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Less Than Expected 31,000 New Homes Sold In August; Dent "Recovery" Meme

Tyler Durden's picture




 

Moments ago, the Census Bureau released the August new single-family house sales number: at 373,000 on an annualized basis, it missed expectations of a rise to 380,000, and was down from a revised 374,000. This is only the second miss in 2012, and confirms that all talk of a housing recovery is misguided, and merely represents one particular segment of the housing market: that of existing home sales where buyers have all cash, are price indiscriminate, and are willing to take advantage of the NAR's exemptions from anti-money laundering provisions. I.e., US real estate is merely a place to park cash for those who have obtained it using questionable means. Looking at the number on a non-SAAR basis reveals that only 31,000 actual houses sold in August, of which 3,000 in the Northeast: surely a reason to keep on bidding up the builders into the stratosphere: fear not, actual sales will come. Eventually. Finally, and demonstrating that rich buyers focus primarily on dumping money into existing mansions, was the distribution of purchases by price bucket, which showed a (Z), or under 500 houses sold, in the $750,000+ category. This was the first time there was a (Z) in this bucket since February.

Some recovery. 

Eventually the restocking will resume. Just not yet: there are still about 10 million units in shadow inventory, despite the government "data".

 

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Wed, 09/26/2012 - 10:20 | 2831787 Aziz
Aziz's picture

The Unwealth Effect.

Wed, 09/26/2012 - 10:23 | 2831805 Precious
Precious's picture

... about as many were confiscated and bulldozed.

Wed, 09/26/2012 - 10:26 | 2831818 GetZeeGold
GetZeeGold's picture

 

 

Stand up to a tank.....but never pick a fight with a bulldozer - Confucius

Wed, 09/26/2012 - 10:26 | 2831830 ParkAveFlasher
ParkAveFlasher's picture

I think you meant "steamroller".

Wed, 09/26/2012 - 10:29 | 2831842 GetZeeGold
GetZeeGold's picture

 

 

That too - Gandhi

 

Wed, 09/26/2012 - 10:35 | 2831878 JPM Hater001
JPM Hater001's picture

I'm calling shenanigans.  I dont thing Confucious had a problem with tanks.

Wed, 09/26/2012 - 11:34 | 2832163 Dead Canary
Dead Canary's picture

Man who fart in church;

Sit in own pew.

~ Confucious

Wed, 09/26/2012 - 11:06 | 2832014 Tijuana Donkey Show
Tijuana Donkey Show's picture

Not a chinese steamroller..... 

Wed, 09/26/2012 - 10:36 | 2831881 Lost Wages
Lost Wages's picture

I'm surprised Confucius knew of tanks and bulldozers.

Wed, 09/26/2012 - 10:26 | 2831826 MachoMan
MachoMan's picture

At least bulldozing clears some inventory and gets on with the inevitable result of capital misallocation...

Wed, 09/26/2012 - 10:28 | 2831843 CrimsonAvenger
CrimsonAvenger's picture

Ah, the "cash for clunkers" theory.

Wed, 09/26/2012 - 10:34 | 2831855 Dr. Richard Head
Dr. Richard Head's picture

Breaking windows, great depression crop-tilled-over style - BITCHEZ!

The "great" Mayor of Youngstown Ohio won an award by simply bulldozing housing in his hood - http://www.vindy.com/news/2012/jun/07/mayor8217s-goal-500-vacant-houses-demoli/ and was then appointed to the Obama staff regarding auto stimulous - http://www.cleveland.com/open/index.ssf/2011/07/youngstown_mayor_to_be_named_w.html

Cash for clunkers, till under the crops, and destroy cheap housing.  This is definitely a recorvery.

Wed, 09/26/2012 - 10:30 | 2831851 Bay of Pigs
Bay of Pigs's picture

Raze the city?

Okay, lets start with Detroit.

Wed, 09/26/2012 - 11:12 | 2831899 JPM Hater001
JPM Hater001's picture

An unsettling haze ruled that morning as General Obama approached the city.  His overlords made this city what it was and now they wanted it gone.  The evidence of their disease had spread and now no one must see the end result.

No one.  And that meant everyone had to die.

General Obama smirked.

 

Thu, 09/27/2012 - 04:05 | 2834677 Colonel Klink
Colonel Klink's picture

BUZZ!  Starting with Washington DC would be more beneficial to the country.

Wed, 09/26/2012 - 10:36 | 2831883 Arnold Ziffel
Arnold Ziffel's picture

Bulldozing? You gotta be kidding. They are building over 4,000 down the road from me depsite houses now on the market in the area for less then $55 psf ...sitting there for 180 days or longer !

It defies common sense. Who is financing this cr*p? Shadow inventory is now over 9,000,000 and these folks are just adding to it.....

Wed, 09/26/2012 - 11:19 | 2832099 MachoMan
MachoMan's picture

We are financing this crap...  welcome to the party.

Wed, 12/26/2012 - 06:18 | 3095841 Jeelan
Jeelan's picture

As potential landlords figure out that every prospective tenant is an indigent, the low end will lose its bid in favor of more formerly middle income/starter type homes that have low maintenance.composite door

Wed, 09/26/2012 - 10:23 | 2831806 GetZeeGold
GetZeeGold's picture

 

 

Didin't see it coming.....didn't expect it.

 

Well.....this sucks.

 

Wed, 09/26/2012 - 11:08 | 2832025 Snakeeyes
Snakeeyes's picture

Good one. But what kind of a rally where median home sales price falls for most lower and middle income houses, but rises for high-end homes (like DC and NY area)? So Fed policy beenfits Wall Street and DC hogs?

http://confoundedinterest.wordpress.com/2012/09/26/new-home-sales-fall-slightly-median-new-home-sales-rise-for-500k-750k-homes-mortgage-refi-index-rises-again/

Wed, 09/26/2012 - 10:21 | 2831788 LongSoupLine
LongSoupLine's picture

but, but NAR said...

Wed, 09/26/2012 - 13:08 | 2831823 Precious
Precious's picture

... compared to the same weekend last quarter, sales were up 20%.

Wed, 09/26/2012 - 10:24 | 2831814 IridiumRebel
IridiumRebel's picture

My house is on the market to sell....this pom pom shit is getting old. Housing is dead and will not come back just like "Merica! I am doing what I can to get my household prepped, hence selling the house that will be under water in a year if I do not sell it NOW. The only good news about these cheerleader MSM pushes is that it may make some sucker buy my house. Wish me luck. 

Wed, 09/26/2012 - 10:41 | 2831846 MachoMan
MachoMan's picture

Just depends on where  you are in the market.  At present, shanties are getting mercilessly bid up under the premise that renting to indigent crackheads pays ~10% (with a government backstop of course), which is greater than granny can get on a CD.  Now, this is simply a function of where we are in shedding our denial (not very far).  As potential landlords figure out that every prospective tenant is an indigent, the low end will lose its bid in favor of more formerly middle income/starter type homes that have low maintenance (which during this period should slightly decrease in value, although may catch plenty of bids from downsizing and those who have been forced to deleverage).

Wed, 09/26/2012 - 10:31 | 2831854 ParkAveFlasher
ParkAveFlasher's picture

Luck won't matter if the bank won't loan. 

Wed, 09/26/2012 - 10:34 | 2831870 IridiumRebel
IridiumRebel's picture

Hence, why I need luck captain optimistic. Ya know.....cuz no one is lending any fucking money?

Wed, 09/26/2012 - 10:43 | 2831914 Bay of Pigs
Bay of Pigs's picture

Stop paying your mortgage and save your cash for renting after they boot you in two or three years.

Save yourself Rebel, help isnt coming.

Wed, 09/26/2012 - 12:08 | 2832355 IridiumRebel
IridiumRebel's picture

I'll rent the SOB first and convert it into a 5 bedroom rental and make a grand a month before that. I just do not want to have to resort to that and deal with the Hand-outians who's rent is consistently late and I have redo all of the walls from thick KOOL smoke and beer soaked floors. 

Wed, 09/26/2012 - 20:24 | 2834155 Mr. Fix
Mr. Fix's picture


IridiumRebel,

I have been trying to return your Howdy to me for a couple of weeks now.

 Apparently, there is no way to send a personal message here on Zero Hedge.

 I spend a lot of time on a website called TF metals now,

 there is a link on the left side of this page,

 I sincerely hope that you stop by and say hi,

 I can't get into MarketWatch at all anymore.

(Banned for life, and I think they know my IP number.)

 You might find some more friends then me on Turd Fergusons site.

 Hope I see you there someday.

 

I have the same name and avatar there as always,

 if you sign up, I will find you, and say hi,

 if you look for me, it will be easy there.

 

 In the meantime, I hope you are well, and just keep stacking!

Wed, 09/26/2012 - 10:48 | 2831943 MachoMan
MachoMan's picture

Not really.  Price according to your market (i.e. give the appraiser some wiggle room to give the buyer a valuation that meets your asking price and then some), pay the buyer's closing costs, and allow them to sign a contract with a de minimis down payment.  If there is any competition in your price range in your locale, then your house had better be perfect and all of your shit (if you're living there) needs to be moved.  If all else fails, you can try a differentiation strategy by adding some amenities not seen in your price range (e.g. solid surface counters, backyard pergola, etc.).  Obviously any updates that you do come at huge risk (some more than others), given your prospective buyers may not appreciate the changes and, thus, don't want to pay for them.  Of course, if this allows you to sell the home quicker and avoid an avalanche of losses, then it may be the better choice.  Who knows.

You also might want to pack up shop and keep the home off the market until the buying season starts back in earnest...  if a house has been on the market for a while without many nibbles, prospective buyers a few months from now are going to start wondering what's wrong with your house.  Think blitzkrieg.  (remember, if you swing and miss, places like zillow are going to catalog your previous asking prices).

Wed, 09/26/2012 - 11:02 | 2831994 ParkAveFlasher
ParkAveFlasher's picture

You need to price your offering correctly, and see if there is any reason to move into your neighborhood, and that has nothing to do with luck.  Why did you move there?

The only houses moving by me (Maspeth, Queens) are bought up by immigrant Poles, I suppose the nearby Polish/Slavic Credit Union has something to do with.  These are working people who seem to have either money or loans to gut renovate, or do as I did, gut renovate themselves.  I haven't seen the sell prices there because they haven't yet posted to Zillow. 

Wed, 09/26/2012 - 12:04 | 2832348 IridiumRebel
IridiumRebel's picture

We live in lovely Fairfield CT......home of the laid off banker. We are in a middle class neighborhood so these folks are getting raped economically so naturally they have no ability to buy. 'MERICA~!

Wed, 09/26/2012 - 13:00 | 2832623 ParkAveFlasher
ParkAveFlasher's picture

The suburbs have it toughest.

Wed, 09/26/2012 - 20:25 | 2834160 Mr. Fix
Mr. Fix's picture


IridiumRebel,

I have been trying to return your Howdy to me for a couple of weeks now.

 Apparently, there is no way to send a personal message here on Zero Hedge.

 I spend a lot of time on a website called TF metals now,

 there is a link on the left side of this page,

 I sincerely hope that you stop by and say hi,

 I can't get into MarketWatch at all anymore.

(Banned for life, and I think they know my IP number.)

 You might find some more friends then me on Turd Fergusons site.

 Hope I see you there someday.

 

I have the same name and avatar there as always,

 if you sign up, I will find you, and say hi,

 if you look for me, it will be easy there.

 

 In the meantime, I hope you are well, and just keep stacking!

Wed, 09/26/2012 - 20:27 | 2834161 Mr. Fix
Mr. Fix's picture


IridiumRebel,

I have been trying to return your Howdy to me for a couple of weeks now.

 Apparently, there is no way to send a personal message here on Zero Hedge.

 I spend a lot of time on a website called TF metals now,

 there is a link on the left side of this page,

 I sincerely hope that you stop by and say hi,

 I can't get into MarketWatch at all anymore.

(Banned for life, and I think they know my IP number.)

 You might find some more friends then me on Turd Fergusons site.

 Hope I see you there someday.

 

I have the same name and avatar there as always,

 if you sign up, I will find you, and say hi,

 if you look for me, it will be easy there.

 

 In the meantime, I hope you are well, and just keep stacking!

Wed, 09/26/2012 - 10:25 | 2831816 rsnoble
rsnoble's picture

Even if there had been more sold it's still not a real recovery as it's just investors buying them and turning the US into a nation of renters. Gona be hard for min wage employees to afford $1k rent, better have 5 families in each one.  The new mega-slumlords.

Wed, 09/26/2012 - 10:59 | 2831983 MachoMan
MachoMan's picture

Exactly.  A lot of people are jumping in the water with the expectation that rents are going to increase in perpetuity.  The simple fact is that rents, like home prices, are simply a function of wages (although, this can be offset or goosed through foreign investment, as stated by the Tylers).  With wages taking a big shit and not expected to get off the pot any time soon, rents are naturally going to decrease.

I live in one of the best economies in the country (anecdotal) insofar as diversity of income, natural resources, cost of living, housing overhang, etc.  And $1k/mo. rent is basically top of the mark.  Much past this and the people can afford to purchase a house and/or obtain a home loan.  As a result, there is a hard ceiling on the amount of rent you can charge, simply because you're up against 3.5% mortgage rates (or lower).  You get the "why would I waste my money on rent?"  [never actually sitting down and doing the math that quite a few rents are actually cheaper than the real cost of ownership, but I digress].    

Now, the flip side of the coin is that, at present, you can pretty much pick up anything @ a 10% CAP rate.  There is a lot of wiggle room before it's as bad of a yield as a CD, et al.  Obviously decreasing prices have to be factored in, as well as inflation...  but some people simply prefer a little more... tangible assets, despite the locale's ability to tax the shit out of them (not like uncle sugar is any less tax prone). 

Wed, 09/26/2012 - 11:00 | 2831989 Arnold Ziffel
Arnold Ziffel's picture

"jobless recovery"

Wed, 09/26/2012 - 11:05 | 2832007 j0nx
j0nx's picture

Yup. I call it the Manassas Park effect. That very same thing happened here about 4 years ago. My neighborhood of 100 homes is at least 50% section 8 renters now if I had to make a guess. Finding any accurate information out as to how many are section 8 is difficult though because they make it intentioanlly difficult for that reason. Crushed home values here though as well as created many association violations that the association just gave up on enforcing. Once the homes slide into foreclosure then it's only a matter of time before the investors buy up the homes and rent them out. Once that happens then it's over.

Wed, 09/26/2012 - 10:25 | 2831819 j0nx
j0nx's picture

Always with the hate Tyler. Can't you see that this recovery is in full swing regardless of what you might think...aww hell, I'll leave the trolling to MDB.

Wed, 09/26/2012 - 10:27 | 2831834 Crabshacker
Crabshacker's picture

You didn't build that! Somebody else built....well,maybe not so much.

Wed, 09/26/2012 - 10:27 | 2831836 Debtonation
Debtonation's picture

But Alan Greenspan said the government should buy up homes and burn them to the ground to raise prices.

Wed, 09/26/2012 - 10:33 | 2831864 ParkAveFlasher
ParkAveFlasher's picture

The local govts. probably couldn't afford the carbon offsets to torch 'em.

Wed, 09/26/2012 - 10:43 | 2831916 strayaway
strayaway's picture

The federal government is expanding into building codes concerning lead paint in older homes and energy efficiency. This could make tearing down one's house cheaper than bringing it up to code and lead to a shortage of housing if done right. Code rehabilitations have already been helpful in reducing the housing stock in places like Detroit and Flint.

Wed, 09/26/2012 - 11:06 | 2832016 ParkAveFlasher
ParkAveFlasher's picture

Right.  Don't replace the window, or put up insulation, just replace the whole house.  THAT MAKES SENSE>

Wed, 09/26/2012 - 10:50 | 2831951 docj
docj's picture

Worked wonders on food prices for FDR during the 1st Great Depression, didn't it?

http://mises.org/freemarket_detail.aspx?control=355

Wed, 09/26/2012 - 10:28 | 2831841 Dr. Engali
Dr. Engali's picture

It's only going to get worse. The only houses moving around here are the 50 to 60k houses. Anything over 100k is just sitting...there are too many to choose from.

Wed, 09/26/2012 - 11:05 | 2831980 dwdollar
dwdollar's picture

Yep... 90k is about the limit for anyone making the new median wage AND that's IF they have zero debt. Beyond that you need to have a down payment. So... how many young people are debtless and have +10k they can put down on a house? LOL...

Wed, 09/26/2012 - 11:07 | 2832021 ParkAveFlasher
ParkAveFlasher's picture

Can I ask what general area are you guys referring to?

Wed, 09/26/2012 - 11:10 | 2832038 dwdollar
dwdollar's picture

OKC metro here... We are looking to close on our first home in Oct. for 68.4k (including closing costs).

Wed, 09/26/2012 - 11:12 | 2832058 ParkAveFlasher
ParkAveFlasher's picture

Good luck.  Seriously, what are the details - I like to see what I can get if I can move.

Wed, 09/26/2012 - 11:20 | 2832087 dwdollar
dwdollar's picture

Thanks. I doubt we got a great deal. It's just what we could afford... Small brick exterior ranch-style house (1025 sq. ft. including garage) built in the 60's. Unemployment here is relatively low thanks to the energy sector and Tinker, AFB. I don't know if this is the best place to be when SHTF.

Wed, 09/26/2012 - 11:32 | 2832141 MachoMan
MachoMan's picture

You probably didn't get a good deal in that price range...  but at least you don't have a lot of water to tread with a $60k mortgage...  hell, the real cost (e.g. maintenance, taxes, insurance, etc.) is probably ~$400/mo. after factoring in the mortgage interest deduction...

The best deals are to be had above the level where houses no longer move...  here, that's about ~$150k (3/2 1500 sq ft, new construction).  Because of the push for cheaper housing, you get these really, really skewed value levels close to the price point where houses no longer quickly sell.  Where, for example, an extra $20k (nothing amortized @ 30 years) here gets you significantly more acreage, sq. ft., quality of construction, nicer amenities, etc.  In the end, there aren't any deals (price discovery is obfuscated), but there are relatively good deals.  An extra $50k here probably wouldn't yield anything materially nicer or more useable.

At some point, things might get so screwed up that there is basically a single price (tight range) for housing...  you want that mansion?  Well, it's similarly priced to the starter home...  hope you can cover the electric bill and maintenance.  These things tend to work through though like a snake...  as the top end is finally allowed to deleverage, it will push the prices down on the low end simply on a relative basis (house for the money. $/sq. ft, etc.). 

Wed, 09/26/2012 - 11:34 | 2832185 ParkAveFlasher
ParkAveFlasher's picture

It's probably the best place to be. 

The Teflon Don John Gotti's funeral was at a funeral home in my town.  My family tries to kid me about my mafia neighbors, but I tell them that it's 10x better than having cops.  Experience has proven this out.  Now, my brother lives next door to a police officer who has taken to midnight drunken raids of my bro's pool.  You don't see that kind of thing in my neighborhood.

Point is, I would rather be nestled under the dragon's belly than staring him in the face.

Wed, 09/26/2012 - 19:45 | 2834063 kekekekekekeke
kekekekekekeke's picture

I'm in the area too.  Sometimes consider being a first-time home owner but content with renting for now.  Good for you for getting a deal though

Wed, 09/26/2012 - 10:29 | 2831844 unionbroker
unionbroker's picture

Renta house across from me has 10 cars parked in front of it . That is the future

Fri, 09/28/2012 - 19:48 | 2833619 honestann
honestann's picture

And THAT is just one of many excellent reasons NOT to buy-to-rent today.  There are many other excellent reasons not to buy and rent, including some that are mere generalities... for the moment.  For example, you are a sitting duck for new and raised taxes and regulations to bleed everyone with assets that are registered and cannot be moved out of the USSA.

Wed, 09/26/2012 - 10:30 | 2831847 i love cholas
i love cholas's picture

Where are you pulling shadow inventory stats from?

Wed, 09/26/2012 - 10:31 | 2831852 Arnold Ziffel
Arnold Ziffel's picture

despite all the huffing and puffing... spinning and twisting....NIRPing and ZIRPing .... sales still down?

 

Wait until winter cometh.......and bringeth the internet sales tax of 8-9% and all those ugly city tax increases to cover the Mayors' penisons...and on and on.

Wed, 09/26/2012 - 10:31 | 2831853 docj
docj's picture

Looking at the number on a non-SAAR basis reveals that only 31,000 actual houses sold in August, of which 3,000 in the Northeast

Pardon my silly logic-thing, but wouldn't August be a pretty good month for home selling/buying - the warm, generally nice weather, wanting to get the rugrats into school for the new term, and all that?

Wed, 09/26/2012 - 10:33 | 2831857 balz
balz's picture

I think you should make a graph dividing those number by US population. 300,000 homes on a population of 300,000,000 citizens is not like 300,000 homes on a population of 250,000,000 citizens. The situation is worse than what it seems.

Wed, 09/26/2012 - 10:32 | 2831860 Snakeeyes
Snakeeyes's picture

Media trumpets 11% increase in median new home sales prices. BUT the only increase was in $500k-$750k. Can you spell Washington DC?

Thanks Bernanke!

http://confoundedinterest.wordpress.com/2012/09/26/new-home-sales-fall-slightly-median-new-home-sales-rise-for-500k-750k-homes-mortgage-refi-index-rises-again/

Wed, 09/26/2012 - 13:03 | 2832626 pelican
pelican's picture

As someone who moved to DC because the economy died off back home, the frat party continues in DC and the American people are Mom and Dad.

 

I wonder if it is the same in NY.

Wed, 09/26/2012 - 10:33 | 2831863 writingsonthewall
writingsonthewall's picture

Oh look at this - the famous US democracy is being undermined by Republicans who expect to lose the election.

http://www.guardian.co.uk/commentisfree/2012/sep/26/voter-suppression-last-resort-republicans

Trying to make it difficult for Democrats to vote? - my my, the forces of evil are certainly on their game aren't they?

Demanding photo id - changing the times when you can vote - this would be outrageous in a banana republic - and here wehave the greatest democracy on Earth trying to fix the result of your biggest election.

Any thoughts?

Wed, 09/26/2012 - 10:38 | 2831890 docj
docj's picture

Who knew "Democrats" were incapable of acquiring a photo ID.

Plenty of "Democrats" living in Connecticut (just as an example of a state where I lived that has a Photo-ID-to-vote requirement) - judging by the partisan composition of the federal and state delegations it doesn't seem they have any trouble getting around such "suppression".

Wed, 09/26/2012 - 10:41 | 2831901 Lost Wages
Lost Wages's picture

Imagine you're flat broke, living in Harlem and would have to go to the DMV in New York City, where if they don't get to you by the end of the day, they send you away and you can come back and get in line tomorrow.

Wed, 09/26/2012 - 10:45 | 2831922 docj
docj's picture

Then you vote provisional and elections officials verify in a day or two you are who you are (cross-reference signatures on voter registration, check addresses, stuff like that).

In the meanwhile I suppose your NYC resident can't cash a check, or buy a 6-pack, or (legally) pick-up any public assistance - so he's got, I'm afraid, much bigger problems than his inability to pad Ofail's vote totals in NYC.

Wed, 09/26/2012 - 12:21 | 2832433 writingsonthewall
writingsonthewall's picture

You always get ID'd when you buy beer?

Haven't you managed to grow any facial hair yet?

 

Wed, 09/26/2012 - 12:49 | 2832566 docj
docj's picture

Cute. I walk into places where people know me by name and still they ID me because, well, they don't want to lose their license to dispense booze so they simply check everyone so nobody can slip through the cracks.

Or maybe you've never heard of "100% ID Check" policies for packages stores and bars before.

Get out of your Mom's basement and see what "the real world" is like once in a while, OK, sport?

Wed, 09/26/2012 - 10:50 | 2831949 HoofHearted
HoofHearted's picture

But I can do that by taking a day off of work and going to get my driver's license renewed? You really want to make such a dumb-shit argument around here and think you aren't going to get blowtorched? 

Sorry. You fail.

I don't have to give my license over when I vote, but I choose to do so because I want those motherfuckers behind the curtains pulling the levers to know that I'm going to go behind a curtain and pull a lever AND I'm the right person. (Also my last name is hard to sound out the spelling of for some illiterates.)

I want everyone to vote. I keep imploring my 18 year old freshmen to get out and say what they have to say at the ballot box. I tell them to get registered early enough. (And I hate the thought that maybe these braindeads will actually vote.) But I'm not voting for either of the two dumbass parties out there. Give me a third or fourth or fifth party. Yes, I know voting theory. I actually teach that shit. But "lesser of two evils" is still evil. I'm voting for something good. Give me Gary Johnson, your President of the United States.

Now go the fuck away unless you can find a brain that someone threw out, Lost Wages.

Wed, 09/26/2012 - 12:20 | 2832431 writingsonthewall
writingsonthewall's picture

(Also my last name is hard to sound out the spelling of for some illiterates.)

I can sympathise with that

 

 

Wed, 09/26/2012 - 12:49 | 2832569 Lost Wages
Lost Wages's picture

Your vote doesn't matter anyway, so get the corn cob out of your ass, wanker.

Wed, 09/26/2012 - 15:52 | 2833257 HoofHearted
HoofHearted's picture

Then stop fucking around like the dumbass in Harlem's vote matters either. You really are a shit for brains, aren't you? You're just carrying the pail for Obama. (But you didn't carry that.)

Go back to HuffingtonPost

Thu, 09/27/2012 - 13:47 | 2836059 Lost Wages
Lost Wages's picture

Unlike you, I'm not stupid enough to vote for any of those retards to rule me.

Wed, 09/26/2012 - 12:14 | 2832402 odatruf
odatruf's picture

Except for that DMV office in the dead center of Harlem: 159 East 125th Street.

There is another 1.5 miles north of there and another 1.5 miles south. Now what's the problem?
Wed, 09/26/2012 - 12:17 | 2832412 odatruf
odatruf's picture

docj - the status quo, no matter which flavor, wants to maintain control.

Keeping the rate of new voters down helps prevent the back swan of the unexpected from happening. Both parties prefer that they keep 100% control over the safe seats on both sides and only fight over the 5-10% of the seats that are ever in play.

 

Wed, 09/26/2012 - 12:53 | 2832592 docj
docj's picture

That "the status quo" wants to stay the status quo is, well, undeniable. What this has to do with showing an ID before you cast a vote is beyond me, but whatever

Wed, 09/26/2012 - 13:12 | 2832677 odatruf
odatruf's picture

My point is that Voter ID laws aren't inherently Republican or Democrat. They support the status quo and whomever is currently in power, which is why you will see it in dark blue places like CT.

Because turnout rates are so low, the risk that a massive wave of new voters might show up last minute is too great to tolerate, so laws precluding that possibility are passed. Just like not allowing same day registration, etc.

It is very unlikely that an underground effort to organize and activate enough people could ever be carried out without the powers that be knowing of it in advance, but even that slim possibility is too great a threat to keeping the good times rolling (and possibly their asses out of jail).  It's all threat mitigation.

Sure, within the current story telling, Team Red has more incentive than Team Blue. But that tilting is still within the boundaries of the rigged system, so it isn't as much of a concern.

 

 

Wed, 09/26/2012 - 12:17 | 2832418 writingsonthewall
writingsonthewall's picture

If you don't drive and don't leave the country - what other forms of photo ID do you normally have.

 

Nobody suggested it was 'impossible' - it just makes it harder.

Ever hear the one about the Japanese VCR's going through a tiny port in the South of France?

It wasn't impossible to get japanese VCR's in - but it made it very difficult.

 

The result was the same - they protected their trade (for a while) - and this move is designed to do the same.

 

Wed, 09/26/2012 - 16:20 | 2833402 Panafrican Funk...
Panafrican Funktron Robot's picture

Please stop polluting these boards with political dipshittery.  Most of us are so, so far beyond this point my friend. 

Wed, 09/26/2012 - 10:39 | 2831894 Lost Wages
Lost Wages's picture

Romney reminds me of Kerry, Gore and Dukakis. Pathetic and doomed to fail.

Wed, 09/26/2012 - 10:42 | 2831910 JPM Hater001
JPM Hater001's picture

He reminds me of a wet tampon. 

Anyone else?

Wed, 09/26/2012 - 10:51 | 2831958 fuu
fuu's picture

He reminds me of Obama, a beard for pigmen.

Wed, 09/26/2012 - 11:08 | 2832005 TWSceptic
TWSceptic's picture

Any thoughts?

 

Yes, first of all the US is not a democracy, it's a republic. Second, it's democrats who want to manipulate the votes by promoting fraud. The DP is actually the evil party, while the GOP is the stupid party. I'm getting sick of reading BS from people like you defending either one. Stop promoting the two-party system and start to think for yourself.

Wed, 09/26/2012 - 11:28 | 2832146 q99x2
q99x2's picture

Confucious was a bulldozer.

Wed, 09/26/2012 - 12:14 | 2832404 writingsonthewall
writingsonthewall's picture

I'm not defending any party - I am pointing out that one party is not playing fair.

Where is your third party?

You Americans keep talking and talking but the best opposition to the 3 party movement I have seen is a rag-tag bunch of anarchists (Occupy) and a bunch of insane lunatics who think God will protect them if the Government simply 'goes away'.

 

Thu, 09/27/2012 - 04:07 | 2834678 Blankenstein
Blankenstein's picture

You think the democrats in Chicago (Obama's, his cabinet members' and advisors' stomping grounds) and Illinois play fair?    Hahahahahah.  funny.  Do just a tad bit of research before being so partisan ........ and uninformed.  

Wed, 09/26/2012 - 11:36 | 2832196 De minimus
De minimus's picture

Sure. You see we have this bunch who got rid of Hillary and replaced her with a full blown Marxist. The Marxists did what Marxists always do, fucked everything up from stem to stern with help from other Marxists who now call themselves democrats but in reality are just good old fashioned Marxists.

That bill has now come due and they are just realizing that Shazzam, ma and pa America aren't Marxists, just like them. This means that they could loose the election and that the American people might deprive them of power and undo all their good work. So they do what all good Marxists do in such situations, lie, cheat, steal, intimidate, injure, extort, assault and kill, in order to maintain their power.

The media, who are Marxists, lead the efforts and tweak the "stories" so that they might have a favourable outcome. This works out for them quite well until the truth and facts become known to the general population by other means which they do not control yet.

But we are not alone because you can see (by observing and reading) that this is a world wide effort involving far more countries that just the good old USA. They are an organized bunch.

The fear on the left is that the people will finally figure out what is being done to them and react with directed violence and that they may not be able to remove themselves from the consequences this time and, that we have a lot of bridges to hang them from. Just joking about the bridges. We've got a lot of other places to use as well.

Does that pretty much cover it?

Wed, 09/26/2012 - 12:12 | 2832385 writingsonthewall
writingsonthewall's picture

You discredited your whole post in the first couple of lines by demonstrating you don't have a fucking clue what Marxism is.

Only serious and intelligent posters considered.

 

Wed, 09/26/2012 - 15:16 | 2833100 steve from virginia
steve from virginia's picture

 

De minimus, yours is probably the dumbest comment ever put up on Zero Hedge, which is really saying something.

 

Is dumb a talent or did you have to work at it?

Wed, 09/26/2012 - 13:07 | 2832657 pelican
pelican's picture

Of course the Republicans don't want to win.  Who would want to be in power when it the economy completely blows up and the pensions, social security and food disappears.

Wed, 09/26/2012 - 10:45 | 2831931 Yardfarmer
Yardfarmer's picture

writingsonthewall

 my thoughts. the (s)election is a sham. the masses are brainwashed. the candidates are bought and sold psychopaths. demockery.

Wed, 09/26/2012 - 10:54 | 2831952 eddiebe
eddiebe's picture

Housing is one place where decades long stagnant or declining wages for the workers in the U.S. meet the 1% government subsidized uber lords. Another is/ will be affordable food, water and energy. This is the type of thing that will make the banksters and their lackeys in government lose sleep and hopefully much more than that.

Wed, 09/26/2012 - 10:56 | 2831977 thomasincincy
thomasincincy's picture

you want to see something hypocritical

http://www.wmata.com/rail/maps/map.cfm

During the 1960s, there were plans for a massive freeway system in Washington, but opposition to this freeway system grew. http://en.wikipedia.org/wiki/Washington_Metro

dontcha just love these fucks

Wed, 09/26/2012 - 11:15 | 2832047 Floodmaster
Floodmaster's picture

$750,000+ category You can rent a 700,000 house for 2000$ a month. Buying a +500,000 house is a bad investment even with a steady annual gains of 3% a year. http://www.nytimes.com/interactive/business/buy-rent-calculator.html

Wed, 09/26/2012 - 11:39 | 2832223 MachoMan
MachoMan's picture

Rofl.  You can't rent a $300,000 house here for $2k/mo. (more like $3k+).  Must suck to have misallocated all of that capital....  although, I'll be paying for it somehow I'm sure.

The only decent investments are right around the price in every locale where houses actually move on the market...  they'll command the highest rent and have the best tenants.  They'll also decrease in value over time, so who knows if net of nets it will beat a T-bill, but no one is going to draw a map for us.  Realistically, anything over $250k is going to end up being a multifamily complex...  at best...  the conversions are probably going to be cost prohibitive so...  it's decrease the price or bulldoze em.

Wed, 09/26/2012 - 11:30 | 2832157 q99x2
q99x2's picture

Home prices decline during revolutions.

Wed, 09/26/2012 - 12:12 | 2832382 Nobody For President
Nobody For President's picture

News headline: New home sales dip in August, prices soar.

Felt like I was back in Econ 101...

Wed, 09/26/2012 - 14:32 | 2832963 odatruf
odatruf's picture

Because there is no such thing as a national housing market.  It's nonsense.

At a minimum, each MSA is it's own and even then you have to consider price levels differently. To be safe, I'd want data broken down into pricing quartiles for my area before I even thought I had an idea of where the market was.

 

 

Wed, 09/26/2012 - 13:01 | 2832624 NERVEAGENTVX
NERVEAGENTVX's picture

One of those houses was the one I bought.

Paid cash

No debt

Wed, 09/26/2012 - 13:05 | 2832642 boiltherich
boiltherich's picture

Am I the ONLY one here that has a problem with annualizing August home building data? If builders could build year around in all 50 states I would not dispute this, but in fact August, summer weather does not prevail all year everywhere. In fact August is the peak of housing production, winter months see the total halved because the industry is highly seasonal.

And clearly demand is not what is pushing prices higher, the reality is that as the wealthy get wealthier and the rest get poorer the market polarization gets deeper with sales dropping but those who can and do buy have the money for higher end houses. There is no market for lesser residential real estate, even if there were the backlog of inventory in foreclosed houses will absorb it for years to come. As I pointed out here before, house fires severely damage or destroy 1.3 million houses each year and that is just one category of destruction that can befall a house, at least that many simply become obsolete and substandard each year. Add in population growth and we should be building at least 4-5 million new houses every year just to stay steady. But, until triple median household income exceeds median house price demand will remain pent up. That formula is what is required to have a PITI payment at 33% of gross income and even that is stretching when traditionally PITI was considered affordable at 30% of net income. Right now median household income under these figures would dictate a median house be well under 150k. 2011 median household income = $49,103.

And if you are a single individual trying to buy a house just forget about it if you are not in the top 10% of earners or have a trust fund courtesy of Mommy and Daddy.

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