Alan
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If they give away principle to people who are defaulting then more people will begin defaulting. That is not going to save them any money.
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It is almost enough to make you want to take your skills and use them elsewhere, isn't it?
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Isn't this part of the new alternative energy bubble. Corn prices are high because of ethanol production.
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Tim should add a headline to the front page that says "Best time to buy in N years" where N is how long ago prices were last above the current price.
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I smell something that smells like Lookout Landing.
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At least I can't think of two ways.
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I can think of no logical way to respond to "Gah".
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Oh, and I was talking about responding to rcc. I don't have much hope of keeping up with you, djo.
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finally, too!
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I'm don't fully understand the process yet, but this seems to be related material for King County: http://www.metrokc.gov/finance/treasury ... osure.aspx As real estate taxes are in the first lien position, the tax foreclosure extinguishes all o…
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Some information from wikipedia: http://en.wikipedia.org/wiki/Tax_lien_sale I am sure the laws vary from state to state. It sounds like some states handle unpaid tax liens by allowing the lien holder to go through the foreclosure process. In that…
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I am pretty sure they get it free and clear. In this respect the lender is just as responsible for property tax as the owner. You will notice that most mortgages include an escrow amount to pay for property tax. Anyone with a lien has an incentiv…
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Eventually the state will place a tax lien on the property and then sell that lien at auction. The person who buys the lien will get to take ownership of the property if the lien is not paid by a certain date.
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I just read the chapter of The Black Swanthat talks about why experts are really bad at predicting events like this. The book claims there is emperical evidence showing that the larger the reputation of an individual, the greater his error in predic…
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Possibly even twice.
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I'm going to start posting once in response to every one of your posts so I can catch up.
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I think a house is worth what a bank is willing to lend. Maybe a house is worth the price at which a bank is willing to sell a nonperforming mortgage.
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Final count for King County: 2/1/2007 - 2/28/2007: 221 2/1/2008 - 2/29/2008: 451 For a total YOY percent increase of 104%. There were more than double the number of King County foreclosures in February 2008 than there were in February 2007…
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I think her statement is more about the attitudes of other agents than market forces. Suppose you hired an agent to help you sell your house and asked him what it was worth. If he answered, "whatever a buyer would pay for it" then you would likely n…
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In the context of her RCG post, that statement makes sense. Why does an agent know the "value" of a house when helping a seller price it, but not when helping a buyer purchase? I didn't actually know this was a problem.
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If a house is not worth what someone will pay for it then how much is it worth? Is she implying that it is worth more or less than what someone is willing to pay for it?
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You need to track something unrelated to housing as a control group. Maybe personal ads?
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At least $175k off of $1M is actually a dramatic price reduction.
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The point of my example, and of Taleb's book, is that you cannot see the cliff by using past data. By the time you see the cliff you are already falling.
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I think one of the lessons is that you don't want to leverage billions of dollars on a model that you know is incomplete in some way that you do not understand.
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I'm going to start a new clubhouse for early adopters. If you joined the Seattle Bubble forums before Feb 26th 2007 then you are in. Otherwise you have to hope for the utimately less exclusive 500! club.
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http://redfin.com/stingray/do/printable ... id=1504680 12407 NE 140th St Kirkland, WA 98034 Purchased 6/2007 for $218k. They tore down the garage to subdivide the lot and I guess they ran out money. The house still needs to be repaired fro…
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Annualized. A 3.5% over three months will turn into a 14% change over a year if the rate of change remains the same (actually if it is compounded you get slightly more, but that is a decent enough estimate for this discussion). Shiller is not cla…
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It looks like the three month change.
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I am in the process of reading it. It is a fun and easy read. Taleb uses narratives to make his points and then tells you that it is easy to make mistakes from narratives. I like to use "the water tank" problem as an example of what he is talking…