Red Mosquito

Bob Loblaw wrote:For the nerds: http://www.economist.com/news/finance-a ... omes-under

yglesias had a post i really liked on the debt/growth issue: http://www.slate.com/blogs/moneybox/201 ... onses.html

and another post on the issue and "wonks" http://www.peterfrase.com/2013/04/the-p ... f-wonkery/

So I finally qualified for a mortgage re-fi. My lender called to tell I'm now eligible to drop my PMI and in the proces of the call he looked into some different options for me. I had inquired before but got no where and basically forgot about it for a while. Knocked my rate down nearly 2% and into 20-year loan. The payments aren't significantly less but I'm able finish it off earlier obviously. And I will continue to pay more than I owe each month.
After five and a half years I'm still about $30k underwater and that's probably a conservative estimate. The market is slowly coming back in some areas but not mine. Tell me again why it was such a good thing to buy a house?

Biff Pocoroba wrote:So I finally qualified for a mortgage re-fi. My lender called to tell I'm now eligible to drop my PMI and in the proces of the call he looked into some different options for me. I had inquired before but got no where and basically forgot about it for a while. Knocked my rate down nearly 2% and into 20-year loan. The payments aren't significantly less but I'm able finish it off earlier obviously. And I will continue to pay more than I owe each month.
After five and a half years I'm still about $30k underwater and that's probably a conservative estimate. The market is slowly coming back in some areas but not mine. Tell me again why it was such a good thing to buy a house?

Congrats on the Refi! That will benefit you some at least. I'm in the same boat as far as my house too. Oh well, it's nice to have a yard.

Biff Pocoroba wrote: The market is slowly coming back in some areas but not mine.

We had two houses in my neighborhood go on sale last week and both had open houses on Sunday. Both are now under contract for over asking. It's housing bubble 2.0, so plan accordingly.

broken iris wrote:

Biff Pocoroba wrote: The market is slowly coming back in some areas but not mine.

We had two houses in my neighborhood go on sale last week and both had open houses on Sunday. Both are now under contract for over asking. It's housing bubble 2.0, so plan accordingly.

You're in a unique situation where most of the people that live around you have pretty stable employment though right?

Electromatic wrote:

broken iris wrote:

Biff Pocoroba wrote: The market is slowly coming back in some areas but not mine.

We had two houses in my neighborhood go on sale last week and both had open houses on Sunday. Both are now under contract for over asking. It's housing bubble 2.0, so plan accordingly.

You're in a unique situation where most of the people that live around you have pretty stable employment though right?

Yes. The federal government's largess has insulated DC's western suburbs for decades, though larger cities such Seattle, SanFran, and LA are experiencing similar price gains. But even if the bubble is somewhat regional, that won't stop the securitization and resale of the loans and when the Fed tap finally runs dry...

yep, mini bubble going on here as well..inventory is almost at record lows on the westside and at the beach..Our neighbors had 14 offers in the first 3 days and it went $400k over asking..1 month ago there were probably 25 homes/condos in Venice listed Under 750k and now there are 2. We are seriously thinking of selling ours in Marina Del Rey that we rent out..Gotta hit this and get out before it ends

Phoenix housing market is dooming. Prices are up about 25% over this time last year and the houses in our neighborhood (about $150K to $300K) are under contract in a couple of days.

Not sure how sustainable this is in the long term (or even short term really):




I am a bit surprised that after the economic melt down of the last decade that there are > 24 million millionaires.

turned2black wrote:Phoenix housing market is dooming. Prices are up about 25% over this time last year and the houses in our neighborhood (about $150K to $300K) are under contract in a couple of days.

dooming?

Apparently, according to the rational and totally not doomsday-prepper-level-insane people over over zerohedge, the Dow jumps every Tuesday. Interesting coinkydink or another sign of electronic trading destroying our economy?

The problem, in a nutshell:

http://www.nypost.com/p/news/local/labo ... 3XqpEl5o3O

broken iris wrote:The problem, in a nutshell:

http://www.nypost.com/p/news/local/labo ... 3XqpEl5o3O

Public sector unions are getting some serious bang for their buck when it comes to dues.

He also blamed his meetings with the sandman on the effects of pain medication he takes for backaches he has suffered since he fell through a chair at a McDonald’s last year.

At least he admits that McDonalds is the primary reason he has a back problem.

I feel like the title should be: "Local Union Boss Literally Dying in Slow Motion," or something.

McParadigm wrote:

He also blamed his meetings with the sandman on the effects of pain medication he takes for backaches he has suffered since he fell through a chair at a McDonald’s last year.

At least he admits that McDonalds is the primary reason he has a back problem.

I feel like the title should be: "Local Union Boss Literally Dying in Slow Motion," or something.

You would think falling through a chair would lead you to conclude that maybe you had a weight problem and should lose some weight.

NY Fed is suggesting that states use eminent domain to 'assist' distressed home owners. If you live in the red and this policy gets implemented, get ready for some interesting changes in your home value and taxes:

broken iris wrote:NY Fed is suggesting that states use eminent domain to 'assist' distressed home owners. If you live in the red and this policy gets implemented, get ready for some interesting changes in your home value and taxes:

How and why do they suggest that as good policy? What about the 45% that aren't underwater? Fuck them?

remember rick santelli? still an idiot

http://www.ritholtz.com/blog/2013/06/jo ... um=twitter

broken iris wrote:Apparently, according to the rational and totally not doomsday-prepper-level-insane people over over zerohedge, the Dow jumps every Tuesday. Interesting coinkydink or another sign of electronic trading destroying our economy?

wouldn't that be a sign of human trading biases rather than HFT/electronic trading?