Tuesday, January 29, 2008

House Sales Dive

Hat Tip: Paul Krugman's Blog. Bubblicious indeed!


  1. NORMAL CYCLE!!!!!!!!11one1

    pant pant pant...

    DC is different!


  2. Looking at this chart makes me feel like I am in a Weegee photo.


    Everybody gawking at the dead body. Enjoying themselves and trying to hide it. The same "got popcorn" mentality then as now except they pulled the body off the street and then everybody had the good sense to go home.

    Face this fact. There are a lot of human sins that created the housing mess. Like there are a lot of sins that led to the East Side murder in Weegees' photo. But right now I don't feel any different then the people in that photo. You can't learn one new thing by staring at a dead man in the street, and you can't learn one new thing from this chart.

  3. Wow, that's scary. To think that peak represents about 3 Million jobs. Positions that went into commercial real estate. Now that side of the house is seeing slacking demand. (It usually lags by ~6 months, IIRC.)

    Historically, the only sector of the economy that can absorb jobs from a crashing housing sector was the Army.

    As I posted in the other thread, will the expected 75bps cut by the Fed be overshadowed by downgrades of a couple bond insurers? Or will the downgrades not happen tomorrow? Interesting times ahead.

    Got popcorn?

  4. I love your blog! My landlord's in trouble and wants us to buy the house we're living in. I told him that I would think about it, but that I doubt that he could make us an offer that would beat the price of renting. Boy was I right! He wants a $100,000 over what I thought that he would want. I stumbled upon your blog as I was doing research on the market in NoVa.

    Thanks for all the great work!

  5. For a minute there I thought that was your blog traffic,

  6. So what happened to Lance, the fake Lances and all that? Did he finally throw in the towel?

  7. yes, but per that chart, the housing drops mostly happen AFTER the recession starts - not BEFORE.

  8. "So what happened to Lance, the fake Lances and all that? Did he finally throw in the towel?"

    No. This idiot will never throw anything. Who cares anyway...