Headlines...

NEW -> Contingent Buyer Assistance Program
The people I feel bad for are Bindi's clients. How would you feel if he told you we had just hit the bottom, you bought, and then things dropped another 25% and you were forced to sell for whatever reason? Oops.
 
<p>Just for fun. . . here are Bindi's quotes from his blog.</p>

<p>October 23, 2007</p>

<p>"I have a hunch that this correction is going to work it’s way through much faster then the previous correction back in the early 1990’s The last price correction started around early 1990, and lasted until 1996 or so… 6 years. <strong>Back then The OC went Bankrupt and many jobs were lost and the population decreased. Also, that was before the Internet age when Buyers and Sellers got most of their information from agents, appraisers, lenders, and the newspapers. Now, a prospective buyer/seller can hop on the Web and instantly gather market info via graphs, charts, reports, research, etc</strong>… which ultimately enables them respond in a more timely and less emotional way, which I think will result in this being a much shorter duration correction then the 1990’s" </p>

<p>WTF? Does he not understand that buyer can now track how much the house was previously purchased for, how much a seller is underwater, and know when a house has been foreclosed upon? It like saying that car prices will go up because people can now get the dealer's invoice price online.</p>

<p>September 26, 2007</p>

<p>"But there are usually tell-tale signs that often appear around tops and bottoms that give one a sense of 'seeing the light at the end of a tunnel'. That may be happening now in the Orange County CA. residential real estate marketplace. "</p>

<p>August 20, 2007</p>

<p>"This graph shows that last month (July 2007’) was the lowest level of sales in DataQuicks 20 year recording history. And last months rate of sales was a bit lower then the lowest monthly total in 1995, which was the lowest years total during the real estate crunch in the early and mid 1990’s. I see some good news in these numbers though, <strong>and it's not just because I'm an internal optimist.</strong>"</p>

<p>No, it is because you are a realtor.</p>

<p>August 13, 2007</p>

Laguna Niguel Home Prices holding steady !



<p>"t's a fact that the Orange County and the entire southern California residential real estate market is going through a correction. But so far, the <a href="http://www.ci.laguna-niguel.ca.us/">Laguna Niguel, Ca.</a> real estate market for detached homes has held up well... "</p>

<p>The all real estate is local/the world is ending everywhere but here argument again. . .</p>

<p>August 9, 2007</p>

<p>"It is hard to know how long this correction will last, but I guesstimate that <strong>the recovery will occur sometime in mid 2008', which actually makes this a good time to be thinking seriously about buying a home</strong>." </p>

<p>Does that make sense to anyone?</p>

<p>August 4, 2007</p>

<p>"The real estate market in southern California has slowed down considerably in the past 18 months, but home prices is <a href="http://www.danapoint.org/">Dana Point</a> have held up well and have actually increased by a healthy percentage."</p>

<p>The all real estate is local/the world is ending everywhere but here argument.</p>

<p><a href="http://www.ocrealestateblog.com/blog">http://www.ocrealestateblog.com/blog</a></p>

<p> </p>



<p> </p>
 
<p>He tried to pull the argument a few months ago, as IC mentioned, that <a href="http://www.ocrealestateblog.com/blog/_archives/2007/8/20/3170707.html">since the sales levels were as low as they were at the lowest point in the last downturn, that it was actually a good thi</a>ng and that indicated we had hit the bottom. How desperate do you have to be to resort to trying to massage positives out of scary negatives?</p>
 
<object width="425" height="355">

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<param name="wmode" value="transparent" /><embed width="425" height="355" src="http://www.youtube.com/v/9lqTSE8UdLw&rel=1" type="application/x-shockwave-flash" wmode="transparent"></embed>





Is it just me or does she look like she is on crack?


</object>
 
<a href="http://www.federalreserve.gov/newsevents/press/monetary/20071031a.htm">25 BPS on the Fed Funds rate and 25 BPS on the discount rate.</a>
 
<p>Graphix. . .love the video</p>

<p>My thoughts:</p>

<p>1) I think she is Mozilo's mistress (bad tan and bad hair).</p>

<p>2) She is so desperate. . .at one point she basically says "make me any offer. . .any offer"</p>

<p>3) They are running out of people to go up against Schiff. Can they not find someone even half way credible? The next interview will involve a young child with his fingers in his ears and going lalalalalalalala. </p>
 
<p><em>2) She is so desperate. . .at one point she basically says "make me any offer. . .any offer"</em></p>

<p>Actually, she's right. Her statement was the market is flooded with inventory. Take whatever you think the market will do and cherry pick the place you want and offer what you think will be a valid price when the dust settles. </p>

<p>Will the seller reject it? Yep, must be near 99.9% chance. But, imagine if the people that wanted houses, offered what they thought the house was worth? How many offers of $250,000 would the sellers of today's blog entry need before they gave up or sold?</p>
 
<p>This article would be funny if it was not so sad.</p>

<p><a href="http://online.wsj.com/public/article/SB119370066239175607.html">online.wsj.com/public/article/SB119370066239175607.html</a></p>
 
Fed Chairman Ben Bernanke and all but one of his colleagues agreed to lower the federal funds rate by one-quarter percentage point to 4.50 percent at the end of a two-day meeting.



"The pace of economic expansion will likely slow in the near term, partly reflecting the intensification of the housing correction," the Fed acknowledged in a statement explaining its action.



Who was the lone no vote?
 
The Federal Open Market Committee lowered its target for overnight interest rates by a quarter percentage point to 4.5% Wednesday. This is the lowest federal funds rate in the tenure of Fed chairman Ben Bernanke. The quarter-point drop in the rate was expected by traders and economists on Wall Street. <strong>However, the vote was not unanimous. Kansas City Fed President Thomas Hoenig favored holding rates steady.</strong> The committee said the risks of inflation and growth were balanced. The Fed also cut the discount rate by a quarter point to 5%. The Fed said growth would slow in the near term and the rate cut would forestall some weakness.





<a href="http://www.federalreserve.gov/newsevents/press/monetary/20071031a.htm">Press Release</a>.
 
<p>One of these doesn't belong.</p>

<p>Economy Logs Brisk 3.9 Percent Growth. <a href="http://news.yahoo.com/s/ap/20071031/ap_on_bi_go_ec_fi/economy_57">http://news.yahoo.com/s/ap/20071031/ap_on_bi_go_ec_fi/economy_57</a></p>

<p>Oil Hits Record Above $94 <a href="http://news.yahoo.com/s/ft/20071031/bs_ft/fto103120071604581225">http://news.yahoo.com/s/ft/20071031/bs_ft/fto103120071604581225</a></p>

<p>Fed Cuts Rate by Quarter Point <a href="http://news.yahoo.com/s/nm/20071031/bs_nm/usa_fed_dc_5">http://news.yahoo.com/s/nm/20071031/bs_nm/usa_fed_dc_5</a></p>
 
The St. Joseph thing has been around for a long long time;

I remember hearing about it in Catholic high school over 40 years ago.

The nuns who relayed the benefits of statue burying were at least embarrassed to relate the stories.



Well, y'all have been saying a miracle is needed, so. . . . . burying a statue is harmless and may provide some psychic relief.
 
awgee - Are you talking about the funky math? Like what <a href="http://tinyurl.com/34nsb4">Rex Nutting</a>, <a href="http://bigpicture.typepad.com/comments/2007/10/i-call-shenanig.html">Barry Ritholtz</a> and <a href="http://www.rgemonitor.com/blog/roubini/224114">Professor Roubini</a> think is BS?
 
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