Posted by: The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

17 responses to “Mid-Week Open Thread (2012-11-14)”

  1. Pegasus

    After foreclosure, families take a decade or more to buy another house

    http://www.washingtonpost.com/blogs/wonkblog/files/2012/11/mortgagedelinquency.jpg

    The collapse of the housing market in 2008 brought a huge increase in home delinquencies and foreclosures. By the first quarter of 2010, the Fed found that the mortgage delinquency rate had topped 11 percent, the highest figure on record and over five times the 2 percent rate three years previously.

    http://www.washingtonpost.com/blogs/wonkblog/wp/2012/11/14/study-after-foreclosure-families-take-a-decade-or-more-to-buy-another-house/?wprss=rss_business

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  2. softwarengineer

    RE: Pegasus @ 1

    No Problem Pegasus

    We’ll insource MASSES of brand new home buyers from abroad, that should get the bubble back up going again. See, problem solved, ask FOX News.

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  3. Pegasus
  4. Kary L. Krismer

    By softwarengineer @ 2:

    RE: Pegasus @ 1

    No Problem Pegasus

    We’ll insource MASSES of brand new home buyers from abroad, that should get the bubble back up going again. See, problem solved, ask FOX News.

    I think you should cite to MSNBC there. That would be more appropriate.

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  5. Kary L. Krismer

    RE: Pegasus @ 3 – I’ve given up on MOM and YOY foreclosure stats meaning much, because of the legislative and other legal changes affecting volume. But here’s another article on that indicating that things are roughly twice as bad on a per household basis in Snohomish and Pierce as King County.

    http://www.seattlepi.com/realestate/article/October-foreclosures-up-from-last-year-down-from-4038505.php

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  6. Kary L. Krismer

    By Kary L. Krismer @ 5:

    RE: Pegasus @ 3 – I’ve given up on MOM and YOY foreclosure stats meaning much, because of the legislative and other legal changes affecting volume.

    I should probably expand on that a bit. By changes I’m not talking only of Washington state. I’m fairly certain that many of the entities involved in processing foreclosures operate in more than one state. In Oregon non-judicial foreclosures are severely limited by that state’s MERS decision, so it’s not entirely inconceivable that some resources which would be ordinarily used to process Oregon foreclosures would be used instead on Washington foreclosures.

    Changing track a bit, it could also be market related. Right now we have an extreme shortage of listings, including REO listings. It’s not inconceivable that would cause the banks to process more foreclosures up here.

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  7. softwarengineer

    RE: Kary L. Krismer @ 4

    Actually Kary

    FOX and the Republican leaders have switched over to supporting amnesty overpopulation or Immigration Reform [same thing]…they allege Obama won the election that way. To be honest Kary, there’s no such thing as a conservative or liberal anymore….just Facist foreign/corporate campaign funders to our $6 billion dollar presidential election and candidate selections.

    At least Obama stated he was against corporate campaign funding voted in by the Supreme Court in 2010. Is he, a lion’s share of his campaign loot came from foreign sources?

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  8. Pegasus

    RE: Kary L. Krismer @ 5 – October’s number puts us at about number two or three out of fifty on a per capita basis for foreclosure starts.

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  9. apartment boy

    The current selloff of income stocks is a great opportunity.
    Watch, wait and then strike.
    The new normal dictates that assets can lose value farther & quicker than you ever imagined.
    Fate favors the bold.

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  10. Blurtman

    RE: softwarengineer @ 7 – Please step away from the keyboard. The agents are here to assist you. This small implant that will re-adjust your outlook. Cranial boring drill, please. Please hold still. This will only take a few minutes.

    http://biomedicalephemera.tumblr.com/post/12890373582/cranial-boring-tools-for-the-relief-of-pressure

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  11. Blurtman

    RE: softwarengineer @ 7 – I think the federal government should run all elections. Just a machine to thank us for our vote and to tell us who our leaders are and what the laws are.

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  12. softwarengineer

    RE: Blurtman @ 11

    I Have a Friend Who is a Blue Dog Democrat

    He supports amnesty Immigration Reform; when Barbara Jordan (D) [an African American BTW]headed the early 90s bills and committees to fight amnesty….they were vehemently fighting the Republicans then who wanted no enforcement of immigration laws against employers after Reagan’s amnesty.

    What happenned? The Democrats left SWE and fought for the WTO [remember Clinton and the late 90s Battle in Seattle], I didn’t leave them.

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  13. ChrisM

    Great Bernanke quote: “The Federal Reserve will continue to do what we can to support the housing recovery, both through our monetary policy and our regulatory and supervisory actions. But, as I have discussed, not all of the responsibility lies with the government; households, the financial services industry, and those in the nonprofit sector must play their part as well. ”

    http://www.federalreserve.gov/newsevents/speech/bernanke20121115a.htm

    I’m curious what he thinks “households” should be doing to facilitate the housing “recovery” – not revolting? Buying a vacation property?

    Also great how he blames banks for tightening their lending standards post 2007.

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  14. ChrisM

    Oregon goes after MERS:

    “Emotional testimony from people who recently lost houses through bank foreclosures punctuated a meeting Thursday, during which Multnomah County’s commissioners voted to proceed with a lawsuit against a mortgage giant linked to countless foreclosures nationally.

    The lawsuit, expected to be filed within weeks in Multnomah County Circuit Court, will seek damages for allegedly unpaid document-recording fees from Mortgage Electronic Registration Systems, or MERS.”

    http://www.oregonlive.com/portland/index.ssf/2012/11/multnomah_county_authorizes_la.html#incart_river

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  15. Kary L. Krismer

    RE: ChrisM @ 14 – Other than the recording fees, which apparently are required by Oregon law, I wonder what the damages would be in most cases?

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  16. Blurtman

    RE: ChrisM @ 13 – Geithner said that the NY Fed does not perform a regulatory role.

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  17. ChrisM

    *Very* obscure post, but the Ghlbli Studio anime Pom Poko features real estate agents, especially at 1:42:50: “Some raccoons sold Real Estate, and, unable to resist the money they could make, promoted levelling even more forests.”

    This is from the Disney translation. Purists may disagree.

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