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Here is your open thread for the mid-week on May 9th, 2012. You may post random links and off-topic discussions here. Also, if you have an idea or a topic you’d like to see covered in an article, please make it known.
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Fannie is apparently doing better financially.
http://money.cnn.com/2012/05/09/news/companies/fannie-mae-earnings/
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The Economy is Mending, Job Opennings Are Rising, Seattle Home Prices Have Bottomed Out
Not.
“… U.S. stocks fell sharply at the open on Wednesday as political uncertainty hung over Greece and concerns arose over the frail state of Spanish banks.
The Dow Jones industrial average dropped 113.87 points, or 0.88 percent, to 12,818.22….”
http://finance.yahoo.com/news/wall-street-slides-1-percent-133900618.html
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Wow….afternoon and only 2 comments so far. OK, I’ll chime in…..
I was out riding the bike this last weekend. We rode down Homes Point Rd (just south of St Edwards St Park, north end of Lake Washington, east side) – I was surprised at all the places for sale down there – it was one for sale sign after another.
A quick count on Zillow indicates about 22 properties for sale that are accessed via this road – low end is the 500′s and on up to 3 mil plus.
Hmmmm…..its north of I-90, this place should be hopping with all the quality listings in there. :-)
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By No Name Guy @ 3:
Redfin says 177 listings for Inglewood/Finn Hill (that neighborhood) and all but 82 of them are under contract or pending.
I guess you are right about it being hopping.
http://www.redfin.com/homes-for-sale#!market=seattle®ion_id=23272®ion_type=6&sf=1,2,3,4&status=130&uipt=1&v=8
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RE: softwarengineer @ 2 – Just more money to flow into US treasuries (and other US bond type investments).
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RE: deejayoh @ 4 –
I was just looking at Holmes Point – I was surprised at what a high fraction of homes on Holmes Point Drive are for sale. Riding through there is was one for sale sign after another.
There aren’t nearly that high a fraction of homes for sale in my ‘hood, then again, entry level Lynnwood / south Sno Co isn’t high end Lk Washington Waterfront….although both are north of I-90. ;-)
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“Ecuador’s legislature has passed legislation that would require banks to forgive any outstanding debt on mortgages for first-time home buyers of properties worth up to $146,000 if they default and forfeit a home.”
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2012/05/09/international/i113235D86.DTL#ixzz1uU1xNuF5
They think this will prevent a bubble. I think it might lead to one! Less risk for first time buyers.
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Meanwhile, in another third world economy . . .
“In a big change, the state-run Keep Your Home California program will use federal money to reduce an eligible homeowner’s mortgage balance by up to $100,000 without requiring a matching reduction by the bank servicing the loan.”
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/05/09/BUVL1OFM17.DTL#ixzz1uU2JoXAr
Your federal tax dollars at work. :-(
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Lending too tight? I have no idea what Bernanke is talking about, or why he would even want to say that.
http://www.reuters.com/article/2012/05/10/us-usa-fed-bernanke-idUSBRE84911720120510
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RE: Kary L. Krismer @ 8 –
WTF. And I don’t mean “Winning The Future.”
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Talk about the ultimate open house!
http://bottomline.msnbc.msn.com/_news/2012/05/10/11622354-for-sale-seattle-home-where-obama-raised-money?lite
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By softwarengineer @ 2:
only 2% of our GDP is based on Europe…
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This story is too good to be true. couldn’t have happened to a nicer guy/bank.
JPMorgan reveals shock $2bn trading loss on investments
http://www.bbc.co.uk/news/business-18030022
in cases like these losses are usually bigger than originally thought.
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RE: pfft @ 13 –
Big whoop. JPMC has assets of over $2 trillion. I think they use a billion here and there to wipe their butts. Besides, before it’s over the taxpayers will probably feel it more.
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RE: pfft @ 13 – Yes, all is well. Our country is hermetically sealed from any global debt problems. Hint: It’s not about GDP.
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By wreckingbull @ 15:
banks aren’t as exposed either. it’s not a mortgage situation.
it is about GDP.
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By Scotsman @ 14:
ask dick fuld that…
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who would have guessed that the person who cuts jobs, takes away healthcare, reduces wages and embraces the Romney budget would cut their hair of an underclassman.
Is Mitt Romney a Bully?
http://talkingpointsmemo.com/archives/2012/05/is_mitt_romney_a_bully.php?ref=fpblg
This is a man who drove 12 hours with this dog on his roof and laughed about it!
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RE: pfft @ 18 – I wonder if those who denigrate Romney are wasting their time. I have a hard time believing there are actually Romney *supporters*, instead I think there are merely Obama *detractors*.
This election reminds me of the 1996 election, but Romney is even worse than Dole. The R’s nomination of Dole was what made me leave the R party. Really — Dole was the best they could come up with in 1996? Likewise, Romney is the best they can come up with in 2012? Looking at employment, it would seem the incumbent president would be thrown out, but looking at Romney himself, I can’t see any significant difference between Obama and Romney.
At this point, I wouldn’t be surprised to see Paul voters splinter the opposition such that Obama gets another term. To you R hardcores out there, imagine if Paul was the sole candidate — the R’s would coast to victory.
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RE: ChrisM @ 19 – I would largely agree, and add that there isn’t a big difference between Obama and Bush (“W”) either. The choices in presidential elections are almost always horrible.
The biggest difference between Romney and President Obama is that we don’t yet know whether Romney will be totally incompetent. Also, there’s no reason to believe that Romney will be attacking the Bill of Rights.
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