DataQuick: Almost Half of SoCal House Sales are Foreclosure Resales
Submitted by
CalculatedRisk on Wed, 09/17/2008 - 10:09am (458 comments)
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Recent Recommendations
Fight of the century. It's
"Nobody ever made money by panicking"
vs.
"There is a first time for everything"
Prices are lubricated.
WOW!!
Real estate never goes up!!
"there are tons of opportunities out there"-the bobblehead collective
About time we had a RE post to talk about. My governer (ex-Master of the Universe Jon Corzine) even noted a few days ago that foreclosures are up in NJ, a previously robust area. My industry, Big Pharma, is cutting a bunch of jobs and NJ is getting hit pretty hard by this.
p.s. really glad to see the "Comrade insert your handle here" meme taking off. C'mon Nemo, join in the fun.
Wow! I say it louder...
Oh, yeah, there was a wee problem with real estate. Silly me, I quite forgot in all the excitement.
Do these SoCal RE numbers really surprise anyone on this blog?
That's still only a 35% peak to trough drop. Aren't most thinking a 50% peak to trough in Cal, FL, and LV?
Anyone remember Tom Vu, real estate guru?
Tom Vu - Ridiculous Infomercial Review
We could sure use his advice now...
About time we had a RE post to talk about. My governer (ex-Master of the Universe Jon Corzine) even noted a few days ago that foreclosures are up in NJ, a previously robust area. My industry, Big Pharma, is cutting a bunch of jobs and NJ is getting hit pretty hard by this.
The forclosures are starting to spread to East coast states which aren't Florida. Bubble states like Maryland, NJ, and Mass are starting to get waves of foreclosures piling up.
Buy now or be priced in forever...
wow
well, buy high sell low is the new black i guess...
sm_landlord writes:
Do these SoCal RE numbers really surprise anyone on this blog?
sm_landlord | 09.17.08 - 2:31 pm | #
Yes - I'm surprised. I wonder who is buying non-foreclosed homes.
Just think if this goes on much longer houses will become affordable and the system will begin to right itself.
This must be stopped immediately!
Housing problems are so last quarter.
But man is that bad. 33% in The OC. Big.
Nostrovia,
Where is the 8.9 earthquake when you need it?
p.s. really glad to see the "Comrade insert your handle here" meme taking off. C'mon Nemo, join in the fun.
It's petty.
And deeply offensive to those of us who genuinely care about the party.
No, but see the economy is a 4 legged stool. You knock out one leg and it's just a little wobbly.
The dow will finish slightly up or down 400+ - it will be an interesting last 90 minutes.
New round of writedowns coming
My husband attended an auction of bank foreclosed homes her in Phoenix. They were going for 1/3 their 2005 values
Comrade ac,
"And deeply offensive to those of us who genuinely care about the party."
BWAHAHAHAHAHAHAHAHAHHAHAHAHAHA!
Nostrovia,
Stupid question time:
Is a "foreclosure resale" when the property is auctioned and the bank takes over full ownership of the home? Or is it when the bank sells a foreclosed property to someone?
230P...PPT has started
Correction: The economy is just a stool.
After attending a "Flip that Foreclosure" seminar in a local hotel, those savvy California investors smell rebound opportunity.
"I wonder who is buying non-foreclosed homes."
Here's who... From Curbed LA : The Los Angeles Neighborhoods and Real Estate Blog
Realtor comment #1
"Call me a contrarian, but I love to buy property when the general public is running scared. I bought my first home 2 weeks after 9-11.
Now, till the end of the year should be a very busy shopping season for experienced buyers."
Anonymous comment #2
"Couldn't agree more. It's not as easy as it used to be, but anyone with the means should be lining up financing as we speak. We are approaching the bottom folks. All Hell has broken loose and you know what that means...the bottom feeders are out and after that the big turn around begins."
The koo- aide is insanely strong here....
I'm i
Whodathunk it, A realtor saying the time to buy is now...I'll pass...
what I often hear recommended in this times is to be conservative with your money, don't take any risks etc.
The thing to understand is: no matter what you do with your money in this environment, you are taking a big risk.
If you try to stay in cash, you are making a big gamble that USD (or any other currency) is not devalued into nothing.
If you stay in GLD you risk volatility losses, and government intervention risk (like in 1930s).
If you short the market SEC may fry your money into zero, or counterparties on your derivatives (that includes PUTs) may default.
So my advice is going to be non-tradition: if you want to preserve wealth, TAKE RISKS. Think hard, find several (must diversify!) areas where there can be an opportunity to make or preserve money, and put your money there.
.
This is beginning to remind me of that movie/experiment, The Wave
Now let's take another look at the Fed's balance sheet.
No, no PPT - just the appetite for risk returning to the market! LOL
My .5% interest isn't look like such a bad investment now, is it comrades?
comrade ac:
If party raids safety box and finds nothink there, will there be pain?
KGB = Kleptocratic Greedy Bastards
All hail the proletariat!
PS to comrade Dryfly.
Party elders haf need for help with somethink called RTC II. Old men that smell like cabbage.
You available?
I blame all of this on the super collider. Coincidence? I think not.
in my Riverside Calif neighborhood they are even having problems renting homes now
So is the Russian stock crash going to spread to the rest of Europe?
And now, back to work.
/snark
I'm starting to get the questions from friends and family of when am I going to buy a home. A lot of short sales in SB right now and "savvy" RE investors are thinking it's a buying opportunity. I may get financing lined up just in case something comes up, but I think we're starting to hit the second leg down in our local market.
You available?
homedad43 | Homepage | 09.17.08 - 2:39 pm | #
LOL - well I frequently smell like cabbage and am getting old so I suppose I qualify.
Dear Comrades,
Today we rejoice as the last remnants of capitalism are plucked from the face of the Earth by the hand of our great cause.
With the collapse of the shadow banking system all the great bastions of capitalist slime have now fallen.
Today we welcome our American and British comrades to the great Shadow Soviet Union.
The plan to take this war to the financial system has been the greatest success in all of history.
The Cold War is finally won.
Is this a movie?
Comrade Rupert writes:
So is the Russian stock crash going to spread to the rest of Europe?
Comrade Rupert | 09.17.08 - 2:41 pm | #
We need Ross... how do you say 'contained' in Russian?
KGB = Kleptocratic Greedy Bastards
Comrade Homedad,
Is it truly greed when done for the cause and the love of fellow man?
Sorry Comrade Dryfly.
Meant THEY smell like cabbage.
What the hell. Let a blogger do it. Can't get screwed up any worse.
Picture if you will, a board meeting, held at 673 separate locations and all board members calling one another "comrade".
Works for me. Seriously, I've got stuff to do.
Hang in there.
AC: I'm game. Especially with all the rumors about Hitler DNA floating around.
o PPT just Gasbagarino pumping the market with his daily rumors.
like anyone cares that NB is finally being sold..
Ciao
MS
Today we welcome our American and British comrades to the great Shadow Soviet Union.
ac - ever read the Sci-Fi trilogy 'Foundation'?
We have found the Second Foundation...
He's making sure the previous pump sticks. It was tempting to buy GS at 100 after it stabilized. Too bad I didnt. Grrrrrrrrrr
PPT coming in to save the day....
We need Ross... how do you say 'contained' in Russian?
Russian official way to say everything is contained is:
Ситуация под контролем!
It's good to see the MS CEO also blaming short sellers. Yeh, that's it. Nothing to do with what's hiding in your LEVEL 3. No, couldnt be anything to do with the fact that many other firms that have a structure similar to yours are essentially insolvent. Nah.
Dryfly,
I'm almost finished watching "The China Syndrome" on AMC. Can't wait to see how it turns out!
Damn, everyone lived except the kook with the revolver. Must be time to buy stocks...
Da svadanya e paka
So what about that rumored emergency rate cut? (sorry to be a pest)
TED at 302 bps...sorry for the OT but boggles my pointy little noggin...
allen m,
good call on prev thread....
If you're going to have Communism, you're going to need plenty of vodka.
FOR THE LOVE OF ROUBINI!!!
I'm getting inundated with emails that all say a variation of: McCain can't win, can he? We have to make sure this doesn't happen.
They really don't get it, do they.
Ok, for future reference: create two parties. Give them pretty colors and explosive divisive platforms. Pretend one cares about people and the other is sick and corrupt. It keeps them almost as buys as t.v.
Kramer is quoting Roosevelt now? The end is near...
Yes it's all the short sellers fault John Mack. Too bad you don't have that job at the Treasury waiting for you since the horse you backed didn't get out of the gate.
The pump in MS stock won't last...
Ciao
MS
Holy volatility, Batman!
Um, since the TED spread, by definition is a spread, isn't this move a wee bit different than the last few times we've seen a jump? What I mean is that youve two variables in a spread, and I dont think LIBOR is rising so much as T's are falling. If that is so, then this doesnt have as much of an effect on the LIBOR related refi issues, right?
If it weren't for those wascally shorts, we could keep artificially inflated stock prices.
Through the looking glass and emerging from the water, all I see is flowers, flowers, everywhere flowers.
Sonic:
J.C. Flowers?
If you're going to have Communism, you're going to need plenty of vodka.
So true. In Russia, they say that people drink so much because that's the only way to cope with the complete hopelessness and powerlessness that ordinary people feel about their existance.
Communism is poetic, really.
Yen is feeding this end of day pump, run from ~104.5 to ~105.3 in thirty minutes...OK no mores OT
Actually the TED spreaad isn't off topic in my opinion because it just means that the credit crunch is getting harder...definitely effects the RE market
Old Russian proverb "there are no ugly markets, just too little vodka."
Paka,
Stary durok
Good comic. CR - maybe you can get Tom to post here occasionally.
Tom Tomorrow
I'm almost finished watching "The China Syndrome" on AMC. Can't wait to see how it turns out!
When I was a chemical engineer and people asked me what I did I said... "Blow shit up and spill dangerous chemicals... all from the safety of the control room. Kinda like 'China Syndrome'..." Very dead pan. They'd about poop their pants until they realized I was spoofing them. Then it was all chuckles.
If they only knew.
dryfly writes:
Today we welcome our American and British comrades to the great Shadow Soviet Union.
ac - ever read the Sci-Fi trilogy 'Foundation'?
We have found the Second Foundation...
dryfly | 09.17.08 - 2:45 pm | #
I prefer to think of this along the lines of "Snow Crash"
The FDIC will soon be needing a lot of "High Speed Pizza delivery"
Firesale! US Must Vacate Store! Blowout prices! Everything Must Go!
[Wall Street advertisement in Japanese, Chinese, and South Asian newspapers]
Attackers armed with automatic weapons, rocket-propelled grenades and at least one suicide car bomb assaulted the U.S. embassy. Sixteen people were killed, including six assailants, officials said.
Remember what I said. As prelude to Israel's attack on Iran (using U.S. pilots and bombs), they would create a wag the dog justification.
Next headline: BUSH SAYS IRAN BEHIND YEMEN BOMB PLOT.
All commodities are up today. Just what you would expect in a world about to go to war, no?
I'm not saying Cheney would bribe some Yemenis to blow up our embassy, just to create a ruse. No way he's that evil!
Who is Hiro Protagonist?
Sometimes the steam coming off the steaming pile is so thick it appears to be a rising solid mass.
In Two Thousand And-Eight
When The US suffered the pains of state
The Shortsellers lay siege to Washing- town
Where the Fed's men still fought for the crown
There One-Eyed Paulson stood on the wall
A gunner of deadliest aim of all
From Wall Sts Tower his cannon he fired
Pumpty Dumpty was its name
Pumpty Dumpty sat on a wall...
Gold is up $86. Has gold ever moved 11% in a single day?
rich,
No bribes needed...
Median schmedian - haven't we established long ago how unreliable the median is as an indicator?
As for SoCal, the exurbs were the first to get pounded, and now its the sketchier suburbs that are getting pummeled. In San Diego, most of the decent-to-nice neighborhoods that are closer in have not been hit badly - yet. These neighborhoods are going to get crushed in '09-'11.
Flowers? As in ...nothing but flowers?
YouTube -
"There was a shopping mall
Now it's all covered with flowers
you've got it, you've got it"
Someone asked for ZIP code breakdown (OC only)
48 O.C. ZIPs had year-over-year sales gains in August | ocregister, http, www - Business - The Orange County Register
"Ok, for future reference: create two parties. Give them pretty colors and explosive divisive platforms. Pretend one cares about people and the other is sick and corrupt. It keeps them almost as [busy] as t.v."
Convincing them that all politicians and parties are the same is also part of the game.
comrade malchik --
So what about that rumored emergency rate cut? (sorry to be a pest)
I am thinking tomorrow night.
P.S. OK "comrades", I'll join you, but only for today. The joke is getting old.
Rupert, no, this is the largest one day gain in history for it.
So did we create our first Trillionaire today?
Comrade Nemo:
welcome to the club, Tovarisch!
Most of these foreclosure sales are investor driven, similiar to demand during the bubble time as flippers and other RE investor's drove up home prices. While RE investors are again driving market volume this time toward lower prices it makes me wonder what real demand is out there in housing land excluding the myth that RE is a great investment.
Comrade Rupert writes:
Gold is up $86. Has gold ever moved 11% in a single day?
Hmmmm.. Where's the deflationists now?
Why won't those guys get it when you have movements like this it's funds that are panicked. Even when gold drops 150. Same thing.
Deflationists...ptui!
I'm not saying Cheney would bribe some Yemenis to blow up our embassy, just to create a ruse. No way he's that evil!
rich | 09.17.08 - 2:55 pm | #
Really?
YouTube - Seymour Hersh: Cheney's provocateur plans to kick off war with Iran
Nice combo of fear and greed today in the markets! Wholesale selling, short covering and bottom picking is something to behold...
bearly writes:
Nice combo of fear and greed today in the markets! Wholesale selling, short covering and bottom picking is something to behold...
bearly | 09.17.08 - 3:02 pm | #
and its just the beginning of the beginning.
PIMCO - The authority on bailout
So does this comrade schtick require vodka (Stoly 101 then, where is that at Lefty's)?
JD - like this? REM Begin the begin - with lots of GD images
YouTube - BEGIN THE BEGIN - REM
I prefer Vanilla Stoli in my White Russians...
I just realized that "The China Syndrome" was released in 1987.
What does AMC know and WHEN did they know it!!!
Need more wampum and a tin hat.
Hmmmm.. Where's the deflationists now?
Comrade Mish claims that gold is a currency and so it does well in deflation.
I respectfully disagree.
In my view, with deflation comes risk of systemic failure and currency breakdown.
What drives the price of gold is the final flight to safety in case the currency goes down in flames. Or up in flames as the case may be.
Either way the capitalists lose.
Holy smokes, did maria just say what I think she said?
Is that what passes for reporting?
While RE investors are again driving market volume this time toward lower prices
Do you know that? In some markets, the rental market is pretty strong so investors are holding and leasing.
My firm does market research and the LA field supervisor was just alerting me yesterday to something he's observing that is startling to him. The whole demographic character of some LA neighborhoods are changing quite rapidly. We cannot count on yesterday's statistics to inform us about the local population anymore. On the up side of this (for me at least), this could be a great motivator for market research studies despite the consumer credit crunch.
Spatch-
so we should go long on self-storage REITs?
Comrade Canadien avec popcorn writes:
Holy smokes, did maria just say what I think she said?
The part about AIG marking the bottom?
crispy&cole writes:
PPT coming in to save the day....
Just wondering, but who can the PPT (I take this to mean the working group on financial markets) still call to help pump the markets? The Fed needs money from the treasury, and the financials are doing poorly, so who is left?
This is a tutorial on pumping on cnbc.
maria is a f$uck$ing idiot. Hey maria are you backing up the truck on the financials. CNBC is a complete joke
energycon asked: "So does this comrade schtick require vodka (Stoly 101 then, where is that at Lefty's)?"
Why, on the left, of course!
NAR efforts to keep banks out of real estate failed. Funny houw the outcome never looks like we thought it would.
Looking like we'll finish in the green rather than down 400.
Well, I don't want to pick a fight here, but I am beginning to think that CNBC is not telling people the whole truth.
No the part about, "I'm hearing from some traders that some big hedge funds are buying"
PPT has brought in some heavy duty pumps from Amsterdam. Can't have the dikes failing....
Comrades, I greet you with congratulatory sayings. We reached our bottoms and pulled it outward.
Isn't Treasury considered a big hedge fund?
No, I would say that the US taxpayer is considered the huge hedge fund.
Roubini = Hari Seldo
Just passing this along.
DOW JONES NEWSWIRES
Ê Hedge funds for the second straight month recorded their biggest ever declines, according to one measure, as woes in emerging markets and commodities continued to affect results. Ê Hedge funds haven't done well in 2008 amid the turbulent markets, putting inflows at multiyear lows as some investors question the wisdom of putting money into investment vehicles that haven't generated the outperformance the funds have typically recorded. Ê The Morningstar 1000 Hedge Fund Index fell 3.12%, beating July's 3.07% decline for its worst monthly performance ever. Ê "Even though commodity prices have started to descend, their lofty valuations slowed growth and demand, especially in emerging markets," said Morningstar hedge fund analyst Nadia Van Dalen.
DQ Bay Area report is out too. SF proper sales are up 8% and prices down a mere 6.3% - what gives??
DQ Custom ReportsLatest ReleaseD
And its not just a high end thing either - many surrounding counties are very high end too, yet they have losses 2-3X as steep.
Do a laydown of the 'rally' with the yen/dollar cross...
What were 13 week notes at again?
New york's massive bleeding of wall street income; and big pharma's laying off will culminate into a storm by 2009.
East Coast RE, which has been pretty resilient till now, Esp NYC, MA, NJ, CT and some PA areas; is going to see the day of reckoning soon.
We're all going to be like California's foreclosure soon.
Comrade ac;
As I am sure you are well acquainted with the beloved Karl Marx. And agree with him when he stated in his Hegalian thinking that "Capitalism will collapse because of its own internal contradictions."
Here it comes - we'll be down less than 100 in 15 minutes....
Perhaps you'll see that the most sought after investment in the near future would be Gold/PM.
I also believe that we'll also see a renewed exodus of money and into China's blue chip stocks. China's a LOT better equipped than USA to weather this storm. I would bet RenMinBi and their blue chips rather than US assets.
People owning treasuries haven't realized that govt bankruptcy is in the card already. When they figured this out, watch out treasures!
the shorts have folded - sad but true - they need to rally in the next 10 minutes or we'll be up 100+
maria is a f$uck$ing idiot. Hey maria are you backing up the truck on the financials. CNBC is a complete joke
You sure about that anonymous? It appears to be going off the edge of the cliff on my ticker..
Anon-Didn't they have to with cox's put tomorrow...
"In order to reflect the current strong demand for Silver Maples and Silver Eagles, Kitco is temporarily increasing its current bid (buyback) price for these particular products. Please visit our Selling to Kitco page for more details."
Save me the last contango
FSO Editorials: "The Last Contango in Washington" by Antal E.
Fekete 06/04/2006
As financing becomes even tighter with increasing job losses...it seems like the adverse feedback through the state and local governments dependent on RE development and sales tax receipts are just gathering moment and have not yet flowed through the real economy, just as the real kink in the lending hose kicks in.
"Is it true that Cramer uses push button sound effects similar to those found in that Beauty and the Beast book that I actually never read to my kids?"
LOL....Damn...Diet Rockstar in the sinus cavity.
Price Elasticity of SoCal Housing:
-0.27 (+9.1% change in quantity divided by -34% change in price)
Very price inelastic.
Now on AMC, "Fatal Attraction." Must be time for a counter trend rally. Rally monkey, where you is?
Now we play 'hide the bunny'.
Can someone explain what stopped the initial slide before noon? was it all just shorts?
Does anyone know anything about the house auctions in Mission Beach yesterday.
I drove thru and there were signs everwhere for parking for the "Auctions"
TIA
.....
OT-Any silver bugs think we have more upside?
L.A. is so yesterday...
How about the boss for some America theme music today
Darkness on the Edge of Town
YouTube - Bruce Springsteen - Darkness On The Edge Of Town
4. What exactly is the IQ level of CNBC's target audience?
Our Russian markets are deep, liquid, and robust....
"Is it true that Cramer uses push button sound effects similar to those found in that Beauty and the Beast book that I actually never read to my kids?"
man, you got me with that one too. "My little pony" is worse tho.
Believe it or not, I don't watch cnbc. My TV is buried somewhere under some other stuff so I don't really ever use it. I'm using that linky thingy that has the streaming video. Now that I've watched it a bit I think that this programming is a bit like crack. Can't look at it and can't look away. I feel dirty, I have to go have a shower.
Oho sez I, please add record borrowing costs to the woes of our municipalities...
Municipal Borrowers Delay Sales as Fixed, Variable Rates Jump
By Jeremy R. Cooke
Sept. 17 (Bloomberg) -- U.S. municipal borrowers postponed at least $2.3 billion of bond sales, as tax-exempt bonds dropped, pushing benchmark 30-year borrowing rates to the highest on record relative to Treasuries.
Municipal Borrowers Delay Sales as Fixed, Variable Rates Jump - Bloomberg.com
This equity market will be unable to take another body blow. When MS goes down and it will unless they find a buyer, we'll drop 2k.
oh noez...honesty..."there is no playbook" Yay someone on cnbc finally admits they haven't a clue..
Prolly lots of anecdotal stories like this one, but a co-worker, living in a decent housing market, has had house on market 4 months without a SINGLE bite.
16 weeks, nada. And they aint selling to make a killing.
what oh what could be more delicious than to have Bushyboy's administration socializing the US economy?:
RGE - The transformation of the USA into the USSRA (United Socialist State Republic of America) continues at full speed with the nationalization of AIG
Irony or ironies. Hilarious.
Right doofus - and herein lies the problem of the housing market and rising trend of joblessness. Cant sell now when probably doesnt have to. Can sell when has to, but the only way that happens is with market clearing price, as in, cut and run. This is what kills housing, credit markets, stock markets, etc, and eventually brings the Feds in running the entire economy.
We'ze got big problems ahead.
"The forclosures are starting to spread to East coast states which aren't Florida. Bubble states like Maryland, NJ, and Mass are starting to get waves of foreclosures piling up."
And the sooner this asylum of $250,000 condos, $350,000 Post-War shoeboxes, and $400,000+ townhomes know as Maryland ends up deep in foreclosure land, the better. This state is insane, 5x income is considered "cheap housing" and the people are still living the dream of infinity "free stuff" from DC.
Nades, re: Mission Beach Auctions
see here:
Page not found
This is a builder trying to unload a lot of their inventory.
On the J6P is getting antsy theme, got a call from my brother, an electrical engineer with moderate market awareness...not dialed in like the locals here (too normal I think lol). But he was concerned about what was going on and solicited my opinion about what was going on...so I gave it to him with the caveat it was worth what he paid for it.
Bernanke:"We Have Lost Control.."
Chicago Tribune article where Bernanke claims he does not understand the relationship between his trashing of the USD and rising commodity prices.
Bernanke: 'We have lost control' [General] - MarketTicker Forums
I'm STILL waiting for prices to start coming down up here on the CA northcoast. I think it's because there are so many dope growers tying up all the rentals, keeping rents artificially high, preventing house prices from coming down to reflect the reality on the ground everywhere outside Humboldt County. It's a university town too, but sheesh. How can it be cheaper to live in Orange or San Diego than Eureka, for crying out loud?
energyecon writes:
On the J6P is getting antsy theme, got a call from my brother, an electrical engineer with moderate market awareness...not dialed in like the locals here (too normal I think lol). But he was concerned about what was going on and solicited my opinion about what was going on...so I gave it to him with the caveat it was worth what he paid for it.
energyecon | Homepage | 09.17.08 - 3:38 pm | #
did you tell him to to stuff gold under the mattress? if you didn't, you did him a disservice
Just goes to show people will buy anything if it's marked down 50%.
"Joe, it's brown, lumpy and it smells. It's not a good investment".
"But this turd is HALF OFF!"
Redwood,
Check with CSC if certain ahem market prices in your region have declined...
IS THIS TRUE???
US Treasury raises Fed funding
The US Treasury on Wednesday announced it was creating a supplemental funding programme to ensure that the Federal Reserve has the cash it needs and its ability to provide emergency liquidity support for the markets is not constrained by the size of its own balance sheet.
FT.com / In depth - US to take control of AIG
If MS and JPM merged to reunite the House of Morgan, would this be considered a morganic marriage?
Also go long lead and brass and get real tight with your neighbors...they are better off than most, no debt, 20 acres, run some mutton and wool sheep and SIL trains herding dogs...
I also apologize for not getting with the "comrade" program - haha!
Will they stick it up in the green today and declare "all is well!" I wonder...
I'm thinking 400 down was the right call...lookout below...
"How can it be cheaper to live in Orange or San Diego than Eureka, for crying out loud?"
Our grow houses keep getting rolled by the DEA. So we don't really have a choice but to subsidize the Arcata farming community. Those dudes are driving pounds and pounds of awesome cannabis to our 300+ local dispensaries.
Their income is safe ATM, so you may be waiting a while.
Ratigan is on CNBC berating a rating agency executive for picking the wrong time to downgrade ratings.
Exits looking a mite crowded again...
This thing is not going green today.
US Treasury raises Fed funding
Thank you, China/Japan/Middle East: the ultimate bagholders.
Doofus-
All they've got to do is drop the price lower, much lower. It'll sell if/when they do that.
Seen evidence of that around here. If it looks like the "deal of the century", presto. Gone. Sold.
Problem is, sellers definition of "cheap" and buyers definition of same has diverged. Thank the Lord.
Whiny Maria & Dylan are beating a ratings guy. Do they do this to Paulson, Greenspan, or all the boneheaded Wall St CEOs over the year.
I remember Maria's interview with the tanman. She fawned all over him.
After a bit of a comeback, selloff continues into the close. S&P down 44 and falling
DJIA approaching day's low
guess the pump needs to be primed agai
CNBC is a little disgraceful right now. Even by my standards.
Komrads, Leftys will stock Russian vodka for glorious bottom.
Dow back down towards 10,700 again. (10,710)
safe_as_apartments --
Thank you, China/Japan/Middle East: the ultimate bagholders.
I'm just worried the bag they are holding is between my legs.
Leftys Liquors and Lubricants writes:
Komrads, Leftys will stock Russian vodka for glorious bottom.
Stolichnaya please.
Double shot of that chilled top shelf Russian vodka in a tumbler over here, Lefty!
Talking to the ratings agency ceased to mean a thing when they stopped rating a product and began "rating" the companies share prices.
That's all they've been doing for many year's.
The John Mack pump (since he's been rather quiet lately) failed. Made a nice exit for quite a bit of MS stock though...
Ciao
MS
Dylan Radigan needs a serious beat down. What a fool
energyecon,
Not sure what CSC is, but it's certain that certain ahem market prices are firm and holding. If anything, a giant but mostly fruitless operation by the feds a couple months ago only served to boost prices. They literally sent in 450 agents for a week, made a huge racket, managed to knock down maybe 15,000 plants (basically zero in real terms), and arrested not one single person. Freaked a lot of people out though, so while not that many quit, a lot of them cut back to just a few lights vs. the 10 or 20 they had been running. Overnight prices jumped 20% and held there all summer. House prices had started to move a little, maybe 10% or so, but never budged again after that.
The one thing I do know is that realtors are hurting...two years ago they made up the lion's share of clientele for the business my wife works for. Today she's working on her resume as that business is going to fail any minute since the realtors all ran out of coin.
Comrade Nemo writes:
safe_as_apartments --
Thank you, China/Japan/Middle East: the ultimate bagholders.
I'm just worried the bag they are holding is between my legs.
I'm worried if they begin squeezing it.
and....looks like the bears will win the day again. who would have thought it.
OK, So who does Ben and Hank pull out of the lineup tonight and shoot ?
Dennis Kneale- LOL.
So does that mean the Fed is insolvent?
redwood-
do you ship?
Ciao
MS
hi i am an indian man put here to get yelled at by these two nice looking white people
hi i am a nice and clean and articulate indian it wasn't my fault but boy we really screwed up but i can't say it because then everyone will realize our credit ratings are a fraud
my take on cnbc's last twenty minutes of drivel
C'mon!!!!!! We can do a double 500 within one week. 16 minutes left!!!GO GO GO GO GO
Dylan and Maria were just being abusive. I'd like seem do the same to the CEOs and regulators. But they won't. Because they know where their bread is buttered. I'd also imagine that their personal stock portfolios (probably blind) are taking a hit today.
Re: Anonymous, do I ship?
If I were in that line of work, I probably wouldn't be bitching about artificially high property values.
Now awaiting wm/wb episodes, which will introduce a new character in our wall street reality tv show: the fdic, which will likely become insolvent and then, lo and behold, tax payers will be paying themselves to recover their own bank deposits. It'll be like a tax rebate, really.
Ratigan is a chump. He is trying to blame the ratings agencies for his IB friends getting crushed. Little bitch...
Redwood - in case you missed it, a very good article in the New Yorker on the medical CSC economy, centered around NorCal. Your story fits right in...
As for the home prices, well, give it time. But there hasnt been enough uh, let's say, interdiction, to bring down income growth there, and the way the "cards" are proliferating around NorCal (just about anyone can get one now easy, and for any semi legit medical need) demand for the stuff is up up up Id think.
yeah maria is just ignorant. Radigan embodies the deathly copmbination of arrogance and ignorance.
Wait till all the 401K statements go out Oct 1st for 3rd Quarter. Main Street is going to have a shit fit!!!
Further selloff (if there is any value left by then).
I'm showing DXD trading halted... anyone?
Satan-
The Federal Reserve is out of money. Had to happen what with the insane spending spree they've been on.
ah, so if GS and MS whine about naked short selling - it stops
but if Overstock complains - its a conspiracy
pukefest for me
We need an SEC rule: You can only place buy orders at the last trade price or higher.
Did Ratigan remember to to thank the ratings agencies when they made his IB friends an embarrassment of riches? Didn't the IB used to shop rating agencies?
It's the running of the bears! Get out of the way! EYAAAAAAAAA!!!!
Looks like they're having a hard time keeping the DOW above 10,720 and the S&P above 1170.
DXD is trading.
GLD's move today is truly shocking. A lot of very evident fear.
My new rhyme for the day - VIX to 36!
I knew that was going to happen. Just thought they would be better prepared for this eventuality.
comradeinPNW writes:
Satan-
The Federal Reserve is out of money. Had to happen what with the insane spending spree they've been on.
If I were in that line of work, I probably wouldn't be bitching about artificially high property values.
Great pun.
I'm showing DXD trading halted... anyone?
Ruh roh.
SELL OFF into the close!!!!!
You all know better than to take the clowns on CNBC seriously!
I love to see those clowns sweat. It's written all over their sad faces.
DOW now below 10,700 and S&P below 1170.
Yen back down to 104 and change.
You all know better than to take the clowns on CNBC seriously!
my credit is crunchy
You are right. I almost never watch it anymore. Just checking the markets. But, this was an embarrassment of epic proportions.
should morgan be wasting capital on cnbc advertising? just aski
Quotes on Schwab show it (DXD) as halted.
really who the f--- are these banks advertising to anyway?
Look at the sell off. LOL!!!
There really needs to be someone to do to CNBC what Steven Colbert does to right wing blowhards.
poor Nasdaq
Comrades,
Bwahahahahahaha!
Oh Glod! What have I done!
Bwahahahahahahahaha!
Nostrovia,
JS writes:
There really needs to be someone to do to CNBC what Steven Colbert does to right wing blowhards.
I kinda thought CNBC WAS the parody. You mean they're serious?
GO GO GO GO GO DOOOOOWWWWWWNNNNNNN!!!!
You're scaring the crap out of me on DXD. Why would it be halted- bars on short selling? Etrade seems to be willing to let me trade it- but I want to hold it until DOW 9k.
wow crater into the close
implosion alert
DXD is trading on Ameritrade, I'm looking at Level II moving around and volume is increasing.
bearly --
GLD's move today is truly shocking. A lot of very evident fear.
Maybe. Or just somebody large facing a forced liquidation of their short position.
LEH BK + AIG in virtual run-off + MS needs capital + flight to Treasuries = a lot of liqudatin' goin' o
I smell -400
wow, 410 dow
JS writes:
There really needs to be someone to do to CNBC what Steven Colbert does to right wing blowhards.
JS | 09.17.08 - 3:58 pm | #
jon stewart infrequently has sections called something like "bald guys and hot babes on cnbc". its always amusing.
We have -400 Dow and -51 S&P 500
Ironic:
An analyst at MER is advising WAMU to seek a merger.
-404. Jesus what a drop.
Stewart did "Bald guys and Hot Chicks" last night...hilarious...
will we see -500?
quick somebody call gasparino to cnbc. still 200 seconds left to rally!!!
If we close down 420, I'm going to call it a day.
...like a message from God...
I'm glad I went to the bank earlier. Might not be open tomorrow.
420 now
-410 and -52
Tankage. Braised balls coming up, Conjure.
-420! Smoke 'em if you got em!
Maybe. Or just somebody large facing a forced liquidation of their short position.
A plausible alternate explanation.
I'd say PPT has officially hit the showers for the day.
Quit your whinning you babies!
Just got back from the ER after today's ridiculous 150 pnt. short-covering oversold bounce to see the markets at new lows. I should just not pay attention intraday. Sheesh.
Great long term buying opportunity.
Hicccuuppp...
-420 and -53.. ohh the humanity
The quarterback is toast!
430 @3:58
TURN GASPARINO'S CELL PHONE BACK ON
lotsa cash being burned keeping MS above 20.....
Ciao
MS
wow wow wow
442 stick a fork in it!
Wow, the traders are heading to the exits! Dow down 410+
Fire up your printing press and reflate THIS market, Ben, you corrupt b**tard.
Steady As She Sinks.
-438.
I wonder if this is what blogging would have been like in 1929.
Well Now Schwab is trading DXD again... wow need to go change.
Margin calls are going to be brutal.
-450 and -57
why the fuck are they clapping even today.
looks like 453.92 at the final
Serious Base jumping action here
ding ding ding -453
Time to tuck it and truck it.
YARRRRRRRRRRRRRRR!!!!!!!!
Take that you capitalist swine!!!!
-459. It's like a horrible train wreck; I can't help but hit F5.
Kristina --
Wow! I say it louder...
You rock.
"why the f**k are they clapping even today."
Glad for a time out until tomorrow?
Nemo - "Maybe. Or just somebody large facing a forced liquidation of their short position"
quite possible. It could go on for a while, but the rally is certainly fueled by massive covering. GLD Volume astounding.
Clapping into the close at the NYSE.
YAY!!!!!! Market's down!!!
I'm working the CCU on Friday. We should be busy.
Now, you listen to me! I want trading reopened right now. Get those brokers back in here! Turn those machines back on!
Wow.. That was some drama..
-453.5
-109
-57.5 (Most significant)
Who kicked Bucky in the nuts about 1 this afternoon?
punched through the 52 week low
told you - either up a little or down 400+. Must admit, i was surprised on how it ended given the way it looked an hour ago.
Tomorrow could be ugly.....or we could be up...
So the Fed is buying more Treasuries to expand its balance sheet? Inflation, here we come!
"The greatest happiness is to know the source of unhappiness."
Thank you.
El Pato thanks!
I was hoping it is a fire sale... no such luck!
.....
Spoo futures already recovering, but wow, that was interesting to watch.
Alright everybody! It's Miller time!
"Tomorrow could be ugly.....or we could be up..."
A very gutsy call, Mr. Cramer.
Staying short.
Steady As She Sinks.
Anonymous writes:
lotsa cash being burned keeping MS above 20.....
Ciao
MS
Lol Agreed. If we get another day of this, we'll be closer to capitulation then.
Last.
Eat my shorts.
Actually, on second thought, I think I'll hold on to them for a while longer.
Wow, the indices are really starting to tank. Down 4-5%. Yahoo finance is running a "breaking news" story about the drop.
LMAO @ CCC...
I need a cigarette after that
Boy that even surprised me
oh the humanity
I'm showing 449.36. I am glad we are under 450. Good sign
So proud! Comrade Floyd Norris write nice article NY Times he call "Socialism, 21st Century."
Pass the vodka, please.
fink says deleveraging is coming in waves. how about tsunami?
"The economy in the turn around situation is intact." -CNBC Lunatic
Wait...what?
Well another 3000 points and thats a bottom. Maria, is asking some some suits about what they would invest in.
Glad to see everything is contained, and a bright, new morning awaits us.
Brutal day, especially in London (-5.6%). But this just boggles:
^IRX\t2:59PM ET\t0.02\tDown 0.84\tDown 97.67%
Ok Asian and Europe we are passing the baton to you. Sorry in advance for the crap all over it!
So much for 1170. I bearly knew ya!
is this some sort of credit event or what....
backing up the truck on vodka.