Tuesday, December 23, 2008

Realty Check

"Breathtaking" is what you call it when something is so awful, so hideous, so Rudy-Giuliani-in-a-dress-pukemaking that it just sucks the air right out of your lungs.

That's what Robert Barbera, chief economist at ITG said:
"They're about as god-awful as they can get.
This is pretty breathtaking stuff."
He was talking about the decline in home sales - down 8.6% last month. The median price of a home fell 13% in November - $181,300 (down from $208,000) - the lowest since Feb 2004 (when the Chimperor ascended to his badly-soiled throne a second time amidst howls of 'kill the liberals!!').

Go look at the chart labelled 'Home Prices' here. Good grief. A doctor seeing a chart like that would take the family aside and urge them to find a good undertaker.

Lawrence Yun, chief economist of the National Association of Realtors1, said that 45 percent of all home sales in November were so-called “distressed sales,” meaning that the poor bastards trying to sell the houses2 were completely up against the wall financially.

“It’s probably the largest price drop since the Great Depression,” Mr. Yun said as he gnawed on the thighbone of a small animal with his razor-sharp teeth. “There needs to be some measure to counter this pessimism3. Without housing market stabilization, it’ll be very difficult for the economy to recover4.”

This is just great. The real estate industry pumped money in the GOP warchests (and they still are) to help get the worst president in history elected - twice. Then they cheered as Congress rubberstamped outsourcing jobs, bleeding the middle class white to the point that the housing market finally folded up like a cheap kite in a tornado. Not happy with that rapine spectacle their market-driven heroes suddenly turned Socialist and used our money to bail out their crooked pals in the banking business. Then the automakers suddenly admit their nuts are in a vice and they need bailing out too.

Now the consumer is saying 'screw the new house, we'll live here' - and the real estate marketeers start screeching like a cat going under a steamroller.

I hope these crooked shits end up living in their Coupe de Villes - that's the kind of karma they've earned.
1. AKA 'the perpetrators'
2. AKA 'little people'
3. IE: "My rich pals are pissed off that there's no more blood to squeeze out of the American public."
4. IE: "I'll be on vacation in Haiti till things get better."

1 comment:

ToLo said...

There is a movie, Inside Man, in which Christopher Plummer's character explains the motivation for his criminal greed years before by saying, "When there's blood in the streets, buy property." It stuck in my head as the prefect encapsulation of the mindset behind what Naomi Klein calls "Disaster Capitalism." The system is gamed: when things are going well, the bankers profit from the interest they "earn" on your loans. If you fail, they take your property -- years after the initial loan, when it's worth so much more than you paid for it that their profits are guaranteed. And if things have -reeeally- gone to hell, they'll have their politicians take the money from you -for- them.

Thieves. No wonder Jesus chased them out of the temple with a whip.