. That's also why buying good tools and machines should be part of everyone's investment strategy.

Tue, 05/17/2011 - 09:02 | 1282486 topcallingtroll
topcallingtroll's picture

Thank god housing starts and permits dropped.

We can now work thru the supply backlog.
We dont need to be building houses into an oversupplied market.

Tue, 05/17/2011 - 09:12 | 1282535 Quinvarius
Quinvarius's picture

I don't know about the whole "thank God" thing.  But reality is reality.  The housing market is oversupplied.  However, I don't think working off the inventory is going to stop the pricing collapse.

Tue, 05/17/2011 - 09:02 | 1282487 DK Delta
DK Delta's picture

There goes the wealth effect

Tue, 05/17/2011 - 09:05 | 1282508 Capitalist10
Capitalist10's picture

At least the homebuilders get it - housing is still headed down for years to come.  The last thing we need is more supply in a market that is awash in foreclosures, short sales and shadow inventory.

Tue, 05/17/2011 - 09:05 | 1282509 mayhem_korner
mayhem_korner's picture

with declines in Northeast and South, and increases in the Midwest and West

The Midwest and West are not houses...they're "bunkers."

BTW, have they resorted to include birdhouses, doghouses, and bathouses in the starts number?

 

Tue, 05/17/2011 - 09:10 | 1282514 RobotTrader
RobotTrader's picture

Home Depot up on its earnings pre-market.

Gold and silver just got obliterated.

TPTB just "whipped" inflation once again!!!

Tue, 05/17/2011 - 09:43 | 1282645 ElvisDog
ElvisDog's picture

Robo, you silly goose, gold is down less than 1%. Hey, why don't you post pictures of scantily-clad women any more?

Tue, 05/17/2011 - 11:10 | 1283024 redarrow
redarrow's picture

Did the guy find religion?

Tue, 05/17/2011 - 10:15 | 1282772 buzzsaw99
buzzsaw99's picture

Yeah, leave the sensationalism to TD.

Tue, 05/17/2011 - 10:35 | 1282883 pazmaker
pazmaker's picture

....and their competitor  Lowes earnings down on weaker 1st quarter sales....

You missed that one Robo!

http://www.forbes.com/2011/05/16/lowes-reports-earnings-dip-cuts-forecas...

 

Tue, 05/17/2011 - 09:11 | 1282524 Caviar Emptor
Caviar Emptor's picture

For movie buffs: "Help! I'm Melting!!!!"

 

To coin a phrase of my own: We're now in a biflationary spiral

 

Tue, 05/17/2011 - 09:14 | 1282525 velobabe
velobabe's picture

yeah so what. erin says, demolish these under water performing homes. hell camping is free, so they say. what a wreck of a country and economy we have right now. so many homeless, including many children and these for sale homes or foreclosed upon, stand empty. i know it just isn't the amerikan way to care for the less advantage people of the state. too bad, cause they are just more normal, then he who can obtain a mortgage. ownership is over rated. be happy to just have a bed and running water.

Tue, 05/17/2011 - 09:20 | 1282560 Oh regional Indian
Oh regional Indian's picture

Ownership is Overrated! Spot on Velo.

Possessiveness is a learned behaviour.

ORI

Tue, 05/17/2011 - 09:26 | 1282572 LawsofPhysics
LawsofPhysics's picture

Yeah, like possession of food and clean water.  What's up with that, don't they know they can just eat those deflating i-pads?   One might argue, rather successfully, that "possession" is a survival skill.

Tue, 05/17/2011 - 09:26 | 1282588 Oh regional Indian
Oh regional Indian's picture

With potentially radio-active "chips", perhaps they ARE good for you, hmmm?

Clean air and water. And the right to grow your won food and make your own dietery choices perhaps? Raw Milk anyone?

Strange mind-set running the world right now.

ORI

Tue, 05/17/2011 - 09:32 | 1282606 LawsofPhysics
LawsofPhysics's picture

"Strange mind-set running the world right now."

I agree.  I just hope they taste like chicken.

Tue, 05/17/2011 - 09:14 | 1282528 jkruffin
jkruffin's picture

Russell 2k rolling over like a dead dog,  that overpriced index is going to collapse big time!

Tue, 05/17/2011 - 16:34 | 1284530 RockyRacoon
RockyRacoon's picture

I guess RobotTrader failed to report that one, so it can't be serious.

Tue, 05/17/2011 - 09:15 | 1282532 Bodhi
Bodhi's picture

Seriously why bother with immigration reform? No houses being built, almost a million people applied to McD's. Can't even collect enough aluminum cans on the highway to buy a 40oz.

Tue, 05/17/2011 - 09:15 | 1282534 mayhem_korner
mayhem_korner's picture

Consensus is that the housing market is -3.6 on the Ugly Meter.  What say you?

-1...unattractive

-2...4 beers & 2 bags

-3...repulsive

-4...nauseating

-5...swamp donkey

-6...butter-eye

-7...species check required

-8...ug-zilla

 

 

Tue, 05/17/2011 - 09:12 | 1282537 Caviar Emptor
Caviar Emptor's picture

if April was bad, guess what the rest of the year will be.....

Tue, 05/17/2011 - 14:42 | 1284019 GreenSideUp
GreenSideUp's picture

Oh no probs.  The fundamentals have changed doncha know.  Spring is no longer the busy season in RE.  And you know, of course, that this spring dip can be blamed on floods, tornados, drought, nuclear fallout or people being glued to the teevee to watch the osama affair, the royal wedding or the birth certificate debacle instead of shopping for houses.  

Besides all that, an economic genius recently told me that rising fuel, food and commodity prices have nothing whatever to do with real estate.  

Sit tight.  The rest of the year will be just fine.  The NAR told me so.  

 

Just in case: < /sarcasm >

Tue, 05/17/2011 - 09:17 | 1282547 Caviar Emptor
Caviar Emptor's picture

Industrial production at 0%!!! Flatline, bitchez!

Tue, 05/17/2011 - 09:19 | 1282556 Boilermaker
Boilermaker's picture

This must be awful!  REITS aren't going to open at new 52 week highs and are actually down pre-market almost 1/4 of a percent!

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