Times change but arrogant certitude is forever.
Greg Swann quote from July 21st, 2006, 12:45 am MST: We keep our own home sales price statistics, so we have no doubt that values are down from their high in December. How much? Right now, about 4%. Could they go lower? Certainly. Will they drop by the huge amounts HousingPanic and his flying monkeys seem to yearn for? This seems very unlikely.
What seems much more likely is that Phoenix will recover from the hangover of last year’s buying binge and get back to a steady rate of growth — historically 6% a year.
Here are Greg's statistics: Market Basket.
Dec 2007 is 14.6% down y-o-y. July 2006 was last the time there was a y-o-y price increase. Coincidence? Hardly. Classic hubris.
And if you'd have listened to this paragon of the realty profession and bought, bought, bought? Jul 2006 $253,284. Dec 2007 $204,929. $2,850 per month in equity lost. Give it up Greg. The flying monkeys have won.
35 comments:
First to say that guy is an idiot.
Akubi,
That's not fair to idiots. Idiots don't call people who are smarter, more informed, politer and prettier than they Nazi Brownshirts and flying monkeys. Gerg is a nasty piece of work that is not excused by ignorance nor debility.
Even I'm smarter than this guy -- and I'm a 25-year-old H.S. graduate, career criminal with no job skills who naps all day long!
LOS ANGELES - Nearly 60 percent more U.S. homes faced foreclosure in February than in the same month last year, with Nevada, California and Florida showing the highest foreclosure rates, a research firm said.
I miss flying monkey warrior. Shniff,
Look at the picture. Did you see the mini-series? I hereby volunteer to ummm "urge" the monkeys out of their tatoos.
Mmmmnnn. Sisters... leather,... magic... attitude. Ohhh, excuse me. Was I typing? Sorry.
Swann turns on other Realthwhores(tm). Vicious mutha.
Greg is a Realtwhore parasite. He doesn't even rise to the level of Realtwhore. He'd suck the lifeblood of his mother if it meant another month of Phoenix implosion denial.
I'm stupid. I really thought assholes on the internet would clamp shut when their shit storm of effluvia was exposed as so much crap. This guy is a net star.
Internet Starz are Viral
Realtwhore's(tm) Expo, Swanny has gone viral!
Realtwhores(tm) making fun of Spitzer whores Pretty funny, actually.
Just re-read the Bear Stearns post you had from a year ago Mr. Dawg. Awesome picture and post. You are ahead of your time.
Got a link to the old post?
Guess we wont be getting that contract from them after all.
http://tinyurl.com/yoju4y
I thought it would be June before gold hit 1k. Anyone want to call out a four-digit number for the peak? (no five-digit numbers allowed please, this is not a goldbug blog! ;)
spooq, I cannot decide if I want to keep adding gold at these prices. What are you doing?
Holding physical, so Im not asking myself the same questions I would be if it was on exchange. Im happy to keep counting my coins in the bath, there'll still be the same number of them and they'll be just as shiny when the bubble eventually bursts.
If I were exchange-trading right now, I would still be long, but I would be looking hard for better value elsewhere, especially if I were American.
I cannot believe the Fed is bailing out Bear Stearns!
I cannot believe the Fed is bailing out Bear Stearns!
What do you think the Fed is for? The US Government also gave Ollie North a shredder for a reason.
I think its too late. Commerzbank, RBS, JPMorgan and Credit Suisse have stopped doing business with them.
FWIW, I would still short BSC at this point (50% down), based on what I saw happen with Northern Rock (now worth exactly zero), but the financial analyst next to me says he wouldnt. He believes they will be bought up and that there is still value there.
Just to make clear on the involvement of JPMorgan on the deal, they are simply acting as an agent and are not in any way getting involved beyond taking a percentage.
Black swans indeed, Rob.
Oh, and while Im on an unbroken run of comments.... FUCKING LOL @ UNCHANGED USA CPI
From what I read here and elsewhere, "arrogant certitude" must be contagious (I'm not immune either).
Days like these warm my cockles. I don't get all that much pleasure from being right or prescient but I do enjoy when my critics are choking on crow feathers.
The Free Market is a wonderful thing, when you have the Fed to bail you out.
Anyone still believe in the Free Market Fairy Tale?
It takes brass balls to sell real estate.
Well I guess there isn't much interest in playing 6 Degrees of Casey Serin to "get rich ideas" Ashley Alexandra Dupre...
In other news, I thought this NYT article was interesting - and somewhat scary: Fed Chief Shifts Path, Inventing Policy in Crisis
Hey, I got a brief mention in a U.K. blog that I played a part in destroying Bear Stearns and bringing on the collapse of the global financial system.
Sweet!! Time for another nap!
Two Las Vegas Housing Projects Have Missed Payments, WSJ Says
After BoA it's JPMC's turn to take on some toxic waste to keep the ship from sinking too fast.
Even at $0 per share it's not worth the liabilities....
Linky
A musical soundtrack for your week.
Sweet Cashback,
Bigpicture's Barry Ritholz defines the deal as being so bizarrely structured as to make one wonder whether Bear Stearns is now the property of JPM or the Fed.
"What the NY Fed did was allow for an orderly liquidation. The Fed is providing the liquidity for JPM's Bear unwind, guaranteeing a good chunk of the debt:
"The central bank also approved the financing of JPMorgan Chase & Co.'s purchase of Bear Stearns Cos., including support for as much as $30 billion of Bear's assets."
What does THAT mean? "Support for as much as $30 billion of Bear's assets." Who is buying this -- the Fed, or JPM ?"
Keep an eye on LEH today. Getting shellacked pre-market, currently down 27.5%.
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