Elmo is teabagging Kermit.
nades (member) wrote on Wed, 04/08/2009 - 12:14pm.
24% in a quarter. What is that annualized? Dios Mio! 
Elmo is teabagging Kermit.
Don't any of these people know you can buy loose tea?
There is plenty of vacant office space in the Boston area. I suspect to see similar cuts in rents here as well.
down goes frazier
I actually read legal (Sheriff stuck on the door) foreclosure papers on my next door neighbors house Sunday. They moved out about 2 weeks ago - H watched as they unloaded the entire house, literally down to the kitchen/bathroom sinks (probably to sell for scrap). They took the carpets!
I'll be curious to see if the bank is able to sell a stripped out house w/ only a roof, electrical, plumbing & drywall
The definition of insanity is doing the same thing over and over and expecting different results.
Good thing nobody bought these things at super low cap rates using a lot of leverage,right?
----
"no one is pricing in low, mid teens unemployment in any of their assumptions." - Meredith Whitney
I'll be curious to see if the bank is able to sell a stripped out house w/ only a roof, electrical, plumbing & drywall
FRE/FNM will reimburse the servicer to make repairs to house so that it is saleable.
I left my lease in San Francisco
In my town of 55,000 people, I can show you well over 100,000 square feet of vacant, overpriced office space in one six-block area.
Overbuilding was everywhere. At the faintest excuse.
San Francisco office rents dropped 24 percent in the first quarter from a year earlier...
But, but I was told the failures were going to be in the edge cities.
Next up a drop in NYC resident population.
--It won't be pretty but it will be an Exurban Nation--
Who would rent when the SF market is now red hot again? Folk there now know that they will likely not see rates and values at this level ever again.
http://mast-economy.blogspot.com/2009/03/san-francisco-housing-market-in...
The Mortgage Bankers Association's latest weekly measure of loan applications climbed 4.7% -- their purchase index jumping 11.1%
http://mast-economy.blogspot.com/2009/04/more-real-estate-hope.html
we seem to be going back the pattern of the down days of feb/march
my models are syncing up again
Market Musings...
I expect us to hit 7200 eventually but cover and open shorts on the way down. Any bank news could bring violent rallies. Lets see if ISCA can break below multiyear lowS
this is real_folks (member) wrote on Wed, 04/08/2009 - 3:03pm.
I actually read legal (Sheriff stuck on the door) foreclosure papers on my next door neighbors house Sunday.
I just wrote a blog post about that exact thing... I took pictures of the inside. I still don't understand why the sinks/
It must be a disease...
http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff
From other post
YOGI +1
The Sum of All Banking Evil wrote on Wed, 04/08/2009 - 12:05pm.
The mysterious taco truck in Pasadena was awesome. It would appear magically, like the Lost Dutchmanas dusk fell, serve up it's eats and then vanish once more (to avoid health inspectors) .
Observation of the Day!
24% in a quarter. What is that annualized? Dios Mio!
Roubini says:
The market has predicted six of the last zero recoveries.
Good News Economist
Before you start spreading the Realtor gospel please cite something other than a nightly newscast. But HOPE anyways
What is the deal on stripping houses? Isn't that illegal? If I had a car I quit paying on and they repo'd but I had taken the engine out wouldn't I be liable for the replacement cost?
I believe it is part of their FU! to those who denied them what they were entitled to. Think tempur tantrum by big assholes instead of munckin sized ones.
http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff
Not big on trend analysis, but thought this was at least interesting.
Very rough trendline drawn on top of 4 bad bear chart. Looks like it acts first as support, then as resistance...
http://i733.photobucket.com/albums/ww335/mykingdomforabailout/fourbeartr...
The Equitable an icon or landmark? Oh, how I wish newspapers would just die.
The 1890 Equitable building was a landmark for awhile. Demolished in the 70s.
"Next up a drop in NYC resident population. "
America, we give you back your bankers.
Sorry for all those landlords who missed out on the great housing bubble because of silly rent control. Try again next time.
My father worked in that building in the mid seventies when it was prime real estate. But they had even moved out by the late seventies and had moved their offices farther north up Peachtree Street. It was once the heart of Downtown Atlanta but the business distict had moved north decades ago. Most of the surrounding buildings are either state government or university owned. (Georgia State) This area has been in a state of decline since the early nineties after the last major real estate downturn. What made them think they were getting a deal on a tower that tall and who the heck where thry was going to lease it too.
Good News Economist-
"It's difficult to get a man to understand something if his salary depends on him not understanding it."
-Upton Sinclair
Adornosghost
What does it mean when I can't understand what Tim G is talking about?
GNE- You are a glutton for punishment but I do respect the effort.
Good News Economist: Preach it brotha! Any hot properties I should check out?
From previous post;
"nova (member) wrote on Wed, 04/08/2009 - 2:09pm.
I like Mike! He reminds me of a passionate, caring individual who is totally committed to his art, his way of life, and the American flag!
Someday, hopefully not, but you never know, Mikey will be there for the Higher Order (HO)
serving in the field. Wherever justice needs to be done Mike and his cohorts will be there! Speak it Loud! Say It Proud!
I'm buff and bullhorned!"
Thanks for the kind words nova, you are getting to know me so well.
The response from the mere mention of the words "Tea Party" invokes such backlash and name calling I can only attribute it to some psychosis on the part of the individuals slinging the mud.
I didn't realize the following information would be so inflammatory posted on the previous thread. I don't know what part about it people didn't like, but I have some theories.
From previous thread;
I've noticed a new trend emerging, I think it started with the Taxday Boston Tea Party folks as a symbol of their commitment to take back control of our government.
They are giving the all seeing eye on the back of the one dollar bill a black eye with a black marker, or they are cutting out the eye with a hole punch. I hope this doesn't upset anybody.
See picture for an example.
http://hosting02.imagecross.com/image-hosting-08/7981Black-eye.jpg
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Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
......when we bought this place (it was as well a repo) - it had been stripped of all lighting fixtures, kitchen/bathroom cabinets, sinks, doors, appliances, the carport had been chain-sawed down, and an out building had been moved from the foundations. A real fun project. "Bear", the old-man builder said, "I built the son-of-a-bitch, so I figured I could tear it down as well. Fu** the bank!".
An opinion after my own heart.
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Black 
Ranch
One more Passover classic
(We'll get drunk on cheap wine...)
http://www.youtube.com/watch?v=d7enG9nTjMo&feature=related
Enjoy all. See you later.
Cash for keys seems to mitigate the destruction of foreclosed properties.
"When no one answered, he taped a letter to the door offering the occupants $1,000 to move out. The catch: They won't get a cent if they trash the house before they leave."
Seems the trashing is a legal gray area.
http://biz.yahoo.com/wallstreet/080327/sb120665586676569881_id.html?.v=1
Anecdote from a friend who's a residential RE developer working only in downtown Boston:
"This feels so far like a normal spring market. The realtors I know are saying the same thing."
My friend is using the opportunity to unload the 3 properties he currently has sitting. 2 are under agreement. I think he's planning on hiding out for a while with the money he made the prior 10 years.
Michael,
Tell us your theories of why people don't like you and your posting.
I certainly hope you start with "nobody likes a winner"
Anonymoustoo, are you in Atlanta?
Curious if the Atlantic is topped out and if the Atlantic Station KBB&T tower is leasing yet.
Tampa's Element is now all rental with < 20% occupancy reported - tiny pergraniteel flats at 2006 rates. Very few lights on in the evenings.
In regards to the Equitable Building auction,
Do I need to bring cash,
Or would a pre-approval letter from Countrywide suffice?
Bob,
Davis had the same issues with CRE overbuilding. Everyone was expecting the univ to keep expanding. UCD did sign a lot of leases except that our Architects and Engineers group did well staffing up the last several years and now the focus is on building more and more UC owned space on UC land. Buzz Oates is about to have some inventory back.
Now the core downtown retail and restaurant space is begining to empty and the auto dealerships along the freeway (Davis's big and amost only sales tax generator) are either doing badly or have closed up shop. Yet the one of Davis council geniuses keeps spouting off about reserving the open space for high tech companies that are dying to come to Davis. She never gives any names, just says "people I've spoken with". If there is a tight overpriced housing market and the city is notorious for treating local business like 3rd rate citizens, who in the world is going to want to relocate their firm to Davis? BTW her desireability model is based Stanford and Palo Alto because the central valley really _is_ an extension of the penisula and the sill valley. How come I didn't get the memo?
Good news....I live in sunset district in SF, Very old established area with 1600 1 bedroom rents..Close to UCSF..What are you talking about...I have seen only one property move in last cple months around here...Please pass the bong...
I emptied my bank account so the bastards can't use it. Being in debt is like diving with great white sharks.
Pisani interviews CEO of ICE on CDS:
"Keep the good, Fix the bad...blah,blah, blah...
One day you and I will own these things!"
My deflation expectations are well anchored, are yours?
It's comments like yours that I Thank God every day for the complete and total economic collapse of the US. Many many people need to be taught a hard lesson.
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Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
My problem with the trashing of a house/townhouse is I see it as a FU to the neighborhood.
If they are going to screw their neighbors like that now - guess how they are going to act when they are really backed up against the wall of unemployment and despair.
http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff
As Krugman said, this is turning out to be a Real estate blog.
DJ at lunch- Those car dealerships are going to go down..Some like the swift have anchor store in sacramento...doesn't make sense...the best thing about davis
http://entomology.ucdavis.edu/dept/beebio.cfm
I emptied my bank account so the bastards can't use it. Being in debt is like diving with great white sharks.
Gavinshire Hathaway
Lets talk about your shorts. What are you covering what are you putting on?
Burnside -
The Atlantic has topped out and word is they are having lots of trouble with finding buyers. Looks like it's on its way to becoming a ghost building. Can not make a rental because the floor plans are so large the rents would be too large.
Yes, they have started leases for the BB&T building.
Ok, what is teabagging?
Other than throwing real tea bags in bodies of water?
Another aspect of porn I've spent my whole life not knowing?
lawyerliz
cd=creditcriminals?
Michael,
Don't let the slings and arrows thrown at you by haters which pierce deeply into your buttocks stop you from doing what is needed! Your a man! Show them!
Show them you can take their hate deep into you! That you will turn it on them by loving every pulsating minute of it!
http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff
Tim - That is hilarious - if you read it out of context!
"Lets talk about your shorts. What are you covering what are you putting on? "
Tim - just holding them today. No hedges -- removed them this morning. I think more downside risk than upside to the market. Tomorrow may be deep in the red, but I'm as exposed as I want to be right now.
......for some reason I remember someone saying San Francisco was immune to decreasing ( fill in the blank ). Maybe I was wrong.
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Black Ranch
@adornosghost
I fully understand the dark side. I just choose the light.
@token bull
Anything right now is a bargain when you look 5-10 years out.
I personally like the central valley (stockton/lodi/modesto)... beachfront property when the big quake hits SF. (and it will... I am bearish on that)
GNE
Anonymous GH
Toda raba
What sort of trigger-mechanism does Wall Street need to achive debtination?
GH I think a gap down would have been bullish instead we get the weakest of rallies. Very bearish for the week IMO
".......beachfront property when the big quake hits SF."
...geeze, GNE, give me a break. All of you will be fish food or possibly some kind of BBQ'ed tasty treat for the big 4-legged critters that outran the fires.
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Black Ranch
"Ok, what is teabagging?"
Liz-Google is your friend.
I fully understand the dark side. I just choose the light
Why can't we just choose dusk?
http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff
Please...no teabagging comments on a post about SF... 
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Crispy & Cole...suddenly I feel optomistic!
Tim -
Have you heard anything about the 10-yr note auction tomorrow? Rumors about interest or lack thereof? Could be a catalyst, and I agree with your technical read of the action today.
lawyerliz - LOL!! are you serious? Please google (turn off filter)
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Crispy & Cole...suddenly I feel optomistic!
Nemo, your comments on this post aren't gone. That race condition again. I hope to fix it soon, still busy ensuring all the archived comments are imported.
GH
Thanks no that sophisticated ( all of you can tell) but thanks could be important.
B of A needs to raise $36b of capitol, Oppenheimer says. I wonder where that money is going to come from.
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Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
"Elmo is teabagging Kermit."
+1 lol!!! Post of the day!!
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Crispy & Cole...suddenly I feel optomistic!
I guess higher tax as a % of land value is aiding market discovery
Interesting action in the last 15-30 minutes every day lately. Lots of movement in financials and REITs. Impact of daytraders in SKF/FAZ/SRS that don't want to hold positions overnight?
Thanks for the information Anonymous. I learned something new today.
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Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
Michael (member) wrote on Wed, 04/08/2009 - 4:00pm.
B of A needs to raise $36b of capitol, Oppenheimer says. I wonder where that money is going to come from.
Rumor is that the Chinese are in talks to buy a National Park.
http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff
nova @ 12:49
sublime.
Michael
Even in their heyday the USSR, Roman Empire, and USA combined did not control 36 capitols
DJ at lunch wrote on Wed, 04/08/2009 - 12:38pm.
Bob,
Davis had the same issues with CRE overbuilding. Everyone was expecting the univ to keep expanding. UCD did sign a lot of leases except that our Architects and Engineers group did well staffing up the last several years and now the focus is on building more and more UC owned space on UC land. Buzz Oates is about to have some inventory back."
DJ, much of our excess is overhang from the dotcom era that never got fully utilized. So that tells you what a long-lasting albatross excess CRE can be.
And yet a local developer just finished a 40,000 square-foot office building in downtown Santa Cruz -- with not one tenant. And some of the remaining tech tenants are leaving the high-priced offices downtown for decent R&D digs out in our half-empty industry parks; for half the price.
UC gossip: my department cut 15 percent of headcount last week. More to come throughout campus; there's no coordinated plan for this -- it's UC after all. In terms of the retirement plan, which you brought up some days back, I've heard rumors that wrangling is going on to figure out whether to bring the plan back to health with 1) higher staff contributions, 2) lower retiree payouts, or 3) both. My bet is 3).
Yeah nova, but how are they going to ship it back to China.
--------------------------------------------------------------------------
Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
Tim-
Spot on!
Needed to change name so I could shoot out some credit data without looking over shoulder.....
love this late nothingburger rally based on hope....Hope your trades are treating you well
Hope is a dangerous thing-Red in Shawshank Redemption...
I emptied my bank account so the bastards can't use it. Being in debt is like diving with great white sharks.
Taleb has encapsulated the last two years of comments in one article.
http://www.ft.com/cms/s/0/5d5aa24e-23a4-11de-996a-00144feabdc0.html
Michael (member) wrote on Wed, 04/08/2009 - 4:05pm.
Yeah nova, but how are they going to ship it back to China.
Good question. I am not smart enough to figure things like that out. Does the Higher Order (HO) take dumb people?
Where did you meet them? Do they come in to your house late at night? If they do I don't want any part of them? Do they hurt you? Did they make you do things? Bad things?
http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff
LL dont get the boys fired up. You'll get everyone excited! 
..........................
GH i check http://acrossthecurve.com/ for all my bond info. The bond buyer (a frequent place the Bond Girl gets info from for her blog) requires a subscription.
I'll check the rest of my bond bookmarks!
.....................................
Shipping tea to China? Isn't that violating some kind of business maxim?
Holy spumoni, another new thread: http://www.hoocoodanode.org/node/6547
Now the core downtown retail and restaurant space is begining to empty
I was shocked a couple of weeks ago seeing all the empty and soon to be empty shops downtown:
http://sacramento.craigslist.org/bfs/1107757009.html
http://sacramento.craigslist.org/fuo/1107798861.html
Of course, when you drive out all the massage parlors, everything else just dies off.
http://www.kcra.com/news/18543231/detail.html
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sacrealstats
You could always bring the massage parlors back.
The Golden Banana, which has been closed for as long as I can remember is back in business selling beer and naked women after failed attempts to turn it into a convention hall.
I have encapsulated the last year of publicly traded homebuilders in a single picture acting as metaphor
Picture Link
the guy represents the homebuilders
>They took the carpets! I'll be curious to see if the bank is able to sell a stripped out house w/ only a roof, electrical, plumbing & drywall.
The plumbing is worth a lot. They should of taken that, too. Dumb asses!
Bank stuff so bad they are afraid to release it. Keep the public in the dark; avoid panic; riots..who know waht?
http://www.reuters.com/article/marketsnews/idINN0747118320090407?rpc=33
Santa Cruz?......
Kee-rist, when I was an overaged undergrad there there were no buildings taller than a couple stories downtown. What'd they do, go nuts after the earthquake?!?!
interesting blog http://iamned.com/blog/ Maybe some companies are too big to fail?
"interesting blog"
Is this some kind of parody?
Many comments?