wouldn’t doubt the tax credit being extended to all buyers-

people are such dupes- falling for the same stupid idiot traps over and over and over-

how many times to they have to get smacked down before they realize that by the time they figure it is a sure bet- that is when the smart money starts leaving

Options expiration today, Labor Day now just two weeks away folks… remember those first cool breezes of September, how they tend to bring a touch of sanity and reality to our idle summer fantasies?

Sadly, I agree with you 100%. The powers that be will blow bubbles ad infinitum until everything collapses…

HCF

What he says seems to be borne out by what I hear on Houston talk radio, I mean other than the wingnuts. As I have a couple of times noted, the are radio shows on almost every day, maybe every day, telling you how you, too, can become a landlord by buying up these bargains. Doesn’t matter if you have little or no capital and less than sterling credit. Apparently capital is being supplied by private lenders. Once this little bubble in the oatmeal pops as the schmucks find the rents don’t cover the payments to the loan sharks, it will settle back.

As for those who believe that the housing market is stabilizing should have a read of the article Improving Home Sales Belie Market Reality on the front page of the Money & Investing section of the WSJ. The reality is that sales and pricing are currently being distorted by the wave of all-cash deals by investors who are looking to rent out foreclosed units and this wave of competing supply for the apartment market is dragging down rents — a critical driver of the inflation rate — for the first time in 17 years.

Well, there’s the problem with appraisals. An appraisal is supposed to reflect what a willing buyer would pay a willing seller. “Willing” meaning neither party held a gun to the other’s head, and they aren’t related such that it is an arm’s length transaction. “Willing” has nothing to do with whatever some circumstance extraneous to the contract compels the buyer or seller to do.

Alabama law makes no exceptions for distressed sales. I’m sure the tax assessors will try to ignore them, but I’m also sure the homeowners won’t let them, and if the case is prosecuted all the way through, unless Alabama changes its law, the homeowners will win at having their assessments lowered.

In short, Jefferson County is doomed. Alabama, particularly the areas surrounding Birmingham, recently became something of a car manufacturing hub. I wonder if Birmingham will go the way of Detroit.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aAZt4mO0Fzzg