Please Highlight The Housing Recovery On The Following Chart

Tyler Durden's picture




 

...of New One Family Homes for Sale (source) which at 150,000 is the lowest print... Ever. And no, "it can only go up from 300,000, 250,000, 200,000, 150,000... 0" does not work with us.

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Fri, 03/23/2012 - 11:57 | 2283754 Big Corked Boots
Big Corked Boots's picture

Green shoots = the weeds in your foreclosed neighbor's yard.

Fri, 03/23/2012 - 12:08 | 2283826 CH1
CH1's picture

The people who posted this chart are clearly terrorists.

Bring in the drones.

Fri, 03/23/2012 - 12:27 | 2283929 WestVillageIdiot
WestVillageIdiot's picture

The drones were the ones that still thought house prices could never go down as late as 2007.  I dealt with many of those drones in my everyday life.  They have proven to be just as dangerous as missiles being fired from the sky. 

Fri, 03/23/2012 - 12:53 | 2284046 Kayman
Kayman's picture

Let us not forget the "Clueless One".  Blathering on about "Irrational Exuberance"

No... Alan.... it is Rational Exuberance.  House prices were rising double digits while the cost of money was falling to low single digits.

The "drones" were only following instructions from the maestro at the Fed. 

Fri, 03/23/2012 - 13:06 | 2284099 TruthInSunshine
TruthInSunshine's picture

There never was a bubble (see video linked below), so anyone reading this obvious piece of propaganda for what it truly is will know that there's never been a better time to buy a house.

 

Sincerely,

 

Offal Fart, Ph.D

PR Agent for Stellar Wind

 

 

Bernanke Proves There Never Was A Housing Bubble 

 

Fri, 03/23/2012 - 13:37 | 2284234 Stackers
Stackers's picture

If you watch that video I love how Gold and Silver scroll by on the screen at $642 and $13 respectively. ROFL

Fri, 03/23/2012 - 14:27 | 2284450 NotApplicable
NotApplicable's picture

And the same people I was telling at the time not to buy a house until at least 2011 (the option arm reset cliff), were selling all of their junk gold jewelry, claiming that $650 was the top of the gold bubble.

They bought a house then too.

Fri, 03/23/2012 - 14:36 | 2284481 Michael
Michael's picture

I'm laughing my ass off at the epic Chinese housing bubble bust. 64 million empty vacant properties in China. Once a massive housing bubble begins to burst, there's nothing in the known universe that can stop it.

Sure wish I had some charts of that epic bust.

Fri, 03/23/2012 - 14:50 | 2284540 Carl Spackler
Carl Spackler's picture

Just saw an article the other day that 30 million Chinese live in caves.

In fact, many young family members were tired or not making it in the cities, so they are moving back to live in the fmily cave.

 

Fri, 03/23/2012 - 20:18 | 2285631 TruthInSunshine
TruthInSunshine's picture

"Family Cave" has an ominous ring to it.

Fri, 03/23/2012 - 22:38 | 2285854 Stuck on Zero
Stuck on Zero's picture

Saw something similar.  Millions living in sewers, caves, basements, and abandoned buildings in Beijing.  Meanwhile, hundreds of thousands of empty luxury condominiums sit waiting for buyers. 

Fri, 03/23/2012 - 14:11 | 2284383 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

I would vote you up just for the 'Offal Fart, PhD' bit.

 

Regards

 

Anal Whistle, MBA

Creator of life-changing inventions.

Fri, 03/23/2012 - 20:24 | 2285641 TruthInSunshine
TruthInSunshine's picture

And a +1 to you good sir.

 

Sincerely,

 

Luce Duodenum,  B.S., CFC, J.D.

Colin E. Tripe, MBA, CFP

Fri, 03/23/2012 - 21:20 | 2285728 BidnessMan
BidnessMan's picture

+ 1 from Studly Hungwell

Fri, 03/23/2012 - 14:08 | 2284363 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

Obama bin Bernanke is on to you, apeman.

Fri, 03/23/2012 - 12:10 | 2283837 nope-1004
nope-1004's picture

The BAC announcement this morn that they will rent your house back to you if you give title has nothing to do with valuations and doing good for customers.  It has to do with BAC not being able to find title documents on millions of mortgages.

The "incentive" to rent the home back to the owner is only an incentive to get paperwork sorted out for the idiot BAC.

lol.  All actions by this bank drip with insolvency.

 

Fri, 03/23/2012 - 12:15 | 2283868 reading
reading's picture

Wouldn't the incentive also be an attempt to convince some of the slew of people not paying a dime on the mortgage to pay something (anything is better than nothing). The number of people living rent free is astounding...

Fri, 03/23/2012 - 12:19 | 2283895 CH1
CH1's picture

The number of people living rent free is astounding...

Indeed it is.

Fri, 03/23/2012 - 12:23 | 2283917 Fukushima Sam
Fukushima Sam's picture

Multi-tenant building starts will become the new normal, as we build large stackable sheep pens for the sheeple in the new USA style of socialism.

I fucking need a new couch.  I hate that...

Fri, 03/23/2012 - 12:26 | 2283925 WestVillageIdiot
WestVillageIdiot's picture

Cabrini Green and East Harlem were huge successes at building human warehouses. 

 

/sarc

Fri, 03/23/2012 - 12:42 | 2283999 francis_sawyer
francis_sawyer's picture

"humans" lived there?

Fri, 03/23/2012 - 12:49 | 2284025 WestVillageIdiot
WestVillageIdiot's picture

Good point.

Fri, 03/23/2012 - 13:00 | 2284077 A Nanny Moose
Fri, 03/23/2012 - 13:12 | 2284130 blunderdog
blunderdog's picture

Right on, man, we need China-style dorms. 

Then we may be able to become competitive again.

Fri, 03/23/2012 - 13:17 | 2284143 californiagirl
californiagirl's picture

Agenda 21 in action.

Fri, 03/23/2012 - 13:34 | 2284226 slaughterer
slaughterer's picture

the Bronxification of the USA. 

Fri, 03/23/2012 - 12:40 | 2283985 francis_the_won...
francis_the_wonder_hamster's picture

"The number of people living rent free is astounding"

Has anyone managed to quantify this number yet?

Fri, 03/23/2012 - 13:08 | 2284108 Tristan Ludlow
Tristan Ludlow's picture

It does not matter.   It was not their fault.

Fri, 03/23/2012 - 13:08 | 2284112 A Nanny Moose
A Nanny Moose's picture

You come seeking truth. 3rd door on the left, past the labyrinth.

Fri, 03/23/2012 - 14:37 | 2284489 ViewfromUnderth...
ViewfromUndertheBridge's picture

various estimates put it at $50-$80 Billion per year... 

Fri, 03/23/2012 - 12:19 | 2283901 WestVillageIdiot
WestVillageIdiot's picture

Yes it is.  I know several doing it.  As much as I hate the lenders I think this whole disaster has shined the light on the character of millions of Americans.  The results are not good.  It is not just that they are not paying on their places but they legitimately feel like some kind of victim. 

It's a sad fucking day for this country. 

Fri, 03/23/2012 - 12:59 | 2284070 BidnessMan
BidnessMan's picture

Banks get literally trillions of free money while charging 18% on credit cards, and get a free pass on millions of cases of fraudulent foreclosures, and you are complaining about homeowners not paying an unpayable mortgage payment? TARP? AIG and Goldman Sachs getting repaid at 100 cents on the dollar. JPMorgan and MF Global customer money? Give me a break. The Banks have made it clear that only a chump pays their debt. Where is your outrage about not one banker doing a perp walk?

Why should the Average schmoe with a wrecked credit rating pay his mortgage? Where is his unlimited credit line at the Fed? I pay my mortgage because I still can. And because a crap credit rating is inconvenient. People with nothing left to lose have no downside risk.

If everyone went on a mortgage strike, this entire Ponzi might go ahead and crash rather than continue to drag on. , wipe out the immoral banking and Fed system, and get us to the big reset and global Jubilee that is the ultimate result sooner or later. So the current mortgage strikers are being logical and just as moral as the banking system. Likely most are choosing to keep food on the table for their family instead of a mortgage payment. A lot more moral than cheating millions for a bonus.

Fri, 03/23/2012 - 14:01 | 2284309 MachoMan
MachoMan's picture

Yes.  I complain about both the banks that loaned the money and the deadbeats they lent it to... 

/s/ the assholes of american taxpayers

Fri, 03/23/2012 - 14:36 | 2284484 Toxicosis
Toxicosis's picture

So two wrongs make a right.  Lets spread shitty behaviour around so that everyone has an excuse for being an asshole.  Neither the banks nor the people should be off the hook for greed, overconsumption or stupidity.

Fri, 03/23/2012 - 14:41 | 2284505 NotApplicable
NotApplicable's picture

There is no wrong in resisting fraud. (see my post below)

A contract has to be valid in order to be binding. They perpetrated fraud, and are now perpetrating further fraud to cover it up. Every note within the MERS system has a broken chain of title.

Allegedly Ginne Mae owns my note, yet their name appears on zero records in my county court house.

Fri, 03/23/2012 - 15:00 | 2284576 TaxSlave
TaxSlave's picture

Exactly.  More fundamentally, the bank creates the currency to buy the house, making your promissory note as good as gold (for a minute, anyway).  The bank gets title to the property. 

 

When the gig is up, the bank has title to the property.

 

At the end of the game, banks end up with all the property (because the only way currency comes into existence to pay the interest on the debt is with more debt).

 

What value did the banks produce in order to get title to all of the property?  They didn't even loan out someone else's savings.  At most they invested a few hours to make sure you are 'worthy'.

 

So we are simply witnessing the end game, where we all rent property from government, without all the pretense.

 

Yeah, it's called SERFDOM.

Fri, 03/23/2012 - 17:49 | 2285181 MachoMan
MachoMan's picture

THIS IS NOT FRAUD...  there are a few issues here... 

First, the person alleging fraud must prove that he or she detrimentally relied upon some representation of another...  what was the representation exactly?  That housing prices are permanently skewed upward and you're gonna be rich by borrowing money?  To prove fraud, reliance must be REASONABLE.  I'm sorry, but burying your head in the sand hoping to get a money tree out of the deal is not reasonable... 

Second, the lender performed...  the borrower got the loan...  where are the damages?

Now, the actions may fit with breaches of the truth in lending act...  in that all of the material parameters of loans were not properly identified...  Further, there may be a larger conspiracy to commit a vast land grab through manipulation of the currency (good luck proving this one btw)...  but, none of these equate to fraud...  they might get you to the same place (made whole), but there is a big difference between them and fraud...  remember, you're using a legal term of art. 

I think, by and large, you're trying to argue the exception and not the rule...  I'm certain that there was plenty of fraud...  but I think the vast majority of any real claims are going to fall under truth in lending or some other remedy.   In short, it takes two to tango.

Fri, 03/23/2012 - 18:34 | 2285362 lotsoffun
lotsoffun's picture

in between time they sent the males in your family (oops, sorry you crazy american females, you all love gettin blown up now also, annie got her gun, don't want you to feel second class or inferior) - in the tween time - they (the banks) have sent all the males in your family to some desert to get blown up.

nice.  jamie and lloyd are at lugers tonight.

 

Fri, 03/23/2012 - 16:34 | 2284908 cranky-old-geezer
cranky-old-geezer's picture

 

 

So two wrongs make a right.

If we all keep doing the "morally right thing", that's exactly what the government and Wall Street wants, so they can keep right on looting us from every angle till we're broke.

Contrary to what "christians" believe, you cannot fight evil with good.  The only way you prevail against evil is be just as evil as them, preferably more evil than them. 

Christ doesn't fight evil with good.  He didn't say he was gonna forgive all the evil-doers.  He said he's gonna wipe 'em out, destroy 'em all.

That's the only way you stop evil.  Be more evil than them. 

So yes, two wrongs DO make a right. 

Actually it's not two wrongs.  It's evil meeting justice.  But justice isn't pretty.

Sat, 03/24/2012 - 22:41 | 2287720 donsluck
donsluck's picture

This is what they call "moral hazard". It's when you allow the powerful and rich to be immoral, and on down the line everyone gets infected. When the monitary authorities talk about a policy possibly introducing moral hazard, it should be rejected immediately.

Fri, 03/23/2012 - 14:36 | 2284488 NotApplicable
NotApplicable's picture

As long as the market is ruled by the philosophy of moral hazard known as TBTF, then no one should be making mortgage payments.

That said, I'm making mine, as I recognize the only rule of law left is the doctrine of "might makes right." It might be "rent-free" today, but they'll steal it one of these tomorrows.

I was just thinking recently of what if everyone joined a class-action suit against the banks/fedgov and refused to pay a penny until the chain of title issue was properly settled once and for all. Instead of making our payments to a bank, we could all pay into a trust to show that we intend to honor our debts, but presently, there is no enitity with a valid claim over us, leaving us ALL exposed to fraud. Therefore, what choice do we have but to seek relief?

If it were to happen, this shit would stop instantly.

Fri, 03/23/2012 - 16:02 | 2284749 chunga
chunga's picture

If there is nothing to hide with this wild deed/clouded title fiasco, why do they always hide?

When pressed too hard in court with Motions to Compel the responses are almost universally Motions for Protective Order.

I like this one from the MERS Secret Electronic Mortgage Society because it was denied by the judge.

MERS Motion for Protective Order. DENIED. Feb. 28, 2012

Looks very suspicious...

Fri, 03/23/2012 - 17:56 | 2285211 MachoMan
MachoMan's picture

It kind of already is though...  it's not concerted...  but, people are joining the ranks each day...  there is no telling how many people don't pay...  but it's really, really large...  large enough for ipads to still be sold like hotcakes (pun intended) during a depression... 

Fri, 03/23/2012 - 14:39 | 2284498 cossack55
cossack55's picture

Time on freakin' target, BM.

Fri, 03/23/2012 - 12:59 | 2284075 Kayman
Kayman's picture

WVI

I agree with you, but...  the other half of the equation is the Fed.  Rather than providing  liquidity for the economy and providing price stability, so that the market can create price discovery, we have self-appointed czars screwing around in every market including housing.

When you reduce interest rates to force savers to become gamblers, and debtors to become alcoholics, then you ought to do the decent thing and put a bullet in your head. Ahem, I'm talking to  you Ben and Alan. 

Fri, 03/23/2012 - 12:32 | 2283947 Piranhanoia
Piranhanoia's picture

Why pay if they can't find the paperwork they have been using to extort money from people,  forever?

Fri, 03/23/2012 - 14:01 | 2284326 MachoMan
MachoMan's picture

At some point the applicable statute of limitations have to run...  the law doesn't give two shits about those who slumber on their rights.  I think it would be prudent for all the deadbeats to make it perfectly clear to the banks that they are holding against their interests...  might also have someone else come in and squat for the time necessary for adverse possession...  could be a house swap.  That would create and even bigger pickle for them.

Fri, 03/23/2012 - 13:10 | 2284122 geotrader
geotrader's picture

Let's see...  We can pay something and forget that iphone OR we can pay nothing and have steak tonight.

 

hmmm.....

Fri, 03/23/2012 - 13:38 | 2284225 BidnessMan
BidnessMan's picture

The dirty little secret is the banks would far prefer the person to stay in the house and keep it up.  At least mow the grass and keep thieves from stripping out the appliances and copper pipes.  From an acquaintance in the business, I know that banks pay at least $100 a month to a property manager to provide some nominal level of oversight and maintenance on an abandoned home.  And it still quickly goes to an effective value of $0 - the cost to repair it is more than any salvage sale, even to a hedge fund buying up mortgages from Fannie and Freddie for pennies on the dollar.  

So truth be told, BAC wanting to get rent from people who have stopped paying their mortgage is self-serving, particularly when BAC can't actually prove they own the property.  And don't moralize to me about not paying your debts.  The Banks with TARP, AIG paying Goldman Sachs 100 cents on the dollar when they should have paid far less, unlimited money from the FED at 0% interest rates, a free pass on millions of cases of Linda Green fraudulent robo-signing foreclosure fraud, MF Global customer money and gold being stolen by JPMorgan and others, corrupt bankruptcy trustees trying to redirect MF GLobal assets to pay John Corzine legal fees and paying bonuses to the executives at MF Global who let customer funds get stolen, people are getting financially repressed with zero return on their savings, ad nauseum to infinity -- all this has taught the "Little People" that paying your debts is a quaint and naive notion that does not apply in today's world.  At least not to Bankers who are abusing millions for an outrageous annual bonus.  

Bankers are not paying "rent" on the trillions of dollars they are getting from the Fed for free.  Why should a homeowner without an unlimited 0% credit line at the Fed pay their debt? or Rent?  Bankers sure are not.   

Fri, 03/23/2012 - 13:42 | 2284256 fourchan
fourchan's picture

its a self serving joke. while they get rich enslaving our grand children to debt through treasurys.

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