It's just my opinion, I could be wrong

There's a fine line between a misleading characterization and an outright lie, and the news media in particular seems to enjoy dancing between both sides. There is a certain danger in that, which is compounded by its subtlety and lasting effects. For example, consider religious suicide bombers. One could accurately characterize them as homicidal zealots. One could also characterize them as patriotic freedom fighters. The prevalent characterization among the respected figures in the society in which people decide to become suicide bombers can greatly affect people's decisions, and indeed their lives. It's disingenuous for people, and in particular for the American news media which typically claims unbiased reporting, to claim honesty in reporting while ignoring honesty in characterizations. Moreover, there's a long-term large risk involved in deceiving the public with repeated misleading characterizations, to the point where people think they are supporting one thing, bu

This post dedicated to Rep Shelley Berkley, representing the state of Nevada. She's has the honor of being the latest person added to my growing list of blithering idiots representing people (who, I can only assume, are also blithering idiots) in our Congress. She makes the list for voting for all provisions of the taxpayer bailout of speculative housing purchases bill, with the following justification: “‘You cannot have row after row of unoccupied homes in neighborhoods,’ Berkley said in an interview. ‘It drives down values.’” Hey, news flash for ya Shelley, and I'll try to use small words: If you don't want row after row of unoccupied homes, figure out a way to encourage the owner to sell or rent them! Here's a humble suggestion, for example: impose a tax on the owners of unoccupied homes after a period of time, per-month that they sit there. Houses are sitting vacant because owners (banks, builders, speculators) are expecting a bailout. They are waiting for you to dr

Just random musings about the current state. The housing market appears to be kinda in limbo right now, holding it's collective breath waiting for the next election and what shape the inevitable speculator bailout comes in. There are some buyers, but mainly these are people thinking they are getting a good deal based on the prices at the height of the bubble, and the irrational belief that prices will regain their inflated values sooner rather than later. These are mostly speculators, and in most cases will probably constitute an eventual additional wave of foreclosures and defaults. They are hedging that the bailout will come before they are insolvent, and the taxpayers will buy their homes for them. There are lots of people trying to sell, but REO inventories are still accumulating. This is partially due to increasing NOD/foreclosures, but also due to banks insisting on dishonest and deceptive pricing and sales practices, as they try to fool buyers into thinking they are getting

Every politician these days is turning over every stone looking for ways to pander to the voters who are looking for help keeping the houses they can't afford. I have a few more things Congress could do to actually help the problem, if they were so inclined. I predict the likelihood of seeing any of these potentially productive changes to be nill. - Legislate away meaningless auctions The current trend is to "auction" properties with a hidden reserve value, which is rarely met because it's above the market price, much less the presumed discounted auction result value. Congress could easily forbid such auctions, requiring that all public real estate auctions start at the reserve price, and require property holders who put properties up for auction accept the high bid as the purchase price, always. That would pretty much end all the bogus auctions. - Require listed sales price to factor in kickbacks The trend when the market is going down is to mask how low properties s

Time for a specific example of the directly counter-productive approach to fixing the housing crisis, brought to you by the taxpayers and voters of Baltimore. I give you the Baltimore "Keep Housing Unaffordable" plan, aka Project 5000: http://www.baltimorehousing.org/index/ps_5000.asp This bold, innovative plan has purchased over 10,000 vacant homes at inflated prices with taxpayer money, to ensure they are not allowed to be affordable. To that end, the project is now holding the properties until the city goes bankrupt, to try to forestall the onset of affordable housing as long as possible. If anyone is reading this blog with any connection to this project, please, for the sake of your city and everyone in the country who wants to be able to afford a house, tell anyone associated with the city and/or the project: Stop hurting America. Stop working against the people's interests. Stop interfering. Just... get out of the way! Oh, and feel free to vote out of office anyon