Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Please post your local house search updates, MLS finds, on-topic ideas, and links here.
"Vinny said... Anon, i predict that your prediction is going to be wrong for next 2 years.I predict CS going down below 165, how much, I dont know.http://community.nasdaq.com/News/2011-10/us-recession-2001-14-signs-were-there.aspx?storyid=96825"Ahh Vinny... like so many generations of bears before you, you come in, brimming with confidence, trotting out some natonal parade of horrors as if it is somehow "proof" that DC is going to tank, any moment now.Given what I have learned about the last 3 generations of bears to inhabit this blog, allow me to make a few predictions as well:1. You will visit from time to time, hysterically posting a link to this or that as further proof that DC is going to crash.2. This winter as DC Case Shiller falls (primarily seasonally, but possibly a few tics YOY) you will feel emboldened, coming back to taunt me for how "wrong" I was. 3. Next spring, DC case shiller will rise again, and it will become evident, even to you that DC Case Shiller will not get below 165 by the July 2013 deadline. Yet, like all bears before you, you will deflect, extend the timeline, spin, flail about, and otherwise do everything in your power to keep from admitting you were wrong.4. As CS comes out each month and I continue to show you every month how truly wrong you were, you will eventually give up, and suddenly go *poof* never to be heard from again on this blog. We shall see how these predicitons of mine fare. In any event, with the bear ranks dwindling as it becomes increasingly evident that we will never see March 2009 values ever again, thanks for providing some much needed entertainment to this blog.
So AnonI've been hanging cool and saved 40% off the bubble price on the houseI'm just about to close on.BTW, it's clean, if dated, and will need some work (Electrical updating, newer windows, etc) but, people in that area paid 2X what I'm paying. now, if i had rushed in 2 years earlier, i'd be paying 300+, but instead patience appears to be serving me well. now I know T_N will never come down to that area without an armored HMMWV, body armor and 3 Blackwater guards, but it seems like a nicely transitioning neighborhood. So Anon, Besides your anger and rage, what's your plan? GTE811, went to atlanta and bought a lot of house for little bucks. Contrarian is waiting for the great day of the rope. Cheryl is snapping up properties. What's your plan?
Pat said..."So Anon, Besides your anger and rage, what's your plan?"Pat - this isnt so much anger and rage as it is contempt and ridicule -- the same response I had for the bears who confidently told me in early 2009 that we were NOWHERE near the bottom. That aside, in case you missed it, I did buy awhile back in the immunozone (where prices rose 120% in 5 years, fell 5-10% over the next 3, and are now back at peak prices.) Thus, my "plan" as such is to live in my house, pay it off, and to occasionally come here and laugh at the never ending stream of bears.BTW, I missed it earlier, but congrats on the house. I cant help but think back on all those posts of yours over the years about the "upcoming alt A tsunami", the "baby boomer peak", vacancy rates, % of people underwater, etc. etc. etc. Given that at the end of the day you bought, I guess at stuff didnt matter much now did it?Also, wrt your statement "if i had rushed in 2 years earlier, i'd be paying 300+, but instead patience appears to be serving me well."Are you sure you mean 2 years, and not 4? I ask because Case Shiller, MLS, DC median prices, Zillow, etc, all show that 2 years ago was the bottom and prices are up 5-10% since.I even checked your zip of 20002 and that too unequivocably shows that the bottom was in late 2009 early 2010. So it seems patently clear to me that 2 years ago in your zip prices were not 300+ but perhaps 10K less than what you are paying now. Then again, I guess your house may be "different"...Either way, congrats.
"Contrarian's Guru said...the Phase II decline should prove to be far more devastating than the Phase I decline."Bahahahahahaha!!!!!!10/5/11 10:55 PMSo Tim Wood says we are in the second phase huh? Oooooooo! Sounds scary!!! Say, where have I heard this before? Hmmm, I know, its when this guy said this EXACT SAME THING NEARLY A DECADE AGO:"According to Dow theory, the primary bear market was signaled on September 23, 1999...it is my belief that the rally off of the October 2002 lows has been nothing more than a bear market rally...we are just now approaching the end of the first phase...The next big break should usher in the second phase of this great bear market. Sept 9, 2003...http://www.financialsensearchive.com/Market/wood/2003/0919.htmMan, what a racket these guys have! You can be off by over a decade, and none of your permabear readers will ever hold you accountable. As long as you continue to peddle the message that they want to hear (i.e. doom is just around the corner) they will continue to pay for your newsletter each and every month, happily guzzling down your doom aid, until the end of time.Glug, glug, glug, glug, glug...
contrarian said... where does he say we are in the second phase? I didn't read that anywhere. I read him saying "...once the rally out of the 2009 low has run its course... ." Where did he say it has "run it's course"?10/6/11 10:57 AMContrarian, what I am pointing out is that he was spewing the same garbage back in 2003, except back then he was calling the fall from the 1999 peak phase I, and the Oct 2002 low the headfake before phase II. In that Sept 2003 article I showed you he was searching for phase II.Thus, a month later, in October 2003, he appears to have found it when he said:"The bear market is not dead. October 2002 was not 'The Mother of all Bottoms' and the Dow is not going to 12,000 until after this bear market draws to a conclusion. I still have minimum down side objectives for the DJIA of approximately 3,000.At this time, my analysis is telling me that we are about to embark on the second phase of this great bear market. In doing so, it will serve to break the exaggerated hope which was reborn by the great bear market rally of 2003.http://www.financialsensearchive.com/Market/wood/2003/1017.htmlIn Oct 2003 this imbecile was was calling for a Phase II target low of DJIA of 3,000. Good call there buddy -- Glug, glug, glug, glug, glug...Now, in 2011 he is doing the same thing he was doing in 2003, except now substituting the words "October 2002 low" for "March 2009 low". So if his analysis was so utterly and terribly wrong before, what makes you think it is right today?
contrarian,You miss the forest for the trees. Obfuscate much? You make a fool of yourself once again.Thanks for the back story on this "author" Anon.
"I have analyzed the markets from 1896 to present and as a result I feel fairly confident in saying that we are still in the first primary phase of a monster bear market that is not likely to end until 2006 or possibly 2010." November 7, 2003http://www.financialsensearchive.com/Market/wood/2003/1107.html"The decline from 2000 into 2002 was just phase one...Phase two is the longest and the ugliest of all. This bear market rally is dying a slow death. There is no doubt about that." November 14, 2003http://www.financialsensearchive.com/Market/wood/2003/1114.html"Will the rally off of the March 2002 low cause us to have to rewrite the history books?...My answer is NO to all of the above.My answer remains that this is a bear market rally. It has indeed gone further and lasted longer than most anyone ever expected.However, it is not so unique that it will rewrite history.No, I maintain that this rally is the rally that will separate phase I of the bear market from phase II...The correction is coming.Don't think it won't. December 19, 2003.http://www.financialsensearchive.com/Market/wood/2003/1219.html"Like I have said many, many times before, I think we have been in a bear market rally and we are now seeing the first signs that this top could finally be at hand. If I'm correct, the decline that follows this top should prove to usher in the beginning of the second phase of this bear market." January 30, 2004http://www.financialsensearchive.com/Market/wood/2004/0130.htmlEither way, we are close to the top. Once the 3-year cycle turns down, the full effects of K-winter should be felt... To clarify, I believe that the stock market is in a giant bear market and that the rally out of the March 2002 low is a counter trend rally which was born as a result of the 4-year cycle advance...According to history, K-winters are deflationary events" February 13, 2004http://www.financialsensearchive.com/Market/wood/2004/0213.htmlI have been pounding the table ever since the rally out of the March 2003 low began, that it was a bear market rally. In my newsletter, I gave statistical relationships of previous bull and bear markets and showed what our expectation for this bear market should be....I have found myself and the few others that have warned of current market conditions called "Perma Bears" and even worse. April 2, 2004http://www.financialsensearchive.com/Market/wood/2004/0402.html"At this particular moment in time I can tell you that this index looks as if it has trouble dead ahead. Just today I heard someone on one of the major financial channels talking about what great condition the foreign markets were in...No, it looks to me like the great bear market that most people think ended in 2003 is about to reemerge, and if so it could get very nasty in the not too distant future." June 4, 2004http://www.financialsensearchive.com/Market/wood/2004/0604.html"The decline into March 2003 was only Phase I of the bear market. As you all should know, I have maintained that the rally, which began in March 2003...the rally out of the March 2003 low was a Bear Market rally that will likely prove to separate Phase I from Phase II" June 11, 2004http://www.financialsensearchive.com/Market/wood/2004/0611.html
Contrarian said...No, Anon, you factually stated Tim Wood already stated we were in the "second phase":"Fair enouth contrarian. That was wrong of me, and I apologize. What I should have said is you can interpret what this guy is saying as we are now in 2011 on the verge of Phase II.What I pointed out in these examples, is that this guy has been saying we are on the "verge of phase II" for close to a decade now.http://www.financialsensearchive.com/Market/wood/main.htmlSeveral times a month, from 2002-2006, this guy continued to take a dump on the market, over and over and over again, telling his readers to stay away, bear market rally, blah blah blah. And you can be sure they lapped it up...glug, glug, glug...The funny thing is that after building that humongous shit sandwich from 2002-2006, in 2007 as the 2002 highs were taken out he takes a bite out of it and kinda admits he shouldnt have ignored those buy signals back in 2003. Think about that...2007...after all of the energy of the 2002-2007 bull market was spent...yet another example of impeccable timing. How is that supposed to help any of his readers who were on the sidelines, or worse, short, over those 4 years? Of course the rest is history. The market did roll over again in 2007, and he simply changed the date of the phases of the "great bear market" thereby luring in yet another generation of permabears who simply listen to the message, and dont care about the messenger. Glug, glug, glug, glug...
contrarian said... I know facts frighten you away, Anon. But, you simply can't refute things like this. Nor shall I. As your latest chart o doom shows, Cash levels and the S&P first diverged in 1986. The problem is, why does it now, after diverging for 25 years, resolve itself now in 2011? This jackass could have just as easily drawn those little white pointy arrows back in 1992, and then spent the last 20 years on the wrong side of the trade. So again, after 25 years of saying this cannot continue, why must it resolve itself now, and not another 5, 10, 20, 50 years from now? You know, by some measures, the can kicking done by the us govt started in 1814 as we went hugely into debt to finance the war of 1812. The people who said this "cant go on forever" and decided to wait it out before they got back into the market have been dead for 150 years.
"contrarian said... Nor can you refute this, which shows Bank of America going to ZERO!!!What then, Anon? BAC bought Countrywide Mortgage, which finances a huge portion of the houses in this country. And, when BAC implodes, so goes many more banks...KABOOM!!!!Probably sometime next year, shortly before the election, just as Lehman was before the last election.10/6/11 2:19 PM"Saving this choice quote in the event of near certain deletion. Not saying that it cannot happen...bac very well could go under. Still, if it turns into another nothingburger, it will be alot of fun throwing this back into your face, (and then have you pretend you didnt say it) similar to:++++++++++++++++++++++++++++++++++ "Contrarian said...This "shadow inventory" will soon come back onto the market, lowering the value of other homes, and ultimately the value of banks holding the mortgages.When the next tsunami of foreclosures begins (in the next few months, along with a collapse in the stock market), it would not surprise me to see bank holidays (closures) lasting for long periods of time. 4/1/10 3:42 PM"http://novabubblefallout.blogspot.com/2010/04/northern-virginia-bits-bucket-412010.htmlor"Contrarian said...The Anonymous, are you naive enough to believe that at this time next year the market will not be lower than it was back in March (2009)? 9/30/09 11:33 AM"http://novabubblefallout.blogspot.com/2009/09/northern-virginia-bits-bucket-9282009.html#comment-2463858820118826913Love it!!!
AnonThe S&P has been in a decadal secular bear market.Between inflation and a down trend, it's been a loser.Won't get any better soon either.
Pat-Valuations were way to high in 2000, which basically explains why the last decade was not great. Although the dividend yield has been similar to inflation so your only real loss is that the market is down. Over this time even with a terrible economy S&P earnings have almost doubled. If they do anything close to doubling again the market will have a much stronger return over the next decade. With the S&P dividend yield higher than 10 year treasuries right now even if earnings don't grow in the next 10 years the market would still probably outperform bonds.
Anon said:"BTW, I missed it earlier, but congrats on the house. I cant help but think back on all those posts of yours over the years about the "upcoming alt A tsunami", the "baby boomer peak", vacancy rates, % of people underwater, etc. etc. etc. Given that at the end of the day you bought, I guess at stuff didnt matter much now did it?"BTW,I still believe in the Alt-A Wave The Boomer Peak, vacancy Rates and % Underwater as being important.It's because I believe in the concept of Macro-Economics and Mega-trends. The Banks wrote millions of cruddy mortgages, sub-prime and Alt-A. Those have to be processed through the colon and crapped out sometime.Vacancy rates do matter. I never heard a plausible explanation to me why Vacancy rates tripled in Arlington in a decade. now 7% isn't a killer vacancy rate the way 12 or 18% is, but still, that's a disturbing piece of data.% of people underwater matters a lot. Stay underwater long enough or deep enough and you will dump that boat anchor you call a house. There is a reason Cheryl points out that 30 somethings are not buying houses but renting. It's in large part because they are swimming in debt. Student Loan Debt, Car Notes, Credit Cards.... Add in they think housing won't appreciate strongly, so, they opt for something else.as for the Baby Boomer Peak. What do you think has been going on in the stock market? The Boomers were in peak earning years in the 80's and 90's and hurled cash in.They have been getting old now, and they've been pulling cash out.This has led to a secular bear market and a increasing series of market instabilities as the banks and brokers seek to replace the cash flows with High Frequency trading.That will of course end in tears.As for why I bought a house, you should read my posting. As you seem to obsessively hyperlink every post Contrarian, GTE811, et al post,you should see my analysis.it was strictly driven by external phenomena.
Pat, what evidence do you have that the baby boomer hypothesis accounts for any of the stock market changes in the past year? And, I think your math is off a bit. The OLDEST boomers are just beginning to hit 65 (2011-1946 = 65) and many of them are deferring retirement past age 65 for a variety of reasons. Peak earning years for most people (in all generations) who remain healthy tends to be age 50 onward, not when people were just starting careers. Further, because people are living longer and because interest rates on savings have been so low for so long, many financial experts have been advising people in the early boomer category to keep a higher proportion in the market, because otherwise inflation will eat up their savings. So they aren't pulling much out. Finally, the baby boomers' kids (also a large generation) are buying stocks now.
Should have summarized my point by saying that the evidence is a lot stronger that recent stock market drops and volatility are much more strongly influenced by uncertainty about US & European economic woes, institutional and big investor trading practices, corporate profitability, political wrangling, and other factors, than by demographics. Those are the macro factors we should be looking at.
Ace-I agree completely with what you think should be focused on in the markets. Some of those drivers are positives and others are negatives, but they are by far the more important things to worry about that boomers.I assume though that Pat's boomer comments will from from the San Francisco data The correlation has been pretty strong historically, although my guess is that most of it is coincidence of the timing of bubbles rather than a true causation. Although it will be interesting to see how it plays out.
Ace-I agree completely with your thoughts about what the markets focus on. Some of those drivers are positives and others are negatives, but they are in my opinion by far more important than slight changes in the countries demographics.I assume though that Pat's boomer comments will come from from the San Francisco Fed's data The correlation has been pretty strong historically, although my guess is that most of it is a coincidence of the timing of bubbles rather than a true causation. Although it will be interesting to see how it plays out.Sorry deleted the last post because I had a lot of typos
HB, thanks for the interesting article. My point is that the BBs' behaviors don't play much of a role in *recent* stock market activities, which I thought Pat was saying. I wasn't intending to comment on what role they could play over the next 20 years or so.
DC7648438 746 Park Rd $450,000 $800 2 now heres a 2 unit converted rowhouse.rents for 1600/ month, but lists for 450K?so Anon, should i buy a property yielding 3% and a negatve cap rate?
"pat said... AnonThe S&P has been in a decadal secular bear market.Between inflation and a down trend, it's been a loser. Won't get any better soon either.10/7/11 2:50 AM"Pat -- the issue is not what the market did or did not do...the issue is the judgment of this ass clown contrarian brings us that says we are on the verge of a more devastating "phase II" of this bear market. As the evidence clearly shows this guy has been saying this, each and every month for a decade now (thereby missing two of the biggest run ups in market history), there is no doubt this guys judgment is horrible.Do you disagree?
Pat said...As for why I bought a house, you should read my posting. As you seem to obsessively hyperlink every post Contrarian, GTE811, et al post,you should see my analysis.it was strictly driven by external phenomena."I understand. All of us have external phenomena which compel our decisions. Im just pointing out that for all those other potential parade of horrors you used to cite, your actions (i.e. not buying at the bottom) suggested that you beleived these parade of horrors would overwhelm any "external phenomena", crushing prices, such that the prudent thing was to wait them out. I thought the parade of horrors would merely act as a headwind thereby supressing home price increases...not crush them as to make buying a bad decision. Apparently you now think this way too.
"contrarian said... Hey, CRT, what happened to your idea of simply printing more money, as in Helicopter Ben? 10/7/11 9:19 PM"Well, lets see, thanks to my trusty site o doom:http://www.inflationdata.com/Inflation/Inflation_Rate/CurrentInflation.aspAfter 8 months in 2009 when they were not printing fast enough and we had deflation, they sucessfully refired up the printing presses, moving inflation higher, and higher, and higher, and higher. Thanks for asking...
Pat said...so Anon, should i buy a property yielding 3% and a negatve cap rate?10/8/11 8:43 AMI dont know Pat. Thats a question for VAI and other investors.The vast majority here follow the mantra "a home is a place to live NOT an investment". For them, I think the answer is simple, buy if you can afford it, preferably at or near the bottom...
What's up with contrarian? Full moon?Seriously contrarian, you're going to have a stroke if you don't calm down.If I was convinced that the world, as we know it, is ending, I doubt I'd be typing away on some blog.I trust you saw today's post. What zip is your old house in? Since you had owned it since around 1990, I doubt it's in the hinterlands. Do you believe, at this point, that you have even "covered" your transaction and moving costs?
30-35% off peak? Wow. What zip? The post broke out the regional numbers. FX Cty is down 16.5% and Arlington only 9%. Prince William! Down 31.6%. Were you in PWC? Of course, these are averages and I am sure that you would have no reason to misrepresent...
now I know T_N will never come down to that area without an armored HMMWV, body armor and 3 Blackwater guards, but it seems like a nicely transitioning neighborhood.Thanks for the advice but in that scenario i'd still be the most dangerous one.In my prior career I was the advocate of "Stop...(BANG!) or I'll shoot...DC could learn from that methodology.:)
For perma bulls like Anon, this may be a eye opener:"The S&P 500 Has Declined 30% In Real Value Since 2000"http://www.businessinsider.com/the-lost-decade-for-the-sp-500-oct-2011-10
Contrarian, I am aware of SS's reduced benefit availability, but that doesn't change the fact that there is no evidence presented here that supports the argument that the baby boomers' retirements are greatly affecting the stock market right now. Someone could also point to the *increase* in the normal retirement age to earn normal SS benefits (it's now 66 for people born in 1946, so the first baby boomers aren't even eligible yet for full normal retirement benefits; and the age goes up from there for people born in 1955). This would theoretically operate to *defer* retirements and any resulting draw downs in stock accounts.
One possible effect of the recent economic troubles on *preparing* for retirement is that people may be saving and investing (vs. spending) a higher % of their income than they did, and they may be moving into more conservative investments than they planned to. If these happened, there could be some effect on stock prices.
"Contrarian said...all I do is quote another person who agrees with me, then you obsessively go ballistic attacking that other person."I encourage you to do the same. Suppose you get an email:"I saw some smoke...There must be a fire nearby!!! Any minute now, your home will catch fire and you will lose everything"Before you leave work and run home screaming, hysterical, you may want to spend 2 secnonds to find out how this person "knows" what they claim to know.Are you more likely to listen to a guy who lives in your neighborhood, than say, an unemployed janitor in new jersey who also claims the govt is secretly shipping "Amero" currency to China?If it was a neighbor, its understandable that you do panic as you have no reason do doubt that person. However, say its a false alarm. If a week later that same neighbor says the same thing, do you again run home, screaming and hysterical, or do you perhaps start to doubt him?If it was yet another false alarm, when you ask him about it later, how does he respond? Does he admit he was wrong, explain why he believed what he believed, and seem sincere in doing so? Or does he perhaps delete the message, and then suggest that you simply "made it up"? If its the latter, does it affect his credibility in your mind?Suppose two weeks later, he says the same thing, and you again run home, screaming and hysterical, to yet another false alarm. 4 days later, the same thing. Then a month later, the same... Every time, do you again run home, screaming and hysterical, over and over and over and over again? Or is there ever a time when you decide this guy is untrustworthy and should never be listened to?The answer for you seems to be, no matter who says it, its the message that counts. Therefore always live in fear, hysterical, screaming...what a miserable existence.The rest of us, we pick and choose who we listen to:1. Are they generally credible, trustworthy, posessing sound judgment?2. Are they capable of distinguishing between degrees of danger, or is everything proof of an imminent, epic "meltdown"?3. Does this person seem to have a conceptual understanding of timing? Can they distinguish between near term concerns, and long term concerns that (while very real) are not worth getting hysterical about now?4. Are they objective, or do they seem perpetually optimistic/pessimistic? Are they capable of expressing optimism at some times and pessimism at others?5. Everyone is wrong from time to time. When that happens, are these people are they capable of admiting their mistakes, and try to do a better job when making predictions? Or do they spend an inordinate amount of time (and deceptive measures) to claim that they were right, yet again?You come to this site for many of the same reasons many of us do. To learn, to debate, to persuade. When it comes to the debate/persuasion aspect of this site, you have been a miserable failure, and generally a laughingstock. Its a shame too because if you are eventually ever "right" no one will listen to you, nor should they. That said, if you ever want to improve in these aspects, one of the many many many things you can do is do a better job of presenting persuative viewpoints of others.
I will say too Contrarian, your most recent portal o doom is much more persuative than the othershttp://www.youtube.com/watch?v=6UGDTtqklSoThese people seen sane, make reasoned arguments, and do not base their decisions on "sunspots" "Kondratief winter", the "elliott wave" or other similar garbage. Nicely done.To the extent I care about the stock market, I will admit, this (along with many other aspects of the European crisis) make me much more apprehensive about the equity markets. As it stands, given that this is a housing blog, (and more particularly a blog about the DC housing market), I will continue to monitor the things that have thusfar proven to be far more effective in predicting things -- inventory, MOI, near term austerity, inflation, etc.
Vinny said... For perma bulls like Anon, this may be a eye opener:"The S&P 500 Has Declined 30% In Real Value Since 2000"http://www.businessinsider.com/the-lost-decade-for-the-sp-500-oct-2011-1010/9/11 10:58 AMVinny. It is obvious you know very little about me, and my views on housing, prices, and the long term viability of the US. Stick around...you will learn.
contrarian,I fully agree that many people who bought at peak would take a loss if they sold today (not considering the subtlties of whether they sold a home in conjunction with the purchase, etc.). I'm confused by why you think this is relevant to the regional market today and going forward. Are some people "priced-in"? Certainly. Is affordability at an all-time high? Likely.
What I find amusing about contrarian is that he's sooo proud that he sold his house at the top, and he is determined to buy at the absolute bottom. Most successful investors wait for a trend to develop (up or down) then ride it until it stops. They also don't try to predict the future, but rather read and react. I don't waste much time trying to predict the future, but my guess is that even if the stock and real estate markets continue to fall contrarian will miss the bottom just like he did in early 2009.
David,Contrarian believes in the nuclear winter scenario as more then 50% likely in the next 2 years.If that happens, cherie, the cat and I will head to cherie's mom's house, with 5 acres, build solar panels, solar hot water heaters, chop wood, raise dope and goats and kill starving suburbanites, as we make do with the converted battery car. now what is far more likely is a 20-30% drop or a decadal misery where prices continue dragging along deflating in real terms by 1-2%, as people suck up and hate life.CA_I and Anon both believe there will be a long flat miserable period. I'd say they give that an 80% probability.I'm actually with that on a 50% probability, but a 40% chance of a 20-30% drop when the banks get sick of extend and pretend, and prices renormalize. Now, does anyone believe real estate prices will rise 9-14% per annum any time in the next 5 years?Buehler???me, because i got accepted into law school, i suddenly became insulated from a 30% real estate price drop and my purchase became a wash to rent. At that point, it seemed like a push either way. now if i were more probable to the 30% drop, and I knew it would drop within a few months, sure, waiting would gain me, but waiting was costing me. school drove my timelines up. clearly avoiding 6K in tuition costs was a big driver to move. Even expecting prices to drop.Also as for the Boomers.I know they will f&*k up the stock market and retirement. It's what they do.The Boomers ruined cities, because they were too greedy to play in urban parks, as spoiled brats, they needed fenced yards. The Boomers ruined school by needing lots of new school buildings that were rotting by the time I went to school. They needed lots of college, but, then when they graduated they got greedy and stopped wanting to pay school taxes.then they all demanded places to live so they ruined the apartment market and condo bubble of the 70's. then they got greedy and voted Reagan in the 80's. Then they got even greedier and they got all stock nutty int he 90's for a stock bubble. Then they got angry and older and voted for Cheney and Bush.now they are going to screw up Medicare, social security and the stock market again. oh and in a decade or two, they'll ruin funeral parlors and cemeteries.Greedy b&))^s all of them.
http://franklymls.com/AR7700734what won't sel for 2 will for 3?
I'm refinancing my FHA mortgage. All was going well but my lender wants me to sign an "Energy efficient Mortgage Fact Sheet". Is this a standard form everyone has to sign or is my lender changing from a standard mortgage to some other type of loan without first informing me? I'd rather avoid the need to walk out on the closing.
Blaster,I doubt your FHA loan is changing. It's probably just another stupid lender doc. I don't have any direct knowledge of this form. What does your loan officer say? Can you link the form?There are few things that truly matter when reviewing your loan package.
I'm not home right now and can't find a copy of the form on my phone. My lender said I'm not getting that loan and it's a disclosure that I can get that if I want it. The form looks nothing like a disclosure to me. I'm a paranoid and untrusting individual.
Blaster,Well, post it later if you can. I'd be 99% sure it's just b.s. (like "lead-based paint", "appraisal can't be relied upon by you", etc., etc., etc.You have a written statement from the loan officer. It's good to be a little paranoid. Shoot it over to the settlement attorney and see if it's SOP.
contrarianif you are worried about the federal deficit, all we need to do is actually tax the wealthy and tax the financial industry.a Tobin tax would end all that speculation.Capital gains taxes matched to income taxes would seal the deficit.and raise the ceiling on social security taxes.piec eof cake, try the NY Times budget simulator.we don't because the rich are greedy bastards.
contrarian said..."Complete. Financial. Meltdown....And, yes, it will affect housing prices, just as the banking collapse in the early 1980's in the oil producing states (Texas, Oklahoma, Louisiana) affected the housing markets there.10...9....8....7...6...5..."Does the 10...9...8...7...5... signify years or decades?
https://www.specialicious.com/specials/grand-mart$25 for $50 at Grand Mart
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