Carl leason

They Said Housing Prices Couldn't Fall. They Lied.

Regarding Mr. Yun,...You have to remember that he is paid by NAR to say "upbeat" things,...but in fact, in FL the average Realtor has had only ONE,..repeat,...ONE sale this past year, and only one Realtor in 300 has even a pending sale !!! To say the market is bad,..is still a huge understatement ! Florida has considerably higher than average prices and considerably lower wages,..The home Builders used to say that the high prices were caused by increasing high costs for all building materials, labor, land, etc. but now,..the cost of materials is way down and yet the prices are still very high,...higher than the national average ! So,..the builders are trying to have it both ways,...trying to keep prices high and increasing the profit margins. New homes are now priced way higher than resale homes so don't pity the builders,..they were making very big bucks between 2001 -2005 and they got used to living high off the hog ! Now they are selling off land, offering Realtors really high commissions, but the real problem is the glut of unsold older homes that are affordable to the average resident of
the states where they live. Every buyer wants a NEW home !
If you want a real comedy show,..just watch HGTV and see these young kids 25-35 years negotiating to buy million dollar homes in CA.
Obviously most of that programming was done a couple years ago, but now what does that young kid do when his adjustable rate mortgage really does adjust ? And,..he has lost his job to boot ! LC

Consensus Economist Estimates Don't Suggest a Recession

What Bar do those Economists drink in ? Every state is having a drop in employment, housing forclosures are at an all time high, Gov. spending has placed us so far in debt that paying it off is impossible to imagine and even most peoples credit cards are maxed out and those Card Companies are worried sick, ..but these brilliant Economists think that thngs are's so bad , huh ?
I can't imagine that any one of those Economists are going to replace Bernanke,...but who knows, maybe Bernanke drank at the same bar ! Also, am wondering when they got out of "Rehab" ? LC

Another Fantasyland Call from the NAR

Until NAR starts reporting actual "Closings" instead of "contracts signed",..their data will continue to be useless. There are still so many homes for sale in every state, and huge numbers of people not being able to go thru to a closing, that the major bulders are using the deposits received as discounts on the new lower prices of Spec. Homes that never sold. There is a NEW home about half a block from me that has been on the market for well over 2 years.
When it does finally sell,..is it still considedred a new home,..even though the roof, paint, appliances, etc. are 2+ years old ? The longer that builder holds tight to his price, the more it depreciates.
LC

Things Appear So Evident in Retrospect

Andy,..Where the hell have you been for the past 5-6 years, on a vacation or just unconscious ?
I am not a CFP or anything but a college grad. who reads the paper and sell Real Estate and I saw this coming at least 5 years ago , people buying homes with mortgage applications that have NO DOCUMENTED INFO, and Big Banks taking these loans,..Husing prices way over valued,..It was insanity ! Add the Gov. spending on wars, by the trillions of dollars , and importing so much from China, and every third world country, and exporting nothing, every item in WalMart from overseas, and,.....You didn't see this coming ???
You have lost all credability !!! LC

Bernanke: Economic Growth Won't Last

Sounds like the blind leading the blind to me !!
The "smartest guys in the world are breaking the economy really bad.
They complain that people spend too much on their credit cards, but they are doing the same but with many more zero's after the amounts !
What do we owe now,...How many trillion bucks today ?? LC

Bernanke: Economic Growth Won't Last

Sounds like the blind leading the blind to me !!
The "smartest guys in the world are breaking the economy really bad.
They complain that people spend too much on their credit cards, but they are doing the same but with many more zero's after the amounts !
What do we owe now,...How many trillion bucks today ?? LC

U.S. Trade Deficit Shrinks; GDP Outlook Bright

A one month "blip" in the trade deficit does not constitute a TREND !
Just tell me when you can go into any store, especially WalMart and find something that is not made in China or some other really low wage country. When I start seeing products NOT made in China in the big
stores, I'll start thinking that maybe a trend is started.
Another thing that blows me away is that a lot of people seem to think that a strong dollar is good,...when in fact, ...it's really bad for our job market and export market. LC

The 'Plunge Protection Team' Working Overtime: A Play-By-Play

With all this manipulation going on,..We are truly living in dangerous financial times. At some point, the whole system must,...MUST... collapse ! LC