Check back at about 8:20 AM Central and we should be able to present the latest Case-Shiller, S&P, Dow-Jones, Corelogic (and whoever else wanders by) monthly Housing Price Index report.
As our super high-tech graphic shows: What I would expect going into this is a sideways report.
In other words, just as the Fed’s withdrawal of “easy money” has led to a collapse of prices in oil since there’s quantitative pleasing to blow up the balloons of the oil bubble, so too, there are some incredible bargains in housing out there. Oil is back down nibbling on $53-bucks, so someone is likely about to get into trouble in the oil patch, if they aren’t already.
The reality is (likely) that since the Fed is trying to act like there’s a recovery, the amount of free money being dispensed to keep banks owning repo’ed homes is likely starting to tighten.
Elaine and I have been looking at homes, too…something closer to the kids would be nice. And prices have sure come down. Places like Dallas, once off the charts, have come down to where you can get a livable (nice enough) home for under $150K.
Prices in the Pacific Northwest and down the West Coast haven’t come down much (yet) but as the bank and speculator money comes off the table, those homes are going to come on the market. And with rates still rock bottom low, it’s getting hard not to buy a home, if you can afford it.
But we shall see how quickly the dynamics change. Do check back. For now, a SWAG (simple wild-assed guess) would be small pick up in volume, level to declining price, but that’s with no meds and plenty-coffee.
Financial Trouble Today?
There is a BIG Crack in the World financial model developing.
Japan was down more than 1.5% overnight and China down 1%. In Ure-Up, the frogs, krauts, and kneelers are all down 1% or more. Which despite the premarket opening activity here (down 40 points) argues that some news item, or other, will be ceremonially blamed and down 150 or so is where the morning dart landed.
Say, didn’t anyone send this fellow the new Russian Military Doctrine unveiled last week that pointed at the West/NATO as major threats to Russia? And didn’t Ukraine just drop non-aligned nation status and throw in with the bankster crowd?
Naturally, they promise a vote, but say, those wouldn’t be ex-Florida machines, would they?
That plane crash a few days back (Airbus A-320) has yielded some bodies and gloating debris. My guess (as a pilot) is that the plane experienced a catastrophic engine event and attempted a descent, or the turbulence of the storm was simply too much.
Pilots in recurrent training are taught that what rips wings off in turbulence is keeping on too much power. Airspeed needs to be cut at least in half, but there’s a natural instinct from pilot training to keep on power because that gives you climb if you need it when the “bottom drops out” – which is where the too much power for conditions reaction comes from. Just a guess, however. Having been in severe turbulence I can tell you instincts are a terrible beast to be overcome when it’s like being in a blender on the frappe setting…
Luise Rainer, at 104. First winner ever of back-to-back Oscars back in the 30’s. Oh, and who were the other’s to do that? The story has more Trivial Pursuit questions than most, which why it is worth reading.
Speaking of People (as in Magazine)
Had to grab the ViseGrips with this headline: “Argentina’s President Adopts Jewish Boy to Keep Him from Turning into a Werewolf.”
Even in rehab, this would be a tough one to make up.
Another Obama Golf Story
OK, so Obama plays more golf than Eisenhower. Unlike Ike, I don’t think there’s an Obama Tree on any course yet. There used to be an Eisenhower Tree up until this past February, however.
Anyway, the ABC story over here is good: Obama goes to Hawaii for the holidays, plays a round of golf, which displaces a wedding planned for the 16th hole, but has the style to call the couple whose wedding was displaced, and apologize.
I was impressed. Not so much with the phone call – that’d be the right thing to do. BUT the Executive Orderer in Chief shot an 84.
Even the Limp Rushbaugh types gotta respect an 84. Why, I’ve only carded an 84 once in my entire golfing life – and that was on the front 9 at Pine Dunes. Since then, I’ve withdrawn to Wii Golf which is way more affordable.