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July 28, 2009

Comments

Bruce Weinstein

Talk about a shadow inventory. Here in the nations capital...one suburban county...Fairfax, VA has a median household income that recently was better than 100K...one of the highest in the nation. The county thru the end of 2008 could have had 1,000's of trustee sales. I see them all the time. I work right accross the street from the Courthouse steps. I have watched...no one bids. The properties go back to the bank. Yet according to realtors I have spoken with...as of June 2009 there were exactly 283 foreclosed homes in Fairfax on the market??? Huh...how can this be. The banks must be...I mean really must be just sitting on properties.

Bruce Weinstein

Tongue and cheek indeed My motto always has been and always will be..."the government that governs best governs least" Unless of course the government does something that absolutely, undeniably, positively tilts things in my favor...then motto...shmotto

fletch

my bad, just a little grumpy.. guess i've lost my sense of the ironical in this age of the ironical

eric

ah....Mr. Weinstein and I go way back Fletch. He is definitely tongue in cheek on that. Good report from the trenches. When will these idiots understand that you can't fight the tide.

Old King Canute!

fletch

yeah more govt interference, that's what we need...

From the trenches as well: distressed property finding a bid very quickly when it is allowed to trade. Lots of investors in real assets are active, but the backlog of inventory in the pipe is only being let out a trickle at a time by banks who are afraid of and confused by all the govt rhetoric, misinformation, and implied threats that have resulted in the current loan mod program debacles. Foreclosure moritoriums etc don't help either, they only gum up the works.

Choice now is sharp and quick pain or long, drawn out torture over a decade. I say let the dogs out, let it all hit the fan now, and it will get worked off much quicker. And only then will we have a shot at economic growth

eric

Good stuff Bruce. thanks

Bruce Weinstein

From the trenches...

Things do "appear" to be stabilizing. Maybe its the spring/summer selling season, maybe lower rates, first time home buyer credits...remove those and there goes the pillars of stabilization.

Want to do something about the prices...do something to decrease inventory...hey if the government can pay farmers not to farm, why cant we pay builders not to build??? Works for crop prices. Lets declare a moratorium on building.

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