Tuesday, February 21, 2012

Calculated Risk's Bill McBride - Still A Moron!

You can read the nonsense for yourself if you like - but it's a waste of time.

I'll sum it up for you. This Moron says that housing prices are bottoming RIGHT NOW (March 2012).

Of course the fool doesn't even mention RECORD LOW MORTGAGE RATES in his *analysis*. So implicit in his stinky bottom pick is the assumption that sky-high bond prices NEVER drop - at least not in the next 20-30 year lives of mortgages written today.

See also:

Marginalizing Calculated Risk

Marginalizing Calculated Risk, Again

Look, the banks/government ARE NOT FORECLOSING on homes. All of today's optimism has been manufactured by incumbent politicians, the 'old coot' lobby, and sleight of hand finance (i.e. money printing).

I'm not kidding either. Just you watch when NYC home prices inevitably fall...

Check this out:

On February 7, 2012 there were a total of only 242 repossessed properties on the active MLS in Queens according to foreclosure.com. This is a borough with a population of 2.2 million.
If you believe there's really only that many distressed properties in all of Queens....well there's a bridge not far away that perhaps you and Bill McBride should bid on!

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