Nationally, these guys say we have at least another 20% to drop. If California and Nevada are close to bottoming it’s because their prices have already dropped so far. Late bloomers, like Greenwich and New York City, were the last to feel the housing collapse and I, at least, think we’re still falling. You may disagree, in which case I invite you to come shopping for a new house with me. We’ll offer 95% of asking price, the (manipulated and deceptive) “historical” selling percentage in Greenwich, according to the realtor board, and I guarantee you’ll have your choice of every house out there, including Mad Monkey’s.
UPDATE: Miami isn’t Greenwich, although many of Greenwich’s more prominent felons end up there, but the logic of prices falling until buyers and sellers reach a balance would seem applicable here, too. And in both Miami and Greenwich, there is still a gross imbalance. Here in the land of Leona, we’re looking at at least a three-year inventory and as for $5,000,000 + houses, well, what are you doing in 2050?
No, government spending is always “an investment in the future”, like the $200 million Dem. John Murtha has steered to a airport in the hills of his Pennsylvania district that serves about 12 passengers a day. Come on, Texas, get that secession thing rolling!
UPDATE: Murtha, lest we forget, is currently under investigation for accepting bribes for a lobbyist and most infamously, perhaps, is the clown who called Marines “cold-blooded murderers”.
At the same time the United States Senate and the EPA are preparing to impose billions of dollars in new burdens on industry and consumers via its “Co2 is a deadly substance” ruling, China is easing off its Olympic showcase efforts to curtail carbon emmissions and pollution and is instead, as the NYT smoothly puts it, “concentrating on growth.”
Everything proposed by Congress and the regulators to shut down commerce in the US will be effective (or so they say) only if China and India take reciprocal steps. Well, they aren’t doing that, so we will impoverish ourselves and open the door for China to become the world’s largest industrial power for what? We can’t stop global warming by ourselves, but we can certainly cede economic dominance to another country and that’s what we’re doing. All part of the vast left wing conspiracy or just dumb insanity. For now, I’m going with the latter.
How bad will the EPA ruling be? Well, if a minnow can shut off the water to California’s farm industry, or a spotted owl can close the timer industry throughout the northwest, imagine the reach of a plan that purports to control Co2 emissions. That would be trees, bulldozer, cows, cement factories, power plants, automobiles, trucks, trains and airplanes, farming activity, and every single construction project in America. Not a single one of the “shovel ready” projects that Obama’s stimulus plan is supposed to jump start has been cleared by the EPA for carbon emissions. Not one, and I leave it to your experience to estimate how many of those projects will be stopped dead in their tracks by no-growth environmentalists. I’d guess it will be all of them.
We’re living in interesting times and things are only going to get more interesting.
With exactly five Connecticut residents willing to support his senate campaign, Chris Dodd is calling in chits from everyone his Banking Comittee regulates, including pawn shops and pay check lenders. Yes, Dodd is the champion of the little people (and the nuclear sub industry) but he can’t defend those people against predatory interest rates if he’s defeated now, can he? We understand, Chris, really we do.
The king of “No money down real estate” TV infomercials, Carleton Sheets, is lying low these days, licking his wounds. Nature and business both abhor a vacuum and obviously there’s room out there for a tall, avuncular elder statesman to pitch investment opportunities. I can picture such a man now, strolling the grounds of his Round Hill mansion, surrounded by his wife and, say, Five Fabulous daughters. And if, say, we had a son-in-law fluent in Spanish and those girls could speak French and Italian, we’d cover the world. Opporknockity tunes just once, Walt.