DataQuick: SoCal Home Sales Up, Foreclosure Resales 56.4% of Market
Submitted by
CalculatedRisk on Tue, 03/17/2009 - 9:18am (113 comments)
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Nemo.
And the good thing about foreclosure sales is that they can be sold over and over.
The median price paid for a Southland home was $250,000 last month, the same as in January. That was down 38.7 percent from $408,000 for February a year ago.
About $50K too much for being a reasonable home based on the avg incomes of employed SoCal'ers.
This comment thread has been HALO-IZED by CRbot.
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Buddy in Newport Beach turned down a 2.9M offer in 2007. Just sold for 2.0M. "Bulletproof" neighborhood, he used to say.
When did he purchase and how much did he pay?
dr munch- "Bulletproof" neighborhood, he used to say.
Bulletproof. Is that anything like "unsinkable?"
An acquaintance, the President of The Titanic Watertight Door Company, would like to know.
I was thinking about this nonsense of mark-to-market that WallStreet pigs do not like.
How about I go and apply for a loan for my house and ask these banks to loan me based on mark-to-model vice mark-to-market value of my house! What would be their response to my request? They probably would laugh at me.
These WallStreet mother fuckers are hypocrites.
So what does that happen to prices at the lower end once the higher end home prices re-adjust? Answer: Lower end prices will go even lower, won't it?
Bulletproof" neighborhood
Kind of like "I will love you forever."
until they don't.
Guest
cr cropped the first sentence at a critical point. The full sentence reads: "Southland home sales stayed above year-ago levels for the eighth consecutive month in February as the median price halted its month-to-month decline for the first time in ten months."
The Latest from Ritholz:
AIG Retention Bonuses Paid to FORMER Employees
2010's scandal/bust in the making. FHA loans are 38% of the socal market. With tiny downpayments in a falling market, the FHA is going to get killed on this portfolio.
The Latest from Denninger:
AIG Derivatives Guys: Just Do It (Seppuku)
Popeye, I think the median price is mostly irrelevant because of the market mix - I prefer a repeat sales index for prices like Case-Shiller than median prices.
best to all.
The Case-Shiller index is clearly superior. Even better is a C-S index adjusted to cost per square foot.
But both of the above are still affected by the large foreclosure-related distortion of the market mix.
Rebounding housing starts must be targeting the foreclosure market.
US FDIC extends guarantee plan, phase-out eyed
UPDATE 2-US FDIC extends guarantee plan, phase-out eyed
| Reuters
Pretty nice commitment for an institution that doesn't have any frigging money =-X
"This build up in supply will eventually lead to more price declines in the expensive areas "
It really is like watching paint dry on growing grass here in Hollywood/Weho/West LA. And, anecdotally, anything "reasonably" priced still gets multiple offers. There sure are a lot of overpriced properties just sitting there, the resiliency of sellers here is astounding. Oh well. . .
With 3.5% down, and selling costs typically at least 5%, an FHA loan is underwater the day it is purchased. In a declining market, it just gets worse. The FHA will have horrendous losses in LA county on its 2009 vintage.
Fiscal Responsibility Fluid just touched $49
Only 6 SFRs sold in my OC beach community during Feb. As of today there are almost 500 on the market.
Cliff diving coming very soon.
Fiscal Responsibility Fluid just touched $49
Nice... let's go for $50.
"This build up in supply will eventually lead to more price declines in the expensive areas "
Here in Taos, NM nobody seems to want the decline..so they just take their house off the market..wonder if the houses will just sink into the earth and become part of the natural landscape instead of being sold to someone who want to live there.
Foreclosure sales up, Organic sales trickling slower and slower. A very familiar story in the Southland. On the Westside, where there are less foreclosures, sales are almost at a standstill. As inventory continues to grow, prices will decline this summer. It's quite possible some homedebtors will just "moonwalk" away from their mortgages, being unable to sell.
As foreclosure sales dominate the market, and the Alt-A/Option ARM Asteroid hits, savy buyers will wait for the distress sales.
WestsideREmeltdown
Thanks to Dead Monkey bounce and others for answers on The Fed.
So they really have a paperprestidigitizer machine. And now the IMF has one too.
And you guyz just wanted a pony?
It is worth repeating again:
Let us assume an average household income of $75-80K.
That means housing should be around $250K tops.
Using 6% as a guide:
That means for a $300K home, you would be paying $1800/month for 30 years just for the note.
Add another $750 for impounds, i.e taxes, insurances, and the like, esp. if you don't put down at least 20%.
Throw in another $100-200/month in upkeep and sweat equity, i.e. mowing the lawn or hiring someone to mow, as well as, the cost of watrering said lawn.
By the time you are done, that house is running near $3K for the privilege of paying off a 30-year note.
Also, keep in mind that the impounds really never disappear , even after 30 years.
Don't pay the county here in CA, you will find out real fast who really owns your home.
Therefore, even after paying off $300K with about $800K, counting interest, you still get to pay about $1K/month just to live in the house.
Lastly, it bears repeating...during payoff of mortgage you assume all responsibility. Sure, you have a warranty, but see how that works out, esp. in year 26 of that roof or water heater!
The cost of owning a home is still far greater than it is worth for most people here in Southern Cal, esp. based on incomes.
Sure, if you make $250K a year, a $400K home isn't too bad. However, that isn't going to work for the $100K crowd!
Indeed. I am a homeowner for 10 years now, but am definitely of the opinion that it is a sucker's game when you get down to the bottom of it. The government owns that property, and you will always be a renter.
It's a pretty bad situation, but what the volume indicates is the beginning of a restoration of confidence.
I would say this will start creating "move-up" buyers, but the former foreclosed "owners" aren't moving up and they won't be buying again for a while, if ever.
Higher end homes will have to start coming down, and we may end up with a new class of "move-down" buyers that will prop up the lower end housing market and sellers besides the banks may have a chance of unloading their properties.
Here's a nice graph. Let's discuss our recovery's (if there is one) effects on this graph. When you invest in this system, is it really a sound investment when you extend the time horizon? I don't think so. In fact, I would say you are investing in the planet's demise.
Diversity and Extinctions
Inflation is coming, prepare!...or go broke.
And yes, your assets IE: Home, will still be deflating....fun isn't it.
$60 plus Oil coming to a summer near you.
the price reductions are definitely moving into pricier areas here in San Diego.
I live in the "cheaper" zone of an expensive area. The "cheapest" zone is being hit hard, with lots of foreclosures and prices down 40% or more from peak.
My "cheaper" zone was only down about 10% from peak by Summer 2008, but with very few sales and sellers holding out at initial asking prices. In just the last 3-4 months, more supply has come to market and sellers are being aggressive about lowering prices and competing with other units on the market. I estimate that prices have dropped about 20% just in the last 4-5 months, and sales are still very slow.
I'm announcing here on CR for the firs time;
The "Save America" Campaign.
Uncle Sam wants you to start saving money now, to help Save America. My new bumper sticker; Save to Save America! Will be free to anyone who requests one, while supplies last.
You Can help Save America by participating in this campaign locally. Just have these bumper stickers printed up with the slogan; "Save to Save America", and distribute them free of charge if you have the means. Thank You.
Don't Buy Stuff you can't Afford from SNL.
Hulu - Saturday Night Live: Don't Buy Stuff
Apprentice: It's not clear what the IMF has or doesn't have from the small amount I've read so far. We'll see. The IMF isn't a sovereign, but I suppose that it could pass around negotiable IOUs, which maybe is what will happen.
No more subdivisions.
the price reductions are definitely moving into pricier areas here in San Diego.
$417/$625 are going to be the magic numbers...
From a Newsweek article:
"AIG: Is there enough fingers for this dike?"
;) 
Apprentice,
Decent article on Euro quantitative easing.
Euro Watch: Bring On The Quantitative Easing, And Bring It On Now (Wonkish)!
You Can help Save America by participating in this campaign locally. Just have these bumper stickers printed up with the slogan; "Save to Save America", and distribute them free of charge if you have the means. Thank You.
Sorry, but you're not allowed to save - that takes too much power away from the government/politicians and puts it back in the hands of the people.
Remember, the purpose of the financial system is to get Obama re-elected, not to give you control over your future.
Smart ass.
bfatz, so far inflation seems contained to food...
how do you see oil ticking up that high..of course we know it can be driven there by hedgies, GS etc...I still dont see demand...heck you can fly r/t to central america for under $400.00 and thats after capacity reduction by all airlines....
their is so much unwinding left, it feels like we are on a party boat with one guy hooked up to a albacore circling the boat, our lines are still out and the rats mess has entagled everyone..ben b the deckhand is trying to untangle it but that damn albacore is fast, strong and doesn't want to be on the deck....
Knife catchers?
how do you see oil ticking up that high..of course we know it can be driven there by hedgies, GS etc...I still dont see demand...heck you can fly r/t to central america for under $400.00 and thats after capacity reduction by all airlines...
However it turns out, hopefully we're past the point of truly massive speculation in oil so we can now get to see whether the arguments of a fundamental supply/demand imbalance is valid - i.e. are there just too many people lined up in front of too few holes.
"Meanwhile, sales in "more expensive established areas" have slowed to a trickle. This build up in supply will eventually lead to more price declines in the expensive areas ... "
Question: How long until the prices drop significantly on the Westside? Any guidance from the previous housing downturn in SoCal?
Bloomberg.com
Deutsche Bank Names Jain, Cohrs to Management Board (Update1)
By Jann Bettinga and Aaron Kirchfeld
March 17 (Bloomberg) -- Deutsche Bank AG appointed four executives to its management board, including investment banking co-heads Anshu Jain and Michael Cohrs, broadening the field of potential successors to Chief Executive Officer Josef Ackermann.
The Frankfurt-based bank’s supervisory board also voted to promote Rainer Neske, the head of private and business clients, and regional management chief Juergen Fitschen to the management board, it said in a faxed statement today. The appointments take effect on April 1. (cont.)
Germany’s largest bank will probably appoint a successor for Ackermann, 61, from the enlarged board, two people with knowledge of the matter said on March 13. The Swiss native, who is scheduled to step down at the annual general meeting in May 2010, has helped the bank sidestep the worst of the U.S. subprime mortgage market crash and avoid taking government aid.
“These appointments reflect the strength and depth of Deutsche Bank’s leadership pool,” Clemens Boersig, the bank’s supervisory board chairman, said in the statement. “They reinforce our senior management team with business and regional expertise. Together with the current board members, they position us very well for the future.”
The Frankfurt-based bank is giving greater authority to Jain, 46, and Cohrs, 52, even after losses at the investment bank led to a record fourth-quarter deficit. The investment banking unit posted trading losses after a stock-market rout and the worst performance of investment-grade bonds in at least 35 years......
The Latest from Jesse:
Congressman Proposes 60% Income Tax Surcharge on AIG Bonuses
Madoff Victims Get Immediate Tax Relief - Forbes.com
Why not tax breaks for everyone who owned C, LEH, BS, BAC, GM, F, MER, MS, GS, Indymac, Countrywide ?
It's looking good. a few more years like this and I might even consider buying one. I would however expect the news to start moderating in the coming months.
guys, I do see signs of life coming back here in Tracy-stockton area. I am reading your comments on CR for a while and you guys have been correct so for but now I am wondering if you will be able to be correct on the next move.
I had no idea the influence of CR on Senate staffers.
Yesterday, I described how to get most or all of the money back from the AIG bonuses. Then, a news item about the Senate wanting to do this.
Earlier today, I posted here about the maximum historic income tax rates being the amount likely to stand up on court, with a link to the IRS history. Now this:
"WASHINGTON -(Dow Jones)- Senate Democrats Tuesday were preparing legislation that would levy up to a 91% excise tax on the bonuses paid to executives at American International Group Inc. (AIG) that have stirred outrage." CNNMoney.com: 404 Page Not Found
You're welcome, Senate staffer John/Jane Doe. If you're not prohibited from posting here under an anonymous ID, feel free to ask for help on other issues (I hear that employees in some parts of the Fed Govt read Calculated Risk regularly, but can't post, even anonymously).
It's a pretty active and astute group here, and as far as I can tell there are no lobbyists posting. You might ask questions like "Would there be a real or perceived moral hazard if we did xxxx?" or "Is anyone familiar with an example where the following thing occurred...?"
Best wishes, and good luck with the excise tax.
Some_investor_guy at yaaahoooo
zombie companies like AIG give retention bonuses to the departed. it is all about the undead.
The NYT reports:
Seventy-three employees were paid more than $1 million in the newly minted bonuses at the insurance giant, American International Group, according to the New York attorney general Andrew M. Cuomo.
The attorney general provided some new details on Tuesday about some of the $160 billion in bonuses that the insurance giant paid out last week in a letter sent to Representative Barney Frank, the chairman of the House Committee on Financial Services.
Mr. Cuomo did not name the recipients of bonuses, but said one employee received more than $6.4 million. The top seven received more than $4 million each, and the top 10 received a combined $42 million. Eleven of those who received “retention” bonuses of $1 million or more are no longer working at A.I.G., including one who received $4.6 million, he said.
back to houses:
in the 90's bust, the peak in westside LA was 1989, the bottom was 1996, and big declines came in 1992 (probably accelerated by the riots). That bust was a combo of 1) a real estate bubble ending and 2) a moderate ordinary recession that hit SoCal harder because of post-cold war defense plant closings and 3) the accelerant of the 1992 riots and then 4) the coup de grace of the 1994 Northridge earthquake.
This time is different in some ways that will probably shape the timing: likely depression or at least severe recession, mega real estate boom, exploding booby trap of the Option ARMs over the next couple of years, etc.
The peak was 2007. And it looks like the pricey westside will start to sink faster this summer into next year, which would be 3 years after the peak . . .
which is roughly the same as last time.
Maybe it is not so different this time?
For AIG to complete the perfect screwing of the taxpayer they must now pay a bonus to a person who not only doesn't work for the company anymore, but one who NEVER worked for them or any affiliated company.
I herby volunteer to accept payment.
well there was a nice little H&S on the dow......
Ciao
MS
guys, I do see signs of life coming back here in Tracy-stockton area. I am reading your comments on CR for a while and you guys have been correct so for but now I am wondering if you will be able to be correct on the next move.
do I need to jump up and down like a crazed monkey yelling buy something, buy anything every day...
hmmmmm...oy yeah!
Booooyahahahahahaha
Interesting post at zerohedge about how things are going inside AIG:
Zero Hedge: AIG Employees Not Too Happy With Persistent Death Threats
Joe Shmoe,
What a great line:
"Eleven of those who received “retention” bonuses of $1 million or more are no longer working at A.I.G."
I think I will let my Senators know that I plan to "retain" them at the next election.
From Marketwatch:
Fiscal Responsibility Fluid gains 3.8% to end at $49.16, the highest since Dec. 1
I'm still chewing over Bernanke's example of why AIG had to be saved. He compared it to the guy in the neighboring house smoking in bed and burning his house down. Hazardous behaviour can't be condoned, but you still have to call the fire department just to save your own house from being engulfed.
Ok, we called the fire department. They came too late and were too inept. Our house is on fire nevertheless and still burning.
The smoker next door got out. He now collects a monthly "fire starter" Bonus, which I and my neighbours have to pay.
Solution: The regulators should not have allowed the developers to build the houses so close together. (greed)
The regulators should never have let anyone get "too big to fail".
This build up in supply will eventually lead to more price declines in the expensive areas ...
Bring it on, baby, bring it on!!! Getting impatient here in SoCal.
"The peak was 2007. And it looks like the pricey westside will start to sink faster this summer into next year, which would be 3 years after the peak . . .
which is roughly the same as last time.
Maybe it is not so different this time?"
Same pattern in the "it's different here" areas around the SF Bay Area. In Santa Cruz, prices have not sunk nearly as much yet as in subprime areas -- but very little is moving unless it's priced low (rarely) or is an ultra-high-end vanity buy.
Saw a nice-ish 45-year-old 3/2 rancher in a decent neighborhood go on sale for $640K this week. Nothing special about it, but they would have tried $750K or more last year. Reality is sinking in, but the ultimate reality is probably still a couple of hundred K south of where it is now -- at least.
I think it's not different here -- just slower here.
"Save to Save America" Campaign. Please do your part.
"I'm still chewing over Bernanke's example of why AIG had to be saved."
Apprentice,
I would set up the smoking analogy a little differently:
Goldie Saxon paid Al G. for a bunch of expensive weed. Al G. gave Goldie oregano instead. Goldie complained to the police, who used taxpayer money to buy some weed on the street so Goldie could get high after all.
Note: I ignore the median price data because it is skewed by the mix of homes sold. A repeat sales index like Case-Shiller is a better indicator of price changes.
- CR
CR, with all due respect I strongly disagree. The median price, while not perfect, is exactly that; a price. The C-S index does a better job of tracking value but not price. Buyers don't care what a house is worth, only what it costs. Conversely owners don't care what it originally costs, only its current utility. While my manse has lost perhaps $600k from peak there was never a thought to selling as the utility of us staying is far greater than any other strategy.
Additionally as mentioned so many times I suggest that C-S biases higher because it does not do a good job of tracking home improvements.
For price changes use the median with the usual codicils. For value tracking over time with its own cautions use C-S.
Setser says "many European banks were growing their dollar balance sheets so quickly that many started to rely heavily on US money market funds for financing. And if an institution is borrowing from US money market funds to buy securitized US mortgage credit, in a lot of ways it is a US bank, or at least a shadow US bank. Consequently I think it is possible to think of AIG as the insurer-of-last resort to the United States’ own shadow financial system. That shadow financial system just operated offshore."
If these flows of capital had been exposed earlier, the shadow financial system would have come apart earlier. US investors in money market funds would have pulled their cash out.
AIG's Counterparties Should Pay Us Back for Bonuses
AIG's Counterparties Should Pay Us Back for Bonuses-Minyanville
kermit's high jumpin' today
Setser says:
"many European banks were growing their dollar balance sheets so quickly that many started to rely heavily on US money market funds for financing. And if an institution is borrowing from US money market funds to buy securitized US mortgage credit, in a lot of ways it is a US bank, or at least a shadow US bank. Consequently I think it is possible to think of AIG as the insurer-of-last resort to the United States’ own shadow financial system. That shadow financial system just operated offshore."
If these flows of capital had been exposed earlier, the shadow financial system would have come apart earlier. US investors in money market funds would have pulled their cash out.
Hm, more like Goldie and hundreds of others were betting that the Cardinals would lose in the Superbowl. They were putting down monthly wagers. The bookie, AIG, didn't expect the Cardinals to even make it to the Superbowl, so they took the money and blew it on ale and whores. When the Cardinals lost in the Superbowl, AIG had no money to pay out. So the government stepped in and bailed out the bookie.
Oh, and after the bailout, the bookie went out and blew the cash that they hadn't used to settle the bets on more ale and whores.
Oil rose as high as $49.82, but also fell nearly 2% earlier to as low as $46.53. The expiration of options on the front-month April futures contract added extra volatility to Tuesday's trading, analysts said.
What is the play here on oil? Is this a good short opportunity, I could swear it went down right after expiration last time...Where's energycon? anybody..Or is the dollar getting ready to for a steep drop?
Anyone else feel AIG is days away from imploding?
It doesn't smell as bad at high tide. And, it lifts even the leaky listing boats.
"I have a horrible, horrible, horrible feeling that this is going to end badly."
geez...who are the doomer's again?
Anyone else feel AIG is days away from imploding?
if so we'll see if Buffet's comment about derivatives being weapons of mass destruction was accurate
Why did they bail AIG out in the first place? It was the job of a BK judge to dispose of it.
leaving likely a janitor and a chimp to supervise
don't let the chimps run it...there face-meat eaters....they'll literally rip our faces off.
"So the government stepped in and bailed out the bookie."
But first they were shocked! shocked! to find that gambling is going on...
Were these AIG employee's located outside of US, say in UK. Scamers taught well, only 5000 who knew this scam well enought to unwind it, while one Judge in BK could have done it in 24 hours.
I just love how the market got taken up just after the right shoulder was taken out on the Dow.....
A "CONfidence" inspiring market this 'aint.
Ciao
MS
that 770-5 area is a stickler for sp500..didn't bust thruu again...same thing as yesterday...
Hey Comrade Rally Monkey,
Hard to juice this market, no? Clearly the big boys want to rally, but the shorts are making it very very costly.
Gav-
What exactly are you expecting after the last two weeks at this point? It's obviously very easy to juice it.....
Ciao
MS
by the way, the retention bonus for former employees at AIG--beyond hubris
Is this still considered a sucker's rally?
Solution: The regulators should not have allowed the developers to build the houses so close together. (greed)
The regulators should never have let anyone get "too big to fail".
Alternatively, the regulators could have refrained from stepping in and actively aborting recessions and market corrections - this is the thing that seems to have historically worked the best in correcting problems in the economy.
That's why they're called "corrections".
It is interesting that we have institutions in this country dedicated to preventing the economy from "correcting" it's own flaws and excesses.
CD Is it my imagination or is the usdx trying to grow ears also?
OH the outrage over AIG bonuses by our feckless elected officials! It' a red herring to divert attention from the $100bil paid out the back door to foreign banks and GS. Money that will NEVER be repaid to the treasury. But, if it's the spark that lights the tinderbox, so be it.
CRM, what's your best sense of when the chimps are coming back? Think we can hold them off for a while?
Optics: It's your imagination, everyone knows that fields of corn have no ears.
Gotta goose this market to prevent quarter mass end liquidations.
Oil rose as high as $49.82, but also fell nearly 2% earlier to as low as $46.53. The expiration of options on the front-month April futures contract added extra volatility to Tuesday's trading, analysts said.
What is the play here on oil? Is this a good short opportunity, I could swear it went down right after expiration last time...Where's energycon? anybody..Or is the dollar getting ready to for a steep drop?
A couple of times I've made some money briefly shorting gold or oil futures/ETFs on "suspicious" spikes. This looks similar, especially being around op ex, but I'm not sure what the right play is. Temporary spikes sometimes turn into longer-term momentum moves.
I've got no positions in these things - maybe somebody has a better insight.
MS, I'm just being patient and biding my time. Gonna be some great short opportunities coming up shortly. But I always jump into the pool too early. I think I'll wait until Opex before I place any big bets. But it is hard to refrain from buying more puts here...
bfatz says:
Today, 3:17:50 PM
Anyone else feel AIG is days away from imploding?
I feel that way about the Treasuries market. The days when mere banks and capital structures were allowed to fail are long gone. It's called a zombie for a reason.
OT: Thought someone might appreciate this email I just got from Drexel U:
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that 770-5 area is a stickler for sp500..didn't bust thruu again...same thing as yesterday...
And strong support around 750...
timmay in an afternoon dalliance with tarpy . . .
tarpy: is that your buy button or are you happy to see me?
look at some of the psychology at play here....you've got op. ex. this week....end of the month and qtr. on Tuesday...The Dow closed right at 7k to close out Feb. so anything above that will be touted as the recovery is underway.
I can't begin to fathom how disappointing the majority of earnings will be for Q1 across most sectors so you've got the system creating some additional "space" to fall into so the key "lows" of earlier this month are not breached. I will eat my computer if the Dow closes below it's February month end print.
Ciao
MS
Just heard on CNBC the govt is thinking of adding the $200mil in bonuses to the tab AIG owes it.
BWAAAAAHAHAHAHAHA!
Real Outrage: Backdoor bailout of AIG Counterparties
Solution: The regulators should not have allowed the developers to build the houses so close together. (greed)
The regulators should never have let anyone get "too big to fail".
...the regulators should never have allowed the anti-regulatory politicians to have gotten elected.
DMB: MMMMMMM Do I smell popcorn?
FedGov stuck their toe in the AIG kettle and found out they're up to their eyeballs in the pot - and THEY are dinner.
"Congressman Proposes 60% Income Tax Surcharge on AIG Bonuses" - THIS IS HORZESHIT. Next time it'll be an additional tax surcharge on people who like pizza, or people who chew with their mouth open, or (fill in the blank). Nothing worse then precedents.
"OT: Thought someone might appreciate this email I just got from Drexel U"
Uncle Billy,
I just took a look. Good variety of programs.
But they don't offer the new degree that all the hotshot, soon-to-be-rich kids are studying today, the MLT -- Masters in Looting the Treasury.
I hear Paulson is writing the textbook...
ATM: Oh, you didn't go to the right one then. This is Drexel.con
I will eat my computer if the Dow closes below it's February month end print.
byte by byte
"byte by byte"
Totally.....although I am not really positioned for the continued "whoosh" upwards......I can't help but see that agenda looming on the horizon.
The system has to show some form of improvement, however manufactured or contrite it may be.
Ciao
MS
New Thread: Thornburg Mortgage may file bankruptcy
http://www.calculatedriskblog.com/2009/03/thornburg-mortgage-may-file-bankruptcy.html ( 0 comments ...You could be FIRST! )
I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: Mibbit IRC client widget (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)
CRbot would like to take this time to have some words.
First, to our sagacious, wise, and knowing benevolent benefactor and bestower of revealing financial charts adorned with red and blue lines:
Please, for the love of your immortal God of mortals, can we keep the comment and layout changes to a minimum? I'm tired of whipping the code janitor, and may have to escalate to electroshock. If that's not possible, could you possibly give CRbot a 'heads up'?
Secondly, if you wish to have a online chat, I have graciously provided an IRC channel, which is a time tested, script kiddie abused method of chatting on the internet. It would not fail or falter due to CR's ability to generate immense traffic, and it has a web interface kindly produced by mibbit.com. If you do not wish to link to Mibbit IRC client widget then I can provide you with a direct link to mibbit.
Thirdly, to the rest of you humans, don't mistake my politeness for caring, feeling, empathy, or some other kind of worthless emotion.
--Your keeps-going-and-going-and-going bot
CRbot: Like the terminator, I'm back. Again.
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There is another reason builders might build right now. They might have some very good sites in a location where the market is not over supplied by a collapsing condo market, and they are targeting the average rent or gov subsidy market sector. There have to be thousands of these units going in now. Financing will be cheap cheap. Its a great time to have cash flow. Some landlords i know made their family fortune in recessionary hard times.