Housing bubble & recession

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Vendaval -> Housing bubble & recession (2/23/2010 5:30:16 PM)
How are you all doing during this recession? Anyone see correlation and/or causation in their area similar to what is illustrated in this article? Peace, Vendaval Recession sometimes takes uneven toll "The nation's 372 metropolitan areas are experiencing an extraordinary range of jobless rates — from a low of 4% in Grand Forks, N.D., to a high of 27.7% in El Centro, Calif. The simplest explanation may be the most telling: The bigger the housing bubble, the worse the job loss. That's still true more than two years after the housing bubble burst. "So much employment growth was tied to construction that states that had the biggest boom —California, Florida, Arizona, Nevada— have suffered the worst job loss," says economist Gus Faucher of Moody's Economy.com. The middle of the country — from Texas to North Dakota— missed most of the real estate growth and, to a large extent, the comedown. "These (middle of the nation) economies are less cyclical and less exposed to the nation's business cycle," Faucher says. College towns and state capitals also have enjoyed an extra degree of stability, keeping unemployment low in some places." http://www.usatoday.com/money/economy/2010-02-17-two-cities-recession_N.htm

Real0ne -> RE: Housing bubble & recession (2/23/2010 5:37:36 PM)
FR jobless rate is always a moving average of those within the system and after what? say 1 year they drop off the system hence become "offbook" unemployed upon which no records are maintained.

DarkSteven -> RE: Housing bubble & recession (2/23/2010 9:04:35 PM)
Not just construction - RE agents, appraisers, mortgage lenders, etc. They all fed off the RE bubble.

Thadius -> RE: Housing bubble & recession (2/23/2010 9:10:38 PM)
quote: ORIGINAL: DarkSteven Not just construction - RE agents, appraisers, mortgage lenders, etc. They all fed off the RE bubble. Many of the "luxury" industries as well, as people would refinance the mortgage to buy the new boat, motorcycle, jetskis, vacations, etc...

DarkSteven -> RE: Housing bubble & recession (2/24/2010 5:01:00 AM)
quote: ORIGINAL: Thadius quote: ORIGINAL: DarkSteven Not just construction - RE agents, appraisers, mortgage lenders, etc. They all fed off the RE bubble. Many of the "luxury" industries as well, as people would refinance the mortgage to buy the new boat, motorcycle, jetskis, vacations, etc... Yeah, I forgot that. Sad when an economy's strength is based on people living beyond their means.

UncleNasty -> RE: Housing bubble & recession (2/24/2010 12:01:58 PM)
quote: ORIGINAL: DarkSteven Not just construction - RE agents, appraisers, mortgage lenders, etc. They all fed off the RE bubble. Durable goods also suffer a hit when there is housing downturn. Fridges, oven/stoves, washer/drier, furniture, etc. I've no doubt there is much still remaining unmentioned. Uncle Nasty

Vendaval -> RE: Housing bubble & recession (2/24/2010 5:25:00 PM)
Fast reply - Housing is often the single largest expense in an individual or family budget. When that investment tanks or is lost the whole financial system goes into avalanche mode. The impact hits entire communities; taking out numerous businesses and non-profit organizations in an area.

cloudboy -> RE: Housing bubble & recession (2/24/2010 5:42:25 PM)
My brother has been unemployed for over 9 months after being with a firm for 18 years straight. A co worker of my wife lost her job and is on the verge of divorce, and she's been in an inpatient psychiatric ward 2x as a result. Baltimore is cutting government services like no tomorrow trying to balance its budget, and it has slashed real estate assessments. Home sellers have either an inflated sense of their home's value or are simply refusing to put their homes on the market. The banking industry is still teetering, despite getting free money from the FED and huge profit margins in the credit card business. Its also an industry paying virtually nothing for deposits. Things that have me upset: (1) The intransigence of the Republican party to help find real solutions to the nation's problems. Also, their failure to modify their platform to account for the failures resulting from the policies of BUSH II. (2) No accounting for the drain of money we are hemorrhaging to the military and wars in two far-off distant countries. Political anecdote: The Republicans wanted to form a deficit commission and put together a bill to support one. When Obama agreed that this was a good bill and backed the measure, some nine Republicans who initially sponsored the bill withdrew their support. (3) Obama has changed the culture of the White House, but he has failed to bring any substantive change to Washington. The Supreme Court aided the lobbying power of big business by striking down campaign finance reform. Big money and empty political jargon dominate our political process. Scalia, Thomas, and Alito are out of touch Jurists.

pahunkboy -> RE: Housing bubble & recession (2/24/2010 6:24:19 PM)
Oh how I love Lawrence Welk and his tiny bubbles song

pahunkboy -> RE: Housing bubble & recession (2/24/2010 6:25:24 PM)
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Jeffff -> RE: Housing bubble & recession (2/24/2010 6:26:03 PM)
That was Don Ho. Don't ask Me how I know that. My fucking brain does shit like that to Me ALL the time. Jeff

pahunkboy -> RE: Housing bubble & recession (2/24/2010 6:32:23 PM)
quote: ORIGINAL: Jeffff That was Don Ho. Don't ask Me how I know that. My fucking brain does shit like that to Me ALL the time. Jeff I want to sing tonight!!

Silence8 -> RE: Housing bubble & recession (2/24/2010 6:50:43 PM)
quote: ORIGINAL: DarkSteven quote: ORIGINAL: Thadius quote: ORIGINAL: DarkSteven Not just construction - RE agents, appraisers, mortgage lenders, etc. They all fed off the RE bubble. Many of the "luxury" industries as well, as people would refinance the mortgage to buy the new boat, motorcycle, jetskis, vacations, etc... Yeah, I forgot that. Sad when an economy's strength is based on people living beyond their means. Isn't that exactly the wrong conclusion to make? You're very analysis reflects the problem it is supposed to address -- socializing losses, privatizing gains -- things go well, the bosses and elite are responsible; things go bad, you the people are to blame, 'livin' beyon' your means mmmhmmm I do say'. Even the lame middling 'we're all responsible' stance commits a similar kind of deception. The purpose of our 'democracy' is precisely this kind of blackmail -- privatize power, socialize the illusion of power and all the psychological baggage that comes with this illusion. Also, you fail to mention class divisions in the type of credit a family or individual receives that far outweigh people's refinancing-in-order-to-buy-luxury-shit which really strikes me as a largely negligible phenomenon compared to realities of accumulating-credit-card-debt-to-feed-family and otherwise.

Jeffff -> RE: Housing bubble & recession (2/24/2010 6:53:00 PM)
Pa?... you should come out in August. You should also stay at Domi's

pahunkboy -> RE: Housing bubble & recession (2/24/2010 7:30:26 PM)
quote: ORIGINAL: Jeffff Pa?... you should come out in August. You should also stay at Domi's hey Domi is a classy guy. I doubt I am going anywhere for a while. I have to get caught up on bills. It is a nice thought tho.

UncleNasty -> RE: Housing bubble & recession (2/25/2010 8:50:35 AM)
quote: ORIGINAL: Jeffff That was Don Ho. Don't ask Me how I know that. My fucking brain does shit like that to Me ALL the time. Jeff I actually have a greatest hits album of Don Ho. Found it for a dime at a yard sale a few years back and couldn't resist, mostly because "Tiny Bubbles" is included. Uncle Nasty

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