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Baffle With BS Continues As House Prices Beat And Miss At Same Time; Detroit Home Prices Go Parabolic
It's a full-on "Baffle with BS" onslaught this morning. On one hand, the Case-Shiller Top 20 Composite Index rose by 13.3% Y/Y, better than the 13.00% expected, and the highest annual price increase since 2006. Unfortunately, the ramp is coming to an end, especially since the touted NSA data shows that monthly price increases have slowed for the fifth consecutive month, and stood at just 0.7%. At this rate the sequential price change in October will be negative. This is further reinforced by today's "other" housing report: the September FHFA House Price Index, which unlike Case-Shiller rose 0.3%, below expectations and in line with last month. So on one hand home prices are better than expected, on the other: worse. Clear as mud.
But one thing is certain: the surge in the housing market of bankrupt Detroit has never been stronger, and the Y/Y price change just picked up once again, rising to a 3 month high of 17.2% compared to last year.
Perhaps all US cities should just file bankruptcy and see their home prices go through the roof?
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ex officer Pike will be first in Ted Nuggets crack tonight ladies!
Isn't Ozero giving a speech on this later today?
>Perhaps all US cities should just file bankruptcy and see their home prices go through the roof?
That is a disengenuous comment. A home selling for $1,000 more today than two years ago would have experienced a 100% increase, but still be valued at $2,000 for that home.
but you did still double your investment.
But is the price "through the roof" considering one could purchase a home for $2,000?
And with a $2,000 house, you'll probably have a lot more coming through your roof, like rain, bullets and crack whores.
So let the speculators keep selling the same property to each other infinitum, inflating the value and blowing yet more bubbles. It makes the numbers look good, but who wants to live in a former crack house in south Detroit? There is a fundamental disconnect between reality and wall street.
Who cares? See it from the investment standpoint. You don't even need to spend tons of money on a fake dot com with fake management and fake sales reports in order to make some money. A pile of idled scrap wood does to job now.
what roof?!
flacon...read the fine print!
A house for $2k has NO roof! That is an optional extra and if you install a roof, be ready to pay a ROOF TAX!
"investment"
Pensions of the public takers @ .16 ¢ will do that for you.....hopefully the other cities and towns will follow ASAP.
Scam Bernardino, CA comes to mind.
State of Illinois is taking 4-6 months to pay it's bills. They expect the total pile of unpaid bills to be $9 billion by the end of the year. When the ponzi collapses it will be epic.
http://www.nbcnews.com/id/37136518/#.UpTaBeIucZw
Long scrap metal recyclers.
So the scam continues. Bump up Detroit, take loans against the properties, off-shore the money and then default.
Housing bubble #2 is progressing well.
Time to take advantage of Bernanke/Yellens free money and make it disappear.
Just like those bags of cash disappered in Bagdad.
Reno, Nevada comes to mind. Enjoy the dream bitchezzz.
Hey now be nice, my underwater home only lost 3K last month lol. We had a nice little dead cat bounce here in Reno and now it's over. I tried to short sale my place last year and those bastards at JP Morg/Chase said "No Sale For You!". Just waiting for the SHTF so I can walk away.
quick buy now before we run out of land and houses!!!
Plenty of houses (being held and marked to fantasy on the bank's balance sheet), Land? not so much.
Please, banks control all aspects of this "market". Stop believing your lying eyes. put all the unoccupied properties on the damn market and let anyone with cash (savers) buy them motherfuckers.
I remain long sharecropping and black markets.
Detroit has one of the largest urban farms in U.S. See Hantz farms: http://www.hantzfarmsdetroit.com/
Free housing ATM #2. Max out home and HELOC loans, then default. A gift.
Max out those housing loans and transfer the money to non-takeback investments.
Banksters (Da Fed) can have trillions more of garbabge, non-performing loans.
Last year the Detroit home cost a dollar. This year it sells for $1.17.
But all the money you save is lost in the commute to your job.
Bought a house yesterday for $4 in Detroit. Today I tore it down, sold the land for $4 and the scrap wood for $4. Made 100% profit. Things are looking up for Detroit. Plenty of land for development available, just make sure to wear you're riding in your bullet-proof car.
And by "scrap wood", he means "charcoal".
Unfortunately the bulldozer cost $200 a day and your labour cost of $x a day.
Little bit of a loss presumably :(
about 1/2 of the new listings in rural mn are short sales and bank forclosures
a rush to dump the shit into a low inventory echo bubble market...
Does that mean I can get more for my house? Nope.
Must be why all the listings are going down in asking price as well. I just took a flyer for a new shitbox home in a shit development in Mass. Six months ago they were asking $365k. Now it's $277. Maybe if it was selling for the $125k it's worth I'd buy it. The builders decided to heat the house with propane.
Carrying dead weight...
(for what we pay to do just that
we could feed, educate and
heal millions)
...artificially
manipulated mortgages combined with
Case Shiller works to make the market
look like it's priced for the
BMW's on the driveway when the averages
should really include the Lada's
in the (banks') garages.
http://pages.citebite.com/o2c0d2e1j0mlb
Case Shiller
per Jurow weighs more round trip
purchases and sales both of more
recent vintage, thus reflecting the
time after the start of price and
inventory manipulation.
http://pages.citebite.com/d1i8e3n1t3rpv
Now that the bankers themselves are
withdrawing from the cash market
http://www.zerohedge.com/news/2013-11-26/realtytrac-institutional-invest...
for buying properties many of whose losing
mortgages are essentially compensated
for by the Fed itself, the privatized
little system is looking closer to
finishing buying the adversity it
created.
This,
http://video.cnbc.com/gallery/?play=1&video=3000221314
From MSM Financial
TV Itself, Defines The
Little Private Economy Going
On Between The Fed And
TBTF, Including Where The
Banks' Own Artificial Mortgage
Bubble Is Parked, And Why It
Hasn't Yet Impacted Money
Supply (Shafting Main Street
Also Slows Velocity, And The
Liquidity Trap Itself Does
That, Of Course.)
However, It Is Instead Of
More Useful Lending And Does
Represent Carrying Dead Weight,
Except They're Hoping Our
Engineers Will Engine The U.S.
To New And Greater TBTF Bubbles
To Short In The Future.
There's Value Destruction Going
On From The Rest Of The Economy
Not Being Party To That And
In Key Point Of Course Those Who
SOLD The Bubble Are The Converse:
They Should Get A "Normal" Return
On Proceeds/They Should've Been
Allowed To Clear The Shadow
Mortgage Inventory Long Ago.
(Non-Recourse For The Mortgagors
--Some Banks In The Chain, Not
Simply The Taxpayer,
Should Have Skin In The
Game.)
Those Who
Actually SOLD The Bubble
And Have Been Getting
Monetarily (And Fiscally--
Paying For Bank Loss Sharing)
Ripped Off, Of Course.
The Mortgage Bubble Is Inflation
Incarnate, Where It's
Carried Beyond Real Value.
Where The Economy Might
Happen To Catch Up With
Nominal (Otherwise Wrong)
Value, It's Dead Weight In
The Interim, Unless Buying
Bubbles Are Good Investments.
That's What Bubble Sellers
Are For. They Shouldn't Pay
For Carrying Dead Weight
And Having Their Monetary
Policy Participation Vaporized.
Value Destruction
Offsets The Inflationary Effect
Of Buying Bubble Assets
Not At Discount Relative To
Real Growth (Today
Almost Impossible To Measure,
Owing To The Clouded
Inflation Measures, And The
Fact That Measuring U.S. GNP
In Bxtcoins Looks Pointless
Says Something Limiting
About Them.)
But, I Land On Hanging Ponzi
Scheme Lending Itself To More
Inflation, Which, Combined With
Value Destruction, Implies
Stagflation.
About the BMW/Lada thing toward
the beginning, I know a lot of people
thanks to privatization would be happy
to have a Lada, and I know people hate
it when someone chooses a video to
personal taste, but this Lada thing's
funny anyway, and I happen to know
people in SE Michigan.
http://www.youtube.com/watch?v=fmENKHmGUX4
Hey! I have a nidea! If the Detroitians build lots of houses and sell them to each other then they will get rich! Why, they might even get so rich that they can afford to buy cars and then they'll need to build a, a ... car factory!!!
On a totally unrelated note: Yum, yum, yum! I like to eat my idiot pills. Yes sirree! My idiot pills are very yummy! Do you want one?
My Idiot Pills come with Idolized Fluoridated Essence of DancingwiththeKardashians. They really are that stupid!
"clear as mud"...maybe these guys can help get the real numbers:
http://www.muddywatersresearch.com/
they seem suitably named, lol