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Posted: 6/6/2008 2:05:52 PM EST
... on FUCKING HOMES mean that things are pretty damn bad and getting worse?



latimesblogs.latimes.com/laland/2008/06/in-escondido-bu.html

Just.... WOW.

Link Posted: 6/6/2008 2:08:51 PM EST
It just means that the people selling the homes gambled and lost big time.

Link Posted: 6/6/2008 2:17:11 PM EST
Why the hell would anybody want to move to Kalifornia?
Link Posted: 6/6/2008 2:23:11 PM EST

Originally Posted By gobbledog:
It just means that the people selling the homes gambled and lost big time.



My take is: This is Bad Decision Making + Desperation (squared).

From a real perspective it means that slashing prices is not enough. They need to deflate inventory (the biggest "holy fuck" I'm seeing in the numbers right now). And they don't want to lower "comparables" in the high end subdivision, so they're giving away homes in the lower end one.

Lehman is rumored to be shitting the bed soon, and we're seeing counterparties setting trade limits just like they did with Bear Stearns. But this time the Federal Reserve does not have the juice to do anything about it.

Did you guys know that the Fed is down to $30b in treasuries on hand, compared to $300b last year at this time.

I suppose the tax payers can go on the hook to print a bunch of new ones..., but I'm seeing bad signs and, while the rose-colored glasses crew will show up shortly to tell me I'm wrong, I will take little comfort from their protestations.

Link Posted: 6/6/2008 2:24:14 PM EST

Originally Posted By SplatSTi:
Why the hell would anybody want to move to Kalifornia?


I think you answered your own question.
Link Posted: 6/6/2008 2:24:19 PM EST


Whoever is involved with this is screwed.
Link Posted: 6/6/2008 2:32:55 PM EST
What it tells me is that the guy is making more than 400K (or actual value/cost) on the first home. It also tells me that selling that second home later is probably going to cost you a nice chunk in capital gain taxes.
Link Posted: 6/6/2008 2:40:15 PM EST

Originally Posted By JC_:
What it tells me is that the guy is making more than 400K (or actual value/cost) on the first home. It also tells me that selling that second home later is probably going to cost you a nice chunk in capital gain taxes.


Woah. I didn't think about the cost-basis of "zero" on that sucker.

And by definition in this deal, not a primary residence.

YEE EOUCH.

Link Posted: 6/6/2008 2:59:34 PM EST

Originally Posted By SplatSTi:
Why the hell would anybody want to move to Kalifornia?


Exactly,please stop coming here.
I think we need guards at the border to send people back to Mexico/Midwest.
Link Posted: 6/6/2008 3:02:34 PM EST
So if its buy one get one free, if I get one of them is it half priced (hell it works at Kroger)
Link Posted: 6/6/2008 3:03:12 PM EST

Originally Posted By ApacheScout:

Originally Posted By SplatSTi:
Why the hell would anybody want to move to Kalifornia?


Exactly,please stop coming here.
I think we need guards at the border to send people back to Mexico/Midwest.



Or keep you guys locked up away from the rest of us.
Link Posted: 6/6/2008 3:03:34 PM EST
[Last Edit: 6/6/2008 3:11:38 PM EST by AROptics]
Sky high gas prices are going to accelerate the foreclosure crisis in the outlying suburbs that sprang up far from jobs during the housing bubble.

This shit is crazy and getting crazier.
Link Posted: 6/6/2008 3:04:58 PM EST


i love the current state of our country and the pleasant outlook on the way after november.
Link Posted: 6/6/2008 3:09:29 PM EST

Originally Posted By SplatSTi:
Why the hell would anybody want to move to Kalifornia?


California is actually a very beautiful state, especially in the coastal regions. Its the Callimmies that make it a political wasteland.

I know, I lived there for 50 years.
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