Real Estate: The New Obscenity?
The lead article in the real estate section of The New York Times this weekend attempts to make the case that real estate has gone from Topic No. 1 to Topic Non Grata in the last six months. Nobody wants to talk about it,” The Times quotes one hedge fund manager as saying. We’re not…
The lead article in the real estate section of The New York Times this weekend attempts to make the case that real estate has gone from Topic No. 1 to Topic Non Grata in the last six months. Nobody wants to talk about it,” The Times quotes one hedge fund manager as saying. We’re not so sure that’s the case. People may be acting more discreetly when they bring it up, but, in our experience, it’s still just as much on everyone’s minds as before, although now, instead of being obsesses with how much the value of their house has gone up, it’s all about how far the value has fallen. Have you noticed a decrease in the amount people are talking about real estate or just a different tone?
Don’t Even Say the Words [NY Times]
Photo by solupine
@Heather (if you’re still reading Monday’s thread):
Nobody’s “circling the wagons” or talking about sealing the borders or having a closed economy. We all want to be able to continue to live well, and it would be not at all pleasant to exist without oranges or olive oil or coffee.
The point is that we may not have a choice at some point — oranges and olive oil may become such expensive luxuries again that we’ll have them much less often.
In the meantime, supporting local agriculture is not an either-or proposition. Buying locally grown foods doesn’t rule out continuing also to buy foods that cannot be grown locally — for as long as they’re available.
For the people who live in far-off places that export foods to us, again, this is not about anyone *choosing* to opt out the “global economy.” It’s about distributors and importers finding it too expensive to continue — or being forced to mark up prices to a point at which people with average incomes in the U.S. won’t be able to afford them every week.
Debt is liquidity. Take it away and nothing gets made. Nothing gets made? Prices go up. People suffer. More than they are now.
“BHO you shoot at night??”
The tracers look real pretty.
“I think your rhetoric tends to be much more strongly worded than mine”
Ahhhh, it’s more my login name and tagline that invites poo and thus return fire, lechacal. And now it’s “the new obscenity”.
***Bid half off peak comps***
“Even assuming you’re right, don’t you think there’s a certain danger in circling the wagons and sealing the borders, so to speak? Do you really want to just put an end to the global economy? What if it meant people in other places would starve?”
Sorry, I can’t allow this one to pass…We’re in the midst of a world historical global meltdown…The global economy (or more correctly GLOBALIZED DEBT ECONOMY) is one of the reasons we’re in this mess
Thanks for the info BHO. Sounds like we are in the same position (although I think your rhetoric tends to be much more strongly worded than mine).
What, I know it annoys you that I don’t pay any attention to you, which is probably why I don’t. Your online personality has kind of jumped the shark. It worked for a while, even got kind of endearing/amusing, but now my eyes just skip over your posts.
Hello Heather, I walked by Fish and Crustaceans a few hours ago. Yes there is a letter stating the Landlord has possession but only a judge can give back possession thru Due Process. Let’s see what happens, OK.
BHO you shoot at night?? LMMFAO! Today was mad fun! One question- where are the retards at?????? I had plenty of Ammo….
The What (Takes his ass to sleep)
Someday this war is gonna end…
Zuleika, locavism is, how shall I put this, an illusion. Do you buy local cotton? Local olive oil? Local citrus? Do you realize that most of your small shops buy their goods from the same distributors used by larger chains? Even assuming you’re right, don’t you think there’s a certain danger in circling the wagons and sealing the borders, so to speak? Do you really want to just put an end to the global economy? What if it meant people in other places would starve? Would that not bother you or would you just consider them socially irresponsible?
This isn’t something I’ve studied at length, as you obviously have, so maybe there are solutions that I’m not aware of… but I think promoting a closed economy makes about as much sense as, say, North Korea.
“Prices will drop when interest rates rise, but the monthly cost for those borrowing will be much higher. As was the case for years and years.”
Nope. Higher interest rates force prices to drop by a proportional amount to result in the same monthly payment per home. The only thing difference is that the buyer starts out with even more equity than before because the % down increases even if its absolute value stays constant. Even more money down on an even more cheaper house.
***Bid half off peak comps***
“BHO, what is your current situation? Are you a renter who is actually looking to buy or are you just a poo flinger?”
Both, lechacal. When people fling poo at me, I bust back. Long time renter waiting for Case-Shiller YOY to turn green. Almost had to overpay as a compromise with Mrs. BHO but now that the rental market is in freefall and we have articles like the one above, she’s on board with me. Market: Fort Greene/Clinton Hill.
“What / BHO – the accounting change in 157-e just released is not mark to myth. In actuality if you read the new disclosure which no doubt you haven’t, you’d understand that the FASB board backed down from the original recomendation to mark assets to distressed levels unless proven otherwise. You know why they didn’t change it ? becuase the broker dealer community pushed back on it.”
Please post the disclosure. It’s all smoke and mirrors to hide losses. Discretion = creativity = fraud.
***Bid half off peak comps***