Another way for speculative home price inflation to go up in smoke.
Too bad the Government doesn't regulate an tax this activity. Not only would it produce a high revenue stream, you get less of that which is taxed... which, as I understand, is the intent of the current war on drugs policy.
sigh...
okay, you're next. I won't continue to Bogart the blog.
Not being a TV watcher and hence a real virgin about what (not who) Cramer is, allows me to see in an instant that there is a decision procedure for idiots: when the brains move to the forearms....yes? Isn't that how Ron Paul looks like a genius?
When will we know that Cramer is "not doing his job"? When the arms quit flapping and quit flapping his tongue.
Does he pre-view himself...how does he stand it?...his producers must relieve him of this part, yes?
I think the idea of carbon credits is to reward activities that take carbon out of the atmosphere for a long time. Weed is generally burned relatively soon after growing, the stems and roots are likewise composted and return the carbon to the air. Or so I have heard...
"Weeding through the value of the nation's cash crops, a study released today states that marijuana is the U.S.'s most valuable crop and promotes the drug's legalization and taxation.
Drug enforcement officials say the equation is not that simple.
Be Seen Be Heard
Legalize It? Send Us Your Thoughts on Decriminalization of Pot
The report, "Marijuana Production in the United States," by marijuana policy researcher Jon Gettman, concludes that despite massive eradication efforts at the hands of the federal government, "marijuana has become a pervasive and ineradicable part of the national economy."
In the report, Gettman, a marijuana-reform activist and leader of the Coalition for Rescheduling Cannabis, champions a system of legal regulation.
Contrasting government figures for traditional crops -- like corn and wheat -- against the study's projections for marijuana production, the report cites marijuana as the top cash crop in 12 states and among the top three cash crops in 30.
The study estimates that marijuana production, at a value of $35.8 billion, exceeds the combined value of corn ($23.3 billion) and wheat ($7.5 billion)."
Just imagine what this means to the economy... pot generates more value than wheat, than corn, soy beans... cotton. This cash is in a black market and whereas I'm sure a lot of it flows through the economy, it exists outside the "reported" economic statistics - our largest, most valuable crop does not show on the books.
Stated income, more than a good guess my dear Watson, but what of that slightly bong-smelling suit of the lender? Those larger suits above him in those bong-smelling limousines?
I know, I know...the last line was edited from: "It appears they've been financing the houses with the cultivation and sales of marijuana" Carney said passing the giant reefer to the next tester, "It's marijuana alright."
Anyone know if the laws regarding confiscation of assets used in drug operations applies here? Do the narcs get title to the houses and then put them on the market? They probably won't wind up in the REO stats...or will they?
Interesting point - Confiscation or not, I believe they still have to deal with the legal lienholder (lender).
So if they confiscate - it would likely be "subject to". And you just know this was 100% financing.
I can't imagine a lender is going to take it in the shorts because of something the "owner" or occupant was doing in the property.
Perhaps, with the bust, the lender moves immediately to foreclose as the "owners" have violated tenets of the Deed of Trust and to perfect their position.
But, no, I don't think the federales can just disregard a legal lienholder's rights because of these lame drug laws/drug "war" we have.
This is happening all over. Here's a link to another website I frequent (boating website) where a member talks about a house he is buying from the bank.
which has been widely discussed at the Seattle Bubble blog.
Pot 'Grow Houses' Flourish in Pacific Northwest
...The "grow houses," as they're called, can be found in neighborhoods around the country, but they're becoming especially common in the Pacific Northwest particularly in the suburbs of Seattle....
"Most of these people who are orchestrating these operations have multiple houses. Some investigators say the minimum is three, some say five. The largest number that I've run into is 12,"...
"Many of the loans were zero-down, no-document loans," he says. "He did not have any employment, and if I remember correctly, he was able to purchase about $6 million worth of property and he didn't have a job."
Of course he had a job and a bloody hard one! If keeping $6m worth of property ticking over without complaints from the neighbors and raising good quality weed without getting shot by the competition isn't a job what is?
Amazing, and a further indication of the moronic "ownership society" mentality at work, to wit:
Only a dolt runs a grow-op on their own property. You rent it, rip out the walls, screw up the wiring, cover the floor in a mixture of mud, water, doritos bags and God know what else and leave sometime between the time the black mold starts to get a bit too thick to wade through and day the cops burst in. Their plan was to run a grow op and then finish with a nice capital gain? Or something?
I also like the idea of a pot plant being worth $1800 on the quote street unquote.
From the link to the other website the guy claims the house sold for $225k when it was new in November of 2006. Based on the damage to the electrical and some structural stuff he bid (so he says) $40k and the bank accepted the offer. How's that for a haircut - yeouch...
Many of the loans were zero-down, no-document loans," he says. "He did not have any employment, and if I remember correctly, he was able to purchase about $6 million worth of property and he didn't have a job."
It used to be the DEA would look for big electrical bills (grow lights) and then start surveillance... now all they have to do is look for ZD-ND financed houses ... if they are still making timely payments they MUST be growing!
The study estimates that marijuana production, at a value of $35.8 billion, exceeds the combined value of corn ($23.3 billion) and wheat ($7.5 billion)."
My parents live in rural upstate NY. Their area is going through a planning process discussing things like limiting development to five acre lots vs 20 acres. Usual stuff. Some of the very wealthy people in the area want all the "farms" preserved. Most of these farms are former farms and now are just big chunks of very beautiful land. The farmers now want to sell that land. Makes for some very heated discussions between the farmers and the wealthy. At one point one of the former farmers stood up and said, "let's quit talking about farming like its an actual option. The only crop that is viable now is marijuana". My father said the most interesting part was that no one in the room reacted like that was an unusual thing to say. Everyone knew it was true. Probably why some of those wealthy people moved up from NYC to those hills in the first place.
Here in California this story is so old it walks with a cane. For sure it is old enough to vote and has grandchildren. God! Newspapers are desperate if they need to fill the pages with old news.
They had a lot of this going on in Elk Grove last year.new subdivisions,the more or less legit buyers gone all day,and ninja loans.As an ex property Manager who once had a tenant with a grow operation I can testify thaf getting rid of black mold is expensive and time consuming...and while growers do tend to have an income,collecting on your judgement can be difficult.
As my freshman dorm counselor advised us in the late '70s, if you must have a bong in your room in violation of residence standards, please use them instead as flower vases.
Here are some subprime victims I can empathize with.
I remember back in the mid '90's back when RE was cheap and good bud traded higher than gold by the oz. The idea of growing gold was endlessly enthralling. Also, real estate flips are a good way to turn the income into legitimate cash @ cap gains tax (ie. pay contractors cash, improve and report large profit).
If I had had subprime loans (and more motivation), who knows.
"The homes produced between 30 to 300 plants in each harvest and some homes cultivated up to 1,200 plants in a year.
Assume 3 harvests x 100 plants x $1,000 per plant x 2 years equals are you ready for this? $600,000 in residents share, easily enough to represent a vast equity buildup and to support home purchases in very nice neighborhoods the kind with high hedges, white picket fences, and two-income couples who go off to their white-collar jobs each morning, leaving the lucky stay-at-homes to tend their gardens"
Are they comparing a black market and open market price? Not that I doubt a legalized grass product would attract all sorts of agents ready to "add value," as they would put it.
I guess you may know about the book "Reefer Madness"; illegal activities (drugs, porn, prostitution, illegal labor, organized crime etc.) form quite a sizable slice of our economic pie.
I wasn't clear as to my allegiances when I posted about pot's value as a cash crop. I'm perfectly content to keep pot in a black market and as far from corporate/government hands as possible...
but it astounds me that pot's value as a cash crop is so HUGE and it boggles my mind how that much money flowing out of a black market doesn't show as a major blip on some chart somewhere.
I've read that most of the actual dollars we carry in our wallets would, if tested, show positive for some drug residue. hmmmmm...
Some of the very wealthy people in the area want all the "farms" preserved.
So I take it they won't object if, say, a farmer did something like set up an intensive piggery?
Here in Australia there are cases where yuppies have bought into the 'beautiful peaceful surroundings' of a rural area, and then immediately started bitching to the local council about the nieghbouring farmers noisily starting work at first light.
ozajh, there were similar reports around here a few years ago when the push into "exurbia" really took off. As if farming were just watchin' stuff gro, and could take place without noisy equipment, slow farm vehicles moving around on the roads, and predawn starts or postdusk finishes.
In Vermont I recall a "farmer" who wanted to subdivide his property and was denied by the local village planners.
He not only brought in pigs, he accidentally spilled a truckload of chicken waste in the street in front of his property a few times. I think the village eventually bought him out. Pretty rich village.
Last Sunday it was my buddy's birthday, and I was over at his house. It was the end of the night, and he had more to drink than normal. I looked over and he had the bong tipped over to his lips as if it was a beer. A reprimand snapped him back to reality for a second, and he put it down.
He proceeded to drop his lighter on the floor, and crawling around looking for it must have been enough to reset the short term memory circuits. Next time I looked over, he had the bong to his lips and sucked down a long draught of the funky water. Followed by silky spew all over himself and the floor.
I packed the poor shmuck off to bed and tried to clean up as best I could. Had to wrestle a bong-water and bile soaked paper towel out of the mouth of one of the dogs before I bid a hasty retreat.
Hadn't realized this experience was a metaphor for the housing bubble until just now.
Two points:
...It's my understanding that in "popular" grow regions (esp. Cali) the police regularly get the electrical utilities to do inventories--to identify any houses that are using unusually large amounts of electrical power, and these get further investigated.
...Also I heard my now-favorite non-obscene expression from a co-worker some time back. When a third person had committed a particularly embarassing mistake, guy #2 said that "he smoked a month's worth of stupid and drank the bong water".
~
In some parts of rural Ohio most farmers will supplement their income with pot. In some of the southeastern counties, it is one of the biggest industries and accepted by most as part of the economic infrastructure. Some years ago the DEA tried to crack down. They didn't get very far; local law enforcement would tip off the growers or just telegraph where they would be doing their overflies/sweeps. At some point, an illegal activity become so pervasive that the laws do nothing more than foster a disrespect for the law, a la Prohibition.
This points out something I have wondered about for a long time. While certainly many stated income, stated asset borrowers exaggerated their income, I'll bet dollars to donuts (or hash brownies if you prefer) that an awful lot actually were more or less accurate on their mortgage apps. Remember, the income that doesn't show up in the official statistics is not just the illegal stuff like drugs, gambling and prostitution. There are also the huge number of self-employed enaged in perfectly legal activities, much of whose income is hard to track and who can deduct an awful lot of personal expenses as "business-related'. Maybe more folks than many think really could afford the McMansion?
I'll bet dollars to donuts (or hash brownies if you prefer) that an awful lot actually were more or less accurate on their mortgage apps......Maybe more folks than many think really could afford the McMansion? ~Aheadofthecurve
If I smoked enough of the high test and then ate a bunch of hash brownies, those statements would start to make sense.
mojo- If the income on the tax return doesn't agree with the mortgage app, why automatically assume the mortgage app is wrong? Maybe the tax return is wrong, eh?
This is a regular occurrence in Canada, either you have a basement suite (commonly known as a mortgage helper) or a grow op.
Well at least they were able to make their payments!
rt
Agrestic? Majestic?
Another way for speculative home price inflation to go up in smoke.
Too bad the Government doesn't regulate an tax this activity. Not only would it produce a high revenue stream, you get less of that which is taxed... which, as I understand, is the intent of the current war on drugs policy.
sigh...
okay, you're next. I won't continue to Bogart the blog.
These folks were practicing sound investment strategy, until they got busted. I read somewhere (WSJ?) that the price of weed never goes down.....
Weeds..eh? haha..anyone watch the show around here?
They should have made sure they had a line item in the new ag subsidy bill;-}
Screw mortgages, go for the big dinero.
Buy land, grow grass, get paid from the NCRS for doing nothing legally.
Someday this war's gonna end...
They were just living a "green" lifestyle. I applaud their efforts, in a sane world we'd give them carbon credits instead of hauling them to jail.
Not being a TV watcher and hence a real virgin about what (not who) Cramer is, allows me to see in an instant that there is a decision procedure for idiots: when the brains move to the forearms....yes? Isn't that how Ron Paul looks like a genius?
When will we know that Cramer is "not doing his job"? When the arms quit flapping and quit flapping his tongue.
Does he pre-view himself...how does he stand it?...his producers must relieve him of this part, yes?
I think the idea of carbon credits is to reward activities that take carbon out of the atmosphere for a long time. Weed is generally burned relatively soon after growing, the stems and roots are likewise composted and return the carbon to the air. Or so I have heard...
So are the neighboors glad these criminals are gone, or scared to death about the comp crushing auction coming soon.
I'll guess the latter.
Dime bagholders.
other Jim:
Doesn't HAVE to be burned though. Brownies, anyone? This suggests a slogan for the new millenium: "bake to get baked!"
.. using a solar oven, of course..
Marijuana: the largest cash crop in the country? Marijuana Called Top U.S. Cash Crop - ABC News
(By NITYA VENKATARAMAN
Dec. 18, 2006)
"Weeding through the value of the nation's cash crops, a study released today states that marijuana is the U.S.'s most valuable crop and promotes the drug's legalization and taxation.
Drug enforcement officials say the equation is not that simple.
Be Seen Be Heard
Legalize It? Send Us Your Thoughts on Decriminalization of Pot
The report, "Marijuana Production in the United States," by marijuana policy researcher Jon Gettman, concludes that despite massive eradication efforts at the hands of the federal government, "marijuana has become a pervasive and ineradicable part of the national economy."
In the report, Gettman, a marijuana-reform activist and leader of the Coalition for Rescheduling Cannabis, champions a system of legal regulation.
Contrasting government figures for traditional crops -- like corn and wheat -- against the study's projections for marijuana production, the report cites marijuana as the top cash crop in 12 states and among the top three cash crops in 30.
The study estimates that marijuana production, at a value of $35.8 billion, exceeds the combined value of corn ($23.3 billion) and wheat ($7.5 billion)."
Just imagine what this means to the economy... pot generates more value than wheat, than corn, soy beans... cotton. This cash is in a black market and whereas I'm sure a lot of it flows through the economy, it exists outside the "reported" economic statistics - our largest, most valuable crop does not show on the books.
What's wrong with that picture?
The neighbors are fuming about the crimp in ganga supply upping the price of da kine.
Stated income, more than a good guess my dear Watson, but what of that slightly bong-smelling suit of the lender? Those larger suits above him in those bong-smelling limousines?
I know, I know...the last line was edited from:
"It appears they've been financing the houses with the cultivation and sales of marijuana" Carney said passing the giant reefer to the next tester, "It's marijuana alright."
Anyone know if the laws regarding confiscation of assets used in drug operations applies here? Do the narcs get title to the houses and then put them on the market? They probably won't wind up in the REO stats...or will they?
I am now able to identify a "Tantric" posting within its first five words.
Occupation: Horticulturist.
Income: Enough.
"...it exists outside the "reported" economic statistics - our largest, most valuable crop does not show on the books/"
Why should evil canabis assets not be treated the same as toxic notational value derivatives or unfunded mandate liabilities.
Yes. Yes. I know. Consistency is the hob goblin of small minds, yet, it is a foundational principal of good accounting.
All is well. Now, go back to sleep.
Have you considered replacing the water with wine ?
My understanding is that it's much more cooling and flavorful - adding a certain tang to the things
.
Also it's quite drinkable later without all that musty smell or bitter taste.
YamhillMan:
Interesting point - Confiscation or not, I believe they still have to deal with the legal lienholder (lender).
So if they confiscate - it would likely be "subject to". And you just know this was 100% financing.
I can't imagine a lender is going to take it in the shorts because of something the "owner" or occupant was doing in the property.
Perhaps, with the bust, the lender moves immediately to foreclose as the "owners" have violated tenets of the Deed of Trust and to perfect their position.
But, no, I don't think the federales can just disregard a legal lienholder's rights because of these lame drug laws/drug "war" we have.
How to get rich in real estate?
YECCHHHHHH!
Ym- they will be reo- the feds would have to prove the lenders complicit in the illicit.
Beyond the usual NINJA mortgage stuff;-}
Tanta, you are no ordinary potted plant!
Too bad the stuff won't make it to foreclosure; it would be a fantastic stop for the RepoBus.
worth $2.4 million to $3.6 million on the street
Are those nominal dollars, or inflation-adjusted? (Actually, the "cannabis deflator" might make a great thesis topic for an econ major.)
This is happening all over. Here's a link to another website I frequent (boating website) where a member talks about a house he is buying from the bank.
This is somewhere in Georgia
Grow house in Georgia
Another grow house in Georgia
With those kind of numbers, it shouldn't be long before Paulson starts lobbying for NORML.
This is a regular occurrence in Canada, either you have a basement suite (commonly known as a mortgage helper) or a grow op.
How else you gonna win gold metals in snow boarding? Steroids won't do it... might get you into Cooperstown but won't place you high up on the podium.
See also this article:
Pot 'Grow Houses' Flourish in Pacific Northwest : NPR
which has been widely discussed at the Seattle Bubble blog.
Pot 'Grow Houses' Flourish in Pacific Northwest
...The "grow houses," as they're called, can be found in neighborhoods around the country, but they're becoming especially common in the Pacific Northwest particularly in the suburbs of Seattle....
"Most of these people who are orchestrating these operations have multiple houses. Some investigators say the minimum is three, some say five. The largest number that I've run into is 12,"...
"Many of the loans were zero-down, no-document loans," he says. "He did not have any employment, and if I remember correctly, he was able to purchase about $6 million worth of property and he didn't have a job."
"and he didn't have a job."
Of course he had a job and a bloody hard one! If keeping $6m worth of property ticking over without complaints from the neighbors and raising good quality weed without getting shot by the competition isn't a job what is?
Amazing, and a further indication of the moronic "ownership society" mentality at work, to wit:
Only a dolt runs a grow-op on their own property. You rent it, rip out the walls, screw up the wiring, cover the floor in a mixture of mud, water, doritos bags and God know what else and leave sometime between the time the black mold starts to get a bit too thick to wade through and day the cops burst in. Their plan was to run a grow op and then finish with a nice capital gain? Or something?
I also like the idea of a pot plant being worth $1800 on the quote street unquote.
From the link to the other website the guy claims the house sold for $225k when it was new in November of 2006. Based on the damage to the electrical and some structural stuff he bid (so he says) $40k and the bank accepted the offer. How's that for a haircut - yeouch...
Many of the loans were zero-down, no-document loans," he says. "He did not have any employment, and if I remember correctly, he was able to purchase about $6 million worth of property and he didn't have a job."
It used to be the DEA would look for big electrical bills (grow lights) and then start surveillance... now all they have to do is look for ZD-ND financed houses ... if they are still making timely payments they MUST be growing!
The study estimates that marijuana production, at a value of $35.8 billion, exceeds the combined value of corn ($23.3 billion) and wheat ($7.5 billion)."
What's wrong with that picture?
Uh... pot is too expensive?
This from Stockton over a year ago.
S.J. pot houses had one Realtor | Recordnet.com
Realtors® love repeat business.
My parents live in rural upstate NY. Their area is going through a planning process discussing things like limiting development to five acre lots vs 20 acres. Usual stuff. Some of the very wealthy people in the area want all the "farms" preserved. Most of these farms are former farms and now are just big chunks of very beautiful land. The farmers now want to sell that land. Makes for some very heated discussions between the farmers and the wealthy. At one point one of the former farmers stood up and said, "let's quit talking about farming like its an actual option. The only crop that is viable now is marijuana". My father said the most interesting part was that no one in the room reacted like that was an unusual thing to say. Everyone knew it was true. Probably why some of those wealthy people moved up from NYC to those hills in the first place.
Glad you brought this over from Atrios
jo6pac
Once you drink the bong water, you will not do that again!
Stated income? Reckon payment in kind.
Here in California this story is so old it walks with a cane. For sure it is old enough to vote and has grandchildren. God! Newspapers are desperate if they need to fill the pages with old news.
cant say that i ever expected this type of convo here. not that i mind. what were we talking about again?
They had a lot of this going on in Elk Grove last year.new subdivisions,the more or less legit buyers gone all day,and ninja loans.As an ex property Manager who once had a tenant with a grow operation I can testify thaf getting rid of black mold is expensive and time consuming...and while growers do tend to have an income,collecting on your judgement can be difficult.
As my freshman dorm counselor advised us in the late '70s, if you must have a bong in your room in violation of residence standards, please use them instead as flower vases.
I didn't know there were so many lovers of flora.
Here are some subprime victims I can empathize with.
I remember back in the mid '90's back when RE was cheap and good bud traded higher than gold by the oz. The idea of growing gold was endlessly enthralling. Also, real estate flips are a good way to turn the income into legitimate cash @ cap gains tax (ie. pay contractors cash, improve and report large profit).
If I had had subprime loans (and more motivation), who knows.
David Smith, at the AHI blog did a jaw dropping bit of math on one of these outfits that got clipped in Port St. Lucie FL a while ago.
From this very good and geeky post on the subject: AHI: United States » How high is up? [AHI Blog]
"The homes produced between 30 to 300 plants in each harvest and some homes cultivated up to 1,200 plants in a year.
Assume 3 harvests x 100 plants x $1,000 per plant x 2 years equals are you ready for this? $600,000 in residents share, easily enough to represent a vast equity buildup and to support home purchases in very nice neighborhoods the kind with high hedges, white picket fences, and two-income couples who go off to their white-collar jobs each morning, leaving the lucky stay-at-homes to tend their gardens"
Not a completely new phenomena. Here's a chronic realtor...
Vivian: Realtor/Horticulturist
What's wrong with that picture?
Are they comparing a black market and open market price? Not that I doubt a legalized grass product would attract all sorts of agents ready to "add value," as they would put it.
I guess you may know about the book "Reefer Madness"; illegal activities (drugs, porn, prostitution, illegal labor, organized crime etc.) form quite a sizable slice of our economic pie.
I wasn't clear as to my allegiances when I posted about pot's value as a cash crop. I'm perfectly content to keep pot in a black market and as far from corporate/government hands as possible...
but it astounds me that pot's value as a cash crop is so HUGE and it boggles my mind how that much money flowing out of a black market doesn't show as a major blip on some chart somewhere.
I've read that most of the actual dollars we carry in our wallets would, if tested, show positive for some drug residue. hmmmmm...
@12th,
Some of the very wealthy people in the area want all the "farms" preserved.
So I take it they won't object if, say, a farmer did something like set up an intensive piggery?
Here in Australia there are cases where yuppies have bought into the 'beautiful peaceful surroundings' of a rural area, and then immediately started bitching to the local council about the nieghbouring farmers noisily starting work at first light.
ozajh, there were similar reports around here a few years ago when the push into "exurbia" really took off. As if farming were just watchin' stuff gro, and could take place without noisy equipment, slow farm vehicles moving around on the roads, and predawn starts or postdusk finishes.
The soothing sound of the 3AM wind machines in the citrus orchards is a small price to pay.
In Vermont I recall a "farmer" who wanted to subdivide his property and was denied by the local village planners.
He not only brought in pigs, he accidentally spilled a truckload of chicken waste in the street in front of his property a few times. I think the village eventually bought him out. Pretty rich village.
Last Sunday it was my buddy's birthday, and I was over at his house. It was the end of the night, and he had more to drink than normal. I looked over and he had the bong tipped over to his lips as if it was a beer. A reprimand snapped him back to reality for a second, and he put it down.
He proceeded to drop his lighter on the floor, and crawling around looking for it must have been enough to reset the short term memory circuits. Next time I looked over, he had the bong to his lips and sucked down a long draught of the funky water. Followed by silky spew all over himself and the floor.
I packed the poor shmuck off to bed and tried to clean up as best I could. Had to wrestle a bong-water and bile soaked paper towel out of the mouth of one of the dogs before I bid a hasty retreat.
Hadn't realized this experience was a metaphor for the housing bubble until just now.
Two points:
...It's my understanding that in "popular" grow regions (esp. Cali) the police regularly get the electrical utilities to do inventories--to identify any houses that are using unusually large amounts of electrical power, and these get further investigated.
...Also I heard my now-favorite non-obscene expression from a co-worker some time back. When a third person had committed a particularly embarassing mistake, guy #2 said that "he smoked a month's worth of stupid and drank the bong water".
~
In some parts of rural Ohio most farmers will supplement their income with pot. In some of the southeastern counties, it is one of the biggest industries and accepted by most as part of the economic infrastructure. Some years ago the DEA tried to crack down. They didn't get very far; local law enforcement would tip off the growers or just telegraph where they would be doing their overflies/sweeps. At some point, an illegal activity become so pervasive that the laws do nothing more than foster a disrespect for the law, a la Prohibition.
I heard the crop is now good at the Discount Window.
Smokey,
That won't work landlords are much more careful than lenders.
This points out something I have wondered about for a long time. While certainly many stated income, stated asset borrowers exaggerated their income, I'll bet dollars to donuts (or hash brownies if you prefer) that an awful lot actually were more or less accurate on their mortgage apps. Remember, the income that doesn't show up in the official statistics is not just the illegal stuff like drugs, gambling and prostitution. There are also the huge number of self-employed enaged in perfectly legal activities, much of whose income is hard to track and who can deduct an awful lot of personal expenses as "business-related'. Maybe more folks than many think really could afford the McMansion?
Nuke,
"Cocaine Cowboys" made it sound like everyone would still be fat & happy in Miami if they hadn't started shooting each other.
I'll bet dollars to donuts (or hash brownies if you prefer) that an awful lot actually were more or less accurate on their mortgage apps......Maybe more folks than many think really could afford the McMansion? ~Aheadofthecurve
If I smoked enough of the high test and then ate a bunch of hash brownies, those statements would start to make sense.
mojo- If the income on the tax return doesn't agree with the mortgage app, why automatically assume the mortgage app is wrong? Maybe the tax return is wrong, eh?
Slugster, re point #1, this would explain the inordinate interest growers seem to have in the latest LED lighting.
I don't know what the big deal is, The Governator recently clarified that marijuana isn't a drug.
Ahhhh-nold