Ace of Spades HQ

September 30, 2008

Home prices (inflation adjusted) as a roller coaster
— Purple Avenger

Heh, I like roller coasters. The scarier, the better. This one was pretty scary at the end... The year date stamps appear in the lower right corner of the video. It took me a while to notice them first time through.

Posted by: Purple Avenger at 10:11 AM | Comments (44)
Post contains 57 words, total size 1 kb.

1 I want 3:41 of my life back...

Posted by: Brian J at September 30, 2008 10:16 AM (CqqoJ)

"I want 3:41 of my life back..."

No way, dude, that was COOOOOOOOL.

Posted by: notropis at September 30, 2008 10:22 AM (cP1DU)

3 I think I'm going to puke.

Posted by: CUS at September 30, 2008 10:24 AM (bbXZq)

4 An amazing graphical representation.

Posted by: Slappy White at September 30, 2008 10:25 AM (8el+/)

5 OT, but.....sheppard smith just had meeks on to "explain" how the republicans screwed things up [basically] what next? is shep the idiot going to have manson on to "explain" why we shouldn't be so hard on mass murderers?

Posted by: christmasghost at September 30, 2008 10:27 AM (aUut1)

6 Now, do one of the Dow yesterday!!!!!!!

Posted by: notropis at September 30, 2008 10:27 AM (cP1DU)

7 You could parachute safely off that bitch at the end.

Posted by: Purple Avenger at September 30, 2008 10:31 AM (Xl9pj)

Boring . . . there's no horrible crash at the end.

Plus my house is worth about 175 grand more than I paid for it ten years ago.

Posted by: TRO at September 30, 2008 10:32 AM (TN6Lb)

9 Well, it gives us an idea of how far home prices can drop before they're in a range one might consider "normal".

Posted by: Purple Avenger at September 30, 2008 10:32 AM (Xl9pj)

10 Looks like we've got a real buying opportunity here.

Posted by: Z as in Jersey at September 30, 2008 10:33 AM (kZT4X)

11 I paid $89K for mine back in 1989. The county claims its worth over $220K today on my tax bill. My response is: "write me a fucking check and its yours right now".

Posted by: Purple Avenger at September 30, 2008 10:34 AM (Xl9pj)

12 Z@10...exactly and that's how the markets are supposed to work.
it has to be able to go down as well as up.....

Posted by: christmasghost at September 30, 2008 10:35 AM (aUut1)

13 my house here in california [that i bought just three years ago] has gone up in value.
location, location, location.....

Posted by: christmasghost at September 30, 2008 10:36 AM (aUut1)

Looks like we've got a real buying opportunity here

UR DOING IT WRONG

Posted by: Entropy at September 30, 2008 10:37 AM (m6c4H)

"My response is: 'write me a fucking check and its yours right now'."

I tried that at the last open appeals meeting on my property valuation. Didn't get any takers, and they rejected my appeal. Probably should have left out the word "fucking," or not added in "you cocksuckers."

Diplomacy has never been my strong suit.

Posted by: notropis at September 30, 2008 10:39 AM (cP1DU)

I paid $89K for mine back in 1989. The county claims its worth over $220K today on my tax bill. My response is: "write me a fucking check and its yours right now".

Think how much taxes they'll lose if property does tank. That's gonna be some fun.... if you like screeching.

Posted by: Entropy at September 30, 2008 10:39 AM (m6c4H)

17 I feel this is a far more accurate description.

Posted by: Aurvant at September 30, 2008 10:41 AM (VvcWe)

18 Note: Shiller's book says the fix is to bail out the subprime market. Government takes possession of all the "bad" assets.

He opposes the Paulson plan if that is even still a plan anymore.

Posted by: Gabriel Sutherland at September 30, 2008 10:42 AM (AHrTm)

19 I was kidding about the buying opportunity, guys.

Posted by: Z as in Jersey at September 30, 2008 10:43 AM (kZT4X)

20 Think how much taxes they'll lose if property does tank.

Yep. Local governments have been partying like a bunch of hobos who stumbled across a duffel bag full of cash.

Its hard to deny a valuation appeal when all the guy wants it the place valued for what it just sold for.

The town I grew up in in upstate NY recently did a bunch of work upgrading the high school. School tax money was flowing so freely, the asshat school board spent $80,000 landscaping the freaking bus barn which sits across the road and is 80% obscured from view by pre-existing vegetation. Now, this board is a bunch of city yuppies recently moved into the area, not long time locals who would never have dreamed of doing something that stupid.

Palm Beach county here in FL had been repaving roads like crazy - roads that had nothing what so ever wrong with them. I think this kinda stuff is going to come to a screeching halt.

Posted by: Purple Avenger at September 30, 2008 10:49 AM (Xl9pj)

just bought, hope prices don't sink too much more. got a great deal though, builder took a loss for tax write off or so they claim. got it for 78 square foot.

I don't see how they can get too cheap, as long as materials cost as much as they do. Depends on where it is though I suppose

Posted by: Long Life Democrat Voter at September 30, 2008 10:52 AM (DFDtC)

22 I could rebuild mine from scratch (assuming lot and slab intact after a Cat 5 scrubbed it clean) for about $120K at today's materials/labor prices.

Posted by: Purple Avenger at September 30, 2008 10:54 AM (Xl9pj)

23 Z@19....you shouldn't be. it is a good buying opportunity...or it soon will be.
i want to see the bottom. you can't make real business decisions unless you know what you are actually dealing with and you can't do it now either. what fool would give more money and trust to someone who has been ripping them off?
just go count the aye votes and you will know who they are.
anyone needs a loan should just call those yutzes...they like to throw good money after bad....obviously

Posted by: christmasghost at September 30, 2008 10:55 AM (aUut1)

24 Avenger.
Nicely done and way cool.
How ever, at the end, I too would have loved to see the screaming, metal twisting, flaming plummet to certain death. (Strap Rictus Face and Barney's fat ass in there first). Now THAT'S entertainment!
Also,could you put a little CEO puke on the ground from up there. It would be a nice touch.

Posted by: Captspaulding at September 30, 2008 10:56 AM (lWIm4)

Yes, PA. Our locals high schools have AstroTurf football fields!

They decided to expand every school in the county at once and all of them used ciderblock. They were shocked to find there simply weren't enough masons. They were also shocked to find serious cost over runs. Masons aint so dumb after all.

Posted by: kidney at September 30, 2008 10:57 AM (/RDxc)

26 One more zombie waiting in the wings to come out and eat our brains is the massive underfunding of public-sector pensions. States have been playing games with these pensions for years, but I think the rate of collapse is going to be hard to hide now. Private companies go bankrupt when they run out of money; citites, counties, and states just jack up taxes to make up the shortfall.

Posted by: Monty at September 30, 2008 10:57 AM (dCZbI)

27 The bottom will probably be something like 1990 prices, inflation adjusted plus a little bit. Land is a product not being produced anymore, so there will always be demand pressures on desirable building lot value.

Posted by: Purple Avenger at September 30, 2008 10:58 AM (Xl9pj)

28 I'm ready to upgrade, but investors with cash jump on all the foreclosures.

Posted by: Wilhelm Klink at September 30, 2008 11:01 AM (8D00g)

29 citites, counties, and states just jack up taxes to make up the shortfall.

Already happening Monty. Taxes in Troy NY became oppressive. Some years ago I abandoned a commercial property in south Troy (i.e. cracktown) for taxes that the county claimed was worth $80K. I couldn't get anyone to buy it or rent it at any price and they were hammering me with bullshit code violations (peeling paint), when there were joints literally right next door that were collapsing. I walked away. The whole joint looks like a ghost town these days.

Posted by: Purple Avenger at September 30, 2008 11:04 AM (Xl9pj)

30 So, no cannibalism this month then?

Posted by: toby928 at September 30, 2008 11:07 AM (evdj2)

Insurance people made me insure it what I bought, around about 28k more than I paid and it was new. Builder claimed they were unloading inventory for the Fiscal Year tax write off. which is Sept. 30th. Hope building new, continues at some pace. in Charlotte, it should be not as bad as rest of country . except Wachovia of course just got sold. but BofA got stronger with Merrill buy

Posted by: jp at September 30, 2008 11:10 AM (DFDtC)

32 Already happening Monty.

What grates on me the worst is that, in 20 years or so, I'm going to be eating generic catfood in my unheated shack just so that rude bitch down at the DMV doesn't have to.

Posted by: Monty at September 30, 2008 11:12 AM (dCZbI)

Saw that at the Housing Bubble Blog a year ago. Good thing, made me get my 301k out of equities.

Posted by: cass at September 30, 2008 11:40 AM (GdalM)

34 BTW, the Dow is up 500 or so today. Maybe global warming will get us before this financial crisis after all.

Posted by: TRO at September 30, 2008 11:43 AM (TN6Lb)

They decided to expand every school in the county at once and all of them used ciderblock.

What is that, some new kind of 'green' concrete made out of dried up applesauce?

Posted by: Entropy at September 30, 2008 11:57 AM (m6c4H)

36 # 7 You could parachute safely off that bitch at the end.

only with a golden parachute

/me ducks and runs

i think the good old fashioned 2-D graph at the end illustrates the situation much more clearly

Posted by: anonymous at September 30, 2008 11:57 AM (Vwqdb)

37 What No huge drop at the end? Needs to be a huge drop at the end that is when you need to buy.

Posted by: Picric at September 30, 2008 12:19 PM (oKOn9)

38 What No huge drop at the end? Needs to be a huge drop at the end and it should drop right on the heads of Congress.

Posted by: cheshirecat at September 30, 2008 05:07 PM (lhDtH)

39 "Land is a product not being produced anymore" Maybe where YOU come from...

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