Existing Home Sales in May: 4.55 million SAAR, 6.6 months of supply

Rank	Name	Points
#1	Rajesh	4,668
#2	GDD9000	3,058
#3	RE	3,054
#4	HomeGnome	2,706
#5	NGBROI	2,300
#6	Bubblisimo Gerkinov	2,280
#7	JP	1,766
#8	Nanoo-Nanoo	1,756
#9	Blackhalo	1,708
#10	Rob Dawg	1,508

shill wrote on Thu, 6/21/2012 - 7:20 am

So this is good right?

Citizen AllenM wrote on Thu, 6/21/2012 - 7:21 am

Slightly higher prices will be met with more inventory, shutting down any upside momentum.

For years. Just watch.

Houses are still in surplus based on employment levels.

Someday this war's gonna end...

Rob Dawg wrote on Thu, 6/21/2012 - 7:22 am

"Supply constrained." Yeah. Right.

Jackdawracy wrote on Thu, 6/21/2012 - 7:23 am

Yeah, but what about existential home sales?

josap wrote on Thu, 6/21/2012 - 7:24 am (in reply to...)

Citizen AllenM wrote:

Slightly higher prices will be met with more inventory, shutting down any upside momentum.
For years. Just watch.

Would be good if you are right.
Stable for a few years is not a bad thing.

Rob Dawg wrote on Thu, 6/21/2012 - 7:24 am (in reply to...)

shill wrote:

So this is good right?

Yes, the 20% yoy lower crap inventory will start to pull real inventory out of the shadows.

Eric wrote on Thu, 6/21/2012 - 7:24 am

Can someone explain this to me:

Spanish Bond Sale Reveals Fragility of Economy - NY Times

Spain successfully raised money at a bond auction Thursday amid high demand from investors, but at a punitive cost that underlined the country’s financial fragility just hours before it planned to give more detail about the state of its sickly banks.

if there's "high demand", why does there have to be a "punitive cost".

Or is that just the result of where the dutch auction set the clearing price?

Jackdawracy wrote on Thu, 6/21/2012 - 7:24 am

The best band from the late 70's-80's?

No doubt in my mind...

YouTube - Dire Straits - Alchemy Live (full album HQ)

The Lorax wrote on Thu, 6/21/2012 - 7:25 am (in reply to...)

Citizen AllenM wrote:

For years. Just watch.

Yep, any perception of liquidity in the market will bring sidelined homes back for sale. This is not unlike the structural problems with tracking unemployment as any perceived labor strength will bring many sidelined workers back to the table.

years, possibly decades before we work through these issues, assuming we don't melt down in the meantime.

Rob Dawg wrote on Thu, 6/21/2012 - 7:26 am (in reply to...)

Eric wrote:

if there's "high demand", why does there have to be a "punitive cost".

Or is that just the result of where the dutch auction set the clearing price?

Yes. I suspect there was a very long thick tail that bumped the bid cover ratio.

shill wrote on Thu, 6/21/2012 - 7:27 am

Is the MSM on the housing wagon yet pumping housing like they did in the 90's and 00's?

Jackdawracy wrote on Thu, 6/21/2012 - 7:27 am (in reply to...)

Nobody ever expects the Spanish red ink position.

josap wrote on Thu, 6/21/2012 - 7:28 am (in reply to...)

Rob Dawg wrote:

"Supply constrained." Yeah. Right.

Supply to owner occupants is constrained.
The lenders are selling the REOs to large investment groups, to be used as rentals. This removes them from the sales market.
Bulk sales to investors also allows the banks to use income (ROI) as the asset model, which will be higher than if they used the sold price.

They have finally figured out how to control the supply.

shill wrote on Thu, 6/21/2012 - 7:29 am

DXY Index Quote - US Dollar Index Future - Spot Price Index Quote - DXY Quote - DXY Index Price

Loch Ness siting!

Yancey Ward wrote on Thu, 6/21/2012 - 7:30 am

What the hell does "supply constrained" really mean? Sounds like a bullshit phrase to me with a half-year's supply.

Jackdawracy wrote on Thu, 6/21/2012 - 7:31 am (in reply to...)

You go with the bullshit you have-not the bullshit you want.

black dog wrote on Thu, 6/21/2012 - 7:33 am

Dean Baker says 8% is in line with current P/E's.

pensions have diversified portfolios ... just ask CalPERS ...

Preparation H wrote on Thu, 6/21/2012 - 7:33 am

Pure 80 proof

I'm not objecting though, the longer the Ponzi treads water and gives me time to prepare for the inevitable, the better!

Ready for 0% 30 year FHA gimmes?

Rob Dawg wrote on Thu, 6/21/2012 - 7:33 am (in reply to...)

josap wrote:

The lenders are selling the REOs to large investment groups, to be used as rentals. This removes them from the sales market.
Bulk sales to investors also allows the banks to use income (ROI) as the asset model, which will be higher than if they used the sold price.

Maybe it is tinfoil but I'd bet they are financing the investors too. A backdoor way to get the inventory off the books. Then when the investor groups take losses it won't impair reserve ratios. SIVs by another name.

Eric wrote on Thu, 6/21/2012 - 7:33 am (in reply to...)

Preparation H wrote:

Ready for 0% 30 year FHA gimmes?

Maybe even 0% perpetuals........

shill wrote on Thu, 6/21/2012 - 7:33 am

What the hell does "supply constrained" really mean? Sounds like a bullshit phrase to me with a half-year's supply.

I recall hearing that same phrase in the pre boom days....looking to pin it down.

rosethorn wrote on Thu, 6/21/2012 - 7:34 am

Federal Reserve Bank of Philadelphia

"Firms responding to the June Business Outlook Survey indicated weaker business conditions this month. The survey’s broadest measure of manufacturing conditions, **the diffusion index of current activity, fell to -16.6 **from a reading of -5.8 in May."

Ouch!

josap wrote on Thu, 6/21/2012 - 7:35 am (in reply to...)

Yancey Ward wrote:

What the hell does "supply constrained" really mean?

JMO. It means there are fewer properties of the type owner occupants will buy and more owner occupants who are ready, willing and able to buy. I take out the properties (mostly low income areas, super cheap prices) that are bought by investors. Although here we are seeing the very low end double to tripple in price and cash investors still buying at a fast pace.

Think of it as two markets in the same commodity. One investment, one end user.

Preparation H wrote on Thu, 6/21/2012 - 7:35 am (in reply to...)

Maybe even 0% perpetuals...

AKA as renting, but don't tell that to the happy new loan-owners!

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 7:36 am (in reply to...)

Eric wrote:

Maybe even 0% perpetuals........

Only because it helps the banks. Everything else is strictly a side effect of legislating profits to the politically connected.

dilbert dogbert wrote on Thu, 6/21/2012 - 7:36 am

Mike in Long Island:
Herrishoff 17' as described in John Gardner's book on building classic small boats - book #1. It is a "smash and grab" version using crappy ply, fiberglass and epoxy. I built one small rowboat with classic lapstrake construction and found out how much time an amateur takes to build in that technique. I wanted the boat in the water for the upcoming Donner Party event. The party is pot luck but no member of the party will be eaten.

Preparation H wrote on Thu, 6/21/2012 - 7:36 am (in reply to...)

Think of it as two markets in the same commodity. One investment, one end user.

That's exactly my take on the situation, from recent anecdotal experiences...

Eric wrote on Thu, 6/21/2012 - 7:36 am (in reply to...)

Preparation H wrote:

AKA as renting

No, more like

Borrowing @ 0%, with no principle repayment, evah.

josap wrote on Thu, 6/21/2012 - 7:37 am (in reply to...)

Rob Dawg wrote:

Maybe it is tinfoil but I'd bet they are financing the investors too.

I don't know.
With the amounts of money the funds are using they may be buying for cash. Then getting loans based projected on cash flow values.

black dog wrote on Thu, 6/21/2012 - 7:37 am

i just checked the mls for outer banks, nc for price changes prior 72 hours ... a lot

had to go back to 2010 to find comparable number ... on much higher inventory.

Nanoo-Nanoo wrote on Thu, 6/21/2012 - 7:37 am

WTI broke $80 briefly.

Preparation H wrote on Thu, 6/21/2012 - 7:38 am (in reply to...)

Borrowing @ 0%, with no principle repayment, evah.

OK, how about "FKA renting" then?

Tom Stone wrote on Thu, 6/21/2012 - 7:39 am

Three month supply here. As Josap notes, it is more than one market.Different parts of the county have markedly different amounts of supply, the true high end here makes a third market. Lack of well priced supply is most noticeable in the most desirable areas, as always.

Jackdawracy wrote on Thu, 6/21/2012 - 7:39 am (in reply to...)

Friends have a couple of Hobie Adventure Island 16 foot kayak/catamarans and I went out on the lake for 4 hours, never having sailed before and it took me like 10 minutes to have it all sussed out. So much fun!

YouTube - Sailing to Catalina the Hobie Adventure Island Way- HD

JimPortlandOR wrote on Thu, 6/21/2012 - 7:39 am (in reply to...)

Preparation H wrote:

I'm not objecting though, the longer the Ponzi treads water and gives me time to prepare for the inevitable, the better!

The word is that Prep. H works optimally if placed in the refrigerator. So prepare!

RATM wrote on Mon, 6/25/2012 - 6:52 am (in reply to...)

w

Tom Stone wrote on Thu, 6/21/2012 - 7:40 am (in reply to...)

josap wrote:

With the amounts of money the funds are using they may be buying for cash. Then getting loans based projected on cash flow values.

I see that here, one company buying half the REO for cash.

Rob Dawg wrote on Thu, 6/21/2012 - 7:41 am (in reply to...)

Tom Stone wrote:

josap wrote:

With the amounts of money the funds are using they may be buying for cash. Then getting loans based projected on cash flow values.

I see that here, one company buying half the REO for cash.

That's the way I see it.

black dog wrote on Thu, 6/21/2012 - 7:42 am

The lenders are selling the REOs to large investment groups, to be used as rentals.

squatters getting the boot ... not good for pce ...

shill wrote on Thu, 6/21/2012 - 7:43 am

United States Natural Gas Fund L.P., UNG Stock Quote - (NAR) UNG, United States Natural Gas Fund L.P. Stock Price

Natural gas futures jump after inventories report - MarketWatch

Yancey Ward wrote on Thu, 6/21/2012 - 7:44 am (in reply to...)

Eric wrote:

an someone explain this to me:
Spanish Bond Sale Reveals Fragility of Economy - NY Times
Spain successfully raised money at a bond auction Thursday amid high demand from investors, but at a punitive cost that underlined the country’s financial fragility just hours before it planned to give more detail about the state of its sickly banks.
if there's "high demand", why does there have to be a "punitive cost".
Or is that just the result of where the dutch auction set the clearing price?

Translation- there was no demand at lower rates.

Yancey Ward wrote on Thu, 6/21/2012 - 7:45 am (in reply to...)

Jackdawracy wrote:

The best band from the late 70's-80's?
No doubt in my mind...

I will concede the 80s, but there was much stiffer competition in the 70s.

Rob Dawg wrote on Thu, 6/21/2012 - 7:46 am

The precious is whispering something. Does anyone here speak glod?

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 7:46 am (in reply to...)

Preparation H wrote:

OK, how about "FKA renting" then?

How about laundering money through a conduit?

Eric wrote on Thu, 6/21/2012 - 7:46 am (in reply to...)

Yancey Ward wrote:

Translation- there was no demand at lower rates.

That's what I figured. Just a poorly phrased article (or the writer not understanding the process).

josap wrote on Thu, 6/21/2012 - 7:46 am (in reply to...)

black dog wrote:

squatters getting the boot ... not good for pce ...

Those pigs have to exit the python at some point. No way around it.
Lots more little piggies to work through. Probably several years worth.

Eric wrote on Thu, 6/21/2012 - 7:46 am (in reply to...)

Rob Dawg wrote:

The precious is whispering something. Does anyone here speak glod?

Maybe Jesse has a chart.

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 7:47 am (in reply to...)

Eric wrote:

Maybe Jesse has a chart.

SO..... MANY..... LINES......

GDD9000 wrote on Thu, 6/21/2012 - 7:48 am

Overlay this with auto sales and the CFC bump. Very amusing. All about the credit channel, with the big difference being that subprime is back for auto, while for housing, um, sort of not so much, even with FHA giving away the store.

black dog wrote on Thu, 6/21/2012 - 7:48 am

Translation- there was no demand at lower rates.

Translation - dems trading bonds

how long held?

3 weeks?
3 days?
3 hours?

JimPortlandOR wrote on Thu, 6/21/2012 - 7:48 am (in reply to...)

Eric wrote:

Rob Dawg wrote:
The precious is whispering something. Does anyone here speak glod?
Maybe Jesse has a chart.

"We are all f'd" (except the )

shill wrote on Thu, 6/21/2012 - 7:48 am

The precious is whispering something. Does anyone here speak glod?

Yes it's saying.....

JP wrote on Thu, 6/21/2012 - 7:49 am (in reply to...)

Rob Dawg wrote:

The precious is whispering something.

I'm amazed anyone can hear the whispering over all that noise from oil.

black dog wrote on Thu, 6/21/2012 - 7:50 am

No way around it.

better than bulldozing for the 'good of mankind'

Eric wrote on Thu, 6/21/2012 - 7:50 am (in reply to...)

ResistanceIsFeudal wrote:

SO..... MANY..... LINES......

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Pre-FOMC Action

I loved the head quote on that one:

Please notice that I have never attempted yet to put one of the arcing lines of support and resistance yet this year.
When I do, it will be because the chart has said something decisive. So far we are in what Hugo Salinas-Price calls the 'wiggle waggle.'

Translation: "There's eleventy-bazillion lines on the graph, but I exercised self-control, and didn't draw eleventy-bazillion and one"

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 7:50 am (in reply to...)

JimPortlandOR wrote:

"We are all f'd" (except the )

Who do you think's doing the f'ing?

Nanoo-Nanoo wrote on Thu, 6/21/2012 - 7:52 am (in reply to...)

ResistanceIsFeudal wrote:

Who do you think's doing the f'ing?

Why it must be the FFFF! (f'ing fat fingers of fate)

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 7:53 am (in reply to...)

Eric wrote:

Translation: "There's eleventy-bazillion lines on the graph, but I exercised self-control, and didn't draw eleventy-bazillion and one"

HCN there were so many ways for human beings to abuse math?

JimPortlandOR wrote on Thu, 6/21/2012 - 7:53 am (in reply to...)

ResistanceIsFeudal wrote:

Who do you think's doing the f'ing?

1% ers
bought and paid for legislators

There is a very long line of f'ers waiting to be served.

Yancey Ward wrote on Thu, 6/21/2012 - 7:54 am (in reply to...)

Nanoo-Nanoo wrote:

WTI broke $80 briefly.

The second horseman of the QEIIIcalypse.

Rob Dawg wrote on Thu, 6/21/2012 - 7:55 am (in reply to...)

Nanoo-Nanoo wrote:

Why it must be the FFFF! (f'ing fat fingers of fate)

Age test.

Cinco-X wrote on Thu, 6/21/2012 - 7:56 am

Existing Home Sales in May: 4.55 million SAAR

Ouch! Morgan Stanley really screwed the pooch on that one....
Morgan Stanley: Buy Stocks And Sell Bonds Because Tomorrow's Home Sales Will Beat - Business Insider
Actually came in below the 4.57 million consensus....

Eric wrote on Thu, 6/21/2012 - 7:58 am

Cyclist accused of vehicular manslaughter over pedestrian's death pleads not guilty - U.S. News

Whiskey wrote on Thu, 6/21/2012 - 7:58 am (in reply to...)

Is Wiggle Waggle a technical term, as in TA?

Lurking Lawyer wrote on Thu, 6/21/2012 - 7:59 am

I see the "tight supply" meme is alive and well. If we only had 12 months of supply we'd be looking at 7M plus sales.

km4 wrote on Thu, 6/21/2012 - 7:59 am

The Scam Wall Street Learned From the Mafia | Politics News | Rolling Stone
By Matt Taibbi June 20, 2012

Rob Dawg wrote on Thu, 6/21/2012 - 8:00 am (in reply to...)

Cinco-X wrote:

Actually came in below the 4.57 million consensus....

The consensus is for sales of 4.57 million on seasonally adjusted annual rate (SAAR) basis. Housing economist Tom Lawler is forecasting the NAR will report sales of 4.66 million in May.

I really like Lawler's methods and he's usually been spot on. I wonder what happened this time.

Former Idealist wrote on Thu, 6/21/2012 - 8:00 am

Oracle CEO is buying an island...guess we aren't the only ones looking to bail on the dollar. Former PM in Italy says they should dump the Euro. Divergence of equities and economy setting new record.

Blackhalo wrote on Thu, 6/21/2012 - 8:01 am (in reply to...)

Yancey Ward wrote:

The second horseman of the QEIIIcalypse.

I don't know if Ben gets to wait til August with a 7 handle. Unless of course, the lower demand for oil is due to a higher use of public transport, hybrid vehicles, and transport efficiencies...

I wonder if Germany slipping into recession will change THEIR tune on fiscal stimulus and EU QE.

Rob Dawg wrote on Thu, 6/21/2012 - 8:01 am (in reply to...)

Whiskey wrote:

Is Wiggle Waggle a technical term, as in TA?

There are liars, damn liars, statisticians and then there are chartists.

ac wrote on Thu, 6/21/2012 - 8:01 am

So the Philly Fed is providing more support for the ECRI/Hussman/Shilling case:

Philly Fed -16.6

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 8:02 am (in reply to...)

Former Idealist wrote:

Oracle CEO is buying an island..

Everybody gotta love somewhere!

Rob Dawg wrote on Thu, 6/21/2012 - 8:02 am (in reply to...)

Blackhalo wrote:

Unless of course, the lower demand for oil is due to a higher use of public transport, hybrid vehicles, and transport efficiencies...

Public transit share is so low and so minimally more fossil fuel efficient that any modal shift there would be noise.

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 8:02 am (in reply to...)

Rob Dawg wrote:

There are liars, damn liars, statisticians and then there are chartists.

When it comes to TA, a little wiggle waggle can be a good thing, but you don't want too much.

josap wrote on Thu, 6/21/2012 - 8:03 am

Phx Metro
May new listings 9270

May solds 8442

http://www.armls.com/docs/new-sold-listing-charts-2012/soldchartmay2012.pdf

http://www.armls.com/docs/new-sold-listing-charts-2012/newlistchartmay2012.pdf

Whiskey wrote on Thu, 6/21/2012 - 8:04 am (in reply to...)

According to my TA calculations, this chart has a Dance of 10 and a Looks of 3.

Former Idealist wrote on Thu, 6/21/2012 - 8:05 am

Fannie release of deal houses is down to a trickle, they are planning something big.

Rob Dawg wrote on Thu, 6/21/2012 - 8:06 am (in reply to...)

josap wrote:

Phx Metro
May new listings 9270
May solds 8442

Interesting that sales are down three months in a row in the season where rising is the norm.

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 8:07 am (in reply to...)

Whiskey wrote:

According to my TA calculations, this chart has a Dance of 10 and a Looks of 3.

Best course of action -> shake that Fannie, and churn baby churn!

km4 wrote on Thu, 6/21/2012 - 8:07 am (in reply to...)

Over the years, many in the public have become numb to news of financial corruption, partly because too many of these stories involve banker-on-banker crime. The notorious Abacus deal involving Goldman Sachs, for instance, involved a hedge-fund billionaire ripping off a couple of European banks – who cares? But the bid-rigging scandal laid bare in USA v. Carollo is a totally different animal. This is the world's biggest banks stealing money that would otherwise have gone toward textbooks and medicine and housing for ordinary Americans, and turning the cash into sports cars and bonuses for the already rich. It's the equivalent of robbing a charity or a church fund to pay for lap dances.

Who ultimately loses in these deals? Well, to take just one example, the New Jersey Health Care Facilities Finance Authority, the agency that issues bonds for the state's hospitals, had their interest rates rigged by the Carollo defendants on $17 million in bonds. Since then, more than a dozen New Jersey hospitals have closed, mostly in poor neighborhoods.

As Carollo showed us, in open court, this is what Wall Street learned from the Mafia: how to reach into the penny jars of dying hospitals and schools and transform their desperation and civic panic into fat year-end bonuses and the occasional "big lunch." Unlike the Mafia, though, they were smart enough to do their dirt without anyone noticing for a very long time, which is what defense counsel in this case were talking about when they argued that towns and cities "were not harmed" by the rigged bids. No harm, to them, means no visible harm, i.e., that what taxpayers didn't know couldn't hurt them. This is logical thinking, to the sociopath – like saying it's not infidelity if your wife never finds out.

Preparation H wrote on Thu, 6/21/2012 - 8:08 am (in reply to...)

How about laundering money through a conduit?

What other choices do the pigmen have?

The jobs are gone, gone, gone! and wage inflation was sacrificed at the alter of global arbitrage!

Oops...the nexgen of grifters in the District of Criminals and on Fraud St. have to fight over the bones on the carcass!

black dog wrote on Thu, 6/21/2012 - 8:08 am

looks like a hot summer for many

http://www.cpc.ncep.noaa.gov/products/predictions/long_range/lead01/off01_temp.gif

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 8:08 am (in reply to...)

km4 wrote:

many in the public have become numb to news of financial corruption, partly because too many of these stories involve banker-on-banker crime

familyblog!!!

but seriously... welcome to 'eventually the parasites turn on each other'

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 8:09 am (in reply to...)

Preparation H wrote:

What other choices do the pigmen have?

Obsolescence. NOT GONNA HAPPEN.

Rob Dawg wrote on Thu, 6/21/2012 - 8:09 am

Summer driving season?
U.S. Total Gasoline Retail Deliveries by Refiners (Thousand Gallons per Day)

KarmaPolice wrote on Thu, 6/21/2012 - 8:09 am (in reply to...)

Rob Dawg wrote:

"Supply constrained." Yeah. Right.

Probably not in your area.

Tom Stone wrote on Thu, 6/21/2012 - 8:10 am (in reply to...)

Rob Dawg wrote:

May new listings 9270

May solds 8442

Interesting that sales are down three months in a row in the season where rising is the norm.

Sales have been up here all year. Prices down over last year...

Former Idealist wrote on Thu, 6/21/2012 - 8:11 am

More layoffs coming...we don't need no stinkin workers, we are already rich. Thanks Ben!

KarmaPolice wrote on Thu, 6/21/2012 - 8:12 am (in reply to...)

Former Idealist wrote:

More layoffs coming...we don't need no stinkin workers,

Where?

Preparation H wrote on Thu, 6/21/2012 - 8:14 am (in reply to...)

More layoffs coming...we don't need no stinkin workers, we are already rich. Thanks Ben!

HCN!?!

YouTube - SQUIRREL!!!

shill wrote on Thu, 6/21/2012 - 8:14 am

Behringer Harvard files Chapter 11 bankruptcy on Frisco Square - Dallas Business Journal

Earlier this year, the Behringer Harvard entity defaulted on the balance of a $44.1 million in loans it took out for its investment in Frisco Square.

dwb wrote on Thu, 6/21/2012 - 8:14 am

constrained by tight supply but sales are down and months of supply if up? sounds to me as though prices are up due to a lower distressed sales mix, which is sort of supply related, but not what they are saying.

KarmaPolice wrote on Thu, 6/21/2012 - 8:15 am

Awwww poor babies:

Age Discrimination: AARP Survey Shows Older Americans Want Help From Congress

What goes around, comes around.

shill wrote on Thu, 6/21/2012 - 8:18 am

Air France to Cut More Than 5,000 Jobs | Fox Business

RIM reportedly firing up to 6,000 in $1 billion savings drive -- Engadget

KarmaPolice wrote on Thu, 6/21/2012 - 8:18 am

Mandatory voting:

Orszag: Make Voting Mandatory: Video - Bloomberg

Seems reasonable.

josap wrote on Thu, 6/21/2012 - 8:19 am (in reply to...)

Rob Dawg wrote:

sales are down three months in a row in the season where rising is the norm

Look at the inventory numbers.

http://www.armls.com/docs/new-sold-listing-charts-2012/newlistchartmay2012.pdf

dwb wrote on Thu, 6/21/2012 - 8:21 am (in reply to...)

constrained by tight supply but sales are down and months of supply if up? sounds to me as though prices are up due to a lower distressed sales mix, which is sort of supply related, but not what they are saying.

tight supply is nice spin, but its really "tight supply" of distressed sales:

"Realtors® in Western states have been calling for an expedited process to get additional foreclosed properties onto the market because they have more buyers than available property," Yun added."
...
"Distressed homes - foreclosures and short sales sold at deep discounts - accounted for 25 percent of May sales (15 percent were foreclosures and 10 percent were short sales), down from 28 percent in April and 31 percent in May 2011."

Not everyone pays cash, you know...

Yancey Ward wrote on Thu, 6/21/2012 - 8:19 am (in reply to...)

ResistanceIsFeudal wrote:

Eric wrote:
Maybe Jesse has a chart.
SO..... MANY..... LINES......

The red arrows indicate points of support. The blue arrows indicate points of inside reversals and incipient heads and shoulders formations.

http://www.grandunification.com/jpgs/Harmonic_Patterns/Spirograph_Nodes.jpg

Preparation H wrote on Thu, 6/21/2012 - 8:22 am (in reply to...)

I personally know of one PE group that bought 2500+ REO owned properties (all at once, directly from the trustee bank ) in Phoenix this year, so a LOT of inventory never even went into MLS to begin with...

The numbers in other locations have also been wildly skewed by backdoor REO > PE deals, so more or less a LARGE chunk of the RE market is TOTALLY off-the-radar.

So much for this "data"

umop apisdn wrote on Thu, 6/21/2012 - 8:19 am (in reply to...)

Rob Dawg wrote:

U.S. Total Gasoline Retail Deliveries by Refiners (Thousand Gallons per Day)

Look at Sep 2011 to Oct 2011. Methodology change?? Something not right...

Yancey Ward wrote on Thu, 6/21/2012 - 8:20 am (in reply to...)

black dog wrote:

how long held?
3 weeks?
3 days?
3 hours?

Depends on when some supranational entity buys them high.

shill wrote on Thu, 6/21/2012 - 8:20 am

Global Cost of Living | Visual.ly

Eric wrote on Thu, 6/21/2012 - 8:21 am (in reply to...)

Yancey Ward wrote:

Spirograph

Now there's a blast from the past!

KarmaPolice wrote on Thu, 6/21/2012 - 8:21 am (in reply to...)

shill wrote:

Earlier this year, the Behringer Harvard entity defaulted on the balance of a $44.1 million in loans it took out for its investment in Frisco Square.

Suburban faux shopping complexes are dead money.

Rob Dawg wrote on Thu, 6/21/2012 - 8:22 am (in reply to...)

umop apisdn wrote:

Rob Dawg wrote:

U.S. Total Gasoline Retail Deliveries by Refiners (Thousand Gallons per Day)

Look at Sep 2011 to Oct 2011. Methodology change?? Something not right...

Nope, everyone insists it is legitimate. And it appears to be persistent.

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 8:22 am (in reply to...)

Yancey Ward wrote:

The red arrows indicate points of support. The blue arrows indicate points of inside reversals and incipient heads and shoulders formations.

Never before in the history of this great nation have so many abused so much math to the benefit of so few.

Yancey Ward wrote on Thu, 6/21/2012 - 8:22 am (in reply to...)

ac wrote:

So the Philly Fed is providing more support for the ECRI/Hussman/Shilling case:
Philly Fed -16.6

Regional. There was a shortage of cream cheese this month that pulled the number down.

Eric wrote on Thu, 6/21/2012 - 8:22 am

US Secretary of Commerce Bryson Resigns (story developing)

I'm guessing he was drunk.

josap wrote on Thu, 6/21/2012 - 8:22 am (in reply to...)

Preparation H wrote:

PE group that bought 2500+ REO owned properties (all at once, directly from the trustee bank ) in Phoenix this year

Can you tell me what areas? Or was it just "all over the place"?

Rob Dawg wrote on Thu, 6/21/2012 - 8:23 am (in reply to...)

Eric wrote:

US Secretary of Commerce Bryson Resigns (story developing)

I'm guessing he was drunk.

More likely medical. Officers tested.

shill wrote on Thu, 6/21/2012 - 8:24 am

I'm guessing he was drunk.

POS...if that were you and I...Fines up the Arse, and loss of license yadda yadda yadda//again POS.

Lurking Lawyer wrote on Thu, 6/21/2012 - 8:24 am (in reply to...)

Yep.

justaskin wrote on Thu, 6/21/2012 - 8:25 am

OT
Listening to On Point segment re Fast & Furious
Jason Chaffetz has a great future ahead of him......never seen a better suit
I have to ask, thought....do you folks think the non-disavowal disavowal is innate, or learned?

yuan wrote on Thu, 6/21/2012 - 8:26 am (in reply to...)

shill wrote:

POS.

The empathy of an infestor.

Yancey Ward wrote on Thu, 6/21/2012 - 8:29 am (in reply to...)

Eric wrote:

US Secretary of Commerce Bryson Resigns (story developing)
I'm guessing he was drunk.

The more damning reason for him to go was the fact that he was a Commerce Secretary caught driving a Lexus.

shill wrote on Thu, 6/21/2012 - 8:29 am

The empathy of an infestor.

Have the socialist arrived yet?

Rob Dawg wrote on Thu, 6/21/2012 - 8:31 am (in reply to...)

Yancey Ward wrote:

The more damning reason for him to go was the fact that he was a Commerce Secretary caught driving a Lexus.

|+1|

KarmaPolice wrote on Thu, 6/21/2012 - 8:32 am (in reply to...)

ResistanceIsFeudal wrote:

Never before in the history of this great nation have so many abused so much math to the benefit of so few.

"math is hard"

"science is for nerds"

"drill, baby drill"

The Republican/Religious Right campaign of anti-intellectualism has done very well.

50% of Americans believe the Earth is 10,000 years old. 70 percent believe in angels.

KarmaPolice wrote on Thu, 6/21/2012 - 8:33 am (in reply to...)

Rob Dawg wrote:

More likely medical. Officers tested.

Cite?

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 8:35 am (in reply to...)

KarmaPolice wrote:

50% of Americans believe the Earth is 10,000 years old. 70 percent believe in angels.

It's estimated that at least 60% of statistics are made up.

KarmaPolice wrote on Thu, 6/21/2012 - 8:35 am

Homeownership Is Terrible For The Economy - Business Insider

Rob Dawg wrote on Thu, 6/21/2012 - 8:35 am (in reply to...)

KarmaPolice wrote:

Rob Dawg wrote:

More likely medical. Officers tested.

Cite?

Commerce Secretary John Bryson allegedly hits two cars -- latimes.com

shill wrote on Thu, 6/21/2012 - 8:35 am

Anyone check the trunk of the Lexus for a dead hooker and possibly a false panel for Blow?

Former Idealist wrote on Thu, 6/21/2012 - 8:35 am

RIF, why feed the troll. I'm outta here....good day.

Rob Dawg wrote on Thu, 6/21/2012 - 8:36 am (in reply to...)

shill wrote:

Anyone check the trunk of the Lexus for a dead hooker and possibly a false panel for Blow?

Commerce!

poic wrote on Thu, 6/21/2012 - 8:36 am

"The more damning reason for him to go was the fact that he was a Commerce Secretary caught driving a Lexus."

Should have been driving an American Luxury gas-guzzling monster like a Cadillac Escalade.

Then it would have all blown over.

arthur_dent wrote on Thu, 6/21/2012 - 8:36 am (in reply to...)

KarmaPolice wrote:

70 percent believe in angels.

if you ever watched Battlestar Galactica, you'd believe in angels too.

KarmaPolice wrote on Thu, 6/21/2012 - 8:36 am (in reply to...)

ResistanceIsFeudal wrote:

It's estimated that at least 60% of statistics are made up.

Well that doesn't bode well for financial blogs who utilize them for content creation.

justaskin wrote on Thu, 6/21/2012 - 8:37 am (in reply to...)

Rob Dawg wrote:

That's the way I see it.

banks.....putting the "fun" in fungible....

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 8:37 am (in reply to...)

Former Idealist wrote:

RIF, why feed the troll. I'm outta here....good day.

Have a good one!

poic wrote on Thu, 6/21/2012 - 8:37 am

It's estimated 100% of s eat gluten and wear

glimmerman wrote on Thu, 6/21/2012 - 8:37 am (in reply to...)

Yup. I have heard of such deals as well.

Also a lot of "short sales" never get listed - they get passed from one friend to another to lower the cost basis in the home.

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 8:37 am (in reply to...)

justaskin wrote:

banks.....putting the "fun" in fungible....

and the fungi

KarmaPolice wrote on Thu, 6/21/2012 - 8:38 am (in reply to...)

Former Idealist wrote:

I'm outta here....good day.

That's ok.

It's probably a nice day to play in your Barbie Dream House.

Rob Dawg wrote on Thu, 6/21/2012 - 8:38 am (in reply to...)

justaskin wrote:

Rob Dawg wrote:

That's the way I see it.

banks.....putting the "fun" in fungible....

And "invent" in inventory...

Yancey Ward wrote on Thu, 6/21/2012 - 8:38 am (in reply to...)

Rob Dawg wrote:

justaskin wrote:
Rob Dawg wrote:
That's the way I see it.
banks.....putting the "fun" in fungible....
And "invent" in inventory...

You fabricated that.

KarmaPolice wrote on Thu, 6/21/2012 - 8:39 am (in reply to...)

poic wrote:

It's estimated 100% of s eat gluten and wear.

Well you are the quintessential troll.

justaskin wrote on Thu, 6/21/2012 - 8:40 am (in reply to...)

Whiskey wrote:

Is Wiggle Waggle a technical term, as in TA?

more like as in T & A

(no doubt I'm red-hatted, but oh well)

Rob Dawg wrote on Thu, 6/21/2012 - 8:40 am (in reply to...)

Yancey Ward wrote:

You faBRICated that.

They make stuff up too. We taught them well.

Blackhalo wrote on Thu, 6/21/2012 - 8:43 am

IBM claims to have resolved one of the biggest barriers in the way of the spread of storage virtualization: the cost and complexity of dealing with storage. It's not an insignificant consideration. Storage can turn into one of the--if not the--most expensive components of any virtual desktop setup. If IBM's technology lives up to the claim, that will go a long way toward allaying some of the lingering concerns about virtualization.

Big Blue claims virtualization breakthrough | Coop's Corner (CNET) - CNET News

"Microsoft is making some big claims about compatibility between Windows 8 and Windows Phone 8. In fact, an executive said the two platforms share a common kernel and that the same code could run on both."

Inside Microsoft’s big bid to woo mobile developers | VentureBeat

"The network is the computer."

John Gage - Wikipedia, the free encyclopedia

With 448 CUDA cores per processor

CUDA FAQ | NVIDIA Developer Zone

NVDA is a screaming BUY.

black dog wrote on Thu, 6/21/2012 - 8:41 am

must never have heard of Victoria Secrets

http://thewashingtonfancy.com/wp-content/uploads/2011/05/victorias-secret-deals.jpg

Yancey Ward wrote on Thu, 6/21/2012 - 8:41 am

Time for to get his lazy ass out of bed and make fun of the bad numbers.

Duke of Con Dao wrote on Thu, 6/21/2012 - 8:42 am

h

Mary wrote on Thu, 6/21/2012 - 8:42 am

Where's Alberto Gonzalez?

josap wrote on Thu, 6/21/2012 - 8:42 am (in reply to...)

glimmerman wrote:

"short sales"

I've seen some pretty strange stuff with short sales lately.
Property put in husband's name or loan is in husband's name only.
Wife is a realtor.
She opens escrow and gets a loan on a new house.
Hubby lists as a short sale with wife as agent.

They have to close the short sale to have the closing costs/down payment on the new house.

Lots of high stress and drama.

Cinco-X wrote on Thu, 6/21/2012 - 8:42 am (in reply to...)

Jackdawracy wrote:

The best band from the late 70's-80's?

No doubt in my mind...

YouTube - Dire Straits - Alchemy Live (full album HQ)

I love Dire Straits, but that's really just Mark Knopfler and some other guys... I'd at least put Van Halen up for a vote; Alex is an awesome drummer and David Lee Roth is a legendary performer, not to mention that Eddie changed the way people approached guitar playing...

black dog wrote on Thu, 6/21/2012 - 8:43 am

Where's Alberto Gonzalez?

"I do not recall"

Eric wrote on Thu, 6/21/2012 - 8:43 am (in reply to...)

Duke of Con Dao wrote:

h

Of course you did.

Mary wrote on Thu, 6/21/2012 - 8:44 am (in reply to...)

BWAH!

KarmaPolice wrote on Thu, 6/21/2012 - 8:44 am

Defense cuts could further dim US jobs picture - Life Inc.

But Americans want defense cuts.

Blackhalo wrote on Thu, 6/21/2012 - 8:46 am (in reply to...)

Cinco-X wrote:

I'd at least put Van Halen

I'd go with AC/DC over a hair band. But Would put Eddie over Angus in the mad skills dept.

Preparation H wrote on Thu, 6/21/2012 - 8:46 am (in reply to...)

Can you tell me what areas? Or was it just "all over the place"?

From what I understand, pretty much from Phoenix, with some as far south as Tucson...

I picked-up the info at a TBTF sponsored RE investor conference in Scottsdale in Feb - There were us a group of us in the hotel's bar, and several of the wannabe rentiers were comparing the numbers of properties in their portfolio, 5 here, 10 there, so on and so forth, and this one dude with a New England accent says he represents a PE group that just picked up more than 2500 properties.

At first I thought he was full-of-it, but later it was determined by the group he wasn't...

ResistanceIsFeudal wrote on Thu, 6/21/2012 - 8:46 am (in reply to...)

Rob Dawg wrote:

They make stuff up too. We taught them well.

We're knowledge exporters as well as a manufacturing economy.

Oman wrote on Thu, 6/21/2012 - 8:47 am

Told you guys the market's good here.
Pamela Mones (love the name) agrees....

With record low interest rates and record low prices for housing, the time to get in on the dream is here.

Don't miss out on your dream!
Wonder if she knows Suzanne?

Real estate picture improving - Baltimore Real Estate | Examiner.com

Cinco-X wrote on Thu, 6/21/2012 - 8:48 am (in reply to...)

ResistanceIsFeudal wrote:

When it comes to TA, a little wiggle waggle can be a good thing, but you don't want too much.

Agreed...

Yancey Ward wrote on Thu, 6/21/2012 - 8:48 am (in reply to...)

Blackhalo wrote:

Cinco-X wrote:
I'd at least put Van Halen
I'd go with AC/DC over a hair band. But Would put Eddie over Angus in the mad skills dept.

For the 80s, it is AC/DC hands down.

josap wrote on Thu, 6/21/2012 - 8:49 am (in reply to...)

Preparation H wrote:

but later it was determined by the group he wasn't

thanks

Blackhalo wrote on Thu, 6/21/2012 - 8:50 am (in reply to...)

ResistanceIsFeudal wrote:

When it comes to TA, a little wiggle waggle can be a good thing, but you don't want too much.

I know I like my T&A the same way.

Cinco-X wrote on Thu, 6/21/2012 - 8:51 am (in reply to...)

ResistanceIsFeudal wrote:

It's estimated that at least 60% of statistics are made up.

I've seen 87 studies that indicate this to be true...

volker the viking wrote on Thu, 6/21/2012 - 8:51 am

YouTube - If You See Something, Film Something (Recording The Police is Dangerous, but Necessary!)

shill wrote on Thu, 6/21/2012 - 8:51 am

I know I like my T&A the same way.

Smooth and Silky...

black dog wrote on Thu, 6/21/2012 - 8:52 am

But Americans want defense cuts

last week i linked an article that MIC will mail out thousands and thousands of layoff notices ... right before the election ... to convince american (politicians) otherwise

justaskin wrote on Thu, 6/21/2012 - 8:53 am (in reply to...)

ResistanceIsFeudal wrote:

and the fungi

every ecosystem's got some

Cinco-X wrote on Thu, 6/21/2012 - 8:55 am (in reply to...)

Blackhalo wrote:

I'd go with AC/DC over a hair band. But Would put Eddie over Angus in the mad skills dept.

Van Halen might have been a prototype for hair bands, but they were definitely a product of the '70s, not '80s. However, your point is well taken, and I had completely forgotten about AC/DC.

burnside wrote on Thu, 6/21/2012 - 8:54 am (in reply to...)

. . . and still meet contractual obligations?

Then they should do it.

justaskin wrote on Thu, 6/21/2012 - 8:54 am (in reply to...)

Rob Dawg wrote:

And "invent" in inventory...

the bathroom can wait

Blackhalo wrote on Thu, 6/21/2012 - 8:54 am (in reply to...)

black dog wrote:

... right before the election ... to convince american (politicians) otherwise

Sounds like they were watching GM et al very closely. I expect a similar outcome.

glimmerman wrote on Thu, 6/21/2012 - 8:56 am (in reply to...)

Lots of dubious short sale deals in Vegas, to say the least, usually between neighbors or friends selling to each other via short sales that are never listed. They often involved husband/wife, girlfriend/boyfriend deals like you describe where one does the selling and the other does the buying given that both are not on the same title.

Mary wrote on Thu, 6/21/2012 - 8:56 am

“There is no concrete planning that I know about, but there is the possibility of purchasing sovereign bonds on the secondary market,” Merkel told reporters in Berlin after meeting with Dutch Prime Minister Mark Rutte. “But this is a purely theoretical statement about the legal situation.”

Merkel Balks at Sovereign Debt Purchases to Beat Crisis

:: "legal situation"
European Stability Mechanism treaty signed | EU Clowncil.EUROPA.EU
About EFSF | efsf.EUROPA.EU
Open market operations | ecb.eu

:: best natural language innerboob address, w/e 23 June 2012
?

Yancey Ward wrote on Thu, 6/21/2012 - 8:56 am (in reply to...)

Cinco-X wrote:

Van Halen might have been a prototype for hair bands,

Yeah, I don't think it fair to lump Van Halen with the hair bands either. Their 70s albums are the truly great ones in their legacy. The Van Hagar phase I could listen to, but not really love all that much.

justaskin wrote on Thu, 6/21/2012 - 8:56 am (in reply to...)

Blackhalo wrote:

NVDA is a screaming BUY.

you've been pumping them......when did they morph from the gamers display card of choice to the shining star of cloud computing?

josap wrote on Thu, 6/21/2012 - 8:57 am (in reply to...)

Blackhalo wrote:

Sounds like they were watching GM et al very closely. I expect a similar outcome.

I find it very interesting that companies threaten to tank the government, economy, jobs, quality etc etc to get their way.
Great Americans.
And a Congress that can be threatened by those companies, they fold every time.

Cinco-X wrote on Thu, 6/21/2012 - 8:58 am (in reply to...)

Yancey Ward wrote:

The Van Hagar phase I could listen to, but not really love all that much.

Agreed...I liked Sammy solo and with Montrose far better than when he was with Van Halen.

black dog wrote on Thu, 6/21/2012 - 9:00 am

Sounds like they were watching GM et al very closely. I expect a similar outcome.

i would be surprised if all the sequestered cuts didn't end up in the shredder.

but the article mentionned that (iirc) you need to give 60 day notice ... and cuts - if they take place - start taking place first of january ... so MIC not bluffing ... sort of

Blackhalo wrote on Thu, 6/21/2012 - 8:59 am (in reply to...)

Cinco-X wrote:

Van Halen might have been a prototype for hair bands

Best thing about Van Halen is the M&M story.

"Van Halen had a notable effect on the modern rock music tour with their use of the concert technical contract rider. They were one of the first bands to use contract riders to specify a "wish list", a practice now used throughout the music industry. They pioneered extensive requirements including power availability and stage construction details. The band's demands were not limited to technical issues; their now-infamous rider specified that a bowl of M&M's, with all of the brown M&M's removed, was to be placed in their dressing room.

According to David Lee Roth, this was listed in the technical portion of the contract not because the band wanted to make capricious demands of the venue, but rather as a test of whether the venue had actually read and properly honored the terms of the contract, as it contained other requirements involving legitimate safety concerns"

lineup32 wrote on Thu, 6/21/2012 - 8:59 am (in reply to...)

Tom Stone wrote:

.Different parts of the county have markedly different amounts of supply,

The inventory numbers today reflect a market that has few alternatives for either move up or first time buyers.. The past 40 years in Calif were marked by explosive housing build outs creating choices for a variety of housing buyers with the natural buy product of a large pool of existing inventory in established neighborhoods. Today there is little incentive to sell and move not only for underwater homeowners but anyone within an hour commute of the major employment centers have very limited new housing options today, so most would be sellers remodel or stand pat not wanting to hassle with long commutes or the expense of selling and buying a fixer. The past data point between inventory and price will change as the impulse to sell and move becomes muted due to changing economics and a lack of new housing tracts close to employment centers.

justaskin wrote on Thu, 6/21/2012 - 8:59 am (in reply to...)

Preparation H wrote:

later it was determined by the group he wasn't...

jeez, keep dishing.....

Preparation H wrote on Thu, 6/21/2012 - 9:00 am (in reply to...)

Short sale fraud has been documented as widespread in California by several RE blogs, and has now been covered by investigative reporters from the LA Times...

As far as I know, the iSheeple @ car.org haven't done a thing about realtards flipping properties to each other, but I bet it's slowed down now that the PRC millionaires have shown up in force

Cinco-X wrote on Thu, 6/21/2012 - 9:02 am (in reply to...)

black dog wrote:

last week i linked an article that MIC will mail out thousands and thousands of layoff notices ... right before the election ... to convince american (politicians) otherwise

Post hoc ergo propter hoc...the budget ceiling battle comes at about the same time, and it's far more likely this is going to be as a result of potential automatic cuts in defense and other spending than some contrived collusion to alter the outcome of the election.

Yancey Ward wrote on Thu, 6/21/2012 - 9:02 am (in reply to...)

Blackhalo wrote:

According to David Lee Roth, this was listed in the technical portion of the contract not because the band wanted to make capricious demands of the venue, but rather as a test of whether the venue had actually read and properly honored the terms of the contract, as it contained other requirements involving legitimate safety concerns"

I didn't know that part of the story. That is some pure genius.

josap wrote on Thu, 6/21/2012 - 9:02 am (in reply to...)

lineup32 wrote:

most would be sellers remodel or stand pat not wanting to hassle with long commutes or the expense of selling and buying a fixer.

Homes along the light rail here are not being put up for sale. If one comes available it sells very quickly.
With the approved extention I expect properties along the line to open in 2015 get bought up fast now as well.

The Mortgage Pig wrote on Thu, 6/21/2012 - 9:03 am

Existing Home Sales: Inventory and NSA Sales Graph

Cinco-X wrote on Thu, 6/21/2012 - 9:05 am (in reply to...)

Yancey Ward wrote:

I didn't know that part of the story. That is some pure genius.

Some of the old time rockers were outstanding businessmen, but I generally think of Mick Jagger, David Bowie and Jimmy Page when saying that. I'm not yet convinced that DLR's story isn't historical revisionism....

Blackhalo wrote on Thu, 6/21/2012 - 9:07 am (in reply to...)

justaskin wrote:

..when did they morph from the gamers display card of choice to the shining star of cloud computing?

I don't think it was intentional. I think they were just trying to make the best video card they could. Then someone tried running VMs on those cards. Being able to sell access to a VM running all of a customers apps, accessible from any device, phone, tablet or computer has the POTENTAL to be a pretty big deal.

Particularity if you have been playing in the VM world for a little bit. Government has been pretty keen on the idea of keeping all data locked in a server room somewhere, rather than allow local access, ever since someone started copying it to CD... I'd expect corporations to have similar concerns.

JimPortlandOR wrote on Thu, 6/21/2012 - 9:51 am (in reply to...)

Blackhalo wrote:

I know I like my T&A the same way.

raw, buttered, or chocolate covered?

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Existing Home Sales in May: 4.55 million SAAR, 6.6 months of supply