St. Patrick’s Open Thread (2010-03-17)

Here is your open thread for the mid-week on March 17th, 2010, St. Patrick’s Day! 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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About 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. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

29 comments:

  1. 1
  2. 2
    willcasp says:

    Looks like the second downturn may be starting….
    “City Bank’s new instructions from the FDIC are contained in a “corrective action directive,” ” .. “The directive has prompted City Bank to ditch its strategy of building starter homes on repossessed building lots, rather than selling the empty lots at what it considers bargain-basement prices.”

    Basically, the FDIC is forcing the regional bank to unload properties…
    http://seattletimes.nwsource.com/html/businesstechnology/2011362130_bank17.html

  3. 3

    Did You Know Where the Wearing Green on St Patrick’s Day To Keep Getting Pinched Came From?

    It was believed since the 1700s that wearing green made you invisible to the Leprechauns [who’d pinch you]…LOL

  4. 4
    Scotsman says:

    I’m done being played for a sucker- it’s time to join the other team. I want it all- free housing, free medical care, food stamps, and never having to work at anything again except fighting to keep what I’m owed by the rich. I’m going to apply my considerable entrepreneurial skills to only one thing- gaming the system, and helping others to do the same. For a small fee- cash, of course, I’ll show you how you too can live better than you do today and have others pay for all of it. Come join the revolution- you deserve the best!

    http://www.calculatedriskblog.com/2010/03/squatter-stimulus-no-mortgage-payment.html

  5. 5
    Scott is Rad says:

    By Scotsman @ 4:

    I’m done being played for a sucker- it’s time to join the other team. I want it all- free housing, free medical care, food stamps, and never having to work at anything again except fighting to keep what I’m owed by the rich. I’m going to apply my considerable entrepreneurial skills to only one thing- gaming the system, and helping others to do the same. For a small fee- cash, of course, I’ll show you how you too can live better than you do today and have others pay for all of it. Come join the revolution- you deserve the best!

    http://www.calculatedriskblog.com/2010/03/squatter-stimulus-no-mortgage-payment.html

    You’re starting to sound like a bubble era real estate agent… :)

  6. 6
    Scotsman says:

    “Well now FHLB Seattle has gone and done what no criminal prosecutor has had the b#lls to do – it has sued nine securities dealers. Among them are Credit Suisse, Deutsche Bank, JP Morgan and Bank of America. What is FHLB Seattle alleging in its suit?”

    http://market-ticker.org/archives/2094-FHLB-Seattle-Goes-Where-The-Cops-Refuse-To.html

  7. 7
    Cheap South says:

    Good piece on multigenerational households. Grandma, kids; move with us!!!

    http://www.npr.org/templates/story/story.php?storyId=124787436

  8. 8

    RE: Cheap South @ 7 – We’re a multi-generational household, but it’s not to save money. The MIL has always lived with us, although before our recent move that was in a separate MIL unit. With her advancing age and declining health it’s better that she be in the same house so we can keep a better eye on her.

  9. 9

    RE: Cheap South @ 7

    Great Article

    It sure explains the current housing crisis in simple terms. No jobs. But ahhh…who cares, most of the college students and youth aren’t in the unemployment counts anyway.

    I’ll have to send public news broadcasting a donation :-)

  10. 10
  11. 11
    Cheap South says:

    RE: Kary L. Krismer @ 8 – ..and it makes perfect sense.

    softwarengineer – that is good.

  12. 12

    The Tim said “Thanks to @jillayne, I was finally personally introduced to Lennox Scott.” 9 mins ago.

    He’s got to be at least 160 years old, no? Did he say ” Tim Ellis! I’m a huge fan of yours!”?

  13. 13
    HappyRenter says:

    By softwarengineer @ 10:

    A Solution For College Graduate Unemployment

    http://www.theonion.com/content/news/new_college_graduates_to_be

    LOL

    “educational loans taken out by graduates in cryogenic storage would continue to accrue interest indefinitely at 6.5 percent.”

    It doesn’t really sound like Cryogenesis would solve the personal debt problem (unless you would have an extremely well paid job when they wake you up).

  14. 14
    pfft says:

    FedEx sees economic recovery spreading
    http://www.google.com/hostednews/ap/article/ALeqM5hqOcgeUaMb_AeJEbYhIzG6C-5MlQD9EH89K80

    here is fedex’s pre-recession call.

    FedEx chief sees U.S. slowdown, not steep decline
    WASHINGTON
    Sun Dec 2, 2007
    http://www.reuters.com/article/idUSN0232686620071202

  15. 15
    pfft says:

    as usual the retail investor(probably some of you guys) are piling in to the wrong thing at the wrong time.

    Investors Blackball U.S. Stock Funds
    http://advisor.morningstar.com/articles/article.asp?docId=18949

    retail investors=dumb money.

  16. 16
    Scotsman says:

    Hey Pfft- I’ve reponded to your last post on the Monday open thread.

  17. 17
    Fran Tarkenton says:

    Let me add a tough of snark to The Tim’s link to a JL Scott post (http://lennoxscottblog.com/2010/03/03/the-home-buyer-purchase-power-advantage/):

    “Here’s what I discovered: if interest rates increase by one-half point from the current rate, as has been predicted by many economists, a buyer with a loan amount of $200,000 will lose approximately $11,000 in purchasing power…The interest rate differential can be applied to all buyers in all price ranges because with every increase in interest rates, a buyer’s purchasing power declines.”

    And since everyone but you is buying with cash, and therefore suffers no loss of purchasing power, this would not cause prices to decline in any way.

    “This is a historic opportunity; don’t keep it a secret!” is the new “Buy now or be priced out forever!”

  18. 18
    David Losh says:

    In the Lennox blog that Fran Tarkenton links to, the top article is about John L Scott partnering with Zillow for a national home search experience.

    Lennox Scott has made positive contributions to the online search for homes. He was cutting edge before there were these other search sites built on bashing the Real Estate community.

    I’m just saying he’s a good guy. Positive self talk aside, he has done a lot for all of us.

  19. 19
    pfft says:

    By Scotsman @ 16:

    Hey Pfft- I’ve reponded to your last post on the Monday open thread.

    awesome!

  20. 20
    Fran Tarkenton says:

    RE: David Losh @ 18 – Be that as it may, and I think it’s J L Scott that also recently announced some partnering for easier access to REO listings, he has also led a campaign of fear, uncertainty and doubt against anyone who thinks that home prices will appreciate fewer than 10% a year, every year. The man slings more BS than Lawrence Yun.

  21. 21
    Fran Tarkenton says:

    RE: Fran Tarkenton @ 20 – Big grammar typo in that post. Whoops.

  22. 22
    Scotsman says:

    RE: Ira Sacharoff @ 12

    “Did he say ” Tim Ellis! I’m a huge fan of yours!”?”

    Don’t be silly- this is JLs we’re talking about. I bet he said “Tim Ellis? Hey, I’ve read your blog, and as I recall you may be looking for a home. I just listed a sweet little craftsman in the Kenmore area- we should go up and take a look. How about tomorrow? Would morning or afternoon be better for you?

    Rumor has it there is a secret realtor pool, now up to over $7500, for the guy or gal who finally gets The Tim to buy a house. And JLS likes to win. ;-)

  23. 23
    David Losh says:

    RE: Fran Tarkenton @ 20

    There is this annoying power of positive thinking that permeates the Real Estate sales business.

    Literally, a Broker can be out of pocket $5K a month, have his car repossesed, down size from the house he is renting to an apartment, and tell you how great everything is going, two years after his last bankruptcy.

  24. 24
    ARDELL says:

    RE: Scotsman @ 22

    “I bet he said “Tim Ellis? Hey, I’ve read your blog…”

    uh…no. I don’t think he’d acknowledge that, even if he had. It might add some kind of credibility to Seattle Bubble if he did. :) When he gets to Real Estate heaven, I don’t think he expects to see Tim in the room.

  25. 25
    Scotsman says:

    RE: ARDELL @ 24

    Heaven?

    How many millions do you think his relentless promotion of half truths in order to line his own pockets has cost home buyers over the last 3 years?

  26. 26
    Joe Renter says:

    re:22
    I know that person too.
    It beats all get out. What a great country we live.

  27. 27
    Scotsman says:

    Worst ad since Ray’s- Warren Buffet sings Guns ‘N Roses for Geico, or something…..

    http://www.youtube.com/watch?v=itS9eyO9JLs

  28. 28
    BillE says:

    By Fran Tarkenton @ 20 – The man slings more BS than Lawrence Yun.

    Come on. Let’s not get all crazy here.

  29. 29

    By David Losh @ 23:

    There is this annoying power of positive thinking that permeates the Real Estate sales business.

    Literally, a Broker can be out of pocket $5K a month, have his car repossesed, down size from the house he is renting to an apartment, and tell you how great everything is going, two years after his last bankruptcy.

    LOL. Once in court I heard someone explain that commercial fishermen tend to be an overly-optimistic group of people. I often compare selling a house to fishing. Perhaps there’s a connection there, and a reason why agents tend to be optimistic? ;-)

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