May 13, 2009

Time for a comeback?




A) Yes

B) No

52 comments:

Anonymous said...

assbite

Anonymous said...

Greenspan and the NAR: Time for a comeback?


http://finance.yahoo.com/news/Greenspan-sees-seeds-of-rb-15219771.html?sec=topStories&pos=6&asset=&ccode=

MissedApproachMN said...

Really? I'm a big, "No" on Serin. He defines 2006, thus now irrelevent. What could he possibly bring to the equation now? It would however, be neat to see what has happened to his "properties".

Anonymous said...

I still say he's cute.

Anonymous said...

NO.

Time for a good beating and then another good beating followed by a terrific beating.

PUNISH THE GUILTY. Make an example.

Begin Here. You're Welcome.

Anonymous said...

Nope, Lending practices have changed - Forever.

BTW Kieth. Home prices in Las Vegas, NV have actually retreated in 80% of the city to around 1995 Levels. (Condos for 18k, 900K homes for 180k) And still dropping like a rock. They expect the median home price to be under 99k by the end of the year. It was 320k in 2006

Anonymous said...

The CAUSE OF THE PROBLEM (pictured)

The Result of the cause of the problem:

NAR: Record 1Q US Home Price Plunge
By John M.
May 12 (Bloomberg) — Home prices in the U.S. dropped the most on record in the first quarter from a year earlier as banks sold seized homes and foreclosures in California and Florida dominated sales.

BUT RELAX, BECAUSE:
“Given the unusual mix of conditions around the country, the expertise and negotiating skills of a Realtor® have never been more important,” McMillan said. “Unparalleled knowledge of local markets is crucial for consumers.”

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said there are two levels of pricing in the current market. “Traditional homes in good condition have held their value much better, so owners shouldn’t be overly concerned about median prices. Most sellers can expect a good return if they’ve been in their home for a normal period of homeownership and haven’t excessively tapped their equity,” he said.

AND THE USUAL ORIENTAL SUSPECT:

Lawrence Yun, NAR chief economist, sees the market in a lull before an upturn. “Over the past couple months, contract activity for home sales, buyer traffic and inquiries about the $8,000 tax credit have all increased,” he said.

Pathetic. Truly a slice and a view of a dying profession in a dying Turd World Nation of Nothing and Serial Nobodies.

Abuse a Realtor Today! Give them the run-a-round. Call competing agents for the same prop. and tell them you have a lot of cash and need to be in contract immediately. Ask them what 6% of a million is?

Pop a beer and watch the Fun! Then do not answer your phone again.

Repeat.

Mark in San Diego said...

So Casey is now in London? Looks like Woolworths in the background. . .are you hosting his book tour??

Back is Zuri for the month - not much has changed here - the locals were happy that Michelle Obama is wearing the St. Gallen design clothing. . .bankers are not happy with Obama - especially UBS types, but then the Swiss are pissed at UBS, so it is kind of a wash. . .they still prefer Obama to Bush.

Ohio Loan Officer said...

Poor Casey. He's just the Poster Boy.
As a bank Loan Officer I have seen dozens of Caseys in the last 10 years. The call me telling me they want to buy foreclosures for zero down like the guy on the infomercial said. I get cheeseballs calling me all the time spouting off like they are "Professional Investors". HA! Most of the time they are just regurgitating propoganda from some real estate infomercial. Usually some trick that cannot really be done in the real world.
So far this year in our area we have seen several Full Time Investors go belly up. One lost 184 properties plus his residence. He had been investing full time for 32years. Too many cash out refinances and too many vacancies.
Another former Real Estate franchise owner with 5 offices and a Mortgage Company just lost 14 properties, his residence, and all of his businesses.

Mammoth said...

NO!

Anonymous said...

Not quite yet, but it will be in a few years.

All he'll need is someone to loan him some money, and his creditors to lay off until he's back in the black.

Seriously; the moral is not him nearly as much as when.

If he had done it in 2000 instead of 2005, he'd be set for life.

Our mistake was thinking we'd missed the boat already around '99.

Moral #2: insanity can go on for a very long time indeed.

We're waiting for a solid year or two of turnaround before jumping back in; more than happy to miss those in exchange for not risking a false bottom.

Anonymous said...

not only no but...

Why can't this twerp just freaking fade to black already. I stand by my "Not one freakin' click" pledge.

Jasen said...

No.

Anonymous said...

You mean Woolworths, don't you?

keith said...

Woolworths went out of business over here in January closed all 800 of their stores. Must be in Australia - yo Bukko do they still have Woolies over there?

I tell ya folks, I miss the kid. Wildly entertaining. Wildly. I'd love to see him called to testify in front of congress. Barney Frank questioning Casey Serin. And we could prep Casey to call Barney a big fat corrupt gas bag.

Come on! Dream the dream!

bottom feeder in philly said...

Not without stupid easy money for idiot flippers. There will be huge opportunities for savy investors with cash, seller financing, and commercial financing. The days of the flip will be tougher, but buy and hold for cash flow will make a comeback as the numbers make sense..

rates are low said...

Why do companies do business with the Eurotards?

Not saying that Intel is even close to the perfect company

But this? --> http://tinyurl.com/ofj45d

Like is has been said here before.

Europe died about 100 years ago and will never recover.

Beware the ‘summer of rage’ in Eurotrash land, it gonna get real ugly.

Common sense..

It hath been foretold.

JaneZ said...

Anonymous said...

Nope, Lending practices have changed - Forever.
----------------------------

Uh, no, not so much really:

Donovan said the government will allow first-time homebuyers to use the $8,000 tax credit approved by Congress in February as a down payment on mortgages guaranteed by the Federal Housing Administration. To qualify for the credit, purchases must be completed before Dec. 1.

Those would be FHA loans, by the way.Guaranteed by you and I, the taxpayer.

They normally require a 3.5% down payment. In a declining market this is nowhere near enough - you need 20% down. Indeed, in a normal market it is not enough, because there is a 6% commission expense plus another couple of percent in recording and tax costs in a forced resale (e.g. foreclosure), meaning that if there is less than 8-10% down on the table in the original transaction even if home prices are simply flat, not declining, the funding institution is taking the risk of significant loss.

That is, they are writing unsecured loans - which is why we're in this mess.....

http://market-ticker.denninger.net

Anonymous said...

No.

Jasen said...

Wait, that is not David Spade?

borkafatty aka the pig said...

Casey FTW!

His idiocy is priceless.

Batman said...

Waterboard him and Cheney together.

Rob Dawg said...

MY EYES! Damn you Keith!

Anonymous said...

Jane Z-

First time home buyers are not Casey Serin. The 10 home stated income, stated B.S., buyer was Casey Serin and they will not be financed any longer.

People who have cash to buy condos for 20k. Will do just fine when they rent them for $900 a month and have excellent cash flow.

But getting cheap free money lent to you easily is gone

Anonymous said...

"...Barney Frank questioning Casey Serin..."Nyet.

Frank employing Casey...like the good old days with Stephen Gobie.

Lotta trains to pull in D.C.

Anonymous said...

.




I'D TAP GALINA OVER HIS BLUE BALL




.

Anonymous said...

there were woolworths in West Germany when I was there from 84-87. looks like the english word "dumping" on the side of the bus.

I can't quite make out the street sign in the background.


december 2008

Anonymous said...

Casey definitely voted Obama.

Anonymous said...

the orange man has charges pending

BG said...

Holy crap! SEC are bring civil fraud charges against Mozilo...I just saw the breaking news headline on CNBC.com.....

OMFG!!!!

Nick said...

Ok Keith, for the love of God please tell us what exactly did Casey Serin do wrong? Give me actual examples of what Mr. Serin did that was illegal? You and your cohorts on this blog love to accuse people like Mr. Serin, Mr. Mozillo and myself of engaging in illegal activities but can not point to the actual specific laws that were broken!

I can assure you, what I did may be unethical, but it was not illegal. There is a big difference. I feel sorry for people who do stuff like rob liquor stores, do armed robberies, burglarize someones' home, etc... People there is an easier way and a legal way to do such things!

Anonymous said...

Keith! the SEC is recommending charges against the Orange one!



December 2008

Anonymous said...

Keith, the SEC just filed charges against The Orange One....

Dr. Huxtable said...

Keith, Hell has frozen over!!!!

SEC Staff Decides to Recommend Civil Fraud Charges Against Former Countrywide CEO Mozilo: WSJ (Story Developing)

Anonymous said...

MAY 13, 2009, 4:38 P.M. ET
SEC Staff to Recommend Civil Charges for Mozilo

http://online.wsj.com/
article/
SB124224647957816523.
html#mod=testMod

Staff at the Securities and Exchange Commission have decided to recommend filing civil fraud charges against Angelo Mozilo, the co-founder of Countrywide Financial Corp., according to people familiar with the investigation.

The SEC sent a so-called Wells notice to Mr. Mozilo several weeks ago alerting him of ...

Anonymous said...

http://online.wsj.com/article/SB124224647957816523.html

the orange man is going down

bottom feeder in philly said...

Uh, no, not so much really:

Donovan said the government will allow first-time homebuyers to use the $8,000 tax credit approved by Congress in February as a down payment on mortgages guaranteed by the Federal Housing Administration. To qualify for the credit, purchases must be completed before Dec. 1.

Those would be FHA loans, by the way.Guaranteed by you and I, the taxpayer


I choose to disagree.
I know quite a few loan officers and they all say the same thing. THE ONLY paper being written is FHA backed paper. The days of private conforming and non conforming loans are history. It will be very difficult for an investor to get any high leveraged financing. I would bet that in the future loans will become assumable, or lenders will lend on their own short sales to clear out piling up inventory. The owner occ FHA backed loans will not be enough buyers to correct this mess. Somehow the lenders will have to figure out a way to lend to the investor to clear up this mess. It is also difficult (note I said difficult not impossible)to overcome seasoning issues to flip a short sale property to an FHA buyer. I may have figured this one out. I'll let you know after it settles.

Jeff said...

The SEC is recommending charges against Mozilo. The first thing of thought of was your blog. :)

k.w. - Southern Ca. said...

Serin - and many others like him - will be looking for handouts in the months and years ahead.

Sad thing is, these same greedy (and stupid) folks were so short-sighted, and never realized (or cared about) the impact their actions would have on future generations.

This entire sh*t-house is going down in flames and nothing will stop it.

Anonymous said...

Punk Bitch.

This wimp couldn't be a towel boy in a Gay Bath house and look at the bankers he fucked over.

PUNISH THE GUILTY

ALL of them.

Mozilo first, punk bitches like this next.

Time for a CUMback in Prison alright.

Anonymous said...

Come clean Kieth, tell the truth!

Casey is your love child with Connie Degroot.

RayNLA

randall666flagg said...

What a FAG ! The create looks like one of those drag queen on TV movie. What does the Americano come down to ?

JaneZ said...

Nick said...
You and your cohorts on this blog love to accuse people like Mr. Serin, Mr. Mozillo and myself of engaging in illegal activities but can not point to the actual specific laws that were broken!
-------------------------

Wow, Nick runs with the big dogs.

Are you orange?

Lost Cause said...

Comeback? I'd call it a relapse.

Anonymous said...

35000 condos aint Trumptastic 2.5 million dollar units worth 259,000

Bukko_in_Australia said...

Yeah, we got Woolies, and it's doing well. They run the Safeway grocery chain, which is a familiar food store name to anyone who grew up on the East Coast of the U.S. It's the bigger of the two major grocery store groups here. Seems to be doing OK, and not as slimy as its rival, Coles.

That mob just imposed a higher "stocking fee" ripoff charge on all its suppliers. In other words, "Pay US, the grocery store, another 4.5% of the cost of your can of beans if you want us to put it on the shelf in our store. If you don't, we'll put some other can of beans there." Fucking bandits, I say.

I know that stores have been doing this for years, but it's usually in exchange for something -- better placement at eye level on the shelf, in-store promotions, etc. What Coles is doing is a pure gouge.

So when we have to go to a big store, we hit Safeway/Woolworth's. But mostly, we try to patronise smaller merchants and avoid the bigs. You can still do that here, the way you could in the U.S. before everything got so Wal-Martised. We buy from individual greengrocers, the public market with all the individual butcher/seafood/bakery stalls or the small grocery down the street that's run by Koreans.

Koreans keep a clean place, and it's fun to stand in the queue and watch them deal with half-drunk Aussies trying to cadge a few dollars off their purchase. Koreans don't take any shit: "No -- price is the price. You don't want pay price? Leave here. I put back for you."

Bukko_in_Australia said...

I can assure you, what I did may be unethical, but it was not illegal. There is a big difference. I feel sorry for people who do stuff like rob liquor stores, do armed robberies, burglarize someones' home, etc... People there is an easier way and a legal way to do such things!Shorter Nick: "At least I didn't stick a gun in someone's face when I did what I'm still getting away with! Too bad you street punk crims can't do like me!"

Nick, I love your honesty about your dishonesty. Keep on keeping S&A informed. I expect you to get your karma, but you're still dodging it. I don't approve of your tactics, but I tip my hat to you for being smart enough to avoid jail or the homeless shelter. If comeuppance ever catches up with you, be a sport and let Keith know. Even if you have to use the free computer at the public library or the legal aid office.

Anonymous said...

"JaneZ said...
Nick said...
You and your cohorts on this blog love to accuse people like Mr. Serin, Mr. Mozillo and myself of engaging in illegal activities but can not point to the actual specific laws that were broken!
-------------------------

Wow, Nick runs with the big dogs.

Are you orange?"

More like Yellow, as in Coward...

Nick (on a nano-minute scale)= Mozilo the Terrible.

Think about it.

Anonymous said...

Could wimpy Serin be pussy Geithners Love Child?

Ya know, Like Jessee's...

I guess not, that would involve a woman somehow.

Mike Hunt said...

Bukko,

Nick did get nailed by Karma. That and a driver that crashed into him.

I am only surprised his tone is still smug.

-Mike

Anonymous said...

Nick took a car and Swann took an Indymac eviction notice

Anonymous said...

still waiting to see him in front of the senate as you predicted.