What is the biggest centrally planned US market? Housing of course. Fannie and Freddie are New Deal era companies born out of "necessity" only to become behemoth bureaucracies.
So, what is the solution to fixing the ever evolving housing problem? Simple, let the market work and get the bureaucracies out of the way.
Showing posts with label Housing. Show all posts
Showing posts with label Housing. Show all posts
15 April 2011
19 November 2010
B-More Happy Housing! Why Can't the Balto Biz Journal Get it Right?
In it's perpetual state of contradictory reporting, the Baltimore Business Journal still seems to have problems with getting the data sets right. Or, more pointedly, perhaps the data sets are simply incorrect to frequently?
In an effort to continuously follow the local market economics, we get a report today from the shoddy editing that says September home prices were down 6.4%. Herm...very odd, if we recant our discussion from just a week ago, one would think that the housing market in B-more is leveling off, or at least besting the national market. Though, to the credit of the Balto Biz Journal, they didn't contradict themselves too terribly from their September article saying that home sales were down 19.4% for the month. Nope, wait, they did contradict themselves! As blogged a month prior, the editing staff reported that median home prices rose to $238,000 from $236,000 for the month of September, despite the slip in sales. Funny, but that measly initial report of a 0.847% increase of sold home prices for the month, has now been revised to 6.4% down? A percentage change of nearly 855% to the negative?
I will allow some leeway to the Baltimore Business Journal because all economic data is initially estimated and then, ultimately in this downturn, revised down. However, the consistent cheeriness and the "factual" inaccuracies are astounding! Any asshole (yours truly) with a blog and a brain can pick apart their horrendous reporting and statistics. I suppose that's why our good friends at the Daily Reckoning and Zero Hedge exist in this day of economic lies.
Hey editors, keep giving me material! I love it! Thankfully, it's a major site that doesn't have a policy of flushing it's inaccuracies down the memory hole.
In an effort to continuously follow the local market economics, we get a report today from the shoddy editing that says September home prices were down 6.4%. Herm...very odd, if we recant our discussion from just a week ago, one would think that the housing market in B-more is leveling off, or at least besting the national market. Though, to the credit of the Balto Biz Journal, they didn't contradict themselves too terribly from their September article saying that home sales were down 19.4% for the month. Nope, wait, they did contradict themselves! As blogged a month prior, the editing staff reported that median home prices rose to $238,000 from $236,000 for the month of September, despite the slip in sales. Funny, but that measly initial report of a 0.847% increase of sold home prices for the month, has now been revised to 6.4% down? A percentage change of nearly 855% to the negative?
I will allow some leeway to the Baltimore Business Journal because all economic data is initially estimated and then, ultimately in this downturn, revised down. However, the consistent cheeriness and the "factual" inaccuracies are astounding! Any asshole (yours truly) with a blog and a brain can pick apart their horrendous reporting and statistics. I suppose that's why our good friends at the Daily Reckoning and Zero Hedge exist in this day of economic lies.
Hey editors, keep giving me material! I love it! Thankfully, it's a major site that doesn't have a policy of flushing it's inaccuracies down the memory hole.
12 November 2010
Housing Decline, A Baltimore View
On Wednesday, the Business Insider had an article based on the popular real estate valuation website Zillow.com's third quarter report on housing.
It seems very peculiar that the Baltimore Business Journal can publish a conflicting assessment of the Baltimore area market, stating that while sales were down, prices were "up," slightly. Additionally, the Balto Biz Journal paints a rosy picture that Maryland fraudclosures were down a WHOPPING 52% in the month of October. HOORAY BEER!
Every stinking one of the editors of the Baltimore Business Journal should be fired for their ineptitude in the reporting of the actual news (like this blog has discussed prior). Of course the fraudclosures are down! Why wouldn't they be when the mortgage industry has received an enourmous amount of pressure from the Attorney Generals of nearly every state in the union, including Maryland's own Dougy Gansler. We are in the midst of robosigning frauds from nearly every major mortgage creator! Hell, some of which can't even tell us who actually owns the note, so what do we expect to happen? Foreclosures to increase? When have you ever known a market to move and act rationally when there is significant government influence?
I think I can hear the Monday Night Countdown crew now... "C'MON MAN!"
It seems very peculiar that the Baltimore Business Journal can publish a conflicting assessment of the Baltimore area market, stating that while sales were down, prices were "up," slightly. Additionally, the Balto Biz Journal paints a rosy picture that Maryland fraudclosures were down a WHOPPING 52% in the month of October. HOORAY BEER!
Every stinking one of the editors of the Baltimore Business Journal should be fired for their ineptitude in the reporting of the actual news (like this blog has discussed prior). Of course the fraudclosures are down! Why wouldn't they be when the mortgage industry has received an enourmous amount of pressure from the Attorney Generals of nearly every state in the union, including Maryland's own Dougy Gansler. We are in the midst of robosigning frauds from nearly every major mortgage creator! Hell, some of which can't even tell us who actually owns the note, so what do we expect to happen? Foreclosures to increase? When have you ever known a market to move and act rationally when there is significant government influence?
I think I can hear the Monday Night Countdown crew now... "C'MON MAN!"
15 October 2010
Balto Home Sales Down 19.4% in Sept
How are those home sales doing in your area? Is your state one affected by the fraudclosures?
Well, in Baltimore (as of this measure date) the fraudclosures haven't even begun to inflict pain upon the housing market. Baltimore Biz Journal reported earlier this week that home sales were down 19.4% for the month of September. Seems like some reasonable rate of economic recovery to me now doesn't it?
Well, in Baltimore (as of this measure date) the fraudclosures haven't even begun to inflict pain upon the housing market. Baltimore Biz Journal reported earlier this week that home sales were down 19.4% for the month of September. Seems like some reasonable rate of economic recovery to me now doesn't it?
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