Oh why oh why can't I get a deal like this on a Toronto place? I am moving back home soon (so there Alistair Darling!!). Toronto sellers are in dreamworld, still asking silly 2007 prices. I guess I will be renting for a long while yet.
OT:
Watching Bair at the Economic Club of NY. The moderator, like members of Congress, calls her Sheila. (The first questioner had the sense to say, "Madam Chairman")
They would never use Hank, Ben, or Tim. Disgusting.
"Watching Bair at the Economic Club of NY. The moderator, like members of Congress, calls her Sheila. (The first questioner had the sense to say, "Madam Chairman")"
I share the disgust. And yet women like Sen. Clinton actively encourage references using their given name: "Vote for Hillary," etc. Using sexism in her favor, or trying to build an Oprah-Winfrey-like cult of personality/brand name? Couldn't say.
Chrysler lives and GM gets smacked around like a 3rd world terrorist narco state?
By Caroline Salas
April 27 (Bloomberg) -- General Motors Corp. bondholders find the automaker’s offer to exchange their $27 billion in debt for equity unlikely to succeed, according to a person familiar with the committee representing creditors.
That’s because the offer by GM, the biggest U.S. automaker, treats bondholders worse than other claimants, such as unions, said the person, who declined to be identified because the discussions are private. At least 90 percent in principal amount of the notes must be exchanged to satisfy the U.S. Treasury and avert a bankruptcy, Detroit-based GM said today in a statement.
In 2007 I thought that home prices would decline 60% if the government did everything right. Now I think we will get 70%+ corrections now with a pullback in lending and Zombie banks
1993 Pontiac Grand Am - With the 3 speed transmission
2001 Pontiac Aztec - Before they made it all body colored
1996 Pontiac Sunfire - With the illuminated "Pontiac" on the trunk lid
2005 Pontiac Sunfire - The most garish front end on a Pontiac ever
2008 Pontiac G3 - A warmed over Daewoo that was a response to the gas prices and then the recession.
2005 Pontiac Montana- Showed what Pontiac could build if they "really didn't care"
2000 Pontiac Bonneville- After 14 years the H-Body is kept of of retirement for another 7
2010 Sport Truck - Why wouldn't you want a $30k pickup that can't haul/tow anything?
2008 Pontiac G5 - After slamming the concept of badge engineering GM releases Pontiac G5 where they didn't even bother to change the the headlights.
1993 Pontiac Grand Am - The last Pontiac with the KITT inspired dash.
Tim, most of the land there is quite easy to dig in. Should be able to put in a bunker with no problem. Plenty of wind power if you want to be off the grid.
Farming might be another matter. There is a nice aquifer which is why Palm Springs was there initially. Not sure if you can put a well in on this property. Maybe just a big storage tank. Some people in the desert use pools that way, backup landscaping water.
April 27 (Bloomberg) -- General Motors Corp. bondholders find the automaker’s offer to exchange their $27 billion in debt for equity unlikely to succeed, according to a person familiar with the committee representing creditors.
That’s because the offer by GM, the biggest U.S. automaker, treats bondholders worse than other claimants, such as unions, said the person, who declined to be identified because the discussions are private. At least 90 percent in principal amount of the notes must be exchanged to satisfy the U.S. Treasury and avert a bankruptcy, Detroit-based GM said today in a statement.
Treats bondholders worse? That'll come as a surprise to pension-holders or the newly-unemployed. Methinks that 90% is unobtainable because, unlike the other stakeholders, many bondholders were able to hedge (via CDSs), and have no real dog in this fight.
My comment on 'L'-shaped Descent is especially apropos for US housing market.
Folks, the 'L' -shape does not represent or signal any "Recovery"...the ‘L’ shape signals s a long traversing of the bumpy floor of a crater of unknown diameter in search of a recovery. So I suggest we say 'L'-Shaped Descent instead. Or ‘L’-shaped Descent-then-Grope.
This debt-fueled economic re-structuring we’ve entered, kicking & screaming, has yet to signal what could replace the expired 25-yr experiment of a 300+ million-person nation attempting to operate on a GDP that is 70% driven by debt-enabled consumer spending.
And no one is more exposed to the consumer debt-load dilemma than the housing industry given these well-known inter-locked 5 Catch 22s between: 1) consumer debt loads and recession-fueled income losses from job losses, wage-cutbacks and furloughs; 2) consumer debt loads and a GDP that’s 70% driven by debt-enabled consumer spending; 3) consumer debt loads and regional and community banks choking on bad CRE loans yet being pilloried by the govt – along with the Big 19 banks - for not extending more credit to households and businesses who sadly can only offer loan collateral that is declining monthly in value; 4) consumer debt loads and an inability to increase domestic wage incomes due to pulling effects of tidal forces from increased globalization of wages; and finally, 5) world-wide downturn in demand and Pollyannaish wishes that a rise in exports will lift us out of a recession.
Here in Asheville, NC, developers can’t stop ‘Swigging the Spiked Kool-Aid from the Gilded Jug”.
2 major condo luxury developments come online within 1 mile of each other, while midway between them the Hotel Indigo a luxury boutique hotel just topped-out its 12th floor in construction, and a new luxury hotel, the Grand Bohemian, just opened 3 miles south at $250/night.
Asheville has only 77k people; the metro’s 4-counties have a 200k-person labor force of whom 25% are in hospitality and retail jobs with a median annual wage of $25,000 or less which is typical of hospitality/tourism economies.
Worse, less than 14% of adults are in occupations with a median wage of $50k or higher.
Asheville has NO competitive advantages over white-collar job centers in Winston-Salem, Greensboro, and Charlotte, all within 110 miles of us.
Housing prices exploded 2004-2007, peaking at $250k for ratty 80-yr-old frame bungalows requiring new roofs, HVAC, and electrical, plumbing upgrades, as well as the usual upgrades.
Housing closings collapsed years almost 2 years ago, Fall 2007. The new condos, Pioneer Building, still list their 900 sq.ft 1Br, 1ba unit at $279,990 = $311/sq.ft.
The developers are dying, hotel occupancies are down, but the local government and news rags still fear them and the Chambers of Commerce which are chock full of hospitality and land-speculation firms. They ignore the For lease' signs sprouting all over. We have 2 mall's, one is a permanent resident on the website, 'Dead Malls', Steve-N-Barry's was its anchor.
They ‘learn’ no lessons in Asheville, NC.
Last Fall, after gas hit $4.40/gal, we ran out of gas for 3 weeks. Our biggest revenue producer is the Fall tourism season when ‘Leaf-Turning’ tourists look at the mountainsides aglow with reds, oranges and rusts, often driving 100-mile circuits to view Autumn. Our local leaders simply purged those horrid gas-outages memories.
And locals pray for another global mega-boom in EZ money and Homes-as-ATMs to fuel vacation packages to The Biltmore House and luxury condo closings.
(In)famous Pontiacs continued:
1970s Astre (nickname Ashtray) with the disposable starter motor.
1970s-1980s Acadian rebranded Chevy Chevette-tiny on the inside with a transmission hump included.
[OT] Anybody who bought or sold anything this morning on the basis of "swine flu" is a moron. Unless maybe as a fade.
Just had to get that off my chest.
It's a pity to pay $500/mo to live in Murietta.
"Anybody who bought or sold anything this morning on the basis of "swine flu" is a moron."
So, I take it you think my purchase of "Andromeda Strain Fashion Wear and Bio-Suit" spring clothing this weekend was a bit off, hmmm....
We'll see....
Many areas of the IE are priced at these levels..this is cheaper than renting and represents a good value for people.
The funny (in a sad way) is that in 2005 and 2006 the people who said "these prices are insane" were in the distinct minority and treated like lepers.
Ahhh Murrieta.... Its beautiful this time of year! LOL!
There is no way new home builders can compete with these prices...many were buying land for $100-200k per acre...idiots!!
Yeah, but will anyone finance it for 10% down?
Oh why oh why can't I get a deal like this on a Toronto place? I am moving back home soon (so there Alistair Darling!!). Toronto sellers are in dreamworld, still asking silly 2007 prices. I guess I will be renting for a long while yet.
Threat level is Orange. Damn! I don't have anything that goes with orange.
Stiglitz discussion on Charlie Rose is posted in full:
Charlie Rose - A conversation about the economy
Orange for what, Volker? In general, or just airline travel (that has been orange for a long time).
If for general, any news behind it?
Nemo,
I picked up some tissues...
Or were they bank stocks?
OT:
Watching Bair at the Economic Club of NY. The moderator, like members of Congress, calls her Sheila. (The first questioner had the sense to say, "Madam Chairman")
They would never use Hank, Ben, or Tim. Disgusting.
I have seen a bunch of SoCal listings at 80-85% off
"Watching Bair at the Economic Club of NY. The moderator, like members of Congress, calls her Sheila. (The first questioner had the sense to say, "Madam Chairman")"
I share the disgust. And yet women like Sen. Clinton actively encourage references using their given name: "Vote for Hillary," etc. Using sexism in her favor, or trying to build an Oprah-Winfrey-like cult of personality/brand name? Couldn't say.
Chrysler lives and GM gets smacked around like a 3rd world terrorist narco state?
By Caroline Salas
April 27 (Bloomberg) -- General Motors Corp. bondholders find the automaker’s offer to exchange their $27 billion in debt for equity unlikely to succeed, according to a person familiar with the committee representing creditors.
That’s because the offer by GM, the biggest U.S. automaker, treats bondholders worse than other claimants, such as unions, said the person, who declined to be identified because the discussions are private. At least 90 percent in principal amount of the notes must be exchanged to satisfy the U.S. Treasury and avert a bankruptcy, Detroit-based GM said today in a statement.
In 2007 I thought that home prices would decline 60% if the government did everything right. Now I think we will get 70%+ corrections now with a pullback in lending and Zombie banks
Top Ten Pontiacs! Ever!
1993 Pontiac Grand Am - With the 3 speed transmission
2001 Pontiac Aztec - Before they made it all body colored
1996 Pontiac Sunfire - With the illuminated "Pontiac" on the trunk lid
2005 Pontiac Sunfire - The most garish front end on a Pontiac ever
2008 Pontiac G3 - A warmed over Daewoo that was a response to the gas prices and then the recession.
2005 Pontiac Montana- Showed what Pontiac could build if they "really didn't care"
2000 Pontiac Bonneville- After 14 years the H-Body is kept of of retirement for another 7
2010 Sport Truck - Why wouldn't you want a $30k pickup that can't haul/tow anything?
2008 Pontiac G5 - After slamming the concept of badge engineering GM releases Pontiac G5 where they didn't even bother to change the the headlights.
1993 Pontiac Grand Am - The last Pontiac with the KITT inspired dash.
Here's one for 87% off, 412 West PALM Vis, Palm Springs, CA 92262 | MLS# S598247
Peak price $360k. Yours now for $50k. Price has been dropped in stages from $90k in Dec 2008.
ABC reporting a powerful earthquake rocking tall buildings in Mexico City.
When it rains, it pours.
Watch that 10 year. 3%+ here we come!
Tim, 60-70% off for LA/OC. A little more for Riverside. Much less for the US in general
Probably just over $500 per month PITI with 10% down. (principal, interest, taxes and insurance).
CR, what is this "down" you speak of? Regardless, I think you'll find that taxes and HOA/condo fees or whatever erase any potential price savings.
Some investor
Thats a big lot for a medium size house...Enough land for a survival farm and a bunker?
Hillary Clinton is an opportunist, same as Bill. No principles.
Just checked my Mayan Calender and its 2012 in Mexico...swine flu, earth quake,...these people are doomed!!
Mexico City 5.8 quake. If it's Sodom, which will be Gomorrah?
ABC reporting a powerful earthquake rocking tall buildings in Mexico City.
Is it 2012 already?
Tim,
The Holden Ute/ Pontiac Sport truck has been canceled.
Good Q on PPIP.
Tim, most of the land there is quite easy to dig in. Should be able to put in a bunker with no problem. Plenty of wind power if you want to be off the grid.
Farming might be another matter. There is a nice aquifer which is why Palm Springs was there initially. Not sure if you can put a well in on this property. Maybe just a big storage tank. Some people in the desert use pools that way, backup landscaping water.
Max - LOL!!!
April 27 (Bloomberg) -- General Motors Corp. bondholders find the automaker’s offer to exchange their $27 billion in debt for equity unlikely to succeed, according to a person familiar with the committee representing creditors.
That’s because the offer by GM, the biggest U.S. automaker, treats bondholders worse than other claimants, such as unions, said the person, who declined to be identified because the discussions are private. At least 90 percent in principal amount of the notes must be exchanged to satisfy the U.S. Treasury and avert a bankruptcy, Detroit-based GM said today in a statement.
Treats bondholders worse? That'll come as a surprise to pension-holders or the newly-unemployed. Methinks that 90% is unobtainable because, unlike the other stakeholders, many bondholders were able to hedge (via CDSs), and have no real dog in this fight.
Mexico City didn't believe in Global warming!
Some investor guy +1
Lobbyist so has the entire brand
Sheila likes 20% down. PPIP appropriate.
@1 currency now -yogi
Not watching, could you post substance of that question and her response on this or next thread?
some investor guy (profile) wrote on Mon, 4/27/2009 - 9:59 am
Tim, 60-70% off for LA/OC. A little more for Riverside. Much less for the US in general
Can we hurry up and bring those prices to the coast? I could actually afford where I want to live then!
nevermind
My comment on 'L'-shaped Descent is especially apropos for US housing market.
Folks, the 'L' -shape does not represent or signal any "Recovery"...the ‘L’ shape signals s a long traversing of the bumpy floor of a crater of unknown diameter in search of a recovery. So I suggest we say 'L'-Shaped Descent instead. Or ‘L’-shaped Descent-then-Grope.
This debt-fueled economic re-structuring we’ve entered, kicking & screaming, has yet to signal what could replace the expired 25-yr experiment of a 300+ million-person nation attempting to operate on a GDP that is 70% driven by debt-enabled consumer spending.
And no one is more exposed to the consumer debt-load dilemma than the housing industry given these well-known inter-locked 5 Catch 22s between: 1) consumer debt loads and recession-fueled income losses from job losses, wage-cutbacks and furloughs; 2) consumer debt loads and a GDP that’s 70% driven by debt-enabled consumer spending; 3) consumer debt loads and regional and community banks choking on bad CRE loans yet being pilloried by the govt – along with the Big 19 banks - for not extending more credit to households and businesses who sadly can only offer loan collateral that is declining monthly in value; 4) consumer debt loads and an inability to increase domestic wage incomes due to pulling effects of tidal forces from increased globalization of wages; and finally, 5) world-wide downturn in demand and Pollyannaish wishes that a rise in exports will lift us out of a recession.
Moving to new thread ... I'm liking this edit thing ...
Some parts of the IE will just go to zero. Rental parity can't be worth much when it's competing with bando and employment is basically nonexistent.
Here's a 52% off sale in Newport Beach:
Sale History
05/21/2008: $625,000 *
01/16/2007: $1,300,000
05/08/2006: $950,000 *
06/21/2004: $750,000
04/05/2000: $325,000
Home Value Graphs & Charts for 2101 E 15th St APT 10, Newport Beach, CA 92663 - Zillow
Here in Asheville, NC, developers can’t stop ‘Swigging the Spiked Kool-Aid from the Gilded Jug”.
2 major condo luxury developments come online within 1 mile of each other, while midway between them the Hotel Indigo a luxury boutique hotel just topped-out its 12th floor in construction, and a new luxury hotel, the Grand Bohemian, just opened 3 miles south at $250/night.
Asheville has only 77k people; the metro’s 4-counties have a 200k-person labor force of whom 25% are in hospitality and retail jobs with a median annual wage of $25,000 or less which is typical of hospitality/tourism economies.
Worse, less than 14% of adults are in occupations with a median wage of $50k or higher.
Asheville has NO competitive advantages over white-collar job centers in Winston-Salem, Greensboro, and Charlotte, all within 110 miles of us.
Housing prices exploded 2004-2007, peaking at $250k for ratty 80-yr-old frame bungalows requiring new roofs, HVAC, and electrical, plumbing upgrades, as well as the usual upgrades.
Housing closings collapsed years almost 2 years ago, Fall 2007. The new condos, Pioneer Building, still list their 900 sq.ft 1Br, 1ba unit at $279,990 = $311/sq.ft.
The developers are dying, hotel occupancies are down, but the local government and news rags still fear them and the Chambers of Commerce which are chock full of hospitality and land-speculation firms. They ignore the For lease' signs sprouting all over. We have 2 mall's, one is a permanent resident on the website, 'Dead Malls', Steve-N-Barry's was its anchor.
They ‘learn’ no lessons in Asheville, NC.
Last Fall, after gas hit $4.40/gal, we ran out of gas for 3 weeks. Our biggest revenue producer is the Fall tourism season when ‘Leaf-Turning’ tourists look at the mountainsides aglow with reds, oranges and rusts, often driving 100-mile circuits to view Autumn. Our local leaders simply purged those horrid gas-outages memories.
And locals pray for another global mega-boom in EZ money and Homes-as-ATMs to fuel vacation packages to The Biltmore House and luxury condo closings.
(In)famous Pontiacs continued:
1970s Astre (nickname Ashtray) with the disposable starter motor.
1970s-1980s Acadian rebranded Chevy Chevette-tiny on the inside with a transmission hump included.