Chronology

Every time is a great time to buy Real Estate!

U.S. Housing Market May Bottom in 2009, Zandi Says

Case Shiller Futures Suggest 2010 US Housing Market Bottom

U.S. housing bottom seen in mid-2011

Barron’s Calls For A Bottom In Housing…AGAIN

Pimco’s Simon Sees Housing Bottom in 2013

Housing Market to Bottom in 2014

RealtyTrac’s Sharga sees no housing recovery before 2015

Keep ‘em churning!

The Ghost Cities Of China

Simply amazing.

& It’s not just one- or two- or three or four. Oh no.

I guess Americans will need some place to go when the economy collapses and unemployment reaches 80-90%.

The Central Bankers have a plan for us all.

In the beginning, they sold us out:

Calling out the Wanking Bankers

Yep, he nails it.

Who owns what?

My what a muddle we the people receive when we allow Wall St. and .gov to deceive.

Marcy Kaptur gets it. She’s really gotten up to speed on this issue.

It should be clear now that it is the banksters, not Al-Qaeda, are the biggest threat we have to our freedom and liberty.

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“War is a racket. It always has been. It is possibly the oldest, easily the most profitable, surely the most vicious. It is the only one international in scope. It is the only one in which the profits are reckoned in dollars and the losses in lives. A racket is best described, I believe, as something that is not what it seems to the majority of the people. Only a small ‘inside’ group knows what it is about. It is conducted for the benefit of the very few, at the expense of the very many. Out of war a few people make huge fortunes.” -Smedley Butler

Challenge the breach

implied covenant of good faith and fair dealing n. a general assumption of the law of contracts, that people will act in good faith and deal fairly without breaking their word, using shifty means to avoid obligations, or denying what the other party obviously understood. A lawsuit (or one of the causes of action in a lawsuit) based on the breach of this covenant is often brought when the other party has been claiming technical excuses for breaching the contract or using the specific words of the contract to refuse to perform when the surrounding circumstances or apparent understanding of the parties were to the contrary. Example: an employer fires a long-time employee without cause and says it can fire at whim because the employment contract states the employment is “at will.” However, the employee was encouraged to join the company on the basis of retirement plans and other conduct which led him/her to believe the job was permanent barring misconduct or financial downturn. Thus, there could be a breach of the implied covenant, since the surrounding circumstances implied that there would be career-long employment.

Parties cannot create a binding contract where either party has reason to know that the other party cannot perform.

Remember this if you should need to challenge your mortgage servicer in court.

 

Chris Whalen on Foreclosuregate

Chris Whalen:

“Every time there is a foreclosure someone stops paying their property taxes.”

“Barack Obama is walking in Herbert Hoover’s shoes. They’re making the same mistakes, almost unconsciously.”

“We’re going to have state moratoria the way we did in the ’30′s. The governors of those states are going to say ‘folks stay in your homes, keep paying your property taxes, default on your mortgage. This is Washington’s problem.’”

“MBS holders are calling their lawyers.”

“There may not in fact be any collateral underneath these securities.”

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“Liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate… it will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people.” -advice of US Secretary Andrew Mellon gave to his President Herbert Hoover in 1931.

Karl Denninger Kicks More Ass

Fraud to cover up fraud. Hmmm, I guess we could call that “fraud squared.”

This is NOT about “Free Houses” or anything like that. It is about EMPTY BOXES and boxes full of dogcrap - MBS that hold nothing and assets that did not meet the credit quality requirements of the trusts but were transferred in anyway. The latter we know happened for a fact because it has been testified to in front of the FCIC and is exactly like selling someone a box of chocolates – but instead of chocolate, as you represented, you took piles of used dog food, formed it into chocolate shapes, then coated it with a thin veneer of chocolate so it looked and smelled like chocolate - right up until someone decided to take a bite of one.

These events sure look like black-letter crimes to me. Selling someone crap instead of chocolate, when you tell them it’s chocolate, is plain old-fashioned fraud. So is selling someone called a “Mortgage-backed security” without the mortgage backed part. In both cases, if and when this happened, you have people who took someone’s money – some $6 trillion of it over the “go-go” years – and sold them crap that was certified as Grade “AAA” chocolate. In each and every case where the sellers lied, they committed a serious crime.

Who got screwed? You. Your pension fund. Your annuity company - an insurance company that might not be able to pay 10 years down the road when you’re old, gray and frail.

You are the one who got screwed.

And if these clowns have their way, you’ll get screwed again.

[ The Market Ticker ]

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“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” -Mark Twain

If you own a home, you will lose it

Probably speaking about anyone with a mortgage levered 75% and up. A little scare-mongering, but some of you people need to wake the FUCK UP!

Congratulations, you are the housing market.

Just when you though the housing crash was over, along comes the news that Fannie Mae (Phonie) suffered a stunning first quarter loss of $13.1 billion and Freddie Mac (Fraudie) lost $8 billion:

96.5% of all originated loans are now government backed. Remember Fannie Mae and Freddie Mac and their epic continuing losses? Apparently banks have no problem originating loans as long as they can use the government money to gamble in the stock market.

Wall Street enjoys handing your money out. They like to beat on their chest about the free market but have no intention of lending out their own money (i.e., your bailout funds). In fact, Wall Street has convinced itself that your money is basically their hard earned cash. For the risky housing market, they’ll be the middleman in lending out mortgages that are defaulting in mass. What do they care if the economy is on stable footing? They don’t care if you lose your job and can’t pay the mortgage in one or two years. By then, the banks will be gambling in another bubble putting another sector of the economy at risk.

[ Dr. Housing Bubble ]

Foreclosure Stats
…..…..2005  65,000/mo.
…..…..2010 365,000/mo.
…..…..7,140,000 mortgages currently in default or 30+
…..…..days late  (14 percent of all U.S. mortgages).
…..…..24% of those that have made no payment in the
…..…..last year are still not in foreclosure!
…..…..39,000 people have not made a payment in 2 years.

Ironically the only thing that seems to keep people in their home is when they stop paying their mortgage!

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We was robbed.



Patrick.net

Patrick Killelea‘s site Patrick.net has since 2004 been a great source of news stories (subscribe to the daily newsletter) and shared experience for house buyers who found the housing market being driven bubblicious crazy. All courtesy of Easy-money Al Greenspank, broker-licious fraudsters and banksters, greedy realtards, and get-rich-quick homedebtors.

Patrick shrewdly realized that these like-minded folks needed a place to give expression. I’ve been a subscriber since 2007, his daily newsletter is indispensable for anyone desiring to stay ahead of the bluster of propaganda (bullshit) broadcast throughout the mainstream sources.

Housedebtors
So, you thought you own a house? If you have a mortgage, do you really ‘own’ that house? Or, are you merely renting it from a bank. You might have equity someday, but only if you go by the old bubblicious model pre-2007. What part of that appreciation will be eaten alive by inflation? Seeing as deflation is the current state of affairs (according to Case-Shiller), prices are going down now and for the foreseeable future- even without the added pressure of higher interest rates.

In the end you have to crunch the numbers and decide if owning makes sense for you. If you think it will be cheaper than renting, the Old Gray Lady can help you with that. Consider that many reliable sources foresee the housing market trending down for the next 5, 10, 15 years (pick one). Each potential house buyer has to ask him/herself: Do I really want to catch a falling knife?

[ Part 2 ]  [ Part 3 ] [ Part 4 ] [ Part 5 ]  [ Part 6 ]

Donate here.

Here are some other sites worth regular visits:

Dr. Housing Bubble
Housing Doom
Jesse’s Café Américain
Great Depression of 2006
The Automatic Earth
Of Two Minds Blog
naked capitalism
Mish
Irvine Housing blog
Professor Piggington’s Econo-Almanac for the Landed Poor

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“This is how empires dwindle, grow vulnerable, and then collapse: the productive are taxed while the wealthy game their way out of paying their equitable share, while the status quo (the State/Plutocracy partnership) showers bread and circuses on the unproductive to buy their silence and complicity as the Oligarchy/Plutocracy loots and ransacks what is left of a productive economy and culture.” -Charlie Smith