[patb]

i’m thankful i have a house in the midwest with a 5.625% fixed mortgage

I’m thankful i listened to the Piggingtons and didn’t go buy a condo in
DC in 2005/2006.

i’m grateful to the piggs for encouraging me to liquidate my stock positions
early this year.

I’m 80% cash.

I’m just sorry none of the piggs talked up Euro moneymarket funds,
i’ve been getting my ass poounded as the dollar caves.

[patb]

Use these tests to look for to buy a house/condo

1) Is the cost close to current construction costs, if it’s a premium hold,
if it’s a discount, adjust for condition.

2) Will the unit cash flow to give a cap rate close to Prime.
if it’s not above prime, leave it in the bank

3) have costs reverted to the trend adjusted line for case-shiller.
if it’s at or below the trend line, it’s probably close to a market resistance
point.

4) Are there cover stories in Time Magazine saying “Housing, the bane
of the middle class and “Why renting a trailer is such a good idea”

The time cover is my sign to exit.

[patb]

Use these tests to look for to buy a house/condo

1) Is the cost close to current construction costs, if it’s a premium hold,
if it’s a discount, adjust for condition.

2) Will the unit cash flow to give a cap rate close to Prime.
if it’s not above prime, leave it in the bank

3) have costs reverted to the trend adjusted line for case-shiller.
if it’s at or below the trend line, it’s probably close to a market resistance
point.

4) Are there cover stories in Time Magazine saying “Housing, the bane
of the middle class and “Why renting a trailer is such a good idea”

The time cover is my sign to exit.

[patb]

Use these tests to look for to buy a house/condo

1) Is the cost close to current construction costs, if it’s a premium hold,
if it’s a discount, adjust for condition.

2) Will the unit cash flow to give a cap rate close to Prime.
if it’s not above prime, leave it in the bank

3) have costs reverted to the trend adjusted line for case-shiller.
if it’s at or below the trend line, it’s probably close to a market resistance
point.

4) Are there cover stories in Time Magazine saying “Housing, the bane
of the middle class and “Why renting a trailer is such a good idea”

The time cover is my sign to exit.

[patb]

Use these tests to look for to buy a house/condo

1) Is the cost close to current construction costs, if it’s a premium hold,
if it’s a discount, adjust for condition.

2) Will the unit cash flow to give a cap rate close to Prime.
if it’s not above prime, leave it in the bank

3) have costs reverted to the trend adjusted line for case-shiller.
if it’s at or below the trend line, it’s probably close to a market resistance
point.

4) Are there cover stories in Time Magazine saying “Housing, the bane
of the middle class and “Why renting a trailer is such a good idea”

The time cover is my sign to exit.

[patb]

Use these tests to look for to buy a house/condo

1) Is the cost close to current construction costs, if it’s a premium hold,
if it’s a discount, adjust for condition.

2) Will the unit cash flow to give a cap rate close to Prime.
if it’s not above prime, leave it in the bank

3) have costs reverted to the trend adjusted line for case-shiller.
if it’s at or below the trend line, it’s probably close to a market resistance
point.

4) Are there cover stories in Time Magazine saying “Housing, the bane
of the middle class and “Why renting a trailer is such a good idea”

The time cover is my sign to exit.

[patb]

Use these tests to look for to buy a house/condo

1) Is the cost close to current construction costs, if it’s a premium hold,
if it’s a discount, adjust for condition.

2) Will the unit cash flow to give a cap rate close to Prime.
if it’s not above prime, leave it in the bank

3) have costs reverted to the trend adjusted line for case-shiller.
if it’s at or below the trend line, it’s probably close to a market resistance
point.

4) Are there cover stories in Time Magazine saying “Housing, the bane
of the middle class and “Why renting a trailer is such a good idea”

The time cover is my sign to exit.

[patb]

Taxes are paid by the Mortgage servicer/bank.

The bank will pay this even if you aren’t paying them because they
don’t want a tax auction to occur. They will pay the taxes while they
foreclose your ass.

I think that the issue for local government is a sudden decrease in property values means that income growth is stagnating.

Now marginal crappy property in the hood may go direct to tax auction,
but it won’t occur to most places.

The local governments are addicted to rising property values.

[patb]

Taxes are paid by the Mortgage servicer/bank.

The bank will pay this even if you aren’t paying them because they
don’t want a tax auction to occur. They will pay the taxes while they
foreclose your ass.

I think that the issue for local government is a sudden decrease in property values means that income growth is stagnating.

Now marginal crappy property in the hood may go direct to tax auction,
but it won’t occur to most places.

The local governments are addicted to rising property values.

[patb]

Taxes are paid by the Mortgage servicer/bank.

The bank will pay this even if you aren’t paying them because they
don’t want a tax auction to occur. They will pay the taxes while they
foreclose your ass.

I think that the issue for local government is a sudden decrease in property values means that income growth is stagnating.

Now marginal crappy property in the hood may go direct to tax auction,
but it won’t occur to most places.

The local governments are addicted to rising property values.

[patb]

greenspan got senile

and he cut a deal with bush to keep him in if he would trash social security

[patb]

same here

I borrowed for college, I borrowed for my first house,
I’ve borrowed a few times to smooth cash flow,
oh, i borrowed twice to buy cars and paid the notes off in 6 months.

Good deals, i just was a bit cash shy,

its one thing to put half down for a car and pay it off in 12 months,
it’s a whole nother thing to have a car payment for your whole life

[patb]

The Washington Post tried some lame story too over the weekend

http://www.washingtonpost.com/wp-dyn/content/article/2007/08/25/AR2007082500214.html

“As usual it matters where”, a variation on the location, location story.

fav quote “xYou’ve got to admire their guts, at least. And in the end, you might marvel at their timing.

On Aug. 16, the same day financial markets across much of the world were coming unglued, Erin Fuller and her husband, Michael Leurdijk, listed for sale their three-bedroom bungalow on N. Edgewood Street in Arlington.”

and

“In Arlington, Fuller and Leurdijk may have happened to hit the market’s turn dead-on. In July, the median price for a single-family resale home in the county increased nearly 11 percent compared with a year earlier, according to Metropolitan Regional Information Systems, the local multiple listing service. That was the first significant increase since prices headed south in July 2006. (Technically, there was a price increase of 0.2 percent in December, but that’s barely enough to register.) Sales volume went up during July in Arlington as well. The number of sales was 7 percent higher than one year earlier.”

Do the piggintonians want to explain what’s wrong with the numbers?

[patb]

The Washington Post tried some lame story too over the weekend

http://www.washingtonpost.com/wp-dyn/content/article/2007/08/25/AR2007082500214.html

“As usual it matters where”, a variation on the location, location story.

fav quote “xYou’ve got to admire their guts, at least. And in the end, you might marvel at their timing.

On Aug. 16, the same day financial markets across much of the world were coming unglued, Erin Fuller and her husband, Michael Leurdijk, listed for sale their three-bedroom bungalow on N. Edgewood Street in Arlington.”

and

“In Arlington, Fuller and Leurdijk may have happened to hit the market’s turn dead-on. In July, the median price for a single-family resale home in the county increased nearly 11 percent compared with a year earlier, according to Metropolitan Regional Information Systems, the local multiple listing service. That was the first significant increase since prices headed south in July 2006. (Technically, there was a price increase of 0.2 percent in December, but that’s barely enough to register.) Sales volume went up during July in Arlington as well. The number of sales was 7 percent higher than one year earlier.”

Do the piggintonians want to explain what’s wrong with the numbers?

[patb]

The Washington Post tried some lame story too over the weekend

http://www.washingtonpost.com/wp-dyn/content/article/2007/08/25/AR2007082500214.html

“As usual it matters where”, a variation on the location, location story.

fav quote “xYou’ve got to admire their guts, at least. And in the end, you might marvel at their timing.

On Aug. 16, the same day financial markets across much of the world were coming unglued, Erin Fuller and her husband, Michael Leurdijk, listed for sale their three-bedroom bungalow on N. Edgewood Street in Arlington.”

and

“In Arlington, Fuller and Leurdijk may have happened to hit the market’s turn dead-on. In July, the median price for a single-family resale home in the county increased nearly 11 percent compared with a year earlier, according to Metropolitan Regional Information Systems, the local multiple listing service. That was the first significant increase since prices headed south in July 2006. (Technically, there was a price increase of 0.2 percent in December, but that’s barely enough to register.) Sales volume went up during July in Arlington as well. The number of sales was 7 percent higher than one year earlier.”

Do the piggintonians want to explain what’s wrong with the numbers?

[Author]

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