A Rising Tide for Brooklyn Economy?

Couch – maybe you should go live in a state that believes in your CONservative GoverMENt principals. That way you won’t be represented by liberal senators and have your electoral votes go Dem. Also, you won’t have to look at the Toren.
Maybe the UES would be a better start. . . . . .

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The smattering of new statewide polls released over the last few days yields no new significant trends, although a new poll on the West Virginia Senate race shows the Democrat, Joe Manchin, maintaining narrow but consistent lead over Republican candidate John Raese in September.

The new survey, from automated pollster Rasmussen Reports, gives Manchin a seven-point lead (50% to 43%)

It’s remarkable that nearly all comments on this site are from the same menagerie of freaks.

Brooklyn is a great place to live, wasder, but right now, a terrible place to buy real estate above 10x rent roll and/or 3x median income. It’s a great time to get out of the market with a gain or a minimized loss. Prevailing prices are still bubblicious and have yet to fully correct. I’m predicting another -37.5%.

“BHO has sort of become that which he despised”

I just despise bubblicious, Ponzi home prices sanctioned by our elected officials. Just let them collapse to their natural equilibrium already. I also despise secrecy and opacity practiced by the Federal Reserve Bank which smoothly fools most into thinking they are a government agency when in fact they are a secret society of our too-big-to-fail banks. I have become none of that, fsrq. I don’t despise the bulls, they have a stake to protect (though cashing out or minimize loss is advised).

“his definitive and absolute view is no less ridiculous (in its certainty) than the ones predicting a persistent bull market”

Difference is, fsrq, my view becomes more and more commonplace, more and more evident, and more and more supported by data (sales plunge -27%, market redemptions up, bank failures up YOY, GDP constantly revised down yet propped up with unprecedented Keynesian borrowing/spending, poverty way up, unemployment still way up, soverign debt crisis not abating as reported but SPREADING to Ireland/Spain/Italy, etc etc etc).

My certainty that the DOW would plunge to 8,000 was equally ridiculous with only The What as my sole backer. DIBS never signed on (in fact ridiculed me) but later bragged about profitting from such. 9 times out of 10, things are worse than they seem. The reGOVery only bought time.

“if you can reasonably afford it and plan on a long-term stay – then buy what you want – its not an ‘investment’ its a house”

The problem is that most of the buyers right now are first time and they CANNOT afford it. That’s why there’s a need for FHA status for Toren/Oro/etc. Most buyers profiled here (3rd & Bond, Adam Dahill saving every penny, etc) and in the Times are barely scraping up the down payment to overpay for still historically and fundamentally overvalued assets on risky credit and little skin in the game. You have your well heeled buyers but even they are taking a hit in this unofficial but real depression and can afford, or are only willing to pay, lower prices.

And the buy vs rent calc flawfully assumes appreciation and/or the certainty of a longterm timeframe ignoring job loss/relocation/marriage/divorce/kids/etc.

People wouldn’t be buying if they didn’t someday expect appreciation but it won’t happen in real terms for the remainder of OUR lives. They may not say “investment” but it’s in their mind.

No one knows the future but history is there for you to read. It repeats. That’s some of us saw this housing collapse coming from a mile away. You take a position on the economy whether you want to or not. Doing nothing is still a position.

***Bid half off peak comps***