Well, we're in for a rainy week and not much is newsworthy, except for hanging onto the last straws of summer and trying not to think about the work that lies ahead.
Here are some random stories from snooping on the MLS today:
My old flipper friend just listed her house (she's been trying to get out from under it for years), and the neighbor listed another for 85K less on the same day. The asking price of the latter is the selling price in 2003.
This old Victorian gave me pause. I saw it and thought of another dark-windowed house in a children's novel (A Wrinkle in Time), and then I read the description. I wonder if other people's departed relatives are a selling point. I've seen many small lots with cemeteries in the countryside, of course, it's just that usually the people living in the house know who they are. Or rather were.
And in case you missed it over the weekend, a ranking member of the U.S. House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises finally came up with a solution to our foreclosure problem: "Waters also wants to help by putting more pressure on the big banks to help with mortgages. 'If they don't come up with loan modifications and keep people in their homes that they've worked so hard for, we're going to tax them out of business.'"
Monday, September 5, 2011
Northern Virginia Bits Bucket 9/6/2011
Posted by Harriet at 12:32 AM
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6 comments:
harriet
"My old flipper friend just listed her house (she's been trying to get out from under it for years), and the neighbor listed another for 85K less on the same day. The asking price of the latter is the selling price in 2003."
can you say where these are?
but this sounds like capitualtion.
HB
If you want to measure credit, look at the M1 Multiplier or M1/M3 ratios.
<a href="http://georgewashington2.blogspot.com/2010/03/m1-money-multiplier-still-crashing-each.html:> Zerohedge </a>
Multiplier
Pat-
I didn't think I said anything about measuring credit. I think that was Anon, but maybe I am wrong. Either way there are some places that actually give you how much credit is out there rather than looking at the money multiplier, which is really just looking at how much QE has been done. consumer debt
This shows total debt for the country total debt
Either way debt has been increasing so credit is out there, just not at as fast a rate is usual
I guess to make my comment more complete back a few decades ago bank reserves mattered, because they were the limiting factor for how much a bank could lend. This has not been the case for a very long time, because banks learned how to sweep money around from checking, to savings, to money market accounts. The limiting factor is now tier 1 capital levels, so when the Fed does QE it gives the banks reserves, but they can not lend them out because the banks care significantly more about capital levels, which are unaffected by QE.
Cherie,
Gainesville - exurbs.
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