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The Bad, The Ugly, and The Uglier- Professional Edition Fed Report

Thursday, November 12, 2009 By Lee Adler Tax receipts collapsed at an annual rate of 18% in October, which is far worse than I had feared based on our tracking of the daily data. At the same time, mortgage purchase applications collapsed last week, signaling the tailspin we expected as the first time home suckers panic subsided. The extension of this subsidy isn’t likely to help much.

 

In the end, the Treasury auctions didn’t perform as well as ballyhooed, just another case of the hype exceeding the reality. Par for the course in this economic house of mirrors. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information.

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Long story but.......

 

Paid 250k,it's probably worth 200 to 210k or so now.Had it for sale since feb,had it sold 3 times for 225k but the appraisals came back like crap and lost the deals.

 

I moved out of it in july and have it occupied by an older couple at top rent.They are doing a rent/buy option at 225k.They put up 6k for the option and they have to excecute it by march 2010 or I keep the 6k.With the roommates coughing up plenty of bucks (they even came to my new rental with me)I will lose a trivial amount of money if it closes.

 

I also gain a tax advantage since I turned it in to a rental property and can depreciate some losses.All in all I preferred a clean quick sale,but my carry cost is less than 300 a month so I am not worried.It's over $1300 a month after expenses to me while I wait.

 

If and when I close,I will probably move to a more secluded,mountain location..... :rolleyes:

 

Hanky are working again?

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Hanky are working again?

Nope,Only people with the highest seniority get any work in my local these days....Have not worked since LAST halloween.

 

 

I pretty much don't want to stay in the business anymore anyway,unless I find a gig I really like.It's cool though,I have been preparing for this downturn for ages so I am well prepared to ride things out for a long,long time.

 

I hope :huh:

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Thanks....I bow to the Master

 

BTW....keep and eye on that idiot "Karen Finerman"....whose tag line should be...."I don't know"

 

Just count the number of times she says "I don't know"....it's UFB

 

And she manages $400,000,000 Give me a break!

 

I got even a better one for her....having young one this one came to mind... Eeyore

 

 

 

"ahhh...beats me....all I know is I'm stuck in Wallfart the last 10 years and can't get out....ahh...I don't know...I hope things stay bullish.....I really do....ahhh....can't believe I bought a boat load of puts before Hole Foods reported...I don't know..i guess it's gone..."

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